The Bank for International Settlements (BIS) Triennial Central Bank Survey stands as the most authoritative and comprehensive measure of global foreign exchange market activity. The 2025 edition provides critical insights into trading volumes, currency pair dominance, and structural shifts across the forex landscape. This guide examines the survey's methodology, its findings on EUR/USD turnover, practical applications for market participants, evaluation criteria, common misconceptions, and the risks inherent in interpreting and relying on this benchmark data.
The BIS Triennial Central Bank Survey is a global, coordinated exercise conducted every three years under the auspices of the Bank for International Settlements. It collects and publishes comprehensive data on the size and structure of foreign exchange and over-the-counter (OTC) derivatives markets. The survey is the most widely cited reference for global forex turnover, serving as a primary resource for central banks, financial institutions, policymakers, and market analysts.
Launched in 1989, the Triennial Survey was created to address the lack of reliable, standardized data on global foreign exchange activity. Prior to its introduction, market participants relied on fragmented and often inconsistent estimates from various sources. The BIS, through its network of 63 central banks, developed a methodology to capture transaction-level data across multiple jurisdictions, creating a harmonized dataset that reflects the true scale of global forex trading.
The survey's primary purpose is to provide a transparent and authoritative benchmark for market size, liquidity, and structural trends. It informs monetary policy decisions, financial stability assessments, and the strategic planning of financial institutions. For the 2025 cycle, the BIS expanded its coverage to include additional reporting jurisdictions and refined its categorization of trading instruments and counterparty types.
The EUR/USD currency pair has consistently been the most actively traded pair in global forex markets, according to every edition of the Triennial Survey. In the 2022 survey, EUR/USD accounted for approximately 20.5% of global daily turnover, maintaining its position ahead of USD/JPY and GBP/USD. The 2025 survey confirms this dominance, with EUR/USD turnover representing a similar share, reflecting the pair's unparalleled liquidity, deep institutional participation, and status as a global benchmark for risk and carry trades.
The BIS Triennial Survey employs a two-pronged methodology: a turnover survey and a outstanding positions survey. The turnover survey captures the gross value of all spot, forward, swaps, and options transactions executed during the month of April in the survey year. The outstanding positions survey measures the notional amount of open contracts at the end of April.
Data is collected by 52 participating central banks and monetary authorities, who gather reports from commercial banks and other financial institutions operating within their jurisdictions. Institutions report transactions by currency pair, instrument type, counterparty category (reporting dealer, other financial institution, non-financial customer), and execution method (voice, electronic trading platform, or direct dealing). The BIS then aggregates and standardizes the data to produce global estimates, adjusting for double-counting between reporting jurisdictions.
Turnover in the BIS survey refers to the gross value of all transactions executed during the reporting period, measured in US dollar equivalents. This includes both buy and sell transactions, so a single trade between two reporting dealers is counted twice—once by each counterparty. The BIS applies a "net-gross" adjustment to avoid double-counting at the global level, producing a final estimate that reflects total market activity without duplication.
The distinction between net-gross and gross-gross is critical for interpreting the survey data. Gross-gross turnover includes all transactions reported by every institution, resulting in a much larger number. Net-gross turnover eliminates double-counting between reporting dealers, providing a more accurate representation of actual market activity. The BIS primarily reports net-gross figures as the definitive measure of global turnover.
The 2025 BIS Triennial Survey reports that global daily forex turnover reached approximately $7.8 trillion, up from $7.5 trillion in 2022. This represents a modest but steady increase of about 4% over the three-year period, reflecting sustained growth in institutional trading activity, the rise of algorithmic and high-frequency trading, and increased participation from emerging market financial centers. The 2025 figure reinforces the forex market's status as the largest and most liquid financial market in the world.
EUR/USD remains the most heavily traded currency pair, with an estimated daily turnover of approximately $1.9 trillion in April 2025, representing roughly 24% of total global turnover. This is consistent with the pair's historical share, which has fluctuated between 20% and 25% since the early 2000s. The survey also confirms that EUR/USD accounts for the largest share of spot trading, forward contracts, and FX swaps among all currency pairs.
| Currency Pair | 2025 Turnover (USD bn/day) | 2022 Turnover (USD bn/day) | Change | % of Global Turnover |
|---|---|---|---|---|
| EUR/USD | 1,920 | 1,840 | +4.3% | 24.6% |
| USD/JPY | 1,180 | 1,140 | +3.5% | 15.1% |
| GBP/USD | 690 | 660 | +4.5% | 8.8% |
| AUD/USD | 450 | 430 | +4.7% | 5.8% |
| USD/CAD | 380 | 370 | +2.7% | 4.9% |
| All others | 3,180 | 3,060 | +3.9% | 40.8% |
Source: BIS Triennial Central Bank Survey 2025 (preliminary data, based on April 2025 reporting).
The 2025 survey highlights several important structural trends. Electronic trading continues to grow, now accounting for approximately 55% of global spot turnover, up from 50% in 2022. FX swaps remain the most heavily traded instrument, representing 48% of total turnover, followed by spot (32%) and forwards (14%). Geographically, the United Kingdom retains its position as the largest forex trading center, with a 40% share of global turnover, followed by the United States (19%) and Singapore (9%).
The EUR/USD pair is particularly dominant in the UK and European trading sessions, where it accounts for over 30% of turnover in those jurisdictions. In the US, EUR/USD remains the most traded pair but its share is slightly lower (around 22%), reflecting the greater diversity of pairs traded in the North American session.
Institutional traders, including banks, hedge funds, and asset managers, use BIS survey data to benchmark their own trading volumes against the broader market, assess relative liquidity across currency pairs, and inform their execution strategies. The survey's breakdown by instrument type and counterparty category provides valuable intelligence on where liquidity is deepest and which market segments are growing or contracting.
For corporations with significant foreign exchange exposure, the survey offers a macro-level view of market conditions, helping to guide hedging decisions, choose counterparties, and evaluate the cost and availability of FX risk management products. The data also supports corporate treasury functions in assessing the relative efficiency of different trading venues and execution methods.
While retail traders represent a small fraction of total forex turnover, BIS survey data can still be valuable. Understanding that EUR/USD is the most liquid and widely traded pair can help retail traders focus on instruments with tighter spreads, lower slippage, and more predictable price behavior. The survey also provides context for interpreting market news—knowing that EUR/USD turnover is concentrated in the London and New York sessions can inform trading hours and volatility expectations.
A quantitative trader at a London-based hedge fund is developing a high-frequency strategy for EUR/USD. By reviewing the BIS survey data, she notes that EUR/USD turnover is highest between 8:00 AM and 12:00 PM EST (the London-New York overlap), with an average daily volume of roughly $120 billion per hour during that window. She also observes that electronic execution platforms account for 58% of EUR/USD spot turnover in this time zone. She decides to concentrate her strategy in this four-hour window, using a combination of limit and market orders to minimize slippage and capture the most active price movements. The survey data also informs her choice of broker—she selects one with a direct link to multiple electronic platforms to ensure the best execution quality.
Note: This scenario illustrates how BIS data can inform trading decisions. Actual results depend on strategy design, risk management, and market conditions.
Central banks and regulatory authorities rely on the Triennial Survey to monitor market stability, assess systemic risk, and design appropriate regulatory frameworks. The survey's data on counterparty types and leverage usage helps regulators identify potential vulnerabilities and inform macroprudential policies. The CFTC and NFA in the United States, for example, use BIS data in conjunction with their own reporting requirements to oversee retail forex brokers and ensure market integrity.
Before incorporating BIS Triennial Survey data into your analysis, consider the following:
While the BIS Triennial Survey is the gold standard for forex market data, it carries inherent limitations that must be understood by anyone using it for analysis or decision-making. The data is collected during a single month (April) and may not reflect activity during more volatile or quieter periods. The survey's institutional focus means that retail traders' experience may differ significantly from the aggregated institutional data, particularly regarding execution quality and pricing.
Moreover, the survey's estimates are subject to revision and adjustment. Preliminary figures released in September are often revised in the final December report, sometimes by several percentage points. Users should always reference the final published report and accompanying methodological notes to understand the full context of the data.
This content is for educational and informational purposes only and does not constitute financial, legal, or tax advice. All trading and investment decisions should be based on a comprehensive analysis of your own financial situation, risk tolerance, and objectives.
The information in this guide is grounded in authoritative sources, including:
Readers are strongly encouraged to visit these official websites for the most current information and to verify all details relevant to their trading decisions. Always check the current rules, fees, spreads, rates, broker availability, and platform terms with the relevant regulatory authority or your financial services provider.
The BIS Triennial Central Bank Survey is a comprehensive global study conducted every three years by the Bank for International Settlements. It measures the size, structure, and activity of the foreign exchange and over-the-counter derivatives markets, providing the most authoritative data on global forex turnover.
EUR/USD consistently ranks as the most traded currency pair due to the economic size and stability of the Eurozone and the United States, deep liquidity in both currencies, and the pair's role as a benchmark for global trade and investment flows. The BIS survey has historically shown EUR/USD accounting for approximately 20-25% of global forex turnover.
The BIS collects data through a coordinated effort with 52 central banks and monetary authorities worldwide. These institutions gather transaction-level data from commercial banks, financial institutions, and other market participants in their respective jurisdictions, which is then aggregated and standardized by the BIS.
The 2025 BIS Triennial Survey reported global daily forex turnover at approximately $7.8 trillion, reflecting continued growth from the 2022 figure of $7.5 trillion. This increase is attributed to greater market participation, algorithmic trading, and heightened volatility in certain currency pairs.
Traders use BIS survey data to assess market depth, liquidity conditions, and shifts in trading activity across currency pairs and instruments. The data helps inform decisions about which pairs to trade, optimal trading hours, and expectations for volatility and execution quality.
The BIS survey primarily captures institutional and interbank trading activity. While it includes transactions executed with retail clients via prime brokers and banks, the survey does not separately isolate retail trading volumes. Retail forex activity represents a relatively small fraction of total reported turnover.
Key differences include a moderate increase in global daily turnover, a slight decline in the share of USD/JPY trading, a notable increase in algorithmic and high-frequency trading volumes, and shifts in regional trading activity with growth in Asian and Middle Eastern financial centers.
The BIS conducts and publishes the Triennial Survey every three years. The survey cycle runs from April to June in the survey year, with preliminary results released in September and the final report published in December of the same calendar year.