The BIS 2025 Triennial Survey represents the most authoritative snapshot of global foreign exchange market activity. This guide unpacks the survey's methodology, key findings on currency pair turnover, practical applications for market participants, and the critical considerations when interpreting this influential data set.
The Bank for International Settlements (BIS) Triennial Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets is the most comprehensive and widely cited source of data on global forex market size, structure, and activity. Conducted every three years since 1989, the survey collects detailed turnover data from central banks and other reporting institutions, covering spot, forward, and swap transactions across more than 50 jurisdictions.
The 2025 edition continues this rich tradition, providing critical insights into the evolving dynamics of the world's largest and most liquid financial market. The survey's breakdown of turnover by currency pair offers a granular view of which currencies dominate global trading, how these patterns have shifted over time, and what these shifts imply for market participants, policymakers, and investors.
Understanding the methodology of the BIS Triennial Survey is essential for properly interpreting its findings and avoiding common analytical pitfalls.
The survey is conducted during a single month — typically April of the survey year — to capture a representative snapshot of market activity. Central banks and monetary authorities in participating countries collect data from the largest financial institutions operating within their jurisdictions. These institutions include commercial banks, investment banks, hedge funds, and other reporting dealers.
The BIS aggregates the national-level data to produce a global total, applying adjustments to eliminate double-counting and ensure consistency across reporting jurisdictions. The resulting dataset provides estimates of gross turnover (the total value of all transactions) and net turnover (adjusted for inter-dealer double-counting) across different instruments and currency pairs.
The survey captures turnover across three main instrument categories:
For the currency pair turnover breakdown, the BIS reports the notional value of transactions in each pair, expressed in US dollars. The data is presented both in absolute terms (billions of USD) and as a percentage of total global turnover.
The 2025 survey includes reporting from more than 50 countries, covering all major financial centers including London, New York, Tokyo, Hong Kong, Singapore, Zurich, and Frankfurt. The survey's global reach ensures that the data reflects trading activity across all time zones and market segments.
While final detailed results for the 2025 survey are typically released in September of the survey year, preliminary data and historical trends provide a strong indication of the major currency pair rankings. Based on the BIS's historical data and early releases for 2025, the following patterns emerge.
EUR/USD: Remains the undisputed leader, with an estimated 24% share of global turnover, representing daily average trading volumes exceeding USD 1.2 trillion. The pair's dominance reflects the economic weight of the eurozone and the US, as well as its role as the primary vehicle for speculative and hedging activity.
USD/JPY: Holds the second position with approximately 13% of total turnover. The yen's role as a safe-haven currency and Japan's large export sector contribute to sustained trading interest.
GBP/USD: Retains third place with about 10% share, driven by London's position as the world's premier forex trading hub and the pound's historical role as a major reserve currency.
USD/CNY (offshore): Continues its steady rise, now accounting for approximately 5–6% of global turnover, reflecting China's growing economic influence and the internationalization of the renminbi.
AUD/USD and USD/CAD: Each hold around 4–5% of the market, driven by commodity trade flows and cross-border investment.
Emerging market pairs: Pairs involving currencies such as the Mexican peso (MXN), South African rand (ZAR), and Turkish lira (TRY) continue to increase in share, though they remain relatively small compared to major pairs.
The BIS Triennial Survey data on currency pair turnover has a wide range of practical applications for different market participants.
Asset managers, pension funds, and hedge funds use the data to assess market liquidity and depth. A currency pair with high turnover typically offers lower transaction costs, tighter spreads, and greater price stability — all critical factors for executing large trades without significant market impact.
Multinational corporations rely on turnover data to select the most liquid and cost-effective currency pairs for their hedging programs. High-turnover pairs like EUR/USD and USD/JPY provide better pricing and more efficient execution for forward contracts and swaps.
The survey is an essential tool for monitoring financial stability and assessing the resilience of currency markets. Changes in the composition of turnover can signal shifts in trading patterns, the rise of new financial centers, or potential vulnerabilities in specific currencies.
While the data is primarily institutional, retail traders can benefit from understanding which pairs are most liquid. Focusing on the top pairs — EUR/USD, USD/JPY, GBP/USD — typically means tighter spreads and more predictable price behavior, which is especially advantageous for short-term trading strategies.
The survey provides a rich dataset for economic and financial research, enabling studies on market microstructure, the impact of regulatory changes, and the relationship between exchange rate volatility and turnover.
Interpreting the BIS survey data requires a nuanced understanding of its context, methodology, and potential limitations. Below are key criteria to consider.
Turnover is reported across spot, forward, swap, and option instruments. For a currency pair, the relative composition of these instruments can provide insights into market sentiment and usage. For example, a high proportion of forward and swap activity may indicate strong hedging demand, while high spot activity may reflect speculative interest.
The most valuable insights often come from comparing the current survey with previous editions. Trends in currency pair share reveal the gradual erosion or growth of a currency's global significance. For instance, the rising share of USD/CNY across the 2019–2025 period reflects China's sustained economic trajectory and the gradual liberalization of its capital account.
Different reporting jurisdictions may have varying thresholds for inclusion, and some smaller institutions may not be captured. While the BIS applies rigorous adjustments, the survey remains a sample rather than a complete census of all OTC activity.
The table below compares the major currency pairs based on their estimated turnover share, typical spread, liquidity profile, and primary driver of trading activity.
| Currency Pair | Est. Share (2025) | Typical Spread (EUR/USD ref.) | Liquidity Profile | Primary Drivers |
|---|---|---|---|---|
| EUR/USD | ~24% | 0.6–1.0 pips (interbank) | Extremely high | Economic data, monetary policy, geopolitics |
| USD/JPY | ~13% | 0.8–1.2 pips | Very high | BoJ policy, risk sentiment, US yields |
| GBP/USD | ~10% | 0.9–1.4 pips | Very high | BoE policy, Brexit developments, UK data |
| USD/CNY (offshore) | ~5–6% | 3–5 pips (CNH market) | Moderate | PBOC policy, trade flows, capital controls |
| AUD/USD | ~4–5% | 1.2–1.8 pips | High | Commodity prices, RBA policy, China data |
| USD/CAD | ~4% | 1.2–1.8 pips | High | Oil prices, BoC policy, US-Canada trade |
Note: Spreads and share estimates are indicative and may vary by broker and market conditions. Always refer to the official BIS 2025 survey release for definitive turnover data.
When using BIS Triennial Survey data for research, investment, or business decisions, follow this checklist to ensure a thorough and accurate interpretation.
The survey captures a significant majority of global activity but is not a complete census. Retail forex trading, smaller institutional transactions, and some OTC activity may be underreported. The BIS itself acknowledges that its data is a sample-based estimate and publishes confidence intervals and methodological notes on coverage.
Turnover reflects trading activity, not the underlying strength or attractiveness of a currency. High turnover pairs are typically more liquid and have tighter spreads, but they are not necessarily better investments. Investment decisions should be based on macroeconomic fundamentals, interest rate differentials, and risk assessment, not turnover data alone.
The survey is a historical snapshot of past activity. While it can inform market structure analysis and liquidity assessments, it does not have predictive power for future price movements. Exchange rates are influenced by a complex interplay of economic data, policy decisions, and market sentiment.
The survey includes many currency pairs, but liquidity varies enormously. The top three pairs (EUR/USD, USD/JPY, GBP/USD) account for nearly 50% of all turnover. Less liquid pairs like USD/TRY or USD/ZAR have much wider spreads and are more susceptible to price shocks. The survey's breakdown by pair explicitly highlights these differences.
While the BIS Triennial Survey is the most authoritative source of forex data, it has inherent limitations that users must consider to avoid misapplication.
Disclaimer: This guide is for educational purposes only and does not constitute financial, legal, or tax advice. The BIS survey data and all related information should be verified directly with the Bank for International Settlements and other relevant authorities. Past turnover data does not guarantee future market conditions.