Research and analysis using the BIS derivatives statistics

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