Deutsche Bank’s spot market share has increased by 13% over the review period, driven by innovations in electronic pricing solutions, thought leadership and a dedicated global voice-trading team that is able to keep the liquidity tap running for clients in the face of macroeconomic challenges.

Deutsche Bank has maintained good market share across both forwards and swaps during a period of underlying currency volatility and short-term interest rate volatility.

BNP Paribas has continually enhanced its e-books in spots, forwards and swaps over the last 12 to 18 months, which has allowed the business to provide greater liquidity and more competitive prices, even during the height of volatility.

Deutsche Bank’s investment in principal resting order (PRO) technology for spot FX trades has enabled clients to earn spread while trading with the bank. PRO also enables the bank to further increase its internalization rate and hence reduce market impact for the entire client franchise.

JPMorgan has expanded its footprint in the non-deliverable forwards (NDF) space, supporting pricing capabilities across a wide range of currencies including seven Latin American pairs (BRL, MXN, ARS, CLP, COP, PEN, UYU) as well as frontier-market currencies such as the Costa Rican colón, Dominican peso, and Guatemalan quetzal.