A lot has changed in the currency market over the past 20 years. Once dominated by the largest global banks, the dawn of electronic trading has made it easier for smaller financial firms to become directly involved in currency trading.

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At the same time, regulation has placed limits on how much risk these banks can carry on their books, making them more selective about how and with whom they do business. On Thursday, the Bank for International Settlements, widely known as the central bank for central banks, released the preliminary results of its triennial survey on currency trading.

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The survey, which monitors long-term trends in the foreign-exchange market, found something surprising: However, much of that difference can be attributed to the strength of the dollar DXY, Many emerging-market currencies have seen their share of global currency trading grow since the last BIS survey. However, the dollar remained far and away the most heavily traded currency: For the first time since , turnover in the spot market for currencies has fallen as traders have shown an increasing preference for derivatives contracts.

But the largest currency dealers appear to have regained some of the market share lost in previous years.

Foreign-exchange trading is a global business. But the bulk of trading happens in five financial hubs: The BIS will release its final results of its survey later this year.

Another hike could push the dollar even higher. Joseph Adinolfi is a markets reporter based in New York City. By using this site you agree to the Terms of Service , Privacy Policy , and Cookie Policy.

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By Joseph Adinolfi Markets reporter. Here are a few things we learned from the BIS report: Emerging market currencies are becoming more widely traded Many emerging-market currencies have seen their share of global currency trading grow since the last BIS survey.

The chart below shows how currencies market share has shifted since the last survey: Stocks Markets NY Stock Exchange NASDAQ.

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