The Riksbank's survey of turnover in the Swedish foreign exchange and derivatives market
News Turnover in the Swedish foreign exchange market in 2025 remains largely unchanged relative to 2022. During the same period, the turnover in interest rate derivatives increased significantly. This was observed in the Riksbank’s April 2025 survey of turnover in the Swedish foreign exchange and derivatives markets, conducted at the initiative of the Bank for International Settlements (BIS).
The Riksbank’s survey is part of a broader study – The Triennial Central Bank Survey – coordinated by the BIS. The study covers 52 countries and has been conducted every third year since 1986. Sweden has taken part in the survey since 1989. The previous study was carried out in 2022. The surveyed turnover comprises foreign exchange contracts in the spot and derivatives markets, as well as interest rate derivatives.
In Sweden, the study is based on the turnover of the four largest market participants: Nordea Bank, SEB, Svenska Handelsbanken and Swedbank. The survey covers these banks’ total foreign exchange and derivatives trading in Sweden – not just their trade in Swedish kronor. The Riksbank's part of the survey does not cover total trading in Swedish kronor as some of this activity is conducted from abroad. The total turnover in SEK is instead described in the BIS preliminary report.