Results of the Semi-Annual FX Turnover Surveys in October 2022

Following a corresponding survey among 27 UK financial institutions in October 2022, the Bank of England has published the results on the turnover of foreign exchange (FX) trading activity for same month. The survey is conducted semi-annually to assess market activities in that regard. The results, which are outlined in a corresponding report, may be briefly summarized as follows:
(1) Compared to the April 2022 data, the average daily FX turnover decreased by 11% to $2,906 billion which represents, however, an increase of 5% compared to the year before (October 2021).
(2) Nearly the same holds true for FX swap volume which plummeted to $1,333 billion.
(3) The most actively traded currency pair remained the USD/EUR followed by the USD/GBP pair. The market share proportions thereby also remained nearly stable. However, turnover in USD/EUR decreased notably by 16% as compared to the April 2022 data.
To find out more on the results, please refer to the enclosed report which in detail outlines the following data:
(1) Reported UK foreign exchange market turnover by instrument
(2) Reported UK foreign exchange market turnover by instrument and counterparty
(3) Currency distribution of reported UK foreign exchange market turnover
(4) Reported UK foreign exchange market turnover by currency pair