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

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.

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.

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.

Through the breadth of its market liquidity, product scale and global footprint, UBS has built a strong reputation as the partner of choice for its institutional, retail, corporate and wealth management client base. Most recently, UBS has been evolving its FX trading platform based on four key principles: agility, resilience, scalability and comprehensiveness. The result of this sustained focus has been the development of new trading capabilities, such as market-making on firm trading venues and developing access to streaming swap liquidity. UBS has also invested heavily in pre- and post-trade analytics to deliver market insights and improve execution outcomes for clients as part of its ‘FX Engine Room’ offering of sales and analytical toolkits. As of 2024, across the bank’s various FX businesses, it daily trades over $125 billion electronically with more than 2,500 clients across the globe.

Murex's 2024 FX options strategy focused on meeting the trading needs of all FX options desks – from regional institutions to leading global banks. Its key achievements include scaling up real-time portfolio management, expanding its new stochastic local volatility (SLV) model, and supporting digital transformation through new application programming interfaces (API).

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.

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.

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.

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