The sector is consolidating fast. And while major banks focus on securing a place in the top tier, smaller firms are left to contemplate a choice between white labelling and finding a profitable niche market.

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Between them, UBS and Deutsche Bank now handle almost a quarter of all client trading volumes in foreign exchange. Their global dominance reflects crucial changes in clients' behaviour. Other banks that have been slow to emulate their strategies are suffering.

2003 FX Poll results are comprised of:

Following last year's surprise jump up the rankings, UBS has now made it to the top of the market share table in Euromoney's annual forex poll. Katie Astbury reports; research by Andrew Newby, Paul Pedzinski and Dave Skallinder.

The client poll

Euromoney's largest ever foreign exchange survey reveals the market's evaluation of the leading banks.

Consolidation, including the transformation of regional banks from competitors of the biggest forex banks to their customers, is moving on apace. Only the biggest dealers are in a position to offer the wide range of interlinked services demanded by their largest customers and to invest in winning technology.

In foreign exchange it's a truism that size matters. Niche players are being squeezed out of the market because they can't compete with the big banks on price, and even the heavyweights are swallowing each other up in a bid to become the most powerful institution. For now, there's one clear leader.

Euromoney FX poll 2000: Deutsche topples Citi

For 20 years, ever since Euromoney began its annual foreign exchange surveys in 1979, Citigroup came top. Now Deutsche Bank has dislodged it by a convincing margin. While critics accuse Deutsche of buying its way into the business with huge salaries, the real reason is its global markets model that brings together commercial and investment banking. Over the past year interbank forex flows fell while M&A and institutional business grew, favouring investment banks and those that combine both functions. Philip Moore reports; research by Andrew Newby.

The pie may be getting smaller but the top players are taking bigger slices. However, as Jack Dyson reports, the largest foreign-exchange firms are having to work ever harder to carve out a point of difference in a mature market with thin margins. In our eagerly-awaited annual foreign-exchange poll, Citigroup stays ahead of Deutsche by a whisker. Research by Rebecca Cicolecchia.

FX Poll: Life after execution

FX poll 1998: A tough race gets tougher

Banks everywhere are muscling in on foreign exchange - just as the costs of building a forex business are rising and spreads are tightening. Europe's commercial banks are trying to replace business lost with the onset of Emu. US investment banks are bolting forex on to their core activities. They can't all be winners. But, as Antony Currie reports, they can make life harder for those already at the top. Euromoney's 20th annual foreign-exchange poll follows. Research by Rebecca Dobson.

The foreign exchange business is entering a period of rapid change. The lack of volatility in the market over the past 12 months has forced the big commercial banks, which have long dominated the business, to close offices and cut staff. In their place, our annual poll reveals, investment banks are winning a larger share of the business. The biggest surprise: Merrill Lynch, which jumps into the top 10 at number three. Antony Currie explains why.

Newly-appointed global foreign exchange chief, Guy Whittaker, fell silent when Euromoney informed him that the new Chase had topped our annual foreign exchange poll. He simply asked how we put the results together, and took a sip of water.