In April 2024, 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 2024 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK foreign exchange turnover was $3,351 billion in April 2024, representing a 14% increase when compared to the last survey in October 2023. Turnover in April 2024 was up 11% when compared to April 2023; the dip in October 2023 was consistent with previously observed trend of April surveys showing higher volumes than the October surveys.
- Volumes in each instrument were broadly unchanged from the October 2023 Survey. FX swaps were the most traded instrument with 45% of overall volume, followed by FX spot volume at 29%.
- Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY, remained broadly in line with the October 2023 survey. EUR/USD continued to be the most traded currency pair in London, with an average daily turnover of $795 billion, making up 24% of overall volume in April 2024.
- Since October 2008, the overall FX turnover has risen steadily, increasing by 97% from $1,697 billion to $3,351 billion. Over that time, NDF volumes have outstripped the overall growth in FX turnover, increasing ten-fold - which is the largest increase when compared to other instruments over the same period.
Tables 1 to 4 below provide various summaries of the average daily data for April 2024 with comparisons to October 2023.
- Table of participating financial institutions & survey results tables 1 to 4 - April 2024 (PDF 0.1MB)
- April 2024 data tables (XLSX 0.2MB)
- April 2024 market share table (XLSX 0.1MB)
- Reporting guidelines (PDF 0.3MB)
Similar semi-annual surveys were also conducted in April 2024 by the New York Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Canadian Foreign Exchange CommitteeOpens, the Australian Foreign Exchange Committee, and the Hong Kong Treasury Markets Association.
Background
- 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, 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.
- Global and UK results for the April 2022 BIS triennial survey.
- The results of this survey are also available on the FXJSC page.
- Reporting guidelines issued to participating financial institutions
