... after FX trading levels peaked last fall.
Basel-based Bank for International Settlements (or "BIS") published today its quarterly review of the FX market, confirming that global FX levels have "fallen considerably into early 2012" after peaking in October 2011. For a copy of the BIS quarterly survey click here.
BIS estimates that overall global FX trading peaked in October at around $4.7 trillion per day, up from $4.0 trillion when BIS did their last comprehensive (triennial) FX survey in April 2010.
The BIS report certainly confirms our earlier reports from the past few months, showing that FX trading levels at Forex ECNs such as Hotspot, ICAP EBS, and FXall dropped off considerably in the latter part of 2011 and into 2012, although things seem to have picked up from the small amount of data coming in post-January.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.