Singapore is world’s third-largest FX trading centre

It now captures 11.8% of global FX.

Singapore’s average daily trading volumes (ADTV) rose to $1.917t (US$1.485t) in April 2025, up 60% from April 2022, according to the latest Triennial Central Bank Survey released by the Bank for International Settlements (BIS).

The city state’s share of global FX volumes increased from 9.5% to 11.8%, making it the third-largest FX trading centre worldwide, after the UK and the US, the Monetary Authority of Singapore (MAS) said.

Trading growth was broad-based across major currencies. Volumes in the US dollar, Japanese yen, and euro rose between 36% and 65%, while the Chinese renminbi and Australian dollar also posted gains.

By product, FX spot, forwards, and swaps—which accounted for 90%m of turnover—rose between 42% and 61%.

Singapore’s over-the-counter interest rate derivatives market averaged $268.5b (US$208b) daily in April 2025, up 33% from 2022. The most traded were linked to the US dollar, Japanese yen, and Australian dollar.

MAS Executive Director Lim Cheng Khai said Singapore’s growth was driven by deeper liquidity in the Asian time zone and reinforced the country’s role as a price discovery hub for global investors.

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