Press Release - Turnover in foreign exchange and derivatives markets, 2016 BIS triennial survey: Results for Switzerland
This press release presents the results for a Swiss National Bank (SNB) survey on turnover1 in foreign exchange and derivatives markets.
The request for data was sent to 30 banks that operate in Switzerland and have a sizeable share in the foreign exchange and over-the-counter (OTC) derivatives markets. These banks reported the turnover of their domestic offices.
The survey is part of a global survey coordinated by the Bank for International Settlements (BIS) on foreign exchange and derivatives market activity. It is conducted every three years and in over 50 countries. This is the tenth time that the SNB has taken part.
The survey consists of two parts, with the first on turnover (reference month: April 2016) and the second on amounts outstanding of contracts and on replacement values (reference date: 30 June 2016). The results of the first part of the survey pertaining to Switzerland are presented in this press release. Simultaneously, the BIS is presenting the global results of the survey on turnover in the global foreign exchange and derivatives markets. It also plans to publish the global results of the second part of the survey in the fourth quarter of 2016.
Summary of results
On each of the trading days in April 2016, the 30 reporting banks recorded an average turnover of USD 156 billion in foreign exchange transactions and USD 8 billion in interest rate derivatives transactions.2 Compared with the previous survey in 2013, the trading volume in foreign exchange transactions decreased by USD 60 billion (28%), and in interest rate derivatives by USD 24 billion (75%).
Regarding foreign exchange transactions, all instruments recorded a decline compared to 2013. Although fewer foreign exchange swaps and spot transactions, in particular, were concluded, they still remained proportionately the two most important instruments. Once again, the most frequently traded currency was the US dollar. At the same time, the Swiss franc replaced the euro as the second most important currency in foreign exchange transactions.
Turnover in interest rate derivatives was again dominated by swaps and forward rate agreements; however, the turnover for both was considerably below the values recorded for the previous survey in 2013. Trading in interest rate derivatives denominated in euros receded in particular. As a result, the Swiss franc became the most important currency in interest rate derivatives trading for the first time since the 1998 survey.
page source https://www.snb.ch/en/
