Asian jurisdictions increased their share of forex dealing, while London's share declined and the US remained unchanged, the data showed.

In its report late last week, BIS - the organization which publishes such data and acts as the forum for agreeing global capital standards - said the average daily trading volume of Singapore’s FX market was $517 billion in April 2016, up 35 per cent from April 2013. Singapore’s share of global FX volumes has grown to 7.9 per cent in 2016, from 5.7 per cent three years ago.

The report confirmed that trading continues to be concentrated in the largest financial centers; in April 2016, sales desks in five countries - the UK, the US, Singapore, Hong Kong and Japan – intermediated 77 per cent of all foreign exchange trading, BIS said.

The share of foreign exchange trading taking place in the US in 2016 was virtually unchanged relative to the previous survey, at 19 per cent. Asian financial centers, namely Tokyo, Hong Kong SAR and Singapore, increased their combined share of intermediation to 21 per cent from 15 per cent.

The share of foreign exchange trading in the UK, meanwhile, declined to 37 per cent in April 2016 from 41 per cent. The decline was broad-based across currency pairs. The market share of the euro area continued to decline, falling to 8 per cent in April 2016 from 9 per cent in 2013, although France maintained its 3 per cent share.

The share of trading activity taking place in Switzerland and Australia also continued to decline - to 2 per cent in each country in 2016 compared with 3 per cent in 2013.