Results of the Semi-Annual FX Turnover Surveys in October 2022

News release

In October 2022, 27 financial institutions active in the UK foreign exchange market participated in the semi-annual turnover survey for the Foreign Exchange Joint Standing Committee (FXJSC). The survey results are summarised below. More detailed tables, including a market share report, for the October 2022 reporting period are available separately.

The main findings of the survey are:

• Average daily reported UK foreign exchange turnover was $2,906 billion in October 2022. This represented a 11% decrease on the $3,273 billion turnover recorded in April 2022, a survey record, and a 5% rise relative to the $2,757 billion turnover recorded in October 2021.
• Relative to the April 2022 survey, average daily turnover in FX Swaps decreased to $1,333 billion, down 21%. FX Swaps remained the most traded instrument by turnover making up 46% of overall volume compared to 52% in the previous survey. FX Spot remained relatively stable at $909 billion, increasing 3% from $884 billion. Turnover in outright forwards fell by 16% to $310 billion and NDFs rose by 10% reaching a record survey high of $150 billion.  
• Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY remained broadly in line with the April 2022 Survey. EUR/USD remained the most traded currency pair in London, with an average daily turnover of $801.9 billion, a 16% decrease relative to the April 2022 survey.
• Examining historical survey results show that overall FX turnover has risen steadily since October 2008, increasing by 71% from $1,699 billion to $2,906 billion. During this period all instruments increased in volume with FX Swaps having the most sizeable increase of 83%. The three most traded currency pairs by volume have remained the same during this period and continued to grow in volume.

Tables 1 to 4 below provide various summaries of the average daily data for October 2022, with comparisons to April 2022.

Similar semi-annual surveys were also conducted in October 2022 by the New York Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Canadian Foreign Exchange Committee, the Australian Foreign Exchange Committee, and the Hong Kong Treasury Markets Association.

Notes for editors

1. The FXJSC is a market liaison group, established in 1973 by the banks and brokers of the London FX market, as a forum to discuss broad market issues. The Bank of England chairs the Committee, which comprises senior practitioners from institutions active in the UK wholesale foreign exchange market, from the broking community, from infrastructure providers and representatives from industry associations and the relevant UK public authorities.
2. Whilst the data presented here are of a similar nature to those collected by the BIS triennial survey, the FXJSC data are collected more frequently and the basis of reporting for the FXJSC survey is the location of the price-setting dealer, whereas the basis of reporting in the BIS triennial survey is the location of the sales desk.
3. Global and UK results for the April 2022 BIS triennial survey.
4. The results of this survey are also available on the FXJSC page.
5. Reporting guidelines issued to participating financial institutions.

 

Table of participating financial institutions & survey results tables 1-4

Data tables

Market share table

Reporting guidelines

There have been minor revisions to the survey results following corrections to one participant’s submission. These revisions were reflected in the data tables on 20 February 2023.