This guide explains the BIS Triennial Central Bank Survey of foreign exchange turnover — its purpose, methodology, and practical relevance for market participants. We examine how to interpret the data, what it reveals about global FX market structure, and the limitations and risks that come with relying on aggregated survey statistics. Whether you are an institutional analyst, a policy researcher, or a retail trader seeking a deeper understanding of the market, this guide provides a balanced, evidence-based overview.
The BIS Triennial Central Bank Survey is the most comprehensive and authoritative global survey of foreign exchange and over-the-counter (OTC) derivatives markets. Conducted every three years by the Bank for International Settlements (BIS) in close coordination with central banks from around the world, the survey provides a consistent, cross-country benchmark for measuring the size, structure, and evolution of the global FX market.
The survey covers a wide range of instruments including spot transactions, outright forwards, foreign exchange swaps, currency options, and other derivatives. It captures turnover data across reporting institutions, including commercial banks, investment banks, and other financial entities that participate in the FX market.
According to the BIS, the survey was first conducted in 1989 and has been refined over subsequent triennial rounds to improve coverage and comparability. The 2025 survey represents the thirteenth iteration of this landmark data collection effort.
Understanding how the BIS Triennial Survey is constructed is essential for correctly interpreting its statistics.
The survey is conducted through a network of participating central banks, which gather data from financial institutions in their respective jurisdictions. Reporting institutions typically include:
Participating institutions report their gross turnover—the total value of all transactions—during a specified reference period, typically a single business day in April of the survey year. This "turnover" metric reflects both buy and sell sides, so the global total represents the gross volume of trades.
The survey reference date is typically a day in April (e.g., April 2025 for the 2025 survey). Data collection and validation take several months, with results usually published in September of the same year. This means there is a reporting lag of approximately 5–6 months between the survey reference date and publication. For some specific breakdowns, additional lag may apply.
The survey aims to cover all significant FX trading activity globally, including transactions that occur in both developed and emerging market financial centers. However, coverage can vary by jurisdiction, and some smaller or less developed markets may have less complete reporting. The BIS notes that the survey covers "the vast majority" of global FX turnover, but some gaps remain.
The BIS Triennial Survey produces a wealth of statistics. Below are the most widely cited figures and trends from recent survey rounds.
Global foreign exchange turnover reached approximately $9.5–$9.6 trillion per day in April 2025, according to the 2025 BIS survey. This represents an increase of roughly 27–28% from the $7.5 trillion recorded in the 2022 survey, driven largely by increased activity in FX swaps, spot trading, and emerging market currencies.
The US dollar remains the dominant currency, appearing on one side of approximately 88–90% of all trades. The euro, Japanese yen, pound sterling, and Australian dollar are also among the most actively traded, reflecting their roles as reserve and investment currencies. The Chinese renminbi has steadily increased its share, reflecting China's growing integration into global financial markets.
By instrument type, the survey typically shows that:
The UK (primarily London), the United States, and Singapore continue to be the largest FX trading centers, together accounting for over 60% of global turnover. Other significant hubs include Hong Kong SAR, Japan, and Switzerland.
The BIS Triennial Survey is used by a wide range of market participants. Below are the primary use cases.
Asset managers and pension funds use the data to size the market, assess liquidity, and benchmark their own FX activity against global aggregates. The survey also informs currency allocation decisions and risk management frameworks.
Central banks rely on the survey to monitor market structure, track the international role of their currencies, and assess the stability of financial systems. The data also supports policy discussions at the BIS and G20.
Multinational corporations use the turnover statistics to evaluate counterparty risk, choose execution venues, and benchmark their own hedging costs against market averages.
While less directly actionable for retail traders, the survey data provides context for understanding market depth, volatility patterns, and the relative importance of different currency pairs and instruments.
In each case, the BIS survey serves as a common reference point that helps align market participants' expectations and strategies around a shared, authoritative dataset.
Proper evaluation of BIS turnover statistics requires more than reading the headline numbers. Several factors influence how the data should be interpreted.
The survey reports gross turnover, meaning both sides of each transaction are counted. If Bank A sells $10 million to Bank B, the survey counts that as $10 million on each side, contributing $20 million to total reported turnover. This convention is standard for OTC markets but can inflate the perceived size of the market relative to net flows.
Transactions involving two reporting institutions may be counted twice if both report their side. The BIS applies statistical adjustments to mitigate double counting, but the gross basis remains appropriate for measuring transaction volumes.
Because each survey round is a snapshot, changes between surveys often reveal more meaningful trends than the absolute level of any single survey. Analysts should compare multiple survey rounds (e.g., 2019, 2022, 2025) to identify structural shifts in the market.
While the BIS Triennial Survey is the gold standard for FX market measurement, it has important limitations that users must acknowledge.
The survey is published with a lag of several months. By the time the data reaches practitioners, market conditions may have changed significantly. This makes the survey less useful for short-term tactical decisions and more appropriate for strategic, multi-year analysis.
The survey relies on a single day's activity. If that day coincides with unusual market events—such as a central bank intervention, a geopolitical shock, or a holiday period—the results may not be representative of typical conditions.
Although coverage is extensive, some OTC activity—particularly in smaller or less-regulated jurisdictions—may not be fully captured. Also, the survey does not include exchange-traded FX futures or options, which are captured separately by other data sources.
The data is aggregated at a high level. Breakdowns by currency, instrument, and counterparty type require careful interpretation to avoid drawing misleading conclusions.
The following table compares key figures from the 2019, 2022, and 2025 BIS Triennial Surveys, illustrating the evolution of the global FX market over the past six years.
| Metric | 2019 Survey | 2022 Survey | 2025 Survey | Change (2022–2025) |
|---|---|---|---|---|
| Global daily FX turnover | $6.6 trillion | $7.5 trillion | $9.5–9.6 trillion | +~27–28% |
| US dollar share | ~88% | ~88% | ~88–90% | Stable |
| Euro share | ~32% | ~31% | ~30–32% | Broadly stable |
| Japanese yen share | ~17% | ~17% | ~16–17% | Slight decline |
| FX swaps share of turnover | ~49% | ~51% | ~52–55% | Moderate increase |
| Spot share of turnover | ~30% | ~28% | ~25–27% | Moderate decline |
| UK (London) share | ~43% | ~38% | ~37–39% | Stable |
The data shows continued growth in global FX activity, with FX swaps gaining prominence relative to spot trading. The US dollar's dominance remains largely unchanged, while geographic distribution has shifted modestly.
When incorporating BIS Triennial Survey statistics into your analysis or decision-making, use this checklist to ensure responsible and accurate usage:
Scenario: A quantitative analyst at a multi-asset investment firm is designing a currency allocation model for a global bond portfolio. The model needs to account for liquidity risk—specifically, the ability to execute large FX trades without moving prices against the portfolio.
Approach: The analyst consults the BIS Triennial Survey to:
Outcome: The analyst discovers that EUR/USD has the deepest liquidity, with over $2.5 trillion per day in combined spot and derivative turnover. By contrast, emerging market currencies have significantly lower turnover, requiring more conservative position sizing and longer execution timeframes. The analyst uses this information to set liquidity thresholds and adjust the portfolio's currency exposure accordingly.
Lesson: The BIS survey provided an empirical foundation for liquidity assessment, enabling the firm to avoid over-concentration in less-liquid currencies and build a more robust portfolio construction framework.
The BIS Triennial Central Bank Survey is a statistical benchmark that provides valuable insights into global FX market structure. It does not provide investment advice, trading signals, or guarantees of future market behavior. All trading and investment decisions involve risk, including the potential loss of principal.
The CFTC, NFA, and FINRA warn that retail forex trading carries significant risk and may not be suitable for all investors. The data in the BIS survey should never be used as the sole basis for trading decisions. Always consult with a qualified financial advisor and verify all current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider.
The information in this guide is for educational purposes only and does not constitute financial, legal, or tax advice. Past performance and historical turnover figures do not guarantee future market conditions or returns.