GFXC survey shows higher FX settlement obligations and gross bilateral exposure in April 2026
Daily FX settlement obligations reached $14,371.59 billion in the GFXC’s April 2026 survey, up from October 2025. Gross bilateral settlement also increased, while payment-versus-payment accounted for 33.13% of obligations.
Daily average foreign-exchange settlement obligations reached $14,371.59 billion in April 2026, compared with $13,284.73 billion in October 2025, according to the Global Foreign Exchange Committee’s settlement risk survey. Gross bilateral settlement increased alongside the overall total, showing that the larger reported settlement workload included more obligations in the unmitigated bilateral category.
The figures cover actual FX obligations settled by participating institutions, not trading turnover. They are daily averages in USD billions on a net-net basis adjusted for inter-dealer double counting. The increase therefore describes settlement activity within the survey’s reporting scope, rather than growth in the wider FX trading market.
Intragroup settlement rose to $6,107.09 billion from $5,292.91 billion, accounting for a substantial part of the increase in total obligations. Payment-versus-payment, or PvP, settlement also rose, to $4,761.67 billion from $4,664.57 billion. PvP represented 33.13% of April obligations, making it a significant but minority share of the reported settlement mix.
Gross bilateral settlement and PvP eligibility
Gross bilateral settlement reached $1,160.25 billion, against $1,020.67 billion in October, and represented an unmitigated bilateral share of 8.07%. Within that category, obligations not eligible for PvP increased to $968.84 billion from $820 billion. Counterparty, currency-pair and trade-type ineligibility readings all increased. These reasons can overlap, so they cannot be added together as separate exposures.
Pre-settlement netting covered $1,965.16 billion of gross obligations in April, with a separate post-netting payment amount of $414 billion. The former measures obligations subject to netting, not the cash amount ultimately payable; treating both as settlement payments would misstate the reported activity.
The central implication is a larger absolute bilateral settlement workload, even as PvP activity expanded. Where obligations remain outside PvP, coordinating payments and managing settlement exposure remain relevant operational concerns. The rise in ineligible obligations also suggests that increasing PvP coverage is not simply a matter of routing every existing payment through it: the survey identifies eligibility constraints across counterparties, currency pairs and trade types. This is a comparison of two reporting periods, not evidence of a long-term trend, and changes in participants or reported categories may affect comparability.
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