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BoC FX Volumes Survey - October

CANADA
The BoC has today released its semi-annual survey of the nine banks with the largest FX sales activity in Canada (full here).
  • The monthly turnover in October of traditional FX products (spot transactions, outright forwards and foreign exchange swaps) totaled ~US$3.3 trillion, or $163.5bn on an average daily basis (+9.7% from Apr’23).
  • Traditional products: Spot transactions $19.6bn (+4.5% from April), outright forwards $18.0bn (-6.1%) and FX swaps $125.8bn (+13.3%) – all average daily basis.
  • FX derivatives: $13.3bn average daily turnover (unch from April).
  • Vs a year-ago: the average daily turnover of traditional FX products +9.4% vs FX derivatives -18.7%.
  • Institutional investors dominate spot and outright forward markets (62.5% and 59.4% shares) but the market is more balanced across FX swaps (36.5% vs 31.2% hedge funds and prop. trading).

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