The Bank of England today released their latest semi-annual FX turnover survey results for October 2012.
- Daily FX vol $1,919bln, down 6% on April 2012, (7% down YoY)
- Spot vols down 6% to $678bln/day
Execution via Single Dealer Platforms (SDPs) continues to outperform Multi Dealer Platforms (MDPs).
SDP vs MDP flows
SDP vol: $277bln/day, down 2% on April 2012, and 7% down YoY
MDP vol: $206bln/day, down 3% on April 2012, and 11% down YoY
Coverage of previous BofE survey data here
The ratio of FX flows being executed via SDPs compared to MDPs reached 134%, compared to the lows of 114% back in oct 2010 as shown by the continues red line in chart below.
Chart showing SDP and MDP vols (source: Bank of England Survey data)
Client Segment Flows
In terms of client segments, the ratio of flows are broadly unchanged, with Reporting Dealers continuing to account for ~ 50% of total daily volumes as shown in the chart below.
Chart showing pct of flows by client segment (source: Bank of England Survey data)
Client Segment Flows by SDP & MDP
When looking at the execution preferences of each client segment, reporting dealers are increasing the proportion of flows via SDPs, whilst other bank’s seem to be switching flows to MDPs.
Full Bank of England Survey Data here