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Foreign Exchange

What's included in the full 2009 FX poll results: Press release

FX poll 2009: Euromoney’s 31st annual FX survey

We received 12,150 valid votes this year, up from 9,810 in 2008, an increase of 23.9%. Total business placed with FX providers totalled 175.3trn US Dollars. This is the largest and most representative poll to date.

This year there are:

  • Two new entrants into the Top 10

  • Five positional changes within the Top 10

2009 FX poll results                              FX poll methodology                                
Click on the above link
to access the results database

Deutsche Bank retains top position for fifth consecutive year; Highest-ever turnover and client activity recorded in Euromoney’s industry benchmark survey.

Deutsche Bank has retained its position at the summit of the global foreign exchange (FX) industry by winning Euromoney’s benchmark poll. The results were announced at a dinner held in London on Wednesday night, attended by over 300 key players in the FX market.

The top 20 banks overall in the
global market share rankings

2009 2008 Bank Market Share
1 1 Deutsche Bank 20.96%
2 2 UBS 14.58%
3 3 Barclays Capital 10.45%
4 5 RBS 8.19%
5 4 Citi 7.32%
6 6 J.P. Morgan 5.43%
7 7 HSBC 4.09%
8 9 Goldman Sachs 3.35%
9 14 Credit Suisse 3.05%
10 13 BNP Paribas 2.26%
11 10 Morgan Stanley 1.95%
12 11 Bank of America 1.94%
13 18 Société Générale 1.73%
14 12 Dresdner Kleinwort 1.27%
15 21 State Street 0.94%
16 24 Standard Chartered 0.85%
17 19 RBC Capital Markets 0.78%
18 17 Calyon 0.63%
19 16 ABN Amro 0.62%
20 15 Merrill Lynch 0.54%
Deutsche wins for the fifth consecutive year. The bank’s position remains dominant, with a market share of global FX business more than five percentage points higher than UBS, which retains its second position. However Deutsche’s market share fell slightly, to 20.96%, down from its record share of 21.7% in 2008.

The banks occupying the top five positions in the poll remain the same, confirming the presence of a clear bulge bracket in the FX industry. Barclays Capital increased its market share to over 10% while retaining third place. RBS leapfrogged Citi to come fourth.

JPMorgan remains the closest challenger to the established top five. Its market share rose from 4.19% to 5.43%, and the US bank is cited as the bank to watch by those firms above them in the poll.

Two banks enter the top 10. Credit Suisse is the biggest riser, jumping from 14th place to ninth after doubling its market share to 3.05%. BNP Paribas ranks 10th overall, up from 13th, with a market share of 2.26%. Outside the top 10, Société Générale, State Street and Standard Chartered all posted strong performances compared to last year.

Leading FX banks are enjoying record profitability. Volatility in FX markets has combined with slightly wider bid/offer spreads to drive revenues higher. FX, together with other flow business, such as money markets and rates, has been one of the main drivers of improved results from investment banking units in the first quarter of 2009.

A further driver of record FX revenues is that more clients – both financial and corporate – are adopting proactive approaches to managing their currency exposures. This is reflected in a record number of responses to the survey: 12, 150 valid votes were registered this year, up 24% on 2008. Total turnover was also a record, at $175.3 trillion.

“While increased volatility has led to a reduction in the notional size of positions put on by some risk takers, more clients now realize that they have a duty to manage their foreign exchange exposures. Ultimately, this bodes well for the market,” said Euromoney in its analysis of the results published online today and available to subscribers at

Zar Amrolia, Global Head of Foreign Exchange at Deutsche Bank, commented: "Winning the Euromoney poll for the fifth year running is a clear testament that our business model is working. Market participants who assume that the flow business requires less intellectual property and ability than the so-called complex businesses are missing a trick. We believe the ability to differentiate ourselves by applying intellectual capital to the way we do flow has been absolutely central to our success."

UBS, RBS and Citi may have been among the financial institutions worst hit by the credit crunch. But the fact that they maintain their positions in the top five of the industry demonstrates that an established set of relationships, and scale, remain the key to success in FX .

The market share of the top five banks remained steady, at a combined 61.5%. The combined share of the top 10 banks rose, from 76.3% to 79.7%.


For more information about the Euromoney FX poll, please contact Tim Moxon, Euromoney’s head of research, at or on +44 207 779 8694.

Non-subscribers wishing to access the results should call our hotline on +44 207 779 8999. 

About the Euromoney FX poll:

The Euromoney Foreign Exchange poll is the benchmark for the FX industry. It was first published in 1979. Most leading global banks judge their relative performance in foreign exchange according to their results in the Euromoney poll. As well as quantitative data on a global, regional and client and product-type basis, Euromoney also publishes qualitative performance rankings across a similar range of categories.

Headline results, detailed analysis, contributions from senior professionals at the leading global FX houses, plus the complete methodology, will be available online to Euromoney subscribers.

A more extensive set of detailed data can be accessed by weeklyFiX  subscribers. The below list illustrates published categories.

Categories include:

Overall Market Share

Most Improved Overall Market Share (by Volume)

Market Share by institution type:
     Non-financial corporations
     Real money
     Leveraged funds

Most Improved by Market Share by institution type:
     Non-financial corporations 
     Real money 
     Leveraged funds

Market Share by size: 
     Over $250bn 
     $100bn to $250bn 
     $25bn to $100bn 
     $10bn to $25bn 
     $5bn to $10bn 
     Less than $5bn

Most Improved by Market Share - By size 
     Over $250bn 
     $100bn to $250bn 
     $25bn to $100bn 
     $10bn to $25bn 
     $5bn to $10bn 
     Less than $5bn

Market Share - By region 
     Western Europe 
     North America 
     Middle East 

Most Improved by Market Share by region 
     Western Europe 
     North America 
     Middle East 

E-trading Market share
  Proprietary platforms
  Multi-bank and independent platforms

Most Improved by E-Market Share 
     Proprietary platforms 
     Multi-bank and independent platforms 

Single Bank Ratings:
  Speed of execution
  Quality & reliability of pricing
  Connectivity & Automation
  Research and analytics
  Options services

Multi-Bank Ratings:
  Speed of execution
  Price and volume transparency
  Competitive pricing/Transactional cost
  Effective and innovative risk-managament tools
  Research and analytics

Best for currencies:
  Asian currencies
  East European currencies
  Latin American currencies
  Middle Eastern currencies
  Nordic and Baltic currencies
  Australian Dollar
  Canadian Dollar
  Chinese Yuan/RMB
  Hong Kong Dollar
  Korean Won
  Mexican Peso
  Russian Rouble
  South African Rand
  Swiss Franc

Qualitative Rankings - Regions/Product Categories: 

     North and South America 
     Europe, Middle East and Africa 
     Asia and Australasia

Research and Strategy 
     Research - G10 
     Research - Emerging markets 
     Tailor made/Bespoke research 
     Quantitative research 
     Flow research 

     Vanilla options/1st Generation exotics - Consistent pricing 
     Vanilla options/1st Generation exotics - Trading strategy & ideas 
     Emerging market options - Consistent pricing 
     Emerging market options - Trading strategy & ideas 
     Structured options/FX-linked products/Correlation products - Consistent pricing 
     Structured options/FX-linked products/Correlation products - Trading strategy & ideas

     Currencies G10 Trading - Spot/Forward 
     Currencies Emerging market Trading - Spot/Forward

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