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A well-functioning bond market serving a broad spectrum of international issuers and investors needs to be supported by a deep foreign exchange market, and Singapore is the largest foreign exchange market in Asia and the third largest globally. Based on the triennial survey by the Bank for International Settlements, average daily turnover reached USD 517 billion in April 2016, a 35% increase from three years ago. Our share of global market has increased from 6% to 8%. Singapore exchanges offer a suite of 21 Asian FX currency futures and option contracts. The Singapore Exchange’s Indian Rupee and Renminbi futures contracts are amongst the most liquid globally. The next decade 13 As we chart our next lap in developing Asia’s capital markets, we need to take into account trends and driving forces that will shape capital markets in the years ahead. Let me highlight three of them: 14  First, technology is transforming capital markets in significant ways. a. This is most obvious in foreign exchange, which is the most advanced in contract standardisation and market practices. New electronic trading platforms are blooming alongside mature systems, and are beginning to enter emerging markets. Technology is also enabling OTC platforms to clear on exchanges, and for exchange3/7  BIS central bankers' speeches  traded futures to be distributed on OTC platforms. b. Even in bond markets, technology is being used to improve premarket price transparency by pulling price feeds from traders directly.