Bank for International Settlements publishes Triennial Survey showing FX turnover at USD 9.6 trillion per day and OTC interest rate derivatives at USD 7.9 trillion

The Bank for International Settlements published results from the 2025 Triennial Central Bank Survey showing that global foreign exchange (FX) trading reached USD 9.6 trillion per day in April 2025, up 28% from 2022, while trading in over-the-counter (OTC) interest rate derivatives rose 59% to USD 7.9 trillion per day. The data indicate that activity remains concentrated in major financial centres and that the US dollar continues to dominate FX trading. The US dollar was on one side of 89% of all FX trades in April 2025, followed by the euro (28.9%) and Japanese yen (16.8%), while sterling’s share fell to 10.2%; trading in the Chinese renminbi and Swiss franc increased, with the franc becoming the sixth most traded currency. FX swaps remained the largest instrument at USD 4.0 trillion per day (up 5% from 2022), while FX spot and outright forwards rose 42% and 60%, lifting their shares of global FX turnover to 31% and 19%. In OTC interest rate derivatives, euro-denominated contracts nearly doubled to USD 3.0 trillion per day (38% share) and US dollar contracts increased to USD 2.4 trillion (31% share), with sterling and yen turnover up 179% and 684% to USD 939 billion (12%) and USD 411 billion (5.2%). The survey covered data collected by authorities in 52 jurisdictions from more than 1,100 banks and other dealers, and showed sales desks in the United Kingdom, United States, Singapore and Hong Kong SAR accounted for 75% of FX trading, while the United Kingdom and United States accounted for 73% of OTC interest rate derivatives trading.