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FX poll 2007: Winners and losers in 2007

Which US investment bank is back in the top 10? Which Danish bank breaks into the top 25 for the first time? What’s the best multi-bank platform – FXall or Currenex? And who are the leading local banks in emerging market FX? Here are the views of over 8,000 end-users who transacted over $120 trillion in the past 12 months.

Deutsche Bank emerges again at the top of the Euromoney FX poll.
The top five banks consolidate a clear lead over the rest of the market.


This year’s poll was the largest ever. A total of 8,337 validated respondents, accounting for $124.5 trillion of annual turnover, voted. This was up from 6,322 votes in 2006, which represented $85 trillion of annual activity.

Deutsche Bank captured a 19.30% market share – almost identical to 2006 – representing just over $24 trillion worth of activity. UBS is still in second place but its market share has risen almost three percentage points to an impressive 14.85%.

Competition for third place was tight. There is almost nothing to choose between Citi in third, RBS in fourth and Barclays Capital, which drops one place to fifth, even though it has increased its market share by 2.19 percentage points.

Just outside the top five, HSBC stands out as a major anomaly in the results. It does exceptionally well in most of the qualitative surveys yet it fails to convert this into market share. In fact HSBC’s market share this year has fallen to 4.36% from 5.04%.

Results, detailed analysis, contributions from senior professionals at the leading global FX houses, plus a complete methodology, are available online now to subscribers only.

Free-to-access results:

2007 2006 Bank Market share
1 1 Deutsche Bank 19.30%
2 2 UBS 14.85%
3 3 Citi 9.00%
4 5 RBS 8.90%
5 4 Barclays Capital 8.80%
6     (subscriber only) 5.29%
7     (subscriber only)  4.36%
8      (subscriber only) 4.14%
9      (subscriber only) 3.33%
10      (subscriber only) 2.86%
11      (subscriber only) 2.70%
12      (subscriber only) 1.40%
13      (subscriber only) 1.39%
14      (subscriber only) 1.36%
15      (subscriber only) 1.34%
16      (subscriber only) 1.22%
17      (subscriber only) 1.02%
18      (subscriber only) 0.78%
19      (subscriber only) 0.76%
20      (subscriber only) 0.61%
21      (subscriber only) 0.53%
22      (subscriber only) 0.51%
23      (subscriber only) 0.40%
24      (subscriber only) 0.37%
25    (subscriber only) 0.35%

Access poll results:

FX poll 2007: Top five consolidate lead in FX market

Deutsche Bank emerged again at the top of the Euromoney FX poll, and the top five banks have consolidated a clear lead on everyone else. There are banks with strong and popular niches, but what does the dominance of the top five imply for their future?

For more information about the poll, contact Andrew Newby, head of Euromoney research, at +44 7779 8694 or by email at

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