The following is from a prospectus highlighting the growth in the spot market. I wonder does this mean that there are more speculators in the market now than before. I traded beef and locked in my trades by going forward on currency, this was before it was called derivatives. Trade is constant around real products being bought and sold, spot markets are more speculative?
Global foreign exchange market turnover was 20% higher in April 2010 than in April 2007, with average daily turnover of
$4.0 trillion compared to $3.3 trillion. The increase was driven by the 48% growth in turnover of spot transactions, which
represent 37% of foreign exchange market turnover. Spot turnover rose to $1.5 trillion PER DAY in April 2010 from $1.0
trillion in April 2007