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Foreign Exchange

What's included in the full 2008 FX poll results: Press release

The global foreign exchange market continues to grow at an extraordinary pace, with most of the world’s largest banks reporting noticeable and at times dramatic growth in turnover volumes in 2007.

2008 FX poll results                           FX poll methodology                                Subscribe

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Key points:

  • Turnover rises 41% to a record $175 trillion

  • Deutsche Bank extends lead with 21.7% share of global market

  • UBS consolidates second place with growing 15.8% share

  • Barclays Capital breaks into top three global banks

  • JPMorgan, Lehman Brothers and Dresdner Kleinwort post strong gains

Total global turnover rose from $125 trillion in 2006 to $175 trillion in 2007, according to the latest foreign exchange survey from Euromoney. The number of respondents to the survey rose by 17.5% to 9,810 valid replies.rose from $125 trillion in 2006 to $175 trillion in 2007, according to the latest foreign exchange survey from . The number of respondents to the survey rose by 17.5% to 9,810 valid replies. The growth in the foreign exchange market shows that it has been unaffected by the global credit crisis; indeed, many of the world’s largest banks are focused on FX as a market for continued growth while other asset classes decline.

“Far from being the commoditized product with limited growth that many have sought to describe it as, FX has proved once again that it is a thriving asset. Furthermore, with products ranging from simple to complex, it is a transparent asset that has something to offer everyone,” said Euromoney’s editor Clive Horwood.

“Over the years, FX has periodically had to face challenges from many a new product. On occasions, this has resulted in resources being diverted to other areas that have promised, but not always delivered, better returns. But FX always manages to stage a comeback and it would seem that those in charge of sell-side institutions have learnt that many of the higher-margin products that have attracted their business investment are simply not as reliable a profit stream in the longer term as FX.”

Deutsche Bank once again is the largest foreign exchange bank by volume. Its share of global turnover broke the 20% barrier for the first time this year.

“We’ve been consistently growing by double-digit percentages over the past few years, and by high double-digit percentages more recently,” said Zar Amrolia, global head of foreign exchange at Deutsche Bank. “I believe the FX market is the most competitive market, and that drives innovation – whether it’s new clients entering the market, such as the algo traders and retail aggregators, whether it’s been product innovation on the derivatives product side such as portable alpha indices or beta replication, whether it’s using new mechanisms for distribution of pricing such as the internet or operational efficiencies such as prime brokerage and CLS. The talent entering the industry is immense and the macro trends of globalization and increased trading of emerging market currencies means that the future is bright.”

UBS consolidated its position in second place, posting a strong gain in market share from 14.8% to 15.8%. Barclays Capital breaks into the top three overall, boosting its share of the market from 8.8% to 9.1% and leapfrogging Citi and RBS in the process.

Other banks to perform strongly this year are JPMorgan (up from 9th to 6th); Lehman Brothers (8th this year, 11th last year); and Dresdner Kleinwort (up from 18th to 12th).

Among the noticeable fallers were Bank of America (down from 6th to 11th) and Merrill Lynch (falling from 13th to 15th). Both US firms have suffered high turnover among senior FX management over the past 12 months.

Banks and non-bank financial services institutions showed the strongest growth in turnover, both reporting gains of over 50%. FX trading platforms continue to grow, with turnover rising 37% on last year.

The diversification of the FX business beyond traditional centres in Western Europe and North America was demonstrated by dramatic growth in reported turnover in Asia (+117%), Central & Eastern Europe (+254%), the Middle East (+42%) and Latin America (+145%).

The top 20 global foreign exchange banks by turnover are as follows:

Overall Market Share 2008

 2008  2007  Bank  Market share
 1  1  Deutsche Bank  21.70%
 2  2  UBS  15.80%
 3  5  Barclays Capital  9.12%
 4  3   Citi  7.49%
5 4 RBS 7.30%
 6 9 JPMorgan 4.19%
 7 7 HSBC 4.10%
 8 11 Lehman Brothers 3.58%
 9 8 Goldman Sachs 3.47%
10 10 Morgan Stanley 2.56%
11 6 Bank of America 2.23%
12 18 Dresdner 1.63%
13 15 BNP Paribas 1.62%
14 17 Credit Suisse 1.51%
15 13 Merrill Lynch 1.24%
16 12 ABN Amro 1.21%
17 14 Calyon 1.04%
18 20 Société Générale 0.89%
19 19 Royal Bank of Canada 0.72%
20 21 SEB 0.62%
Source: Euromoney

The full set of results of the Euromoney foreign exchange survey were announced 0the evening of May 7, at Euromoney’s annual FX market awards dinner.

From May 7 headline results are available to Euromoney subscriber. While regular Euromoney subscribers get only headline numbers, FiX subscribers get a much more detailed set of results.

These include a breakdown of market shares by client type and region.

About the Euromoney FX survey

For almost 30 years, Euromoney’s annual foreign exchange survey has been widely regarded as the industry benchmark for the FX market.

Euromoney polled named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies. The polling took place from January 18th to February 29th. We received 9,810 valid votes.

Full FX survey methodology, including a list of the results released 7 May




















Categories included in the FX survey:

Overall Market Share  (118 ranked)
  Overall Market Share By Institution type
  Overall Market Share By Region 
  Overall Market Share By Size of Account
E-trading market share 
  Propriety platforms (65 ranked)
  Multi-bank and independent platforms (17 ranked)
Most impressive approach (118 ranked)
Who’s best where? 
  Americas time zones (71 ranked)
  Europe, Middle East and Africa time zones (70 ranked)
 Asia and Australasia time zones (84 ranked)
FX services 
  Accountancy for derivatives  (89 ranked)
  Overall back office  (99 ranked)
  Treasury outsourcing  (80 ranked)
  Tax and legal  (75 ranked)
  Structured FX-linked products (85 ranked)
  Strategic risk management  (83 ranked)
Research and strategy
  Most Innovative and original research   (92 ranked)
  Short-term research (<3 months)   (88 ranked)
  Long-term research (>3 months)  (83 ranked)
  Options and volatility  (88 ranked)
  Emerging markets research and strategy  (83 ranked)
  Technical analysis  (86 ranked)
  Tailor-made research  (82 ranked)
  Flow analysis  (81 ranked)
Forwards
  Major (G20) currencies  (100 ranked)
  Emerging market currencies  (88 ranked)
   One year or less  (105 ranked)
   Over one year  (95 ranked)
Options
  Vanilla options
     Trading strategy and new ideas  (93 ranked)
     Consistent pricing  (92 ranked)
  Exotic options
     Trading strategy and new ideas  (79 ranked)
     Consistent pricing  (76 ranked)
  Structured FX option solutions
     Most innovative hedging strategies  (79 ranked)
     Best FX-linked products  (73 ranked)
 
Best for currencies: €/$ (106 ranked); €/¥ (93 ranked); €/£ 
                            (93 ranked); $/¥ (101 ranked); $/£ (101 ranked)
 Asian currencies (91 ranked)
 East European currencies (73 ranked)
 Latin American currencies (76 ranked)
 Middle Eastern currencies (71 ranked)
 Nordic and Baltic currencies (80 ranked)
 Australian dollar (96 ranked)
 Canadian dollar (90 ranked)
 Chinese yuan (72 ranked)
 Hong Kong dollar (80 ranked)
 Mexican peso (73 ranked)
 Russian rouble (62 ranked)
 South African rand (74 ranked)
 
Single-bank online platforms (top 7 in each category)
 As rated 'very good' or 'excellent' by customers
  Speed of execution 
  Quality of pricing
  Post-trade services
  Research and analytics (top 7)
  Options services
 
Multi-bank online platforms (top 9 in each category)
 As rated 'very good' or 'excellent' by customers
  Speed of execution
  STP
  Competitive pricing
  Research and analytics (top 7)


Headline results are available to subscribers to Euromoney.

A more extensive set of results can be accessed by subscribers to Euromoney’s
foreign exchange news service, The weeklyFiX.

See below for details of what a subscription to each will offer you. 
The below is an example of one of the categories of FX poll results:

Euromoney 

Headline results
View the results on euromoney.com

TheweeklyFiX 

Detailed data
View the results on the weeklyFiX                                 






  

 

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