Statistics

OTC 2013 survey on the foreign exchange and derivatives market

The survey conducted in April 2013 included the collaboration of the central banks and monetary authorities of fifty-three countries.

The survey in Spain covered eight credit institutions, which are assumed to provide an adequate indication of the total volume of the Spanish market.

The main conclusions for the Spanish foreign exchange market are:

  1. The average daily turnover during April 2013 was US$43 billion, 47% higher than in the same month of 2010.
  2. By market segment, FX swap operations amounted to US$24.9 billion, 48% above the figure for 2010; the spot market amounted to US$13.6 billion, which represents a 64% increase compared to 2010; outright forward transactions was US$3.2 billion, up 19% from the 2010 amount; currency swaps accounted for 1%, a decline of 57% compared with 2010; and currency options accounted for 2%, which represents a 20% increase on 2010.
  3. The US dollar was the most traded currency, used in 85% of all transactions, while the euro was present in 74% of the operations.

    Euro/US dollar transactions accounted for 60% of the total transactions, with the following breakdown: 58% of spot transactions, 17% of outright forwards, 68% of FX swaps, 23% of currency swaps and 21% of currency options.

    Euro/other currency transactions accounted for 14% of the total transactions.

    US dollar/other currency transactions accounted for 25%.

  4. By counterparty, operations with reporting dealers were US$25.7 billion, representing 60% of the total transactions, while operations traded with other financial institutions and non-financial customers accounted for 36% and 5% of the total transactions respectively.

For the OTC interest rate market, the figures are:

  1. The average daily turnover during April 2013 was US$13.7 billion, a decrease of 55% compared with the same month of 2010.
  2. By instrument, turnover in FRAs increased by 91% to US$ 6.9 billion, turnover in swaps was US$ 5.6 billion, 78% lower than in the same period in 2010; and, finally, turnover in options was US$ 1.3 billion, a decrease of 45% from 2010.
  3. The euro was the most traded currency, accounting for 87% of the total turnover in interest rate derivatives.
  4. By counterparty, the turnover traded with reporting dealers was US$3.2 billion, accounting for 23% of the total, while operations traded with other financial institutions and non-financial customers accounted for 75% and 2% of the total transactions, respectively.