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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.
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Fewer and fewer banks can still claim to compete as full-service foreign exchange providers on a global basis.
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Deutsche Bank holds on to top spot from resurgent Citi
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For all the fragmentation in the FX market, the top four banks further consolidated their dominance of customer business, according to the 2013 Euromoney foreign exchange survey. As volumes rise again in FX, volatility returns and banks’ earnings from it recover, margins are still compressing. Customers are focused on cutting transaction costs. Banks face big demands on scarce IT resources.
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The Euromoney Foreign Exchange survey is the most comprehensive quantitative and qualitative annual study available on the FX markets.
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The bank has moved five places up the table in the overall rankings and back into the top 10 with its core client group, real-money investors. Guy Kirby, global head of FX sales at State Street, tells EuromoneyFXNews that the firm is continuing to grow its real-money franchise - and also advancing with other client segments – thanks to its focused product offering.
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The firm has moved up Euromoney’s FX rankings as it broadens its client base.
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The top five FX banks have increased their share of total market volume to 55%, and the top 10 banks now account for 78.5%. Citi has made the biggest strides in the top five, rising two places to second and closing in on Deutsche Bank’s long-established top spot.
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Citi remains the FX bank with the most wind in its sails and is now breathing down the neck of top-placed Deutsche Bank.
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Every investment bank has spent huge investment dollars on FX since 2008. Now a shake out seems to be occurring. Banks with scale and budget are winning more share, but there are decent returns to be had for institutions of all sizes if they are focused.
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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. 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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Deutsche retains top ranking in global foreign exchange market; Citi jumps to second place overall in benchmark Euromoney survey
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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 tri-annual BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the poll 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. However, given the geographical and participant-type spread represented by the poll, 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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The dominance of the top-three FX banks is being challenged by the chasing pack of dealers. It isn’t just a case of luring clients onto their internal trading platforms. Clients want different things, and multi-dealer exchanges are beginning to prosper. Tom Osborn reports.
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Electronic trading has transformed foreign exchange into a $4 trillion a day flow monster, delivering record revenues to those with scale. But by focusing on building their own internal platforms, banks have left themselves open to attack from the high-frequency traders, who pick them off at will and force them to hold more risk. Now the banks are fighting back. Hamish Risk reports.
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When Euromoney calls to book appointments with the heads of the top 10 FX banks before the results of this year’s poll appear, the typical response from their press officers is: “Can we get back to you, he is travelling in Asia right now.” This tells you all you need to know about growth in the foreign exchange markets, with Asia as its new frontier.
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It was no surprise to see them improve FX market share this year after emerging from the banking crisis relatively unscathed, writes Trevor Carr.
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Morgan Stanley is back in the top 10 in the FX survey. Investment in people and technology seems to have paid off. Alexandra Fletcher reports.
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In 2007 Royal Bank of Scotland and Barclays stood head to head, as they tussled for control of ABN Amro. In the end, RBS won that scrap but Barclays has been winning most battles ever since. In foreign exchange, the two banks have developed very similar global markets franchises; they shared a very similar footprint, spoke to a similar set of clients, and also established themselves as top-five players.
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SEB, Danske and Handelsbanken rank in the most improved banks, writes Trevor Carr.
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The Japanese bank’s acquisition of former Lehman Brothers businesses has greatly enhanced its position in the FX market. Alexandra Fletcher reports.
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The results of this year’s Euromoney FX survey suggest that, rather than cement the dominant position of leading banks, e-commerce could offer firms that have lagged behind the chance to catch up. But they’d better do it soon – rich rewards await those that can secure the largest pools of liquidity. Hamish Risk reports.
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BNP Paribas and Société Générale both broke into the top six of banks catering for non-financial institutions in this year’s FX survey. Trevor Carr reports.
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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 tri-annual BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the poll is not and is not intended to be an accurate reflection of total global foreign exchange activity. However, given the geographical and participant-type spread represented by the poll, 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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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 tri-annual BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the poll is not and is not intended to be an accurate reflection of total global foreign exchange activity. However, given the geographical and participant-type spread represented by the poll, 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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The top-five banks in the 2009 Euromoney FX poll remain the same as in 2008 despite big sub-prime losses. As senior FX bankers make clear, a leading position in the market reflects an established set of relationships that aspirant banks find hard to build, whatever their creditworthiness. Lee Oliver reports.
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Foreign exchange has arguably held up better than any other financial market in the fallout from the sub-prime crisis. Will its robustness result in it being taken more seriously as both a business and as an asset class? And which banks have fared best in Euromoney’s benchmark industry poll?
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THERE HAVE BEEN some significant winners and losers in this year’s Euromoney foreign exchange poll. Astonishingly, Deutsche Bank has further consolidated its position as the top dog of the foreign exchange market, increasing its overall share to 21.7% from 19.3% in 2007.
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Euromoney collected data for its 2008 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies. We received 9,810 valid replies, an increase of 17.7% over last year’s figure of 8,337 valid replies received. The poll was conducted for 6 calendar weeks from Friday, January 18th until Friday, February 29th 2008.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Euromoney collected data for its 2007 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.
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Deutsche Bank emerged again at the top of the Euromoney FX poll, and the top five banks have consolidated a clear lead on everyone else. There are banks with strong and popular niches, but what does the dominance of the top five imply for their future? Lee Oliver finds out.
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The most representative annual FX poll Euromoney has conducted to date examines a market in which technology shapes the present and the future, and the buy side is unwilling to break the bank when buying services. In a growing market that demands huge expenditure and promises little return, banks have to position themselves well to stay in the game. Florian Neuhof reports.
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Euromoney collected data for its 2006 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.