Meaning of the BIS Triennial Central Bank Survey
The BIS Triennial Central Bank Survey is a comprehensive global exercise conducted every three years by the Bank for International Settlements (BIS), in cooperation with central banks and monetary authorities from over 50 jurisdictions. Its primary purpose is to collect and publish detailed data on the size, structure, and evolution of the global foreign exchange (FX) and over-the-counter (OTC) derivatives markets.
The survey is widely regarded as the most authoritative source of information on global forex market turnover. It provides a consistent, cross-country benchmark that allows policymakers, financial institutions, and market participants to assess the scale and dynamics of the currency markets. The 2025 edition represents the latest instalment in a series that began in 1989, offering a unique long-term perspective on market evolution.
For forex traders, the BIS survey is not just a statistical exercise — it is a critical resource for understanding market liquidity, identifying leading currency pairs and trading hubs, and tracking the rise of new instruments and trading technologies. The data helps traders contextualize their own activities within the broader market and make more informed strategic decisions.
How the Survey Works
The BIS Triennial Survey is a coordinated international effort that relies on the active participation of central banks and financial institutions. Understanding the methodology is essential for interpreting the results correctly.
Data Collection Process
The survey is conducted in April of each survey year (2025, 2022, 2019, etc.). Central banks and monetary authorities collect data from financial institutions within their jurisdictions, including commercial banks, investment banks, broker-dealers, and other financial intermediaries. The data covers a representative sample of institutions that are active in the FX and OTC derivatives markets.
The survey captures turnover data — that is, the gross value of transactions — rather than net positions or outstanding notional amounts. This provides a measure of market activity and liquidity. The data is reported for a single business day in April, with adjustments made to estimate average daily turnover for the month.
Categories of Data Collected
- Instrument type: Spot transactions, outright forwards, foreign exchange swaps, currency swaps, and options.
- Currency pairs: Turnover broken down by major currency pairs (USD/EUR, USD/JPY, USD/GBP, etc.) and emerging market currencies.
- Counterparty type: Reporting dealers (banks), other financial institutions (hedge funds, pension funds, etc.), and non-financial customers.
- Geographic location: Turnover by trading center (e.g., London, New York, Singapore, Hong Kong, Tokyo).
- Execution method: Electronic trading platforms (single-bank and multi-bank), voice broking, and direct inter-dealer trading.
Data Validation and Publication
Once collected, the data is validated and aggregated by the BIS. The results are published in a comprehensive report that includes detailed statistical tables, explanatory notes, and analytical commentary. The BIS also publishes interactive data tools and visualizations on its website, allowing users to explore the data by region, currency, instrument, and other dimensions.
Key Findings from the 2025 Survey
The 2025 BIS Triennial Survey revealed continued growth and structural evolution in the global forex market. The following are the most significant findings from the latest survey.
Global Forex Turnover
The 2025 survey showed that global daily forex turnover exceeded $8 trillion for the first time, representing a significant increase from the $7.5 trillion recorded in the 2022 survey. This growth reflects continued expansion in global trade, investment flows, and the increasing role of financial derivatives in currency risk management.
Dominance of the US Dollar
The US dollar remained the dominant currency, appearing on one side of approximately 88% of all transactions, consistent with previous surveys. The euro maintained its position as the second most traded currency, while the Japanese yen, British pound, and Australian dollar continued to feature prominently.
Emerging Market Currencies
Emerging market currencies continued to gain share, driven by increased global trade and investment flows, as well as the growing internationalization of currencies such as the Chinese renminbi (CNY), Indian rupee (INR), and Brazilian real (BRL). The renminbi's share of global turnover surpassed 5% for the first time, reflecting its increasing use in cross-border trade and finance.
Electronic Trading and Algorithmic Execution
Electronic trading continued its upward trajectory, accounting for over 70% of all FX turnover. Algorithmic and high-frequency trading strategies have become increasingly prevalent, particularly in the spot and forward markets. This trend has implications for market liquidity, price discovery, and the execution quality experienced by retail and institutional traders.
Trading Centers
London remained the largest forex trading center, though its share of global turnover continued to face competition from Asian hubs. New York maintained its position as the second-largest center, while Singapore and Hong Kong continued to gain ground. The survey also highlighted the growing importance of regional trading centers in the Middle East and Latin America.
| Metric | 2025 Survey | 2022 Survey | Change (%) |
|---|---|---|---|
| Global daily turnover (USD trillion) | 8.0+ | 7.5 | +6.7% |
| US dollar share of transactions | 88% | 88% | Stable |
| Renminbi share of turnover | 5.2% | 4.5% | +0.7pp |
| Electronic trading share | 72% | 68% | +4pp |
| London share of global turnover | 37% | 38% | -1pp |
| Singapore share of global turnover | 10% | 9% | +1pp |
Figures are based on preliminary 2025 survey data. Final results may include revisions. Source: BIS Triennial Central Bank Survey 2025.
Use Cases for Forex Participants
The BIS Triennial Survey data has a wide range of practical applications for different types of market participants, from retail traders to institutional investors and policymakers.
For Retail and Institutional Traders
- Currency selection: Understanding which currency pairs are most liquid can help traders choose instruments with tighter spreads and lower execution costs. The survey shows that major pairs (USD/EUR, USD/JPY, USD/GBP) consistently account for the largest share of turnover.
- Broker evaluation: Traders can use the survey data to assess whether their broker's liquidity providers and execution quality are aligned with market norms, particularly in terms of order execution speed and spread competitiveness.
- Strategy development: The survey's breakdown of turnover by instrument type (spot, forwards, swaps, options) can inform strategy choices. For example, if swap turnover is growing, traders might consider incorporating swap-based strategies into their approach.
For Financial Institutions and Corporates
- Risk management: The survey provides a benchmark for assessing market depth and liquidity, which is essential for managing currency exposure and hedging programs.
- Location strategy: For institutions with multiple trading desks, the geographic breakdown of turnover can inform decisions about resource allocation and operational presence in different regions.
- Product development: The survey highlights which instruments are gaining or losing popularity, guiding investment banks and brokers in developing new products and services.
For Regulators and Policymakers
- Market monitoring: The survey provides a baseline for monitoring market size and growth, helping regulators identify potential risks and develop appropriate policy responses.
- Financial stability: By tracking the composition and distribution of market activity, regulators can better assess systemic risks and ensure the resilience of the financial system.
- International coordination: The survey facilitates international cooperation among central banks and regulators, supporting consistent and effective oversight of global financial markets.
Evaluating the Survey Data
While the BIS survey is the gold standard for forex market data, it is important to understand its strengths and limitations. Critical evaluation of the data ensures that you use it appropriately and avoid common pitfalls.
Strengths of the BIS Survey
- Comprehensive coverage: The survey covers over 50 jurisdictions and includes a wide range of financial institutions, providing the most complete picture of the global market.
- Consistent methodology: The survey uses a standardized methodology across countries, enabling reliable cross-country comparisons and trend analysis.
- Long time series: Data is available from 1989 onwards, allowing analysis of long-term structural changes in the market.
- High credibility: The BIS is an authoritative international institution, and the survey is widely trusted by market participants and regulators.
Limitations and Considerations
- Triennial frequency: The survey is conducted only once every three years, so it does not capture intra-year changes or sudden market shifts.
- Self-reporting: Data is self-reported by financial institutions, which may introduce reporting gaps or inconsistencies.
- Retail market coverage: The survey focuses primarily on interbank and institutional activity, with limited coverage of the retail forex market.
- Single-day snapshot: The data is based on turnover for a single day in April, which may not be representative of average daily activity over the entire year.
Comparison of Data Sources
| Data Source | Coverage | Frequency | Best For | Limitations |
|---|---|---|---|---|
| BIS Triennial Survey | Global, institutional focus | Every 3 years | Structural analysis, trend identification | Not real-time, limited retail coverage |
| CFTC COT Report | US futures markets | Weekly | Positioning analysis | Futures only, not spot |
| Central Bank Data | National markets | Monthly/Quarterly | Regional analysis | National focus, not global |
| Private Data Vendors | Real-time/Historical | Continuous | Trading execution | Cost, potential bias |
The BIS survey is most valuable for strategic decision-making and understanding long-term market trends, while real-time data sources are better suited for day-to-day trading execution.
Practical Decision Framework
Using the BIS survey data effectively requires a structured approach. The following checklist and decision criteria will help you incorporate survey insights into your trading and risk management practices.
Pre-Trade Checklist Using BIS Insights
- Review the latest BIS survey to understand which currency pairs have the highest liquidity and tightest spreads.
- Assess whether your preferred currency pair's turnover has increased or decreased compared to previous surveys, indicating shifting liquidity conditions.
- Consider the concentration of trading activity — are you trading a pair that is heavily concentrated in a single trading center that may have different risk characteristics?
- Evaluate the survey's instrument breakdown — if swaps or options are growing faster than spot, consider whether your strategy should incorporate these instruments.
- Check the geographic distribution of turnover — if you are trading during Asian hours, ensure your broker's liquidity providers are active in that region.
- Use the survey data to set realistic expectations for execution quality, slippage, and spread variability.
- Combine BIS data with other sources (CFTC COT, volatility indices) for a more comprehensive view.
- Revisit the survey findings periodically as new data becomes available to adjust your strategies accordingly.
Decision Criteria Table
| Decision Area | What to Look For (BIS Data) | Potential Action |
|---|---|---|
| Currency pair selection | High turnover, growing share | Prefer highly liquid pairs (EUR/USD, USD/JPY) |
| Trading instrument | Growing turnover in specific instruments | Consider swaps or options if their activity is rising |
| Trading session | Geographic concentration of turnover | Trade during the most active session for your pair |
| Broker selection | Liquidity provider network | Choose brokers with access to deep liquidity pools |
| Risk management | Market size and depth | Adjust position sizes based on market capacity |
| Strategy development | Trends in instrument and counterparty activity | Adapt strategies to align with evolving market structure |
The BIS survey provides a strategic lens, but it should be complemented with current market data and execution-level analysis for day-to-day trading decisions.
Common Mistakes When Using BIS Survey Data
Despite the survey's authority, traders and institutions sometimes misuse or misinterpret the data. Recognizing these common mistakes can help you use the survey more effectively.
⚠ Common Mistakes
- Treating survey data as real-time: The survey is conducted once every three years and does not reflect current market conditions. Using it for short-term trading decisions is a common error.
- Ignoring the retail market: The survey focuses on institutional activity. Retail traders may find that their execution conditions differ significantly from the survey's averages, particularly in terms of spreads and slippage.
- Overestimating liquidity based on turnover: High turnover does not always translate to tight spreads or low slippage, especially for less liquid pairs or during volatile periods.
- Overlooking concentration risk: The survey shows that a small number of trading centers dominate the market. This concentration can create unique risks (e.g., regulatory changes in a single jurisdiction) that the survey does not explicitly highlight.
- Misinterpreting currency pair rankings: A currency pair's share of turnover can vary significantly by instrument type and region. Understanding the context is crucial for accurate interpretation.
- Neglecting to verify broker claims: Some brokers may cite BIS data to suggest they offer market-leading execution. Always verify broker claims with independent sources and regulatory databases.
The CFTC and NFA warn traders to be cautious about relying on any single data source, including the BIS survey. The FINRA also advises investors to understand the limitations of aggregate market data and to consult multiple sources before making trading decisions.
Risk Warning: Survey Data Is Not a Trading Signal
⚠ Important Risk Disclosures
The BIS Triennial Central Bank Survey is an invaluable resource for understanding the structure and evolution of the global forex market. However, it is not a trading signal and should not be used as the sole basis for trading decisions. The following risks are particularly relevant when using survey data:
- Data lag: The survey results are published months after the data collection period. By the time you access the data, market conditions may have changed significantly.
- Aggregation bias: The survey presents aggregate figures that may not reflect conditions for individual currency pairs, instruments, or execution venues.
- Structural change risk: The survey captures a static snapshot of the market. Rapid structural changes (e.g., shifts in regulatory frameworks, geopolitical developments) may not be reflected in the data.
- Execution risk: Even for highly liquid pairs, execution quality can vary significantly between brokers and market conditions. Survey data does not guarantee tight spreads or low slippage.
- Regulatory risk: Changes in regulatory requirements in key trading centers can affect market structure and liquidity in ways that the survey does not capture.
This is not financial advice. Always consult with a qualified financial advisor before making any trading decisions. Past performance and historical market data are not indicative of future results. Verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider.
For more information, refer to the BIS official publications, the CFTC's retail forex and fraud education materials, the NFA BASIC database for broker registration, and FINRA investor alerts on market data and trading strategies.
Frequently Asked Questions
Q: What is the BIS Triennial Central Bank Survey?
The BIS Triennial Central Bank Survey is a comprehensive global survey conducted every three years by the Bank for International Settlements. It collects detailed data on foreign exchange and OTC derivatives market activity from central banks and other official institutions, providing the most authoritative measure of global forex turnover.
Q: What were the key findings of the 2025 BIS Triennial Survey?
The 2025 survey showed global forex turnover continued its upward trend, with daily trading volume exceeding $8 trillion for the first time. The US dollar remained the dominant currency, while emerging market currencies gained share. Electronic trading and algorithmic trading continued to grow, and London, New York, and Singapore remained the top trading centers.
Q: Why is the BIS Triennial Survey important for forex traders?
The survey provides the most reliable and comprehensive picture of the global forex market, including turnover by currency pair, instrument type, counterparty, and geographic location. This data helps traders understand market structure, liquidity patterns, and trends that can influence trading strategies and risk management decisions.
Q: How does the BIS survey collect forex turnover data?
The BIS collects data through a coordinated effort with 50+ central banks and monetary authorities around the world. These institutions gather information from financial institutions in their jurisdictions, including banks, dealers, and other financial intermediaries. The data covers spot, forwards, swaps, options, and other derivative instruments.
Q: What are the main limitations of the BIS survey data?
Limitations include the survey being conducted only once every three years, so it does not capture intra-year changes. It also relies on self-reporting by financial institutions, which may have reporting gaps. Additionally, the survey focuses on interbank and institutional activity, with limited coverage of retail forex trading.
Q: How can traders use BIS survey results in their trading?
Traders can use the survey to understand which currency pairs are most liquid, identify rising or declining trading centers, assess the growth of electronic trading, and track the evolution of derivative instruments. This information can inform broker selection, strategy development, and risk management practices.
Q: What is the relationship between BIS survey data and forex market regulation?
The BIS survey data informs regulatory bodies like the CFTC, NFA, and ESMA about market size and structure. Regulators use this data to assess systemic risk, formulate policy, and monitor market integrity. The data also helps in the enforcement of rules related to transparency, leverage, and client fund protection.
Q: Where can I access the full BIS Triennial Survey 2025 results?
The full results are published on the Bank for International Settlements official website (www.bis.org). The release includes detailed statistical tables, explanatory notes, and analytical chapters. Many central banks and financial news outlets also provide summaries and analysis of the key findings.