FX Survey 2020: Market share by institution type

Banks Non-financial corporations All Undisclosed and retail brokers Leveraged Funds Real Money

 EuromoneyForeignExchange-2020
© 2020 Euromoney
Results Index
Global – All products (exc. short-dated swaps) – Banks
Rank 2020 Rank 2019 Counterparty Market Share % 2020
1 3 Deutsche Bank 13.96%
2 2 UBS 13.32%
3 1 JPMorgan 12.13%
4 4 Citi 6.52%
5 5 Bank of America 6.40%
6 7 HSBC 5.12%
7 6 Goldman Sachs 4.73%
8 8 XTX Markets 4.55%
9 9 Barclays 4.42%
10 13 BNP Paribas 3.12%
11 16 Morgan Stanley 2.42%
12 14 Credit Suisse 2.24%
13 12 Commerzbank 2.09%
14 10 Standard Chartered 1.72%
15 18 NatWest 1.56%
16 17 Societe Generale 1.49%
17 22 State Street 1.30%
18 27 Bank of New York Mellon 1.24%
19 19 Jump Trading 1.24%
20 24 Sberbank 1.22%
Global – All products (exc. short-dated swaps) – Non-financial corporations
Rank 2020 Rank 2019 Counterparty Market Share % 2020
1 1 HSBC 10.15%
2 7 Bank of America 9.66%
3 6 Citi 8.24%
4 4 Barclays 7.59%
5 5 Societe Generale 5.95%
6 2 JPMorgan 5.94%
7 3 BNP Paribas 5.62%
8 8 Credit Agricole 5.24%
9 9 Standard Chartered 4.57%
10 10 Deutsche Bank 4.00%
11 12 NatWest 2.21%
12 11 UniCredit 2.02%
13 14 Goldman Sachs 1.95%
14 15 Morgan Stanley 1.84%
15 17 UBS 1.76%
16 23 Commerzbank 1.72%
17 13 ING Group 1.48%
18 16 RBC Capital Markets 1.44%
19 18 Santander Group 1.44%
20 40 State Street 1.34%
Global – All products (exc. short-dated swaps) – All Undisclosed and retail brokers
Rank 2020 Rank 2019 Counterparty Market Share % 2020
1 1 XTX Markets 13.46%
2 6 JPMorgan 11.45%
3 4 Jump Trading 10.64%
4 3 Deutsche Bank 8.31%
5 2 HCTech 7.07%
6 7 UBS 6.82%
7 5 Citadel Securities 6.19%
8 8 Goldman Sachs 3.87%
9 25 State Street 3.29%
10 12 Citi 2.81%
11 17 Nomura 2.51%
12 9 Bank of America 2.49%
13 15 BNP Paribas 2.41%
14 19 Credit Suisse 2.40%
15 16 Morgan Stanley 2.34%
16 11 HSBC 2.09%
17 10 Barclays 1.87%
18 18 Commerzbank 1.87%
19 24 Standard Chartered 1.79%
20 13 NatWest 1.04%
Global – All products (exc. short-dated swaps) – Leveraged Funds
Rank 2020 Rank 2019 Counterparty Market Share % 2020
1 2 JPMorgan 12.70%
2 4 UBS 11.56%
3 18 Bank of New York Mellon 11.29%
4 7 HSBC 10.45%
5 1 Citi 9.30%
6 8 Bank of America 5.73%
7 5 Deutsche Bank 5.37%
8 10 Goldman Sachs 4.88%
9 9 Barclays 4.01%
10 15 BNP Paribas 3.67%
11 6 XTX Markets 3.57%
12 14 Morgan Stanley 3.33%
13 13 Standard Chartered 2.96%
14 11 NatWest 2.88%
15 3 State Street 2.52%
16 16 Credit Suisse 1.34%
17 21 Credit Agricole 0.91%
18 23 SEB 0.46%
19 20 RBC Capital Markets 0.39%
20 26 ANZ Banking Group 0.38%
Global – All products (exc. short-dated swaps) – Real Money
Rank 2020 Rank 2019 Counterparty Market Share % 2020
1 1 State Street 11.21%
2 5 HSBC 8.34%
3 2 Citi 8.24%
4 3 JPMorgan 7.93%
5 8 UBS 7.08%
6 4 Bank of New York Mellon 6.85%
7 6 Goldman Sachs 6.66%
8 9 Bank of America 6.38%
9 7 BNP Paribas 5.62%
10 10 Morgan Stanley 5.52%
11 11 Barclays 4.49%
12 13 Deutsche Bank 2.75%
13 16 RBC Capital Markets 2.14%
14 20 TD Securities 2.13%
15 12 Standard Chartered 1.75%
16 15 Credit Agricole 1.66%
17 14 Westpac Banking Corporation 1.61%
18 17 Societe Generale 1.33%
19 19 Canadian Imperial Bank of Commerce 1.11%
20 21 NatWest 1.03%