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Patrick McGuire, head of International banking and financial statistics, explains how FX swaps, forwards and currency swaps create forward dollar payment obligations that do not appear on banks' balance sheets.

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Dollar debt in FX swaps and forwards: huge, missing and growing

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https://www.youtube.com/watch?v=LOz9NQu1Hys

 Developments in latest data using the BIS derivatives statistics 

https://www.bis.org/stats_triennial_surveys/latest.htm

https://www.bis.org/stats_triennial_surveys/index.htm

Reporting guidelines provide definitions and methodology for compiling the requested data. The strict observance of these guidelines is requested in order to ensure the comparability of the reported data across the different jurisdictions.

https://www.bis.org/statistics/triennialrep/2025survey_guidelinesturnover.pdf

The Survey takes place every three years in April. It tracks the average daily turnover in spot FX and OTC FX and interest rate derivatives during that month. The preliminary results of the Survey are typically published by November, and final results in the December of Survey years.

How often does the Triennial Survey take place?

Reporting templates are Excel workbooks, each with several worksheets that are organised by the type of information collected.

https://www.bis.org/statistics/triennialrep/2025survey_reportingtemplate_turnover.xlsx

Turnover of OTC foreign exchange instruments by currency can be found in <a href='/topics/DER/tables-and-dashboards/BIS,DER_D11_3,1.0'>Table D11.3</a>.

What is the most traded currency on foreign exchange markets?

Dealers from more than 50 jurisdictions participate in the Triennial Survey, and the statistics are reported to the BIS at a country, rather than individual dealer level. The reporting population for the turnover part of the survey consists of large commercial and investment banks as well as securities dealers (collectively referred to as “reporting dealers”). Central banks are not part of the reporting population. In order to maintain methodological consistency with previous Triennial Surveys and facilitate the separate identification of cross-border and local trades, the turnover part of the survey is conducted on a sales desk location basis.

Turnover data are collected on an unconsolidated basis from sales desks located in more than 50 participating jurisdictions.

Is turnover in the Triennial Survey collection on a consolidated or unconsolidated basis?

No. The BIS Triennial Survey captures turnover in foreign exchange spot markets, as well as foreign exchange and interest rate OTC derivatives markets. Other risk categories are not covered by this survey.

Does the Triennial Survey cover turnover of equity, commodity, credit and other OTC derivatives?

/static/bulk/WS_DER_OTC_TOV_sdmx-compact-2.1.zip

/static/bulk/WS_DER_OTC_TOV_sdmx-generic-2.1.zip

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Committee on the Global Financial System (CGFS)

Triennial Survey

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