FX Survey 2020: Overall results

Overall market share
Spot/forward market share
Swap market share
Options market share
Emerging market currencies market share

Global – All products (exc. short-dated swaps) – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	1	JPMorgan	10.78%
2	5	UBS	8.13%
3	4	XTX Markets	7.58%
4	2	Deutsche Bank	7.38%
5	3	Citi	5.50%
6	8	HSBC	5.33%
7	11	Jump Trading	5.23%
8	10	Goldman Sachs	4.62%
9	6	State Street	4.61%
10	9	Bank of America	4.50%
11	14	BNP Paribas	3.46%
12	7	HCTech	3.37%
13	12	Barclays	3.25%
14	16	Morgan Stanley	3.16%
15	17	Bank of New York Mellon	3.13%
16	13	Citadel Securities	3.04%
17	15	Standard Chartered	2.00%
18	20	Credit Suisse	1.82%
19	18	NatWest	1.41%
20	21	Nomura	1.31%
21	22	Commerzbank	1.27%
22	19	Societe Generale	0.80%
23	23	Credit Agricole	0.73%
24	38	Alfa Bank	0.71%
25	24	RBC Capital Markets	0.67%
26	28	TD Securities	0.56%
27	26	MUFG	0.44%
28	31	Virtu Financial	0.39%
29	27	Westpac Banking Corporation	0.38%
30	25	Tower Research Group	0.30%
31	35	Canadian Imperial Bank of Commerce	0.25%
32	29	National Australia Bank	0.25%
33	32	ANZ Banking Group	0.20%
34	43	Bank of Montreal	0.20%
35	33	Sberbank	0.16%
36	178	Geely Financials	0.15%
37	47	Danske Bank	0.13%
38	45	Zürcher Kantonalbank	0.13%
39	40	UniCredit	0.12%
40	178	DGB Financial Group	0.12%
41	56	Mizuho Financial Group	0.11%
42	44	Hudson River Trading	0.11%
43	48	OCBC Bank	0.10%
44	42	Raiffeisenbank International	0.10%
45	34	CCM Alpha	0.10%
46	165	Alpha Bank	0.10%
47	122	Flow Traders	0.09%
48	52	SEB	0.09%
49	61	Nordea	0.09%
50	66	Jefferies	0.09%

Global – All products (inc. short-dated swaps) – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	2	JPMorgan	10.79%
2	3	Deutsche Bank	10.32%
3	4	UBS	8.46%
4	1	Citi	8.12%
5	7	HSBC	7.06%
6	5	XTX Markets	5.86%
7	9	Bank of America	4.12%
8	12	Jump Trading	4.04%
9	10	State Street	4.02%
10	6	Goldman Sachs	3.94%
11	8	Barclays	3.81%
12	13	BNP Paribas	3.23%
13	16	Morgan Stanley	2.65%
14	11	HCTech	2.61%
15	20	Bank of New York Mellon	2.51%
16	14	Citadel Securities	2.35%
17	15	Standard Chartered	1.74%
18	23	Credit Suisse	1.49%
19	17	NatWest	1.46%
20	19	Commerzbank	1.09%
21	22	Nomura	1.01%
22	18	Societe Generale	0.81%
23	24	Credit Agricole	0.72%
24	38	Alfa Bank	0.64%
25	178	Sumitomo Mitsui Banking Corporation	0.58%
26	25	RBC Capital Markets	0.57%
27	21	MUFG	0.53%
28	27	TD Securities	0.46%
29	29	Westpac Banking Corporation	0.31%
30	37	Virtu Financial	0.30%
31	26	Sberbank	0.24%
32	28	Tower Research Group	0.24%
33	32	National Australia Bank	0.22%
34	40	Canadian Imperial Bank of Commerce	0.20%
35	57	OCBC Bank	0.18%
36	31	ANZ Banking Group	0.18%
37	51	Danske Bank	0.17%
38	34	UniCredit	0.16%
39	44	Bank of Montreal	0.16%
40	47	Mizuho Financial Group	0.15%
41	33	Raiffeisenbank International	0.15%
42	46	Zürcher Kantonalbank	0.14%
43	58	Nordea	0.13%
44	52	SEB	0.12%
45	178	Geely Financials	0.12%
46	165	Alpha Bank	0.11%
47	178	DGB Financial Group	0.09%
48	49	Hudson River Trading	0.08%
49	178	VTB Bank	0.08%
50	68	Jefferies	0.08%

Global – All products (exc. short-dated swaps) – all client segments – disclosed flows only
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1		JPMorgan	10.35%
2		UBS	9.84%
3		HSBC	8.00%
4		Citi	7.97%
5		Deutsche Bank	6.80%
6		Bank of America	6.04%
7		Goldman Sachs	5.90%
8		State Street	5.26%
9		Bank of New York Mellon	5.19%
10		Barclays	4.40%

Global – Spot/Fwd – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	2	JPMorgan	11.54%
2	1	XTX Markets	10.35%
3	3	Deutsche Bank	7.71%
4	5	UBS	7.71%
5	7	Jump Trading	7.14%
6	4	HCTech	4.60%
7	9	Goldman Sachs	4.45%
8	6	Citi	4.19%
9	8	Citadel Securities	4.15%
10	10	Bank of America	3.65%
11	12	State Street	3.61%
12	16	Bank of New York Mellon	3.49%
13	11	HSBC	3.46%
14	14	BNP Paribas	2.98%
15	17	Morgan Stanley	2.86%
16	13	Barclays	2.34%
17	19	Credit Suisse	2.17%
18	15	Standard Chartered	2.06%
19	21	Nomura	1.77%
20	20	Commerzbank	1.52%

Global – Swaps (exc. short-dated swaps) – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	6	HSBC	10.53%
2	5	UBS	9.37%
3	1	Citi	9.15%
4	3	JPMorgan	8.65%
5	2	State Street	7.60%
6	7	Bank of America	6.55%
7	4	Deutsche Bank	6.09%
8	8	Barclays	5.80%
9	9	Goldman Sachs	5.07%
10	10	BNP Paribas	4.72%
11	13	Morgan Stanley	3.85%
12	16	NatWest	2.27%
13	22	Bank of New York Mellon	2.23%
14	14	Credit Agricole	2.19%
15	12	Standard Chartered	1.83%
16	11	Societe Generale	1.78%
17	18	TD Securities	1.63%
18	17	RBC Capital Markets	1.43%
19	15	Westpac Banking Corporation	0.98%
20	20	Credit Suisse	0.84%

Global – Swaps (inc. short-dated swaps) – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	3	Deutsche Bank	13.68%
2	1	Citi	13.37%
3	6	HSBC	11.82%
4	2	JPMorgan	9.81%
5	5	UBS	9.47%
6	4	Barclays	5.77%
7	8	State Street	4.63%
8	9	Bank of America	4.58%
9	10	BNP Paribas	3.52%
10	7	Goldman Sachs	3.22%
11	14	Morgan Stanley	2.29%
12	16	NatWest	1.94%
13	17	Credit Agricole	1.40%
14	11	Standard Chartered	1.30%
15	13	Societe Generale	1.29%
16	112	Sumitomo Mitsui Banking Corporation	1.29%
17	25	Bank of New York Mellon	1.24%
18	21	TD Securities	0.84%
19	19	RBC Capital Markets	0.80%
20	23	Credit Suisse	0.59%

Global – Options – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	3	Deutsche Bank	16.76%
2	7	Bank of America	14.45%
3	1	JPMorgan	9.87%
4	4	HSBC	7.96%
5	9	Morgan Stanley	7.69%
6	2	Citi	7.40%
7	5	UBS	6.65%
8	8	BNP Paribas	5.94%
9	6	Goldman Sachs	5.86%
10	10	Barclays	3.51%
11	14	NatWest	3.01%
12	11	Standard Chartered	1.83%
13	15	Credit Agricole	1.59%
14	13	Societe Generale	1.49%
15	17	Credit Suisse	1.22%
16	19	RBC Capital Markets	0.88%
17	16	UniCredit	0.48%
18	59	Alfa Bank	0.42%
19	23	MUFG	0.41%
20	25	Zürcher Kantonalbank	0.40%

Global – Emerging Market currency volume (exc. short-dated swaps) – all client segments
Rank 2020	Rank 2019	Counterparty	Market Share % 2020
1	4	JPMorgan	10.69%
2	3	Deutsche Bank	10.36%
3	1	XTX Markets	10.24%
4	15	State Street	7.69%
5	6	HSBC	5.96%
6	9	UBS	5.67%
7	21	Jump Trading	5.57%
8	2	Citi	4.46%
9	10	Bank of America	4.01%
10	8	Goldman Sachs	3.68%
11	12	BNP Paribas	3.63%
12	5	Standard Chartered	3.01%
13	14	Morgan Stanley	3.00%
14	11	Barclays	2.73%
15	7	HCTech	2.14%
16	23	Credit Suisse	1.75%
17	13	Commerzbank	1.63%
18	19	NatWest	1.51%
19	27	Alfa Bank	1.48%
20	16	Citadel Securities	1.08%