Definition
The BIS Triennial FX Survey is the world's most all-encompassing data collection effort measuring the size and activity of global foreign exchange and over-the-counter derivatives markets.
Conducted every three years by the Bank for International Settlements in cooperation with central banks from over 50 countries, the survey captures detailed trading data from more than 1,200 banks worldwide.
It records average daily trading volumes across spot transactions, forwards, swaps, and options during a single month (April), then publishes the findings later that year.
This survey provides traders, regulators, and policymakers with critical insights into market trends, currency popularity, and shifts in global trading patterns.
The data collected helps establish important benchmarks like the WM/Refinitiv 4pm Fix, which relies on accurate market activity measurements to determine daily currency valuations.
Think of it as a comprehensive health checkup of the global FX market that happens once every three years.
In short: A comprehensive survey conducted every three years by the BIS that measures global foreign exchange market size, structure, and trading activity across all major instruments and currencies.
Example in Action
When Nigeria's central bank reviewed its foreign exchange policy in 2024, officials turned to BIS Triennial FX Survey data to understand how naira trading volumes compared with other emerging market currencies.
The survey's April snapshot revealed settlement patterns and turnover figures that helped regulators benchmark Nigeria's position. They used the standardized reporting to identify gaps in liquidity and infrastructure, guiding decisions on market reforms and risk controls across Lagos trading desks. Understanding Central Bank interventions and monetary strategies proved essential for implementing effective currency exchange rate policies based on the survey's findings.
Why It Matters
For African central banks and regulators, BIS Triennial FX Survey data isn't just statistics—it's a mirror showing where their currencies stand in the global market.
The survey reveals how much the naira, rand, or cedi are actually traded worldwide. It helps policymakers in Lagos, Nairobi, and Johannesburg spot risks, track capital flows, and understand if their currencies are gaining or losing ground against major currencies. Understanding the South African Rand's trading characteristics and the factors influencing its value becomes clearer through this comprehensive forex market data.
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