Forex market daily turnover, by country 2022

In 2022, the United Kingdom had by far the largest OTC (over the counter) foreign exchange (forex) market, with an average daily turnover of around 3.8 trillion U.S. dollars. Of this, the vast majority was due to various kinds of forex derivatives, with swaps being the most common forex instrument traded. Standard spot transactions, where two currencies are exchanged at an agreed price within two days and without a contact, only accounted for roughly one trillion U.S. dollars of the total average daily turnover.

Average daily turnover of over the counter (OTC) foreign exchange transactions and derivatives worldwide in 2022, by country and instrument (in million U.S. dollars)

Characteristic	Spot transactions	Outright forwards	Foreign exchange swaps	Currency swaps	Options
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Release date

October 2022

More information

Region

Worldwide

Survey time period

April 2022

Special properties

Figures are from a 3-year survey, which was last held in 2022.

Supplementary notes

Over the counter (OTC) refers to foreign exchange transactions that occur outside regulated exchanges (such as the New Yok Stock Exchange or London Stock Exchange).

Spot transaction: the exchange of two currencies within two days without a signed contract;
Forward: an agreement for the purchase and sale of currency at a fixed price at a point in the future (generally after 90 days);
Swap: the simultaneous lending and borrowing of two different currencies between two investors (i.e. one investor borrows an amount in one currency, then repays in a different currency);
Option: an agreement to exchange one currency for another at an agreed rate at some time on the future, but with no obligation to carry out the transaction (unlike with forwards).

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