Foreign exchange-linked structured products accounted for more than two-fifths of global sales in 2025, cementing their position as the second-largest asset class after equities.

Structured products linked to foreign exchange rates generated an estimated US$800 billion in sales globally during 2025, representing 42.4% of all structured product issuance.

Source: SRP

While market share declined from 51.1% in 2024, FX-linked products remained one of the most widely used underlying asset classes worldwide, particularly across Asia Pacific.

The decline in market share does not reflect weaker demand. On the contrary, FX-linked sales continued to rise in absolute terms, outpacing 2021 levels by a considerable margin. The shift instead reflects the exceptionally strong growth recorded in equity-linked structures during 2025, which expanded faster than most other asset classes.

FX-linked products – market share by sales volume

Source: SRP

Unlike commodities, credit or rates, foreign exchange remains a highly accessible asset class for both retail and institutional investors. Currency-linked structures are often used to enhance yield, express macroeconomic views or generate returns in low-volatility environments. The deep liquidity of major currency pairs and the global nature of FX markets make them attractive building blocks for structured solutions.

FX-linked vs total market sales growth

Source: SRP

The issuer landscape remains heavily concentrated in Asia, with Chinese banks accounting for the majority of global issuance volumes. China Merchants Bank led the market in 2025 with a 52% share of global FX-linked sales, followed by Bank of China (20%), Ping An Group (7%) and Citic Group (6%).

The former issued almost 34,000 structured deposits linked to FX rates in 2025, head and shoulders above the competition. Of these, some 26,400 were linked to the XAU/USD – the gold spot price in US dollars – with the EUR/USD (5,215 products) and USD/JPY (2,288) also frequently used while there was also a smattering of products linked to the EUR/GBP (82).

FX: Issuers (global) 2025: market share by sales volume

Source: SRP

Outside of China, Monex, BBVA and Santander issued 3,971 products, 2,531 products and 2,031 products, respectively, in Mexico. These were linked to the appreciation of the US dollar relative to the local peso.

Meanwhile, UBS was the largest provider of FX-linked structures in Europe, with more than 65,000 products issued in Switzerland alone, during 2025. The bank’s offering was linked to 121 different currency pairs, including EUR/USD (12,737 products), XAU/USD (12,064), XAG/USD (spot price of silver quoted in US dollars, 4,523), AUD/USD (4,333) and USD/CHF (4,270), among others.

Image: Pavel/Adobe Stock

This article was originally published in the SRP Asset Class Report 2026, which is available for download here.

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