Where has the growth come from? Just about everywhere but Japan, including, until recently, the other Asian countries that are currently in trouble. The most striking feature, however, has been the growth in a group of countries we have always called "other". As you can see from Diagram 4, this is our fastest growing market in recent years.
Firms have executed foreign-exchange trades using blockchain technology with smart contracts in an attempt to improve efficiencies. Separately, financial institutions have used blockchain to facilitate intraday repo transactions. Parties to these transactions may have more flexibility as to when the transactions settle, which in turn has the potential to create additional capital and liquidity efficiency.