There is a strong correlation between growth in spot and forwards turnover and international trade. In these markets, trade has increased by more than 30 per cent since its trough in March 2009, driving the rebound in spot and forwards turnover (Graph 3).
2  BIS Review 115/2010  Graph 3  The recovery in cross-border capital flows has also contributed to the pick-up in spot and forwards turnover. Foreign banking flows, foreign direct investment and portfolio investment all contracted earlier and faster than international trade during the crisis. These capital flows have recovered of late, supporting spot and forwards turnover in 2010.