Euromoney’s 2012 FX survey results
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Euromoney’s 2012 FX survey results

Deutsche retains top ranking in global foreign exchange market; Citi jumps to second place overall in benchmark Euromoney survey

Deutsche Bank has retained its position as the leading global foreign exchange bank by market share, the results of Euromoney’s benchmark survey of the global FX market reveals today. Deutsche Bank’s victory marks its 8th consecutive year at the top of the FX industry. It also has the top market share for spot/forward, swaps, options and e-trading. However its overall market share fell, from 15.64% last year to 14.56% this year. Deutsche’s market share peaked in 2008 at 21.7%.

Citigroup proved itself to be the FX house with the greatest momentum over the past year. It jumped from 4th place overall in 2011 to 2nd place this year, its overall market share rising from 8.88% last year to 12.29%. Citi’s gains were broadly based: in Western Europe, which accounts for 43% of total volume in the survey, its client volumes rose by 65%. It also boosted its share of the swaps market by 4.55 percentage points, and now ranks in the top three overall in that category.

Citi jumped above both Barclays and UBS in the survey, which each fell one place to 3rd and 4th overall respectively. However, the results now show a clear demarcation between the top four banks globally and the rest of the industry: for the first time, each of the top four-ranked FX houses achieved a market share of more than 10%.

In the next tier, HSBC replaced JPMorgan in a top five that recorded its first combined rise in market share since the onset of the financial crisis in 2008, when the combined top-five share was over 60%. This year, the top five overall accounted for 55% of total volume, compared to 52% last year. At the same time, the market share of banks ranked 6th to 15th has fallen for the first time since 2008, from 35.8% in 2011 to 33.2% this year.

The ratio of e-trading to total volume rose again this year, from 36.5% to 38.6%. Competition for online trading is increasingly close: top-ranked Deutsche Bank accounted for 16.84% of e-trading share overall, with Citi second at 14.81% and Barclays a close third at 13.69%. Last year, Deutsche’s lead over then-second-ranked UBS was more than five percentage points.

Among independent and multi-dealer platforms, FXall retained its leading position, although its market share declined from 28.6% last year to 21.7% this year. FX Connect, which is owned by State Street, jumped from 4th to 2nd place in this category, increasing its market share from 10.8% to 18.7%. It was a good year for State Street, which was the most improved bank overall by market share and rose from 22nd to 17th place in the overall rankings.

First published in 1979, Euromoney’s annual foreign exchange survey is the benchmark by which the global FX industry judges its performance. This year the survey had a record number of both respondents (15,423 valid votes) and volume ($208.6 trillion, compared to $177.6 trillion last year).

Results of the Euromoney FX survey, and headline analysis, are published today online at Deeper analysis of the results by client type, product and geography will be published throughout May through our real-time news service, Banks or other market participants looking to conduct their own analysis of the results can do so through our FX database, EuromoneyFXMarketData. However, these will only be available to subscribers to each product.

For more information:

To gain access to the survey results, go to, contact Nicola Baker at or call our hotline on +44 207 779 8999.

To learn more about EuromoneyFXMarketData, contact Sui Chung at or +44 207 779 8647.

For information about how the survey was conducted, view the methodology published at Any further questions should be addressed to Tim Moxon, head of research, at   

Has the leading group broken away, or has the chasing pack managed to peg them back? Which banks have benefited from the continued growth in electronic trading? Which banks are building market share in the FX market’s fastest growing region, Asia? Who is benefiting from the surge in activity from retail FX aggregators? Has the FX option market been shaken up by the extreme volatility experienced in 2011? Who now has the best research offering? Find out now.

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