Australian FX and Derivatives Markets Hit Record Highs in April 2025,Global Survey Reveals
Sydney,Australia – Trading activity in Australia’s foreign exchange (FX) and over-the-counter (OTC) interest rate derivatives markets surged to record levels in April 2025,according to preliminary results from the Bank for International Settlements (BIS) Triennial Survey. The data, part of a global study encompassing 52 jurisdictions, indicates a significant increase in market turnover driven by heightened volatility and recent trade policy shifts.
The survey, conducted every three years since 1986 for FX markets and 1995 for OTC interest rate derivatives, shows average daily turnover in Australia’s FX market climbed 34 percent to US$201 billion, up from US$150 billion in April 2022. Simultaneously, Australian OTC interest rate derivatives markets experienced a dramatic 123 percent increase, reaching US$252 billion per day. Australia maintains its position as the 11th largest FX market globally, while the Australian dollar remains the seventh most traded currency worldwide, holding a stable 6 percent share of global turnover.
Within the Australian FX market, FX swaps continued to dominate, representing approximately 53 percent of total turnover. Spot transactions increased to 25 percent, up from 23 percent in 2022, while outright forwards accounted for 18 percent – a figure largely unchanged from the previous survey. The AUD/USD currency pair remains a key driver of activity, facilitating around 5 percent of all global transactions.
The BIS will release final data and detailed analysis in December 2025, with global data on outstanding amounts in OTC derivatives markets scheduled for publication in November 2025. More detailed Australian market results are currently available on the Reserve Bank of Australia website: https://www.rba.gov.au/media-releases/2025/mr-25-28-tables.html.
