Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity

Press release  | 
17 June 1997

In December 1996, the central banks of the Group of Ten (G-10) countries agreed to repeat in the spring of 1998 the internationally coordinated survey of foreign exchange and derivatives markets which was carried out in an expanded format for the first time in March-April 1995. Meanwhile, central banks and monetary authorities in approximately 40 countries have decided to participate in the next survey. The objective of the reporting 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 will comprise the collection of market data on turnover in notional amounts of foreign exchange spot and foreign exchange and interest rate OTC derivative transactions on the one hand, and notional amounts and gross market values outstanding of foreign exchange, interest rate, equity, commodity, credit and "other" OTC derivative instruments on the other.

In order to preserve consistency with the previous surveys, the turnover part of the survey will be conducted on a locational basis in April 1998 in a format similar to that of the last survey in April 1995. In order to create benchmarks for regular derivatives market reporting in the G-10 countries, which will begin in mid-1998, and to minimise the reporting burden for regular reporters, the format of the amounts outstanding part of the survey has been aligned with the format of regular derivatives market reporting. The data on derivatives outstanding will therefore be collected on a consolidated basis at end-June 1998. To further reduce the reporting burden, only aggregate data are requested on market values and no data will be collected on either turnover or amounts outstanding of exchange-traded derivative instruments, given that timely and comprehensive information on these products is available from the exchanges themselves.