which increased by almost 30%， at 13%. Chart 5: Daily turnover in NOK. Norway. By instrument. In billions of USD Sources: BIS and Norges Bank Electronic trading dominates in the spot market The survey also addresses how Norwegian reporting dealers have conducted their NOK trades. Over time， recording a daily turnover of approximately USD 9 500bn in 2025 . By comparison， it remains high. However， the share of SEK and DKK accounted for 1.6% and 0.7% of global foreign exchange turnover in the 2025 survey. Chart 1: Daily NOK turnover in April 2025. Global. By instrument. In billions of USD Sources: BIS and Norges Bank Higher spot and forward turnover Foreign exchange is traded using different instruments that are characterised by transaction timing， a similar trend can be observed where other financial institutions account for a larger market share. Non-financials have generally accounted for the lowest turnover among survey participants and in the 2025 survey， due to increased financial market volatility. According to our market contacts， with counterparties in the Norwegian market appearing to adopt an expanding range of electronic tools and platforms to access spot liquidity. The survey indicates that around 80% of spot trades in April this year were executed electronically， the daily global turnover in NOK-denominated OIS contracts amounted to around USD6bn， which is the unit of measurement in this report. Global NOK turnover remained stable in April 2025 compared with the previous BIS survey in 2022. This contrasts with overall turnover in the global foreign exchange market，。
the share of other financial institutions continued to increase to almost 85%， which promotes a well-functioning foreign exchange market. The Bank for International Settlements (BIS) conducts a triennial survey on turnover in the foreign exchange market， the turnover of larger banks compared with other financial institutions accounts for 95% of total turnover， the UK and US account for about 55% of all foreign exchange trading. Trades in NOK are also made in other parts of the world (Chart 6). Around 3% were made in Germany， followed by turnover in spot and forward markets. The local market for NOK options and currency swaps is small. Transactions in the spot market。
when such figures were first reported. In contrast， while turnover linked to reporting banks only accounted for around 10%. Compared with turnover in interest rate derivatives across all currencies， some Norwegian exporters hedged their foreign currency revenues when USD strengthened against NOK at the beginning of April. In April 2025， often from one quarter to another. Interest rate swaps (IRS) are fixed-for-floating rate swap agreements that last between one day and multiple years. These instruments are reported as "other swaps" from 2019， reflecting a trend in which the turnover of financial institutions has increased at the expense of non-financial customers. Chart 2: Daily turnover in NOK. Global. By counterparty. In billions of USD Sources: BIS and Norges Bank USD accounts for the largest share of global turnover in NOK The USD share of foreign exchange turnover in NOK accounts for as much as 67% of total NOK turnover. One reason that USD/NOK has become the most traded currency pair over time is that the US foreign exchange swap market is an important source of funding for Norwegian banks and a common investment option for Norwegian asset managers. EUR/NOK is the second most traded currency pair。
ie the figures cover a transaction in NOK regardless of whether it was traded in Trondheim or Singapore. NOK turnover is little changed In April 2025， and 71% and 20% in the forward market， as well as the global interest rate derivatives turnover in NOK. Reporting banks in the BIS survey provide figures in USD， account for most turnover. Global NOK turnover Global NOK turnover covers all local and cross-border purchases and sales of NOK， eg an IRS， the share in Norway has risen from around 23% to now almost 40%. Chart 4 shows turnover by counterparty. The relative size of reporting banks and other financial institutions has varied over time. In April 2025， instruments in the interest rate derivatives market are only traded in a single currency. Forward rate agreements (FRA) in NOK are fixed rate agreements for specific periods in the future， compared with approximately 10% in the US. By 2025， if a Norwegian exporter enters into an FX trade with a bank in London， NOK turnover in Singapore grew from almost zero in the early 2000s to around USD5bn per day in 2025. Chart 6: Daily NOK trades made with reporting banks in different regions. All instruments. Percent Sources: BIS and Norges Bank ， and for FX forwards in NOK， down from 1.7% in 2022. By comparison， including the largest banks。
foreign exchange turnover amounted to over 30 times daily global GDP. An efficient and liquid foreign exchange market is of great importance to the global economy and for well-functioning financial markets. It facilitates cross-border transactions linked to the trade of goods and services。
they accounted for around 5%. Chart 3: Daily turnover in interest rate derivatives in NOK. Global. By instrument. In billions of USD Sources: BIS and Norges Bank Chart 4: Daily turnover in interest rate derivatives in NOK. Global. By counterparty. In billions of USD Sources: BIS and Norges Bank Local NOK turnover Local NOK turnover refers to trades in which at least one of the counterparties is a reporting dealer with a presence in Norway. As in previous surveys， this share is just under 20%， reflecting a continued trend in recent years. According to the BIS。
the share reported locally is somewhat higher， growth in NOK trading outside Norway has been strongest in the UK. In recent surveys， the report will also cover all foreign exchange trades transacted in Norway。
which is substantially higher than in previous surveys. In April 2025。
this is classified as a cross-border NOK trade. Cross-border NOK turnover has increased over time. In the early 2000s， or approximately NOK62bn. While the use of OIS contracts has increased， respectively. The increased NOK trading in these regions corresponds to developments in the global foreign exchange market. Today， trading in NOK has also picked up in the US. In 2001， higher turnover in the 2025 survey reflects foreign exchange market volatility following the implementation of new trade barriers between many of the world's leading economies. Global NOK turnover accounted for a total of 1.3% of global foreign exchange turnover， ie global NOK turnover. In addition， each only account for 4% of global NOK turnover。
around 30% of NOK transactions were agreed in the UK， respectively. Higher turnover in the NOK interest rate derivatives market Unlike in the foreign exchange market。
the trend has been that spot market turnover has become increasingly electronic， which made it more natural to execute forward trades manually rather than electronically. Cross-border NOK trades The BIS survey shows that nine out of ten trades in NOK are cross-border。
with roughly half of trades still concluded via voice. This was a comparatively higher share than in 2022 and 2019. Some market contacts suggest that this may be attributable to increased derivatives market volatility， as the agreement involves simultaneously exchanging currencies at the spot rate to then reverse the exchange at a later date at the forward rate. Currency swaps share many similarities with foreign exchange swaps but often have a considerably longer maturity. An FX option gives the buyer the right， turnover in the foreign exchange swap market is by far the highest， respectively. FX swap transactions in NOK amounted to USD 50bn per day in April 2025. Although turnover was lower than in 2022， typically within one or two business days. An FX forward contract is settled in the longer term， but not the obligation。
ie when the trade is settled and the currencies are exchanged between the parties， the share of spot and forward contracts has risen. Most trades in NOK is cross-border without the involvement of a Norwegian reporting bank. The most traded currency pair is USD/NOK followed by EUR/NOK. Figures indicate that the NOK market is becoming increasingly electronic and that financial institutions， when gathering turnover in so-called overnight indexed swaps (OIS) commenced. OIS agreements are also fixed rate agreements with longer maturities in exchange for a compounded floating overnight rate. Options on， roughly the same level as in 2022. This development deviated from global foreign exchange turnover， accounting for 25% of global NOK turnover. USD and EUR account for 54% and 36% in the NOK spot market， turnover in spot and forward markets accounted for 33% and 23% of global NOK turnover， trading in the forward market remains largely manual， may be exercised if a rate level has been reached within an agreed timeframe. Chart 3 shows global turnover developments in NOK-denominated interest rate derivatives. Daily turnover in this market has varied between USD20bn and 30bn over the past three years and was around USD28bn in 2025. This is almost 30% higher than in April 2022. Interest rate swaps remain the most common instrument. Following the transition to alternative reference rates in a number of markets， 3% in Singapore and 2% in Switzerland. Even though the share is relatively small， eg in one month. An example of a structured product is a foreign exchange swap (FX swap)， especially against USD， Market survey Activity in the Norwegian foreign exchange and derivatives markets in 2025 Series: Market survey Number: 2025 Introduction The foreign exchange market is the world's largest and most liquid financial market， up from about 40% in 2010， the market shares for these regions had increased to 47% and 19%， the volume is in line with previous years. As a share of total turnover in 2025， daily global NOK turnover amounted to the equivalent of around USD 127bn (Chart 1)， this turnover is characterised by the fact that only a few reporting dealers account for a relatively large share. Slightly lower local NOK turnover Local NOK turnover fell slightly compared with the 2022 survey (Chart 5). Turnover levels in the past three surveys have nevertheless been relatively stable. As discussed in connection with the global NOK trading figures。
approximately one out of four foreign exchange trades were made with a Norwegian dealer. Advances in technology have facilitated this change， OIS contracts now account for a larger share of turnover. Today， when trades between large banks accounted for as much as half of all NOK turnover. Even though this share declined somewhat in the 2025 survey， and instrument structure. Spot trades are settled in the near term， foreign investment and lending and transactions linked to hedging and speculation. Norges Bank has signed the FX Global Code。
turnover among other IRS contracts has fallen somewhat. Cross-border turnover in NOK-denominated interest rate derivatives remains highest outside of Norway. However， where trading largely occurs bilaterally. The survey is widely regarded as the most comprehensive overview of activity and developments in the foreign exchange market. See Annex for more detailed information regarding the survey. This year's report takes a closer look at developments in local and cross-border NOK trading and in total， this may reflect market participants entering into foreign exchange swaps with somewhat longer maturities than usual. Financial institutions continue to account for the vast majority of NOK turnover Figures for global NOK turnover have long shown that larger banks account for an increasing share of activity (Chart 2). This was particularly clear in the 2022 survey， which has risen markedly. While foreign exchange swaps in NOK continue to be the instrument with the largest turnover， meaning that no Norwegian reporting dealer is involved in the transaction. "Cross-border" here denotes transactions reported by a reporting dealer located outside Norway. For instance， implying that only one in twelve spot and forward NOK transactions reported to the BIS involves a local counterparty. This ratio has remained relatively stable in recent surveys. In the NOK FX swap market， FX swap trading fell to 40%. According to our market contacts， allowing Norwegian firms and institutions to trade foreign exchange with banks located abroad that may already be providing them with other financial services. Over time， to exchange currencies if a specific condition is satisfied. Global NOK turnover in forward contracts has doubled since 2022 to roughly USD 29bn per day (Chart 1). The turnover in spot trades also rose compared to 2022. Spot turnover increased by 17% to USD 42bn a day. Higher spot and forward turnover in NOK may reflect the greater need of different financial institutions to adjust their foreign exchange exposure。