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.

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.

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.

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

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.

Warba Bank has made impressive strides in its provision of institutional FX services to the local market, focusing on innovation, automation and client-centric financial solutions.

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.

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.

Leveraging its prominent position as a facilitator of trade between Germany and frontier markets, Commerzbank has established a strong network of correspondent banks and institutional clients in these regions.

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.

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.

XTB is a global fintech company supporting more than 1 million customers worldwide, offering a broad range of instruments, including forex trading in contracts for difference on over 70 currency pairs in addition to cryptocurrencies.

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

JPMorgan has significantly strengthened its presence in the Nordic FX markets by leveraging its role as a key liquidity provider, offering innovative trading technology and analytics, and achieving impressive market share across key currencies.

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.

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.

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.

SGX FX is the largest Asian FX Futures exchange and has continued to innovate in the Asian FX markets by offering comprehensive solutions tailored to the evolving needs of clients, while driving growth through technological innovation and client engagement.

Deutsche Börse Group’s Eurex is the European hub of the global derivatives market, offering a combination of listed FX alongside a deepening connection to over-the-counter (OTC) FX markets. Eurex’s FX infrastructure is designed to allow market participants to adapt to regulatory mandates, minimizing the cost of trading while allowing clients to more effectively transition between listed and OTC formats.

Deutsche Bank has continued to deliver solid growth in its western Europe FX business as demonstrated by the rapid adoption of its new offerings among the European client 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.

Banco Santander's Latam FX product offering has evolved over the review period, driven by strategic investment and a focus on meeting its client needs. Key developments include expanding the global volatility product to Latin America, particularly Brazil and Mexico, integrating local expertise with global pricing and risk management. This has enabled the launch of new currency options and expanded Latam crosses, offering clients tailored hedging solutions with improved pricing and risk management.

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

Leveraging its deep knowledge of local markets in CEE, coupled with global product expertise, UniCredit dominated the regional FX market. The bank’s extensive network enables access to a broad suite of FX products, serving a diverse range of clients, including multinational corporations, financial institutions, local corporates and retail customers. This broad reach helps clients of all sizes optimize their FX strategies, whether in local markets or on the global stage.

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.

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.

Despite the significant depreciation of the Egyptian pound, which saw its value nearly halved, CIB outperformed competitors in FX during the review period, successfully managing its liquidity and FX positions. The bank strategically balanced the expansion of its FX and trade finance business while meeting its FX obligations.

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.

Banco Santander expanded its global infrastructure-based FX eBooks to Latin America during the review period, efficiently utilizing liquidity across regions and optimizing pricing for clients.