FX Awards
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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.
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Euronext FX has made strides in cultivating a diverse and inclusive workplace through a comprehensive approach to talent recruitment, development and retention. The venue has actively implemented inclusive hiring practices to attract and nurture a diverse workforce. This commitment is evident in Euronext FX’s gender equality initiatives, which saw the venue leverage strategic partnerships to empower women and build a diverse talent pipeline.
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TBC Bank continued to dominate Georgia’s corporate FX market, registering a 41.1% share in FX operations for business entities.
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HSBC continues to develop its market-leading franchise in global non-deliverable forwards (NDF). With operations now spanning 25 key NDF jurisdictions, including Brazil, Taiwan and Korea, coupled with a sales presence in nearly 50 locations and dedicated e-FX sales teams, HSBC provides clients with market colour in local market dynamics.
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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.
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FX HedgePool’s evolution over the past five years underscores its commitment to innovation and adaptability. The company’s latest service, X Bridge, builds on its proprietary credit model to offer true all-to-all FX liquidity for all instrument types with a pioneering Algo Store.
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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.
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Software as a service (SaaS)-based treasury and risk management solutions provider GTreasury had a successful year, marked by a proactive focus on driving operational efficiency, cost savings and enhanced risk management for corporates through its comprehensive FX management solutions.
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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.
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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.
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With a robust historical foundation as a key bank for the German Mittelstand – firms which collectively account for the largest share of the country's economic output – and a core partner for institutional clients, Commerzbank has leveraged its deep client relationships to drive advancements in providing FX services to its established client base in Germany.
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Wells Fargo has reached important milestones by expanding its global pricing distribution network and platform connectivity.
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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.
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Over the past 12 months, 4OTC has launched significant initiatives aimed at addressing connectivity issues caused by the fragmented nature of the FX market.
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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.
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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.
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During the review period, Barclays’ focus in the FX algo space has been on enhancing its client experience by improving overall algo performance and increasing platform flexibility to facilitate targeted algo customization. This client-centric approach resulted in the further broadening and refinement of its BARX Gator algo suite. Added to this, Barclays’ established franchise, adaptability and deep infrastructure interconnectivity contribute to the current reputation and standing in the market of the algo offering. The bank’s global teams, quants, and dedicated resources ensure continuous optimization and deliver top-tier, tailored solutions to its clients.
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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.
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During the review period, 360T introduced new initiatives that made a significant impact to their corporate clients.
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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.
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BestX, an independent entity within State Street's GlobalLink franchise, continues to be an industry-standard in FX and has significantly evolved its offering with a number of key initiatives.
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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.
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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.
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UBS’s acquisition of Credit Suisse boosted its capabilities in the Swiss FX market. Already a dominant player in Switzerland, the deal allowed the bank to offer a comprehensive range of FX services to a larger, more diverse client base. It also enabled it to deepen its expertise, particularly in the Swiss franc market, where client demand for specialized insights is growing.
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Over the last year, LCH ForexClear has launched initiatives aimed at safeguarding clearing members’ interests and supporting general market and financial stability through its operations.
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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.
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JPMorgan made a meaningful enhancement to its FX analytics offering with the launch of Algo Simulator.
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UBS has continued to evolve the FX offering on its UBS Neo platform over the past four years, with the bank making significant strategic investments in the last 12 months that further refine the offering.
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JPMorgan has taken a multifaceted approach to enhancing its FX business in North America, with a focus on automation, client customization and technological upgrades across various business lines.
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TD Bank Group’s (TD) global presence includes TD Securities (TDS), which has strong wholesale relationships with pension funds, asset managers, insurers and corporates, along with a strong retail and wealth FX business, and consistently ranks number one or two in market share for Canada. TDS’s e-FX team has made significant strides in enhancing the bank's data and analytics capabilities in Canada, especially in the area of market microstructure.