The BIS Triennial Central Bank Survey is the most comprehensive and authoritative source of data on the global foreign exchange market. The 2025 edition recorded an unprecedented average daily turnover of $9.6 trillion, cementing forex as the world's largest financial market. This guide explains what the survey measures, how traders and analysts use its data, and what risks to consider when interpreting its findings.
The Bank for International Settlements (BIS) Triennial Central Bank Survey is a global benchmark study that measures the size and structure of the foreign exchange and over-the-counter (OTC) derivatives markets. Conducted every three years since 1986, the survey is the primary source of information on global forex turnover, currency pair liquidity, and the geographic and institutional distribution of trading activity.
The survey is carried out in collaboration with central banks and monetary authorities from around the world. Participating central banks collect data from financial institutions within their jurisdictions—including commercial banks, investment banks, and other reporting dealers—and submit aggregated figures to the BIS for consolidation and publication.
The 2025 edition, conducted in April 2025, is the 14th iteration of the survey. The preliminary results, released in September 2025, revealed an average daily turnover of $9.6 trillion—the highest ever recorded. This represents a significant increase from the $7.5 trillion reported in 2022 and the $6.6 trillion in 2019, underscoring the forex market's continued expansion and deepening liquidity.
The BIS Triennial Survey is a meticulously coordinated effort involving central banks, statistical offices, and thousands of financial institutions worldwide. Understanding its methodology is essential for correctly interpreting its results.
During the survey period (typically the month of April), participating central banks collect data from reporting institutions in their jurisdictions. These institutions include:
The data collected covers gross turnover—the total value of all transactions—in the following instruments:
The BIS then aggregates the data, adjusts for double-counting (since both sides of a trade are reported), and publishes the consolidated results in a series of statistical tables and analytical reports.
A critical step in the BIS methodology is the elimination of double-counting. Since both the buyer and seller of a currency pair are likely to report the same transaction to their respective central banks, the BIS applies adjustments to produce a net estimate of global turnover. This ensures that the reported figures represent the actual volume of trading activity, not the sum of two-sided reporting.
The 2025 BIS Triennial Survey revealed several notable trends and structural shifts in the global forex market.
The headline figure—$9.6 trillion in average daily turnover—represents a 28% increase from the 2022 figure of $7.5 trillion. This is the largest percentage increase since the 2010 survey, which recorded a 20% jump from 2007.
The USD remained the dominant currency, appearing on one side of approximately 88% of all trades—unchanged from 2022. The EUR was the second most traded currency (32%), followed by the JPY (17%), GBP (13%), and CNY (7%). Emerging market currencies continued to gain share, reflecting broader global economic trends and increased hedging activity by corporates and investors.
Reporting dealers (i.e., banks and securities firms) accounted for approximately 55% of total turnover, down from 60% in 2022. Non-financial customers (corporates, governments, and individuals) accounted for 20%, while other financial institutions (hedge funds, pension funds, asset managers) made up the remaining 25%.
The United Kingdom remained the largest trading center, accounting for 43% of global turnover, followed by the United States (19%), Singapore (12%), and Hong Kong SAR (8%). The continued dominance of London reflects its deep liquidity pools, favorable time zone, and concentration of financial infrastructure.
Electronic trading platforms (including ECNs, single-dealer platforms, and multi-dealer platforms) accounted for over 60% of total turnover, up from 55% in 2022. Algorithmic and high-frequency trading also grew, though precise figures are not separately reported.
The BIS Triennial Survey serves a wide range of stakeholders, from central banks and policy makers to institutional investors and retail traders. Here are some of the most important use cases.
Central banks and regulatory authorities use the data to assess systemic risk, monitor financial stability, and evaluate the impact of regulatory changes on market structure.
Analysts and economists use the survey to study trends in currency liquidity, trading volumes, and the relative importance of different market participants.
Asset managers, hedge funds, and pension funds use the data to understand liquidity dynamics, optimize execution strategies, and assess market depth for different currency pairs.
Multinational corporations use the survey to benchmark their hedging activities, assess counterparty risk, and make decisions about currency exposure management.
Forex brokers, ECNs, and trading platforms use the data to identify growth opportunities, prioritize currency pair offerings, and evaluate market share.
Retail traders can use the survey to understand which currency pairs are most liquid, which instruments are most popular, and where the market is heading.
While the BIS Triennial Survey is the gold standard for forex market data, it has certain limitations that users should be aware of when interpreting the results.
The survey depends on voluntary participation by reporting institutions and central banks. Smaller or less regulated entities may not be fully represented, particularly in emerging markets. Additionally, some jurisdictions do not participate or have limited reporting capacity, which can affect the completeness of the global figures.
The survey captures data during a single reference period—typically one month (April 2025). While this provides a consistent cross-sectional snapshot, it does not capture seasonal fluctuations or intra-year volatility. A month that includes major holidays or significant geopolitical events may not be representative of the full year.
While the BIS applies adjustments to eliminate double-counting, the process involves estimation and modeling. Some users may prefer to use the raw data from national central banks for specific jurisdictional analyses, though these figures are not directly comparable across countries.
The classification of instruments (spot, forward, swap, etc.) may vary slightly across jurisdictions, leading to minor inconsistencies in the aggregated data. The BIS works to standardize these classifications, but some residual variation is inevitable.
The survey is conducted only once every three years, meaning that the data is not suitable for high-frequency analysis. For day-to-day trading decisions, other sources such as EBS, Refinitiv, or FXall data may be more relevant.
The table below compares key metrics from the three most recent BIS surveys, illustrating the evolution of the forex market over the past six years.
| Metric | 2019 Survey | 2022 Survey | 2025 Survey | Change (2022 → 2025) |
|---|---|---|---|---|
| Average Daily Turnover | $6.6 trillion | $7.5 trillion | $9.6 trillion | ↑ 28% |
| USD Share of Trades | 88% | 88% | 88% | No change |
| EUR Share | 32% | 32% | 32% | No change |
| JPY Share | 17% | 17% | 17% | No change |
| CNY Share | 4% | 6% | 7% | ↑ 16% (relative) |
| UK Trading Centre Share | 43% | 43% | 43% | No change |
| Electronic Trading Share | 55% | 55% | 60% | ↑ 9% (relative) |
Data based on BIS Triennial Central Bank Survey results. Shares may not sum to 100% due to double-counting and the fact that each transaction involves two currencies. Percent changes are approximations based on published data.
Use this checklist when evaluating and applying BIS survey data to your analysis or trading activities.
Scenario: A mid-sized asset manager in Singapore is evaluating whether to expand its forex trading desk's coverage of emerging market currencies. The firm currently trades USD, EUR, JPY, and GBP but wants to add CNY, KRW, and INR to its offerings.
The head of trading uses the 2025 BIS Triennial Survey to assess the liquidity and market depth of these currencies. She finds that:
She also reviews the geographic distribution: a significant portion of CNY trading occurs in Hong Kong and Singapore, which aligns with the firm's regional footprint and time-zone advantages.
Based on the BIS data, the firm decides to proceed with adding CNY to its product lineup, focusing on spot and forward transactions initially, while monitoring KRW and INR as longer-term opportunities. The firm also plans to enhance its electronic trading capabilities to improve execution quality in less liquid pairs.
Takeaway: The BIS survey provides a solid foundation for strategic decision-making by quantifying liquidity and identifying growth trends in currency markets. It helps institutional players allocate resources more effectively.
Forex trading carries a high level of risk and may not be suitable for all investors. The use of leverage can amplify both gains and losses. You can lose more than your initial deposit if you are not careful.
The CFTC and NFA have repeatedly warned that off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud. According to the NFA, more than 70% of retail forex accounts lose money over time. This is not a market where easy profits are available to the average participant.
While the BIS Triennial Survey provides valuable insights into market structure, it is not a trading signal. Liquidity trends, currency pair growth, and institutional activity patterns identified in the survey may change rapidly. Past performance and historical volume data do not guarantee future results.
This guide is for educational purposes only. It does not constitute financial, legal, or tax advice. You are solely responsible for your trading decisions. Always verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider before taking any action.
Do not trade with money you cannot afford to lose. Never use credit or margin to fund your account. Consider seeking independent financial advice before engaging in forex trading.