FX Survey 2017: All change but no change
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FX Survey 2017: All change but no change

The top firms this year look like they haven’t moved in 18 years. How can nearly two decades of upheaval appear to have altered the rankings so little in Euromoney’s foreign exchange survey?

By Kevin Rodgers


If you had fallen into a deep coma in 1999 and woken up in 2017 (a state of affairs that is not too hard to imagine, given the way brokers were back then), there would be a lot of things that would surprise you as you came to: the sight of Donald Trump in the White House; the frequent reference to something called Brexit; and the concept of selfies. 

But one thing that would not give you a big shock is the Euromoney 2017 FX Survey. If you squinted at it, it would look a lot like the one from 18 years earlier

For example, there is Citi in its accustomed place at number one. JPMorgan (back then, just Chase) has moved up a place and Deutsche has fallen three, having shed a mere 1.44% of share. Bank of America has entered the charts (from number six in 1999). In both surveys, three US banks are in the top five. 


You might look at the market shares and notice that the top two banks seemed to have pulled ahead a little.

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