In October 2023, 27 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 2023 reporting period are available separately.

The main findings of the survey are:

• The average daily reported UK foreign exchange turnover was $2,928 billion in October 2023, representing a 3% increase relative to turnover recorded in October 2022. Consistent with previous trends, turnover in October was lower than the preceding April survey, decreasing by 3%. 
• FX Swaps remained the most traded instrument by turnover making up 46% of overall volume in October 2023, FX Swaps saw a notable fall from making up 49% of the overall volume in the April 2023 survey. FX Spot trading volume increased making up 29% of overall volume in October 2023 compared to 27% in April 2023. Turnover volumes in other instruments remained in line with the April 2023 survey.
• Market share of the top three traded currency pairs; EUR/USD, GBP/USD and USD/JPY, remained broadly in line with the April 2023 survey. EUR/USD continued to be the most traded currency pair in London, with an average daily turnover of $738 billion, making up 25% of overall volume in October 2023.
• Since October 2008 the overall FX turnover has risen steadily, increasing by 73% from $1,697 billion to $2,928 billion. During this period the top 3 currency pairs by volume have not changed.

Tables 1 to 4 below provide various summaries of the average daily data for October 2023, with comparisons to April 2023.