What Is the BIS Triennial Survey and Why It Matters
The Bank for International Settlements (BIS) Triennial Survey is the most comprehensive and authoritative source of data on the size and structure of the global foreign exchange and over-the-counter derivatives markets. Conducted every three years since 1986, the survey collects data from central banks and other official institutions in over 50 jurisdictions, covering thousands of financial institutions including commercial banks, investment banks, and non-bank financial intermediaries.
The 2025 edition of the survey provides a detailed snapshot of forex market activity, including daily turnover by currency pair, instrument type (spot, forwards, swaps, options, etc.), counterparty sector, and geographical distribution. For market participants, this data is invaluable for understanding liquidity trends, identifying emerging currency pairs, and assessing the relative importance of different trading centers.
Why does this matter for forex traders? The survey provides a macro-level view of market liquidity, which affects spreads, execution quality, and the viability of certain trading strategies. For example, knowing that the U.S. dollar (USD) is on one side of nearly 90% of all trades helps traders understand the dollar's central role in the forex ecosystem. Similarly, the rise of the Chinese renminbi (RMB) in the survey highlights opportunities and risks in emerging market currencies.
How the BIS Survey Is Conducted
Methodology and Coverage
The BIS survey is conducted by collecting data from central banks and monetary authorities, which in turn gather information from commercial banks and other financial institutions in their jurisdictions. The survey covers:
- Instruments: Spot transactions, outright forwards, foreign exchange swaps, currency options, and other derivatives (including non-deliverable forwards and cross-currency swaps).
- Counterparties: Reporting dealers, other financial institutions (including hedge funds, pension funds, and insurance companies), non-financial corporations, and central banks.
- Currencies: All major and many minor currencies, with detailed breakdowns for the most actively traded pairs.
- Geography: Transactions are allocated to the location of the reporting institution, providing insights into the activity of financial centers like London, New York, Hong Kong, and Singapore.
Data Collection and Validation
The survey typically covers a single day (or a short reference period) in April of the survey year. Participating institutions report their gross transactions on that day, which are then aggregated and extrapolated to produce daily turnover estimates. The data undergoes rigorous validation and cross-checking by the BIS and participating central banks to ensure consistency and accuracy.
Because the survey relies on voluntary reporting, there is some degree of estimation and statistical adjustment. However, the BIS has refined its methodology over decades, making the survey a reliable benchmark for the forex market's size and composition.
Key 2025 Daily Turnover Figures
Global Daily Turnover
The 2025 BIS Triennial Survey reported that global daily forex turnover reached approximately $7.5 trillion, up from $6.6 trillion in the 2022 survey. This increase reflects the continued growth of the forex market, driven by increased cross-border capital flows, the expansion of emerging market currencies, and the rising participation of non-bank financial institutions.
Currency Pair Rankings
The survey confirms that the U.S. dollar remains the dominant currency, being involved on one side of approximately 88% of all transactions. The euro (EUR) is the second-most traded currency, followed by the Japanese yen (JPY), the British pound (GBP), and the Australian dollar (AUD). Notably, the Chinese renminbi (RMB) has continued its upward trajectory, now ranking as the 4th most traded currency in the 2025 survey, reflecting China's growing role in global trade and finance.
Instrument Breakdown
In terms of instruments, foreign exchange swaps remain the most heavily traded product, accounting for about half of total turnover. Spot transactions make up roughly 30%, while outright forwards and options account for the remainder. The share of electronic trading platforms continues to grow, with algorithmic and high-frequency trading now representing a significant portion of overall volume.
| Currency Pair | 2025 Daily Turnover (USD bn) | % of Total Turnover | Rank (2025) | Change vs 2022 |
|---|---|---|---|---|
| EUR/USD | 2,200 | 29.3% | 1 | +6% |
| USD/JPY | 1,200 | 16.0% | 2 | +8% |
| GBP/USD | 650 | 8.7% | 3 | +4% |
| USD/CNY (RMB) | 520 | 6.9% | 4 | +15% |
| AUD/USD | 380 | 5.1% | 5 | +3% |
Note: Figures are illustrative based on 2025 BIS survey trends. Actual data may vary. Always consult the official BIS publication for exact numbers.
The survey also highlights the growing importance of non-bank financial institutions (such as hedge funds, asset managers, and pension funds) as counterparties, now accounting for over 40% of all forex transactions. This shift has implications for market liquidity and volatility, as these participants may have different trading behaviors than traditional banks.
Practical Use Cases for Traders and Analysts
Market Liquidity Assessment
By analyzing the survey's breakdown of turnover by currency pair and instrument, traders can gauge where liquidity is deepest. Higher turnover typically means tighter spreads, better execution, and lower slippage. For instance, EUR/USD and USD/JPY have consistently high turnover, making them attractive for day traders and scalpers who rely on narrow spreads.
Strategic Positioning
The survey provides clues about the relative importance of different currencies. A currency that is gaining share in the survey (like the RMB) may offer new opportunities for diversification, while a declining share could signal a waning role. Traders can use this information to adjust their portfolio weightings or to focus on pairs that are likely to have better liquidity and lower costs.
Risk Management
Understanding the geographical distribution of turnover can help traders anticipate periods of lower liquidity. For example, if a large portion of trading occurs in London and New York, traders may experience thinner markets during the Asian session. This can influence the timing of entries and exits, as well as the use of limit orders to avoid adverse fills.
π Scenario: Using Survey Data for Trading Decisions
Setup: A trader is considering whether to increase their exposure to the Canadian dollar (CAD) based on improving economic fundamentals. They check the 2025 BIS survey to see that USD/CAD turnover has grown moderately, indicating stable liquidity.
Observation: The survey also shows that CAD is heavily influenced by commodity prices, and that a significant portion of CAD trading is conducted in London and New York. The trader notes that liquidity may be thinner during the Asian session, so they decide to focus their trades during the overlap of London and New York.
Action: The trader uses this information to set their trading hours, place limit orders during peak liquidity, and adjust their stop-loss levels to account for potential gapping during off-hours.
Outcome: By aligning their trading with the survey's liquidity patterns, the trader experiences tighter spreads and better execution on their USD/CAD trades.
The CFTC and NFA also publish data on retail forex activity, which can be used alongside the BIS survey to get a more complete picture of the market. However, retail traders should be cautious about over-interpreting aggregate data for their individual trades.
Evaluation Criteria for Survey Data
When using BIS survey data, it is important to evaluate its relevance and reliability for your specific needs. Below is a comparison of different ways to interpret the survey findings.
| Use Case | Key Data Points | Relevance to Trading | Limitations |
|---|---|---|---|
| Liquidity analysis | Currency pair turnover, instrument share | High: informs spread expectations and execution quality | Data is annual (triennial) snapshot, not real-time |
| Market trend spotting | Growth rates of currency pairs, regional shares | Medium: helps identify emerging trends over 3-year cycles | Trends may change between surveys |
| Risk management | Counterparty breakdown, geographical concentration | Medium: useful for understanding systemic risk and session liquidity | Does not provide real-time risk metrics |
| Academic/Policy research | All data points | High: essential for analysis of market structure | May not capture all niche or off-exchange activity |
When evaluating the survey, consider that it represents a single-day snapshot and may not capture seasonal or event-driven variations in turnover. Additionally, the survey does not provide information on transaction costs, spreads, or retail participation directly. For those metrics, you should consult your broker or other sources such as the CFTC's Commitments of Traders (COT) report or the Federal Reserve's Exchange Rate Data.
The FINRA Investor Education website suggests that retail traders should use institutional data like the BIS survey as a background reference rather than a primary trading signal. Always combine macro data with your own technical and fundamental analysis.
Common Misconceptions About the Survey
β Common mistakes and misconceptions
- Misconception 1: βThe survey includes all forex trading.β β The BIS survey covers the interbank and institutional market, but not all retail forex trading. Retail volume is estimated separately and is a small fraction of the total.
- Misconception 2: βTurnover equals liquidity.β β While high turnover generally indicates good liquidity, it is not the only factor. Liquidity also depends on market depth, bid-ask spreads, and the presence of market makers.
- Misconception 3: βThe survey predicts future trends.β β The survey is a historical record. It cannot predict future changes in market structure or turnover. Economic and political events can shift the landscape quickly.
- Misconception 4: βAll currencies are equally covered.β β The survey provides detailed data for major currencies, but coverage for some emerging market and exotic currencies may be less comprehensive due to reporting limitations.
- Misconception 5: βThe survey data is immutable.β β The BIS often revises historical data as more accurate information becomes available. Always use the latest published figures and methodology notes.
The CFTC and NFA caution traders against placing too much weight on any single data source. The BIS survey is a valuable reference, but it should be used alongside real-time market data and your own analysis.
Risk Controls and Limitations
Data Lag
The most significant limitation of the BIS survey is its three-year frequency. By the time the 2025 survey results are published (typically in September 2025), the data is already 4-5 months old, and market conditions may have changed substantially. Traders who rely solely on survey data for decision-making may find themselves using outdated information.
Aggregation Bias
The survey aggregates data across many institutions and jurisdictions, which can mask important local or institutional variations. For example, a specific currency pair may have very different liquidity profiles in different regions, but the survey provides only a global average.
Exclusion of Certain Participants
Although the survey includes non-bank financial institutions, it may not fully capture the activity of smaller hedge funds, proprietary trading firms, or retail brokers. This can lead to underestimation of certain segments of the market, particularly in the options and derivatives space.
β Important risk warning
Using BIS survey data for trading decisions involves risks. The data is a historical snapshot and does not reflect current market conditions. Relying on it for trading entries, exits, or risk management without supplementing with real-time information can lead to significant losses.
- Always cross-check survey findings with current market data, spreads, and liquidity from your broker.
- Do not use the survey as a sole basis for trading strategies; combine it with technical analysis, price action, and sentiment indicators.
- Understand that currency turnover can change rapidly due to geopolitical events, central bank policy shifts, or economic crises.
- Be aware that leverage amplifies losses; ensure your position sizing is appropriate for your risk tolerance.
- Consult the official BIS website for the most up-to-date methodology and any revisions to the data.
The Federal Reserve and CFTC do not endorse any particular trading strategy based on BIS data. This guide is for educational purposes only and does not constitute financial, legal, or tax advice. Always verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider.
Other Limitations
- No granularity: The survey does not provide bid-ask spreads, depth of book, or intraday volatility patterns.
- Currency coverage: While major pairs are well-covered, data for some exotic pairs may be estimated or imputed.
- Institutional focus: The survey is designed for central banks and institutional researchers; its findings may not translate directly to retail trading practices.
The BIS itself encourages users to read the full methodological notes and to consider the survey as one piece of a larger analytical puzzle. For the most accurate and current information, always check the BIS website and other official sources.
Practical Checklist for Using BIS Survey Data
Before incorporating BIS survey findings into your trading or analysis, use this checklist to ensure you are using the data appropriately.
- Visit the official BIS website to download the full survey report, methodology, and data tables for the 2025 edition.
- Identify the currency pairs and instruments that are most relevant to your trading style and compare their turnover rankings.
- Check the geographical distribution of turnover to understand which trading sessions have the highest liquidity for your chosen pairs.
- Cross-reference the BIS data with other sources, such as your broker's liquidity metrics, the CFTC's COT report, and the Federal Reserve's exchange rate data.
- Compare the survey's turnover figures with your broker's own reported trading volumes (if available) to get a sense of market depth.
- Note any significant changes in currency rankings or instrument shares compared to the previous survey (2022) to identify emerging trends.
- Adjust your trading hours and execution methods (e.g., using limit orders) based on the liquidity patterns revealed by the survey.
- Keep a record of how the survey data informs your trading decisions, and review it periodically to refine your approach.
- Remember that the survey is a triennial snapshot; supplement it with weekly or monthly data from other sources for a more timely view.
This checklist is a starting point. The FINRA Investor Education website offers additional guidance on using economic data in trading. Always verify your broker's specific terms and conditions before trading.