Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 1998: Preliminary Global Data

The BIS is releasing today preliminary global turnover data from the latest Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 1998. It follows the publication of national data by participating central banks and monetary authorities on 29th September 1998. The geographical coverage of the new survey was significantly expanded (from 26 countries in 1995 to 43 countries), but, in order to reduce the reporting burden, the coverage of derivatives was limited to over-the-counter (OTC) currency and interest rate instruments. Therefore, it excludes exchange-traded business, information on which is regularly collected by the BIS from the exchanges themselves, as well as smaller OTC market segments such as equity, commodity and credit-related products. In addition, although the reporting of OTC turnover data for April 1998 is consistent with earlier surveys, information pertaining to amounts outstanding applied to end-June, rather than end-March as hitherto, and is not yet available. This change in reporting date was made to ensure consistency with the new regular reporting of consolidated derivatives market statistics in the G-10 countries which was also introduced at end-June 1998 and preliminary data for which will be released later this year. The BIS will publish the final global results on both foreign exchange and derivatives turnover and amounts outstanding in the spring of 1999.