UBS has demonstrated resilience and adaptability in the face of significant organizational changes and challenging market conditions, maintaining a strong focus on differentiated client service through consistent liquidity provision, competitive pricing and innovative content.

State Street views FX as primarily a relationship-driven business and its investment focus reflects this partnership with its clients. As a principal FX business, State Street offers clients multiple execution choices with comprehensive electronic pricing capabilities, including a suite of dynamic algorithms and analytics tools, competitive benchmark solutions coupled with automated rules-based workflows.

Wells Fargo has reached important milestones by expanding its global pricing distribution network and platform connectivity.

CLS has been steadily expanding and refining its services to meet the diverse needs of the foreign exchange industry, with a strong emphasis on reducing settlement risks and boosting operational efficiency.

During the review period, 360T introduced new initiatives that made a significant impact to their corporate clients.

Global fintech oneZero Financial Systems aims to continuously improve the liquidity-neutral eco-system that it developed on behalf of its clients. Its primary goal is to empower clients with transparency throughout the entire trade lifecycle, including throughout the partner framework that allows oneZero clients to access value-added services.

Over the past year, 360T has made significant progress in transforming the FX swaps trading landscape, driven by strategic investments in its Swaps User Network (SUN). One of the most notable advancements was the launch of streaming mid liquidity via application programming interface (API), enabling banks to trade FX swaps at the market midpoint through automated processes – an industry first, paving the way for auto-hedging, aggregation and even algorithmic execution. The introduction of this feature has enhanced banks' ability to better serve their clients while also improving their own trading operations.

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.

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.

TD Securities has implemented comprehensive global and regional diversity, equity, and inclusion (DEI) strategies across the business, with the FX team ensuring that it also has a targeted approach.

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

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.

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.

UBS has built a formidable reputation as a key liquidity provider across institutional, retail, corporate and wealth management domains, leveraging its expansive market liquidity, product scale and global distribution network.

During the second quarter of 2024, 360T averaged €142 billion per day in trading volumes, with the largest portion of that being FX swaps trading. The company specializes in FX swaps trading across three areas – for the buyside, the 360T execution management system (EMS) streamlines trading with customizable automation tools and embedded data feeds for best execution.

During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.

OneZero Financial Systems is a leading provider of cutting-edge technology solutions for FX liquidity in the financial services industry. The firm has introduced several new initiatives over the review period that have demonstrated its commitment to continuously improving the liquidity-neutral ecosystem that it has built on behalf of clients. The firm has put an emphasis on helping all its client segments make data-driven decisions in liquidity provider (LP) choice.

TD Bank Group (TD) offers a comprehensive retail foreign exchange service across North America, providing currency rates, payments, and banknote products around the clock through over 2,000 branches. This includes 14 FX centres in Canada, where customers can access over 50 currencies either by pre-order or on-demand.

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.

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.

State Street is a global powerhouse in FX and has positioned its research as a key differentiator in its market-leading sales offering. Over the review period, the bank introduced new measures for monitoring political risk and improved its capturing of changes in investor and central bank behaviour.

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.

UBS expanded its FX sales capabilities by leveraging cutting-edge tools and platforms to enhance operational efficiency and client engagement.

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

IndusInd Bank’s commitment to sustainable development is underscored by compelling data reflecting its impact in 2023. Sustainable finance now constitutes approximately 46% of the bank’s total lending, up from 43% in 2022 and a significant rise from 33% in 2018. In 2023, the bank’s green and climate finance advances amounted to Rs78.8 billion ($944 million), representing 2.72% of its total loans.

Sir Patrick Sergeant, the charismatic founder of Euromoney and legendary lynchpin of financial journalism, passed away on September 18 aged 100.

If UniCredit is close to acquiring Commerzbank, it’s not just the result of a quick and crafty deal in the equities market. It comes after years of rebuilding the bank’s financial strength and reputation. Euromoney recalls how the Italian bank came back from the brink – ready to get into a position to buy Commerz.

HSBC has demonstrated robust growth and innovation. It expanded its wealth-management offerings and enhancing support for high-tech and green financing. Its local head is Daniel Chan.

Hang Seng Bank has made robust progress with its efforts to expand its footprint and offering across the Greater Bay area.

At the beginning of 2024, Bank of China (Hong Kong) (BOCHK) rolled out several enhancements with Wealth Management Connect 2.0, including a 60% increase in available products, bringing the total to around 300 in the southbound connect. In addition, the bank also expanded the eligible product range in the northbound connect.