In April 2023, 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. Detailed tables for the April 2023 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK foreign exchange turnover was $3,117 billion in April 2023, a 9% increase on the turnover recorded in October 2022, and a 5% fall relative to the turnover recorded in April 2022.
- FX Swaps remained the most traded instrument by turnover making up 46% of overall volume, unchanged from the October 2022 survey. FX Spot decreased 3% from October 2022, to make up 28% of overall volume in April 2023. Turnover in NDFs rose by 4% reaching a record survey high of $151 billion.
- Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY remained broadly in line with the October 2022 survey. EUR/USD remained the most traded currency pair in London, with an average daily turnover of $913 billion, making up 29% of overall volume in April 2023.
- Since April 2008 the overall FX turnover has risen steadily, increasing by 72% from $1,815 billion to $3,117 billion. During this period the top 3 currency pairs by volume has not changed. For most instruments, volumes have grown roughly in-line with the overall turnover. The exception being outright forwards and NDF’s which increased from 11% to 19%.
Tables 1 to 4 below provide various summaries of the average daily data for April 2023, with comparisons to October 2022.