FX survey 2020: JPMorgan dominates with more than 10% market share
JPMorgan recorded a hat-trick in the liquidity rankings, but it was all change in many other areas of this year’s Euromoney FX poll.
JPMorgan’s market share of 10.78% in this year’s survey was up from 9.81% in 2019 and well ahead of UBS with 8.13%. XTX and Deutsche Bank were not far behind, but then it is quite a gap to last year’s third-placed Citi in fifth.
One of the factors likely to have contributed to JPMorgan’s strong showing is its electronic trading capabilities.
Renowned for investing big sums in technology, earlier this year the bank’s FX e-commerce team was talking about a big increase in volumes of algos for tickets with a notional value above $10 million, with almost two thirds of these orders traded algorithmically in March alone.
UBS has also benefitted from investment in its FX business, including becoming the first global bank to launch an e-FX pricing and trading engine in Singapore in 2019. In addition, the Swiss bank took steps last year towards folding its FX, rates and credit group into a single securities unit.
XTX has firmly hitched its wagon to the anti-last look movement over the last 12 months, a move that seems to have gone down well with clients as it moved up from fourth place last year.