How I’m framing the BIS release

[AnShtiel]

The headline turnover number grabs attention, but the real edge is in the plumbing: instrument mix, time-zone depth, and who actually transfers risk at size. If spot gains at the expense of swaps, that hints at heavier hedging and more two-way risk taking; if swaps keep leading, balance-sheet funding is still the engine. Around the regional split, London’s netting efficiency remains powerful, while Asia’s session can reshape execution for AUD/JPY and CNH crosses. Mid-read, I keep a running BIS survey analysis to reconcile the tables with year-to-date rate paths and options pricing. If the microstructure doesn’t match the macro, expect revisions to venue routing, last-look thresholds, and firm-quote preferences. The survey is a benchmark; the advantage comes from quickly wiring its structure into day-to-day playbooks.