CFEC Releases Results of October 2024 Foreign Exchange Volume Survey

The Canadian Foreign Exchange Committee (CFEC) released today the results of its October 2024 semi-annual survey of foreign exchange volumes in Canada. The purpose of the survey is to provide information on the size and structure of the foreign exchange and foreign exchange derivatives markets in Canada. Volumes are broken down by product, currency, counterparty, maturity and execution method. The eight banks with the largest foreign exchange sales activity in Canada participate.

The summary highlights of the October 2024 survey include the following:

• The monthly turnover in October of traditional foreign exchange products (defined as spot transactions, outright forwards and foreign exchange swaps) totaled about US$4.5 trillion. On an average daily basis, total turnover increased by 14.7 per cent to US$204.6 billion from April 2024.
• Spot transactions increased by 28.0 per cent to US$25.9 billion on an average daily basis from April 2024. Outright forwards increased by 9.7 per cent to US$21.7 billion and foreign exchange swaps increased by 13.5 per cent to US$156.9 billion over the same period.
• The monthly turnover of foreign exchange derivatives (currency swaps and options) totaled US$427 billion in October. On an average daily basis, derivatives turnover decreased by 5.5 per cent to US$19.4 billion from April 2024.
• Currency swaps turnover decreased 3.6 per cent to US$14.3 billion and currency options turnover decreased by 10.5 per cent to US$5.1 billion on an average daily basis from April 2024.
• Compared with the survey from one year ago, the average daily turnover of traditional foreign exchange products increased by 25.2 per cent, and foreign exchange derivatives increased by 46.4 per cent.

The detailed results of the survey are presented in the summary tables attached. 

Notes

CFEC is an industry group composed of senior representatives from financial institutions actively involved in the foreign exchange market in Canada and the U.S. dollar/Canadian dollar market globally. Formed in 1989, its objective is to provide a forum for the regular discussion of issues and developments pertinent to the foreign exchange market, including the review of market practices and procedures. The Bank of Canada chairs CFEC and provides secretariat services to the Committee.

The Bank of Canada also co-ordinates the CFEC survey on behalf of the market participants. The eight banks that participate in the survey are:

• Bank of America
• Bank of Nova Scotia
• BMO Capital Markets
• CIBC World Markets
• National Bank of Canada
• RBC Capital Markets
• State Street Canada
• TD Securities

Globally, the (London) Foreign Exchange Joint Standing Committee, the (New York) Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Australian Foreign Exchange Committee and Hong Kong’s Treasury Markets Association conduct similar surveys. Their results are also released today (see links below).  

https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee
http://www.newyorkfed.org/fxc/volumesurvey/
https://www.sfemc.org/statistics.html
http://www.fxcomtky.com/index_e.html
http://www.tma.org.hk/en_newsevents.aspx
https://www.afxc.rba.gov.au/statistics/