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.