In October 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 October 2025 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK FX turnover was $3,850 billion in October 2025, representing a 5% decrease relative to turnover recorded in the April 2025 survey. This is consistent with previous trends, where turnover in October has been lower than the preceding April survey. On a year-to-year basis, UK FX turnover in October 2025 increased by 20% when compared to the October 2024 survey.
- UK FX turnover fell across most instruments, mainly led by FX spot which fell from $1,293 in April 2025 to $1,059 billion in October 2025. Other notable declines were also observed in FX options and outright forwards, while FX swaps increased to $1,840 billion – up 18% when compared to the April 2025 survey.
- Market share of the top three traded currency pairs: USD/EUR, USD/JPY and USD/GBP remained broadly in line with previous surveys. USD/EUR was still be the most traded currency pair in the UK, with an average daily turnover of $901 billion, which made up 23% of overall FX turnover in October 2025.
- Since October 2008, overall average daily UK FX turnover has risen from $1,697 billion to $3,850 billion.
Tables 1 to 4 below provide various summaries of the average daily data for October 2025 with comparisons to April 2025.
Similar semi-annual surveys were also conducted in October 2025 by the New York Foreign Exchange CommitteeOpens in a new window , the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Canadian Foreign Exchange Committee and the Australian Foreign Exchange Committee
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.
- Results for the April 2025 BIS triennial survey: Foreign exchange and OTC derivatives markets turnover survey – 2025 | Bank of England
- The results of the October 2025 FXJSC Turnover Survey are also available on the website of the FXJSC.
- Reporting guidelines issued to participating financial institutions.
