In April 2025, the Bank of Canada, along with 51 other central banks and monetary authorities, participated in a global survey of foreign exchange (FX) and over-the-counter (OTC) derivatives markets. The initiative, coordinated by the Bank for International Settlements (BIS), aims to provide comprehensive data on the size and structure of these markets worldwide.
The Bank of Canada has released a summary of its findings from the Canadian segment of this triennial survey. According to the results, average daily turnover in Canada’s FX market increased significantly, rising from US$172 billion in 2022 to US$233 billion in 2025—a 35 percent increase. Total FX transaction turnover also grew from US$3.4 trillion in April 2022 to over US$5.1 trillion in April 2025. As a result, Canada’s share of global FX turnover rose slightly from 1.8 percent to 1.9 percent during this period.
In the area of single-currency interest rate derivatives, turnover surged by 110 percent to reach US$3.0 trillion in April 2025, up from US$1.4 trillion three years earlier. This growth was primarily attributed to forward rate agreements and overnight index swaps.
The survey examined various types of FX instruments—including spot transactions, outright forwards, FX swaps, currency swaps, and OTC FX options—as well as different counterparty types involved in trading activities. While overall turnover increased across all categories compared with 2022 figures, the proportions among spot transactions, outright forwards, and options remained relatively unchanged; however, there was a decrease in the proportion of FX swaps and an increase for currency swaps.
A breakdown by currency revealed that both Canadian dollar and US dollar shares saw slight increases within Canada’s market activity, while shares for euros and Pound Sterling declined. The top three traded currencies were identified as the US dollar, Canadian dollar, and euro.
Regarding trade execution methods for foreign exchange contracts during April 2025, about sixty percent were conducted via voice communication while approximately forty percent occurred electronically.
Further details indicate that most outright forward contracts had maturities between seven days and one month; meanwhile most FX swap contracts matured within less than seven days.
According to the Bank of Canada: “In April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest triennial survey of turnover activity in the foreign exchange (FX) and over-the-counter (OTC) derivatives markets in their respective countries. This worldwide effort was coordinated by the Bank for International Settlements (BIS) to obtain global, comprehensive and consistent information on the size and structure of the FX and OTC derivatives markets.”
The BIS has also issued a press release summarizing highlights from aggregated global results.
