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Fundamental analysis

BIS (Bank for International Settlements)

By Jarosław Wasiński • Published: • Updated:
The Bank for International Settlements, an institution supporting cooperation among central banks and publishing financial research and statistics. Its Triennial Central Bank Survey measures global OTC foreign-exchange turnover across several instruments. Survey figures refer to a stated period and methodology, not real-time turnover or a single consolidated spot market.
Example. The later BIS analysis of the April 2025 survey, published in December 2025, reports about USD 9.5 trillion of average daily OTC FX turnover, compared with about USD 9.6 trillion in the preliminary September release. This is an average for the surveyed period and instruments, not retail spot turnover or a live reading.

Read the instrument and denominator

The survey covers spot, outright forwards, FX swaps, currency swaps and options. Net-net values correct local and cross-border interdealer double counting. Currency shares add to 200% because each transaction has two currency legs. When comparing data, check the period, methodology and release: the later analysis reports about USD 9.5 trillion per day for April 2025. Source: BIS: the later analysis of 2025 OTC FX turnover.

Do not infer a retail edge from market size

A large aggregate market does not guarantee liquidity at a particular price, time or broker. Global totals cannot establish the execution quality available to a small account.

Comparing surveys

Match instruments, countries, conversion currency and double-counting adjustments before comparing years. Exceptional events can affect activity in the survey month. Changing turnover is not the same as market value, outstanding positions or volatility.

Primary source checked 11 October 2026: www.bis.org.

FAQ

Why do currency shares total 200%?

Each transaction has two currency legs, so its value appears for both currencies. This does not double net-net global turnover.

Does BIS operate an exchange where I can open an account?

No. Statistics and central-bank cooperation do not constitute a retail brokerage or a common FX exchange.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

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