Russia USD/RUB Swap: Overnight: Base Swap Rate data was reported at 87.115 USD/RUB in 25 Feb 2022. This records an increase from the previous number of 80.647 USD/RUB for 24 Feb 2022. Russia USD/RUB Swap: Overnight: Base Swap Rate data is updated daily, averaging 35.939 USD/RUB from Sep 2002 (Median) to 25 Feb 2022, with 4597 observations. The data reached an all-time high of 87.115 USD/RUB in 25 Feb 2022 and a record low of 23.125 USD/RUB in 16 Jul 2008. Russia USD/RUB Swap: Overnight: Base Swap Rate data remains active status in CEIC and is reported by Bank of Russia. The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME002: ForEx Swap Transactions: Bank of Russia: Terms.

Russia USD/RUB Swap: Overnight: RUB Interest Rate data was reported at 10.500 % pa in 25 Feb 2022. This stayed constant from the previous number of 10.500 % pa for 24 Feb 2022. Russia USD/RUB Swap: Overnight: RUB Interest Rate data is updated daily, averaging 8.500 % pa from Sep 2002 (Median) to 25 Feb 2022, with 4597 observations. The data reached an all-time high of 18.000 % pa in 30 Jan 2015 and a record low of 5.250 % pa in 19 Mar 2021. Russia USD/RUB Swap: Overnight: RUB Interest Rate data remains active status in CEIC and is reported by Bank of Russia. The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME002: ForEx Swap Transactions: Bank of Russia: Terms.

Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data was reported at 29.620 % pa in 30 Mar 2022. This stayed constant from the previous number of 29.620 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data is updated daily, averaging 6.967 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 29.620 % pa in 30 Mar 2022 and a record low of 4.170 % pa in 15 Jul 2020. Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

Cross currency swap differs from single currency swaps in that the interest rate payments on the two legs are in different currencies. At inception of the trade, the notional principal amounts in the two currencies are usually set to be fair given the spot exchange rate. Contrary to single currency swap, there is an exchange of principals at inception and maturity, or even in each period of the swap.

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency to another. The market charges for this is a liquidity premium – the cross-currency basis spread. Thus, the market quoted cross-currency basis spreads usually relative to a liquidity benchmark.

For a cross currency trade between one currency and another currency. If there is a higher demand for the currency, the party lending the dollar will ask for a premium. This premium is referred to as the cross currency basis. In general, the cross currency basis is a measure of the dollar shortage in the market. The more negative the basis is, the more severe the shortage.

Cross currency basis is an important element of currency management. To price a cross-currency product, the cross-currency basis spread has to be taken into account by adjusting either discounting or forecasting curves. For domestic currency investor, negative basis can work in their favor when they hedge currency exposures. For foreign investors, however, the basis can increase their hedging cost.

In April 2025, the transaction volume of foreign exchange and currency swaps amounted to over *** trillion U.S. dollars. The foreign exchange and currency swaps was first introduced to China's financial market in 2007.

Russia USD/RUB Swap Rate: NFEA: Yield: 1W data was reported at 15.980 % pa in 30 Mar 2022. This stayed constant from the previous number of 15.980 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 1W data is updated daily, averaging 6.458 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 29.240 % pa in 18 Dec 2014 and a record low of 1.904 % pa in 24 Dec 2010. Russia USD/RUB Swap Rate: NFEA: Yield: 1W data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

The global foreign exchange (FX) market, valued at $888.67 billion in 2025, is projected to experience robust growth, driven by increasing cross-border transactions, globalization, and the rising adoption of fintech solutions for currency trading. The compound annual growth rate (CAGR) of 10.6% from 2025 to 2033 signifies a significant expansion of market opportunities. Key drivers include the surge in e-commerce, international investments, and the growing need for efficient risk management strategies among businesses operating across multiple geographies. The market is segmented by customer type (reporting dealers, financial institutions, non-financial customers) and by trade finance instruments (currency swaps, outright forwards and FX swaps, FX options). While regulatory changes and geopolitical uncertainties present potential restraints, the overall market outlook remains positive, fueled by technological advancements and the consistent demand for efficient foreign exchange solutions. Major players like Bank of America, Citigroup, and HSBC dominate the market, leveraging their extensive global networks and technological expertise. The competitive landscape is characterized by both established financial institutions and emerging fintech companies vying for market share, creating further dynamism within the sector. The regional breakdown reveals significant participation from North America, Europe, and Asia-Pacific, with North America currently holding a substantial market share. However, rapidly growing economies in Asia-Pacific, particularly China and India, are expected to fuel significant expansion in this region over the forecast period. The burgeoning middle class and increasing international trade in these economies present significant opportunities for growth within the FX market. South America and the Middle East and Africa are also poised for moderate growth, albeit at a slower pace compared to other regions. The ongoing digital transformation of the financial sector, coupled with the demand for sophisticated trading platforms and data analytics, further supports the market's upward trajectory. The predicted growth trajectory suggests substantial investment opportunities and an evolving competitive landscape in the coming years.

The average daily turnover of over the counter (OTC) derivatives traded in France increase between 2001 and 2010, before falling over the following decade. From a peak of over 192.3 billion U.S. dollars in 2010, by 2019 the average daily turnover had fallen to around 119.7 billion U.S. dollars. In all years under consideration the most common instrument traded was interest rate swaps, which accounted for around two thirds of turnover in 2022.

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Foreign Exchange Market Size 2025-2029

The foreign exchange market size is forecast to increase by USD 582 billion, at a CAGR of 10.6% between 2024 and 2029.

The Foreign Exchange Market is segmented by type (reporting dealers, financial institutions, non-financial customers), trade finance instruments (currency swaps, outright forward and FX swaps, FX options), trading platforms (electronic trading, over-the-counter (OTC), mobile trading), and geography (North America: US, Canada; Europe: Germany, Switzerland, UK; Middle East and Africa: UAE; APAC: China, India, Japan; South America: Brazil; Rest of World). This segmentation reflects the market's global dynamics, driven by institutional trading, increasing digital adoption through electronic trading and mobile trading, and regional economic activities, with APAC markets like India and China showing significant growth alongside traditional hubs like the US and UK.
The market is experiencing significant shifts driven by the escalating trends of urbanization and digitalization. These forces are creating 24x7 trading opportunities, enabling greater accessibility and convenience for market participants. However, the market's dynamics are not without challenges. The uncertainty of future exchange rates poses a formidable obstacle for businesses and investors alike, necessitating robust risk management strategies. As urbanization continues to expand and digital technologies reshape the trading landscape, market players must adapt to remain competitive. One significant trend is the increasing use of money transfer agencies, venture capital investments, and mutual funds in foreign exchange transactions. Companies seeking to capitalize on these opportunities must navigate the challenges effectively, ensuring they stay abreast of exchange rate fluctuations and implement agile strategies to mitigate risk.
The ability to adapt and respond to these market shifts will be crucial for success in the evolving market.

What will be the Size of the Foreign Exchange Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the dynamic and intricate realm of the market, entities such as algorithmic trading, order book, order management systems, and liquidity risk intertwine, shaping the ever-evolving market landscape. The market's continuous unfolding is characterized by the integration of various components, including sentiment analysis, Fibonacci retracement, mobile trading, and good-for-the-day orders. Market activities are influenced by factors like political stability, monetary policy, and market liquidity, which in turn impact economic growth and trade settlement. Technical analysis, with its focus on chart patterns and moving averages, plays a crucial role in informing trading decisions. The market's complexity is further amplified by the presence of entities like credit risk, counterparty risk, and operational risk.

Central bank intervention, order execution, clearing and settlement, and trade confirmation are essential components of the market's infrastructure, ensuring a seamless exchange of currencies. Geopolitical risk, currency correlation, and inflation rates contribute to currency volatility, necessitating hedging strategies and risk management. Market risk, interest rate differentials, and commodity currencies influence trading strategies, while cross-border payments and brokerage services facilitate international trade. The ongoing evolution of the market is marked by the emergence of advanced trading platforms, automated trading, and real-time data feeds, enabling traders to make informed decisions in an increasingly interconnected and complex global economy.

How is this Foreign Exchange Industry segmented?

The foreign exchange industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Reporting dealers
  Financial institutions
  Non-financial customers


Trade Finance Instruments

  Currency swaps
  Outright forward and FX swaps
  FX options


Trading Platforms

  Electronic Trading
  Over-the-Counter (OTC)
  Mobile Trading


Geography

  North America

    US
    Canada


  Europe

    Germany
    Switzerland
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The reporting dealers segment is estimated to witness significant growth during the forecast period.

The market is a dynamic and complex ecosystem where various entities interplay to manage currency risks and facilitate international trade. Reporting dealers, as key participants,

The average daily turnover of over-the-counter (OTC) derivatives traded on in Germany fluctuated between 2001 and 2022, ranging from a peak of over *** billion U.S. dollars in 2022 down from a low of **** billion in 2016. The most common instrument traded also varied, with interest rate swaps growing dramatically in 2022.

Global interest rate (net - gross), for other interest rate swaps, total (all currencies), total (all currencies), total (all maturities), total (all counterparties), Mexico, All countries (total), total (all ratings), total (all sectors), total (all methods), turnover - notional amounts (daily average)

In 2007, the average daily turnover of foreign exchange (forex) transactions and derivatives traded in Italy had risen significantly, before dropping during the next few years. The level of foreign exchange swaps has remained stable since 2016, not experiencing a significant increase or decrease through to 2022. The most commonly traded foreign exchange instrument was foreign exchange rate swaps, which amounted to a rough value of 22 billion U.S. dollars in 2007. The least traded foreign exchange instrument was currency swaps, with the highest value of roughly 354 million U.S. dollars being recorded in 2016.

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in Germany fluctuated in recent years. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency.

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in Australia climbed from 2001 to 2010, reaching a peak of *** billion U.S. dollars before dropping to around *** billion U.S. dollars in 2019. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency.

Between 2001 and 2022, the average daily turnover of over-the-counter (OTC) derivatives traded in Italy fluctuated considerably, peaking in 2004. The turnover of derivatives in 2004 amounted to a total value of about ** billion U.S. dollars, while the turnover of derivatives in 2019 only amounted to **** billion U.S. dollars, the market is experiencing upward growth as the total value climbs to roughly **** billion U.S. dollars in 2022. The most commonly traded interest rate instruments were interest rate swaps, which are forward contracts wherein future interest payment streams are exchanged based on a definite principal amount.

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in France grew steadily greatly between 2001 and 2013, before gradually declining in the following years. From a peak of ***** billion U.S. dollars in 2013, by 2019 this had fallen to ***** billion U.S. dollars. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency. In 2022, swaps accounted for around ** percent of the total daily forex turnover in France.

Global interest rate (net - net), for interest rate swaps, total (all currencies), us dollar, total (all maturities), non-financial customers, All countries (total), All countries (total), total (all ratings), total (all sectors), total (all methods), outstanding - gross market values

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in the Netherlands has fluctuated greatly between 2001 and 2019. From a peak of 112.3 billion U.S. dollars in 2013, by 2019 this had fallen to 64.2 billion U.S. dollars. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency. In 2019, swaps accounted for around 80 percent of the total daily forex turnover in the Netherlands.

Graph and download economic data for Monetary Authority; Nonofficial Foreign Currencies (Swap Lines); Asset, Transactions (ROWNFCQ027S) from Q4 1946 to Q1 2025 about monetary authorities, swaps, IMA, foreign, transactions, currency, assets, and USA.

Graph and download economic data for Monetary Authority; Nonofficial Foreign Currencies (Swap Lines); Asset, Transactions (ROWNFCA027N) from 1946 to 2024 about monetary authorities, swaps, IMA, foreign, transactions, currency, assets, and USA.