The North American Foreign Exchange Committee has published the results of their latest survey for daily trade volume in Forex. The results were positive YoY however there was a decline from October 2011.

The dismal start to trading volumes in 2012 was reinforced by the NAFXC FX survey, daily trade volumes in all FX products were $859.8 billion a decline of 12% from the last survey in autumn 2011.

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Spot FX which is takes the largest market share of instruments had a total of $429.7 billion in April, this was down 2.4% from April 2011. Currency forward transactions totalled $148.99 billion, up 11.2%.

April was a poor month for institutional FX flow as ECN Hotspot had a decline of 15%. We saw the retail FX players maintain volumes although there was intense volatility due to the Euro Zone crisis.

The North American Foreign Exchange Committee gathers data from leading FX players when compiling its survey. The participants include: Bank of America, Bank of Montreal, The Bank of New York, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Citigroup, Canadian Imperial Bank of Commerce, Calyon, CSFB, Deutsche Bank AG, Goldman Sachs, & Co., HSBC Bank USA, JP Morgan Chase Bank, Mizuho Corporate Bank, Morgan Stanley Royal Bank of Canada, Royal Bank of Scotland, Skandinaviska Enskilda Bank, Société Générale, Standard Chartered, State Street Corporation, Sumitomo Mitsui Banking Corporation, UBS Bank and Wells Fargo Bank N.A.

AVERAGE DAILY VOLUME

Spot transactions                                                           429,661
Outright forwards                                                          148,990
Foreign exchange swaps                                               247,775
Over-the-counter foreign exchange options             33,419
Total                                                                                  859,845