The 2025 Triennial Central Bank Survey of foreign exchange and over-the-counter interest rate derivatives markets activity reveals that trading in FX markets reached $9.6 trillion per day in April of this year, which is up a significant 28% from 2022. BIS also mentioned in the update that the trading of OTC interest rate derivatives increased 59% to $7.9 trillion each day.The Triennial Survey is said to be the most comprehensive source of information on the size and structure of global FX and OTC interest r ...

Core Insights - Singapore has solidified its position as the world's third-largest foreign exchange trading hub, with average daily turnover increasing by 60% to $1.485 trillion in April 2025 compared to April 2022 [1] - The market share of Singapore in global FX volumes rose to 11.8% in April 2025, up from 9.5% three years prior, trailing only the United Kingdom and the United States [2] - The growth in trading activity is attributed to deeper liquidity during Asian trading hours and broad-based growth across various currencies and instruments [2] Trading Activity - Major currency pairs such as the U.S. dollar, Japanese yen, and euro experienced volume increases ranging from 36% to 65% from 2022 to 2025 [2] - Volumes for the Chinese renminbi and Australian dollar also saw significant growth, with spot, forwards, and FX swaps, which account for 90% of Singapore's turnover, growing by 42% to 61% during the same period [3] - Over-the-counter interest rate derivatives averaged $208 billion per day in April 2025, marking a 33% increase from April 2022, with U.S. dollar, Japanese yen, and Australian dollar contracts being the most actively traded [3] Market Dynamics - The strong growth in Singapore's FX volumes is driven by deeper liquidity in the Asian time zone, supporting economic and hedging needs in the region [4] - The diverse growth across currencies and instruments highlights Singapore's role as a trusted price-discovery hub and gateway for global investors into Asia's evolving economies [4] Survey and Data Collection - The Bank for International Settlements (BIS) coordinated a survey conducted every three years to enhance transparency in over-the-counter markets, covering various FX instruments [5] - The Monetary Authority of Singapore (MAS) collected data from 82 financial institutions in Singapore for the April 2025 reporting period as part of a global exercise involving central banks and authorities in 53 jurisdictions [5]