FX Survey 2015: results index

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View full results from Euromoney's 37th annual survey of liquidity consumption within the global FX markets.

Overall • Market share by institution type• Most improved volume by institution type• Market share by region

Qualitative rankings
Currency• Client serviceBack office• ResearchProductsTrading• Currency pairs

• Qualitative rankings

Multi-bank and independent platforms
• Qualitative rankings



Editorial coverage

Press release

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Additional commentary is available for categories with an asterisk (*).
Overall market share    * commentary

Spot/forward market share

Swap market share

Options market share

Emerging market currencies market share

Market share by institution type

Non-financial corporations  * commentary

Real money  * commentary


Leveraged funds

Most improved volume by institution type

Non-financial corporations

Real money


Leveraged funds

Market share by region

Western Europe

North America

Asia  * commentary

Middle East

Central and Eastern Europe

Latin America


Qualitative rankings - Currency

Asian currencies

East European currencies

Latin American currencies

Nordic and Baltic currencies

Middle East/African currencies

AUD/NZD/CAD currencies

Qualitative rankings - Client service

Americas timezone

Europe timezone

Asia timezone

Qualitative rankings - Back office
Back office

Qualitative rankings - Research


Emerging markets

Quantitative research

Flow research

Technical analysis

Qualitative rankings - Products

Vanilla options/1st generation exotics – pricing

Emerging market options – pricing

Structured options/FX-linked products – pricing
Qualitative rankings - Trading
Currencies G10 trading – spot/forward – pricing

Currencies emerging market trading – spot/forward – pricing

Qualitative rankings - Currency pairs










E-trading - Overall

E-trading - Qualitative rankings

Algorithmic execution capabilities

Consistent pricing: G-10 spot/forward

Consistent pricing: Emerging markets spot/forward

Options capabilities

Order book depth and transparency

Research and analytic tools

Effective risk management tools

Multi-bank and independent platforms

Multi-bank and independent platforms - Qualitative rankings

Speed of execution

Variety of dealers

Integrated workflow solutions

Risk management and compliance

Reporting and analytics

Spread competitiveness

Regulatory support

Product coverage

Breadth of currencies

FX Survey 2015: methodology

Editorial coverage
Rebuilding foreign exchange
The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?

FX: just wait till next year
By Kevin Rodgers, former global head of FX at Deutsche Bank
The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.

Kevin Rodgers was global head of foreign exchange at Deutsche Bank until June 2014. His book on the computerization of banking will be published by Penguin Random House in 2016.
Additional commentary
Overall FX market share
Non-financial institutions
Real money