The December 2025 issue of the BIS Quarterly Review is out:
Overview
- Volatility challenges risk-taking
Despite volatility from tariffs, high AI valuations and a possible slowdown, resilient risk assets prompt concerns over their trajectory as sentiment shifts.
Articles
- Foreword: Shifting currents in FX and interest rate derivatives: highlights from the 2025 Triennial Survey
by Patrick McGuire, Andreas Schrimpf and Goetz von Peter
The articles in this special edition leverage data from the 2025 BIS Triennial Survey to examine how the structural shifts and policy changes have shaped trading activity in FX and interest rate derivatives markets. - Global FX markets when hedging takes centre stage
by Wenqian Huang, Ingomar Krohn and Vladyslav Sushko
In April, foreign exchange trading surged as participants managed currency risk, amid volatility and dollar depreciation following US tariff announcements. - Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover
by Torsten Ehlers and Karamfil Todorov
The transition away from Libor, monetary policy shifts and the rise of cash-futures basis trade have reshaped interest rate derivatives markets. - International finance through the lens of BIS statistics: derivatives markets
by Stefan Avdjiev, Patrick McGuire and Goetz von Peter
BIS derivatives statistics examine the size and structure of derivatives markets, helping policymakers and analysts track vulnerabilities.
