Opportunity for banks same as in FX; Goldman investment ‘a positive signal’

Recent currency movements have highlighted the limitations of the forward as a hedging option for emerging market (EM) currencies.

A lack of attractive investment opportunities in pure currency hedge funds means investors looking for FX exposure might be forced to invest elsewhere.

Opinion is divided on the extent to which private-bank clients should be encouraged to consider FX as an asset class and to look at strategies to generate returns from currency volatility. In any case, most private-bank clients are dollar bulls.

Benchmark fixing and manipulation has created the potential for a large volume of FX-related litigation, but the claims process is both arduous and expensive.

Recent data suggest that the momentum of the renminbi is slowing, particularly outside Asia.

The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?

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Results index The Euromoney FX Survey 2015 is the 37th annual survey of liquidity consumption within the global FX markets conducted by Euromoney magazine. Respondents were contacted by Euromoney from January 22nd to April 3rd 2015 with responses either collected via telephone or electronically at www.euromoney.com/fx2015. In total, Euromoney received 3,794 valid responses from consumers of FX liquidity representing total FX consumption of $123.6 trillion in calendar year 2014. The survey is split into two parts:

Real money 2015 Results index Euromoney comments:

Overall market share 2015 Results index Euromoney says: Citi retains its overall title with a remarkably consistent market share of 16.11% compared to 16.04% last year. This is despite upheavals in its management team, and the departure of a number of traders around the FX investigation.

Non-financial corporations 2015 Results index Euromoney says:

View full results from Euromoney's 37th annual survey of liquidity consumption within the global FX markets.

Asian regional market share Results index Euromoney says:

Results index Overall high frequency trading firms' rank Source: Euromoney FX Survey

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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.

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Western EuropeNorth America

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Non-financial corporations

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Citi retains top spot in Global FX as clients execute more than half electronically for the first time

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