UK daily FX turnover hits record $4.61 trillion in April 2026
Average daily UK foreign exchange turnover reached a record high of $4,609 billion in April 2026, according to the Bank of England's semi-annual survey. Trading volume rose 20 percent compared to October 2025 across all major instrument types.
Swaps drive surge to historic peak
The survey of 25 participating financial institutions shows a 14 percent year-on-year increase in foreign exchange activity compared to April 2025.
Growth was recorded across every instrument category relative to the previous survey in October 2025.
Foreign exchange swaps accounted for the largest expansion, rising by $332 billion to reach $2,172 billion per day.
Spot transactions grew 18 percent to $1,253 billion daily, while FX options expanded 49 percent to $309 billion.
The USD/EUR pair retained its position as the primary trading pair in the United Kingdom, averaging $1,094 billion daily to represent 24 percent of overall turnover, followed by USD/GBP and USD/JPY.
Two decades of London market growth
The latest findings highlight long-term structural growth in London's wholesale currency market, where average daily trading volume has expanded from $1,815 billion in April 2008 to $4,609 billion in April 2026.
Conducted semi-annually by the Foreign Exchange Joint Standing Committee since 1973, the survey captures market data based on price-setting dealer locations rather than sales desks.
Equivalent parallel surveys were published simultaneously by foreign exchange committees in New York, Singapore, Tokyo, Canada, and Australia.
Dominance intact, but scrutiny remains
These record figures reassert London's entrenched status as the dominant global hub for wholesale currency trading despite broader economic shifts.
However, the heavy reliance on foreign exchange swaps underscores growing liquidity concentrations that demand continuous supervisory monitoring.
As trading volumes scale higher, central banks must ensure backend infrastructure keeps pace with market risks.