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FX Survey 2019: Results index

Euromoney magazine has released the results of its 41st annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.

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

  • FX Trading platforms

  • Leveraged funds

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.