endobj endstream true /ColorSpace 8 0 R /SMask 31 0 R /BitsPerComponent 8 /Filter /FlateDecode stream
You can download the paper by clicking the button above. endobj >> }WLWmQU) VJ"!Y >)TCP'#g1}Z
endstream x SPa0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`g`+ stream Sorry, preview is currently unavailable. endstream endobj 3196 0 obj <>stream >> /Font << /Tc3 19 0 R /Tc1 9 0 R /Tc4 20 0 R /Tc2 18 0 R /Tc6 22 0 R /Tc5 endstream %PDF-1.7 4 0 obj endobj In April 2021, 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). << /ProcSet [ /PDF /Text /ImageB /ImageC /ImageI ] /ColorSpace << /Cs1 8 0 R The Bank of England chairs the Committee, which comprises senior practitioners from institutions active in the UK wholesale foreign exchange market, from the broking community, from infrastructure providers and representatives from industry associations and the relevant UK public authorities. See the headline results from an April 2021 survey of 27 financial institutions that are active in the UK foreign exchange market. This represented a 16% increase on the October 2020 survey results and a 26% increase on the April 2020 figures.
Financial market infrastructure supervision, Operational resilience of the financial sector, Greening our Corporate Bond Purchase Scheme (CBPS), Money Markets Committee and UK Money Markets Code, The PRAs statutory powers and enforcement, Gross Domestic Product Real-Time Database, Option-implied probability density functions, The London Foreign Exchange Joint Standing Committee, A more detailed set of results tables for April 2021, A market share table showing market share information by currency pair, product and counterparty type, Singapore Foreign Exchange Market Committee, Global and UK results for the April 2019 BIS triennial survey. Revised table of participating financial institutions & survey results tables 1-4, Thanks! 217 endobj je* eIr{TkCD k:\_6^ [LMA(MV6FOTvi2;-]Z'VHbNj$;bR[MzJ3Pu-6{N1\sys`4A- Other notable increases in trading across G10 currency pairs included USD/CAD, where turnover rose to its highest levels since the survey began: $130.4 billion (+40% since October 2020), and in AUD/USD, which increased by 33% since October 2020 to $122.0 billion. 'b6 f+R5InGz5#bMzH@dHv. USD/GBP maintained its position as the second most commonly traded currency pair in London (+16% since October 2020). Turnover in Outright forwards (+12%) and NDFs (+23%) also rose relative to the previous reporting period. << /Length 15 0 R /Type /XObject /Subtype /Image /Width 138 /Height 107 /Interpolate Does FOMC news increase global FX trading? << /Length 24 0 R /Type /XObject /Subtype /Image /Width 3999 /Height 1004 endstream p[a%b&}*!Ij~U[QUW.^Co=$27eU\IUor10O (;U%g8ih$g%LdXM}RnF+z7])^%>tnWj eX=.i:;UPr][R*ZZ stream stream TmFD'WS=r"[__(Q xKoIH|:DK}HZE{ cKqHlMw,!0L_U };rx1Y;89;|}$H!leVJA=~~OYt'TRx@oJ(e7gSxm7e]Od=B%*~*! We use analytics cookies so we can keep track of the number of visitors to various parts of the site and understand how our website is used. x SPa0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`K Xu#@ @ @ 8 @ : 0=hy!s @ @ @@Av, @ l/ @ ~ 2 @ @ @,v{ @ l @ ",JG&@ @ @ L! For more information on how these cookies work please see our Cookie policy. x1 Om 17 0 obj m @ .o'u@ @`Bq{b @ @ @dv{ @ I J@>TC @ @ @ } @ s[ @`>q{M$ @ @ @@ @ pR$@ q @ @ @ Zv^ @ : , nuI. 173 &W+yK4iFeU':=c-_vilw~lQt:1f+Y"?|C@:q*NLM7MAuc>=nFu~@? SOU7b l@@n4}1N~t/oi=nqnk %=+C] !/=)%:ABkUCMlVn3Hk'0CkpudmH }3i%l"M~,]StknERIqT{X41` %W)zPF+ q6$g1QA-C(0 +eK`sVe!1LL`qE[G)C)ib''5G @X$KG|228+{_hxJomf\FyU=giH'~b!%dEVn=8tM9 1pXu>jSbJfMBR+> &{_AoJ8(RUf:V`?f*\)X^?mTu!.8/c7Zs9vRqT8.=8+ ni 4?$A6%m!`e'-Zd&fY .Hf$>:K$"iq;sRS;A-.UvphVhzNu^P@)!W +c5:LJ9:H"lz"U0kiBZ$[yeoHL^MQ|5tq>y w@S]6)ta^]=Ub This may be related to reporting improvements made by institutions in 2019. Average daily reported UK foreign exchange turnover reached record highs: $2,948 billion in April 2021. true /ColorSpace 8 0 R /SMask 27 0 R /BitsPerComponent 8 /Filter /FlateDecode M"jG}9O`SCge2PP'B"V3#bzxB~{YE=WQ? endobj 11 0 obj Whilst the data presented here is of a similar nature to that collected by the BIS triennial survey, it is more frequent and there is one main difference in the reporting methodology: the basis of reporting for the FXJSC survey is the location of the price-setting dealer, whereas the basis of reporting in the BIS triennial survey is the location of the sales desk. @ @ \@N @V'3 @ @ @ 8 @ : 0}i @ @ @ f`@$$O^a` *Ft endstream endobj startxref 0 %%EOF 289 0 obj <>stream << /Type /Page /Parent 3 0 R /Resources 6 0 R /Contents 4 0 R >>
By clicking Accept recommended settings on this banner, you accept our use of optional cookies. 5 0 obj 6 0 obj Ql)2+k,sy$LT,'5xJ./+6"P20'6=!Ch\IFi''(j@yi`+drP|>d;@m=\X>#An5k5{gl,cLH7'Qn:$*^6e"vkb ];mUNBG 8Hb &B42K'+_ +hFn!eaeQO# .rx{8F ~wd!~tS<0DEpz}6vN0J)9- j-)u~Pd-Op(4AqnIz" !RLGj$mT,Tc`RI9* ] i5Ucyo!n`']:_cg}Mg\jKr$vTTVtaF|^){YY*K/O-Wr:P2 endstream endobj 247 0 obj <>stream >> Press Spacebar or Enter to select, News // Semi-Annual FX Turnover Survey results. zGd21X$jxk>|C%9 @VBaWO]#`(A@aoPfnKE*=]1c,>~Km /u,!n 14 0 obj xe];2;{Ob !!$b"E@,-,?
The international role of the euro: a status report, The market microstructure approach to foreign exchange: Looking back and looking forward, Costs and benefits of running an international currency. See Goodacre, H and Razak, E (2019), The foreign exchange and over-the-counter interest rate derivatives market in the United Kingdom, Bank of England Quarterly Bulletin, 2019 Q4. 3 0 obj zI 6ZALY~A:?6m2fXw"%|81s)o=Xv*'%Jb5WeQCWn1PVX).6 1 0 obj <>/Metadata 252 0 R/ViewerPreferences 253 0 R>> endobj %PDF-1.3 xVn7WKA;sSd#p84Bgl+ W${G! U$@ -J/9. @ @ H^@n3 @ )S:& = @ @ @ T@n @ )S:& =tQzAt @ @ @@&v) @ L!oB1 @ u/07 @ @ @ z @ 0vm.MqGI P@>l @ @ @ 6S @ hU [@s @ @ 0Z@n @ p}{8 @ sG/>=dN @ @ (B@n @ p}{8 @ Would you like to give more detail? Academia.edu no longer supports Internet Explorer. 2 0 obj The survey results are summarised below; more detailed tables, including a market share report, for the April 2021 reporting period are available separately. << /Length 13 0 R /Type /XObject /Subtype /Image /Width 107 /Height 107 /Interpolate
Turnover in FX swaps rose to $1,527 billion, an increase of 15% relative to October 2020, as turnover in FX spot increased by 14% since October 2020. GL1WJCEZ!+hXR26s AaE9D /FlateDecode >> <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 13 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
15 0 obj endobj << /Length 11 0 R /Type /XObject /Subtype /Image /Width 139 /Height 107 /Interpolate Reporting guidelines issued to participating financial institutions, Results of the Semi-Annual FX Turnover Surveys in April 2021.
u%xIh5G_6M#P~8u4 IXm+[}U1PKw`r$Oo/CLXZ.e1&FR8M/. 4 0 obj .(*d80L\ +QeB#g!6H!^B{!BBl8C\aDel ?4\YVW%\I keI^H=>Cp"-B58?71&~
endstream
endobj
242 0 obj
<>>>/Filter/Standard/Length 128/O(N!Bd0O n-sg.e)/P -1052/R 4/StmF/StdCF/StrF/StdCF/U(. )/V 4>>
endobj
243 0 obj
<>/Metadata 16 0 R/OpenAction 244 0 R/Outlines 25 0 R/PageLayout/SinglePage/Pages 239 0 R/StructTreeRoot 26 0 R/Type/Catalog/ViewerPreferences<>>>
endobj
244 0 obj
<>
endobj
245 0 obj
10 0 obj 23 0 R >> >> s6Y-ur&}i]fZ y%*x.Oh=AmF@t_5sNDT$`c@,pb }LBu_`zp,elb)0T:s#b~n'AnrTxt b#6_EBsLVz2W&F1?RWR 12 0 obj 3195 0 obj <>stream RK L4 @--PQEEG"JwAH%D3N{s/s^so @ @ @ aW^ioM @ >y.'c @ ~ @ @ @@=M!v @ /N @ V2 @ @ @ ` @ dNQd @ v @ @ @ f @ +"@ ^[&%@ @ @ L&o+G @)T X^@>b @ @ @ m_J @ @}=%@ ' C @ @ @ 0} hbbd```b`` W"YNHv#c )DlR Rz:YV)/`e@? We use necessary cookies to make our site work (for example, to manage your session). /Interpolate true /ColorSpace 8 0 R /SMask 33 0 R /BitsPerComponent 8 /Filter 16 0 obj 1182 endobj stream USD/JPY turnover rose from $266.2 billion in October 2020 to $347.5 billion in April 2021 (+31%). stream << /Length 17 0 R /Type /XObject /Subtype /Image /Width 107 /Height 108 /Interpolate However, the two surveys are broadly comparable over the long term. % USD/EUR remained the most commonly traded pair in London, with average daily turnover of $905.8 billion in April 2021, reaching all-time highs. endobj The FXJSC is a market liaison group, established in 1973 by the banks and brokers of the London FX market, as a forum to discuss broad market issues. 175 hUnU1IlbQ+ObOQrUFn3gHJ6A&HJ4*A'yKUvT;O NSR1?/FLTx )N\d4[5V ]^}oD91_y-Pu\0-?Q[:y2-$-lO(3-~KH)E&_^z Figures from the April 2019 BIS triennial survey indicated larger volumes when compared to the April 2019 FXJSC survey. endobj 13 0 obj Turnover in all instruments increased when compared to the April 2020 survey. Figures from the April 2021 survey have been revised following resubmissions from some survey participants. 21 0 R >> /XObject << /Im3 14 0 R /Im2 12 0 R /Im4 16 0 R /Im1 10 0 R /Im5 BW}niz9hZ>kHGG}u!(cH L>mp!n fw[QDsP7loS . endobj X_d 6i
% << /Length 5 0 R /Filter /FlateDecode >> x Om7@a0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`
>> ""y8nS'BSVp-5E->, $ 4%*"-~~^}$!v=95NL' stream You may disable these by changing your browser settings, but this may affect how the website functions. 1T, 9! Alternatively, pre-existing differences between the surveys reporting methodologies may have been magnified in 2019. Foreign Exchange Market Structure, Players and Evolution, Foreign Exchange Market: Institutional Structure, Regulation, and Policy Implications, VIETNAM'S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009, OTC Derivatives Market in India: Recent Regulatory Initiatives and Open Issues for Market Stability and Development, Day trading and swing trading the currency market, Timing exchange rates using order flow: The case of the Loonie, Asymmetric effects of FOREX intervention using intraday data: evidence from Peru, Non Deliverable Foreign Exchange Forward Market: An Overview, Execution methods in foreign exchange markets. true /ColorSpace 8 0 R /SMask 29 0 R /BitsPerComponent 8 /Filter /FlateDecode endobj c|^.EUp\Zc\E|20CEe3I!RB(OV)!Iv.r]l}/Obru\{ Pi]LYz4I? >> To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. fZclf):\#pg6|*c^:m 4Wib"KL|>^S^tgd"V3`z $`a{HoOZ Z3kBz\/_];p%cP' *SW{Jq^vvT^. <>
Enter the email address you signed up with and we'll email you a reset link. 
%PDF-1.6
%
241 0 obj
<>
endobj
268 0 obj
<>/Encrypt 242 0 R/Filter/FlateDecode/ID[<055C9CB001B84D46BC4A34209A63BD81><6B693D6E0C184414ACD7F6AF6EA00034>]/Index[241 49]/Info 240 0 R/Length 124/Prev 311836/Root 243 0 R/Size 290/Type/XRef/W[1 3 1]>>stream
Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. <>
endstream endobj ?@a0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`0`l Tables 1 to 4 below provide various summaries of the average daily data for April 2021, with comparisons to October 2020. Az:vbhygoVklj * wKk5ErE`AT[v}7dr430r|{a`5XVdj8; 217 endobj
2 0 obj
%PDF-1.6
%
This represented a 14% increase on the $2,582 billion turnover recorded in October 2020, and a 22% rise relative to the $2,412 billion turnover recorded in April 2020. 23 0 obj }KvfNP6I{(_9=P!Y t.TDDp1\&/zTe+'hDp\ true /ColorSpace 8 0 R /SMask 25 0 R /BitsPerComponent 8 /Filter /FlateDecode h|]k0J[FI:f1oSgm$M/Fu''opH+ZRh*kE&>d0a<3`( '`}5e%V0h,AjDS}*$y0`IG1uyYdaVQVsn l0YW\I]2_O[oq3U#wCWm&9Q"N4tlOY~_j[iU&"BlkXYY4{RT-O
jL\^!FmGo B