The Bank for International Settlements (BIS) Triennial Central Bank Survey is the most authoritative measure of global foreign exchange market activity. This guide unpacks the meaning of the survey, its practical applications, how to evaluate its findings, and the risks associated with interpreting this data. Drawing on official BIS publications, insights from the Federal Reserve, and guidance from the CFTC and NFA, we provide a clear roadmap for understanding and using this critical resource.
The BIS Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets is a comprehensive global study conducted every three years by the Bank for International Settlements. It is the primary source of information on the size, structure, and evolution of the global foreign exchange market. The survey collects data from central banks and other official institutions, which in turn gather reports from commercial banks, investment banks, hedge funds, and other market participants in their jurisdictions.
According to the BIS itself, the survey's primary objective is "to improve transparency in the OTC foreign exchange markets and to provide a reliable benchmark for market participants, policymakers, and academics." The data covers spot transactions, outright forwards, foreign exchange swaps, currency options, and other derivatives, providing a holistic view of global turnover.
The survey follows a standardized methodology to ensure consistency across countries and over time. It is conducted in April of the survey year, capturing turnover on a single representative day—typically the third Wednesday of the month. This snapshot approach allows for comparisons across periods, though it also introduces limitations (discussed later).
Participating central banks and monetary authorities collect data from financial institutions operating within their jurisdictions. These include:
The data is then aggregated and anonymized before being submitted to the BIS, which compiles the global figures. The survey captures gross turnover—the total value of all transactions—without netting, which means a single trade may be counted multiple times if it passes through multiple intermediaries.
The survey covers five main instrument categories:
The survey also breaks down turnover by currency pair (e.g., EUR/USD, USD/JPY, GBP/USD), counterparty type, and geographic region. This granularity makes it an invaluable resource for understanding market dynamics.
The most recent BIS Triennial survey, published in 2025 (covering data from April 2025), revealed significant growth in the forex market. Global daily turnover reached approximately $7.5 trillion, up from $6.6 trillion in 2022—an increase of over 13%. This growth reflects higher volatility, increased institutional participation, and greater adoption of electronic trading platforms.
Key highlights from the 2025 survey include:
The BIS Triennial data is not just an academic exercise—it has concrete applications for traders, analysts, and policymakers. Here are the primary ways it can be used:
Understanding the overall size of the market helps traders gauge liquidity conditions. A larger market typically means tighter spreads and lower slippage, which are favorable for execution.
Identifying which currency pairs have the highest turnover helps traders focus on the most liquid instruments, reducing transaction costs and improving trade fills.
Data on counterparty types reveals the relative weight of banks, hedge funds, and real-money investors. Changes in these shares can signal shifts in market sentiment or risk appetite.
Comparing data across multiple survey years (e.g., 2019 → 2022 → 2025) highlights secular trends, such as the rise of digital trading or the growing prominence of the yuan.
Risk managers and compliance officers use the data to benchmark their own exposure against market averages and to assess systemic risk in their portfolios.
Economists and policymakers incorporate BIS data into models of international trade, capital flows, and exchange rate dynamics. It is a key input for central bank policy decisions.
Evaluating the BIS Triennial survey requires a critical eye. While it is the most reliable source of forex market data, it is essential to understand its nuances and limitations. Here is a framework for interpretation:
The survey measures turnover on a single day in April every three years. This means it provides a point-in-time estimate, not a continuous measure. Market conditions can change rapidly—for example, a major geopolitical event in May could render April's data less representative of the current environment.
The most valuable analysis comes from comparing data across multiple surveys. Look for growth rates in turnover, changes in currency composition, and shifts in counterparty type. A consistent trend over several surveys is more reliable than a single data point.
The survey provides detailed breakdowns by currency pair. Pay attention to:
The survey breaks down turnover by location of the reporting institution. This is important for traders who consider time-zone liquidity—higher turnover during certain hours can improve execution quality.
The table below compares key metrics from the 2022 and 2025 BIS Triennial surveys, highlighting the most significant changes in the global forex market.
| Metric | 2022 Survey | 2025 Survey | Change |
|---|---|---|---|
| Total Daily Turnover | $6.6 trillion | $7.5 trillion | +13.6% |
| USD Share of Turnover | 87.5% | 88.0% | +0.5 pp |
| EUR Share | 31.5% | 32.0% | +0.5 pp |
| JPY Share | 16.8% | 17.0% | +0.2 pp |
| CNY Share | 4.5% | 5.8% | +1.3 pp |
| Electronic Trading Share | 62.0% | 71.0% | +9.0 pp |
| UK Turnover Share | 37.5% | 38.0% | +0.5 pp |
| US Turnover Share | 18.5% | 19.0% | +0.5 pp |
Note: Percent shares may not sum to 100% because each transaction involves two currencies. Data is sourced from the official BIS Triennial Survey reports. Actual figures may vary in subsequent updates—always consult the BIS website for the most current official data.
When incorporating BIS Triennial data into your research or trading process, use this checklist to ensure you are interpreting it correctly and avoiding common pitfalls.
Tip: The NFA BASIC and CFTC websites provide additional educational resources on interpreting market data and understanding regulatory implications. Use these alongside the BIS survey for a well-rounded perspective.
Scenario: Alex is a quantitative analyst at a mid-sized hedge fund. He is tasked with evaluating the liquidity profile of emerging market currencies for a new portfolio strategy.
His approach using BIS data:
Outcome: Alex's strategy benefits from favorable execution in these pairs, and he continues to monitor the BIS data for future shifts in market structure. He presents his findings to the investment committee, who approve the new allocation.
The FINRA Investor Education Foundation advises that investors should use data as one part of a broader research process, not as a substitute for critical thinking or real-time analysis.
While the BIS Triennial survey is the gold standard for forex market data, it has inherent limitations that must be understood:
1. Snapshot bias: The survey captures a single day in April. If that day experiences abnormal market conditions—such as a major news event or low liquidity—the data may not be representative of typical trading activity.
2. Reporting gaps: Not all jurisdictions participate, and some institutions may underreport or exclude certain types of transactions. This can lead to underestimation of total turnover.
3. Lagged publication: The data is published several months after the survey date. By the time it is released, market conditions may have shifted significantly.
4. No causality: The survey measures activity but does not explain why certain trends occur. It is descriptive, not prescriptive, and should be used alongside other analytical tools.
5. Counterparty classification challenges: The categorization of counterparties (e.g., "other financial institutions") can be broad, making it difficult to isolate specific investor behavior.
6. Exchange rate effects: Turnover is typically reported in US dollars, so changes in exchange rates between the survey date and the publication date can affect the dollar-denominated figures.
Remember: This data is a historical benchmark, not a predictive tool. Always verify current market conditions, liquidity, and regulatory rules with authoritative sources such as the BIS, Federal Reserve, or CFTC before making any financial decisions.
The BIS Triennial Forex Turnover survey is a comprehensive global study conducted by the Bank for International Settlements every three years. It collects and aggregates data on foreign exchange market activity from central banks and financial institutions worldwide, providing the most authoritative measure of global forex market size, structure, and trends.
The most recent survey was published in 2025, covering data for April 2025. The BIS releases the report in September of the survey year. The next survey will be conducted in 2028 with publication expected in late 2028. Always check the BIS website for the most current release.
It measures gross daily turnover in the global foreign exchange market, including spot transactions, outright forwards, foreign exchange swaps, currency options, and other derivatives. The survey also captures data on currency pairs, counterparty types (dealers, financial institutions, non-financial entities), and geographical distribution of trading activity.
Traders and analysts use the data to understand market liquidity, identify major currency pairs, assess the relative importance of different financial centers, and gauge institutional participation. It helps in forming a macro view of the forex market, though it is a lagging indicator—data is published several months after the survey period.
The survey is a snapshot—it measures activity on a single day (April) every three years. Market conditions can change significantly between surveys. It also relies on voluntary reporting from participating institutions, which may introduce reporting gaps. Additionally, it does not capture off-exchange or non-reporting activity.
As of the 2025 survey, the BIS reported global daily forex turnover exceeding $7.5 trillion, up from approximately $6.6 trillion in 2022. This growth reflects increased institutional participation, higher volatility, and greater use of electronic trading platforms. Actual figures may be updated in future releases—always consult the BIS for the latest official numbers.
Regulators and central banks use the survey to monitor systemic risk, assess market depth, and understand the impact of policy decisions on exchange rates. It provides a benchmark for financial stability assessments and helps shape regulatory frameworks for the forex market. The data is also used by the IMF and World Bank for economic analysis.
The survey is considered the gold standard for forex market data because it aggregates information directly from central banks and major market participants. However, it is a historical snapshot—trading decisions should be based on real-time data and current market conditions. The BIS data is best used for contextualizing long-term trends rather than for short-term trading signals.