For European corporates and investors, the 2025 market turbulence raised an interesting question: how much of their FX business should sit with banks headquartered elsewhere? Tariff shocks, dollar volatility and worries about liquidity concentration drove clients to look for a strong European alternative. “With everything that was happening in the US, we actually got more of a push from corporates and institutions seeking a capable European alternative,” says Verena Kruse, global head of FX flow solution ICG sales and head of FX Europe for ICG Sales.
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