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And the winner is…

Winners and losers reflect on the results.

On the face of it, Deutsche Bank has taken a tumble. After soundly trouncing Citibank last year, capturing an impressive 12.53% market share, it's back in second place.

And Citi, having decided that it liked the view from the top much better than the vista from the third floor, wins again, albeit by a less convincing margin. So is Deutsche discouraged by the brevity of its stint at the top? Not according to Hal Herron, head of global foreign exchange at the bank: "we have been in the top two for the last four years and we intend to remain there," he says.

Herron stresses that while surveys are important, they are really just a snapshot of what's going on at a particular point in time.

Last year, he seemed slightly more enthusiastic about the accuracy of that snapshot though. His words on learning of Deutsche's victory: "we are building a sustainable business based on long-term client relationships and the figures speak for themselves." This year, apparently, they don't. Though the numbers say Deutsche's share has fallen, Herron insists that forex revenues hit an all-time high in 2000 and says business is growing faster than ever.

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