Euromoney FX survey 2015 results revealed

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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
  • Citi retains top spot with 16.11% market share, beating arch-rival Deutsche Bank with 14.54%
  • E-trading now 53.2% of the market – first time it is majority of client flows
  • Asia now represents over 30% of the market
  • HSBC tops market share for corporate clients for the first time – ending Citi’s 36 year uninterrupted reign
  • JPMorgan, BAML and Standard Chartered continue momentum, rising to fourth (2014 – sixth), sixth (seventh)  and 12th (14th) respectively
  • Banks fight ever harder for lucrative real money flows as market-share gaps narrow

Citibank retained its status as the world’s biggest foreign exchange bank by volumes in the 37th annual Euromoney FX survey, increasing its lead over arch-rival Deutsche Bank. The two big beasts of the FX market continue to dominate in most categories of clients and geographies and retain their grip of electronic trading with a combined share of almost 35% in what is now the dominant execution method for clients.

global-fx-market-share-2015  


 Euromoney FX Survey 2015 Client side e-trading as a percentage of all consumption

HSBC ranked number one for corporate client flows for the first time in its history with a market share of 8.94%, this is the first time that a bank other than Citi has topped the corporate table since the survey began in 1976. The real money client segment has become the most fiercely contested in the market, the top five for this client group are covered by only 2%.

FX_Survey_2015-Global_Real_Money_Market_Share  

Euromoney FX Survey 2015 – methodology

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

Changes to survey process and methodology for 2015

All respondents to the Euromoney FX Survey 2015 were contacted directly by Euromoney via either telephone or email. The Euromoney FX survey 2015 was the first Euromoney FX Survey that FX providers were explicitly barred from contacting potential respondents during the survey field dates regarding the survey. In previous years Euromoney did not regulate the actions of FX providers whilst the survey was in the field.

All respondents were made aware of these new rules and encouraged to inform Euromoney of any breaches made by providers. Euromoney made clear to all FX providers before the survey field dates that it would use a range of sanctions against FX providers that contravened these rules, including the removal of a provider from the survey in its entirety.

Euromoney did not receive any feedback from respondents of FX providers contravening these rules and hence no sanctions were taken against any FX provider.

Due to this change of survey process the Euromoney FX Survey 2015 has a smaller response base and liquidity pool than previous years. However Euromoney believes that the survey population remains:

  • The most accurate representation of the wholesale FX consumption universe available
  • A representative sample of FX consumption volumes
  • The most accurate depiction of market shares for FX providers in aggregate

Due to the smaller liquidity pool in Euromoney FX Survey 2015 comparisons of notional volumes with previous years may not be valid. However Euromoney believes that due to the representative sample achieved in Euromoney FX Survey 2015 and previous surveys that time series comparisons of aggregate market shares, proportionate volume distributions and proportionate product distributions remain valid.

For more information, please contact:

Sui Chung

T: +44 207-779-8647

E: schung@euromoney.com

 

About the Euromoney FX Survey

First published in 1979, Euromoney’s annual foreign exchange survey is the benchmark by which the global FX industry judges its performance. The survey is the most comprehensive quantitative and qualitative annual study available on the FX markets.

Subscribers have full access to the results.

FX Survey 2015 results will be live online following the presentation at our awards dinner, held the evening of May 26. 


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