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TBC Bank continued to dominate Georgia’s corporate FX market, registering a 41.1% share in FX operations for business entities.

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

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

HSBC continues to develop its market-leading franchise in global non-deliverable forwards (NDF). With operations now spanning 25 key NDF jurisdictions, including Brazil, Taiwan and Korea, coupled with a sales presence in nearly 50 locations and dedicated e-FX sales teams, HSBC provides clients with market colour in local market dynamics.

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, Barclays has developed its offering for real-money clients, notably through enhancements to the performance of its online FX trading channel BARX, enhancing spot liquidity and boosting algo flexibility. Using client feedback and behaviour analysis, Barclays also broadened and refined its algo suite, which significantly benefits real-money customers. Barclays offers market-leading insights, especially on UK policy and politics, and maintains tight spreads around economic events. Additionally, Barclays led client discussions on T+1 settlement, reinforcing its role as a key thought partner and strengthening client relationships.

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

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.

NatWest Markets (NWM) treats its FX Prime Brokerage (FXPB) business as a distinct growth focus as opposed to an ancillary service, with significant investment in the business to ensure it can provide high-touch, high-service offerings. Combining the freedom of having a proprietary platform with an appetite for developing client solutions has resulted in a suite of solutions that are used for different client types. While most FXPB banks use the market standard FXPB agreement, NWM has developed six distinct FXPB models. These models can be combined to address a broad selection of client types ranging from prop traders through to agency brokers and FX platforms.

2024 has been a record-breaking year for FXSpotStream (FSS), setting new highs in all products including its offering in non-deliverable forwards (NDFs).

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.