Do BIS volumes soar past the trend?
FX market ADV has surged to $9.6 trillion in the latest triennial survey, but are these figures representative?
Foreign exchange sales desks may have taken solace in the Bank for International Settlements’ (BIS) recent report showing a surge in FX turnover this year. With average daily volumes exceeding $9 trillion a day, this new representation of the status quo marks a milestone for the market.
The desks may be less enthusiastic further down the road, though, as the 2025 Triennial Central Bank survey – an important benchmark of global FX turnover that collects data from more than 1,100 banks, dealers and
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