The BIS Triennial Central Bank Survey is the most authoritative source of information on the size and structure of global foreign exchange markets. This guide explains what the April 2025 survey revealed about forex daily turnover, how the data is collected, how to interpret the findings, and how traders and analysts can use this information to inform their decisions.
The Bank for International Settlements (BIS) Triennial Central Bank Survey is the most comprehensive and authoritative source of data on the size and structure of global over-the-counter (OTC) foreign exchange and interest rate derivatives markets[reference:0]. Conducted every three years since 1986, the survey provides a detailed snapshot of market activity during the month of April[reference:1][reference:2].
The survey is coordinated by the BIS under the auspices of the Markets Committee (for the FX part) and the Committee on the Global Financial System (for the interest rate derivatives part)[reference:3]. It has been supported through the Data Gaps Initiative endorsed by the G20, reflecting its importance for global financial stability monitoring[reference:4].
For the 2025 survey, central banks and other authorities in 52 jurisdictions participated, collecting data from more than 1,100 banks and other dealers in their jurisdictions[reference:5][reference:6]. The survey aims to increase the transparency of OTC markets and help central banks and market participants monitor global financial markets[reference:7].
The Triennial Survey collects data on turnover in foreign exchange spot and OTC derivatives markets, as well as data on FX settlement[reference:8]. Turnover data are reported by the sales desks of reporting dealers, regardless of where a trade is executed, and on an unconsolidated basis — meaning that trades between related entities within the same group are included[reference:9].
For the 2025 survey, the reference period was April 2025[reference:10]. Data on outstanding notional amounts and gross market values of various OTC derivatives were collected at the end of June 2025[reference:11].
The survey follows a staggered publication schedule:
The data are subject to revision, and users should always consult the latest official BIS publications for the most up-to-date figures[reference:17].
The 2025 Triennial Survey revealed that trading in OTC FX markets reached $9.6 trillion per day in April 2025 on a "net-net" basis, up 28% from the $7.5 trillion recorded in the 2022 survey[reference:19][reference:20]. This represents a significant acceleration in FX market growth, driven by increased trading in spot, forwards, and options.
The survey also showed that OTC interest rate derivatives turnover surged 59% to $7.9 trillion per day in April 2025[reference:21].
FX trading continues to be heavily concentrated in the largest financial centres. In April 2025, FX sales desks in four locations – the United Kingdom, the United States, Singapore, and Hong Kong SAR – accounted for 75% of total FX trading[reference:22][reference:23]. The United Kingdom remained the most important FX trading centre.
Inter-dealer trading accounted for 46% of global turnover, almost unchanged from 47% in 2022[reference:24]. The share of trading with "other financial institutions" (including hedge funds, pension funds, and asset managers) was 50%, up from 47%[reference:25]. At $4.8 trillion, turnover with other financial institutions was 35% higher than in 2022, driven by a 72% increase in outright forwards and a 50% increase in spot transactions with this counterparty group[reference:26].
| Metric | April 2025 | April 2022 | Change |
|---|---|---|---|
| Global FX daily turnover | $9.6 trillion | $7.5 trillion | +28% |
| OTC interest rate derivatives turnover | $7.9 trillion | $5.0 trillion | +59% |
| FX swaps turnover | $4.0 trillion | $3.8 trillion | +5% |
| FX spot turnover | $3.0 trillion | $2.1 trillion | +42% |
| Outright forwards turnover | $1.8 trillion | $1.1 trillion | +60% |
FX swaps remained the most traded instrument, with average daily turnover rising 5% to $4 trillion in April 2025[reference:27]. However, their share of global turnover dropped to 42% from 51% in 2022, as other instruments grew more rapidly[reference:28].
Turnover of FX spot increased by 42% and outright forwards rose 60%[reference:29]. Their shares in global turnover increased to 31% and 19%, respectively, up from 28% and 15% in 2022[reference:30].
Turnover of FX options more than doubled, reflecting increased demand for hedging and volatility-related strategies[reference:31].
In the OTC interest rate derivatives segment, contracts denominated in euros nearly doubled to $3.0 trillion in April 2025, reaching 38% of the global total[reference:32]. Turnover of US dollar contracts increased by 7% to $2.4 trillion, but their global share dropped to 31%[reference:33]. Contracts in sterling and Japanese yen derivatives soared by 179% and 684%, respectively[reference:34].
The US dollar continued to dominate global FX markets, being on one side of 89.2% of all trades in April 2025, up from 88.4% in 2022[reference:36][reference:37]. This reflects the dollar's status as the primary reserve currency and its central role in international trade and finance.
The euro remained the second most actively traded currency, but its share fell to 28.9% from 30.6% in 2022[reference:38][reference:39]. The Japanese yen was virtually unchanged at 16.8%[reference:40][reference:41].
The share of sterling declined to 10.2% from 12.9% in 2022[reference:42][reference:43]. Meanwhile, the shares of the Chinese renminbi and the Swiss franc rose to 8.5% and 6.4%, respectively[reference:44]. The Swiss franc advanced to become the sixth most traded currency[reference:45].
The survey highlighted an outsized growth in emerging market currency activity. Trade in emerging market currencies grew at more than double the pace of developed market currencies over the three years to April 2025[reference:46]. The Mexican peso, for example, saw global daily average turnover increase from $114 billion in 2022 to $153 billion in 2025[reference:47].
| Currency | Share of Global Turnover (April 2025) | Change from April 2022 |
|---|---|---|
| US dollar | 89.2% | +0.8 pp |
| Euro | 28.9% | -1.7 pp |
| Japanese yen | 16.8% | ~0 |
| Sterling | 10.2% | -2.7 pp |
| Chinese renminbi | 8.5% | +1.5 pp |
| Swiss franc | 6.4% | +1.2 pp |
The Triennial Survey provides the most authoritative benchmark for the size of the global FX market. Financial institutions, asset managers, and corporate treasuries use the data to understand the scale of the market they are operating in, to benchmark their own trading volumes, and to assess market share.
By breaking down turnover by instrument, currency, and counterparty type, the survey helps market participants assess liquidity conditions in different segments of the FX market. For example, the growth in spot and forwards turnover suggests increasing liquidity in these instruments, while the decline in the share of swaps may indicate shifting hedging practices.
Banks and brokerages use the survey data to inform strategic planning decisions, such as where to locate trading desks, which currencies to focus on, and how to allocate resources across different instruments and counterparty segments.
Central banks and regulatory authorities use the survey to monitor financial stability, identify emerging risks, and evaluate the impact of regulatory reforms on market structure[reference:48].
Traders and quantitative analysts use the data to inform trading strategies. Understanding which currencies and instruments are seeing the most growth can help identify opportunities and assess the competitive landscape.
Example scenario: A global asset manager is considering expanding its FX trading capabilities in Asia. By analysing the 2025 Triennial Survey data, the firm notes that Singapore and Hong Kong SAR together account for a significant share of global FX trading[reference:49]. The firm also observes that trading in the Chinese renminbi has grown to 8.5% of global turnover[reference:50]. Based on this data, the firm decides to establish a trading desk in Singapore and increase its focus on renminbi-denominated products.
The BIS reports turnover on a "net-net" basis, which means that inter-dealer double-counting is eliminated[reference:51]. This provides a more accurate measure of end-user activity in the market.
The data released in September 2025 are preliminary and subject to revision[reference:52]. The final turnover data, along with analytical articles, were released with the BIS Quarterly Review in December 2025[reference:53]. Users should always consult the final data for the most accurate figures.
While the Triennial Survey is the most comprehensive source of FX market data, it has limitations:
The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) also provide valuable data and educational resources on FX markets. The Federal Reserve publishes exchange rate data and economic analysis that can complement the BIS survey findings. Always verify current rules, fees, spreads, and broker availability with the relevant authority or provider.
While the BIS Triennial Survey is the gold standard for FX market data, users should be aware of its limitations and the risks of misinterpreting the data.
Key risks and limitations:
This guide does not provide personalised financial, legal, or tax advice. Always consult the official BIS publications and relevant regulatory sources for the most current and accurate data. Verify all current rules, fees, spreads, and broker availability with the relevant authority or provider before making any trading decisions.
For additional context, refer to the CFTC and NFA investor education materials, as well as the Federal Reserve's exchange rate publications. The BIS itself provides extensive analytical articles and data visualisations that can help users interpret the survey findings.