Foreign Exchange Survey
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LATEST ARTICLES
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The results of this year’s Euromoney FX survey highlight the value of long-term strategic investment in forex.
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This year’s FX survey reflects huge disruption and transition across the industry. Pandemic-driven technological advances saw traders tackle a surge in business while working remotely – supercharging change that will permanently alter the way the industry operates.
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Americas APAC CEEMEA Western Europe
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Banks Non-financial corporations All Undisclosed and retail brokers Leveraged Funds Real Money
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Euromoney magazine has released the results of its 42nd annual foreign exchange survey, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Overall market share Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Overall electronic market share Market Share by product Spot e-trading market share Swap e-trading market share Options e-trading market share
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Euromoney magazine has released the results of its 42nd annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Euromoney held a reception for its annual FX survey Tuesday June 11th at Grace Hall London. A selection of photographs of the evening can be viewed here.
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Euromoney magazine has released the results of its 41st annual foreign exchange survey, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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This year’s Euromoney FX survey results show up some important multi-year trends. The main lesson? Foreign exchange is more competitive than ever.
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Euromoney magazine has released the results of its 41st annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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The Euromoney FX Survey 2019 is our 41st annual survey of liquidity consumption in the global FX markets.
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With a spike in volatility and the opportunity to consign conduct issues to the past, this might have been a turning point for global FX, but faced with a range of challenges, many market makers are retreating to core competencies.
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Adherence to the FX Global Code has gained momentum ahead of the one-year deadline on Friday, but senior traders are concerned the buy side is less committed than the sell side.
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The Euromoney FX Survey 2018 is our 40th annual survey of liquidity consumption in the global FX markets.
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Banks are having to pedal back on big ambitions and focus instead on core competencies, but that could be positive for all.
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Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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…if you’re big, fast or specialized in modern foreign exchange. That has led to dramatic changes in the volume-based rankings in our annual survey. Meanwhile, new customer satisfaction ratings give a different insight into the banks’ relationships with their clients.
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This year for the first time, Euromoney has produced the FX Stars, which recognizes liquidity providers with exceptional qualitative ratings in particular regions and areas of client service.
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Non-financial corporations Real money Banks Leveraged funds FX trading platforms
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The top firms this year look like they haven’t moved in 18 years. How can nearly two decades of upheaval appear to have altered the rankings so little in Euromoney’s foreign exchange survey?
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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The FX industry has moved on from the fixing scandal and now wants to write its next chapter, underpinned by a new code of conduct. But liquidity remains fragile, volume is down and further challenges lie ahead.
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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What next for the FX market?
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The Euromoney FX Survey 2017 is our 39th annual survey of liquidity consumption in the global FX markets.
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Euromoney’s FX Survey uncovered sweeping changes in market structure and client behaviour during the past year.
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Results index More data
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Results index More data Non-financial corporations
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Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.
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Changes among the top five • new entrants to the top 10 • new winners in three of the big four client categories • new regional winners • three new entrants to the top 10 trading platform firms
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The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?
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Non-financial corporations 2015 Results index Euromoney says:
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Overall market share 2015 Results index Euromoney says: Citi retains its overall title with a remarkably consistent market share of 16.11% compared to 16.04% last year. This is despite upheavals in its management team, and the departure of a number of traders around the FX investigation.
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Results index Overall high frequency trading firms' rank Source: Euromoney FX Survey
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Asian regional market share Results index Euromoney says:
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Results index The Euromoney FX Survey 2015 is the 37th annual survey of liquidity consumption within the global FX markets conducted by Euromoney magazine. Respondents were contacted by Euromoney from January 22nd to April 3rd 2015 with responses either collected via telephone or electronically at www.euromoney.com/fx2015. In total, Euromoney received 3,794 valid responses from consumers of FX liquidity representing total FX consumption of $123.6 trillion in calendar year 2014. The survey is split into two parts:
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Real money 2015 Results index Euromoney comments:
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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View full results from Euromoney's 37th annual survey of liquidity consumption within the global FX markets.
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The 2015 survey launched Thursday 15th January and closed Friday 3rd April.
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You can download our exclusive FX data reports, defining the key trends and providing essential analysis of the FX industry. These reports provide a small sample of the data collected during our research process and are made available for free.
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On Thursday evening, more than 200 foreign-exchange market players from around the world attended the Euromoney FX Survey Awards dinner at Bloomsbury Ballroom.
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Who would be a global head of foreign exchange in a market like this? Most of them are spending the vast majority of their days dealing with investigations, rather than thinking strategically about their business or going out to see clients.
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Click here to download PDF
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Click here to download PDF sample of report
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Click here to download PDF sample of report
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Click here to download PDF sample of report
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Click here to download PDF sample of report
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FX respondent report 2014: Top banks for servicing North American non-financial corporations in 2013Click here to download PDF sample of report
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Click here to download PDF sample of report
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FX market users in LatAm continued to account for the 6th greatest volume of FX activity globally:
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LatAm continued to account for the 7th greatest volume of e-FX activity in 2013. 1% of global electronic volumes took place in 2013 up from 0.75% in 2012.
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FX market users in NA continued to account for the second greatest volume of FX activity globally:
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NA continued to account for the second greatest volume of e-FX activity in 2013. 27% of global electronic volumes took place in 2013.
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FX respondent report 2014: Top banks for servicing Latin American non-financial corporations in 2013Click here to download PDF sample of report
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The top five global foreign exchange banks have been saying for many years that the banks ranked just outside that top tier are under pressure: they must maintain similar levels of infrastructure in terms of people and technology as the biggest players, but cannot compete on revenues in an ultra-low-margin business.
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The star performers in the Euromoney global FX survey over the past three years are clearly the big-three Australian banks. Each has been beefing up its presence in FX, and since the financial crisis they have also benefited from maintaining high ratings, which has helped them to win business from real-money clients.
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This year Spanish bank BBVA has risen into the top 25 in the Euromoney survey for the first time. Over the past three years, the bank has risen nine places in the overall rankings and more than doubled its volumes.
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Investigations into allegations of market fixing in foreign exchange are spreading into the very heart of the business. Those running the world’s biggest FX houses live in fear of what analysis of hundreds of millions of calls and emails will unearth. Do investigators and regulators risk bringing down the axe on a market that has always provided unrivalled liquidity and ultra-tight pricing for clients?
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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 BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the survey is not and not intended to be an accurate reflection of total global foreign exchange activity. Euromoney aims to capture client price-taking activity only and not any interbank/interdealer broking volumes. However, given the geographical and participant-type spread represented by the survey, 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.
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Standard Chartered has shown steady improvement in the survey over the past three years. Its market share has risen 0.31 percentage points, and its volumes by 64%, propelling the bank to 14th place overall in the global rankings.
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For the first time since the merger of Bank of America and Merrill Lynch in 2008, the firm is starting to make serious inroads into the Euromoney FX survey. This year it jumps from 10th to seventh place in the overall rankings, with a market share of 4.38%. But this is not a short-term improvement; over the past three years BofA Merrill’s market share has increased by 1.43 percentage points, and its volumes by almost 90%. And its ambitions are far from sated.
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Citi reclaims top ranking in benchmark Euromoney Foreign Exchange Survey
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Nadir Mahmud smiles at the irony of it. He’s been global head of Citi’s foreign exchange business for only a matter of weeks, and he’s already achieved something that has been a clear ambition of the bank for more than a decade: to reclaim its position as the leading global foreign exchange house.
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The history of the Euromoney FX survey shows that periods of apparent stasis often give way to sudden and marked shifts.
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The senior FX trader at one of the top-15 banks in this year’s survey smiles grimly at his phone. He has been telling how the bank recently devoted several man-years to compiling and delivering vast files of historical data on FX trades, running to billions of individual items, to one of the US regulatory agencies. It had been sniffing around the market for evidence of banks failing to provide best execution to customers. There is no single source for historical price and trade data in the over-the-counter FX market and so the regulator had approached several large banks to supply it. The banks’ pleas that the regulator was looking in the wrong place for the wrong kind of evidence in a market that had functioned well throughout the financial crisis were dismissed. The regulator wanted the data and the banks would be ill advised to cross it.