London’s Mandarin Oriental played host on Thursday to the second successful Euromoney Foreign Exchange Awards, with more than 200 of the industry’s most senior leaders and practitioners gathering for an exceptional evening to celebrate, recognise and reward the highest achievements across the FX market during the past year.

CME Group has long been recognized as the largest centralized FX venue in North America, offering a market-leading range of FX products and client-centric services, while the group’s global footprint led to it recently being recognised by the Bank for International Settlements as the largest centralized FX venue in the world.

XTB is a global fintech company supporting more than 1 million customers worldwide, offering a broad range of instruments, including forex trading in contracts for difference on over 70 currency pairs in addition to cryptocurrencies.

Euronext FX made significant progress to its product offering following the recent establishment of its dedicated product team. Spearheaded by a global head of product, the focus was on ensuring client feedback is promptly addressed and that the platform continues to develop, retaining and expanding its user base.

UBS has built a formidable reputation as a key liquidity provider across institutional, retail, corporate and wealth management domains, leveraging its expansive market liquidity, product scale and global distribution network.

UBS has increased its investment and development of leading FX technology builds notably over the past three years, especially since its recent acquisition of Credit Suisse, with a number of significant innovations having been brought to market this year.

Tradefeedr has continued the development of its secure unified data API product, enabling the analysis and sharing of trading data at scale with the aim of improving transparency in the FX markets.

Capitolis’s financial technology platform aims to unlock capital constraints for its clients by providing access to diversified capital and investment opportunities. Recognising significant inefficiencies in bank-held derivative portfolios, Capitolis works with clients to reduce risk, increase stability, and improve capital efficiency. With that aim, over the past year, Capitolis has introduced several strategies that have significantly enhanced its foreign exchange novation business.

Deutsche Bank has continued to deliver solid growth in its western Europe FX business as demonstrated by the rapid adoption of its new offerings among the European client base.

CLS has been steadily expanding and refining its services to meet the diverse needs of the foreign exchange industry, with a strong emphasis on reducing settlement risks and boosting operational efficiency.

Since its launch in 2014, Bank of America’s (BofA) transactional FX business has quickly risen to become one of the top three global players. This success reflects the bank's strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive FX industry.

LMAX Exchange stood out from competitors thanks to its unique approach and cutting-edge technology. It services a global FX customer base of funds, banks, brokerages, asset managers and proprietary trading firms through the provision of an anonymised, regulated and rules-based trading environment with strict price and time priority order execution at ultra-low latency.

Post-trade infrastructure provider OSTTRA had a remarkable year. Its recent efforts to improve integration, control and efficiency have had a tangible impact on its clients and wider market.

Amidst ongoing currency volatility, chief financial officers are facing heightened challenges, as the risk of adverse currency movements threatens to negatively impact profits. MillTechFX has seen an increase in its risk management services, largely due to the rising importance of FX risk management among senior finance executives worldwide, coupled with their need for a transparent and straightforward solution.

Over the last year, Deutsche Bank has played a pivotal role in the development of financial markets in the Asia-Pacific region, assisting clients in navigating the evolution of the FX markets amidst volatility and uncertainty.

BBVA has maintained a strong presence in the Peruvian FX market, holding a leading role for the past six years.

Stanbic Bank Kenya’s strategic initiatives highlight its ability to blend technological advancements with tailored financial solutions, addressing complex market needs while enhancing client autonomy. The bank’s contributions to major corporate transactions further highlight its pivotal position in shaping the financial landscape in Kenya.

Wells Fargo has reached important milestones by expanding its global pricing distribution network and platform connectivity.

State Street views FX as primarily a relationship-driven business and its investment focus reflects this partnership with its clients. As a principal FX business, State Street offers clients multiple execution choices with comprehensive electronic pricing capabilities, including a suite of dynamic algorithms and analytics tools, competitive benchmark solutions coupled with automated rules-based workflows.

Asset managers are becoming increasingly sophisticated and requiring advanced tools across the trade lifecycle and, during the last year, Bloomberg’s FXGO has evolved in line with the needs of the FX industry.

UBS expanded its FX sales capabilities by leveraging cutting-edge tools and platforms to enhance operational efficiency and client engagement.

During the review period, 360T introduced new initiatives that made a significant impact to their corporate clients.

2024 has been a record-breaking year for FXSpotStream (FSS), setting new highs in all products including its offering in non-deliverable forwards (NDFs).

HSBC has established itself as a leader in the corporate foreign exchange space by continuously developing innovative solutions. The bank provides liquidity across a range of channels and has consistently ranked in the top three on external platforms with a heavy corporate presence.

Digital Vega has transformed from a simple aggregator of vanilla bank liquidity into a leading provider of FX options-related products and services to banks and clients globally. This evolution has been driven by continuous innovation, strategic partnerships and a steadfast commitment to delivering client excellence.

Banco Popular Dominicano (BPD) is the largest private bank in the Dominican Republic, recognized as a leader in the FX market with a 21% market share of USD/DOP transactions as of May 2024. During the review period, the bank has seen significant growth in FX derivatives, particularly in non-deliverable forwards (NDFs) for the USD/DOP pair, driven by increasing demand from its clients seeking to hedge their FX positions. BPD offers both NDFs and full-delivery forwards of up to 180 days in USD/DOP and EUR/USD, catering to large corporate clients, including those in the beverage and manufacturing industries.

DBS is a leading financial services group in Asia, operating in 19 markets with headquarters in Singapore. The bank's dominant presence in Asia contributes to its competitive advantage in FX for client services, innovative digital solutions and as a leading data provider.

JPMorgan has continued to demonstrate innovation and growth in FX options by enhancing product offerings, expanding platform integrations and strengthening client engagement. The results speak for themselves – JPMorgan’s market share for FX options direct client execution rose by 7% year-on-year.

The low volatility conditions observed in FX markets over the past year have posed challenges, with market makers facing spread compression and reduced turnover. Despite these obstacles, JPMorgan has maintained a high level of performance. The firm has consistently ranked highly across multi-dealer channels. Additionally, JPMorgan continued to expand its dominance in the FX options market, further solidifying its reputation as a top player in the space.

State Street is a global powerhouse in FX and has positioned its research as a key differentiator in its market-leading sales offering. Over the review period, the bank introduced new measures for monitoring political risk and improved its capturing of changes in investor and central bank behaviour.