London remains the world’s leading foreign exchange (FX) trading hub
New analysis based on reports from the Bank for International Settlements’ (BIS) 2025 Triennial Survey, confirms that London remains the world’s leading foreign exchange (FX) trading hub, clearing nearly twice as many daily transactions as the United States.
The United Kingdom accounted for 37.8% of all global forex trades in 2025 — equivalent to USD 4.7 trillion per day. While slightly down from 43.1% in 2019, London’s share has been steady since 2022 and continues to dominate the global FX market.
Global Forex Market Growth and Shifts
According to BIS data, global foreign exchange turnover reached USD 9.6 trillion per day in April 2025, up 28% from USD 7.5 trillion in 2022 — more than USD 3.5 quadrillion in annual forex transactions.
The United States expanded its share to 19%, reflecting stronger dollar liquidity and derivatives activity, while Singapore achieved the fastest growth, rising to 11.8%. Hong Kong held steady at 7.0%, and Japan recorded 4.0%.
Together, the five largest FX trading hubs — the UK, US, Singapore, Hong Kong, and Japan — now account for 79% of all global forex turnover, showing both consolidation and the shift towards Asia.
London: The Anchor of Global Currency Trading
Despite Asia’s rise, London remains the anchor of global forex liquidity. Its advantageous time zone means that it overlaps with both Asian and North American trading hours — allowing London to set benchmark prices for New Yorkand influence Asian session pricing.
Sam Balla-Muir, founder of Affinity Exchange, asserts that London’s dominance in global foreign exchange is not an accident. He highlights London’s liquidity, time zone, and regulatory strength as key factors that make it the natural hub for global price discovery. Despite the growth of other regions, London continues to remain the core of global currency trading.
The capital’s institutional infrastructure, FCA-regulated environment, and deep liquidity pools make it the go-to destination for professional traders and spread betting providers alike. The busiest hours of the trading day continue to occur during the London session, keeping the British pound (GBP) among the most traded and liquid currencies in the world.
Expanding Market, Unrivalled UK Leadership
In raw figures, London’s $4.7 trillion daily forex turnover far exceeds that of New York ($2.3 trillion) and Singapore ($1.5 trillion). Even major European centres such as Germany ($386 billion) and Switzerland ($370 billion) remain far behind.
Sam added, “Even with Asia’s growth and New York’s continued strength, London still clears more than a third of all global forex trades daily. This makes it unrivalled as the centre of global currency trading.”