Foreign Exchange Survey 2012 - Vote Now
About the Euromoney FX survey:
The industry's leading review of FX trading, research and e-business capabilities
The Euromoney Foreign Exchange survey is the benchmark for the FX industry. It was first published in 1979. Most leading global banks judge their relative performance in foreign exchange according to their results in the Euromoney survey. As well as quantitative data on a global, regional and client and product-type basis, Euromoney also publishes qualitative performance rankings across a similar range of categories.
Results are based upon both qualitative and quantitative responses from thousands of companies around the world. Treasurers, traders and investors at industrial and commercial corporations, financial institutions, institutional investors and state agencies worldwide rate the banks they use to conduct their currency transactions in terms of both transaction volumes and quality of service.
Previous results:
May 2010
The results of this year’s Euromoney FX survey suggest that, rather than cement the dominant position of leading banks, e-commerce could offer firms that have lagged behind the chance to catch up. But they’d better do it soon – rich rewards await those that can secure the largest pools of liquidity. Hamish Risk reports.
May 2009
The top-five banks in the 2009 Euromoney FX poll remain the same as in 2008 despite big sub-prime losses. As senior FX bankers make clear, a leading position in the market reflects an established set of relationships that aspirant banks find hard to build, whatever their creditworthiness. Lee Oliver reports.
May 2008
Foreign exchange has arguably held up better than any other financial market in the fallout from the sub-prime crisis. Will its robustness result in it being taken more seriously as both a business and as an asset class? And which banks have fared best in Euromoney’s benchmark industry poll?
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 Euromoney has conducted to date 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.
April 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.
