U.S.: average daily forex derivatives turnover

In 2019 the average daily turnover of foreign exchange (forex) transactions and associated derivatives in the United States amounted to 1.37 trillion U.S. dollars. This makes the U.S. the world’s second largest forex market, not only in terms of transactions where one currency is exchanged for another, but also for various forex derivatives. In first place is the UK market, whose forex market is 2.5 times larger than that of the the United States.

Average daily turnover of foreign exchange transactions and derivatives in the United States from 2001 to 2019, by instrument (in billion U.S. dollars)

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

December 2019

More information

Region

United States

Survey time period

2001 to 2019

Supplementary notes

All values taken as of April each year.

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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