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Developments in Foreign Exchange and Over-the-Counter Derivatives Markets

The BIS Triennial Survey shows global foreign‑exchange turnover jumped to US$9.5 trillion per day in April 2025, a 27 % rise driven by heightened volatility, hedging and speculative activity. Spot and outright forwards led the surge, while currency‑option turnover more than doubled and swaps remained the largest instrument. OTC interest‑rate derivatives grew 60 % to US$7.9 trillion daily, with overnight indexed swaps now accounting for 65 % of global turnover. Australia mirrored these trends, moving its IRD market to the fifth‑largest worldwide and seeing a 34 % rise in FX turnover.