UBS has continued to evolve the FX offering on its UBS Neo platform over the past four years, with the bank making significant strategic investments in the last 12 months that further refine the offering.

JPMorgan made a meaningful enhancement to its FX analytics offering with the launch of Algo Simulator.

Since its launch in 2014, Bank of America’s (BofA) transactional FX business has quickly risen to become one of the top three global players. This success reflects the bank's strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive FX industry.

Over the last year, LCH ForexClear has launched initiatives aimed at safeguarding clearing members’ interests and supporting general market and financial stability through its operations.

During the review period, Barclays’ focus in the FX algo space has been on enhancing its client experience by improving overall algo performance and increasing platform flexibility to facilitate targeted algo customization. This client-centric approach resulted in the further broadening and refinement of its BARX Gator algo suite. Added to this, Barclays’ established franchise, adaptability and deep infrastructure interconnectivity contribute to the current reputation and standing in the market of the algo offering. The bank’s global teams, quants, and dedicated resources ensure continuous optimization and deliver top-tier, tailored solutions to its clients.

Post-trade infrastructure provider OSTTRA had a remarkable year. Its recent efforts to improve integration, control and efficiency have had a tangible impact on its clients and wider market.

Aeron, Adaptive’s open-source technology platform dedicated to building low-latency, cloud-tolerant trading systems has been at the forefront of recent industry developments.

UBS has increased its investment and development of leading FX technology builds notably over the past three years, especially since its recent acquisition of Credit Suisse, with a number of significant innovations having been brought to market this year.

SmartTrade Technologies' order management system (OMS) has been adopted by 80% of its 70+ clients, showcasing strong market confidence in its offering. During the review period, smartTrade introduced several strategic enhancements to its OMS. Its continuous product innovation to further enhance trading efficiency has been the main source of new client acquisitions over the past year.

TD Securities (TDS) places client services at the heart of its FX data management strategy. The bank aims to provide a personalized, comprehensive service, transforming client data into actionable insights that enhance its FX offerings. By leveraging advanced forecasting models, trading signals and FX portfolios, it aims to empower clients with the strategies needed to navigate the complexities of the global FX market.

FX HedgePool’s evolution over the past five years underscores its commitment to innovation and adaptability. The company’s latest service, X Bridge, builds on its proprietary credit model to offer true all-to-all FX liquidity for all instrument types with a pioneering Algo Store.

Tradefeedr has continued the development of its secure unified data API product, enabling the analysis and sharing of trading data at scale with the aim of improving transparency in the FX markets.

Asset managers are becoming increasingly sophisticated and requiring advanced tools across the trade lifecycle and, during the last year, Bloomberg’s FXGO has evolved in line with the needs of the FX industry.

Over the past year, 360T has strategically developed its execution management system (EMS) to better serve FX clients, registering progress on several fronts.

Euronext FX made significant progress to its product offering following the recent establishment of its dedicated product team. Spearheaded by a global head of product, the focus was on ensuring client feedback is promptly addressed and that the platform continues to develop, retaining and expanding its user base.

Over the past 12 months, 4OTC has launched significant initiatives aimed at addressing connectivity issues caused by the fragmented nature of the FX market.

Amidst ongoing currency volatility, chief financial officers are facing heightened challenges, as the risk of adverse currency movements threatens to negatively impact profits. MillTechFX has seen an increase in its risk management services, largely due to the rising importance of FX risk management among senior finance executives worldwide, coupled with their need for a transparent and straightforward solution.

BestX, an independent entity within State Street's GlobalLink franchise, continues to be an industry-standard in FX and has significantly evolved its offering with a number of key initiatives.

Since its inception in 2018, FairXchange’s Horizon platform has helped FX businesses navigate operational complexities through AI-driven data analytics. Horizon's capabilities have expanded considerably with the recent integration of Sentinel, a powerful AI alerting tool that enhances real-time monitoring and response.

During the review period, Tradepoint Systems significantly enhanced its pricing and price construction capabilities, leading to substantial benefits for clients and the business. Its flagship product, Lightning FX, features a full suite of pricing and trading strategies, coupled with user interfaces designed to cater to the varied needs of e-FX administrators, voice traders, salespersons and end clients.

GlobalLink Digital, initially developed as a smart desktop for State Street's trading products, has evolved into a comprehensive, interoperable platform.