FX Survey 2019: Overall results

Global Market Share
Overall Volume (Adjusted Swaps and Options)
Rank 2019	Rank 2018	Counterparty	Market Share % 2019
1	1	JPMorgan	9.81%
2	8	Deutsche Bank	8.41%
3	5	Citi	7.87%
4	3	XTX Markets	7.22%
5	2	UBS	6.63%
6	10	State Street	5.50%
7	13	HCTech	5.28%
8	6	HSBC	4.93%
9	4	Bank of America Merrill Lynch	4.63%
10	7	Goldman Sachs	4.50%
11	14	Jump Trading	4.19%
12	11	Barclays	3.51%
13	20	Citadel Securities	3.41%
14	12	BNP Paribas	3.01%
15	9	Standard Chartered	2.38%
16	16	Morgan Stanley	2.12%
17	31	Bank of New York Mellon	1.63%
18	19	NatWest	1.58%
19	15	Societe Generale	1.51%
20	18	Credit Suisse	1.24%
21	22	Nomura	1.10%
22	17	Commerzbank	1.09%
23	21	Credit Agricole	0.72%
24	23	RBC Capital Markets	0.65%
25	26	SMBC	0.63%
26	–	Tower Research Group	0.52%
27	25	MUFG	0.47%
28	24	Westpac Banking Corporation	0.44%
29	28	TD Securities	0.37%
30	29	National Australia Bank	0.27%
31	35	ING Group	0.26%
32	37	Virtu Financial	0.22%
33	30	ANZ Banking Group	0.22%
34	60	Sberbank	0.22%
35	43	CCM Alpha	0.20%
36	34	CIBC	0.17%
37	51	Brown Brothers Harriman	0.17%
38	58	KBC Bank	0.16%
39	27	Alfa Bank	0.16%
40	56	Intesa San Paolo	0.15%
41	44	UniCredit	0.15%
42	32	Group BPCE	0.14%
43	49	Raiffeisenbank International	0.14%
44	41	Bank of Montreal	0.13%
45	45	Commonwealth Bank of Australia	0.13%
46	–	Hudson River Trading	0.12%
47	48	Zürcher Kantonalbank	0.08%
48	42	Santander Group	0.07%
49	46	Danske Bank	0.07%
50	80	OCBC Bank	0.06%
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Global Market share by Product
Spot/Forward
Rank 2019	Rank 2018	Counterparty	Market Share % 2019
1	2	XTX Markets	9.92%
2	1	JPMorgan	9.30%
3	7	Deutsche Bank	8.39%
4	10	HCTech	7.25%
5	3	UBS	6.34%
6	6	Citi	6.16%
7	14	Jump Trading	5.75%
8	18	Citadel Securities	4.68%
9	5	Goldman Sachs	4.54%
10	4	Bank of America Merrill Lynch	4.32%
11	8	HSBC	4.22%
12	12	State Street	3.73%
13	11	Barclays	3.11%
14	13	BNP Paribas	2.65%
15	9	Standard Chartered	2.26%
16	28	Bank of New York Mellon	1.98%
17	15	Morgan Stanley	1.95%
18	19	NatWest	1.65%
19	17	Credit Suisse	1.40%
20	16	Commerzbank	1.26%
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Swaps
Rank 2019	Rank 2018	Counterparty	Market Share % 2019
1	4	Citi	12.64%
2	2	State Street	11.03%
3	3	JPMorgan	11.03%
4	9	Deutsche Bank	8.40%
5	1	UBS	7.40%
6	5	HSBC	6.72%
7	11	Bank of America Merrill Lynch	5.36%
8	8	Barclays	4.56%
9	10	Goldman Sachs	4.17%
10	12	BNP Paribas	3.80%
11	6	Societe Generale	2.89%
12	7	Standard Chartered	2.60%
13	17	Morgan Stanley	2.28%
14	13	Credit Agricole	1.71%
15	16	Westpac Banking Corporation	1.49%
16	20	NatWest	1.29%
17	14	RBC Capital Markets	1.14%
18	22	TD Securities	1.05%
19	18	National Australia Bank	0.87%
20	19	Credit Suisse	0.79%
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Options
Rank 2019	Rank 2018	Counterparty	Market Share % 2019
1	2	JPMorgan	13.17%
2	4	Citi	10.29%
3	7	Deutsche Bank	9.25%
4	6	HSBC	8.10%
5	5	UBS	7.45%
6	9	Goldman Sachs	7.23%
7	1	Bank of America Merrill Lynch	6.87%
8	10	BNP Paribas	6.14%
9	11	Morgan Stanley	6.00%
10	12	Barclays	4.68%
11	3	Standard Chartered	4.08%
12	16	Nomura	3.66%
13	8	Societe Generale	3.60%
14	14	NatWest	2.48%
15	15	Credit Agricole	1.01%
16	22	UniCredit	0.89%
17	13	Credit Suisse	0.81%
18	–	Sberbank	0.43%
19	27	RBC Capital Markets	0.42%
20	17	Group BPCE	0.41%
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Emerging Market currencies
Rank 2019	Rank 2018	Counterparty	Market Share % 2019
1	3	XTX Markets	11.39%
2	5	Citi	10.18%
3	6	Deutsche Bank	7.76%
4	2	JPMorgan	7.29%
5	1	Standard Chartered	6.63%
6	4	HSBC	5.55%
7	23	HCTech	5.02%
8	10	Goldman Sachs	4.74%
9	7	UBS	4.08%
10	8	Bank of America Merrill Lynch	3.55%
11	11	Barclays	3.47%
12	12	BNP Paribas	2.82%
13	20	Commerzbank	2.73%
14	15	Morgan Stanley	2.60%
15	9	State Street	2.31%
16	29	Citadel Securities	1.83%
17	13	Societe Generale	1.68%
18	31	Bank of New York Mellon	1.57%
19	22	NatWest	1.43%
20	19	Nomura	1.42%
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