BIS Quarterly Review December 2025: Trading Dynamics, Bubbles And Shipping

January 2026

The 2025 BIS Triennial Survey explained

A special edition of the BIS Quarterly Review leverages new statistics to examine how structural shifts and policy changes have shaped trading activity in FX and derivatives markets.

Insights on global FX markets

In April, foreign exchange trading surged as participants managed currency risk, amid volatility and dollar depreciation following US tariff announcements.

Growth in interest rate derivatives markets

The transition away from Libor, monetary policy shifts and the rise of cash-futures basis trade have reshaped interest rate derivatives markets.

Shifting currents in FX and interest rate derivatives

Listen to the BISness podcast of Hyun Song Shin, Andreas Schrimpf and Goetz von Peter discussing the analysis of the BIS Triennial Survey.

Are US equities and gold in bubble territory?

For the first time in 50 years, gold and US equities have surged together into "explosive territory" – a rare phenomenon.

Project Leap: quantum-proofing the financial system

Project Leap successfully tested the integration of quantum-resistant cryptography into a real-life payment system.

More BIS publications

BIS Bulletin: Global value chains
Classifying shippers by their owners’ nationality offers a new perspective and novel insights into the evolving global trading system.

BIS Paper: Monetary policy under uncertainty
The collection of papers shows how central banks adjusted their monetary policy decision-making process and communication under heightened uncertainty.

FSI Insight: Securitisation reforms
By striking the right balance, policymakers can ensure that securitisation promotes both long-term financial stability and sustainable economic growth.

Upcoming

By 30 January: International banking statistics and global liquidity indicators for Q3 2025.