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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.

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.

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.

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.

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

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.

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.

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.

JPMorgan has significantly strengthened its presence in the Nordic FX markets by leveraging its role as a key liquidity provider, offering innovative trading technology and analytics, and achieving impressive market share across key currencies.

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).

With a robust historical foundation as a key bank for the German Mittelstand – firms which collectively account for the largest share of the country's economic output – and a core partner for institutional clients, Commerzbank has leveraged its deep client relationships to drive advancements in providing FX services to its established client base in Germany.