Results of the Semi-annual Survey of Foreign
Interest Rate Market Activity in Hong Kong
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 April 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.
semi-annual survey is developed based on the Bank for International Settlements
triennial survey on foreign exchange and derivatives market turnover1,
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 2018. To
safeguard data confidentiality, the Hong Kong Monetary Authority provided
support in data handling and survey administration.
April 2018, average daily turnover of foreign exchange transactions increased
by 15.2% to US$482.0 billion, as compared with the results of the survey for
October 2017. The growth was primarily
driven by increases in foreign exchange swaps and spot transactions. Hong Kong dollar and US dollar remained the
most heavily traded currency pair in the Hong Kong market, followed by US
dollar and Renminbi, and then US dollar and Japanese yen.
Interest rate market
April 2018, average daily turnover of interest rate derivatives decreased by
15.4% to US$131.8 billion, as compared with the results of the survey for
October 2017. The decline was mainly
driven by a decrease in interest rate swaps.
Trading was most active in contracts denominated in US dollar, followed
by Australian dollar and then Hong Kong dollar.
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
 The Hong Kong result
of the April 2016 Bank for International Settlements triennial survey can be