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
Related Insights
Daily Brief – Battle of the banks
Charles Porter
Thu 2 Apr 2026
Battle of the banks Market volatility continues amidst unclear messaging from both sides of the conflict in Iran. The President’s position has continued to flit between seemingly concrete positions of absolutely tangible progress and bombing the nation back ‘to the Stone Ages’. Since the start of the war, smarter money has acknowledged that predicting the […]
Daily Brief – Questioning Truth
Charles Porter
Tue 24 Mar 2026
Questioning Truth Adopting the same handle as his now rather redundant X account, @realDonaldTrump shocked markets yesterday using his own social media platform, Truth Social. During Trump 1.0, the legitimacy of a President using an unofficial X, then Twitter, account was questioned. Now under Trump 2.0, it’s seldom questioned when he is the majority shareholder […]
Daily Brief – No rush
Charles Porter
Tue 31 Mar 2026
No rush The President’s claims of an imminent end to the war are being undermined by Iran’s refutation that such talks have occurred. Trump in turn has continued to extend and extend a deadline for Iran to come to the negotiating table only to be scorned by news outlets in Iran, presumed to speak on […]
