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

See the headline results from an April 2022 survey of 27 financial institutions that are active in the UK foreign exchange market.

Published on 29 July 2022

News release

In April 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 April 2022 reporting period are available separately.

The main findings of the survey are:

Average daily reported UK foreign exchange turnover reached a record survey high of $3,276 billion in April 2022. This represented a 19% increase on the $2,757 billion turnover recorded in October 2021, and an 11% rise relative to the $2,948 billion turnover recorded in April 2021.
Relative to the previous survey, turnover rose across all instruments except for currency swaps. FX swaps volume rose 18% relative to October 2021 to $1,689 billion. Outright forwards and NDFs rose to $371 billion and $136 billion representing a 14% and 7% increase relative to October 2021 respectively. All three instruments reached record survey highs. Spot turnover rose 21% to $884 billion, but was below its record survey high of $1,112 billion recorded in October 2014. Turnover in currency swaps decreased 7% to $26 billion.
EUR/USD remained the most commonly traded currency pair in London, with average daily turnover of $952 billion. This represented a 24% increase relative to the previous survey and a 5% increase when compared to April 2021. GBP/USD maintained its position as the second most commonly traded currency pair. Daily average turnover was $432 billion, broadly flat when compared to last survey but 14% higher than April 2021. Daily average turnover in both EUR/USD and GBP/USD reached record survey highs.
Looking at longer-term trends, since April 2016 overall turnover has risen 47% from $2,225 billion to $3,276 billion in April 2022. The increase in turnover has been relatively steady over the period, with the exception of April 2020. Within that period, FX Swaps have seen the largest absolute increase from $1,050 billion to $1,689 billion (+61%). Whilst NDFs have seen the largest relative increase, rising 125% from $60 billion to $136 billion. Whereas, turnover in spot has been broadly flat over the period and currency swaps have fallen slightly. In currency pairs, EUR/USD turnover had the largest absolute increase since 2016, growing from $621 billion to $952 billion (+53%). Turnover in USD/CNY grew the most in relative terms, rising 187% from $40 billion to $115 billion.

Tables 1 to 4 below provide various summaries of the average daily data for April 2022, with comparisons to October 2021.

Similar semi-annual surveys were also conducted in April 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, and the Australian Foreign Exchange Committee. The Hong Kong Treasury Markets Association do not publish on BIS Triennial cycles.

Notes for editors

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.
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.
Figures from the April 2019 BIS triennial survey indicated larger volumes when compared to the April 2019 FXJSC survey. This may be due to reporting improvements made by institutions in 2019. Alternatively, pre-existing differences between the surveys’ reporting methodologies may have been magnified in 2019. However, the two surveys are broadly comparable over the long term.^{footnote [1]}
Results for the April 2022 BIS triennial survey are expected in September 2022. Global and UK results for the April 2019 BIS triennial survey.
The results of this survey are also available on the FXJSC page.
Reporting guidelines issued to participating financial institutions.

See Goodacre, H and Razak, E (2019), ‘The foreign exchange and over-the-counter interest rate derivatives market in the United Kingdom’, Bank of England Quarterly Bulletin, 2019 Q4.

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