Skip to content Skip to primary navigation       Menu

Foreign Exchange Turnover Report – April 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 Instrumenta,b Daily average (US$m)
  Apr 2023 Oct 2022
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Apr 2023 calculated on 17 trading days (Oct 2022 calculated on 20 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 36,818 43,050
Outright Forwards 24,938 20,747
FX Swaps 86,591 73,814
TRADITIONAL FOREIGN EXCHANGE TURNOVERb 148,349 137,611
Currency Swaps 3,314 2,690
OTC Options 638 1,456
TOTAL TURNOVER 152,302 141,758
Table 2: Foreign Exchange Turnover by Instrument and Counterpartya,b Daily average (US$m)
  Apr 2023 Oct 2022
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Apr 2023 calculated on 17 trading days (Oct 2022 calculated on 20 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 36,818 43,050
Financial Institutions - Local 4,983 5,572
Financial Institutions - Overseas 30,107 35,795
Non-financial Institutions - Local 1,438 1,316
Non-financial Institutions - Overseas 290 367
Outright Forwards 24,938 20,747
Financial Institutions - Local 6,571 4,455
Financial Institutions - Overseas 15,367 14,711
Non-financial Institutions - Local 1,811 1,465
Non-financial Institutions - Overseas 1,190 115
FX Swaps 86,591 73,814
Financial Institutions - Local 21,859 24,529
Financial Institutions - Overseas 62,457 47,691
Non-financial Institutions - Local 1,746 1,245
Non-financial Institutions - Overseas 529 349
Currency Swaps 3,314 2,690
Financial Institutions - Local 1,220 1,099
Financial Institutions - Overseas 1,912 1,463
Non-financial Institutions - Local 117 86
Non-financial Institutions - Overseas 65 41
OTC Options 638 1,456
Financial Institutions - Local 82 166
Financial Institutions - Overseas 428 1,114
Non-financial Institutions - Local 117 174
Non-financial Institutions - Overseas 10 3
Table 3: Foreign Exchange Turnover by Currencya Daily average (US$m)
Apr 2023 Proportion of Totalb Oct 2022 Proportion of Totalb
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Apr 2023 calculated on 17 trading days (Oct 2022 calculated on 20 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD 73,904 49 65,859 46
USD 136,834 90 126,490 89
EUR 24,716 16 27,546 19
OTHER CURRENCIES 68,964 45 63,536 45
TOTAL 152,300   141,756  
Table 4: Foreign Exchange Turnover by Currency Paira,b Daily average (US$m)
  Apr 2023 Proportion of Total Oct 2022 Proportion of Total
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Apr 2023 calculated on 17 trading days (Oct 2022 calculated on 20 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD/USD 65,482 43 57,940 41
AUD/EUR 3,331 2 3,148 2
AUD/JPY 1,301 1 1,198 1
AUD/GBP 1,059 1 989 1
AUD/CHF 292 0 227 0
AUD/CAD 463 0 386 0
AUD/NZD 989 1 959 1
AUD/SEK 47 0 71 0
AUD/OTHER ASIAN 698 0 723 1
AUD/OTHER EUROPEAN 107 0 102 0
AUD/OTHER 134 0 117 0
EUR/USD 17,531 12 19,945 14
USD/JPY 12,774 8 11,432 8
USD/GBP 9,024 6 7,055 5
USD/CHF 1,988 1 1,784 1
USD/CAD 2,390 2 2,936 2
USD/NZD 12,072 8 11,261 8
USD/SEK 672 0 312 0
USD/OTHER ASIAN 13,346 9 12,648 9
USD/OTHER EUROPEAN 746 0 539 0
USD/OTHER 810 1 640 0
EUR/JPY 1,200 1 916 1
EUR/GBP 728 0 1,940 1
EUR/CHF 526 0 371 0
EUR/CAD 342 0 426 0
EUR/NZD 226 0 251 0
EUR/SEK 162 0 196 0
EUR/OTHER ASIAN 219 0 68 0
EUR/OTHER EUROPEAN 356 0 221 0
EUR/OTHER 95 0 64 0
RESIDUAL CURRENCIES 3,189 2 2,893 2
TOTALb 152,300   141,756  
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 Apr 2023 calculated on 17 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 4,104 6,536 4,487 6,135 2,998 1,236
Against AUD 3,205 3,592 2,278 3,069 2,261 609
Against USDc 416 2,791 2,108 2,820 630 541
Against EURc 236 47 45 69 48 11
OTHER CURRENCIES 247 106 56 177 58 75
FX Swaps 33,488 43,563 5,488 8,911 4,771 1,961
Against AUD 18,506 22,161 2,980 3,715 2,741 1,211
Against USDc 14,814 21,201 2,465 4,930 1,842 731
Against EURc 157 184 37 146 116 5
OTHER CURRENCIES 11 16 6 120 72 14
Currency Swaps 0 0 684 1,233 317 2,212
Against AUD 0 0 463 829 277 1,575
Against USDc 0 0 221 404 40 637
Against EURc 0 0 0 0 0 0
OTHER CURRENCIES 0 0 0 0 0 0
OTC Options 6 68 164 191 90 150
Against AUD 2 26 80 65 53 67
Against USDc 4 42 81 118 34 83
Against EURc 0 0 2 4 0 1
OTHER CURRENCIES 0 0 2 3 3 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 Apr 2023 calculated on 17 trading days.

b Totals and sub-totals may not sum due to rounding.
Outright Spot 9,339 821 609 336 127 201 367 7 234 73 102 12,215
Financial Institutions - Local 1,805 215 94 155 26 50 90 4 111 8 22 2,581
Financial Institutions - Overseas 6,379 519 501 144 99 139 203 2 90 63 75 8,212
Non-financial Institutions - Local 1,110 82 12 34 3 10 52 1 31 3 5 1,345
Non-financial Institutions - Overseas 45 5 1 2 0 1 21 0 2 0 0 77
Outright Forwards 11,937 993 448 450 104 188 243 30 315 24 17 14,748
Financial Institutions - Local 3,265 533 186 332 92 106 106 21 212 16 12 4,883
Financial Institutions - Overseas 6,434 404 240 99 8 73 99 8 82 6 1 7,454
Non-financial Institutions - Local 1,467 56 22 17 4 8 31 2 18 2 3 1,628
Non-financial Institutions - Overseas 770 1 0 3 0 0 6 0 2 0 0 783
FX Swaps 41,770 1,393 238 265 61 74 348 10 149 10 16 44,333
Financial Institutions - Local 12,648 647 158 181 39 33 128 6 101 9 9 13,959
Financial Institutions - Overseas 27,842 642 47 39 22 20 174 1 18 0 5 28,810
Non-financial Institutions - Local 1,186 96 15 44 1 20 36 3 30 0 2 1,432
Non-financial Institutions - Overseas 94 9 18 1 0 0 10 0 0 0 0 132
Currency Swaps 2,181 106 2 8 0 0 25 0 0 0 0 2,322
Financial Institutions - Local 884 13 1 4 0 0 8 0 0 0 0 911
Financial Institutions - Overseas 1,223 17 1 0 0 0 16 0 0 0 0 1,258
Non-financial Institutions - Local 38 76 0 3 0 0 0 0 0 0 0 117
Non-financial Institutions - Overseas 37 0 0 0 0 0 0 0 0 0 0 37
OTC Options 255 18 4 0 0 1 8 0 1 0 0 286
Financial Institutions - Local 30 1 0 0 0 0 0 0 0 0 0 32
Financial Institutions - Overseas 126 11 4 0 0 1 7 0 0 0 0 149
Non-financial Institutions - Local 98 7 0 0 0 0 0 0 1 0 0 105
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 0
Total AUD Turnover 65,482 3,331 1,301 1,059 292 463 989 47 698 107 134 73,904
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 Apr 2023 calculated on 17 trading days.

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

c USD turnover excludes AUD/USD turnover.
Outright Spot 4,463 3,281 1,788 539 1,057 1971 103 5,649 218 442 19,511
Financial Institutions - Local 441 346 358 99 138 207 14 374 42 88 2,108
Financial Institutions - Overseas 3,966 2,909 1,404 440 905 1,666 89 5,232 175 347 17,132
Non-financial Institutions - Local 38 3 8 1 6 16 0 11 1 4 87
Non-financial Institutions - Overseas 17 23 18 1 9 82 0 32 1 3 185
Outright Forwards 1,205 872 705 162 173 1,563 12 4,160 34 169 9,054
Financial Institutions - Local 259 64 220 92 110 84 6 619 9 90 1,552
Financial Institutions - Overseas 889 795 473 69 49 1,148 6 3,454 22 42 6,946
Non-financial Institutions - Local 37 4 6 0 9 17 0 58 3 30 165
Non-financial Institutions - Overseas 21 9 6 1 5 314 0 29 0 7 391
FX Swaps 11,573 8,259 6,373 1,284 1,127 8,172 556 3,465 494 154 41,457
Financial Institutions - Local 2,174 728 1,928 228 256 1,319 191 514 202 73 7,613
Financial Institutions - Overseas 9,173 7,446 4,394 1,056 862 6,755 366 2,833 286 79 33,251
Non-financial Institutions - Local 40 58 44 0 3 30 0 38 5 1 219
Non-financial Institutions - Overseas 186 27 6 0 5 68 0 80 0 1 374
Currency Swaps 211 298 148 0 23 298 0 14 0 2 993
Financial Institutions - Local 176 3 50 0 6 59 0 14 0 2 310
Financial Institutions - Overseas 28 291 97 0 17 220 0 0 0 0 655
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0
Non-financial Institutions - Overseas 7 3 0 0 0 18 0 0 0 0 28
OTC Options 79 65 11 3 11 68 0 58 0 43 338
Financial Institutions - Local 4 15 1 0 4 13 0 12 0 2 50
Financial Institutions - Overseas 64 50 8 3 7 49 0 46 0 40 266
Non-financial Institutions - Local 12 0 0 0 0 0 0 0 0 0 12
Non-financial Institutions - Overseas 0 0 1 0 0 7 0 0 0 1 10
Total USD Turnoverc 17,531 12,774 9,024 1,988 2,390 12,072 672 13,346 746 810 71,353
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 Apr 2023 calculated on 17 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 846 534 500 117 72 160 182 343 80 2,834 2,258 36,818
Financial Institutions - Local 39 45 16 5 8 17 8 49 4 190 105 4,983
Financial Institutions - Overseas 803 486 484 112 57 142 174 292 76 2,626 2,137 30,107
Non-financial Institutions - Local 2 1 0 0 0 0 1 0 0 4 2 1,438
Non-financial Institutions - Overseas 2 2 0 0 6 1 0 2 0 14 13 290
Outright Forwards 88 92 3 160 46 1 27 6 14 436 700 24,938
Financial Institutions - Local 1 15 1 12 1 1 0 3 1 34 102 6,571
Financial Institutions - Overseas 85 67 2 147 44 0 19 3 12 380 586 15,367
Non-financial Institutions - Local 2 5 1 0 0 0 6 0 1 15 4 1,811
Non-financial Institutions - Overseas 0 5 0 0 1 0 1 0 0 7 9 1,190
FX Swaps 262 102 23 64 109 1 10 5 1 577 224 86,591
Financial Institutions - Local 153 59 17 5 3 1 0 4 1 243 45 21,859
Financial Institutions - Overseas 109 37 6 59 100 0 6 1 0 318 79 62,457
Non-financial Institutions - Local 0 7 0 0 0 0 1 0 0 8 87 1,746
Non-financial Institutions - Overseas 0 0 0 0 6 0 3 0 0 9 14 529
Currency Swaps 0 0 0 0 0 0 0 0 0 0 0 3,314
Financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 1,220
Financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 1,912
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 117
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 65
OTC Options 3 0 0 1 0 0 0 2 0 6 7 638
Financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 82
Financial Institutions - Overseas 3 0 0 1 0 0 0 2 0 6 7 428
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 117
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 10
Total EUR Turnoverc 1,200 728 526 342 226 162 219 356 95 3,854 3,189 152,300
Table 7: Settlement of Foreign Exchange Turnovera,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 Apr 2023 calculated on 17 trading days.

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

c Figures represent turnover settled in April and may include some turnover from March that was settled in April and some turnover from April that settled later.
Total notional gross value of settlement obligations for all foreign exchange transactions 168,269 154,248 124,001 112,902 36,956 34,661 7,312 6,686
Turnover to be settled with a single payment 2,141 1,342 735 64
Turnover to be settled with at least two payments 87,597 77,713 57,850 49,764 23,719 22,434 6,028 5,515
Turnover to be settled with four payments 78,531 76,535 64,809 63,138 12,502 12,227 1,221 1,171
Turnover settledc 132,229 119,310 92,922 82,319 33,374 31,407 5,934 5,584
With risk mitigation 71,247 70,208 49,475 48,801 18,841 18,516 2,931 2,891
Via CLS (PvP) 57,150 57,129 44,099 44,086 11,512 11,504 1,539 1,539
Via other PvP or equivalent settlement methods 7,386 7,046 335 164 6,272 6,117 779 765
Via "same clearer" or "on-us" accounts 6,711 6,033 5,041 4,551 1,057 895 613 587
Without risk mitigation 60,982 49,101 43,447 33,517 14,533 12,891 3,002 2,693
Via "same clearer" or "on-us" accounts with exposure to settlement risk 18,415 13,469 14,391 9,883 2,271 1,889 1,753 1,697