The Canadian Foreign Exchange Committee (CFEC) has released the results of its October 2022 semi-annual survey of foreign exchange volumes in Canada. The purpose of the survey is to provide information on the size and structure of the foreign exchange and foreign exchange derivatives markets in Canada.
According to the survey, the monthly turnover in October of traditional foreign exchange products (defined as spot transactions, outright forwards and foreign exchange swaps) totalled about US$2.99 trillion. On an average daily basis, total turnover increased by 4.9% to $149.5 billion from April 2022.
Spot transactions decreased by 4.5% to $19.6 billion on an average daily basis from April 2022. Outright forwards decreased by 2.3% to $15.9 billion and foreign exchange swaps increased by 7.8% to $113.9 billion over the same period.
The monthly turnover of foreign exchange derivatives (currency swaps and options) totalled $ 326 billion in October. On an average daily basis, derivatives turnover increased by 60.1% to $16.3 billion from April 2022.
Currency swaps turnover increased by 180.5% to $12.4 billion while currency options turnover decreased by 31.7 per cent to $3.9 billion on an average daily basis from April 2022.
Compared with the survey from one year ago, the average daily turnover of traditional foreign exchange products decreased by 6.8%, and foreign exchange derivatives increased by 94.4%.