Press
release
Results of
the Semi-annual Survey of Foreign Exchange and
Interest
Rate Market Activity in Hong Kong (October 2020)
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 2020, 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 2020, average daily turnover of foreign exchange transactions amounted
to US$564.6 billion. US dollar and
Renminbi was the most heavily traded currency pair in the Hong Kong market,
followed by Hong Kong dollar and US dollar, and then US dollar and Euro. Average daily turnover of interest rate
derivatives amounted to US$223.6 billion.
Trading was most active in contracts denominated in Australian dollar,
followed by New Zealand dollar and then US dollar. 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 endeavoured to collaborate 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.html
https://www.fxcomtky.com/index_e.html
https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee
Treasury
Markets Association
26 January 2021
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