FX Poll methodology
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FX Poll methodology


Euromoney collected data for its 2006 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.

View the results

We received 6,322 valid replies, an increase of 41% over last year’s figure of 4,492 replies received. The poll was conducted for 8 calendar weeks from Friday, January 13th until Friday, March 10th 2006.

A further 571, or 8.28 % of the total of 6,893 submitted, were deleted for the following reasons

1. FX service providers were voting for themselves

2. Euromoney did not receive confirmation from the respondent of their identity.

3. Voters submitted more than one ballot.

Questionnaires were sent out as online surveys in English. The poll was also available for download on the Euromoney Magazine website in English, French, German, Italian, Spanish, Turkish, Korean, Japanese, Thai, Korean, Russian and Mandarin Chinese


Region 2006

Europe 31.64%

Asia and Australia 26.59%

North America 20.47%

United Kingdom 11.78%

Rest of the World 9.52%


Institution Type 2006

Non-financial corporations 53.89%

Real money 11.66%

Banks 22.84%

Public sector 1.22%

Leveraged Funds 9.60%

Other 1.85%


Region 2006

North America 35.92%

United Kingdom 27.58%

Europe 22.38%

Asia and Australia 12.06%

Rest of the World 2.06%


Institution type 2006

Non-financial corporations 11.08%

Real money 16.76%

Banks 28.28%

Public sector 1.48%

Leveraged Funds 36.61%

other 8.02%

Respondents were asked to choose from the above categories that/those which best described their business activities. A number of people chose more than one category, which is why breakdowns by votes cast may add up to more than 100%!

Overall ranking by market share: based on the total volume of FX business placed annually with each bank. To obtain this figure, we asked respondents to estimate the proportion of their total annual FX dealings placed with their 10 top counterparties.

Total business placed with each service provider across all questionnaires received was then divided by total business on all questionnaires – 85trn US dollars (up 112% on the 2005 sample size of 40trn US dollars) - to arrive at a market share figure.

Other results were compiled on a scale of 4:3:2 for first, second and third place respectively. They are NOT weighted according to volume.

ALL respondents have been contacted by email or phone to confirm their identities and to obtain consistently defined turnover figures. Euromoney would like to thank all voters for their patience and tolerance in sparing approximately ten minutes, having filled out a long survey, to answer the following further questions:

1) Can you confirm your name and confirm your job title within [COMPANY]?

2) Have you received any offers of any special incentives from any service provider or counterparty in connection with the survey? (we stressed that this was confidential)

3) We have an overall Turnover figure of [X million dollars] listed for you, is that correct?:

Ø Is that in US Dollars?

Ø Are any Swaps in that figure single-counted (one leg only)?

Ø Does any amount of that figure come from market-making activities that your company does? If so, about how much? We have been especially careful in assessing turnover figures given by banks. If any bank was a market-maker in even one currency, all turnover thereby generated was deleted by Euromoney from any turnover figures given. Where clarification on this point was not received from the bank in question, we deleted the entire turnover figure.

Ø Of hedge funds: Do these volume figure include business dealt directly with your executing brokers? If you exclude all flows 'given-up' to your prime brokers, how does this change these volumes?

Ø If respondents did not give exact numbers, we sought approximate numbers or percents. In the case of ranges, we took the bottom of the turnover range indicated.

For voters who worked for / were affiliated with banks, e.g., brokerage affiliates, joint ventures or subsidiaries, we asked:

1) Do you have complete discretionary powers over where you place your FX business? All non-discretionary turnover was deleted..

2) How much of your business do you have to place with [whatever bank they work for / are affiliated with?

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