Global currency 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%.

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Source: Finance Magnates