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SURVEYS

FX survey 2013: FX market share not as fixed as it first appears

The history of the Euromoney FX survey shows that periods of apparent stasis often give way to sudden and marked shifts.

The share of the top 10 banks in the foreign exchange market has been quite consistent, looking back over the last five years. The top ten had 79.68% market share in the 2009 survey, and they have 79.31% between them this year. At the lowest point in the cycle since the financial crisis, they had together 77.35% in 2011. The first nine banks are in exactly the same positions in the 2013 survey that they occupied in 2012, with the only newcomer to the top 10 in at the very bottom of that group. This was Bank of America Merrill Lynch, which has risen two places from 12th in 2012, overtaking Goldman Sachs and BNP Paribas.

Citi is once again the bank that has pumped up its volumes the most. Remember that the overall market sample captured by the Euromoney survey this year is 8% up on the 2012 total. Citi’s volume is 31.32% higher this year compared to last. And while Deutsche Bank has also seen volumes rise this year, up 12.62%