Regulation puts global banking in peril

Regulation puts global banking in peril

Don’t believe the G20 hype

Leveraged finance

Leveraged finance

The threat to corporate America

FX-survey-logo-2015Euromoney Foreign Exchange Survey 2015

This survey is now LIVE, please click on a language link below to vote:

Respondents will receive a detailed analysis of their peer group's aggregated FX trading volumes and behavioural trends.

  English                                     Korean
  Spanish     Russian
  French     Turkish
  Italian     Vietnamese
  German     Japanese
  Simplified Chinese     Traditional Chinese
  Czech     Bulgarian


- updated for 2015


Queries on survey process or policy or data analysis/bespoke data reports should be addressed to Tim Moxon at

For technical or data issues, email Ben Stevens at

Data confidentiality statement

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All eyes back on Greece but break-up still unlikely, say analysts

All eyes back on Greece but break-up still unlikely, say analysts

January 2015

Concerns that Greece could be on the verge of leaving the euro are back to the fore after the country called elections that could usher in a government determined to rip up the existing aid agreement – but analysts doubt the brinkmanship will lead to Greece leaving the single currency, let alone a full-scale euro break-up.



  • Exit Bitcoin, enter block-chain technology

    Negative publicity around cryptocurrencies such as Bitcoin has deflected attention from the potential of the underlying technology to facilitate real-time – and therefore much cheaper – international payments.

  • ‘Barrier running’ investigation alarms FX traders

    Foreign-exchange options traders are feeling the pressure as regulators shine a spotlight on the derivatives market and investigate commonplace practices, such as barrier running, which traders fear might attract criticism.

  • Bank FX technology spend on the rise

    Investment in FX technology is expected to mirror growth in wider financial services IT expenditure over the next few years.

  • 2014: a year in data – FX

    A fine time for the top 10

  • Sepa-like revolution upends traditional payments model

    Companies are recognizing the benefits of applying the principles of Sepa to payment and collection processes beyond the single euro payments area, helping to boost liquidity and cross-border flows, consolidate treasury processes and reduce FX risks.

  • Market innovations restoring confidence in FX, says Tradition

    The disruption associated with the electronification of FX trading has overwhelmed some market participants, but while policymakers ponder stronger efforts to regulate market structure, especially high-frequency trading (HFT), market players say the latest generation of innovations are now revitalizing FX trading.

  • Hong Kong-Shanghai Stock Connect enables CNH funding arbitrage

    The Hong Kong-Shanghai Stock Connect, which was launched amid much fanfare on November 17, has triggered a jump in CNH-funded arbitrage opportunities. However, rising Stock Connect volumes and easing by the People’s Bank of China – triggering a convergence between onshore and offshore rates – will remove current funding advantages.

  • Currency hedge funds continue to disappoint

    It has been a chastising few years for currency hedge funds. Several high-profile currency managers have closed down due to poor performance while many that have survived have struggled with redemptions. But some hedge fund allocators are predicting an imminent return to form for FX strategies.

  • Russia central bank attempts rouble crisis circuit-breaker

    Analysts support the Central Bank of Russia’s (CBR) response to the collapse of the rouble, arguing it will shift market expectations and could stabilize the currency in the medium-term. In an interview with Euromoney before the move, a CBR official discusses the opportunities and challenges in the regime shift.

  • The year of the dollar bull

    It has been a year of two halves for FX, with an opening seven months characterized by low volatility and few attractive trading opportunities for FX managers, before a dollar bull market roared into life in August. It is arguably the first such market for 20 years, bringing with it a rise in volatility and enhanced opportunities for FX traders.

  • Emerging markets ride 2014 FX rollercoaster

    EM currencies have taken a savage beating this year, tumbling to a decade low, thanks to falling oil prices, weaker growth, a stronger dollar and fears over reform inertia. Euromoney surveys the FX landscape for 2015.

  • Dealers face FX front-running battle

    Banks face a tough task proving to regulators that foreign-exchange traders are not front-running clients, as they respond to the government’s consultation on reinforcing confidence in the fairness and effectiveness of fixed-income, currency and commodities markets (FICC).

  • Electronic FX trading gathers steam in 2014

    While other leading markets are yet to follow Switzerland’s lead and mandate automated trading of currency, the industry moves inexorably towards automation. But the push creates new market risks for both the buy side and sell side.

  • Rise of RMB trading shows little sign of slowing in 2015

    Despite depreciation risk next year, amid the global currency war, market players say the battle between RMB offshore financial hubs and trading volumes will go from strength to strength.

  • FX regulations doing more harm than good, reveals survey

    New market regulations governing the FX industry have done more harm than good for FX trading desks, according to an October survey by TradeTech FX.

  • Deutsche Börse plots expansion into emerging market FX

    Deutsche Börse's acquisition of a minority stake in R5FX, the London-based electronic trading venue specializing in emerging markets (EM) FX, is the latest in a series of strategic moves by the exchange to break into the FX market. Up to 20 banks have signed up for the March launch of a bank-to-bank liquidity pool for EM FX.

  • Riksbank under pressure for radical action amid deflation

    Despite cutting rates to a record low of 0% end-October, the Swedish Riksbank is under increasing pressure to launch more radical action – from asset purchases, QE and a dual mandate that includes employment, to a currency floor – as deflation fears grow.

  • HFT: Flash boys come to Asia

    High-frequency trading is not confined to Europe and north America. Some Asia-Pacific countries are further along in embracing the strategy than others.