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Morten Bech Jhuvesh Sobrun morten.bech@ jhuvesh.sobrun@ FX market trends before, between and beyond 1 Triennial Surveys This special feature looks at trading activity in the foreign exchange market between the Triennial Surveys conducted in 2010 and 2013 and in the months following. We estimate that the $5.3 trillion per day reported for April 2013 was a peak, with activity falling subsequently by $300 billion to $5 trillion per day in October. The decrease in activity was primarily driven by a drop in spot transactions involving mainly euros or yen against the US dollar. The decline in euro trading extends a trend that began in the third quarter of 2011, while the fall in yen trading reflects a partial reversal of a sharp rise that occurred in late 2012 and early 2013. JEL classification: C82, F31, G15 . Every three years, the Triennial Central Bank Survey of foreign exchange market activity (“the Triennial”) provides a detailed snapshot of the global foreign exchange (FX) market during the month of April. By increasing market transparency, the survey aims to help policymakers and market participants to monitor patterns of activity and exposures. The Triennial is coordinated by the BIS under the auspices of the Markets Committee2 and has been conducted since 1989. The Triennial offers unrivalled coverage in terms of geography, instruments and currencies. The latest survey involved 53 jurisdictions and some 1,300 banks and other dealers. It reports turnover in spot, outright forward, FX swap, currency swap an