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Investigations into allegations of market fixing in foreign exchange are spreading into the very heart of the business. Those running the world’s biggest FX houses live in fear of what analysis of hundreds of millions of calls and emails will unearth. Do investigators and regulators risk bringing down the axe on a market that has always provided unrivalled liquidity and ultra-tight pricing for clients?

The Euromoney Foreign Exchange survey is the most comprehensive quantitative and qualitative annual study available on the FX markets. The FX market is an unregulated OTC market and there are no reliable, aggregated, global statistics made available against which to benchmark the survey outside the BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the survey is not and not intended to be an accurate reflection of total global foreign exchange activity. Euromoney aims to capture client price-taking activity only and not any interbank/interdealer broking volumes. However, given the geographical and participant-type spread represented by the survey, Euromoney believes that the survey provides an accurate proxy for trends in the major areas of activity polled and accurately discerns the relative performance of the banks ranked, particularly over periods of two or more years.

Standard Chartered has shown steady improvement in the survey over the past three years. Its market share has risen 0.31 percentage points, and its volumes by 64%, propelling the bank to 14th place overall in the global rankings.

Global FX volume/Global e-FX volume

For the first time since the merger of Bank of America and Merrill Lynch in 2008, the firm is starting to make serious inroads into the Euromoney FX survey. This year it jumps from 10th to seventh place in the overall rankings, with a market share of 4.38%. But this is not a short-term improvement; over the past three years BofA Merrill’s market share has increased by 1.43 percentage points, and its volumes by almost 90%. And its ambitions are far from sated.

Find out how regulation is changing the FX market for everyone; who's best for trading what currency where; and information about the FX Survey and FX Respondent Reports.

Global FX volume/Global e-FX volume

Global FX volume/Global e-FX volume

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