Singapore strengthened its position as the world’s third-largest foreign exchange trading hub, with average daily turnover rising 60% to $1.485 trillion in April 2025 from April 2022, the Monetary Authority of Singapore (MAS) said, citing results of the Bank for International Settlements’ 2025 Triennial Central Bank Survey released this week.
The city-state’s market share climbed to 11.8% of global FX volumes in April 2025, up from 9.5% three years earlier, keeping it behind the United Kingdom and the United States.
MAS attributed the gains to deeper liquidity during Asian trading hours and broad-based growth across currencies and instruments.
Trading activity expanded across the major pairs, led by the U.S. dollar, Japanese yen, and euro, which recorded volume increases of between 36% and 65% from 2022 to 2025, MAS said.
Volumes also rose in the Chinese renminbi and Australian dollar. Spot, forwards and FX swaps, together accounting for 90% of Singapore’s turnover, grew by 42% to 61% over the period.
Activity in over-the-counter interest rate derivatives averaged US$208 billion per day in April 2025, up 33% from April 2022. U.S. dollar, Japanese yen and Australian dollar contracts were the most actively traded interest rate products in the Singapore market, according to MAS.
“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,” said Lim Cheng Khai, Executive Director for Financial Markets Development at MAS.
He said the breadth of growth across currencies and instruments underscores the city-state’s role as a trusted price-discovery hub and gateway for global investors into Asia’s fast-evolving economies.
The BIS-coordinated survey, conducted every three years to enhance transparency in OTC markets, covers FX spot, forwards, swaps, currency swaps, options and interest rate derivatives.
MAS gathered data from 82 financial institutions in Singapore for the April 2025 reporting window, as part of a global exercise involving central banks and authorities in 53 jurisdictions.
