Trading in over-the-counter foreign exchange markets grew 28% from three years earlier to US$9.6 trillion a day in April this year, the Bank for International Settlements ( BIS ) says.

According to the BIS triennial central bank survey released on September 30, daily turnover in foreign exchange spot transactions soared 42% from April 2022, pushing global market share to 31%, up from 28% three years earlier.

Turnover in outright forwards jumped 60% over the same period, with market share climbing to 19%, up from 15%.

Increased market shares

The BIS says the US dollar continues to dominate global foreign exchange markets, being on one side of 89.2% of all trades in April this year, up from 88.4% in 2022.

But the euro’s share fell from 30.6% to 28.9% over the three-year period, while the Japanese yen’s share was virtually unchanged at 16.8% and sterling’s share declined from 12.9% to 10.2%.

The market share of the Chinese renminbi has continued its upward trajectory since 2013, with global turnover rising to 8.5%.

The Swiss franc’s share rose to 6.4%, eclipsing the market shares of the Canadian and Australian dollars, each stable at around 6%. The market share of the Singapore dollar was also stable at around 2%.

The share of the Hong Kong dollar jumped from 2.6% in 2022 to 3.8% in 2025 – exceeding the 3.5% share reported in the 2019 survey.

Swaps and options

Foreign exchange swaps remained the most traded instrument, with average daily turnover rising to US$4 trillion in April, up 5% from 2022.

But the share of swaps in global turnover declined from 51% three years ago to 42% in the latest survey, owing to faster growth in turnover of other foreign exchange instruments.

Although this marks the lowest share since the 2010 survey, foreign exchange swaps “continue to play a critical role in the market”, the BIS says. “They typically combine a spot transaction with an outright forward at a later date.”

Mainly short-maturity instruments of up to seven days, swaps are widely used to manage foreign exchange funding liquidity and hedge currency risk.

As for foreign exchange options, average daily turnover more than doubled over the three-year period, accounting for 7% of global turnover in April, up from 4% in 2022.

“Since they typically have longer maturities than foreign exchange swaps or outright forwards, their average daily turnover tends to be much lower,” the bank says.

Singapore boosts market share

With the exception of Singapore, where the market share of foreign exchange turnover grew, the relative shares of major financial centres remained largely stable over the three-year period.

The United Kingdom retained its position as the world's leading currency trading hub, accounting for 38% of global turnover in April this year.

The United States ranked a distant second place at 19%. Hong Kong's share also remained steady, with the special administrative region ranking fourth with 7.0% market share.

Third-placed Singapore, however, reported brisk growth in trading activity, pushing its share to almost 12% of the total, up from 9% in 2022.

The BIS has been surveying foreign exchange market activity every three years since 1986. According to the Basel-based bank, the latest survey in April this year involved central banks and other authorities in 52 jurisdictions, which collected data from more than 1,100 banks and other dealers.

Interest rate derivatives

In a separate statement, the bank says turnover in over-the-counter interest rate derivatives averaged US$7.9 trillion a day in April — up 59% from three years earlier.

Average daily turnover in contracts denominated in euros surged to US$3.0 trillion, nearly twice the turnover of US$1.6 trillion in 2022 and amounting to 38% of the global total.

Turnover in US dollar contracts edged up 7% to US$2.4 trillion, with the global share of dollar contracts falling to 31%, from 46% in April 2022.

The BIS has been surveying interest rate derivatives since 1995.