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Nov 4 • 10 tweets • 5 min read
#FX #THREAD #STUDENT
Bank of Interenational Settlements BIS just published thier 2022 #BISTriennialSurvey (took place in April 2022).
This is what I learnt....

In 2022, Global foreign exchange (FX) market turnover/day breached $7.5 trillion/day on a Net Basis Value.
This growth was entirely due to Inter-dealer activity rather than end customers.

Share of SPOT transactions in Global FX market turnover fell from 30% to 28% over the past few years. Rest was made up by Fwds. Swaps, etc
SPOT transactions could include Trade Related, Foreign Portfolio Buying/Selling (Equity & Debt), Interest Payments on loans, Remittances inbound (NRIs) /outbound (Education, Holidays, Medical, Overseas investments etc). So in effect, just TRADE RELATED Sport FX is barely…
…10% of total FX Trasactions.

Hence #INTERNATIONALIZATION of #INR will NOT CHANGE anything since this is just trade related. Even in a super #BlueSky if #India is able to change 20% of its trade into INR, it won't move the needle.
US Still Dominates with being involved in 88% of All FX transactions. Chinese CNY has become the 5th Largest vs 8th Largest back in 2016.
More Detail on FX Pairs..... As mentioned US is the FX of choice in 88% of Currency Pairs.
In terms of TRADING DESKS, UK Accounts for 38% of Volumes being nicely squared in the Middle of US in one time zone and Asia in the other time zone. Interestingly, Singapore has become BIGGER than HK in the FX business.
The share of India in Global FX Trading Currencies has increased marginally from 0.48% to 0.53% one more reason why Internationlization of the INR will be a challenge. Recall, that India is about 2-2.5% of Global GDP. Source: stats.bis.org/statx/srs/tabl…
Link to the full report: bis.org/statistics/rpf…
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Fact Finder, The Profile picture
Nov 4
This reminds me of the #TelecomScam... only thing is that this is #REALASSETS. Ideally allowing this USE change should be ONLY in the case of AUCTIONED mines. No prizes for guessing which of the 4 OLIGARCHs will benefit
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Nov 3
EU regulator ESMA & @bankofengland disqualify key Indian institutions like CCIL & NSE Clearing Corp as
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Nov 3
#RBI's Employee Costs is a Mammoth Rs3800 to Rs4800 Crores a year. Image
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Nov 3
#Here is #How #Modi #reduced #Corruption in #NewIndia
SUMMARY: Introduce a Law that Dissuades reporting of Corruption.

It’s a long #Thread. so please stay with me.

In July 2018, the Govt passed the Prevention of Corruption (Amendment) Bill, 2013.

#AntiCorruption #Corruption #NewIndia work of #Genius

How does this Amendment change things?

(A) Post Amendment, the #Bribe #Giver would also be considered a #criminal or penalizing the bribe giver and bribe taker on equal terms.
#AntiCorruption #Corruption #NewIndia work of #Genius

(B) The Amended Act will facilitate confiscation of the offender’s property

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Fact Finder, The Profile picture
Nov 3
1/ This is clearly a #AssetManager #Bias since he is in the business of ONLY #COLLECTING #AUM ... The headline is "Half a trillion-dollar FII inflows may be heading India’s way and focus is on 3 sectors: Saurabh Mukherjea"

Lets look at the Data

economictimes.indiatimes.com/markets/expert…
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Fact Finder, The Profile picture
Nov 3
1/ A forward .... The Irony of the #ProudIndian #RishiSunakPM #NRIs

There is tremendous hype about Rishi Sunak being
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His mother is an Irish lady and his father an Indian from Vasai, a suburb of Bombay, in Thane District of Maharashtra.

Leo has won a second term as PM.
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