Results of the Semi-Annual FX Turnover Surveys in October 2024
See the headline results from an October 2024 survey of 25 financial institutions that are active in the UK foreign exchange market.
In October 2024, 25 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 2024 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK foreign exchange turnover was $3,217 billion in October 2024, representing a 5% decrease relative to turnover recorded in the April 2024 survey. This is consistent with previous trends, where turnover in October has been lower than the preceding April survey. On a year-on-year basis, turnover in October 2024 increased by 10%, when compared to the October 2023 survey.
- FX swaps remained the most traded instrument by turnover, representing 44% of overall volume in October 2024 – which is broadly unchanged when compared to the April 2024 survey. FX spot volume in October 2024 also remained broadly unchanged when compared to April 2024 – making up 28% of overall volume.
- Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY, remained broadly in line with previous surveys. EUR/USD continued to be the most traded currency pair in London, with an average daily turnover of $797 billion, making up 25% of overall volume in October 2024.
- Since October 2008, the overall FX turnover has risen steadily, nearly doubling from $1,697 billion to $3,217 billion.
Tables 1 to 4 below provide various summaries of the average daily data for October 2024, with comparisons to April 2024.
