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Surveys

FX Survey 2018: Overall results

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Overall Market Share
2018 2017 Liquidity Provider %Market share
1 2 JPMorgan 12.13%
2 3 UBS 8.25%
3 12 XTX Markets 7.36%
4 4 Bank of America Merrill Lynch 6.20%
5 1 Citi 6.16%
6 6 HSBC 5.58%
7 8 Goldman Sachs 5.53%
8 5 Deutsche Bank 5.41%
9 9 Standard Chartered 4.49%
10 11 State Street 4.37%
11 7 Barclays 4.09%
12 10 BNP Paribas 3.31%
13 - HCTech 3.05%
14 24 Jump Trading 2.38%
15 14 Societe Generale 2.19%
16 15 Morgan Stanley 2.16%
17 19 Commerzbank 1.78%
18 16 Credit Suisse 1.68%
19 13 NatWest 1.48%
20 21 Citadel Securities 1.19%
21 18 Credit Agricole 1.09%
22 17 Nomura 1.08%
23 20 RBC Capital Markets 0.96%
24 27 Westpac Banking Corporation 0.60%
25 25 MUFG Bank 0.57%
26 26 SMBC 0.56%
27 23 Alfa Bank 0.52%
28 32 TD Securities 0.48%
29 35 National Australia Bank 0.47%
30 22 ANZ Banking Group 0.45%
31 45 Bank of New York Mellon 0.41%
32 36 Natixis 0.36%
33 30 Saxo Bank 0.33%
34 41 CIBC 0.23%
35 34 ING Group 0.20%
36 50 BBVA 0.19%
37 39 Virtu Financial 0.19%
38 42 SEB 0.18%
39 55 Scotiabank 0.15%
40 60 Landesbank Baden-Wurttemberg (LBBW) 0.15%
41 40 Bank of Montreal 0.14%
42 48 Santander Group 0.13%
43 - CCM Alpha 0.11%
44 44 UniCredit 0.10%
45 38 Commonwealth Bank of Australia 0.10%
46 46 Danske Bank 0.09%
47 57 Lloyds Banking Group 0.08%
48 43 Zurich Cantonalbank 0.08%
49 54 Raiffeisen Bank International 0.08%
50 28 Mizuho Financial Group 0.08%
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Global Market share by Product
Spot/Forward
2018 2017 Liquidity Provider %Market share
1 1 JPMorgan 13.35%
2 4 XTX Markets 9.55%
3 5 UBS 6.89%
4 3 Bank of America Merrill Lynch 6.77%
5 7 Goldman Sachs 6.03%
6 2 Citi 5.84%
7 6 Deutsche Bank 5.56%
8 8 HSBC 5.23%
9 10 Standard Chartered 4.20%
10 - HCTech 3.96%
11 9 Barclays 3.75%
12 11 State Street 3.36%
13 12 BNP Paribas 3.31%
14 20 Jump Trading 3.08%
15 14 Morgan Stanley 2.25%
16 19 Commerzbank 2.16%
17 15 Credit Suisse 1.76%
18 16 Citadel Securities 1.54%
19 13 NatWest 1.54%
20 18 Nomura 1.36%
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Swaps
2018 2017 Liquidity Provider %Market share
1 3 UBS 12.99%
2 10 State Street 8.06%
3 2 JPMorgan 7.91%
4 1 Citi 7.18%
5 7 HSBC 6.73%
6 13 Societe Generale 5.46%
7 8 Standard Chartered 5.32%
8 6 Barclays 5.30%
9 5 Deutsche Bank 4.79%
10 11 Goldman Sachs 3.78%
11 4 Bank of America Merrill Lynch 3.73%
12 9 BNP Paribas 3.27%
13 15 Credit Agricole 2.65%
14 16 RBC Capital Markets 2.29%
15 36 SMBC 2.05%
16 18 Westpac Banking Corporation 1.90%
17 14 Morgan Stanley 1.77%
18 27 National Australia Bank 1.38%
19 17 Credit Suisse 1.37%
20 12 NatWest 1.28%
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Options
2018 2017 Liquidity Provider %Market share
1 2 Bank of America Merrill Lynch 19.17%
2 5 JPMorgan 10.57%
3 6 Standard Chartered 9.53%
4 4 Citi 8.56%
5 9 UBS 7.82%
6 11 HSBC 7.40%
7 4 Deutsche Bank 7.29%
8 8 Societe Generale 5.40%
9 1 Goldman Sachs 5.23%
10 10 BNP Paribas 4.29%
11 14 Morgan Stanley 4.01%
12 12 Barclays 3.90%
13 17 Credit Suisse 1.81%
14 7 NatWest 1.51%
15 21 Credit Agricole 0.69%
16 13 Nomura 0.46%
17 19 Natixis 0.36%
18 16 MUFG Bank 0.32%
19 24 Zurich Cantonalbank 0.20%
20 38 ANZ Banking Group 0.15%
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Emerging Market currencies
2018 2017 Liquidity Provider %Market share
1 1 Standard Chartered 10.42%
2 2 JPMorgan 9.41%
3 4 XTX Markets 8.88%
4 6 HSBC 7.06%
5 3 Citi 6.73%
6 5 Deutsche Bank 6.48%
7 8 UBS 6.23%
8 7 Bank of America Merrill Lynch 5.23%
9 11 State Street 5.01%
10 10 Goldman Sachs 4.59%
11 9 Barclays 3.39%
12 14 BNP Paribas 3.04%
13 12 Societe Generale 2.84%
14 39 SMBC 2.31%
15 16 Morgan Stanley 2.11%
16 17 Credit Suisse 1.71%
17 18 Credit Agricole 1.14%
18 62 Jump Trading 1.11%
19 24 Nomura 1.11%
20 20 Commerzbank 1.07%
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