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Foreign Exchange

FX poll 2008 methodology

 Update: The 2009 FX poll results will be released following the awards announcements at the annual dinner, held 6th May 2009.  

2008 FX poll results

Click on the above link
to access the results database

Euromoney collected data for its 2008 FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies.

We received 9,810 valid replies, an increase of 17.7% over last year’s figure of 8,337 valid replies received. The poll was conducted for 6 calendar weeks from Friday, January 18th until Friday, February 29th 2008. 

A further 779, or 7% of the total of 10,589 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, French, German, Spanish, Portuguese, Turkish, Korean, Japanese, Mandarin, Russian and Polish. The questionnaire was also available on request in PDF format in English, German and Japanese.


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.  Most improved overall market share – based on year-on-year percentage change in total reported bank turnover. Any bank with a turnover less than $100bn in the 2007 survey was excluded. Banks with a low absolute volume reported in last year’s survey could see a substantial improvement in 2008 turnover and market share based just one or two extra votes in the 2008 survey. For breakdowns of improved market share by institutional type, client size and region, a 2007 floor of $50bn per bank was applied.

Most improved ranking for overall market share: Biggest improvement in ranking for overall market share of any bank with 2008 turnover greater than $100bn.

Total business placed with each service provider across all questionnaires received was then divided by total business on all questionnaires – 175trn US dollars (up 41% on the 2007 sample size of 124trn 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. 


Voter breakdown by region: 
Western Europe 32.31%

Asia 28.49%

North America 19.41%

Central and Eastern Europe 7.83%

Latin America 4.84%

Middle East 3.23% 

Australasia 2.34%

Africa 0.99%

Caribbean 0.57%

Turnover breakdown by region 

Western Europe 44.69%

North America 31.30%

Asia 14.63%

Central and Eastern Europe 4.52%

Australasia 2.29%

Middle East 1.63%

Latin America 0.65%

Africa 0.21%

Caribbean 0.08%

Voter Breakdown by Institutional type 
Non-financial corporations 51.62%

Banks 24.00%

Other non-bank financial services 7.13%

Real money 6.08%

Leveraged funds 5.37%

FX trading platforms 2.40%

Private investors 2.12%

Public sector 1.27%

Turnover Breakdown by Institutional type 

Banks 31.51%

Leveraged funds 26.71%

Other non-bank financial services 12.98%

Real money 11.51%

Non-financial corporations 8.96%

FX trading platforms 7.04%

Public sector 0.67%

Private investors 0.62%

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?:

   Is that in US Dollars? 

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

   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.

   Of hedge funds: Do these volume figures include business dealt directly with your executing brokers? If you exclude all flows 'given-up' to your prime brokers but not executed by them, how does this change these volumes?

   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?

If you have any further questions or queries, please email Euromoney’s head of research, Tim Moxon, at

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