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Foreign Exchange

FX survey 2010: Results announced 6 May

Now in its 32nd year, it is the industry's largest, most respected survey.

One new entrant in the Top 10
Five positional changes in the Top 10

Twelve positional changes in the Top 20

Headline results, detailed analysis, contributions from senior professionals at the leading global FX houses, plus the complete methodology, are available online to Euromoney subscribers at www.euromoney.com/fxsurvey, as well as in the May issue of Euromoney. Full sets of results are available only to subscribers to Euromoney’s dedicated online foreign exchange news service, The WeeklyFiX, at www.euromoneyfix.com/fxsurvey

About the FX survey

The Euromoney Foreign Exchange survey is the benchmark for the FX industry. Most leading global banks judge their relative performance in foreign exchange according to their results in the Euromoney survey. As well as quantitative data on a global, regional and client and product-type basis, Euromoney also publishes qualitative performance rankings across a similar range of categories. More information on the FX survey, including previous results

Foreign exchange survey 2010 results categories

Overall Market Share

Most Improved Overall Market Share (by volume)

Market Share by institution type:
Non-financial corporations
Real money
Banks
Leveraged funds

Most Improved Market Share by institution type:
Non-financial corporations
Real money
Banks
Leveraged funds

Market Share by size:
Over $250bn
$100bn to $250bn
$25bn to $100bn
$10bn to $25bn
$5bn to $10bn
Less than $5bn

Most Improved Market Share by size:
Over $250bn
$100bn to $250bn
$25bn to $100bn
$10bn to $25bn
$5bn to $10bn
Less than $5bn

Market Share by region:
Western Europe
North America
Asia
Australasia

Most Improved Market Share by region:
Western Europe
North America
Asia
Australasia

Qualitative Rankings - Best for currencies:
Asian currencies
East European currencies
Latin American currencies
Middle Eastern currencies
Nordic and Baltic currencies
African Currencies
Commodity Currencies (CAD/ZAR/AUD)

Qualitative Rankings - Regions/Product Categories
Timezones:
Americas timezone
Europe timezone
Asia timezone

Research and Strategy:
Research - G10
Research - Emerging markets
Tailor made/Bespoke research
Quantitative research
Flow research

Options:
Vanilla options/1st Generation exotics - Pricing
Vanilla options/1st Generation exotics - Trading ideas
Emerging market options - Pricing
Emerging market options - Trading ideas
Structured options/FX-linked products/
                           Correlation products - Pricing
Structured options/FX-linked products/
                           Correlation products - Trading ideas

Currencies:
Currencies G10 Trading - Spot/Forward
Currencies Emerging market Trading - Spot/Forward

E-trading market share:
Proprietary platforms
Multi-bank and independent platforms

Most Improved by E-market share:
Proprietary platforms
Multi-bank and independent platforms

Qualitative Multi-Bank Ratings:
Speed of execution
Price and volume transparency
Competitive pricing/Transactional cost
Effective and innovative risk-managament tools
Research and analytics


 Press release: FX survey results

Euromoney FX survey 2010 methodology

The Euromoney Foreign Exchange survey is the most comprehensive quantitative and qualitative annual study available on the FX markets. The FX market is an unregulated OTC market and there are no reliable, aggregated, global statistics made available against which to benchmark the survey outside the tri-annual BIS studies. The survey also excludes a number of categories of market participant, which means that the total volume reported by the poll is not and is not intended to be an accurate reflection of total global foreign exchange activity. However, given the geographical and participant-type spread represented by the poll, Euromoney believes that the survey provides an accurate proxy for trends in the major areas of activity polled and accurately discerns the relative performance of the banks ranked, particularly over periods of two or more years.

All voting is carried out electronically via a secure, dedicated data collection website. Respondents can correct votes prior to the closing deadline.

The survey falls into two major sections.

PART 1 – Quantitative

This section is concerned with quantitative measures of overall market activity and banks’ relative markets shares. The key rankings are:

Overall ranking by market share: Respondents (users of FX services) are asked to give us the proportions of their total transacted by their top 10 providers of FX services (in practice this will mean their total FX volume for the year). Each provider’s turnover aggregated across all respondents (for example, the total volume of transactions attributed to Deutsche Bank across all responses) is then expressed as a percentage of the total transaction volume represented by all valid responses.

There are the following restrictions/definitions:

1. Responses which do not include an annual total volume number for the respondent organization cannot count towards any of the rankings in the survey, including qualitative rankings, and are discarded.

2. Responses that do not satisfy the following minimum FX turnover threshold for qualification cannot count towards any of the rankings in the survey, including qualitative rankings, and are discarded:

· $20mn in turnover in emerging markets currencies

· $50mn in turnover in G10 currencies

3. Captive votes and votes representing internal transaction flows are excluded in the survey. This includes votes cast by:

· Private banks that are part of banking groups with a market-making FX business

· Internal bank treasuries

· Internal FX and non-FX trading desks

· Tax/Restructuring units

· Wholly or majority-owned asset management businesses

4. Volume must be split by non-swap and swap volumes

5. Cross-currency swaps and rates products as a whole are not part of this volume

6. Swaps are single-counted and options volume is the delta-hedged value. Outrights such as long-dated forwards are included in the survey regardless of maturity.

Additionally, votes are not included in the survey where:

1. FX service providers cast a vote for themselves

2. Euromoney does not receive confirmation from the respondent of their identity.

3. An individual respondent submits more than one ballot and we cannot resolve the duplication

Most improved overall market share: This is a ranking of banks by their year-on-year percentage change in total reported turnover. In order to remove outliers based on small response numbers and/or total volumes, FX service providers with less than $200bn of total turnover in either of the two years being compared are excluded from this ranking.

In addition, we produce rankings of market-share improvement by sector and region, with the following minimum turnover requirements for each sub-ranking, in US dollars:

Non Financial Corporate 40bn

Non market-making Bank 60bn

Real Money 40bn

Leveraged Funds 90bn

Asia 50bn

North America 70bn

Latin America 15bn

Central & Eastern Europe 20bn

Western Europe 150bn

Middle East 10bn

Africa 10bn

PART 2 - Qualitative

This section is concerned with qualitative rankings of various aspects of the FX providers’ services.

In each category, for example, G10 Currency Research, the ranking is calculated as the arithmetic mean of all the voted ratings (from 1 -7 where 1= very poor 7 = excellent) given to a bank for that category, with any responses that vote 1 in every voted category or which vote 7 in every voted category excluded. To qualify in these categories, banks need to receive votes from a minimum of 5% of the total responses to each category. 



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