somewhat arbitrarily including Hong Kong SAR, Singapore and Korea in the emerging markets category) constituted around 16 per cent of the overall foreign exchange market average daily turnover observed in April 2013, up from 13.7 cent in 1998. While the global turnover has gone by just over three times in the last 15 years, foreign exchange turnover in emerging markets gone up by a little under four times. Hong Kong and Singapore has alone contributed 80 per cent of the turnover in these select emerging markets in 1998 but dropped to 64 per cent in the most recent survey their share has as others such as Russia, China, India, Korea and Mexico have caught up. Russia, despite being a much smaller economy than China India or Korea, contributed s61 billion to the daily foreign exchange turnover. While some of this turnover may be spot transactions, the bulk ofit is forward contracts and hence derivative transactions.