The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Winning on the western front: Western Europe – FX survey analysis

Western Europe is the key battle ground in the quest for supremacy in the global FX markets, asserts Jeff Feig, Citi’s global head of G10 FX.


It’s the biggest market, making up 43% of total volume in this year’s FX survey, and it’s arguably the most competitive. Furthermore, liquidity is also at its most plentiful during the European time zone. These two factors feed off each other. In 2011, Citi launched an all-out assault to drive up its volumes in the region, which resulted in a sizeable increase in its market share. However, it was coming from some distance back and couldn’t overhaul UBS and Deutsche Bank – the two dominant players in the region.

While UBS slipped one position to fourth in the global rankings, it can take some satisfaction in taking the bragging rights in western Europe. In doing so, it toppled Deutsche Bank as the leading FX provider for the first time since Euromoney began compiling regional rankings in 2005.

Each main region has its own characteristics. Western Europe’s defining feature is that, unlike North America and Asia, volumes are dominated by swaps, which make up 54% of the total, versus 39% in North America and 37% in Asia.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree