FX Poll 1997: Taken aback by a leap forward
The client poll
Euromoney collected data for its foreign exchange survey by faxing a detailed questionnaire to named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
We received 194 replies. Breakdown by type: corporates 63%, non-market making banks 7%, other financial institutions 14%, institutional investors 9% and others including state agencies 7%. Breakdown by region: Europe 47%, North America 27%, Asia and Australia 24%, Middle East and others 2%.
The overall ranking is based on the total volume of foreign exchange business placed annually with each bank. Respondents were asked to estimate their total annual forex requirement and to disclose the proportion placed with the top banks they use. Other results were compiled by awarding points on a sliding scale of 3:2:1 and are therefore not weighted according to volume.
The interbank poll
The interbank poll was conducted by telephone and fax. Chief dealers and heads of foreign exchange in London, New York and Tokyo were asked to nominate the banks they viewed as best overall market makers in terms of pricing and execution and those they considered best at dealing in specific currency pairs.