This report from the IMF, FSB and BIS updates on their work to address data gaps involving foreign currency exposures, following a first report in September 2014. The main objective of this ongoing work is to set the stage for improved assessments of cross-border risks. Advancing work on foreign currency exposures is an important component of proposals for the second phase of the G20 Data Gaps Initiative. When the FSB publishes its peer review of the trade repository reporting of over-the-counter (OTC) derivatives in October 2015 it will include recommendations to address the legal barriers and practical challenges hindering the supervisory use of trade repository data for FX and other OTC derivatives.