The Reserve Bank of Australia (RBA) has released a summary of findings from the 2025 triennial survey on turnover in foreign exchange (FX) and over-the-counter (OTC) interest rate derivatives markets. The survey, conducted in April 2025, was part of a global effort coordinated by the Bank for International Settlements (BIS) and included participation from central banks and authorities in 52 jurisdictions. These surveys have been held 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 report highlights 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 the 11th largest in the world," according to the RBA.

In terms of transaction types within Australia's FX market, "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."

The report also notes significant growth in OTC interest rate derivatives: "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 by 123 per cent to US$252 billion during April 2022, reflecting an increase in turnover of interest rate swaps."

Preliminary results are available on the BIS website, with final data and analysis expected to be published by December 2025. More detailed information specific to Australia can be found on the BIS Triennial Survey Results – Australia page.

Endnote: The data collected within Australia are reported on a “net-gross” basis—adjusting only for local inter-dealer double counting—while global figures are reported on a “net-net” basis that adjusts both local and cross-border inter-dealer double counting.