2025 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets

• On 1 April 2025, the BIS will launch its 14th Triennial Central Bank Survey of Foreign Exchange and Over-the-counter Derivatives Markets
• More than 1,100 financial institutions in 52 jurisdictions will contribute data
• Preliminary results will be published in September and final results will be published in December 2025

The Bank for International Settlements (BIS) will launch the 14th Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets on 1 April 2025.

More than 1,100 financial institutions in 52 reporting jurisdictions will contribute to the 2025 Triennial Survey.¹ Data on turnover in foreign exchange (FX) and OTC interest rate derivatives markets, as well as data on FX settlement, will be collected from financial institutions in April 2025. Data on the outstanding notional amounts and gross market values of foreign exchange, interest rate, equity, commodity, credit and other OTC derivatives will be collected at the end of June 2025.

Preliminary results for turnover will be published by the BIS in September 2025, and for OTC derivatives outstanding in November 2025. The final results for turnover, FX settlement and OTC derivatives outstanding will be published in December 2025.

The previous survey, in April 2022, showed that trading in foreign exchange spot and OTC derivatives markets averaged $7.5 trillion per day. The results of previous Triennial Surveys are available on the BIS website.

Conducted every three years since 1986, the Triennial Survey is the most comprehensive source of information on the size and structure of global foreign exchange and OTC derivatives markets. It aims to help central banks, regulatory authorities and market participants monitor developments in OTC markets and inform discussions about reforms to those markets.

The Triennial Survey is coordinated by the BIS under the guidance of the Markets Committee and the Committee on the Global Financial System. Participating central banks survey financial institutions in their jurisdictions and submit national aggregates to the BIS, which calculates and publishes global totals for turnover, FX settlement and amounts outstanding, and national totals for turnover.

¹   Financial institutions in the following jurisdictions will contribute to the 2025 Triennial Survey: Argentina, Australia, Austria, Bahrain, Belgium, Brazil, Bulgaria, Canada, Chile, China, Chinese Taipei, Colombia, Czechia, Denmark, Finland, France, Germany, Greece, Hong Kong SAR, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Lithuania, Luxembourg, Malaysia, Malta, Mexico, the Netherlands, New Zealand, Norway, Peru, the Philippines, Poland, Portugal, Romania, Saudi Arabia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Thailand, Türkiye, the United Arab Emirates (and the Dubai International Financial Centre), the United Kingdom and the United States.