Forex Volumes Reach Records In London In April
In April 2011, 30 financial institutions1 active in the UK foreign exchange market participated in the fourteenth published semi-annual turnover survey for the Foreign Exchange Joint Standing Committee (JSC). The survey results are summarised below; more detailed tables, including a market share report, for the April 2011 reporting period are available separately. The results of subsequent surveys will continue to be published at six-monthly intervals. The main findings of the survey are: Average daily reported UK foreign exchange turnover2 was $2,191 billion in April 2011, 23% higher than in October 2010, and 30% higher than a year earlier. This was the highest level of turnover recorded since the survey began. The increase in turnover was driven by rises in spot (+32%) and FX swaps (+19%) turnover. 1 This is 1 institution more than October 2010 2 Spot, outright forwards, non-deliverable forwards, FX swaps, FX options and currency swaps. Tables 1 to 4 below provide various summaries of the average daily data for April 2011, with comparisons to October 2010. A more detailed set of results tables for April 2011can be found at http://www.bankofengland.co.uk/markets/forex/fxjsc/fxturndata110725.xls. A market share table showing market share information by currency pair, product and counterparty type, can be found at http://www.bankofengland.co.uk/markets/forex/fxjsc/fxturndata110725-marketshare.xls. Revised data for April 2010 and October 20103 have recently been received and updated results tables can be found at http://www.bankofengland.co.uk/markets/forex/fxjsc/index.htm. Similar semi-annual surveys were also conducted in April 2011 for the North American market by the New York Foreign Exchange Committee; for the Singapore market by the Singapore Foreign Exchange Market Committee; for the Japanese market by the Tokyo Foreign Exchange Market Committee; for the Canadian market by the Canadian Foreign Exchange Committee; and for the Australian market by the Australian Foreign Exchange Committee. The results of these surveys can be found at: http://www.newyorkfed.org/fxc/volumesurvey/, http://www.sfemc.org/statistics.asp, http://www.fxcomtky.com/index_e.html, http://www.cfec.ca/fx_volume.html, http://www.rba.gov.au/AFXC/Statistics/FXTurnoverReports/2011/Apr_2011/index.html respectively. 3 Due to improvements in some participants reporting procedures, revisions have been made to previous data. Notes for editors 1. The JSC is a market liaison group, established in 1973 by the banks and brokers of the London FX market, as a forum to discuss topical issues and matters of common interest. The Bank of England chairs the Committee, which comprises senior staff from many of the major banks operating in the London foreign exchange market and representatives from brokers, corporate users of the foreign exchange market and the FSA. 2. Whilst the data presented here is of a similar nature to that collected by the BIS triennial survey, it is more frequent and there is one difference in the reporting methodology: the basis of reporting for the FXJSC survey is the location of the price-setting dealer4, whereas the basis of reporting in the BIS triennial survey is the location of the sales desk. 3. Figures from the April 2010 FXJSC survey when compared to the April 2010 BIS triennial survey indicate that despite differences in definition and institutional coverage, the two surveys are broadly comparable.5 4. Global and UK results for the April 2010 BIS triennial survey can be found at: http://www.bankofengland.co.uk/statistics/bis-survey/previous.htm. 5. The results of this survey are also available on the website of the FXJSC: http://www.bankofengland.co.uk/markets/forex/fxjsc/index.htm Full Survey PDF
This entry was posted on 07/25/2011 by beckersbest. It was filed under Banking and was tagged with Bank of England, Business, Commodities and Futures, Financial Services Authority, Foreign exchange market, Forex, Investing, London.