Abstract
Markets for foreign exchange derivatives are turning over $US 5.5 trillion per day and they are having a critical economic and social impact. But they are little understood in the international relations and international political economy (IPE) literature. This paper introduces the key themes of derivative markets and reports on the results of the most recent Bank for International Settlements' triennial survey of global foreign exchange and derivative markets. As well as reporting the enormous scale of growth of these markets, the paper analyses the trends, especially regarding the declining role of the US dollar and the changing roles of different sorts of financial institutions in global financial markets. Finally, it explores what the data indicate about whether these markets can be characterised as being driven by “speculation”.
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