In October 2025, 25 financial institutions active in the UK foreign exchange (FX) market participated in the semi-annual turnover survey for the Foreign Exchange Joint Standing Committee (FXJSC). The survey results are summarised below. Detailed tables for the October 2025 reporting period are available separately.
The main findings of the survey are:
- The average daily reported UK FX turnover was $3,850 billion in October 2025, representing a 5% decrease relative to turnover recorded in the April 2025 survey. This is consistent with previous trends, where turnover in October has been lower than the preceding April survey. On a year-to-year basis, UK FX turnover in October 2025 increased by 20% when compared to the October 2024 survey.
- UK FX turnover fell across most instruments, mainly led by FX spot which fell from $1,293 in April 2025 to $1,059 billion in October 2025. Other notable declines were also observed in FX options and outright forwards, while FX swaps increased to $1,840 billion – up 18% when compared to the April 2025 survey.
- Market share of the top three traded currency pairs: USD/EUR, USD/JPY and USD/GBP remained broadly in line with previous surveys. USD/EUR was still be the most traded currency pair in the UK, with an average daily turnover of $901 billion, which made up 23% of overall FX turnover in October 2025.
- Since October 2008, overall average daily UK FX turnover has risen from $1,697 billion to $3,850 billion.
Tables 1 to 4 below provide various summaries of the average daily data for October 2025 with comparisons to April 2025.