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WFN QUICK BRIEF · UNDER 1 MIN
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The record
The BIS December 2025 analysis put average daily global foreign-exchange turnover in April 2025 at $9.5 trillion, up 27% from April 2022. Its discussion connects the surge to currency-risk management during a volatile month. It also describes stronger dealer internalisation: offsetting customer trades were increasingly matched within dealers rather than passed into the interdealer market. BIS Quarterly Review, December 2025 ↗
WFN analysis
For an editor, the first question is which release supplied a number. A statistic copied from an earlier publication can remain widely circulated after a later analysis uses another figure. The safe comparison preserves both the observation period and the publication vintage.
Next check
When comparing reports, retain their dates, rounding conventions and scope. Check whether the total covers spot alone or spot plus derivatives, and whether double counting has been adjusted. An apparent discrepancy should trigger a source comparison before it becomes a story about market growth.
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WFN STORY COMPASS
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MARKET CONTEXTWFN EDITION · 14 OCTOBER 2026
Editorial noteSource-based explanation with original WFN analysis. Historical records retain their dates. Original WFN editorial diagram; it is not a live market chart.
WFN REALITY LEDGER
What is on the record?
Primary-source analysis
Dated official record / historical or technical explainer
Primary record / reference periodApril 2025 survey; September and December 2025 publications
The cited record establishes the documented event. Proposals, technical announcements, allegations and orders retain their stated status; WFN Analysis is editorial interpretation.
BIS publications reported $9.6 trillion and later $9.5 trillion in daily FX turnover. The publication date belongs beside the statistic.
01 · VERIFIED RECORD
The verified record
The BIS December 2025 analysis put average daily global foreign-exchange turnover in April 2025 at $9.5 trillion, up 27% from April 2022. Its discussion connects the surge to currency-risk management during a volatile month. It also describes stronger dealer internalisation: offsetting customer trades were increasingly matched within dealers rather than passed into the interdealer market. BIS Quarterly Review, December 2025 ↗
Those are measurements of trading activity during a survey window. They are not the value of currency assets outstanding or a daily reading for October 2026.
The September 2025 preliminary announcement reported $9.6 trillion and growth of 28%. This article uses the later December analysis for its headline measurement; it does not infer a cause for the difference from rounding alone. BIS preliminary survey release, 30 September 2025 ↗
02 · WFN EDITORIAL ANALYSIS
Why it matters
For an editor, the first question is which release supplied a number. A statistic copied from an earlier publication can remain widely circulated after a later analysis uses another figure. The safe comparison preserves both the observation period and the publication vintage.
High turnover also needs an economic explanation. A portfolio manager increasing a currency hedge can create trading volume without increasing the underlying foreign investment. Counting transactions alone cannot distinguish a new directional position from defensive risk reduction.
03 · WHAT TO CHECK NEXT
What to check next
When comparing reports, retain their dates, rounding conventions and scope. Check whether the total covers spot alone or spot plus derivatives, and whether double counting has been adjusted. An apparent discrepancy should trigger a source comparison before it becomes a story about market growth.
