Statistics

OTC 2010 survey on the foreign currency and derivatives market

The survey carried out in April 2010 included the collaboration of the central banks and monetary authorities of fifty-three countries.

The study in Spain covered nine institutions (commercial banks and savings banks), which are assumed to provide an adequate estimation of the total volume of the Spanish market.

The main conclusions for the Spanish foreign currency market are:

  1. The average daily negotiated volume during the month of April 2010 came to US$29.3 billion, 71% more than in the same month 2007.
  2. By market segment, swap operations came to US$16.8 billion, 110% above the figure for 2007; the cash market amounted to US$8.3 billion, which represents a 34% increase compared to 2007, term transactions to US$2.7 billion, with a 30% increase compared to 2007, currency swaps to US$0.7 billion, up 413% over the same month 2007 and foreign currency options were US$0.9 billion, which represents a 21% increase on 2007.
  3. The US dollar was the most negotiated currency, used in 84% of all transactions, while the euro and the rest of the currencies were negotiated in 53% and 58% of the operations, respectively.

    Euro/US dollar transactions accounted for 42% of the total, distributed as follows: 42% cash transactions, 41% forwards, 40% FX swaps and 49% foreign currency options.

    Euro/other foreign currency transactions accounted for 12% of the total.

    US dollar/other foreign currency transactions accounted for 42%.

  4. By counterparty, operations with informant credit institutions were US$18.1 billion, accounting for 62% of the total, while operations carried out with other financial institutions and non-financial clients accounted for 7% and 31% of the total transactions respectively.

For the OTC interest rate market, the figures are:

  1. The average daily negotiated volume during the month of April 2010 was US$30.7 billion, 83% more than in the 2007 survey.
  2. By instrument, swaps trading stood at US$24.8 billion, 59% more than during the same period 2007, the negotiated volume of FRAs increased by 572% to US$3.6 billion and trading in options was US$2.3 billion, 241% up on the negotiated volume during the same month 2007.  
  3. The euro was the currency in the greatest volume of operations, accounting for 89% of the total negotiation of interest rate derivatives.
  4. By counterparty, operations with informant credit institutions came to US$19.9 billion, accounting for 64% of the total, while operations carried out with other financial institutions and non-financial clients accounted for 9% and 27% of the total transactions, respectively.