AS THE RESULTS of this year’s Euromoney foreign exchange survey show, market share is broadening out among the top-six FX banks. Last year’s leading banks, Deutsche Bank, UBS and Barclays Capital, have all had their market share eroded by a chasing pack of three: Citi, JPMorgan and HSBC. This has occurred amid the increasing use of electronic trade execution, which is up almost 25% year on year. That suggests that the latter three banks are delivering on their promise by rolling out new improved electronic execution platforms to match the market leaders: Deutsche’s Autobahn and Barx from Barclays.
But this is just part of the story. First, not all of the top-six banks have delivered their new platforms to customers. And these customers are more and more proclaiming a preference for dealing on multi-dealer platforms (MDPs).