SmartTrade Technologies has emerged as a leader in front-office FX technology development.

Tradepoint’s algorithmic platform, which is used by banks for voice desk, e-trading and white-labelled order management process (OMS) flow, has continued to grow in 2023. With the introduction of new algorithms specifically for electronic execution of OMS orders, Tradepoint – under chief executive Eric Adelman – has made it easy to align execution with the print tickets visible to OMS clients.

Volatile macroeconomic conditions have boosted demand for timely and accurate foreign exchange market data. Bloomberg has risen to this challenge, further cementing its reputation as a global leader in this field and creating an offering that is an integral part of the FX ecosystem.

CobaltFX, a portfolio company of United Fintech, offers an innovative solution to a decades-long issue facing the FX industry around credit distribution. This is that the need to carve out credit limits among various venues reduces credit availability for counterparties and reduces trading volumes, while credit lines can prove costly for banks to maintain.

Capitolis works with some of the largest global financial institutions and is constantly developing new trade optimization solutions for banks and buy-side firms. Its technology helps to unlock capital constraints and enables greater access to more diversified capital and investment opportunities.

360T provides a suite of technology solutions that enable corporate treasurers to enhance their FX trading operations and access liquidity from a wide range of providers from around the globe.

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

This year, Tradefeedr launched its Algo Forecasting Suite, providing trading firms with independent analysis of the performance of trading algos from a wide number of sources that can forecast performance with the greatest accuracy.

CLS settles over $6.5 trillion of payment instructions daily across 18 currencies, protecting more than 70 settlement members and over 35,000 third-party participants from FX settlement risk. It does this by simultaneously settling payments relating to FX trades using its payment-versus-payment (PvP) system.

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.

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.

The evolution of ALiX is testimony to BNP Paribas’s commitment to innovation. Over the last four years this personal digital execution assistant has expanded to cover all available products in Cortex FX in one small widget that fits neatly in the corner of a client’s screen.

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.

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.

UBS has invested and innovated in its liquidity offering for the last 20 years – the result is its strong reputation for quality and reliability, particularly during periods of market dislocation.

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.

Deutsche Bank’s FX business continues to grow.

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.

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.

Jump Trading Group is a global, research-based proprietary trading firm. It has evolved from trading futures on the CME nearly 25 years ago to becoming one of the world’s leading market makers across asset classes.

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 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’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 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.

CME Group operates the largest regulated marketplace for foreign exchange globally and is a leading primary venue for price discovery. The scale of the global offering, deep liquidity, transparency and choice of execution provides clients across geographies with efficient access to global markets.

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

In May 2022, CME Group completed a multi-year migration to combine two leading FX trading venues through a common technology and service offering to create a platform spanning futures and options, cash (over-the-counter) and cleared FX, providing access to price discovery, execution quality and transaction cost analysis for market participants including banks, hedge funds and asset managers.

360T offers market participants multiple methods of accessing and interacting with the FX market. Its electronic communication network (ECN), 360TGTX, provides access to streaming spot FX and non-deliverable forward liquidity.

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.