In 2022, the Bank for International Settlements (BIS) once again coordinated a survey on turnover on foreign exchange and over-the-counter (OTC) derivatives markets
In 2022, the Bank for International Settlements (BIS) once again coordinated a survey on turnover on foreign exchange and over-the-counter (OTC) derivatives markets. 52 central banks and monetary authorities, including Narodowy Bank Polski, participated in this project. They collected data from over 1,200 financial institutions on the value of transactions concluded in April 2022 on the foreign exchange market (including the spot market, outright forwards, fx swaps, CIRS and currency options) and the OTC interest rate derivatives market (FRA, IRS, OIS and interest rate options). In Poland, twelve domestic banks and branches of credit institutions submitted data for the purpose of this study. The goal of the Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity is to obtain comprehensive and internationally comparable statistical information on the liquidity and structure of the above mentioned markets.
The key data on the foreign exchange and OTC interest rate derivatives markets in Poland are presented below:
- In April 2022, the average daily net turnover on the domestic foreign exchange market amounted to USD 13,019 million (an increase by 47% at current exchange rates, as compared to the value of transactions in April 2019), of which USD 9,618 million were transactions involving the Polish zloty:
- fx swaps continued to be the most actively traded instrument on the domestic foreign exchange market; average daily net turnover in these instruments in April 2022 amounted to USD 8,551 million (an increase by 65% at current exchange rates, as compared to April 2019), of which USD 6,269 million were transactions involving the Polish zloty,
- the average daily net turnover on the domestic spot market in April 2022 amounted to USD 3,130 million (an increase by 22% at current exchange rates, as compared to the value of transactions in April 2019), of which USD 2,455 million were transactions involving the Polish zloty,
- increase in turnover was predominantly due to elevated activity of domestic non-financial counterparties; furthermore, the increased number of concluded transactions may have been supported by easier access of small and medium enterprises, as well as retail clients, to the foreign exchange market, as a result of, among others, domestic banks’ offering of trading platforms and online exchange offices which allowed smaller entities and retail clients to carry out foreign exchange operations at rates similar to those quoted on the wholesale market,
- Internet trading platforms (so called forex platforms), allowing to speculate using cash-settled forwards, were still popular among retail clients.
- The average daily net turnover on the domestic OTC interest rate derivatives market in April 2022 amounted to USD 2,332 million (an increase by 10% at current exchange rates, as compared to April 2019), of which USD 2,293 million were transactions in instruments denominated in the Polish zloty (an increase of 87% at current exchange rates, as compared to April 2019):
- a significant increase, as compared to the previous survey, of the turnover on the domestic market for OTC interest rate derivatives denominated in PLN was predominantly the result of stronger and more diverse market participants’ expectations of changes in NBP interest rates in the short and medium run, as well as the elevated volatility of asset prices in various segments of the financial market which was triggered by Russia’s military aggression against Ukraine,
- the role of instruments denominated in CZK and HUF on the domestic OTC interest rate derivatives market substantially diminished,
- central clearing of OTC interest rate derivatives was a common practice in the domestic banking sector – around 94% of gross turnover in those instruments were cleared by a CCP.
The determinants of the above mentioned tendencies as well as detailed information on the structure of those markets coupled with the outline of the methodology have been presented in the document Turnover on the domestic foreign exchange and OTC derivatives markets in April 2022.
The results of the survey on turnover on the global foreign exchange and OTC interest rate derivatives markets have been published by the Bank for International Settlements and are available on its website: https://www.bis.org/statistics/rpfx22.htm. In addition to that the website: http://www.bis.org/statistics/triennialrep/national.htm contains links to other central banks’ press releases which present the results of the survey for their local markets.
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The global results are available on the Bank for International Settlements website
Bank for International Settlements website
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FX and OTC derivatives markets turnover
In 2019, the Bank for International Settlements (BIS) once again coordinated a survey on turnover in foreign exchange and over-the-counter (OTC) derivatives markets. 53 central banks and monetary authorities, including Narodowy Bank Polski, participated in this project. They collected data from almost 1,300 financial institutions on the value of transactions concluded in April 2019 in the foreign exchange market (including the spot market, outright forwards, fx swaps, CIRS and currency options) and the OTC interest rate derivatives market (FRA, OIS, IRS and interest rate options). In Poland, thirteen domestic banks and branches of credit institutions submitted data for the purpose of this study. The goal of the Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity is to obtain comprehensive and internationally comparable statistical information on the liquidity and structure of the above mentioned markets.
The key data on the foreign exchange and OTC interest rate derivatives markets in Poland are presented below:
- In April 2019, the average daily net turnover in the domestic foreign exchange market amounted to USD 8,864 million (a decrease of 1% at current exchange rates, as compared to the value of transactions in April 2016), of which USD 6,317 million were transactions involving the Polish zloty;
- Fx swaps continued to be the most actively traded instrument in the domestic foreign exchange market; average daily net turnover in these instruments in April 2019 amounted to USD 5,190 million (a decrease of 12% at current exchange rates, as compared to April 2016), of which USD 3,935 million were transactions involving the Polish zloty (an increase of 8% at current exchange rates, as compared to April 2016),
- The average daily net turnover in the domestic spot market in April 2019 amounted to USD 2,556 million (an increase of 23% at current exchange rates, as compared to the value of transactions in April 2016), of which USD 1,749 million were transactions involving the Polish zloty,
- The development of single-bank trading platforms and online exchange offices allowed smaller entities to carry out foreign exchange operations at rates similar to those quoted in the wholesale market,
- Internet trading platforms (so called forex platforms), allowing to speculate using cash-settled forwards, were popular among retail clients,
- The average daily net turnover in the domestic OTC interest rate derivatives market in April 2019 amounted to USD 2,112 million (an increase of 42% at current exchange rates, as compared to April 2016), of which USD 1,229 million were transactions in instruments denominated in the Polish zloty (a decrease of 14% at current exchange rates, as compared to April 2016);
- The role of instruments denominated in Central and Eastern European currencies – in CZK and HUF – in the domestic OTC interest rate derivatives market materially increased,
- Central clearing of OTC interest rate derivatives was a common practice in the domestic banking sector – around 95% of FRA and IRS transactions were cleared by a CCP.
The determinants of the above mentioned tendencies as well as detailed information on the structure of those markets have been presented in the document Turnover in the Domestic Foreign Exchange and OTC Derivatives Markets in April 2019.
The results of the survey on global turnover in the foreign exchange and OTC interest rate derivatives markets have been published by the Bank for International Settlements and are available on its website: bis.org/statistics/rpfx19.htm. In addition to that the webpage: http://www.bis.org/statistics/triennialrep/national.htm contains links to other central banks’ press releases which present the results of the survey for their national markets.
Downloads :
Summary of the Results
Statistical Tables
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Turnover in FX and OTC derivatives markets in Poland
In 2016, the Bank for International Settlements (BIS) coordinated a survey on turnover in foreign exchange and over-the-counter (OTC) derivatives markets. 52 central banks and monetary authorities, including Narodowy Bank Polski, participated in this study. They collected data from more than 1,200 financial institutions on the value of transactions concluded in April 2016 in the foreign exchange market (including the spot market, outright forwards, fx swaps, CIRSs and currency options) and the OTC interest rate derivatives market (FRAs, IRSs including OISs, and interest rate options). Sixteen domestic banks and branches of credit institutions were surveyed in Poland. The purpose of the Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity was to obtain comprehensive and internationally comparable statistical information on the liquidity and structure of the above mentioned markets.
The key data on the foreign exchange and OTC interest rate derivatives markets in Poland are presented below:
- In April 2016, the average daily net turnover in the domestic foreign exchange market amounted to USD 9,116 million (an increase of 21% at current exchange rates, as compared to the value of transactions in April 2013), of which USD 5,959 million were transactions involving the Polish zloty;
- Fx swaps continued to be the most actively traded instrument in the domestic foreign exchange market; average daily net turnover in these instruments in April 2016 amounted to USD 5,958 million (an increase of 30% at current exchange rates, as compared to the value of transactions in April 2013), of which USD 3,714 million were transactions involving the Polish zloty,
- The average daily net turnover in the domestic spot market in April 2016 amounted to USD 2,083 million (a decrease of 10% at current exchange rates, as compared to the value of transactions in April 2013), of which USD 1,634 million were transactions involving the Polish zloty,
- internet-based trading platforms, allowing retail clients to speculate using non-delivery forwards, were still popular,
- The average daily net turnover in the domestic OTC interest rate derivatives market in April 2016 amounted to USD 1,558 million (a decrease of 49% at current exchange rates, as compared to the value of transactions in April 2013), of which USD 1,481 million were transactions in instruments denominated in the Polish zloty.
The results of the survey on global turnover in the foreign exchange and OTC interest rate derivatives markets have been published by the Bank for International Settlements and are available on its website: http://www.bis.org/publ/rpfx16.htm. In addition to that the webpage: http://www.bis.org/statistics/triennialrep/national.htm contains links to other central banks’ press releases which present the results of the survey for their national markets.
Downloads:
Summary of the Results
Statistical Tables
See also >>
Turnover in FX and OTC derivatives markets in Poland
In 2013 the Bank for International Settlements coordinated a survey on turnover in foreign exchange and over-the-counter derivatives markets. 53 central banks and monetary authorities, including Narodowy Bank Polski, participated in this study. They collected data from around 1,300 financial institutions on the value of transactions concluded in April 2013 in the foreign exchange market (which includes the spot market, outright-forwards, fx swaps, CIRS and currency options) and the OTC interest rate derivatives market (FRA, IRS, including OIS, and interest rate options). Eighteen domestic banks and branches of credit institutions were surveyed in Poland. The purpose of the Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity was to obtain comprehensive and internationally comparable statistical information on the liquidity and structure of the respective markets.
The most important data concerning the foreign exchange and OTC interest rate derivatives markets in Poland are presented below:
- The average daily net turnover in the domestic foreign exchange market in April 2013 amounted to USD 7,564 million (a decrease of 4% at current exchange rates compared to the value of transactions in April 2010), of which USD 5,446 million were transactions involving the Polish zloty; internet trading platforms allowing retail clients to speculate in the foreign exchange market using cash-settled forward transactions have become increasingly popular;
- Fx swaps continued to be the most actively traded instruments in the domestic foreign exchange market; average daily turnover in these instruments in April 2013 amounted to USD 4,581 million (a decrease of 15% at current exchange rates compared to the value of transactions in April 2010), of which USD 3,088 million were transactions involving the Polish zloty,
- The average daily turnover in the domestic spot market in April 2013 amounted to USD 2,324 million (an increase of 19% at current exchange rates compared to the value of transactions in April 2010), of which USD 1,730 million were transactions involving the Polish zloty,
- The average daily net turnover in the domestic OTC interest rate derivatives market (FRA, IRS, including OIS, and interest rate options) in April 2013 amounted to USD 3,038 million (an increase of 95% at current exchange rates compared to the value of transactions in April 2010), of which USD 2,916 million were transactions in instruments denominated in the Polish zloty.
The preliminary results of the survey on global turnover in the foreign exchange and OTC interest rate derivatives markets have been published by the Bank for International Settlements and are available on its website: http://www.bis.org/publ/rpfx13.htm. In addition to that the webpage: http://www.bis.org/statistics/triennialrep/national.htm contains links to press releases of other central banks which present the results of the survey for their national markets.
Downloads:
Summary of the Results
Statistical Tables
See also >>
Turnover in FX and OTC derivatives markets in Poland 2010
In 2010 the Bank for International Settlements coordinated a survey on turnover in foreign exchange and over-the-counter derivatives markets. 53 central banks and monetary authorities, including the National Bank of Poland, participated in this study. They collected data from 1,309 financial institutions on the value of the transactions concluded in April 2010 in the foreign exchange market, which includes the spot market and the OTC foreign exchange derivatives market (outright-forwards, fx swaps, CIRS and currency options), and the OTC interest rate derivatives market (FRA, IRS, including OIS, and interest rate options). Seventeen banks and branches of credit institutions were surveyed in Poland. The purpose of the Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Market Activity was to obtain comprehensive and internationally comparable statistical information on the liquidity and structure of the respective markets.
The most important data concerning the foreign exchange and OTC derivatives markets in Poland are presented below:
- The average daily turnover in the domestic foreign exchange market in April 2010 amounted to USD 7,848 million (a decrease of 15% at current exchange rates compared to the value of transactions in April 2007), of which USD 5,879 million were transactions involving the Polish zloty;
- The average daily turnover in the domestic spot market in April 2010 amounted to USD 1,955 million (a decrease of 19% at current exchange rates compared to the value of transactions in April 2007), of which USD 1,405 million were transactions involving the Polish zloty,
- The average daily turnover in the domestic OTC foreign exchange derivatives market amounted to USD 5,893 million (a decrease of 14% at current exchange rates compared to the value of transactions in April 2007), of which USD 4,474 million were transactions involving the Polish zloty,
- The average daily turnover in the domestic interest rate derivatives market (FRA, IRS, including OIS, and interest rate options) in April 2010 amounted to USD 1,561 million (a decrease of 42% at current exchange rates compared to the value of transactions in April 2007), of which USD 1,472 million were transactions in instruments denominated in the Polish zloty.
Downloads:
Summary of the Results
Statistical Tables
See also:
- The global results are available on the Bank for International Settlements website: www.bis.org
See also
