HSBC’s electronic FX franchise had a strong 2025, growing spot volumes 8% and taking market share across client segments. The foundation of this strength is an internalisation rate of up to 95% on electronic spot flow, with more than 97% of FX trades executed electronically. But the headline number is not really the point.
What matters, according to Paris Pennesi, head of quant strategies, is the quality of that internalisation. A bank can report a high figure by showing a skew to anonymous venues, where a counterparty lifts the price and immediately recycles the risk into the market.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
