Media Release 2025 BIS Triennial Survey Results – Australia

Foreign Exchange Market (Tables 1–4)

Turnover in the Australian foreign exchange (FX) market covers all transactions undertaken by reporting dealers in spot, outright forwards, foreign exchange swaps, currency swaps and currency options with exposure to more than one currency. Transactions are recorded as ‘Australian’ if the sales desk involved in the trade is located in Australia, regardless of where the trade is subsequently booked, and on an unconsolidated basis.¹ The Reserve Bank’s survey for April 2025 covers 23 reporting dealers.²

• In April 2025, foreign exchange turnover averaged US$201 billion per day, compared with US$150 billion per day in April 2022.³ This represents a 34 per cent increase in turnover at current exchange rates, and is slightly higher than the rate of global growth over this period.⁴ Turnover in the Australian FX market surpassed its previous peak in April 2010 to reach its highest level on record.
• The April 2025 survey was conducted during a period of heightened FX volatility and a surge of trading activity following several trade policy announcements by major economies. The increase in total turnover was driven by a broad increase across several instruments including spot transactions, outright forwards, and FX swaps.
• Turnover of FX spot and outright forwards increased by 48 per cent and 43 per cent between 2022 and 2025, respectively. This is broadly consistent with global results. In the Australian market, the share of spot trades increased to 25 per cent of total turnover, while in the global market the share of spot trades remained around 31 per cent of total turnover. The share of outright forwards increased marginally to 18 per cent of Australian turnover which is similar to the global results.
• Turnover in foreign exchange swaps increased by 24 per cent in the Australian market, which is a larger increase than the 5 per cent increase in global FX swap turnover. Foreign exchange swaps continued to account for a majority of FX turnover in Australia, at around 53 per cent of total turnover, with almost 75 per cent of transactions less than seven days in duration. In the global market FX swaps account for around 42 per cent of total turnover.
• Turnover in currency swaps increased by 101 per cent between April 2022 and April 2025, while turnover in currency options declined by 35 per cent. Both of these instruments continue to account for a very small share of turnover in the Australian and global market.
• AUD/USD remains the most traded currency pair in the Australian market, accounting for 41 per cent of total foreign exchange turnover. The share of turnover in EUR/USD and NZD/USD decreased slightly but these currency pairs remain the second and fourth most traded in the Australian market, respectively. Turnover in the third most traded currency pair, USD/JPY, increased slightly since 2022. Turnover in USD/CNY in Australia declined slightly, accounting for about 2 per cent of turnover in the Australian market. However, this contrasts global results where the share of turnover in USD/CNY rose to 8.1 per cent (from 6.6 per cent in 2022), continuing its upward trajectory since 2013.
• Transactions between reporting dealers and local financial institutions declined by 17 per cent between 2022 and 2025. Their share of total turnover accounted for 20 per cent of total turnover in the Australian market. Transactions with overseas financial institutions rose by 37 per cent, and accounted for 75 per cent of Australian turnover. Transactions with non-financial institutions account for only 5 per cent of turnover.

OTC Interest Rate Derivatives (Tables 5–7)

Turnover in OTC interest rate derivatives covers contracts related to an interest-bearing financial instrument whose cash flows are determined by referencing interest rates or another interest rate contract. It includes all transactions undertaken by reporting dealers in single currency forward rate agreements, interest rate swaps and interest rate options.⁵ The Reserve Bank’s survey covers 23 reporting dealers, with transactions recorded based on the location of the sales desk.

• In April 2025, OTC interest rate derivatives turnover in Australia averaged US$252 billion per day, compared with US$113 billion per day in 2022. This represents an increase of 123 per cent at current exchange rates.
• The increase was driven by an sharp rise in interest rate swap turnover in Australia, which accounts for almost all turnover in OTC interest rate derivatives. Around half of the average daily turnover of interest rate swaps in the Australian market reflected turnover in overnight indexed swaps (OIS).
• Turnover in forward rate agreements in Australia declined, continuing a sharp downward trend since 2019. This is broadly consistent with the global results, reflecting the transition from LIBOR to risk-free rates.
• Transactions between Australian reporting dealers and local financial institutions increased by 75 per cent to US$42 billion per day. Transactions with overseas financial institutions increased by 116 per cent over the period but their share of OTC interest rate derivatives turnover decreased by 3 percentage points to 75 per cent. Transactions with non-financial institutions increased sharply from a low level, and accounted for an 8 per cent share of OTC interest rate derivatives turnover.
• Turnover of Australian dollar-denominated instruments, which continued to represent the bulk of the Australian OTC interest rate derivatives market, increased by 130 per cent. Turnover also increased sharply in instruments denominated in the US dollar and the euro.

Endnotes

In cases where no sales desk is involved, the location of the transaction is determined based on the location of the trading desk. Includes trades between related entities that are part of the same group. 1

Around 1,100 reporting dealers across 52 jurisdictions participated in the April 2025 triennial turnover survey, mainly commercial and investment banks. 2

An adjustment is made for the fact that trades between participants in the Australian survey will have been reported by both parties to the transaction. 3

The BIS have adjusted global data for cross-border double counting. Aggregating published national results would overstate global turnover due to cross-border double counting. 4

This category is restricted to those deals where all the legs are exposed to only one currency’s interest rate. Thus, it excludes cross-currency swaps and other contracts whose predominate risk characteristic is foreign exchange risk. 5