Asiamoney’s FX rankings are derived from the votes collected in Euromoney’s global FX Survey which ran from January 16 to March 7, 2019. The survey received 1,966 valid responses from consumers of FX liquidity representing total FX consumption of $121.1 trillion in the calendar year 2018. Asiamoney ranked the top five counterparties and top three Asian counterparties in 11 different Asian jurisdictions as part of our 41st annual survey of liquidity consumption in the global FX markets.
Asia Market Leaders
APAC |
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| Rank | Counterparty | Market Share % |
| 1 | JPMorgan | 11.45% |
| 2 | Bank of America Merrill Lynch | 10.09% |
| 3 | UBS | 9.35% |
| 4 | Citi | 7.90% |
| 5 | Deutsche Bank | 6.40% |
| 6 | XTX Markets | 6.12% |
| 7 | HSBC | 6.00% |
| 8 | Goldman Sachs | 5.79% |
| 9 | Standard Chartered | 4.04% |
| 10 | SMBC | 3.99% |
China |
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| Rank | Counterparty | Market Share % |
| 1 | Bank of America Merrill Lynch | 44.39% |
| 2 | Standard Chartered | 14.54% |
| 3 | Bank of New York Mellon | 8.64% |
| 4 | HSBC | 3.66% |
| 5 | Bank of China | 1.50% |
China (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | Bank of China | 1.50% |
Hong Kong |
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| Rank | Counterparty | Market Share % |
| 1 | Bank of America Merrill Lynch | 11.39% |
| 2 | Deutsche Bank | 10.51% |
| 3 | XTX Markets | 9.39% |
| 4 | HSBC | 7.95% |
| 5 | Standard Chartered | 7.88% |
India |
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| Rank | Counterparty | Market Share % |
| 1 | Standard Chartered | 38.72% |
| 2 | JPMorgan | 12.04% |
| 3 | BNP Paribas | 11.15% |
| 4 | Citi | 4.94% |
| 5 | State Bank of India | 2.91% |
India (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | State Bank of India | 2.91% |
| 2 | Axis Bank | 2.88% |
| 3 | Yes Bank | 1.10% |
Indonesia |
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| Rank | Counterparty | Market Share % |
| 1 | CIMB | 19.96% |
| 2 | Bank Central Asia | 16.45% |
| 3 | Standard Chartered | 3.44% |
Indonesia (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | CIMB | 19.96% |
| 2 | Bank Central Asia | 16.45% |
Japan |
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| Rank | Counterparty | Market Share % |
| 1 | JPMorgan | 14.40% |
| 2 | Citi | 11.63% |
| 3 | UBS | 11.44% |
| 4 | Bank of America Merrill Lynch | 10.41% |
| 5 | Goldman Sachs | 7.77% |
Japan (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | SMBC | 7.10% |
| 2 | Nomura | 4.67% |
| 3 | MUFG | 3.62% |
Korea |
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| Rank | Counterparty | Market Share % |
| 1 | State Street | 38.84% |
| 2 | Standard Chartered | 8.04% |
| 3 | HSBC | 5.93% |
| 4 | Bank of America Merrill Lynch | 4.42% |
| 5 | Mizuho Financial Group | 3.98% |
Korea (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | Mizuho Financial Group | 3.98% |
| 2 | Korea Development Bank | 3.21% |
| 3 | Shinhan Bank | 2.07% |
Malaysia |
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| Rank | Counterparty | Market Share % |
| 1 | Standard Chartered | 46.74% |
| 2 | CIMB | 13.32% |
| 3 | Maybank | 6.67% |
| 4 | Citi | 3.96% |
| 5 | UOB | 2.94% |
Malaysia (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | CIMB | 13.32% |
| 2 | Maybank | 6.67% |
| 3 | UOB | 2.94% |
Philippines |
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| Rank | Counterparty | Market Share % |
| 1 | Standard Chartered | 16.72% |
| 2 | Chinabank | 6.98% |
| 3 | Security Bank | 5.85% |
| 4 | BDO Unibank | 4.91% |
| 5 | Bank of the Philippine Islands | 1.84% |
Philippines (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | Chinabank | 6.98% |
| 2 | Security Bank | 5.85% |
| 3 | BDO Unibank | 4.91% |
Singapore |
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| Rank | Counterparty | Market Share % |
| 1 | HSBC | 14.63% |
| 2 | Deutsche Bank | 14.09% |
| 3 | UBS | 11.51% |
| 4 | Standard Chartered | 11.35% |
| 5 | Nomura | 9.65% |
Taiwan |
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| Rank | Counterparty | Market Share % |
| 1 | State Street | 24.63% |
| 2 | Bank of America Merrill Lynch | 19.24% |
| 3 | Standard Chartered | 14.30% |
| 4 | Deutsche Bank | 11.19% |
| 5 | HSBC | 6.13% |
Thailand |
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| Rank | Counterparty | Market Share % |
| 1 | Bank of America Merrill Lynch | 18.97% |
| 2 | CIMB | 13.29% |
| 3 | Siam Commercial Bank | 4.89% |
| 4 | Kasikornbank | 4.20% |
| 5 | Bangkok Bank | 2.97% |
Thailand (Asian Banks) |
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| Rank | Counterparty | Market Share % |
| 1 | CIMB | 13.29% |
| 2 | Siam Commercial Bank | 4.89% |
| 3 | Kasikornbank | 4.20% |