Stats › Intraday and market microstructure › FX turnover
FX turnover, by instrument and centre
You'll see the size of the foreign exchange market quoted constantly, usually as a round trillion figure with no source attached. There is exactly one authoritative measurement of it, and it happens once every three years.
It's the BIS Triennial Central Bank Survey. Central banks in 52 jurisdictions collect trade data from over 1,100 dealers for the month of April, the BIS strips out the double counting and publishes the result about five months later. The most recent one covers April 2025. This page is what it says: the headline, the instrument split, the currency pairs, and the share of turnover booked in each financial centre.
That last split is why this page sits in the intraday section. The UK, US, Singapore and Hong Kong shares are the closest thing you get to a map of where the liquidity is sitting at any given hour. It's a rough map, and I'll show you exactly where it breaks.
Global FX turnover averaged $9.6 trillion a day in April 2025, up +28% on April 2022's $7.5 trillion. FX swaps are still the largest instrument at 42%, spot is 31%, outright forwards 19%. The US dollar is on one side of 89.2% of all trades. By centre, 37.8% is booked in the United Kingdom, 18.6% in the United States, 11.8% in Singapore and 7.0% in Hong Kong SAR, four places that between them handle 75% of the market. Those centre shares are measured on a different double counting basis from the headline, which is the thing almost everybody gets wrong.
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