Bank for International Settlements (BIS) 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets, April 2022

I.
General aspects
Banco de México participated in the thirteenth Triennial Central Bank Survey of Foreign Exchange
and over-the-counter (OTC) Derivatives Markets activity undertaken by the Bank for International
Settlements (BIS) 1 . As in previous occasions, the objective of this survey is to obtain consistent and
exhaustive information on the size, structure, and activity in the aforementioned markets at a global
scale. This year 52 central banks and monetary authorities took part in the survey and collected data
from more than 1,200 banks and other dealers in their respective jurisdictions.
Amongst the results from the survey, the following stand out:
1
• Trading in global foreign exchange markets increased 14% with respect to the 2019 survey,
reaching a daily average turnover of USD 7.5 trillion.
• The Mexican peso ranked as the sixteenth most traded currency in the world, positioning
itself as the third most traded currency amongst those of developing countries 2 , surpassed
by the Chinese renminbi and the Indian rupee.
• Global turnover in the Mexican peso 3 increased 3% when compared to the survey
conducted in April 2019 4 , totaling a daily average turnover of approximately USD 114
billion. On a local scale the daily average trading volume of the Mexican peso was around
USD 21 billion 5 .
The 2022 survey data is available at the following link: https://www.bis.org/statistics/rpfx22.htm
2
According to the classification used by the International Monetary Fund in its latest World Economic Outlook. Information available at the following
link: https://www.imf.org/external/pubs/ft/weo/2022/02/weodata/groups.htm
3 Peso transactions against the US dollar and other currencies in the spot, forward, swap, and option markets.
4 The 2019 survey data is available at the following link: https://www.bis.org/statistics/rpfx19.htm
5 Amounts are not adjusted for local and cross-border inter-dealer double-counting (i.e. “gross-gross” basis).

As every three years, Banco de México collaborates with the BIS in gathering consistent and comparable
information on foreign exchange market transactions around the world. This Triennial Survey is the most
exhaustive source on the size and structure of the global foreign exchange and OTC derivatives markets.
Hence, the results obtained from these surveys have helped policymakers, financial authorities, and other
market participants to monitor the evolution of the market, identify its main characteristics, and understand
the particular weight that each currency and instrument hold in worldwide daily operations. Moreover, the
survey also aims to inform discussions on reforms to OTC markets.
The Triennial Survey is coordinated by the BIS under the auspices of the Markets Committee and the
Committee on the Global Financial System. Participating central banks survey financial institutions in their
jurisdictions and submit national aggregates to the BIS, which calculates and publishes global results.
This year’s survey shows that the Mexican peso’s trading volume increased when compared to the previous
survey, although at a lower rate than the one observed for the overall FX market. Thus, the Mexican peso
ranked sixteenth among the world ́s most traded currencies, placing third amongst emerging market
currencies after the Chinese renminbi and the Indian rupee. In this regard, one of the survey’s main highlights
is the important increase in the Chinese renminbi turnover, whose share in global foreign exchange markets
rose from 4.3% in 2019 to 7.0% in 2022, reflecting China’s greater integration to the global economy and
financial markets.
With regards to the Mexican peso, daily average turnover increased from USD 111 billion in 2019 to USD 114
billion in 2022, which represents 1.5% of the global turnover, compared to 1.7% in 2019 (Table 1).
Furthermore, the survey shows that 82% of the daily turnover takes place outside Mexico, a percentage
similar to the one observed in the last surveys. This is explained by the fact that transactions involving the
Mexican peso take place globally and 24 hours a day, under adequate trading and liquidity conditions.
As a result, the results from this survey reflect the effort and measures undertaken by Mexican authorities
over the years in order to develop the foreign exchange market by offering a transparent, reliable, and
consistent regulatory framework and trading conditions in line with international standards. Thus, credibility
on the implementation of economic and foreign exchange policies is of the upmost importance, as they
constitute a fundamental pillar in fostering the Mexican peso foreign exchange market.

In terms of Mexico’s relevance as a financial center, the geographic distribution of daily average operations
shows that 0.2% of total foreign exchange market turnover takes place in our country, maintaining a relatively
stable share during the last surveys (Table 2).

II. Relevant aspects of the local trading volume
The tables below contain data collected by Banco de México from the local foreign exchange and interest
rate derivatives markets, which was provided to the BIS as part of the Triennial Survey. The amounts shown
represent daily averages expressed in millions of US dollars 6 .
In order to gather information for the global survey, twenty financial institutions in Mexico contributed to
the compilation of the data. These institutions have the highest participation in the domestic foreign
exchange market and together represent 94% of the local activity. The survey shows that in April 2022 daily
turnover for Mexican peso transactions was USD 20.903 billion, which represents a 1% decrease relative to
2019 (Table 3). Daily average turnover in spot transactions increased 5%, turnover in outright forwards
increased 10%, while turnover in FX swaps decreased 5%. Similar to the trend observed in the latest surveys,
around 98% of the Mexican peso transactions were against the US dollar.
Additionally, local market participants reported a daily turnover for US dollar transactions, against currencies
other than the Mexican peso, of USD 618 million (Table 4).

Finally, turnover involving single currency interest rate derivatives increased substantially in the last three
years. Interest rate swaps continue to represent the largest share of daily turnover, with operations
amounting to USD 6.524 billion, which compares to USD 1.822 billion in 2019 (Table 5).