The Bank for International Settlements (BIS) Triennial Central Bank Survey is the most comprehensive source of information on the size and structure of global over-the-counter (OTC) foreign exchange markets[reference:0]. In April 2022, global FX trading reached US$7.5 trillion per day, up 14% from US$6.6 trillion in 2019[reference:1]. This guide explains what BIS Forex Turnover means, how it works, how to use the data, how to evaluate it, and what risks to watch for.
BIS Forex Turnover refers to the average daily trading volume in the global OTC foreign exchange market, as measured by the Bank for International Settlements through its Triennial Central Bank Survey. The survey has been conducted every three years since 1986 and covers more than 1,200 banks and other financial institutions across 52 jurisdictions[reference:2][reference:3]. The 2022 edition is the 13th Triennial Survey.
The BIS Forex Turnover figure is reported on a "net-net" basis, which means that inter-dealer double-counting is removed to provide a clearer picture of actual market activity[reference:4]. This makes the BIS data the gold standard for understanding global FX market size, liquidity, and structure.
The BIS collects turnover data from sales desks of reporting dealers, regardless of where a trade is executed, on an unconsolidated basis (including trades between related entities within the same group)[reference:6]. National central banks and authorities in each participating jurisdiction aggregate the data and report it to the BIS for global consolidation.
The net-net basis eliminates double-counting by adjusting for inter-dealer transactions. This methodology ensures that the final turnover figure reflects genuine end-user and inter-institutional activity without inflation from redundant reporting[reference:7].
The BIS Forex Turnover includes five main instrument categories:
In April 2022, FX swaps accounted for the largest share at 51% of global turnover, up from 49% in 2019[reference:8]. Spot trades fell to 28% (from 30%), while outright forwards remained unchanged at 15%[reference:9].
The survey captures activity from sales desks in 52 jurisdictions. In April 2022, the United Kingdom, the United States, Singapore, Hong Kong SAR, and Japan together accounted for 78% of global FX trading[reference:10]. The United Kingdom remained the largest centre with a 38% share, though this was down from 43% in 2019[reference:11].
The US dollar remained on one side of 88% of all FX trades, unchanged over the past decade[reference:12]. The euro was second at 31%, followed by the Japanese yen and pound sterling. The renminbi rose to 7% market share, making it the fifth most traded currency in 2022, up from eighth place in 2019[reference:13].
The 2022 BIS Triennial Survey revealed several important trends that shape how market participants understand global FX liquidity and structure.
US$7.5 trillion per day in April 2022, up 14% from US$6.6 trillion in 2019[reference:14].
FX swaps: 51% • Spot: 28% • Forwards: 15% • Options & others: 6%[reference:15].
UK (38%), US (19%), Singapore (9%), Hong Kong (7%), Japan (5%) – together 78% of global turnover[reference:16].
USD: 88% of all trades • EUR: 31% • JPY: 17% • GBP: 13% • CNY: 7% (up from 8th in 2019)[reference:17].
BIS Forex Turnover data is not just a headline number. It serves multiple practical purposes for different types of market participants.
Central banks use BIS turnover data to monitor global financial stability, assess currency market liquidity, and inform policy decisions. The survey helps identify emerging risks, such as the US$2.2 trillion of daily turnover exposed to settlement risk[reference:19].
Portfolio managers and institutional investors rely on BIS data to evaluate market depth and liquidity across currency pairs. The data helps inform currency allocation, hedging strategies, and execution decisions.
Multinational corporations use BIS turnover insights to benchmark FX hedging costs, assess counterparty risk, and understand the relative liquidity of different currency pairs when managing foreign exchange exposure.
Academics and market analysts use the detailed BIS tables (by instrument, currency, counterparty, and maturity) to study market microstructure, currency internationalisation, and the evolution of OTC derivatives markets[reference:20].
A corporate treasurer at a global manufacturing firm needs to hedge a large EUR/USD exposure for the next 12 months. Before selecting a counterparty and tenor, the treasurer reviews the BIS 2022 turnover data and notes that FX swaps accounted for 51% of global daily turnover, with the USD/EUR pair alone averaging US$1.29 trillion per day[reference:21]. This high liquidity suggests tight bid-ask spreads and efficient execution, giving the treasurer confidence to proceed with a competitively priced swap.
When using BIS Forex Turnover data for analysis or decision-making, consider the following evaluation criteria.
| Metric | 2022 | 2019 | Change |
|---|---|---|---|
| Daily turnover (all instruments) | US$7.5 tn | US$6.6 tn | +14% |
| FX swaps share | 51% | 49% | +2 pp |
| Spot share | 28% | 30% | −2 pp |
| Outright forwards share | 15% | 15% | Unchanged |
| USD share of all trades | 88% | 88% | Unchanged |
| Renminbi rank | 5th | 8th | +3 places |
Source: BIS Triennial Central Bank Survey 2022[reference:23][reference:24].
Despite the authority of the BIS Triennial Survey, several misconceptions persist about what the turnover figures represent and how they should be interpreted.
The BIS Triennial Survey does not just measure turnover – it also identifies risks that deserve attention. The December 2022 BIS Quarterly Review provided detailed analysis of shifts in trading patterns and market structure, pinpointing several areas of concern[reference:29].
In April 2022, US$2.2 trillion of daily FX turnover was exposed to settlement risk, up from an estimated US$1.9 trillion in April 2019[reference:30][reference:31]. Settlement risk occurs when one counterparty makes a payment but does not receive the currency it is buying, which can lead to significant losses and, in some cases, systemic consequences[reference:32].
According to BIS authors Marc Glowka and Thomas Nilsson, this amount represents about one third of total deliverable FX turnover[reference:33]. Despite mechanisms such as CLS (Continuous Linked Settlement) that mitigate settlement risk, a large portion of turnover remains unprotected[reference:34].
BIS analysis also revealed that FX swaps, forwards, and currency swaps give rise to future payment obligations equivalent to over US$80 trillion worldwide[reference:35]. Because these obligations are not reported on banks' balance sheets, standard debt statistics fail to capture them, creating a "hidden" US dollar debt that could pose financial stability risks[reference:36][reference:37].
The concentration of FX trading in a small number of financial centres and dealer banks means that disruption to any major participant could have outsized effects on global liquidity. The BIS has noted a continued shift toward less "visible" FX trading venues, which may reduce price transparency and increase counterparty risk[reference:38].
The BIS Forex Turnover 2022 figure is US$7.5 trillion in average daily trading volume in April 2022, measured on a net-net basis across all FX instruments, according to the BIS Triennial Central Bank Survey[reference:42].
BIS Forex Turnover is calculated by collecting data from more than 1,200 banks and dealers across 52 jurisdictions[reference:43]. The net-net basis eliminates double-counting from inter-dealer transactions to reflect actual turnover[reference:44].
The 2022 BIS Forex Turnover includes spot transactions, outright forwards, FX swaps, currency swaps, and FX options. FX swaps accounted for 51% of global turnover in April 2022[reference:45].
The US dollar remained the dominant currency, being on one side of 88% of all FX trades in April 2022[reference:46]. The euro, Japanese yen, pound sterling, and renminbi followed as the next most traded currencies[reference:47].
BIS Forex Turnover captures institutional OTC FX activity across banks, dealers, and financial institutions globally. Retail forex volume represents a much smaller fraction of total turnover, typically less than 5%.
Key risks include settlement risk (US$2.2 trillion of daily turnover exposed), hidden US dollar debt via FX swaps, counterparty credit risk, and liquidity risk[reference:48][reference:49]. The BIS Quarterly Review highlights these concerns[reference:50].
BIS Forex Turnover data helps evaluate market liquidity, currency dominance, geographical concentration, and shifts in instrument usage. It is widely used by central banks, institutional investors, and researchers[reference:51].
Official BIS Forex Turnover 2022 data is available on the BIS Data Portal (data.bis.org) and through the BIS Triennial Survey publications, including detailed tables by instrument, currency, and country[reference:52].