State Street retains the award in this category through a firmly structural foundation: roughly 70% of its spot volume comes from portfolios not held under its custody. Clients choose the desk on its own terms. Overall FX volumes grew in the mid-teens on a percentage basis in 2025 with more than 250 new relationships.
What real-money clients needed from a bank changed over the course of the year, and State Street’s read on that change explains much of the growth.
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