The Bank for International Settlements (BIS) Triennial Central Bank Survey is the most comprehensive source of data on the global foreign exchange (forex) and over-the-counter (OTC) derivatives markets. This guide explains the meaning of the April 2025 survey, how its turnover data is used by different market participants, how to evaluate the findings, and the limitations and risks associated with interpreting this authoritative dataset.
The BIS Triennial Central Bank Survey is a global, standardised data collection exercise conducted every three years under the auspices of the Bank for International Settlements (BIS). It measures the size and structure of the foreign exchange and OTC interest rate derivatives markets. The survey covers activity in April of the survey year — in this case, April 2025.
The survey collects turnover data from central banks and other official agencies in approximately 50 jurisdictions, covering more than 1,200 financial institutions — including commercial banks, investment banks, and other dealers. The data are aggregated to produce global totals by currency, instrument, maturity, and counterparty type. The results are considered the most authoritative benchmark for the size of the forex market.
The survey process involves multiple stages:
Participating central banks collect daily turnover data from banks and other financial institutions in their jurisdictions for the entire month of April. The data are broken down by currency pairs, instruments (spot, forwards, swaps, options, etc.), and counterparty types (banks, non-bank financial institutions, non-financial corporates, etc.).
Central banks submit standardised data to the BIS, which aggregates the figures into global totals. The BIS applies rigorous quality checks to ensure comparability across countries.
The BIS publishes a preliminary statistical release about 8–10 months after the survey period (typically early in the following year). A more detailed report, including breakdowns by currency and instrument, is released later. For the April 2025 survey, the preliminary results were published in early 2026.
The survey provides average daily turnover (ADT) figures, which are the most widely cited metrics. These represent the total notional value of trades executed on a typical business day during April.
Monitor market size, liquidity, and structural changes to inform monetary policy, financial stability assessments, and regulatory oversight. The data help identify concentrations and potential systemic risks.
Banks and investment firms use the data for strategic planning, assessing market share, identifying growth areas (e.g., emerging market currencies), and evaluating the competitive landscape.
Pension funds, hedge funds, and asset managers use the data to gauge market liquidity and the relative importance of different currency pairs for allocation and hedging decisions.
Study market microstructure, global capital flows, and the impact of regulation and technology on market efficiency.
While not directly actionable for trading, the survey helps retail traders understand the overall size and trends in the market, such as the growing role of the Chinese renminbi (RMB) or the dominance of the USD.
Multinational companies use the data to assess currency liquidity and hedging costs when managing foreign exchange risk.
While the final April 2025 data are published by the BIS, analysts have observed persistent trends:
For the April 2025 survey, preliminary estimates from market observers suggested average daily turnover may have surpassed $8 trillion, up from $7.5 trillion in 2022, driven by higher volatility, increased institutional activity, and post-pandemic structural shifts.
When using the BIS Triennial Survey data, consider the following evaluation criteria:
| Currency Pair / Instrument | 2022 Share (%) | 2025 Estimated Share (%) | Key Drivers |
|---|---|---|---|
| EUR/USD | ~23% | ~22% | Largest pair, high liquidity, stable share |
| USD/JPY | ~13% | ~13% | Safe-haven demand, yield differentials |
| GBP/USD | ~10% | ~9% | Brexit effects, UK rate outlook |
| USD/CNY (RMB) | ~7% | ~9% (est.) | Growing RMB internationalisation, trade flows |
| Spot vs. Swaps | Spot ~29%, Swaps ~52% | Spot ~27%, Swaps ~53% | Swaps dominate for hedging and positioning |
| Total Average Daily Turnover | $7.5 trillion | ~$8.2 trillion (est.) | Volatility, institutional participation |
* Estimates based on market consensus and preliminary BIS hints; final data subject to official release.
When consulting the BIS Triennial Survey, use this checklist to ensure accurate and appropriate use:
Scenario: A large UK-based asset manager is considering increasing its allocation to emerging market bonds. Before deciding, the firm wants to understand the liquidity of the underlying currencies, particularly the Korean won (KRW) and Indian rupee (INR).
Approach: The research team reviews the April 2025 BIS Triennial Survey to analyse the turnover of KRW and INR in the global forex market. They compare the 2025 figures with those from 2022 to see the growth trajectory. They note that while both currencies have grown, their share remains small (~2-3% each) compared to majors, indicating lower liquidity and potentially higher transaction costs. They also check the breakdown by instrument to see the predominance of swaps over spot, which may affect execution.
Outcome: Based on the BIS data, the asset manager decides to allocate a modest portion to EM bonds, but with a hedging strategy that accounts for the lower liquidity. They also use the data to negotiate better execution terms with their prime brokers.
Note: This is an illustrative scenario. Actual investment decisions should be based on comprehensive analysis, including current market conditions, not solely on BIS data.
The BIS Triennial Survey is a comprehensive statistical exercise, but it has inherent limitations and should not be used as a basis for trading decisions without additional context.
Risk controls:
This information is for educational and informational purposes only and does not constitute financial, legal, or tax advice. The BIS Triennial Survey is a valuable reference, but trading decisions should be based on comprehensive analysis, including current market conditions, personal risk tolerance, and professional advice. Always verify current rules, fees, spreads, and broker availability with the relevant authority or provider.
The BIS Triennial Central Bank Survey is a comprehensive global survey of foreign exchange and over-the-counter (OTC) derivatives markets conducted every three years by the Bank for International Settlements (BIS). It provides authoritative data on turnover, market structure, and trends across jurisdictions, currencies, and instrument types.
The April 2025 Triennial Survey was conducted during the month of April 2025 (covering the full month) and includes data on turnover in the global foreign exchange market and OTC interest rate derivatives. It collects data from central banks and other official sources in over 50 jurisdictions, covering approximately 1,200 financial institutions.
The BIS published the preliminary results in early 2026. However, based on previous trends (2022 survey showed $7.5 trillion average daily turnover), analysts projected a further increase in 2025, possibly exceeding $8 trillion, driven by rising volatility, increased institutional participation, and growth in emerging market currencies. The final official figures are released by BIS and should be checked directly.
The data is used by central banks for monetary policy and financial stability monitoring, by financial institutions for strategic planning and risk management, by institutional investors for portfolio allocation, by regulators for market surveillance, and by academics for research. Retail traders also consult it to gauge market liquidity and the relative importance of different currency pairs.
Risks include misinterpreting turnover as a measure of profitability or liquidity for retail trading, relying on aggregated data that may not reflect local or high-frequency conditions, overlooking the dominance of a few large dealers (concentration risk), and assuming that past trends will continue. The CFTC and NFA caution that retail traders should not use aggregate turnover data as a trading signal.
Retail traders use the survey to understand the overall market size, the relative importance of major vs. emerging market currencies, and the growth of electronic trading. However, the survey does not provide information on spreads, execution quality, or retail participation. The Federal Reserve advises that retail traders should use data from their broker and regulatory authorities for trading decisions, not aggregate BIS data.
The official results are published on the Bank for International Settlements (BIS) website (www.bis.org). The BIS releases a detailed statistical release with turnover data by currency, country, instrument, and counterparty. Central banks often provide national breakdowns. Always refer to the official source for accurate and final data.
Recent surveys have shown: the continued dominance of the US dollar (about 88% of trades involve USD), rising share of emerging market currencies (RMB, KRW, INR, BRL), growth in electronic and algorithmic trading, and increased participation from non-bank financial institutions (hedge funds, pension funds). The April 2025 survey is expected to confirm these trends while possibly showing a modest shift towards a more fragmented market.