The Monetary Authority of Singapore (MAS) announced today that Singapore’s foreign exchange (FX) average daily trading volumes (ADTV) rose to US$1.485 trillion in April 2025, increasing by 60% from April 2022. Singapore strengthened its position as the third largest FX centre in the world, after the UK and the US, with its share of global FX volumes rising to 11.8% in April 2025, from 9.5% in April 2022. These figures were released yesterday in the 2025 Triennial Central Bank Survey of the global FX and over-the-counter (OTC) derivatives market conducted by the Bank for International Settlements (BIS).
2. Singapore’s FX ADTV growth was broad-based across the major currencies, led by the US dollar, Japanese yen, and Euro which registered trading volume increases of between 36% and 65% from 2022 to 2025. There were also increases in trading volumes of the Chinese renminbi and Australian dollar. Please refer to Table 1 in the Annex for the ADTV by currency.
3. Volumes in FX spot, forwards and swaps – which together accounted for 90% of Singapore’s turnover – rose by between 42% and 61% from 2022 to 2025. For ADTV by instrument, please refer to Table 2.
4. Singapore’s OTC interest rate derivatives volumes averaged US$208 billion per day in April 2025, representing an increase of 33% from April 2022. US dollar, Japanese yen, and Australian dollar interest rate derivatives were the most actively traded in the Singapore market. Please refer to Table 3 for average daily interest rate derivative trading volume by currency.
5. Mr Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, said, “Singapore’s FX volumes saw strong growth, driven by deeper liquidity in the Asian time-zone to support economic and hedging needs in the region. Broad-based growth across major and regional currencies, as well as FX instruments, reflects Singapore’s continued role as a trusted and efficient price discovery hub. This reinforces Singapore’s position as a gateway for global investors into Asia’s fast-evolving economies and financial markets.”
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Additional information:
MAS, together with central banks and other authorities in 52 other jurisdictions, conducted a survey of turnover in the global FX and OTC derivatives markets in April 2025. Coordinated by the BIS, this global effort is undertaken every three years with the aim of increasing the transparency of OTC markets and helping market participants, infrastructure providers, central banks and other authorities to monitor developments in global financial markets. It is a comprehensive source of information on the size of global FX and OTC derivatives markets, covering FX spot, FX forwards, FX swaps, currency swaps, FX options and interest rate derivatives. MAS obtained the data from 82 financial institutions in Singapore for the survey.
The BIS has published its global results yesterday (see BIS website at https://www.bis.org/statistics/rpfx25.htm ), with a detailed analysis to follow in December 2025. Other jurisdictions are also publishing their own survey results; links to their websites can be found on BIS’ website.
