Press release
Results of
the Semi-annual Survey of Foreign Exchange and
Interest
Rate Market Activity in Hong Kong (October 2019)
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 2019, 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 (BIS) 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. A total of 60 financial institutions
(comprising 57 authorized institutions and 3 licensed corporations)
participated in the semi-annual survey. To safeguard data
confidentiality, the Hong Kong Monetary Authority provided support in data
handling and survey administration.
In October 2019, average daily turnover of foreign exchange
transactions amounted to US$567.9 billion. Hong Kong dollar and US
dollar was the most heavily traded currency pair in the Hong Kong market,
followed by US dollar and Renminbi, and then US dollar and Japanese yen. Average daily turnover of interest rate
derivatives amounted to US$257.2 billion. Trading was most active
in contracts denominated in Australian dollar, followed by US dollar and then Hong
Kong dollar. Turnover in foreign
exchange and interest rate markets saw a general increase from the same time
last year. More details can be found at Annex.
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 conducted
similar surveys over the same time period for respective markets. The
TMA collaborated with these
organisations to announce the results on the same day. The results of their surveys can be found at
https://www.afxc.rba.gov.au/statistics
https://www.cfec.ca/fx_volume.html
https://www.newyorkfed.org/fxc/volumesurvey/
https://www.sfemc.org/statistics.asp
https://www.fxcomtky.com/index_e.html
https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee
Treasury Markets Association
4 February 2020
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