Euromoneys 30th annual FX survey:
- Which banks have boosted their market share... and how?
- Whose e-commerce investment is paying off?
- Which firms are considered the best in research and analytics?
- Which banks have the greatest market share with client groups such as corporates, institutions, banks and hedge funds?
Find out now. Plus - read our analysis, with comments from some of the most senior foreign exchange bankers in the world. Discover how the top banks in the industry are adapting to new challenges and opportunities in this rapidly evolving market.
Results, detailed analysis, contributions from senior professionals at the leading global FX houses, plus the complete methodology, are all available to Euromoney subscribers.
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- Turnover rises 41% to a record $175 trillion
- Deutsche Bank extends lead with 21.7% share of global market
- UBS consolidates second place with growing 15.8% share
- Barclays Capital breaks into top three global banks
- JPMorgan, Lehman Brothers and Dresdner Kleinwort post strong gains

FX poll 2008: Global FX market continues dramatic growth, according to benchmark Euromoney survey
The global foreign exchange market continues to grow at an extraordinary pace, with most of the worlds largest banks reporting noticeable and at times dramatic growth in turnover volumes in 2007.
Total global turnover rose from $125 trillion in 2006 to $175 trillion in 2007, according to the latest foreign exchange survey from Euromoney. The number of respondents to the survey rose by 17.5% to 9,810 valid replies.
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Far from being the commoditized product with limited growth that many have sought to describe it as, FX has proved once again that it is a thriving asset. Furthermore, with products ranging from simple to complex, it is a transparent asset that has something to offer everyone
-Clive Horwood, Editor, Euromoney |
The growth in the foreign exchange market shows that it has been unaffected by the global credit crisis; indeed, many of the worlds largest banks are focused on FX as a market for continued growth while other asset classes decline.
The top 5 global foreign exchange banks by turnover are as follows:
Free-to-access results:
Overall market share 2008 |
| 2008 |
2007 |
Bank |
Market share |
| 1 |
1 |
Deutsche Bank |
21.70% |
| 2 |
2 |
UBS |
15.80% |
| 3 |
5 |
Barclays Capital |
9.12% |
| 4 |
3 |
Citi |
7.49% |
| 5 |
4 |
RBS |
7.30% | |
The full set of results of the Euromoney foreign exchange survey will be announced on the evening of May 7, at Euromoneys annual FX market awards dinner.
From May 7 Headline results are available to Euromoney subscribers. A more extensive set of results can be accessed by subscribers to Euromoneys foreign exchange news service, The weeklyFiX, at www.euromoneyfix.com.
These will include a breakdown of market shares by client type and region. For more information about the poll, please contact Euromoneys head of research, Andrew Newby, at anewby@euromoney.com.
About the Euromoney FX survey
The industry's leading review of FX trading, research and e-business capabilities. The annual FX poll is widely considered the benchmark league table of the FX market. Results are based upon qualitative responses from thousands of companies around the world. Treasurers, traders and investors worldwide rate the banks they use to conduct their currency transactions in terms of both transaction volumes and quality of service.
Full FX poll methodology
May 2007
Deutsche Bank emerged again at the top of the Euromoney FX poll, and the top five banks have consolidated a clear lead on everyone else. There are banks with strong and popular niches, but what does the dominance of the top five imply for their future? Lee Oliver finds out.
May 2006
The most representative annual FX poll that Euromoney has ever conducted examines a market in which technology shapes the present and the future, and the buy side is unwilling to break the bank when buying services. In a growing market that demands huge expenditure and promises little return, banks have to position themselves well to stay in the game. Florian Neuhof reports.
May 2005
The sector is consolidating fast. And while major banks focus on securing a place in the top tier, smaller firms are left to contemplate a choice between white labelling and finding a profitable niche market.
May 2004
Between them, UBS and Deutsche Bank now handle almost a quarter of all client trading volumes in foreign exchange. Their global dominance reflects crucial changes in clients' behaviour. Other banks that have been slow to emulate their strategies are suffering.
May 2003
Following last year's surprise jump up the rankings, UBS has now made it to the top of the market share table in Euromoney's annual forex poll. Katie Astbury reports; research by Andrew Newby, Paul Pedzinski and Dave Skallinder.
May 2002
Consolidation, including the transformation of regional banks from competitors of the biggest forex banks to their customers, is moving on apace. Only the biggest dealers are in a position to offer the wide range of interlinked services demanded by their largest customers and to invest in winning technology.
May 2001
In foreign exchange it's a truism that size matters. Niche players are being squeezed out of the market because they can't compete with the big banks on price, and even the heavyweights are swallowing each other up in a bid to become the most powerful institution. For now, there's one clear leader.
May 2000
For 20 years, ever since Euromoney began its annual foreign exchange surveys in 1979, Citigroup came top. Now Deutsche Bank has dislodged it by a convincing margin. While critics accuse Deutsche of buying its way into the business with huge salaries, the real reason is its global markets model that brings together commercial and investment banking. Over the past year interbank forex flows fell while M&A and institutional business grew, favouring investment banks and those that combine both functions. Philip Moore reports; research by Andrew Newby.
May 1999
The pie may be getting smaller but the top players are taking bigger slices. However, as Jack Dyson reports, the largest foreign-exchange firms are having to work ever harder to carve out a point of difference in a mature market with thin margins. In our eagerly-awaited annual foreign-exchange poll, Citigroup stays ahead of Deutsche by a whisker. Research by Rebecca Cicolecchia.
May 1998
Banks everywhere are muscling in on foreign exchange - just as the costs of building a forex business are rising and spreads are tightening. Europe's commercial banks are trying to replace business lost with the onset of Emu. US investment banks are bolting forex on to their core activities. They can't all be winners. But, as Antony Currie reports, they can make life harder for those already at the top. Euromoney's 20th annual foreign-exchange poll follows. Research by Rebecca Dobson.
May 1997
The foreign exchange business is entering a period of rapid change. The lack of volatility in the market over the past 12 months has forced the big commercial banks, which have long dominated the business, to close offices and cut staff. In their place, our annual poll reveals, investment banks are winning a larger share of the business. The biggest surprise: Merrill Lynch, which jumps into the top 10 at number three. Antony Currie explains why.
May 1996
Newly-appointed global foreign exchange chief, Guy Whittaker, fell silent when Euromoney informed him that the new Chase had topped our annual foreign exchange poll. He simply asked how we put the results together, and took a sip of water.