The global foreign exchange (FX) and derivatives markets hit record levels in April 2025, with daily trading volumes climbing sharply across both asset classes.
According to the Bank for International Settlements’ (BIS) Triennial Survey, foreign exchange turnover reached $9.6 trillion a day, while trading of over-the-counter (OTC) interest rate derivatives surged to $7.9 trillion.
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Record Growth in FX Trading
The 2025 survey, a snapshot of global market activity, found that FX volumes grew by 28% compared with April 2022. FX swaps remained the dominant instrument, accounting for $4 trillion of daily turnover.
However, the biggest increases came from FX spot and outright forwards, which rose 42% and 60% respectively, reflecting heightened demand for tools to hedge currency risk.
The US dollar continued to anchor the global FX system. In April 2025, it was involved in 89% of all trades, followed by the euro at 28.9% and the Japanese yen at 16.8%. Sterling’s share declined to 10.2%, while the Swiss franc overtook other rivals to become the sixth most traded currency.
Interest Rate Derivatives Surge
OTC interest rate derivatives saw even sharper growth, with average daily turnover jumping 59% to $7.9 trillion. Euro-denominated contracts nearly doubled to $3 trillion, giving the single currency a 38% global share. By contrast, contracts linked to the US dollar grew just 7% to $2.4 trillion, reducing their global share to 31%.
Global FX numbers have been on the rise since the beginning of the year, with several other reports affirming that of BIS. In February, there was heightened momentum despite fewer trading days compared to January.
In Asia, Tokyo Financial Exchange’s Click 365 platform posted a more than 5% monthly increase in trading, reaching 1.8 million contracts. The rise also marked a 1.6% year-on-year gain, the first such improvement after several months of declines.
The average daily volume stood at 90,700 contracts, with USD/JPY remaining the most traded pair at 506,300 contracts, up 2.5% from January.
Read more: Global FX Volumes Surge in February 2025 Despite Fewer Trading Days
In the United States, Cboe FX reported a total monthly volume of $960.8 billion, down from January’s near-record $1.04 trillion. However, the shorter trading month, with 20 sessions compared to 22 previously, meant average daily volumes increased. ADV rose to $48 billion, the highest since August 2024.
European venues showed similar patterns. Euronext FX’s Fastmatch reported $589 billion in total volume, down from just under $610 billion, though ADV climbed to $29.4 billion from $27.7 billion.
