FX boost from asset managers, but hedge fund activity declines

BIS SURVEY

BASEL -- The increased role of asset managers in the foreign exchange markets has led to a substantial jump in forex transactions over the last three years, according to the Bank for International Settlements (BIS) tri-annual report.

Currency transactions between banks and other financial institutions were 18% higher in April 2001 than they were in the same month of 1998, the BIS said in its latest central bank survey of foreign exchange and derivatives markets.

The $50 billion increase took

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