FX survey 2014: Bank of America Merill Lynch
For the first time since the merger of Bank of America and Merrill Lynch in 2008, the firm is starting to make serious inroads into the Euromoney FX survey. This year it jumps from 10th to seventh place in the overall rankings, with a market share of 4.38%. But this is not a short-term improvement; over the past three years BofA Merrill’s market share has increased by 1.43 percentage points, and its volumes by almost 90%. And its ambitions are far from sated.
Kevin Connors, global head of FX sales at BofA Merrill, says: “We want to be a global resource for our clients. In the FX markets, that means being their eyes and ears, 24 hours a day. In doing so, we provide a combination of thoughtful global information and best execution to our clients. We’ve combined the previous complementary strengths of Bank of America and Merrill in each of corporate and institutional specialties and built a leading FX derivatives franchise. We now deliver our global and integrated platform more deeply to an expanded client base.”
|Rising up the Euromoney FX overall rankings|
|Top 10 risers in overall rating, 2011 to 2014|
|Bank||Rank change since 2011||Market share change (%)||Volume change ($mln)||Volume change (%)|
|National Australia Bank||25||0.43||1,012,005||694.3|
|ANZ Banking Group||22||0.52|