Tuesday 27 July 2010

London Forex $1.7 Trillion/day

A report in the Independent newspaper highlights the London based Forex market is running at the level of $1.7 Trillion per day. That is a massive amount of money. It is roughly equivalent to $250 per day for every single living person on this planet!

Once again it is unproductive speculation rather than physical trade/services activity. How pays for this wasteful churn of money? It is Joe Soap on the High Street who pays through the nose in high bills for food, goods, energy and services.

In my old moneybroking days the daily commission on that amount of turnover would have been around $6 Million a day allowing for fee discounts.

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