The Bank for International Settlements (BIS) Triennial Central Bank Survey is one of the most comprehensive sources of data on the size and structure of global over-the-counter (OTC) foreign exchange and interest rate derivatives markets. Its purpose is to enhance transparency in these markets and support central banks, regulators, and market participants in monitoring developments across the global financial system.
FX market activity has been surveyed every three years since 1986; OTC interest rate derivatives data collection began in 1995. The survey is coordinated by the BIS: the FX component is conducted under the auspices of the Markets Committee, while the interest rate derivatives component falls under the Global Financial Systems Committee. The survey also aligns with the G20-endorsed initiative to address data gaps.
The 2025 statistical report covers the FX portion of the Triennial Survey. Data collection took place in April 2025 and involved central banks and other authorities from 52 jurisdictions. They gathered information from over 1,100 banks and other dealers, then submitted national aggregated data to the BIS for compilation into global statistics.
Turnover was measured at the trading desk level of reporting dealers, regardless of where trades were executed. Data are reported on a non-consolidated basis — i.e., intercompany trades within the same group are included.
Data for 2025 are preliminary and subject to revision. Final turnover figures and analytical commentary will be published in the December 2025 issue of the BIS Quarterly Review. A separate report on outstanding amounts as of June 2025 was scheduled for publication in November 2025.
Key Findings of the 2025 Survey
- In April 2025, daily turnover on the global OTC foreign exchange market reached $9.6 trillion, covering all FX instruments combined. This represents a 28% increase from the $7.5 trillion average daily turnover recorded in the 2022 survey.
- Spot trading volume rose by 42%, while forward trading increased by 60%. Their shares of total global FX turnover rose from 28% to 31% (spot) and from 15% to 19% (forwards). FX options turnover more than doubled. FX swaps grew more modestly, reducing their share from 51% in 2022 to 42% in 2025.
- The US dollar retained its dominant position, appearing on one side of 89.2% of all trades — up slightly from 88.4% in 2022. The euro’s share declined from 30.6% to 28.9%, while the Japanese yen remained nearly unchanged at 16.8%. The British pound fell to 10.2%. In contrast, the Chinese yuan and Swiss franc gained ground, reaching 8.5% and 6.4% respectively.
- Inter-dealer trading accounted for 46% of global FX turnover — virtually unchanged from 47% in 2022. Trading with other financial institutions rose to 50% from 47% three years earlier. Turnover with this counterparty group reached $4.8 trillion per day — 35% higher than in 2022, driven primarily by a 72% rise in forwards and a 50% increase in spot transactions.
- Trading desks in the four largest jurisdictions — the UK, the US, Singapore, and Hong Kong — accounted for 75% of gross global FX turnover (excluding local double-counting). Singapore’s role expanded notably: its share rose to 11.8% from 9.5% in 2022.
Global FX Turnover in April 2025
Daily turnover on the global OTC foreign exchange market stood at $9.6 trillion in April 2025 — 28% higher than the $7.5 trillion recorded in the previous triennial survey in 2022.
The survey was conducted amid heightened FX volatility and a surge in trading activity. At the start of April 2025, major jurisdictions announced trade policy measures, intensifying FX market movements and influencing overall transaction volumes.
Turnover by Instrument
The FX turnover structure shifted toward spot and forward transactions. In April 2025, spot transactions accounted for 31% of global FX turnover — up from 28% in 2022.
Forward contracts, used by market participants to lock in future exchange rates, reached $1.8 trillion per day. Their share rose to 19% of total turnover — up from 15% in 2022.
FX swaps remained the most actively traded instrument. Their average daily turnover rose to $4.0 trillion in April 2025, from $3.8 trillion in April 2022. Despite absolute growth, their share declined to 42%, as other instruments expanded faster.
FX swaps typically combine a spot transaction with a forward transaction at a later date. Most are short-term — maturing within seven days — and are widely used for FX liquidity management, funding, and hedging currency risk.
FX options turnover more than doubled between 2022 and 2025, reaching 7% of global FX turnover — up from 4% previously. These instruments serve both hedging and speculative purposes.
FX-interest rate swaps remained relatively stable at around 2% of total market turnover. These instruments are more commonly used for managing long-term cross-currency funding needs and hedging longer-dated FX exposures. Due to their longer maturities, their average daily turnover tends to be lower than that of FX swaps and forwards.
Turnover by Currency and Currency Pair
US dollar remained the world’s primary currency. In April 2025, it appeared in 89.2% of all FX transactions — up from 88.4% in 2022.
Euro share declined to 28.9%, down from 30.6% in 2022 and 32.3% in 2019. The Japanese yen held steady near 16.8%, little changed from prior surveys.
Among the next most-traded currencies, notable shifts occurred for the British pound, Chinese yuan, and Swiss franc. Yuan share continued its upward trend — observed since 2013 — reaching 8.5% of global turnover. The Swiss franc rose to 6.4%, securing sixth place among the most-traded currencies. The British pound fell to 10.2%, below its average of ~13% seen in the three prior surveys (2016–2022).
The Australian dollar, Canadian dollar, and Singapore dollar maintained relatively stable positions — each holding shares of approximately 6%, 6%, and 2%, respectively. The Hong Kong dollar showed stronger growth: its share rose from 2.6% in 2022 to 3.8% in 2025, approaching its 2019 level.
The ten most-traded currency pairs all involved the US dollar — reflecting its status as the world’s primary reserve currency. Trading in USD/CNY, USD/CHF, and USD/HKD surged notably — up 59%, 60%, and 95% respectively. Their shares of global FX turnover rose to 8.1%, 4.9%, and 3.6%.
Turnover by Counterparty Group
Daily inter-dealer turnover in April 2025 amounted to $4.4 trillion — representing 46% of total global FX turnover. This is slightly below the 47% share recorded in 2022 but above levels observed in surveys from 2010 to 2019.
Dealer trading with other financial institutions accounted for 50% of daily FX turnover — up from 47% in 2022. Within this group, spot and forward activity rose sharply: other financial institutions accounted for 55% of spot turnover (vs. 52% in 2022) and 62% of forward turnover (vs. 57%).
This elevated activity was linked to increased FX volatility following US tariff policy announcements in early April 2025. According to the BIS, the US dollar’s depreciation likely prompted many institutional investors and asset managers with USD exposure to limit further portfolio losses by selling dollars via forward contracts — boosting forward turnover through hedging demand.
Within the “other financial institutions” category, non-reporting banks — predominantly small regional institutions — played the largest role. Their average daily turnover reached $2.4 trillion, or 24% of global FX turnover — up from 21% in 2022.
Trading with institutional investors rose in relative terms for the first time since 2016, reaching $1.3 trillion per day — a share of 13% (up from 11% in 2022).
Turnover with hedge funds and proprietary trading firms also increased, raising their collective share to 8% of global FX turnover — up from 7% in 2022.
Non-financial clients’ share continued its decline, falling to 5% of global FX turnover — down from 6% in 2022 and 7% in 2019.
Geographic Distribution of Trading
FX trading remains concentrated in the world’s largest financial centers. In April 2025, trading desks in the UK, the US, Singapore, and Hong Kong accounted for roughly three-quarters of gross global FX turnover (excluding local double-counting).
The UK retained its position as the world’s largest FX trading center. The US remained second. Their respective shares changed little compared to 2022 — at approximately 38% and 19%.
Singapore posted significant growth in trading activity: its share rose to 11.8% — up from ~9% in 2022. Hong Kong’s share remained stable at around 7%.
Cross-border trading accounted for 63% of global FX turnover in April 2025 — up from 62% in 2022. In the inter-dealer segment, the share reached 68%; among trades with other financial institutions, it stood at 61%.
Market vs. Non-Market Transactions
In its 2022 survey, the BIS introduced additional categories to better distinguish transactions affecting market price formation from technical operations. The 2025 survey continues to identify non-market transactions.
Non-market transactions fall into two main types. First, risk-transfer trades that automatically follow client orders — executed between internal trading desks. Second, portfolio compression trades, where existing contracts are replaced with new ones to reduce notional amounts while preserving net exposure.
In 2025, non-market transactions totaled $1.2 trillion — 13% of the $9.6 trillion global FX turnover. In 2022, their share was 12%.
By instrument, non-market activity shares were broadly similar: 13% in spot, 13% in FX swaps, and 14% in forwards — versus 8%, 14%, and 12% respectively in 2022.
Source
FAQ
What is the BIS Triennial FX Survey?
A globally authoritative benchmark survey conducted every three years by the Bank for International Settlements to measure OTC foreign exchange market size, structure, and trends.
Why did forex turnover jump 28% from 2022 to 2025?
Driven by heightened volatility after April 2025 US trade policy announcements, rising hedging demand (especially forwards), and broader participation from non-reporting banks and institutional investors.
Which currencies gained the most in 2025?
The Chinese yuan (+8.5% share) and Swiss franc (+6.4%) gained ground; the US dollar strengthened to 89.2% of all trades; the euro and pound declined slightly.
