Deutsche Bank retained its position as the
world’s leading foreign exchange house,
according to Euromoney’s benchmark survey of the
global FX industry.
The results were revealed at a
dinner held in London May 8, attended by 250 of the foreign
exchange market’s leading professionals.
Deutsche Bank’s overall market share was
15.18%. Its market share rose from 14.56% last year. It is
the ninth consecutive year that Deutsche Bank has topped the
That increase in overall market share was just enough to
hold off the challenge of
second-placed Citi, which increased its market share to
14.90%, up from 12.29% last year.
Deutsche’s victory, by just 0.28%, is the
second closest result in the 33-year history of the
Euromoney FX survey, and the tightest since
Deutsche Bank retained the top ranking in both
options, but Citi took first position in
spot/forward market share, edging out Deutsche by 15.06% to
Citi also rose from 8th place to 3rd in
overall options market share.
Deutsche and Citi have become the clear top-two players in
the global FX market. Their combined market share was just over
30% of all FX trading, up from 26.85% last year.
The battle for third place was equally closely contested,
Barclays edging out UBS by 10.24% to 10.11%. The top four
banks now account for just over 50% of the entire global FX
market, up from 48.3% last year.
Further down the rankings,
Bank of America Merrill Lynch re-entered the top 10 FX houses
overall, taking over 10th place from Goldman Sachs.
most-improved FX house by overall market share, as well as
non-financial corporations, was National Australia Bank,
which rose from 39th to 26th place overall.
The Euromoney FX survey once again
captured more FX market activity than ever before. Total
valid responses numbered 16,298 (up from 15,423 last year) and
represented $225 trillion of volume, compared with $208
trillion in 2012.
The importance of the e
lectronic trading market continues to grow, with 45% of
dealer-to-client flows now electronic – up from 38%
the previous year.
Deutsche Bank remained the leading e-trading house,
increasing its market share from 16.8% to 18.2%.
Citi also increased its e-market share and remained in
UBS overtook Barclays to rank third overall in e-trading
FXall remains the top-ranked multi-dealer platform with a
market share of 26.08%, a sharp rise from 21.7% last year.
Volumes increased significantly in real money accounts and
also for the platform business generally, but particularly in
Hedge funds from Europe, Middle East and Africa saw the
biggest year-on-year decline in volumes, of 27%. This
contributed to EMEA becoming a less dominant centre than before
– its share of volumes was down from 49% to 44%; North
America and APAC both rose, to 30% and 26% respectively.
For the first time, Euromoney collected currency-trading
volumes from the emerging markets. These represented 9% of all
dealer-to-client FX transactions.
Citi topped the inaugural ranking, with a market share of
15.64%. Deutsche came second with 13.46%, Barclays was third
with 9.93% and HSBC ranked fourth with 9.14%.
All of the results are published today on
www.euromoney.com, and are available only to
For access to the results on euromoney.com, please contact
Nicola Baker on +44 207 779 8754 or call our hotline on +44
207 779 8999.
For media enquiries about the results, or questions about
methodology, please contact Sui Chung on +44 207 779 8647
or Tim Moxon on +44 207 779 8694.
For more information about FXMarketData, our proprietary database with
full analytics covering more than a decade of the Euromoney FX
survey, please contact Sui or Tim at the above numbers or email
The Euromoney Foreign Exchange survey is the most comprehensive
quantitative and qualitative annual study available on the FX
- The battle for the top positions is even
tighter this year – the results are
so close in 2013.
- There is one new entry in the top 10.
- Participation is up 5.6% this year, the
most comprehensive survey ever.
Subscribers have full access to the
access them now.