London FX turnover survey: Reporting guidelines for October 2025 data

The FXJSC survey defines turnover based on deals "priced out of London," meaning transactions priced with reference to a London-based dealing desk.

This contrasts with the BIS triennial survey, which uses the sales office location.

For example, a deal by a Frankfurt sales office priced from London is included in the FXJSC survey but reported differently by BIS.

Turnover is measured as the gross nominal or notional amount of all new deals, without distinguishing between sales and purchases.

Cross-currency transactions through a vehicle currency are counted as two separate deals.

The survey collects data for the entire calendar month of October 2025, capturing all transactions entered during this period, irrespective of delivery or settlement dates.

This approach aims to provide a detailed and robust account of London's foreign exchange market activity, reducing distortions from short-term variations.

The guidelines mandate a detailed counterparty breakdown, distinguishing between reporting dealers, other banks, other financial institutions, and non-financial institutions.

This categorization is vital for accurately eliminating double-counting of transactions.

Counterparty location, rather than nationality, determines whether a deal is resident (UK-based) or non-resident.

All reported turnover must be in millions of US dollar equivalents.

A specific order of precedence (EUR, JPY, GBP, CHF, CAD, AUD, SEK) is provided for converting non-dollar amounts when direct exchange rates are unavailable.

The survey also clarifies the treatment of inter-desk trades and prime brokerage deals, ensuring consistent aggregation of market activity.