FX Volume Rises Again: Likely Breaches $11 Trillion

The latest semi-annual FX turnover surveys from seven of the world’s local FX committees indicates that rather than declining after last year’s “Liberation Day”-inspired surge, FX volumes have continued higher – albeit largely in non-spot products.

Across the seven reports from Australia, Canada, Hong Kong, Japan, Singapore, the UK and US, total FX turnover averaged $9.146 trillion, last year, the Triennial Survey of FX Turnover, taken by the Bank for International Settlements on a global basis, measured average volume at $9.6 trillion. Although there are differences in how the UK in particular collates data, assuming the seven maintained their share of activity, a BIS global survey would put daily FX volume comfortably above $11 trillion in April 2026.

Much of the year-on-year growth came from the largest centre – the UK – where the FX Joint Standing Committee survey reports ADV of $4.609 trillion, up 13.9% year-on-year. Elsewhere, the second largest centre remains the US at just over $1.382 trillion per day (up 0.3% from April 2025), although Singapore continues to narrow the gap, reporting ADV of just over $1.324 trillion. This is not actually the closest the two centres have been, however, in April 2022, the US outstripped Singapore by just $48 billion per day.

Growth was also modest in Hong Kong (+2.8% to $908.2 billion) and Japan (+1.5% to $469 billion), while Australia was the only centre to see a decline, dropping 1.5% to $197.7 billion. Canada exhibited the second largest gain, rising 11.7% to $255.3 billion per day.

As noted, the growth came exclusively in non-spot products, spot ADV across the seven centres dropped by 5% to just under $2.483 trillion, while FX options ADV dropped 14.8% to $522.8 billion per day – still comfortably the second busiest month reported by the surveys. By contrast, FX swaps volumes surged by 21.75% to just over $4.667 trillion per day, while outright forwards (including NDFs) rose by a more modest 7.25% to just over 1.542 trillion. All centres saw increased FX swaps activity, with all but Canada and the US hitting new peaks (both recorded their second busiest month after October 2025). Of note, the UK breached the $2 trillion-per-day threshold for the first time, rising 38.9% to $2.142 trillion, while Singapore was +10.9% to $688.3 billion and Canad was up 18.2% to $171 billion (the October high was $179.3 billion).

In outright forwards, Australia, Canada, Hong Kong, the UK and US all hit new peaks – the UK now accounts for more than half of outright/NDF trading across the seven centres at $821.7 billion per day.

The decline in spot activity across the centres was relative, after April 2025’s US tariff-inspired upheaval, Canada and Hong Kong both set new highs in the latest survey, while Singapore, the UK and US hit their second highest level. The UK has now recorded spot ADV above $1 trillion for three surveys in a row.

The picture painted by the headline data is an encouraging one for the FX industry, with activity holding strong overall. Perhaps the most notable aspect of these data, however, is how they probably understate activity. Thus far in 2026, April has, by-and-large, been the quietest month, with most platforms reporting their lowest, or second lowest ADV for the year.

The chances are, that for much of 2026, $11 trillion is merely the baseline number for activity.