Forex market daily turnover, by country 2025| ��ƽ��

Average daily turnover of over the counter (OTC) foreign exchange transactions and derivatives worldwide in 2025, by country and instrument (in million U.S. dollars)

Characteristic	FX swaps	Spot transactions	Outright forwards	Options	Currency swaps	Other instruments
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Release date

September 2025

More information

Region

Worldwide

Survey time period

April 2025

Special properties

Daily averages surveyed in April 2025; The figures provided are triennial, with the next update slated for 2028; "Net-net basis" - adjusted for local and cross-border inter-dealer double-counting

Supplementary notes

Over the counter (OTC) refers to foreign exchange transactions that occur outside regulated exchanges (such as the New York Stock Exchange or London Stock Exchange).

Spot transaction: the exchange of two currencies within two days without a signed contract;
Forward: an agreement for the purchase and sale of currency at a fixed price at a point in the future (generally after 90 days);
Swap: the simultaneous lending and borrowing of two different currencies between two investors (i.e. one investor borrows an amount in one currency, then repays in a different currency);
Option: an agreement to exchange one currency for another at an agreed rate at some time in the future, but with no obligation to carry out the transaction (unlike with forwards).

Citation formats

In 2025, the United Kingdom had by far the largest OTC (over-the-counter) foreign exchange (forex) market, with an average daily turnover of around *** trillion U.S. dollars. Of this, the vast majority was due to various kinds of forex derivatives, with swaps being the most common forex instrument traded. Standard spot transactions, where two currencies are exchanged at an agreed price within two days and without a contract, accounted for roughly ***trillion U.S. dollars of the total average daily turnover.