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Foreign Exchange Turnover Report – October 2022

List of tables

Table 1: Foreign Exchange Turnover by Instrument

Table 2: Foreign Exchange Turnover by Instrument and Counterparty

Table 3: Foreign Exchange Turnover by Currency

Table 4: Foreign Exchange Turnover by Currency Pair

Table 5: Maturities by Instrument and Currency

Table 6a: AUD Turnover by Instrument, Counterparty and Currency

Table 6b: USD Turnover by Instrument, Counterparty and Currency

Table 6c: EUR Turnover by Instrument, Counterparty and Currency

Table 7: Settlement of Foreign Exchange Turnover

Table 1: Foreign Exchange Turnover by Instrumenta,b Daily average (US$m)
  Oct 2022 Apr 2022
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days (Apr 2022 calculated on 18 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 43,050 43,214
Outright Forwards 20,747 24,948
FX Swaps 79,746 86,330
TRADITIONAL FOREIGN EXCHANGE TURNOVERb 143,544 154,494
Currency Swaps 2,690 2,963
OTC Options 1,456 1,810
TOTAL TURNOVER 147,688 159,268
Table 2: Foreign Exchange Turnover by Instrument and Counterpartya,b Daily average (US$m)
  Oct 2022 Apr 2022
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days (Apr 2022 calculated on 18 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 43,050 43,214
Financial Institutions - Local 5,572 7,959
Financial Institutions - Overseas 35,795 32,897
Non-financial Institutions - Local 1,316 1,682
Non-financial Institutions - Overseas 367 677
Outright Forwards 20,747 24,948
Financial Institutions - Local 4,455 7,186
Financial Institutions - Overseas 14,711 15,527
Non-financial Institutions - Local 1,465 2,059
Non-financial Institutions - Overseas 115 176
FX Swaps 79,746 86,330
Financial Institutions - Local 30,461 33,553
Financial Institutions - Overseas 47,691 51,132
Non-financial Institutions - Local 1,245 1,219
Non-financial Institutions - Overseas 349 426
Currency Swaps 2,690 2,963
Financial Institutions - Local 1,099 839
Financial Institutions - Overseas 1,463 2,046
Non-financial Institutions - Local 86 28
Non-financial Institutions - Overseas 41 49
OTC Options 1,456 1,810
Financial Institutions - Local 166 225
Financial Institutions - Overseas 1,114 1,343
Non-financial Institutions - Local 174 178
Non-financial Institutions - Overseas 3 65
Table 3: Foreign Exchange Turnover by Currencya Daily average (US$m)
  Oct 2022 Proportion of Totalb Apr 2022 Proportion of Totalb
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days (Apr 2022 calculated on 18 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD 66,771 45 71,375 45
USD 132,423 90 142,668 90
EUR 29,600 20 30,373 19
OTHER CURRENCIES 66,502 45 73,957 47
TOTAL 147,688 159,265
Table 4: Foreign Exchange Turnover by Currency Paira, b Daily average (US$m)
  Oct 2022 Proportion of Total Apr 2022 Proportion of Total
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days (Apr 2022 calculated on 18 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD/USD 58,852 40 61,976 39
AUD/EUR 3,148 2 3,458 2
AUD/JPY 1,198 1 1,437 1
AUD/GBP 989 1 1,181 1
AUD/CHF 227 0 211 0
AUD/CAD 386 0 477 0
AUD/NZD 959 1 1,284 1
AUD/SEK 71 0 106 0
AUD/OTHER ASIAN 723 0 940 1
AUD/OTHER EUROPEAN 102 0 121 0
AUD/OTHER 117 0 184 0
EUR/USD 21,999 15 23,228 15
USD/JPY 13,157 9 15,321 10
USD/GBP 7,445 5 8,272 5
USD/CHF 1,897 1 2,120 1
USD/CAD 3,080 2 4,682 3
USD/NZD 11,855 8 12,453 8
USD/SEK 312 0 523 0
USD/OTHER ASIAN 12,648 9 12,483 8
USD/OTHER EUROPEAN 539 0 591 0
USD/OTHER 640 0 1,019 1
EUR/JPY 916 1 1,246 1
EUR/GBP 1,940 1 642 0
EUR/CHF 371 0 314 0
EUR/CAD 426 0 508 0
EUR/NZD 251 0 316 0
EUR/SEK 196 0 100 0
EUR/OTHER ASIAN 68 0 160 0
EUR/OTHER EUROPEAN 221 0 366 0
EUR/OTHER 64 0 35 0
RESIDUAL CURRENCIES 2,893 2 3,511 2
TOTALb 147,688 159,265
Table 5: Maturities By Instrument and Currencya,b Daily average (US$m)
  One day Over 1 day and up to 7 days Seven days to one month One month to three months Three months to six months Over six months
  US$m US$m US$m US$m US$m US$m
a Not adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days.

b Totals and sub-totals may not sum due to rounding.

c ‘Against USD’ excludes AUD/USD turnover; 'Against EUR' excludes AUD/EUR and EUR/USD turnover.
Outright Forwards 6,349 3,715 3,460 4,463 2,387 930
Against AUD 5,305 2,132 1,785 1,941 1,550 420
Against USDc 435 1,455 1,553 2,339 731 479
Against EURc 153 72 62 121 48 14
OTHER CURRENCIES 455 56 59 63 59 17
FX Swaps 34,925 43,655 5,241 7,467 5,206 1,725
Against AUD 16,934 18,205 3,087 2,735 3,066 996
Against USDc 17,730 25,307 2,093 4,565 2,003 711
Against EURᶜ 220 104 36 79 46 17
OTHER CURRENCIES 40 38 25 88 91 1
Currency Swaps 0 124 354 685 278 2,279
Against AUD 0 9 166 309 270 1,941
Against USDc 0 95 188 375 8 339
Against EURc 0 0 0 0 0 0
OTHER CURRENCIES 0 20 0 0 0 0
OTC Options 3 229 252 439 309 269
Against AUD 0 106 103 124 69 128
Against USDᶜ 2 71 138 298 234 137
Against EURc 0 1 11 16 5 4
OTHER CURRENCIES 0 51 0 0 0 0
Table 6a: AUD Turnover by Instrument, Counterparty and Currencya,b Daily average (US$m)
  AUD Against
  USD EUR JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days.

b Totals and sub-totals may not sum due to rounding.
Outright Spot 12,291 956 552 401 105 109 524 36 249 65 72 15,361
Financial Institutions - Local 1,887 176 106 112 33 37 153 6 114 8 15 2,646
Financial Institutions - Overseas 9,272 702 437 256 68 58 318 30 110 56 54 11,360
Non-financial Institutions - Local 1,064 75 9 31 4 13 33 0 25 2 4 1,261
Non-financial Institutions - Overseas 68 3 1 1 0 1 20 0 0 0 0 94
Outright Forwards 10,725 739 330 291 72 162 127 21 315 25 35 12,842
Financial Institutions - Local 1,891 298 132 142 39 74 62 10 180 14 24 2,868
Financial Institutions - Overseas 7,690 382 179 127 22 77 51 9 113 8 7 8,664
Non-financial Institutions - Local 1,137 59 18 21 11 11 11 2 20 2 2 1,294
Non-financial Institutions - Overseas 8 0 0 0 0 0 4 0 2 0 2 16
FX Swaps 33,456 1,394 308 295 48 114 292 14 138 12 7 36,078
Financial Institutions - Local 15,668 924 146 151 23 40 91 6 75 5 5 17,135
Financial Institutions - Overseas 16,770 424 128 66 25 54 178 6 32 5 1 17,688
Non-financial Institutions - Local 879 43 27 73 0 20 15 1 31 1 1 1,093
Non-financial Institutions - Overseas 140 2 7 5 0 0 8 0 0 0 0 162
Currency Swaps 1,896 53 4 0 0 1 5 0 19 0 0 1,978
Financial Institutions - Local 773 1 1 0 0 0 5 0 0 0 0 780
Financial Institutions - Overseas 1,047 27 2 0 0 1 1 0 7 0 0 1,084
Non-financial Institutions - Local 55 18 0 0 0 0 0 0 12 0 0 85
Non-financial Institutions - Overseas 21 7 0 0 0 0 0 0 0 0 0 29
OTC Options 484 6 4 2 1 0 11 0 2 0 3 513
Financial Institutions - Local 65 1 2 0 0 0 0 0 0 0 0 68
Financial Institutions - Overseas 303 4 2 0 1 0 9 0 1 0 1 321
Non-financial Institutions - Local 116 1 0 2 0 0 2 0 1 0 1 123
Non-financial Institutions - Overseas 1 0 0 0 0 0 0 0 0 0 0 1
Total AUD Turnover 58,852 3,148 1,198 989 227 386 959 71 723 102 117 66,771
Table 6b: USD Turnover by Instrument, Counterparty and Currencya,b,c Daily average (US$m)
  USD Against
  EUR JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days.

b Totals and sub-totals may not sum due to rounding.

c USD turnover excludes AUD/USD turnover.
Outright Spot 5,563 3,380 2,418 629 1,241 1987 127 6,189 258 402 22,195
Financial Institutions - Local 658 429 338 89 178 256 13 554 56 74 2,646
Financial Institutions - Overseas 4,854 2,925 2,064 538 1,052 1,625 113 5,557 201 323 19,251
Non-financial Institutions - Local 19 2 6 0 5 8 0 9 0 3 52
Non-financial Institutions - Overseas 32 24 10 3 6 99 0 69 1 3 246
Outright Forwards 1,069 677 575 138 140 561 36 3,369 76 132 6,773
Financial Institutions - Local 448 74 163 95 49 63 29 478 27 79 1,506
Financial Institutions - Overseas 566 602 404 42 83 461 6 2,807 42 46 5,060
Non-financial Institutions - Local 21 1 4 0 7 16 1 56 7 3 116
Non-financial Institutions - Overseas 34 0 4 0 2 21 0 27 0 4 92
FX Swaps 14,930 8,829 4,357 1,129 1,647 8,993 148 2,724 204 92 43,054
Financial Institutions - Local 5,479 2,914 1,185 252 579 2,049 59 374 135 42 13,068
Financial Institutions - Overseas 9,401 5,888 3,158 876 1,061 6,896 90 2,211 68 49 29,698
Non-financial Institutions - Local 20 22 7 0 6 12 0 41 2 1 111
Non-financial Institutions - Overseas 30 5 7 0 2 36 0 97 0 0 178
Currency Swaps 223 103 65 0 38 241 0 18 0 4 692
Financial Institutions - Local 171 13 61 0 25 35 0 10 0 4 319
Financial Institutions - Overseas 53 90 3 0 0 205 0 8 0 0 359
Non-financial Institutions - Local 0 0 0 0 0 1 0 0 0 0 1
Non-financial Institutions - Overseas 0 0 0 0 12 0 0 0 0 0 12
OTC Options 214 167 29 1 14 72 0 349 0 10 857
Financial Institutions - Local 33 15 1 0 10 6 0 27 0 1 93
Financial Institutions - Overseas 178 152 17 1 3 64 0 289 0 8 712
Non-financial Institutions - Local 3 0 12 0 1 1 0 33 0 1 50
Non-financial Institutions - Overseas 0 0 0 0 0 1 0 0 0 0 2
Total USD Turnoverc 21,999 13,157 7,445 1,897 3,080 11,855 312 12,648 539 640 73,571
Table 6c: EUR Turnover by Instrument, Counterparty and Currencya,b,c Daily average (US$m)
  EUR Against    
  JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL RESIDUALS GRAND TOTALd
a Adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days.

b Totals and sub-totals may not sum due to rounding.

c EUR turnover excludes AUD/EUR and EUR/USD turnover.

d Grand total is the sum of AUD turnover (Table 6a), USD turnover (Table 6b), EUR turnover (Table 6c) and Residuals (Table 6c).
Outright Spot 716 1,674 320 249 150 185 49 205 63 3,612 1,881 43,050
Financial Institutions - Local 29 52 46 4 13 22 3 27 1 197 83 5,572
Financial Institutions - Overseas 687 1,619 273 245 129 163 46 177 62 3,401 1,783 35,795
Non-financial Institutions - Local 0 1 0 0 0 0 0 0 0 1 2 1,316
Non-financial Institutions - Overseas 0 3 0 0 8 1 0 1 0 13 14 367
Outright Forwards 148 89 10 131 45 6 18 6 1 454 679 20,747
Financial Institutions - Local 6 5 3 4 6 6 3 1 0 35 48 4,455
Financial Institutions - Overseas 142 35 7 126 38 0 11 5 0 364 624 14,711
Non-financial Institutions - Local 0 46 0 0 0 0 3 0 1 50 5 1,465
Non-financial Institutions - Overseas 0 3 0 0 1 0 0 0 0 5 3 115
FX Swaps 48 168 23 46 52 5 0 10 0 353 261 79,746
Financial Institutions - Local 31 146 0 7 14 1 0 6 0 206 53 30,461
Financial Institutions - Overseas 17 15 22 39 37 4 0 4 0 138 167 47,691
Non-financial Institutions - Local 0 7 0 0 0 0 0 0 0 7 34 1,245
Non-financial Institutions - Overseas 0 1 0 0 1 0 0 0 0 2 7 349
Currency Swaps 0 0 0 0 0 0 0 0 0 0 20 2,690
Financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 1,099
Financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 20 1,463
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 86
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 41
OTC Options 4 9 18 0 3 0 0 0 0 34 52 1,456
Financial Institutions - Local 0 0 5 0 0 0 0 0 0 5 0 166
Financial Institutions - Overseas 3 9 13 0 3 0 0 0 0 29 52 1,114
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 1 0 174
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 3
Total EUR Turnoverc 916 1,940 371 426 251 196 68 221 64 4,453 2,893 147,688
Table 7: Settlement of Foreign Exchange Turnovera,b,c Daily average (US$m)
  All counterparties Reporting dealers Other financial institutions Non-financial customers
  Total o/w CLS eligible pairs Total o/w CLS eligible pairs Total o/w CLS eligible pairs Total o/w CLS eligible pairs
a Not adjusted for reporting dealer double counting. Daily average for Oct 2022 calculated on 20 trading days.

b Totals and sub-totals may not sum due to rounding.

c This release includes settlement data for 21 survey participants. Future releases are expected to include settlement data for all survey participants.
a) Total notional gross value of settlement obligations for all foreign exchange transactions 143,999 82,582 113,700 61,903 27,876 18,129 4,422 2,549
a1) Turnover to be settled with a single payment (ie non-deliverable) 2,570 2,059 493 18
a2) Turnover to be settled with at least two payments (ie spot, forwards and swaps) 70,764 31,461 53,458 20,190 13,716 9,286 3,590 1,986
a3) Turnover to be settled with four payments (ie swaps) 70,665 51,121 58,183 41,714 11,667 8,843 815 564
b) Bilateral netting 39,670 20,914 35,777 18,526 2,629 2,166 1,264 222
b1) Actual value of settlement obligations after netting 5,846 1,943 4,268 596 1,222 1,192 356 156
c) Payment versus payment - PvP (=c1+c2+c3) 63,784 62,969 46,398 45,807 14,953 14,806 2,433 2,356
c1) Via CLS 54,999 54,878 41,750 41,644 12,239 12,224 1,010 1,010
c2) Via other PvP or equivalent settlement methods 3,012 2,544 876 529 1,367 1,282 768 733
c3) Via "same clearer" or "on-us" accounts 5,773 5,548 3,772 3,634 1,347 1,300 654 614
d) Non-PvP 62,428 47,380 51,400 38,375 9,503 7,935 1,526 1,070
d1) Via "same clearer" or "on-us" accounts with exposure to settlement risk 2,219 1,063 1,906 954 200 16 113 93