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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
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