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.

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.

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.

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.

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.

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.

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.