The fall in the share of trading by hedge funds and proprietary trading firms was due to a decline in this sector's activity in all three of the main market segments. Average daily spot turnover with hedge funds and proprietary trading firms as a counterparty stood at $200 billion in April 2016, a 29% decline compared with the 2013 survey; trading in outright forwards and FX swaps with this counterparty sector also declined, by 29% and 37%, respectively Trading with non-financial customers, such as corporations and governments, contracted, accounting for only 7% of global FX turnover, a continuation of the trend captured in previous surveys Geographical distribution of turnover Trading continues to be concentrated in the largest financial centres. In April 2016, sales desks in five countries-the United Kingdom, the United States, Singapore, Hong Kong SAR and Japan-intermediated 77% of all foreign exchange trading(Table 6). The share of foreign exchange trading taking place in the United States was virtually unchanged relative to the previous survey, at 19% in 2016. Asian financial centres, namely Tokyo, Hong Kong SAR and Singapore, increased their combined share of intermediation to 21%, from 15% The share of foreign exchange trading in the United Kingdom declined to 37% in April 2016, from 41%. The decline was broad-based across currency pairs. The market share of the euro area continued to decline, falling to 8% in April 2016 from 9% in 2013, although France maintained its 3% share. The trend decline in the share of trading activity taking place in Switzerland and Australia also continued, to 2% in each country in 2016 compared with 3% in 2013 Is Triennial Central Bank Survey 20168 BIS Triennial Central Bank Survey 2016 The fall in the share of trading by hedge funds and proprietary trading firms was due to a decline in this sector’s activity in all three of the main market segments. Average daily spot turnover with hedge funds and proprietary trading firms as a counterparty stood at $200 billion in April 2016, a 29% decline compared with the 2013 survey; trading in outright forwards and FX swaps with this counterparty sector also declined, by 29% and 37%, respectively. Trading with non-financial customers, such as corporations and governments, contracted, accounting for only 7% of global FX turnover, a continuation of the trend captured in previous surveys. Geographical distribution of turnover Trading continues to be concentrated in the largest financial centres. In April 2016, sales desks in five countries – the United Kingdom, the United States, Singapore, Hong Kong SAR and Japan – intermediated 77% of all foreign exchange trading (Table 6). The share of foreign exchange trading taking place in the United States was virtually unchanged relative to the previous survey, at 19% in 2016. Asian financial centres, namely Tokyo, Hong Kong SAR and Singapore, increased their combined share of intermediation to 21%, from 15%. The share of foreign exchange trading in the United Kingdom declined to 37% in April 2016, from 41%. The decline was broad-based across currency pairs. The market share of the euro area continued to decline, falling to 8% in April 2016 from 9% in 2013, although France maintained its 3% share. The trend decline in the share of trading activity taking place in Switzerland and Australia also continued, to 2% in each country in 2016 compared with 3% in 2013