UBS is a powerhouse in the FX industry with a strong reputation for liquidity provision.

More than 80% of the world’s largest asset managers consume State Street research, as well as global sovereign wealth and pension funds and corporate treasury departments.

Wells Fargo has worked to become a top-tier institutional FX provider by leveraging its robust corporate and commercial FX franchise. To accomplish this, it has been actively building its capabilities in the e-trading space.

BNP Paribas leads from the front in its development of trading technology. Innovation is at the heart of the business, and the focus on technology and product rollouts has involved notable developments to its FX algo suite.

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.

Sacombank has pioneered digital transformation in Vietnam. This has facilitated strong growth in online FX activities, with the bank becoming one of the leading banks in this segment.

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.

Santander’s presence in Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay means it is well positioned to support clients across Latin America.

UBS's single-dealer platform, UBS Neo, has benefited from a full front-to-back transformation over the last four years, enabling the bank to offer clients access to consistent liquidity provisioning in foreign exchange across products and currency pairs.

UBS is recognised in the FX industry as a leading liquidity provider with a presence in all key trading centres around the globe. It is also the largest global wealth manager, with an unrivalled global footprint when it comes to accessing private clients. This has given UBS a unique opportunity that it has successfully capitalised on.

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.

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.

Real-money clients are central to State Street’s franchise, so it makes sense that this is a client segment the bank has performed well in, according to Dale Haver, global head of foreign exchange sales. “We work with real-money clients as partners and are 100% focused on achieving better outcomes for them and their investors.

Societe Generale’s strong historical footprint in Central and Eastern Europe and Africa, together with its growing business in the Middle East, mean that the French bank has a combination of deep knowledge and competitive local presence in the CEEMEA region.

Real-money clients recognise that their FX trading desks have evolved over the last few years to require a hybrid set of skills combining voice trading with data-driven technology solutions used to create automated trading models.

The release of its new pricing and analytics platform for FX swaps, Neo STIR Analytics, has transformed how UBS engages with clients trading in FX swaps.

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.

D&I is recognised and promoted as one of five core values at Royal Bank of Canada (RBC), the others being Client First, Collaboration, Accountability and Integrity.

Commerzbank has forged longstanding relationships and established bilateral credit lines with clients in frontier markets that few other banks support. This allows those clients access to international markets and competitive FX pricing that they would otherwise struggle to access.

UBS’s extended coverage across multiple time zones and consistent liquidity provision – even during challenging market conditions – has boosted its market share particularly in emerging-market options.

Flexibility and parameterization are expected to become key differentiators for FX execution algos as the market continues to evolve. JPMorgan’s algo suite offers both in abundance.

State Street Global Markets (SSGM) is a leading provider of liquidity, financing, and research solutions. Through its GlobalLink business it provides a suite of award-winning electronic foreign exchange trading platforms.