Foreign Exchange Turnover Report – October 2023

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 Instrument^a,b Daily average (US$m)
	Oct 2023	Apr 2023
	US$m	US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2023 calculated on 21 trading days (Apr 2023 calculated on 17 trading days). b Totals and sub-totals may not sum due to rounding.

Outright Spot	41,557	42,592
Outright Forwards	21,598	25,651
FX Swaps	86,086	98,299
TRADITIONAL FOREIGN EXCHANGE TURNOVER^b	149,241	166,545
Currency Swaps	4,267	4,387
OTC Options	821	599
TOTAL TURNOVER	154,330	171,532

Table 2: Foreign Exchange Turnover by Instrument and Counterparty^a,b Daily average (US$m)
	Oct 2023	Apr 2023
	US$m	US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2023 calculated on 21 trading days (Apr 2023 calculated on 17 trading days). b Totals and sub-totals may not sum due to rounding.

Outright Spot	41,557	42,592
Financial Institutions - Local	5,600	5,508
Financial Institutions - Overseas	34,507	35,351
Non-financial Institutions - Local	1,359	1,431
Non-financial Institutions - Overseas	91	302
Outright Forwards	21,598	25,651
Financial Institutions - Local	5,101	6,457
Financial Institutions - Overseas	14,538	17,195
Non-financial Institutions - Local	1,825	1,779
Non-financial Institutions - Overseas	132	221
FX Swaps	86,086	98,299
Financial Institutions - Local	24,951	18,674
Financial Institutions - Overseas	59,286	77,251
Non-financial Institutions - Local	1,353	1,707
Non-financial Institutions - Overseas	496	668
Currency Swaps	4,267	4,387
Financial Institutions - Local	1,564	1,477
Financial Institutions - Overseas	2,641	2,722
Non-financial Institutions - Local	42	117
Non-financial Institutions - Overseas	20	71
OTC Options	821	599
Financial Institutions - Local	50	38
Financial Institutions - Overseas	567	430
Non-financial Institutions - Local	179	110
Non-financial Institutions - Overseas	24	20

Table 3: Foreign Exchange Turnover by Currency^a Daily average (US$m)
	Oct 2023	Proportion of Total^b	Apr 2023	Proportion of Total^b
	US$m	%	US$m	%
a Adjusted for reporting dealer double counting. Daily average for Oct 2023 calculated on 21 trading days (Apr 2023 calculated on 17 trading days). b Totals and sub-totals may not sum due to rounding.

AUD	79,175	51	84,303	49
USD	139,405	90	154,561	90
EUR	27,124	18	27,613	16
OTHER CURRENCIES	62,952	41	76,467	45
TOTAL	154,328		171,528

Table 4: Foreign Exchange Turnover by Currency Pair^a,b Daily average (US$m)
	Oct 2023	Proportion of Total	Apr 2023	Proportion of Total
	US$m	%	US$m	%
a Adjusted for reporting dealer double counting. Daily average for Oct 2023 calculated on 21 trading days (Apr 2023 calculated on 17 trading days). b Totals and sub-totals may not sum due to rounding.

AUD/USD	71,335	46	75,191	44
AUD/EUR	2,427	2	3,469	2
AUD/JPY	1,819	1	1,535	1
AUD/GBP	1,022	1	1,138	1
AUD/CHF	285	0	327	0
AUD/CAD	322	0	480	0
AUD/NZD	1,062	1	1,142	1
AUD/SEK	57	0	53	0
AUD/OTHER ASIAN	597	0	725	0
AUD/OTHER EUROPEAN	120	0	109	0
AUD/OTHER	130	0	134	0
EUR/USD	20,485	13	19,650	11
USD/JPY	9,785	6	16,042	9
USD/GBP	9,771	6	8,725	5
USD/CHF	2,018	1	1,850	1
USD/CAD	2,843	2	2,387	1
USD/NZD	10,767	7	15,347	9
USD/SEK	485	0	636	0
USD/OTHER ASIAN	10,048	7	13,280	8
USD/OTHER EUROPEAN	899	1	722	0
USD/OTHER	968	1	732	0
EUR/JPY	1,336	1	1,653	1
EUR/GBP	1,232	1	766	0
EUR/CHF	464	0	576	0
EUR/CAD	130	0	348	0
EUR/NZD	218	0	284	0
EUR/SEK	140	0	162	0
EUR/OTHER ASIAN	171	0	241	0
EUR/OTHER EUROPEAN	444	0	364	0
EUR/OTHER	76	0	100	0
RESIDUAL CURRENCIES	2,870	2	3,363	2
TOTAL^b	154,328		171,528

Table 5: Maturities by Instrument and Currency^a,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 2023 calculated on 21 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	3,568	4,429	4,230	5,545	3,557	1,424
Against AUD	2,708	2,680	2,416	3,340	2,499	532
Against USD^c	667	1,640	1,650	2,039	960	872
Against EUR^c	128	30	112	92	15	7
OTHER CURRENCIES	65	80	52	74	83	13
FX Swaps	47,766	34,782	6,120	8,635	5,333	2,509
Against AUD	22,565	18,461	3,928	4,673	3,339	1,539
Against USD^c	24,375	16,092	2,133	3,909	1,825	940
Against EUR^c	479	180	46	21	61	29
OTHER CURRENCIES	347	49	13	30	108	1
Currency Swaps	2	88	846	279	982	3,561
Against AUD	0	86	392	247	982	2,949
Against USD^c	2	2	448	32	0	607
Against EUR^c	0	0	0	0	0	4
OTHER CURRENCIES	0	0	7	0	0	0
OTC Options	11	105	112	284	155	188
Against AUD	10	62	69	146	84	118
Against USD^c	0	38	38	129	63	65
Against EUR^c	0	5	3	8	8	3
OTHER CURRENCIES	0	0	2	0	0	3

Table 6a: AUD Turnover by Instrument, Counterparty and Currency^a,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 2023 calculated on 21 trading days. b Totals and sub-totals may not sum due to rounding.

Outright Spot	14,747	640	542	258	43	119	396	26	153	95	86	17,106
Financial Institutions - Local	2,903	108	91	80	14	24	101	2	37	3	7	3,372
Financial Institutions - Overseas	10,814	460	440	146	27	81	253	22	88	89	68	12,489
Non-financial Institutions - Local	1,009	71	10	32	2	15	38	1	26	2	12	1,218
Non-financial Institutions - Overseas	21	1	0	0	0	0	3	0	1	0	0	27
Outright Forwards	10,874	672	651	389	179	144	173	25	303	17	35	13,463
Financial Institutions - Local	2,805	357	232	190	118	92	58	15	204	15	28	4,114
Financial Institutions - Overseas	6,689	271	375	171	58	45	96	9	81	1	5	7,801
Non-financial Institutions - Local	1,369	42	44	27	3	7	14	1	18	1	3	1,530
Non-financial Institutions - Overseas	11	1	0	1	0	0	5	0	0	0	0	17
FX Swaps	41,922	1,091	619	373	63	57	451	6	130	7	8	44,728
Financial Institutions - Local	13,181	644	289	189	41	29	181	5	69	4	4	14,637
Financial Institutions - Overseas	27,706	370	210	134	22	8	214	0	27	2	1	28,693
Non-financial Institutions - Local	868	72	116	48	0	20	46	1	35	1	3	1,210
Non-financial Institutions - Overseas	168	5	4	1	0	0	10	0	0	0	0	188
Currency Swaps	3,358	17	2	2	0	0	20	0	8	0	0	3,408
Financial Institutions - Local	1,298	1	1	2	0	0	1	0	4	0	0	1,306
Financial Institutions - Overseas	2,006	16	1	0	0	0	19	0	2	0	0	2,044
Non-financial Institutions - Local	39	0	0	0	0	0	0	0	2	0	0	42
Non-financial Institutions - Overseas	16	0	0	0	0	0	0	0	0	0	0	16
OTC Options	432	8	5	0	0	1	22	0	3	0	0	470
Financial Institutions - Local	27	0	0	0	0	0	0	0	0	0	0	27
Financial Institutions - Overseas	228	5	4	0	0	1	20	0	3	0	0	260
Non-financial Institutions - Local	174	1	0	0	0	0	2	0	0	0	0	177
Non-financial Institutions - Overseas	3	2	0	0	0	0	0	0	0	0	0	6
Total AUD Turnover	71,335	2,427	1,819	1,022	285	322	1,062	57	597	120	130	79,175

Table 6b: USD Turnover by Instrument, Counterparty and Currency^a,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 2023 calculated on 21 trading days. b Totals and sub-totals may not sum due to rounding. c USD turnover excludes AUD/USD turnover.

Outright Spot	3,963	2,950	1,928	647	1,397	2700	111	4,723	363	535	19,315
Financial Institutions - Local	417	393	376	62	154	141	13	256	60	70	1,942
Financial Institutions - Overseas	3,524	2,544	1,518	584	1,226	2,498	97	4,448	301	446	17,187
Non-financial Institutions - Local	19	9	31	0	14	30	1	4	1	18	127
Non-financial Institutions - Overseas	3	4	3	0	2	30	0	15	0	1	58
Outright Forwards	1,412	647	776	63	155	1,177	6	3,039	27	168	7,468
Financial Institutions - Local	88	105	159	19	44	35	2	325	4	72	853
Financial Institutions - Overseas	1,231	539	507	44	94	1,087	4	2,647	21	67	6,240
Non-financial Institutions - Local	68	3	107	0	6	38	0	30	2	26	280
Non-financial Institutions - Overseas	25	1	3	0	11	17	0	36	0	3	95
FX Swaps	14,851	5,769	6,973	1,304	1,283	6,599	367	2,230	498	239	40,116
Financial Institutions - Local	2,833	1,275	2,987	525	403	1,160	168	293	342	82	10,067
Financial Institutions - Overseas	11,856	4,478	3,966	779	872	5,340	199	1,901	153	154	29,698
Non-financial Institutions - Local	15	15	11	0	2	23	0	23	3	2	94
Non-financial Institutions - Overseas	148	1	9	0	6	77	1	13	0	1	256
Currency Swaps	166	327	86	0	3	236	0	21	11	2	852
Financial Institutions - Local	118	10	30	0	0	63	0	19	11	2	253
Financial Institutions - Overseas	48	314	56	0	3	172	0	2	0	0	596
Non-financial Institutions - Local	0	0	0	0	0	0	0	0	0	0	0
Non-financial Institutions - Overseas	0	3	0	0	0	0	0	0	0	0	3
OTC Options	94	92	8	4	5	56	0	36	0	24	319
Financial Institutions - Local	1	13	1	1	1	3	0	3	0	0	22
Financial Institutions - Overseas	92	79	7	4	4	39	0	30	0	22	277
Non-financial Institutions - Local	1	0	0	0	0	0	0	0	0	1	2
Non-financial Institutions - Overseas	0	0	0	0	0	14	0	2	0	1	17
Total USD Turnover^c	20,485	9,785	9,771	2,018	2,843	10,767	485	10,048	899	968	68,070

Table 6c: EUR Turnover by Instrument, Counterparty and Currency^a,b,c Daily average (US$m)
	EUR Against
	JPY	GBP	CHF	CAD	NZD	SEK	Oth ASIAN	Oth EUROP.	OTHER	TOTAL	RESIDUALS	GRAND TOTAL^d
a Adjusted for reporting dealer double counting. Daily average for Oct 2023 calculated on 21 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	777	1,094	405	69	102	137	79	395	72	3,130	2,005	41,557
Financial Institutions - Local	26	59	10	3	20	12	4	60	2	195	91	5,600
Financial Institutions - Overseas	750	1,034	395	66	82	125	75	335	70	2,931	1,899	34,507
Non-financial Institutions - Local	2	0	0	0	0	0	0	0	1	4	9	1,359
Non-financial Institutions - Overseas	0	0	0	0	0	0	0	0	0	1	5	91
Outright Forwards	154	25	9	36	43	0	43	12	3	324	343	21,598
Financial Institutions - Local	50	9	2	1	3	0	5	6	1	77	58	5,101
Financial Institutions - Overseas	102	15	6	34	38	0	33	6	0	235	261	14,538
Non-financial Institutions - Local	0	0	0	0	1	0	0	0	0	1	15	1,825
Non-financial Institutions - Overseas	1	1	0	0	2	0	4	0	2	11	9	132
FX Swaps	403	110	45	17	73	3	41	36	1	728	514	86,086
Financial Institutions - Local	57	28	17	13	54	0	0	9	1	178	69	24,951
Financial Institutions - Overseas	312	76	28	4	18	3	39	27	0	506	388	59,286
Non-financial Institutions - Local	1	6	0	0	1	0	2	0	0	10	39	1,353
Non-financial Institutions - Overseas	33	0	0	0	0	0	0	0	1	34	17	496
Currency Swaps	2	1	0	0	0	0	0	0	0	4	4	4,267
Financial Institutions - Local	1	0	0	0	0	0	0	0	0	1	4	1,564
Financial Institutions - Overseas	2	0	0	0	0	0	0	0	0	2	0	2,641
Non-financial Institutions - Local	0	0	0	0	0	0	0	0	0	0	0	42
Non-financial Institutions - Overseas	0	1	0	0	0	0	0	0	0	1	0	20
OTC Options	0	3	6	8	0	0	8	1	0	26	5	821
Financial Institutions - Local	0	0	0	0	0	0	0	0	0	0	0	50
Financial Institutions - Overseas	0	3	6	8	0	0	8	1	0	26	4	567
Non-financial Institutions - Local	0	0	0	0	0	0	0	0	0	0	0	179
Non-financial Institutions - Overseas	0	0	0	0	0	0	0	0	0	0	1	24
Total EUR Turnover^c	1,336	1,232	464	130	218	140	171	444	76	4,213	2,870	154,328

Table 7: Settlement of Foreign Exchange Turnover^a,b 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 2023 calculated on 21 trading days. b Totals and sub-totals may not sum due to rounding.

Total notional gross value of settlement obligations for all foreign exchange transactions	180,514	171,482	142,946	135,862	32,046	30,489	5,522	5,131
Turnover to be settled with a single payment	2,135		1,622		491		23
Turnover to be settled with at least two payments	87,273	82,077	67,158	62,914	15,324	14,722	4,791	4,440
Turnover to be settled with four payments	91,106	89,405	74,166	72,947	16,231	15,766	709	691
Turnover settled	148,446	143,571	119,897	116,124	24,266	23,424	4,283	4,024
With risk mitigation	124,236	122,856	102,083	101,198	18,845	18,385	3,308	3,274
Via CLS (PvP)	90,836	90,833	77,014	77,013	11,753	11,751	2,069	2,069
Via other PvP or equivalent settlement methods	6,198	5,407	1,716	1,206	3,618	3,361	864	840
Via "same clearer" or "on-us" accounts	27,202	26,616	23,353	22,980	3,475	3,272	375	364
Without risk mitigation	24,211	20,715	17,815	14,926	5,421	5,039	975	750
Via "same clearer" or "on-us" accounts with exposure to settlement risk	8,466	6,987	7,999	6,593	376	310	91	85