Introduction to the Triennial Central Bank Survey
The Bank for International Settlements (BIS) has released the results of its Triennial Central Bank Survey, which focuses on foreign exchange and Over-the-counter (OTC) derivatives markets. The survey, conducted in April 2025, involved central banks and monetary authorities from 52 jurisdictions, including the Central Bank of Chile. Data was collected from over 1,100 banks and other financial intermediaries, making it a significant source of information on the size and structure of these markets.
Purpose of the Survey
The BIS conducts this survey every three years to increase transparency, facilitate monitoring, and contribute to the debate on infrastructure reform. The survey provides valuable insights into the global FX market and interest rate derivatives market, helping to shape the future of these markets.
FX Market Overview
Global FX Market
The global FX market saw an average daily turnover of US$9.6 trillion in April 2025, representing a 28% increase compared to the same month in 2022. This significant increase can be attributed to high volatility and increased trading activity following trade policy announcements made by the United States and its main trading partners.
Chile’s FX Market
In Chile, the FX market, including spot and FX derivative operations, reached a volume equivalent to 8.4 times the country’s GDP. This level is above the average for emerging and Latin American economies. Brazil and Mexico also stand out in terms of turnover.
Interest Rate Derivatives Market
Global Interest Rate Derivatives
The global average daily turnover in interest rate derivatives reached US$7.9 trillion in April 2025, representing a 59% increase compared to the same month in 2022. This significant increase highlights the growing importance of interest rate derivatives in the global market.
Chile’s Interest Rate Derivatives Market
In Chile, activity in the interest rate derivatives market reached a volume equivalent to 4.8 times the country’s GDP, with annualized turnover of US$1.65 trillion. This level places Chile above the average for Latin American and emerging economies.
Conclusion
The Triennial Central Bank Survey provides valuable insights into the global FX market and interest rate derivatives market. The results of the survey highlight the significant growth and volatility in these markets, with Chile’s markets performing above average compared to other emerging and Latin American economies. The survey’s findings will contribute to the ongoing debate on infrastructure reform and help shape the future of these markets. The full results of the survey can be found on the BIS website.
