Published on 16 September 2026
In October 2025, 50 financial institutions active in the global foreign exchange (FX) market participated in the semi-annual GFXC FX Settlement Risk Survey (the “Survey”). The Survey results are summarised below. A detailed table for the October 2025 reporting period is available separately.
The main findings of the Survey were:
- The gross daily average settlement value in October 2025 was USD 13.3 trillion. The majority (66%) involved settlement between Reporting Dealers. Settlement with other financial institutions and non-financial institutions accounted for 30% and 4% respectively.1
- USD 4.7 trillion (35%) was settled via Payment-versus-Payment (PvP), of which 99.7% was in a currency pair eligible for CLSSettlement.
- USD 5.3 trillion (40%) was settled intragroup, of which the majority (72%) was inter-branch settlement. Trades settled over accounts with settlement timing controls accounted for USD 0.4 trillion (3%).
- USD 1.9 trillion (15%) was subject to pre-settlement bilateral or multilateral netting. The daily average post-netting payment amount was USD 0.4 trillion.
- USD 1.0 trillion (8%) was settled on a gross bilateral basis, with no FX settlement risk mitigation. The majority of these trades (80%) were not eligible for PvP settlement, due to the currency pair (29%), trade type (32%) and/or the counterparty (53%) being ineligible.2
October 2025 data tables (excel)
Notes
- The data has been adjusted to remove double counting. Due to rounding, the sum of individual components may not equal the total reported settlement value, and percentages may not sum to 100%.
- The reasons for a trade being ineligible for PvP settlement are not mutually exclusive. E.g. a trade could be both in an ineligible currency pair, and ineligible counterparty.
FX settlement risk data is based on actual settlement during the reporting period and is therefore not directly comparable with FX turnover data.
For further information about the GFXC FX Settlement Risk Survey please email: email@globalfxc.org
Statistical Annex
| All counterparties | CLS eligible currency pairs | Non-CLS eligible currency pairs | Reporting dealers | Other financial institutions | Non-financial customers | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD bn | % | USD bn | % | USD bn | % | USD bn | % | USD bn | % | USD bn | % | |
| Total gross financial obligations settled | 13,285 | 100 | 12,027 | 100 | 1,257 | 100 | 8,742 | 100 | 3,949 | 100 | 594 | 100 |
| PvP | 4,665 | 35 | 4,652 | 39 | 12 | 1 | 2,672 | 31 | 1,840 | 47 | 152 | 26 |
| Intra-group settlement | 5,293 | 40 | 4,787 | 40 | 506 | 40 | 5,293 | 61 | – | – | ||
| Inter-branch | 3,824 | 29 | 3,540 | 29 | 284 | 23 | 3,824 | 44 | – | – | ||
| Inter-affiliate | 1,469 | 11 | 1,247 | 10 | 221 | 18 | 1,469 | 17 | – | – | ||
| Pre-settlement netting | 1,942 | 15 | 1,525 | 13 | 418 | 33 | 397 | 5 | 1,303 | 33 | 242 | 41 |
| Net amount2 | (408) | – | – | – | – | – | ||||||
| Settlement over bank accounts with timing controls | 364 | 3 | 331 | 3 | 33 | 3 | 94 | 1 | 184 | 5 | 86 | 14 |
| Gross bilateral settlement | 1,021 | 8 | 732 | 6 | 288 | 23 | 285 | 3 | 623 | 16 | 113 | 19 |
| Trades eligible for applicable PvP systems | 201 | 2 | 178 | 1 | 23 | 2 | 81 | 1 | 106 | 3 | 13 | 2 |
| Trades not eligible for applicable PvP systems | 820 | 6 | 554 | 5 | 266 | 21 | 204 | 2 | 516 | 13 | 100 | 17 |
PvP = Payment versus Payment
1 Net-net basis, daily averages in October 2025 (adjusted for inter-dealer double counting). Additionally, due to rounding, figures presented in the tables may not add precisely to the totals shown. Percentages are calculated on the basis of unrounded data.
2 Figures in brackets denote post-netting amounts that settle by other means (e.g. traditional correspondent banking relationships)
| All counterparties | CLS eligible currency pairs | Non-CLS eligible currency pairs | Reporting dealers | Other financial institutions | Non-financial customers | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD bn | % | USD bn | % | USD bn | % | USD bn | % | USD bn | % | USD bn | % | |
| Trades not eligible for PvP systems and settled on a gross bilateral basis | 820 | 100 | 554 | 100 | 266 | 100 | 204 | 100 | 516 | 100 | 100 | 100 |
| Counterparty is not a (director indirect) member2 | 438 | 53 | 317 | 57 | 122 | 46 | 72 | 35 | 296 | 57 | 71 | 71 |
| Currency pair is not eligible2 | 235 | 29 | 1 | 0 | 234 | 88 | 61 | 30 | 149 | 29 | 25 | 25 |
| Trade type is not eligible2 | 261 | 32 | 229 | 41 | 31 | 12 | 90 | 44 | 150 | 29 | 20 | 20 |
PvP = Payment versus Payment
1 Net-net basis, daily averages in October 2025 (adjusted for inter-dealer double counting). Additionally, due to rounding, figures presented in the tables may not add precisely to the totals shown. Percentages are calculated on the basis of unrounded data.
2 Subcomponents in this section are not mutually exclusive. One single trade can be reported under more than one component, where applicable.