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In October 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 October 2023 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK foreign exchange turnover was $2,928 billion in October 2023, representing a 3% increase relative to turnover recorded in October 2022. Consistent with previous trends, turnover in October was lower than the preceding April survey, decreasing by 3%.
- FX Swaps remained the most traded instrument by turnover making up 46% of overall volume in October 2023, FX Swaps saw a notable fall from making up 49% of the overall volume in the April 2023 survey. FX Spot trading volume increased making up 29% of overall volume in October 2023 compared to 27% in April 2023. Turnover volumes in other instruments remained in line with the April 2023 survey.
- Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY, remained broadly in line with the April 2023 survey. EUR/USD continued to be the most traded currency pair in London, with an average daily turnover of $738 billion, making up 25% of overall volume in October 2023.
- Since October 2008 the overall FX turnover has risen steadily, increasing by 73% from $1,697 billion to $2,928 billion. During this period the top 3 currency pairs by volume have not changed.
Tables 1 to 4 below provide various summaries of the average daily data for October 2023, with comparisons to April 2023.
Similar semi-annual surveys were also conducted in April 2023 by the New York Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Canadian Foreign Exchange Committee, 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.
Table of participating financial institutions & survey results tables 1-4
Data tables
