Since July 7th, the Kenyan shilling has been losing ground against major currencies; turnover is low at the Nairobi Stock Exchange.Kenyans wonder aloud why their president is behaving like this.
Now prices in global currency markets, where turnover is $5 trillion a day, are being scrutinised by authorities, who suspect bankers have tampered with those too.Switzerland's financial watchdog announced on October 4th that it was investigating a slew of banks it thinks have manipulated currencies.
For the month of January 2010, the average daily turnover for currency futures stood at Rs. 28,454 crore, which was higher than the cash equity turnover for BSE and NSE, which worked out to Rs. 23,975 crore.
London is by far the world's biggest market for foreign currency trading, with 41% of global turnover, according to the Bank for International Settlements.
The rupee is one of the world's most actively traded currencies and at least half the turnover is abroad.
Turnover on the local-currency A-share markets in Shanghai and Shenzhen, which are restricted to Chinese investors, has more than trebled, to a daily $6 billion-8 billion, and prices have soared (see chart).
But despite lower volumes, 19% less than three years ago, London remains the world's leading marketplace for currency trading, with nearly a third of global turnover being booked there, according to a triennial survey by the Bank for International Settlements BISS).
Tries and turnovers were a far more valuable currency while drop-goals have become a rarity.
Although the 17 currencies covered by CLS account for close to 94% of FX market turnover, the Treasury estimated in July 2012 that only 68% of activity in those currencies settles on the platform.
Within these categories, Barra Risk Factor Analysis gathers variables such as share turnover rate, variability in earnings, exposure to foreign currency, historic earnings growth rate, predicted earnings growth, book leverage and senior debt rating.
