In April 2025, the Bank of Canada participated in a global survey of foreign exchange (FX) and over-the-counter (OTC) derivatives market activity. The survey, conducted every three years, involved 51 other central banks and monetary authorities and was coordinated by the Bank for International Settlements (BIS). Its purpose is to gather consistent data on the size and structure of FX and OTC derivatives markets worldwide.

The Bank of Canada has released summary results from its portion of the survey. All Canadian dealers active in wholesale FX and OTC derivatives markets were included in the study. The survey examined various FX transactions such as spot transactions, outright forwards, FX swaps, currency swaps, and OTC FX options. For interest rate products, it covered forward-rate agreements, interest rate swaps, overnight index swaps, and OTC interest rate options.

According to the results, average daily turnover in Canada’s FX market rose from US$172 billion in 2022 to US$233 billion in 2025—a 35 percent increase. Total turnover for FX transactions increased from US$3.4 trillion in April 2022 to over US$5.1 trillion in April 2025. Canada’s share of global turnover also grew slightly from 1.8 percent in 2022 to 1.9 percent in 2025.

Turnover for single-currency interest rate derivatives saw an even larger rise, increasing by 110 percent to reach US$3.0 trillion in April 2025 compared with US$1.4 trillion in 2022. This growth was mainly due to higher activity in forward rate agreements and overnight index swaps.

The composition of FX business by instrument type remained largely unchanged compared with previous years: while total turnover increased across all categories, the proportion of spot transactions, outright forwards, and options stayed about the same as in 2022; however, there was a decrease in the proportion of FX swaps and an increase in currency swaps.

A breakdown by currency showed that both Canadian dollars and US dollars had a slightly higher share of market activity than before, while euros and Pound Sterling saw their shares decrease. The top three traded currencies were the US dollar, Canadian dollar, and euro.

Regarding execution methods for foreign exchange contracts, about 60 percent of trades were completed by voice communication while approximately 40 percent were executed electronically.

For maturities of outright forwards and FX swaps: most outright forwards had maturities between seven days and one month; most FX swaps matured within seven days.

The BIS has also issued a press release summarizing highlights from aggregated global turnover figures.