Results of the Semi-annual Survey of Foreign Exchange and
Interest Rate Market Activity in Hong Kong (October 2018)
The Treasury Markets Association (TMA) announced today (Tuesday) the results of the Semi-annual Survey of Foreign Exchange and Interest Rate Market Activity in Hong Kong in October 2018, which covers turnover in both FX transactions and over-the-counter (OTC) interest rate derivatives transactions. The TMA conducted the semi-annual survey to increase the transparency of the Hong Kong foreign exchange and over-the-counter interest rate derivatives market.
The semi-annual survey is developed based on the Bank for International Settlements triennial survey on foreign exchange and derivatives market turnover , but with simplified reporting requirements. Reporting basis of the semi-annual survey is the same as that of the triennial survey, i.e. primarily the location of the sales desk servicing the transactions. The 59 financial institutions (comprising 55 authorized institutions and 4 licensed corporations) taking part in the triennial survey in April 2016 participated in the semi-annual survey in October 2018. To safeguard data confidentiality, the Hong Kong Monetary Authority provided support in data handling and survey administration.
Foreign exchange turnover
In October 2018, average daily turnover of foreign exchange transactions decreased by 2.3% to US$471.0 billion, as compared with the results of the survey for April 2018. The slowdown was mainly attributable to falls in outright forwards and foreign exchange swaps. US dollar and Renminbi became the most heavily traded currency pair in the Hong Kong market, followed by Hong Kong dollar and US dollar, and then US dollar and Japanese yen.
Interest rate market turnover
In October 2018, average daily turnover of interest rate derivatives increased by 74.2% to US$229.7 billion, as compared with the results of the survey for April 2018. The growth was primarily driven by an increase in interest rate swaps. Trading was most active in contracts denominated in Australian dollar, followed by US dollar and then New Zealand dollar.
The TMA collaborated with the Australian Foreign Exchange Committee, the Canadian Foreign Exchange Committee, the New York Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, and the United Kingdom’s Foreign Exchange Joint Standing Committee, which conducted similar surveys over the same time period for respective markets. The results of their surveys can be found at
Treasury Markets Association
22 January 2019
 The Hong Kong result of the April 2016 Bank for International Settlements triennial survey can be found at http://www.hkma.gov.hk/eng/key-information/press-releases/2016/20160901-3.shtml