How to Monitor the Forex Markets

This quarterly review is a special issue featuring analyses of the 2022 BIS-triannual central bank survey of foreign exchange and over-the-counter derivatives markets. The authors find that FX trading continues to shift away from multilateral platforms where price formation is available to all participants towards so-called less visible venues. $2.2 trillion worth of currency trades, or around one-third of the total deliverable FX turnover, are at risk of failing to settle on a given day.