BIS Triennial Survey 2025 | CLSMarketData insights
CLS FX traded volume comparisons with the BIS Triennial Survey 2025.
CLS welcomes the latest BIS Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets (BIS Survey), which provides greater transparency into global FX activity.
For comparability, we analyzed CLS traded volume data for the same period (April 2025). Traded volume data aligns more closely with the BIS methodology, which captures actual FX trading activity. CLS traded volume data is compared with both the total global foreign exchange market data released in the BIS Survey and the addressable portion that is eligible for CLSSettlement (BIS adjusted data).1
Percentage growth since the last BIS report in 2022
Between April 2022 and April 2025, CLS average daily traded volume grew by approximately 36%, compared with a 29% increase in BIS adjusted data.
Total traded volumes in April 2025
The BIS Survey reported a global FX turnover of USD9.6 trillion per day in April 2025. BIS adjusted turnover was USD5.24 trillion, and CLS average daily traded volume was USD2.80 trillion.
Average daily traded volume comparison by instrument
CLS FX swap volumes grew from USD1.4 trillion to USD1.8 trillion per day between 2022 and 2025. Over the same period, BIS adjusted volumes remained largely unchanged.
FX alternative data
CLSMarketData can be used to improve your understanding of foreign exchange trading. Our position at the center of the FX ecosystem enables us to capture a uniquely large and diverse amount of data across market makers and price takers to deliver data-driven insight into market dynamics.
Market participants can use our data to enhance trading strategies to reflect market trends and respond quickly to changes in market conditions.
1. BIS data reflects the total global FX market, as reported in the BIS Survey.BIS adjusted data is an estimate of the portion of the global FX market that is eligible for settlement in CLSSettlement, adjusted for relevant currencies and trade types.
CLS data is adjusted to account for the Easter holiday period, to ensure consistency in the number of working days used in daily averages.