The Euromoney Foreign Exchange survey is the most comprehensive quantitative and qualitative annual study available on the FX markets. The FX market is an unregulated OTC market and there are no reliable, aggregated, global statistics made available against which to benchmark the survey outside the tri-annual BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the poll is not and is not intended to be an accurate reflection of total global foreign exchange activity. However, given the geographical and participant-type spread represented by the poll, Euromoney believes that the survey provides an accurate proxy for trends in the major areas of activity polled and accurately discerns the relative performance of the banks ranked, particularly over periods of two or more years.
All voting is carried out electronically via a secure, dedicated data collection website. Respondents can correct votes prior to the closing deadline.
Euromoney collects data for its annual foreign exchange survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies. We received 11,716 valid votes this year and total business placed with FX providers totalled $167.3 trillion.
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The survey falls into two major sections.
PART 1 – Quantitative
This section is concerned with quantitative measures of overall market activity and banks’ relative markets shares. The key rankings are:
Overall ranking by market share: Respondents (users of FX services) are asked to give us the proportions of their total transacted by their top 10 providers of FX services (in practice this will mean their total FX volume for the year). Each provider’s turnover aggregated across all respondents (for example, the total volume of transactions attributed to Deutsche Bank across all responses) is then expressed as a percentage of the total transaction volume represented by all valid responses.
There are the following restrictions/definitions:
1. Responses which do not include an annual total volume number for the respondent organization cannot count towards any of the rankings in the survey, including qualitative rankings, and are discarded.
2. Responses that do not satisfy the following minimum FX turnover threshold for qualification cannot count towards any of the rankings in the survey, including qualitative rankings, and are discarded:
$20mn in turnover in emerging markets currencies
$50mn in turnover in G10 currencies
3. Captive votes and votes representing internal transaction flows are excluded in the survey. This includes votes cast by:
Private banks that are part of banking groups with a market-making FX business
Internal bank treasuries
Internal FX and non-FX trading desks
Tax/Restructuring units
Wholly or majority-owned asset management businesses
4. Volume must be split by non-swap and swap volumes
5. Cross-currency swaps and rates products as a whole are not part of this volume
6. Swaps are single-counted and options volume is the delta-hedged value. Outrights such as long-dated forwards are included in the survey regardless of maturity.
Additionally, votes are not included in the survey where:
1. FX service providers cast a vote for themselves
2. Euromoney does not receive confirmation from the respondent of their identity.
3. An individual respondent submits more than one ballot and we cannot resolve the
duplication
Most improved overall market share: This is a ranking of banks by their year-on-year percentage change in total reported turnover. In order to remove outliers based on small response numbers and/or total volumes, FX service providers with less than $200bn of total turnover in either of the two years being compared are excluded from this ranking.
In addition, we produce rankings of market-share improvement by sector and region, with the following minimum turnover requirements for each sub-ranking, in US dollars:
Non Financial Corporate 40bn
Non market-making Bank 60bn
Real Money 40bn
Leveraged Funds 90bn
Asia 50bn
North America 70bn
Latin America 15bn
Central & Eastern Europe 20bn
Western Europe 150bn
Middle East 10bn
Africa 10bn
PART 2 - Qualitative
This section is concerned with qualitative rankings of various aspects of the FX providers’ services.
In each category, for example, G10 Currency Research, the ranking is calculated as the arithmetic mean of all the voted ratings (from 1 -7 where 1= very poor 7 = excellent) given to a bank for that category, with any responses that vote 1 in every voted category or which vote 7 in every voted category excluded. To qualify in these categories, banks need to receive votes from a minimum of 10% of the total responses to each category.
Headline results are available to Euromoney subscribers. A more extensive set of results can be accessed by subscribers to Euromoney’s foreign exchange news service, The weeklyFiX, at www.euromoneyfix.com.