2009 Euromoney FX poll: Methodology


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Region nameBy turnover
Western Europe50.19%
North America26.98%
Central and eastern Europe3.91%
Middle East1.42%
Latin America0.81%
Range nameBy turnover
Over $250bln48.91%
$100bln to $250bln20.62%
$25bln to $100bln20.22%
$10bln to $25bln5.45%
Less than $5bln2.72%
$5bln to $10bln2.08%
Euromoney collects data for its annual foreign exchange survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies. We received 12,150 valid votes this year, up 23.9% from 9,810 in 2008. Total business placed with FX providers totalled $175.3 trillion. PART 1 - 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 $100 billion in the 2008 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 on just one or two extra votes in the 2009 survey. For breakdowns of improved market share by institutional type, client size and region, a 2008 floor of $50 billion for each bank was applied.

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

Total business placed with each service provider across all questionnaires received was then divided by total business on all questionnaires to arrive at a market share figure.

PART 2 - Category rankings: The ranking will be the raw average of all the ratings (from 1-7 where 1=very poor, 7=excellent) given to a bank for that individual category. To qualify in these categories, banks need to receive votes from a certain percentage of the total responses to each category. PART 3 - Currency pair nominations: These results are compiled on a points system of 4:3:2 for first, second and third place respectively. They are NOT weighted according to volume.

Non-qualifying votes are 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.