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

BBVA’s Latin America FX business is an integral part of BBVA’s global FX franchise, representing a large portion of its total FX revenues and FX global front office resources.

SGX FX is the largest Asian FX Futures exchange and has continued to innovate in the Asian FX markets by offering comprehensive solutions tailored to the evolving needs of clients, while driving growth through technological innovation and client engagement.

Banco Santander's Latam FX product offering has evolved over the review period, driven by strategic investment and a focus on meeting its client needs. Key developments include expanding the global volatility product to Latin America, particularly Brazil and Mexico, integrating local expertise with global pricing and risk management. This has enabled the launch of new currency options and expanded Latam crosses, offering clients tailored hedging solutions with improved pricing and risk management.

TP ICAP has been making significant progress in transitioning from traditional voice broking to a more integrated electronic and voice broking model. The company’s multi-asset liquidity platform, Fusion, has been at the forefront of this evolution, especially since the launch of its FX options platform, FXOhub in 2020. Since the platform's inception, TP ICAP has seen an impressive increase in volumes and market share in FX options. From being ranked fourth or fifth, the firm has climbed to a consistent second place, occasionally securing the top spot.

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.

Leveraging its prominent position as a facilitator of trade between Germany and frontier markets, Commerzbank has established a strong network of correspondent banks and institutional clients in these regions.

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.

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.

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.

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.

Warba Bank has made impressive strides in its provision of institutional FX services to the local market, focusing on innovation, automation and client-centric financial solutions.