FX Volume Survey 2023 by Foreign Exchange Committee

These are the results of the 38th Survey of North American Foreign Exchange Volume by the Foreign Exchange Committee.

The FX Volume Survey 2023 by the Foreign Exchange Committee at a glance:

■ Average daily volume was down from the October 2022 survey in all categories (spot, swap, and OTC options by 10.6%, 1.9%, and 19.4%, respectively) except for forward transactions which increased by 3.2%.

■ Turnover declined across all counterparty types:  volumes reported by “Reporting Dealers” were down 7.1%, volumes by “Other Dealers” were down 9.8%, volumes by “Other Financial Customers” were down 2.6%, and volumes by “Nonfinancial Customers” were down 2.4% since October 2022.

■ Year-over-year, average daily volumes decreased across all instruments (spot down 3.3%, forwards down 7.1%, swaps down 3%, and OTC options down by 4.1%.

■ The largest increases in volume across all instruments since the October 2022 survey occurred in USD/HKD ($4.0 billion increase) and USD/NZD ($3.0 billion increase). Year-over-year, USD/MXN saw the largest increase in transaction value for a single currency pair, with a yearly total increase of $8.3 billion across all instruments.

 ■ The largest decrease in volume across all instruments since the October 2022 survey occurred in GBP/USD. The pair saw the largest decrease by declining by $20.3 billion in average daily volume. EUR/USD saw the largest decline year-over-year ($16.6 billion).

■ Average daily volume (total) in over-the-counter (OTC) Forex instruments was $918.4 billion in April 2023, 4.0% lower when compared to the prior year. This figure includes Forex spot, swaps, forwards, and option transactions.



About the Foreign Exchange Committee

  • The Committee was formed in 1978 under the sponsorship of the Federal Reserve Bank of New York. However, the Committee is not part of the Federal Reserve Bank of New York.
  • The Foreign Exchange Committee is composed of individuals from institutions that participate actively in the Forex markets as well as other financial markets worldwide.


About the Survey

The survey focuses on the size and structure of the North American Foreign Exchange activity. 

  • Survey data are broken out by 4 Forex instruments, 13 currency pairs, 4 counterparty types, and 5 execution methods.
  • The Committee invited 21 leading financial institutions active in the North American Forex market to contribute data on the level of turnover during the month of April 2023.
  • The Committee also collaborated with the United Kingdom’s Foreign Exchange Joint Standing Committee (FXJSC), the Singapore Foreign Exchange Market Committee (SFEMC), the  Tokyo Foreign Exchange Market  Committee (TFEMC),  the  Canadian Foreign Exchange Committee (CFEC), and the  Australian  Foreign  Exchange Committee (AFXC).
  • Turnover is defined as the gross value of all new deals entered into during the reporting period and is measured in terms of the notional amount of the contracts.


FX Volume Survey 2023 by Foreign Exchange Committee

ExpertSignal.com (September, 2023)

The source is the Federal Reserve Bank of New York web page: https://www.newyorkfed.org/fxc/volumesurvey




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