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  • 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.
  • 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.
  • NatWest Markets (NWM) is a UK franchise offering a leading range of FX services to both its local and global client bases.
  • Digital Vega has transformed from a simple aggregator of vanilla bank liquidity into a leading provider of FX options-related products and services to banks and clients globally. This evolution has been driven by continuous innovation, strategic partnerships and a steadfast commitment to delivering client excellence.
  • 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.
  • Banco Santander has seen the expansion and success of its FX business extend into Argentina over the review period. Significant developments include its developing non-deliverable forwards (NDF) currency solutions, enabling clients to trade Latam currencies offshore while maintaining onshore delivery. This expansion is driven by growing trade corridors between Asia and Latam and currency rebalancing trends.
  • 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.
  • 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.
  • Banco Santander expanded its global infrastructure-based FX eBooks to Latin America during the review period, efficiently utilizing liquidity across regions and optimizing pricing for clients.
  • 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.
  • 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.
  • CME Group’s EBS has been established three decades in the market as a primary venue for reliable, anonymous liquidity and price discovery in cash FX. During the review period, CME further pushed EBS’s value proposition by launching several new initiatives.