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
Asia
HFT

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