Turnover in OTC FX markets averaged $7.5 trillion per day in April 2022. The 14% growth since the April 2019 Survey ($6.6 trillion per day) was the lowest triennial growth rate in all but two Surveys since 2004. This was despite data collection coinciding with heightened FX volatility due to changing expectations about the path of future interest rates in major advanced economies, rising commodity prices and geopolitical tensions following the Russian invasion of Ukraine. At the same time, Covid-19 restrictions in place in several reporting jurisdictions, including in China and Hong Kong SAR, may have suppressed turnover.

Trading in spot and FX swaps continued to account for the bulk of FX turnover. At $2.1 trillion per day in April 2022, turnover in FX spot markets accounted for 28% of global turnover (all instruments), a slightly lower share compared with 2019. For their part, FX swaps, which are typically short-maturity instruments (up to seven days) used by market participants to manage funding liquidity and hedge currency risk, remained the most traded instrument, with turnover of $3.8 trillion per day. Their share in global turnover increased to 51% from 49% in 2019 and 47% in 2016. The share of trading in outright forwards remained unchanged at 15% of global turnover in the 2022 Survey. Turnover of FX options accounted for 4% of global turnover, and that of currency swaps for 2%. The latter typically have longer maturities than FX swaps or outright forwards and thus lower turnover.
 

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OTC foreign exchange turnover in April 2022

Triennial Central Bank Survey of foreign exchange and Over-the-counter (OTC) derivatives markets in 2022