Global FX daily turnover reaches $5.345 trillion up 34% according to 2013 BIS Triennial Survey

The Bank of International Settlements (BIS), has released the latest 2013 Triennial Survey survey of global FX market volumes (the most authoritative survey of global FX market activity)

Headline items from the survey are:

  • Global FX turnover was 34% higher in April 2013 than in April 2010, with average daily turnover of $5.345 trillion/day compared to $3.971 trillion/day

BIS 2013 FX daily Volumes 1Daily FX volume by product ($ billions)

  • FX Swaps continue to be most heavily traded product: FX Swaps accounted for 42% (down from 44% in 2010) of daily vol at $2.228 trillion/day, compared to Spot FX with 38% (down from 37%) at $2.046trillion/day

 BIS 2013 FX daily Volumes 2Daily FX volume by Product (Pct)

  • Non Bank Financial clients largest segment: Non-Bank financial segment was up 48% at $2.809 trillion/day ($1,900 trillion/day in 2010), and accounted for 53% of vols (up from 48% in 2010), whilst non-financial client volumes fell from $533 trillion/day in 2010 to $465 trillion/day a drop of some 13% over the period. Reporting Dealer volumes were up 34% at $2.709 trillion/day compared with $1.548 trillion/day in 2010, accounting for some 39% of daily volumes.

BIS 2013 FX daily Volumes -client segmentDaily FX volume by client segment ($ billions/day)

  • Dealer to client volumes continues to exceed Dealer-Dealer volumes: Activity of reporting dealers with other financial institutions surpassed inter-dealer transactions back in 2009, (ie transactions between reporting dealers). Other Financial Institutions, a category that includes non-reporting banks, hedge funds, pension funds, mutual funds, insurance companies and central banks. New data included for the first time, showed that Prime Brokerage accounted for 16% of Dealers flows, whilst retail flows (via retail aggregators or margin platforms accounted for only 3.5% of flows.

BIS 2013 FX daily Volumes -client segment PctDaily FX volume by client segment ($ trillion/day)

  • London remains top: London retained position as top global center with 41% of global volumes up from 37% in 2010, followed by NY with 18.9% up from 17.9%

BIS 2013 FX daily Volumes -locationDaily FX volume by Dealing location (Pct daily volumes)

  • Top currencies: USD, EUR and JPY remain the top traded currencies (shares below based on 200 share – showing double sided nature of fx trade)
    USD (87 -up from 84.9 share)
    EUR (34.2 – down from 39.1 share)
    JPY (23 – up from 19 share)
    GBP (11.8 – down from 12.9 share)
  • Top ten currency pairs:  EUR/USD, USD/JPY and GBP/USD, remain the top three traded currency pairs. Reflecting their new status, and the opening up of their markets, the Chinese Renminbi (a 260% increase over 2010) and Russian Ruble entered the top ten for the first time.

BIS 2013 FX daily Volumes -top currency pairs

  • NDF Currencies: NDFs account for just 2.4% of total daily volumes at some $127bn/day.

NDF volumesBIS data showing NDF volumes

Full BIS report here and summary of report with explanations here

7 Responses

  1. […] From Paul Blank’s previous post on BIS Triennial FX Survey […]

  2. […] (in comparison), and by far the largest and most liquid of all the global markets, with latest BIS Triennial data showing that daily volumes have grown 34% to reach $5,345 […]

  3. […] (BIS), has just released a in-depth analysis of the recently released 2013 Triennial FX Survey, looking at the changing structure of the FX market, and drawing some […]

  4. […] to grow, and latest BIS triennial survey data reported daily FX vols up 34% to a new record of $5,345bln/day. The global ‘FX flow monsters’ continue to dominate the EuroMoney 2013 FX Bank […]

  5. […] Global FX daily turnover reaches $5.345 trillion up 34% according to 2013 BIS Triennial Survey […]

  6. […] changes and new venues reflect the heterogeneous nature of the $5.3trn/day global FX market, as venues setup to attract, retain or exclude certain types of market […]

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