HSBC’s FX prime brokerage business had an exceptional 2025. Give-up volumes exceeded $28 trillion, up 56% year on year, as clients increasingly used the bank’s prime brokerage and post-trade infrastructure, and new mandates grew 15%. Much of that growth came from existing relationships trading more rather than from adding names, reflecting HSBC’s strategy of depth over breadth: a smaller number of large, sophisticated clients, served in detail.
That focus is a considered choice.
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