This guide explores the Bank for International Settlements (BIS) Triennial Survey of foreign exchange turnover, with a focus on the 2025 edition and major currency pairs. We cover what the survey measures, how to interpret the data, practical applications for traders and analysts, key evaluation criteria, common misconceptions, and the risks of relying on aggregate turnover statistics.
The Bank for International Settlements (BIS) Triennial Survey is the most comprehensive and authoritative global benchmark for the size and structure of the foreign exchange (FX) and over-the-counter (OTC) derivatives markets. Conducted every three years since 1989, the survey collects detailed turnover data from central banks and major financial institutions across the world. The 2025 edition continues this tradition, providing a snapshot of FX activity during April 2025 (the survey period typically covers a month in April).
The survey is widely regarded as the primary source of information on global FX market turnover. It includes data on spot transactions, forwards, swaps, options, and other derivatives, broken down by currency, counterparty, and instrument type. For traders and analysts, the BIS survey offers an invaluable window into market liquidity, the relative importance of different currency pairs, and the evolving landscape of the global FX ecosystem.
According to the BIS itself, the survey is conducted in cooperation with central banks and monetary authorities, ensuring a high level of accuracy and representativeness. The data are used by policymakers, academics, and market participants to understand trends, assess risks, and inform decision-making. For retail traders, the survey provides a macro-level context that can complement technical and fundamental analysis.
The term "major pairs" in the context of the BIS survey refers to the currency combinations that consistently account for the largest share of global FX turnover. While the exact composition may shift slightly from survey to survey, the core major pairs are typically:
Additionally, other high-volume pairs such as AUD/USD, USD/CAD, and USD/CNY are often included in broader discussions of major currencies, but the traditional "majors" are the four above. The BIS survey reports turnover for over 30 currency pairs, but the top few dominate the market.
According to the BIS 2022 Triennial Survey (the most recent at the time of writing), EUR/USD accounted for approximately 22% of all FX turnover, followed by USD/JPY at around 13%, and GBP/USD at about 8%. These figures highlight the concentrated nature of the FX market. The 2025 survey will reveal whether these shares have changed, reflecting shifts in economic weight, trading patterns, and the rise of emerging market currencies.
Understanding the turnover of major pairs is important for traders because it directly correlates with liquidity. Higher turnover typically means tighter spreads, lower transaction costs, and less slippage, making these pairs attractive for both retail and institutional participants.
The BIS Triennial Survey is a collaborative effort involving 52 central banks and monetary authorities worldwide. Participating institutions collect data from commercial banks, investment banks, and other financial entities that are active in the FX market. The survey captures turnover (gross volume of transactions) during a specified period in April, covering both spot and derivative instruments.
The data are reported in aggregate form, broken down by:
The BIS then compiles and publishes the results in a series of reports and interactive data tables. The main publication is the Triennial Central Bank Survey report, which includes summary statistics, analysis of trends, and detailed tables. The data are also made available in downloadable formats for further analysis.
The 2025 survey will follow the same methodology as previous editions, ensuring comparability over time. The BIS emphasizes that the survey provides a "snapshot" of the market, not a continuous measure, and that it captures only OTC trading, not exchange-traded futures or options. This distinction is important when comparing with other data sources like the CFTC Commitment of Traders reports.
While the BIS survey is a macro-level dataset, it offers several practical applications for traders, analysts, and market strategists. Here are the primary use cases:
Turnover data directly informs liquidity expectations. A pair with high average daily turnover, such as EUR/USD, is likely to have tighter spreads and deeper order books. Traders can use BIS data to confirm which pairs are most liquid and to anticipate how liquidity might shift during different trading sessions (e.g., the London-New York overlap).
The survey reveals the relative importance of different currencies and instruments. For example, if the share of options trading increases over time, that could indicate growing demand for volatility hedging. Similarly, changes in the geographic distribution of turnover (e.g., growth in Asian centers) can inform trading strategies that focus on specific sessions.
For systematic traders, the BIS data can be used as a contextual filter. For instance, a trend-following strategy might perform differently in highly liquid pairs versus less liquid ones. Knowing the turnover ranking can help optimize instrument selection.
Institutional risk managers use survey data to gauge market depth when executing large orders. While retail traders may not execute block trades, understanding the liquidity profile of a pair helps in setting realistic expectations for slippage and execution speed.
When examining BIS survey results, it's important to look beyond headline numbers. The following decision table compares key aspects of major pairs based on typical survey findings, helping you evaluate what the data means for your trading.
| Currency Pair | Typical Turnover Share (2022) | Estimated Daily Liquidity | Typical Spread (pips) | Market Characteristics |
|---|---|---|---|---|
| EUR/USD | ~22% | Highest | 0.1–0.5 | Extremely liquid; tight spreads; high correlation with risk sentiment |
| USD/JPY | ~13% | Very high | 0.1–0.6 | Liquid; influenced by interest rate differentials and BoJ policy |
| GBP/USD | ~8% | High | 0.2–1.0 | Liquid; sensitive to UK economic data and Brexit developments |
| USD/CHF | ~5% | Moderate-High | 0.3–1.2 | Safe-haven flows; influenced by SNB interventions |
| AUD/USD | ~4% | Moderate | 0.5–1.5 | Commodity-linked; sensitive to Chinese economic data |
| USD/CAD | ~4% | Moderate | 0.5–1.5 | Oil-sensitive; influenced by BoC policy |
Note: Turnover shares and spreads are approximate and based on historical data. Actual figures may vary and should be verified with current market conditions and the 2025 BIS report.
When evaluating the data, consider that turnover share alone does not determine trading suitability. Your trading style, risk tolerance, and time horizon should also guide pair selection. For instance, a scalper might prioritize EUR/USD for its tight spreads, while a swing trader might be comfortable with USD/CAD's slightly wider spreads if it offers better trend opportunities.
Use the following checklist to incorporate BIS survey data into your trading and analysis process.
Despite its authority, the BIS Triennial Survey is sometimes misunderstood. Here are common misconceptions and the facts behind them.
While the BIS survey is a valuable tool, it has inherent limitations that users must acknowledge.
The BIS itself acknowledges these limitations and advises users to treat the survey as a benchmark rather than a definitive measure of market activity. For trading decisions, always combine BIS data with real-time information from your broker, economic calendars, and technical analysis.
Additionally, the CFTC and NFA warn that retail traders should not rely solely on any single indicator or survey for trading decisions. The FX market is complex and influenced by a multitude of factors beyond turnover data.
Consider a scenario where a trader uses BIS survey data to refine their trading plan.
Alex is a day trader who focuses on scalping. He currently trades GBP/USD but is considering switching to EUR/USD because he believes it may offer better liquidity and tighter spreads. He consults the BIS 2022 survey, which shows EUR/USD turnover at 22% versus GBP/USD at 8%.
He also checks his broker's live spreads: EUR/USD is 0.3 pips, GBP/USD is 0.6 pips on average. He reviews the 2025 survey preview (when available) to see if the trend continues. Based on this data, Alex decides to allocate a portion of his trading to EUR/USD for its higher liquidity, which reduces slippage during fast moves.
However, he also notes that GBP/USD has higher volatility on certain news releases, which could offer better profit potential. He decides to trade both pairs but uses EUR/USD for high-frequency trades and GBP/USD for breakout strategies.
Takeaway: BIS data provides a factual basis for comparing liquidity across pairs, but it should be combined with personal trading objectives and real-time market conditions.
When using BIS survey data, traders often make the following errors:
Forex trading carries substantial risk, and the use of BIS data does not mitigate that risk. The information provided by the BIS is for educational and analytical purposes and should not be construed as trading advice.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
The Commodity Futures Trading Commission (CFTC) has issued warnings about the risks of retail forex trading, including fraud and the use of excessive leverage. The National Futures Association (NFA) provides investor education resources and a registration verification system (BASIC) to help traders identify legitimate brokers.
The BIS survey data is a useful reference, but it does not replace the need for thorough due diligence. Always verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider.
This guide does not provide personalized financial, legal, or tax advice. Consult a qualified professional for advice tailored to your circumstances.
The BIS Triennial Survey is a comprehensive global study conducted by the Bank for International Settlements every three years. It collects detailed data on foreign exchange and over-the-counter derivatives market turnover from central banks and major financial institutions, providing a benchmark for market size and structure.
The major pairs are the most traded currency combinations, typically including EUR/USD, USD/JPY, GBP/USD, and USD/CHF. The BIS survey also tracks other significant pairs like AUD/USD, USD/CAD, and USD/CNY, but the 'major' designation usually refers to the top four or five by turnover.
The BIS Triennial Survey is typically published in September of the survey year. For 2025, the preliminary results are expected around September 2025, with final detailed tables released later in the year. The exact dates are announced on the BIS website.
Traders use BIS data to assess liquidity conditions, identify trends in currency pair popularity, and gauge market depth. For example, high turnover in a pair suggests tighter spreads and lower transaction costs, while changes in turnover shares can indicate shifting market preferences.
No, BIS turnover data is not a price forecasting tool. It reflects past trading activity and market structure, not future price direction. It should be used as contextual information to understand market dynamics, not as a trading signal.
Limitations include reporting lags (data is not real-time), potential undercoverage of certain market segments (e.g., retail trading), and reliance on self-reported data from participating institutions. Additionally, the survey captures only a three-month period, which may not represent full-year activity.
The BIS survey covers the entire OTC FX market globally, while CFTC data focuses on futures and options traded on U.S. exchanges. The BIS data is more comprehensive for spot and forward markets, whereas the CFTC Commitment of Traders report provides positioning information for exchange-traded instruments.
Always check the BIS website for the most current and official data. Be aware of the survey's coverage period and methodology. Cross-reference with other sources like central bank reports or broker liquidity data. Verify any assumptions about liquidity or spreads with your broker's actual execution conditions.