The Reserve Bank of Australia (RBA) has released a summary of the 2025 Triennial Survey on turnover in foreign exchange (FX) and over-the-counter (OTC) interest rate derivatives markets. This survey, conducted in April 2025, is part of a global initiative coordinated by the Bank for International Settlements (BIS), involving central banks and authorities from 52 jurisdictions. The survey aims to provide comprehensive data on the size and structure of FX and OTC derivatives markets, with similar studies having been carried out every three years since 1986 for FX markets and since 1995 for OTC interest rate derivatives.
According to the RBA, "Globally, the Australian dollar is the seventh most traded currency, down from sixth in the previous survey, and its share of turnover remained stable around 6 per cent. The AUD/USD remains the sixth most traded currency pair globally, accounting for around 5 per cent of all transactions."
The RBA noted that activity in Australia's FX market reached record levels during April 2025. "Activity in Australia’s FX market in April 2025 reached its highest level on record. The survey was conducted during a period of heightened FX volatility and a surge of trading activity following several trade policy announcements by major economies. Average daily turnover in Australia’s FX market increased by 34 per cent to US$201 billion per day in April 2025, from US$150 billion in April 2022.[1] Australia’s FX market remains the 11th largest in the world."
Within Australia's FX market, most turnover continued to be concentrated in FX swaps. "In the Australian FX market the majority of turnover remained in FX swaps, accounting for around 53 per cent of total turnover. Spot transactions accounted for 25 per cent of Australian turnover, up from 23 per cent in 2022, and outright forwards accounted for 18 per cent of Australian turnover, little changed from the previous survey."
There was also significant growth observed in OTC interest rate derivatives activity. "Activity in the Australian OTC interest rate derivatives markets increased sharply since the previous survey. Average daily turnover in Australian OTC interest rate derivatives markets increased by123 per cent to US$252 billion during April 2022, reflecting an increase in turnover of interest rate swaps."
Preliminary results are available through the BIS website. Final data and analysis will be published by BIS in December 2025.
The RBA clarified that Australian data are reported on a “net-gross” basis—adjusting only for local inter-dealer double counting—while global figures use a “net-net” method that corrects both local and cross-border inter-dealer double counting.
More detailed results specific to Australia can be accessed via the RBA's dedicated page.