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.
2009 FX poll results FX poll methodology
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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 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 www.euromoney.com/fxpoll.
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%.
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.