In April 2026, 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 2026 reporting period, linked below, are available separately.
The main findings of the survey are:
- During April 2026, the average daily UK FX turnover reached a record high of $4,609 billion, representing a 20% increase relative to turnover recorded in the October 2025 survey.
- On a year-on-year basis, UK FX turnover in April 2026 increased by 14%, when compared to the April 2025 survey.
- Growth relative to the October 2025 survey was seen across all instrument types. FX swaps recorded the largest increase in average daily turnover, rising by $332 billion to $2,172 billion. FX spot increased by 18% to $1,253 billion, and FX options increased by 49% to $309 billion.
- The top three traded currency pairs: USD/EUR, USD/GBP and USD/JPY remained broadly in line with previous surveys. USD/EUR continued to be the most traded currency pair in the UK, with an average daily turnover of $1,094 billion, making up 24% of overall UK FX turnover in April 2026.
- Since April 2008, overall average daily UK FX turnover has risen steadily from $1,815 billion to $4,609 billion.
Similar semi-annual surveys were also conducted in April 2026 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.
a. 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).
b. 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.
- The April 2025 BIS Triennial Survey results.
- The results of the April 2026 FXJSC Turnover Survey.
- Reporting guidelines issued to participating financial institutionsOpens in a new window.
