Results of the Semi-annual Survey of Foreign Exchange and
Interest Rate Market Activity in Hong Kong (April 2017)
The Treasury Markets Association (TMA) announced today (Wednesday) the results of the Semi-annual Survey of Foreign Exchange and Interest Rate Market Activity in Hong Kong in April 2017, which covers turnover in both FX transactions and over-the-counter (OTC) interest rate derivatives transactions. The TMA launched 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 April 2017. To safeguard data confidentiality, the Hong Kong Monetary Authority provided support in data handling and survey administration.
Foreign exchange turnover
Average daily turnover of foreign exchange transactions amounted to US$407.3 billion in April 2017, with foreign exchange swaps (US$248.0 billion), spot (US$88.8 billion) and outright forwards (US$45.1 billion) accounting for the bulk of the turnover. Trading between US dollar and Japanese yen, US dollar and Renminbi, and US dollar and Hong Kong dollar were most active, accounting for 21.4%, 16.6% and 16.3% of total foreign exchange turnover, respectively.
Interest rate market turnover
Average daily turnover of interest rate derivatives amounted to US$85.5 billion in April 2017, with interest rate swaps (US$77.3 billion) accounting for the bulk of the turnover. Trading in contracts denominated in US dollar, Australian dollar and Hong Kong dollar were most active, accounting for 44.6%, 18.5% and 6.0% of total interest rate derivatives turnover, respectively.
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
26 July 2017