15 — FOREX BECAME ELECTRONIC AND GLOBAL

Modern Forex is different from a centralized stock exchange.

Most spot FX trading occurs over the counter (OTC) rather than on one central exchange. Dealers, banks, electronic platforms and other participants interact across a fragmented global network.

And the scale is enormous.

According to the BIS 2025 Triennial Survey, global FX turnover reached approximately:

$9.6 TRILLION PER DAY

in April 2025.

The U.S. dollar was on one side of approximately 89% of FX transactions in that survey.

Dfinance Reality Check

That number does not mean $9.6 trillion is being deposited into Forex every day.

It represents trading turnover — the value of transactions conducted.

Understanding this difference is important.