FX Survey 2018: Results index
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FX Survey 2018: Results index

Market Leader


  • Overall market share

  • Spot/forward market share

  • Swap market share

  • Options market share

  • Emerging market currencies market share

Market share by institution type

  • Non-financial corporations

  • Real money 

  • Banks

  • Leveraged funds

  • FX trading platforms

Market share by region

  •  Western Europe

  •  APAC


  •  Americas

Electronic trading

  • Overall electronic market share

  • Market share by product

    • Spot e-trading market share

    • Swap e-trading market share

    • Options e-trading market share

Multi-bank and independent platforms

  • Overall market share

Best Service

Best Service Ranking explained:

Our Best Service Awards are based on Customer Satisfaction (CSAT) feedback gathered in our survey. The rankings we generate are determined by the value that respondents place on the services offered by their providers (they can select: Not important – Somewhat important – Very important – Essential – N/A).

Later in the survey, after a respondent designates his/her counterparties, we ask how well those counterparties deliver these services (they can select: Unsatisfactory – Improvement needed – Meets expectations – Exceeds expectations – Exceptional – N/A).

Our standard Customer Satisfaction ranking is to take the services a respondent has designated Very Important and Essential and then look at how each counterparty has performed. We measure the performance as a net score by adding the percentage of “exceeds expectations” and “exceptional” responses and then subtracting the percentage of “unsatisfactory” and “improvement needed” responses. It gives us a net percentage score for each counterparty that shows how good they are at delivering on the services their customers rank as important. This is also depicted in table format here.


Editorial coverage

Banks go back to nuts and bolts

With a spike in volatility and the opportunity to consign conduct issues to the past, this might have been a turning point for global FX, but faced with a range of challenges, many market makers are retreating to core competencies.

The trend is your friend…

…if you’re big, fast or specialized in modern foreign exchange. That has led to dramatic changes in the volume-based rankings in our annual survey. Meanwhile, new customer satisfaction ratings give a different insight into the banks’ relationships with their clients.

Scaling back forex businesses should be welcomed

Banks are having to pedal back on big ambitions and focus instead on core competencies, but that could be positive for all.

Traders warn buy side must embrace the FX Code too

Adherence to the FX Global Code has gained momentum ahead of the one-year deadline on Friday, but senior traders are concerned the buy side is less committed than the sell side.

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