Research and analysis using the BIS derivatives statistics

Publications featured on this page have been selected for their particular relevance to the BIS derivatives statistics. They include working papers, articles from BIS Quarterly Reviews and the latest statistical commentary.

OTC derivatives statistics at end-December 2023

May 2024 / Statistical commentary

Developments in latest data using the BIS derivatives statistics
(Archive of commentaries)

Bank positions in FX swaps: insights from CLS

September 2023 / BIS Quarterly Review

Data from CLS and BIS reveal how banks use interbank FX swaps to serve customers, hedge and arbitrage

Selected publications

Jun 2024 International finance through the lens of BIS statistics: the global reach of currencies
Describes how BIS statistics have a currency dimension, enabling users to track how key currencies are used in international banking and bond markets, and in foreign exchange and derivatives markets
Sep 2023 Bank positions in FX swaps: insights from CLS
Data from CLS and BIS reveal how banks use interbank FX swaps to serve customers, hedge and arbitrage
Dec 2022 The post-Libor world: a global view from the BIS derivatives statistics
The Libor transition led to structural changes in over-the-counter interest rate derivatives
Dec 2022 The global foreign exchange market in a higher-volatility environment
The 2022 BIS Triennial Survey shows increased turnover amid elevated volatility, with more interdealer trading but fairly stagnant customer volumes
Dec 2022 The internationalisation of EME currency trading
FX trading in EME currencies is increasingly internationalised, as most trades involve a counterparty outside the currency-issuing country
Dec 2022 Dollar debt in FX swaps and forwards: huge, missing and growing
Dollar obligations from FX swaps were backstopped in 2008 and 2020 by central banks with little information about who owed the debt
Dec 2022

FX settlement risk: an unsettled issue
Almost a third of deliverable FX turnover, or $2.2 trillion daily, is still subject to settlement risk

Dec 2021

Outward portfolio investment and dollar funding in emerging Asia
Documents how growth in Asian EMEs' outward portfolios has boosted demand for FX hedges, and discusses possible policy initiatives to improve the resilience of local FX markets

Dec 2019

FX and OTC derivatives markets through the lens of the Triennial Survey
Summarises the results of the 2019 BIS Triennial Central Bank Survey and the broad themes of analysis done in the December 2019 Quarterly Review

Dec 2019

Sizing up global foreign exchange markets
Analyses the growth in trading of foreign exchange derivatives contracts, including the increased use of FX swaps and the impact of electronification

Dec 2019

FX trade execution: complex and highly fragmented
Discusses how electronification has changed the execution of trades in FX derivatives markets and its implications for market fragmentation

Dec 2019

Offshore markets drive trading of emerging market currencies
Shows that markets for derivatives denominated in emerging market currencies have expanded, particularly due to greater offshore trading

Dec 2019

The evolution of OTC interest rate derivatives markets
Explores the large growth in OTC interest rate derivatives turnover, what factors explain it and what they tell us about the evolution of OTC interest rate derivatives markets

Dec 2019

OTC derivatives: euro exposures rise and central clearing advances
Discusses developments in outstanding amounts of OTC derivatives, including the expansion of euro-denominated contracts and the growth of central clearing

Aug 2019

Geographic spread of currency trading: the renminbi and other EM currencies
Studies the ongoing diffusion of renminbi trading across the globe using the Triennial Survey

Jun 2018 The credit default swap market: what a difference a decade makes 
Documents how outstanding amounts of CDS contracts have fallen, central clearing has risen and the composition of underlying credit risk exposures has evolved
Jun 2017 Central clearing makes further inroads
Summarises what the OTC derivatives statistics show about the importance of central clearing
Mar 2017 The bond benchmark continues to tip to swaps
Analyses the shift from government bond futures to interest rate swaps for hedging and positioning at the long end of the yield curve
Mar 2017  Comparison of BIS derivatives statistics
Describes the derivatives statistics collected by the BIS, highlights overlaps in coverage and analyses key differences in definitions
Dec 2016 Downsized FX markets: causes and implications
Identifies factors that contributed to a decline in spot trading in foreign exchange markets and a rise in FX derivatives trading
Dec 2016  The changing shape of interest rate derivatives markets
Analyses structural shifts in interest rate derivatives markets
Dec 2016  Emerging derivatives markets?
Examines the evolution of markets for derivatives referencing emerging market exchange rates and interest rates
Dec 2016  Non-deliverable forwards: impact of currency internationalisation and derivatives reform
Analyses developments in the market for non-deliverable forwards
Sep 2015  Revisions to BIS exchange-traded derivatives statistics
Introduces newly published data about interest rate and foreign exchange derivatives traded on exchanges
Dec 2013 The anatomy of the global FX market through the lens of the 2013 Triennial Survey
Explains the structural drivers and trends behind the growth of foreign exchange trading
Dec 2011 Enhanced BIS statistics on credit risk transfer
Analyses the risks transferred through credit default swaps by different groups of counterparties
Dec 2010 Counterparty risk and contract volumes in the credit default swap market
Reviews the growth and contraction of the credit default swap market
Dec 2010 A user's guide to the Triennial Central Bank Survey of foreign exchange market activity
Summarises what data are collected in the Triennial Survey and explains methodological issues that are important for interpreting these data
Sep 2009 Credit risk transfer statistics
Explores how to enhance statistics on credit risk transfer instruments
Jul 1996 Proposals for improving global derivatives market statistics
Establishes a framework for the regular collection of statistics on OTC derivatives markets