A new record
The daily traded FX volume has always made other markets such as equities or fixed income look relatively puny. The figure quoted would change from year to year or depending upon the source it was derived from but usually landed in the order of a few trillion dollars per day. This year, the Bank for International Settlements (BIS) has published its latest figure: $9.6 Trillion per day. This survey is published once every three years and relies upon the contributions of over a thousand financial institutions.
This leap in traded volume accompanied a spike in volatility both of which are unsurprisingly seen as symptomatic of Trump’s liberation day and subsequent upheavals of the global terms of trade. Scratch beneath the surface and the BIS also shows us how the composition of that volume is allocated across currencies. At some 89.2%, it was the US Dollar that has captured the lion’s share of FX traded volume in 2025. The Euro came in a distant second place (28.9%) to Japanese Yen in third, followed closely by the GB Pound, Chinese Yuan and Swiss Franc.
In fourth place, Sterling captured the greatest increase in traded volume between 2022 and 2025 of those listed here, being a traded currency amongst some 12.9% of all trades. Before those keen-eyed readers spot my percentages totalling to greater than 100%, fear not, I haven’t lost the plot – there are two currencies in any given qualifying trade! Amongst traded products, FX swaps continue to receive the largest share in the market by volume. However, with hedging ratios rising into year end as nominal rates declined in many geographies, the share of swaps declined from 51% to 42% between the two latest surveys. Instead, the role of spot and forward transactions filled the void to propel total traded volume higher.
Discussion and Analysis by Charles Porter
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