Interbank foreign exchange swaps trading has stagnated since 2022, as banks turn to the forwards market for their short-term liquidity needs, according to the Bank for International Settlements.
FX swaps remain the largest segment of the FX market with average turnover of $4 trillion a day as of April 2025, a rise of 6% since the last BIS triennial central bank survey in 2022. However, their share in global turnover declined from 51% in 2022 to 42% in 2025, owing to faster growth in other FX
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Read More: Banks scale back short-dated FX swaps trading, BIS finds