Every three years, the Bank for International Settlements (BIS) coordinates a
global central bank survey of foreign exchange and derivatives market activity.
The purpose of the survey is to obtain comprehensive and internationally
consistent information on the size and structure of foreign exchange and
over-the-counter (OTC) derivatives markets with the aim of increasing market
transparency and thereby helping monetary authorities and market participants
to better monitor patterns of activity and exposures in the global financial
system.
The BIS announced today that it will carry out its seventh triennial survey in
April and June 2007, with the participation of 54 central banks and monetary
authorities (up from 52 in 2004). The participating central banks will collect
data from the respective financial institutions in their country and compile
their national data for submission to the BIS. The BIS will calculate and
publish the global totals. In April 2007, the data to be collected will cover
daily turnover in notional amounts of foreign exchange spot as well as
foreign exchange and interest rate OTC derivatives transactions. In June, the
data will cover outstanding notional amounts and gross market values of
foreign exchange, interest rate, equity, commodity, credit and other OTC
derivatives contracts. Credit default swaps (CDSs) will be included for the
first time.
The BIS has been working with central banks and monetary authorities to prepare
the guidelines and reporting templates for the exercise. These will now be
communicated to all participating central banks and monetary authorities, which
will in turn contact the reporting financial institutions in their
jurisdiction. The turnover part of the survey will be conducted on a residence
(locational) basis, the amounts outstanding part on a global consolidated
basis. Around 4,000 financial institutions worldwide are expected to
participate in the exercise.
The preliminary global results of the turnover part of the survey are expected
to be published by the BIS in September 2007, those for the amounts outstanding
part in November 2007. The final comprehensive report on the survey should be
available before the end of 2007.