Developments in latest data using the BIS derivatives statistics
About
The over-the-counter (OTC) derivatives statistics capture the outstanding positions of derivatives dealers, mainly banks. They cover the outstanding notional value, market value and credit exposure of OTC foreign exchange, interest rate, equity, commodity and credit derivatives, as well as Herfindahl concentration measures. Dealers report on a worldwide consolidated basis, including the positions of their foreign affiliates and excluding intragroup positions. The statistics are collected under the auspices of the Committee on the Global Financial System and reported to the BIS at a country, rather than individual dealer, level. The statistics comprise data reported every six months by dealers in 12 jurisdictions (Australia, Canada, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States) plus data reported every three years by dealers in more than 30 additional jurisdictions. For periods between Triennial Surveys, the outstanding positions of dealers in these additional jurisdictions are estimated by the BIS.
Commentary
Methodology
Reporting guidelines for amounts outstanding for non-regular reporting institutions
Bank for International Settlements
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.
Reporting Templates
Bank for International Settlements
Reporting templates are Excel workbooks, each with several worksheets that are organised by the type of information collected.
Reporting countries
The OTC derivatives statistics combine two sources: data reported every six months by derivatives dealers in 12 jurisdictions, and data reported every three years by dealers in more than 30 additional jurisdictions. The BIS uses the triennial data to supplement the semiannual data in arriving at a more accurate estimate of the global size of OTC derivatives markets. They are reported to the BIS at an aggregate (country) level rather than individual institution level. A central bank or another national authority collects data from banks and other major derivatives dealers in its jurisdiction, compiles national aggregates and then sends them to the BIS to calculate global aggregates. Data are reported in US dollars, with positions in other currencies being converted into US dollars at the exchange rate prevailing at the end of the reference period. Comparisons of amounts outstanding between periods can be significantly affected by movements in exchange rates.
Research and publications
FX debt and optimal exchange rate hedging
This paper examines optimal foreign currency (FX) hedging by non-financial corporations globally. Using a cross-country, firm-level dataset, we first document key patterns of FX borrowing across advanced (AEs) and emerging market economies (EMEs). We find that while FX debt is prevalent in both groups, its intensity varies considerably.
Global portfolio investments and FX derivatives
We show that outstanding volumes in FX swaps serve as a good indicator for the hedging activity associated with portfolio positions of advanced economy bond investors. As such, FX swaps serve as a key barometer of risk-taking and global financial conditions.
US dollar's slide in April 2025: the role of FX hedging
Currency hedging by non-US investors holding US dollar securities appears to have made an important contribution to the weakness of the dollar in April and May 2025. In recent years, the strength of the dollar and high currency hedging costs driven by elevated short-term dollar interest rates had discouraged non-US investors from hedging their US dollar exposures. Clues as to the location of currency hedging activity can be gleaned from intraday exchange rate movements. In April, the largest declines in the US dollar occurred during Asian trading hours, suggesting an important role for Asian investors.
Glossary
FAQs
Tutorial videos
Dollar debt in FX swaps and forwards: huge, missing and growing
|Banking for International Settlements
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.
