The results were revealed at a dinner held in London May 8, attended by 250 of the foreign exchange market’s leading professionals.
Deutsche Bank’s overall market share was 15.18%. Its market share rose from 14.56% last year. It is the ninth consecutive year that Deutsche Bank has topped the survey.
That increase in overall market share was just enough to hold off the challenge of second-placed Citi, which increased its market share to 14.90%, up from 12.29% last year.
Citi also rose from 8th place to 3rd in overall options market share.
Deutsche and Citi have become the clear top-two players in the global FX market. Their combined market share was just over 30% of all FX trading, up from 26.85% last year.
The battle for third place was equally closely contested, with Barclays edging out UBS by 10.24% to 10.11%. The top four banks now account for just over 50% of the entire global FX market, up from 48.3% last year.
Further down the rankings, Bank of America Merrill Lynch re-entered the top 10 FX houses overall, taking over 10th place from Goldman Sachs.
The Euromoney FX survey once again captured more FX market activity than ever before. Total valid responses numbered 16,298 (up from 15,423 last year) and represented $225 trillion of volume, compared with $208 trillion in 2012.
The importance of the electronic trading market continues to grow, with 45% of dealer-to-client flows now electronic – up from 38% the previous year.
Deutsche Bank remained the leading e-trading house, increasing its market share from 16.8% to 18.2%. Citi also increased its e-market share and remained in second place. UBS overtook Barclays to rank third overall in e-trading this year.
FXall remains the top-ranked multi-dealer platform with a market share of 26.08%, a sharp rise from 21.7% last year.
Volumes increased significantly in real money accounts and also for the platform business generally, but particularly in Japan.
Hedge funds from Europe, Middle East and Africa saw the biggest year-on-year decline in volumes, of 27%. This contributed to EMEA becoming a less dominant centre than before – its share of volumes was down from 49% to 44%; North America and APAC both rose, to 30% and 26% respectively.
For the first time, Euromoney collected currency-trading volumes from the emerging markets. These represented 9% of all dealer-to-client FX transactions.
Citi topped the inaugural ranking, with a market share of 15.64%. Deutsche came second with 13.46%, Barclays was third with 9.93% and HSBC ranked fourth with 9.14%.
All of the results are published today on www.euromoney.com, and are available only to subscribers.
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The Euromoney Foreign Exchange survey is the most comprehensive quantitative and qualitative annual study available on the FX markets.
- The battle for the top positions is even tighter this year – the results are so close in 2013.
- There is one new entry in the top 10.
- Participation is up 5.6% this year, the most comprehensive survey ever.
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