This crisis has two components: the first, financial, and the second, real – i.e., a significant slowdown, and possibly even a global recession. Both the financial and real effects of the global financial crisis on Israel's economy are clearly evident. I would like to stress, however, that Israel's state at the outbreak of the crisis was more favorable than that in most other countries.
Today, fewer market participants account for an increasing share of FX turnover. We have observed similar changes in market structure on the buy side. For instance, over the past few years asset managers have generally increased their activities in FX-related products and have, over time, collectively emerged as important players in the FX industry.