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Foreign Exchange

Inside FXMarketData: hedge fund flows provide the edge

Euromoney surveyed the FX options market for the first time in 2011 as part of the annual FX survey. Deutsche Bank (with a 17.32% market share) showed itself to be a powerhouse in this market, as it has been in the spot and forward markets for the past seven years.

  Making an historical comparison on the shift in options market share is a difficult exercise given that 2011 was the inaugural survey. Nonetheless, this year’s volume data does reveal some interesting similarities and disparities between the structure and composition of the options market and that of the wider FX market. For instance, when options volumes are cross-referenced with overall market share, volume concentration among the leading option players looks very similar. The top five banks account for about 53% of the total market share, and the top three about 36.6%.

Options market share 2011
market share %
1 Deutsche Bank 17.32%
2 Goldman Sachs 10.31%
3 Credit Suisse 9.00%
4 Barclays Capital 8.99%
5 UBS 7.44%
6 RBS 6.70%
7 JPMorgan 6.42%
8 HSBC 6.15%
9 Citi 5.24%
10 Morgan Stanley 5.00%
Source: Euromoney Market Data

Market making beyond the top 10 banks is clearly less prevalent, however. The top 10 option market makers hold...


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