FX Survey 2017: All change but no change

The top firms this year look like they haven’t moved in 18 years. How can nearly two decades of upheaval appear to have altered the rankings so little in Euromoney’s foreign exchange survey?

By Kevin Rodgers

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Charting the FX evolution

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If you had fallen into a deep coma in 1999 and woken up in 2017 (a state of affairs that is not too hard to imagine, given the way brokers were back then), there would be a lot of things that would surprise you as you came to: the sight of Donald Trump in the White House; the frequent reference to something called Brexit; and the concept of selfies.

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