Foreign exchange (FX) trading volume was up year-over-year in October 2016, but down from earlier in the year, according to the latest results of the Bank of Canada’s Canadian Foreign Exchange Committee’s (CFEC) semi-annual survey of FX volumes in Canada.

The survey, which covers the period from April to October 2016 and involves the nine banks with the largest FX volumes in Canada, reveals that average daily turnover in FX products fell by 4.9% to US$73.4 billion in October from US$77.2 billion in April.

Spot transactions, forwards, and FX swaps decreased by 6%, 7% and 4%, respectively, on an average daily basis over the same period, the survey states, adding that the average daily derivatives turnover decreased by 20.8% to US$5.9 billion from US$7.5 billion in April.

Although trading activity generally declined from April to October, trading activity was up compared with the corresponding period in 2015. The survey states that the average daily turnover of traditional FX products increased by 12.6% from October 2015 and that FX derivatives turnover increased by 12.8% over the same period.