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Foreign Exchange

UK FX turnover falls as activity in FX swaps slows, BoE survey shows

Daily foreign exchange turnover averaged $1,972 billion in the UK during October 2011, 3% lower than in April 2011, though 17% higher than a year earlier, according to the Bank of England’s semi-annual turnover survey for the Foreign Exchange Joint Standing Committee.

The 30 largest banks active in the UK foreign exchange market participated in the survey, which showed that while spot transactions had increased 2% since the last survey, the fall in overall volume was largely driven by a 9% fall in FX swaps activity. However....

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