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.

In 2023 and 2024, Banco Santander Chile enhanced its FX ecosystem to improve client experience from account opening to transaction completion. Key developments included launching several platforms: a new single-dealer platform with immediate settlement and robust security; an international transfer platform for easy, secure Swift transfers; and a 100% digital platform for individual transfers across Latam, the US and Europe. Additionally, the bank’s Más Lucas initiative offers basic accounts for unbanked and underbanked persons, and new digital foreign currency accounts (JPY, CNH, GBP, EUR, USD) enable retail and CIB customers to manage FX positions efficiently, supported by digital and voice services.

Euronext FX has focused on enhancing client service through innovative strategies and solutions, resulting in improved satisfaction, engagement and operational efficiency.

NatWest Markets (NWM) is a UK franchise offering a leading range of FX services to both its local and global client bases.

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.

During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.

BBVA’s Latin America FX business is an integral part of BBVA’s global FX franchise, representing a large portion of its total FX revenues and FX global front office resources.

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.

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.

SmartTrade Technologies' order management system (OMS) has been adopted by 80% of its 70+ clients, showcasing strong market confidence in its offering. During the review period, smartTrade introduced several strategic enhancements to its OMS. Its continuous product innovation to further enhance trading efficiency has been the main source of new client acquisitions over the past year.

Citibanamex, with over 139 years of history in Mexico, is a leading player in the FX business. The bank offers FX services for a diverse set of currencies, including the MXN, USD and EUR. It is known for its ability to deliver complex FX solutions through an extensive product range such as FX spot, forwards, swaps and options, supported by a robust team of over 200 professionals and coverage across 1,280 branches.

Over 2023, Sacombank’s FX division played a crucial role in the bank's strategy, according to its own records, contributing 10%-20% of its pre-tax profit. Despite global economic challenges including high inflation and geopolitical instability, Sacombank focused on supporting businesses affected by the rising USD/VND exchange rate.

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.

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.

Aeron, Adaptive’s open-source technology platform dedicated to building low-latency, cloud-tolerant trading systems has been at the forefront of recent industry developments.

JPMorgan made a meaningful enhancement to its FX analytics offering with the launch of Algo Simulator.

Banco Santander has seen the expansion and success of its FX business extend into Argentina over the review period. Significant developments include its developing non-deliverable forwards (NDF) currency solutions, enabling clients to trade Latam currencies offshore while maintaining onshore delivery. This expansion is driven by growing trade corridors between Asia and Latam and currency rebalancing trends.

Capitolis continues to develop innovative technology solutions for institutional clients aimed at enhancing the safety and stability of the FX market as a whole. The company’s flagship product, the Capitolis Novations platform, is the only FX novation platform available and has had a significant impact. By automating the novation process for market participants, including prime brokers, banks and hedge funds, Capitolis has optimized FX options portfolios, reducing risk and capital footprint while driving operational efficiencies for clients.

Over the past year, Barclays has developed its offering for real-money clients, notably through enhancements to the performance of its online FX trading channel BARX, enhancing spot liquidity and boosting algo flexibility. Using client feedback and behaviour analysis, Barclays also broadened and refined its algo suite, which significantly benefits real-money customers. Barclays offers market-leading insights, especially on UK policy and politics, and maintains tight spreads around economic events. Additionally, Barclays led client discussions on T+1 settlement, reinforcing its role as a key thought partner and strengthening client relationships.

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.

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.

TBC Bank continued to dominate Georgia’s corporate FX market, registering a 41.1% share in FX operations for business entities.

Stanbic Bank Tanzania’s (SBT) FX operations experienced impressive growth, with FX revenue doubling year-over-year.

A dominant player in the Omani market, Bank Muscat offers comprehensive FX payment solutions to both corporate and individual clients, facilitating remittances and trade-related payments in 29 currencies.

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

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.

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.

TD Securities has implemented comprehensive global and regional diversity, equity, and inclusion (DEI) strategies across the business, with the FX team ensuring that it also has a targeted approach.

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

During the second quarter of 2024, 360T averaged €142 billion per day in trading volumes, with the largest portion of that being FX swaps trading. The company specializes in FX swaps trading across three areas – for the buyside, the 360T execution management system (EMS) streamlines trading with customizable automation tools and embedded data feeds for best execution.