Singapore and Foreign Exchange

I have been looking for larger trends of late, the SGD (Singapore Dollar) is one that has caught my attention. Since I know little about Singapore, I figured I would take a look at some stuff before I started trading it. The point of the thread is something that I found at the following website: http://www.mas.gov.sg/about_us/annua...A17_OA&WIP.htm


It says "Singapore retained its position as the world’s fourth largest foreign exchange (FX) trading centre after London, New York and Tokyo."


Fourth? That is very surprising to me. That puts Singapore ahead of the EU cities such as Berlin and Paris, Sydney amongst others. I for one find it quite interesting.

I am curious how this came about? Singapore is a tiny country, an Island no less, yet has so tactically molded and integrated itself into the world economy. Is there anyone that lives in Singapore or has studied and or conducted business in Singapore that can give me some good depth filled details? To be more specific, details on the history of the economic growth, the policies and so forth they have in place that must be so attracting to outside businesses etc? I always find this stuff interesting and will conduct further reviews myself, though I also like to get live perspective from more interactive sources.

Thanks

Lol,

Im a Singaporean and i live in singapore, there are a few traders that trade currency in the forum but too few, believe merlin can attest to that. While not many Singaporeans trades the currncy market, we are a defacto financial hub for funds and big banks due to our economical maturity in South East Asia. Barclays bank and a few huge banks have an FX wing here, just so that we could take advantage of the asian hours and crosses. Infact i have a friend trading for them in there.

While the Sing dollar is somewhat "controlled" our economy is blooming, leveraging our expertise on growth nations like china and india to use us as a financial hub, ps we are a cheaper option to Japan and the chinese dont have a good history with Japan....My broker told me that most of his clients comes from rich indonesian speculators, yes the rich indonesians love to park their money here, coz their country's fiscal policies are still not very 'clean'.

In a nutshell, Sg is a safe haven for investors alike to 'park' their wealth. And thats why Banks and investing firms are abundant here. Our monetary and brokerage rules are tough. During the refco issue, most clients get back their money, compared to many who lost in the US. Park your money here and trade with us!

lol...i forgot to answer your question, most of the liquidity here does not come from individual traders of big boys but hedge funds.

Thanks a lot Jest for your input. How is the weather there ?

If I can think of any economic oriented questions to ask about Singapore .. I know where to look. Off for a nap now.

Hi,

Its a tropical island so expect to see much sun.
Trading the sing dollar? While you can see good profits for the long run, our trends against the greenback is quite predictable since its somewhat a controlled currency, the MAS do not want to get cocky esp against US our prime ally and trade partner.

One currency worth noting is the M'sian Ringgit, but its a non tradeable derivative, rumours has it that it might be tradeable soon proly by then end of the year. Expecting a boom due to their growing econs under current prime minister, his policies are embraces trade growth, I have some money parked in Msia holding to ringgit (like dear life)since the high of 2.30 per SG dollar. Expecting further appeciation of the Ringgit proly to 1.70?

Singapore is similar to Switzerland as a financial centre in that region. Thanks to the Brits for having established proper International law and the Chinese for the hard working culture.
A lot of Asian money is parked there. It's a stable country. It was also the only way to escape when the Malaysian Gov. tighten the money out flow. It is a centre where a lot of foreign companies have their headquaters stationed there. It has a flourishing entrepot trade and a flourishing wholesale businees for almost any products. A lot of small traders get their supply of goods through Singapore. Most of the Arabs and Indians fly to Singapore for most goods. Was reputated as the best place to purchase gold jewellery ( not stones ) Most of the ex tin mines tycoons from Malaysia have accounts in Singapore. ( won't name them here )
Lots of sky scrapers and hot but humid. Don't miss sentosa Island when you are there.
My brother just retired. He had a " special " job at the government ministry.
I have been there many times.
Oh ! yes shipping is also big business there - as a harbour and ship repairing. RAAF is stationed there and US navy trust only that country for it's Navy services.
Don't miss that place in your life if possible. Food is also paradise. You probably miss the best if you have not dined in Malaysia or Singapore.
Very clean and you can be fined a few hundred dollars for littering. Of course you can substitute that with community work.
Biggest banking scandle was Barring. Biggest bashing received from US was when they sentenced a US boy for canning - He was spraying cars - vandalism
For goodness - please no drugs! You don't like the outcome ! !
Personally I have not a single complain about that country. Safer than any European cities. Hope they craked down the Indonesian problem by now. For people who like the heat and sun, it is great. Personally I prefer Siberia ( minus the coldest months - I am a polar bear ! ! LOL)
I had business before with Singapore and you don't have any hassles at all.
Hope that could encourage anyone who would like to visit that region.

Heard Saxo is going to open a branch there.

DOnt mind if i qoute your reviews. Thanks for the positive feedback.

Singapore is similar to Switzerland as a financial centre in that region. Thanks to the Brits for having established proper International law and the Chinese for the hard working culture.

We are multinational nation, mainly the malays/arabs, indians and eurasians that makes the community, yes chinese are the predominant race here.

A lot of Asian money is parked there. It's a stable country. It was also the only way to escape when the Malaysian Gov. tighten the money out flow. It is a centre where a lot of foreign companies have their headquaters stationed there. It has a flourishing entrepot trade and a flourishing wholesale businees for almost any products. A lot of small traders get their supply of goods through Singapore. Most of the Arabs and Indians fly to Singapore for most goods. Was reputated as the best place to purchase gold jewellery ( not stones ) Most of the ex tin mines tycoons from Malaysia have accounts in Singapore. ( won't name them here )

Yeap, sg has alot of tycoons placing their money in our banks.

Lots of sky scrapers and hot but humid. Don't miss sentosa Island when you are there.

The streets are similar to new york or any metropilitan city but not as cold. Global warming has affected the temperatures here too. Even us Sg felt the weather is hotter than it used to be. Most Singaporeans do not live in landed properties the general population stays in flats while the higher incomed singaporeans lived in condos. Only a small percentage stays in landed houses. So expect to see lots and lots and lots of skyscrapers here.

My brother just retired. He had a " special " job at the government ministry.
I have been there many times.

Cool! Souded like CIA stuff.

Oh ! yes shipping is also big business there - as a harbour and ship repairing. RAAF is stationed there and US navy trust only that country for it's Navy services.

US is one of SG closest ally

Don't miss that place in your life if possible. Food is also paradise. You probably miss the best if you have not dined in Malaysia or Singapore.
Very clean and you can be fined a few hundred dollars for littering. Of course you can substitute that with community work.

The Laws here are very tight....even the country's monetry policies.

Biggest banking scandle was Barring. Biggest bashing received from US was when they sentenced a US boy for canning - He was spraying cars - vandalism

Anyone remember nick leeson? Yeah he did those trades in sg...
Anyone remembered micheal fay? Yeap we spanked him...all the kids here got spanked for violating laws. LoL

For goodness - please no drugs! You don't like the outcome ! !

Traffick drugs? We'll HANG YOU.

Personally I have not a single complain about that country. Safer than any European cities. Hope the craked down the Indonesian problem by now. For people who like the heat and sun, it is great. Personally I prefer Siberia ( minus the coldest months - I am a polar bear ! ! LOL)

Its hot here gee, im sweating! LOL
Yes in SG you can feel safe going out alone at night. You cant vouch that in many countries.

I had business before with Singapore and you don't have any hassles at all.
Hope that could encourage anyone who would like to visit that region.

Yeap we're known for our fast service and our trustworthiness(we're afraid of the law)...in sg almost everyone is chasing time. Average singaporean works 10 hours a day.

Fellow SG FX trader here...
Wonder how many out there really trading fulltime on our tiny island?
I don't.. still have to keep my day job.. but its a dream

Cheers..

Switzerland? Man Singapore is darn hot and humid all the time!! Especially during southern monsoon season.
Overseas retail brokers that have opened branch here that I know of are Saxobank, IG Markets, and CMC Markets. Still looking for one that offers MT4 to open here.

Theres also Refco Manfinancial, they run currenex.
So far the best bet

Has anybody read Nick Leeson's book 'Rouge Trader'? It is an absolute great read and a must for any trader... a great example why you cut your losses rather then ride them out and try to trade your way out of it!

Nick got in the wrong way but he is not a bad guy in the bad criminal sense. he served his jail sentence - in Germany ? And had cancer. Let him in peace. Bless him !

Highway, thank you very much for the details and especially the Switzerland comparison. I suppose that given the facts, this does make a whole lot of sense.

Cheers to us Singaporeans for having lived with the hot and humid weather all our lives!

With air condition in most of the working places and homes ! !

yea! I seriously can't stand the heat man. Hate to walk in orchard because of it. Anyway how are you singaporean traders doing? hope everything's fine!

Agreed. He came off as a very likable fellow.

Really he first started running unauthorised positions to protect others and the bank - not himself. But it still serves a valuable lesson about handling losses.

Hi i am new to forex, hope to meet some fellow singaporean to exchange pointers...

I'm from singapore too... hehehe..... are there many local people here trading? if yes, may i know how many pips/$ u made in a mth?
and also which broker do you all use? are they reliable? I'm currently using Oanda.

Actually till date i am still searching for a good broker... Went through at least 15 brokers already.. Everytime when i am 80% confirmed that i am going to choose a broker, something like stop hunting, scam and etc make me change my mind.. Which is why i am looking at fellow singaporean to give me an idea.

I am a small trader, what Oanda are offering does not suit me. Firstly, is their leveage (1:50) i need to have at least 1:100. Secondly, funding the account by TT will kill me in a long run too. Lastly i heard they are one of the big brothers in the "Stop hunting Club". Other than that platform and spread were superb!