FX: Non-banks make headway among smaller Aussie participants

Non-bank market makers in Australian FX are not taking away many big clients from banks, but they are taking meaningful market share in smaller clients.

One of the closest observers of the Australian FX market is Cameron Peter, managing director of Peter Lee Associates, whose annual market survey covers corporates and financial institutions – mainly real money fund managers, insurance companies, non-price maker banks and state and territory treasury corporations – with FX volumes in excess of $100 million.

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Cameron Peter,
Peter Lee Associates

According to the survey, the leading domestic banks controlled just under two thirds (64%) of the corporate FX market last year, although their market share among financial institutions was lower at 42%.

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