In April 2025, 25 financial institutions active in the UK foreign exchange (FX) 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 2025 reporting period are available separately.
The main findings of the survey are:
- During April 2025, uncertainty surrounding global trade policies led to high levels of activity and volatility across financial markets, including FX. The average daily UK FX turnover reached a record high of $4,045 billion, representing a 26% increase relative to turnover recorded in the October 2024 survey. This constituted the largest survey-on-survey increase since 2013.
- On a year-on-year basis, FX turnover in April 2025 increased by 20%, when compared to the April 2024 survey.
- Growth across instruments was broad, but mainly led by spot which increased by 42% compared to the October 2024 survey to $1,293 billion. FX swaps increased to $1,563 billion, up by 11% in comparison to the October 2024 survey and remained the most traded instrument by volume. FX options volumes reached $350 billion, up 52% from the October 2024 survey.
- Market share of the top three traded currency pairs: EUR/USD, USD/JPY and GBP/USD remained broadly in line with previous surveys. EUR/USD continued to be the most traded currency pair in London, with an average daily turnover of $1,010 billion, making up 25% of overall FX turnover in April 2025.
- Since April 2008, overall FX turnover has risen steadily from $1,815 billion to $4,045 billion.
Similar semi-annual surveys were also conducted in April 2025 by the New York Foreign Exchange CommitteeOpens in a new window , the Singapore Foreign Exchange Market CommitteeOpens in a new window, the Tokyo Foreign Exchange Market CommitteeOpens in a new window, the Canadian Foreign Exchange CommitteeOpens in a new window, and the Australian Foreign Exchange CommitteeOpens in a new window.
Background
- The FXJSC was established in November 1973 and is a forum for market participants, infrastructure providers and the relevant UK public authorities to discuss conjunctural and structural issues concerning the wholesale foreign exchange (FX) market in the UK and the associated supporting infrastructure. The FXJSC currently has two sub committees.
- The Operations Sub-Committee was established in 2002. Its members are operations managers from many major banks active in the London wholesale FX market, as well as representatives from service providers, trade associations and from the Financial Conduct Authority (FCA).
- The Legal Sub-Committee was established in 2004 and comprises legal professionals providing in-house counsel for many of the major institutions involved in the wholesale FX market in London and representatives from the FCA.
- While the data presented here is of a similar nature to that collected by the BIS Triennial Survey, the FXJSC data is collected more frequently. In addition, the basis of reporting for the FXJSC Turnover 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.
- Preliminary results for the April 2025 BIS triennial survey are expected in September 2025. See the April 2022 BIS Triennial Survey results.
- The results of the April 2025 FXJSC Turnover Survey are also available on the FXJSC page
- Reporting guidelines issued to participating financial institutionsOpens in a new window
