Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity (2004)

Press release  | 
03 July 2003

In April and June 2004, the G10 central banks will carry out their regular global survey of foreign exchange and derivatives market activity coordinated by the BIS. The survey was last conducted in April and June 2001. An increased number of 54 central banks and monetary authorities (up from 48) have been invited to participate in the next survey. The objective of the reporting exercise is to obtain reasonably comprehensive and internationally consistent information on the size and structure of foreign exchange and over-the-counter (OTC) derivatives markets. The purpose of the statistics is to increase market transparency and thereby help central banks, other authorities and market participants to better monitor patterns of activity in the global financial system.

The reporting exercise will comprise the collection of market data on turnover in notional amounts of foreign exchange spot and foreign exchange and interest rate OTC derivatives transactions. In addition, it will cover notional amounts and gross market values outstanding of foreign exchange, interest rate, equity, commodity, credit and other OTC derivative instruments.

In order to maintain consistency with the previous surveys, the turnover part of the survey will be conducted on a residence or locational basis in April 2004 in a format similar to that of the last survey in April 2001. In order to create benchmarks for regular derivatives market reporting in the G10 countries and to minimise the reporting burden for regular reporters, the format of the amounts outstanding part of the survey corresponds to the format of regular derivatives market reporting. The data on derivatives outstanding will therefore be collected on a consolidated basis at end-June 2004.

The format of the 2004 survey includes the following refinements and clarifications of reporting procedures compared with the previous survey:

  • a clarification of the dealer concept, in order to better distinguish between inter-dealer and customer transactions;
  • improved definitions for so-called in-house or related party deals;
  • improved definitions for the location of trades; and
  • provision of illustrative examples of how to determine the location of trades.

As before, data reported by individual countries will be aggregated by the BIS and published as global results.

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