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Global Awards
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Euromoney Foreign Exchange Awards 2023: Global market leader – best FX market innovator: BNP ParibasThe evolution of ALiX is testimony to BNP Paribas’s commitment to innovation. Over the last four years this personal digital execution assistant has expanded to cover all available products in Cortex FX in one small widget that fits neatly in the corner of a client’s screen. -
In May 2022, CME Group completed a multi-year migration to combine two leading FX trading venues through a common technology and service offering to create a platform spanning futures and options, cash (over-the-counter) and cleared FX, providing access to price discovery, execution quality and transaction cost analysis for market participants including banks, hedge funds and asset managers.
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Deutsche Bank’s FX business continues to grow.
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UBS has invested and innovated in its liquidity offering for the last 20 years – the result is its strong reputation for quality and reliability, particularly during periods of market dislocation.
Best Bank Regional Awards
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Commerzbank has forged longstanding relationships and established bilateral credit lines with clients in frontier markets that few other banks support. This allows those clients access to international markets and competitive FX pricing that they would otherwise struggle to access.
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Sacombank has pioneered digital transformation in Vietnam. This has facilitated strong growth in online FX activities, with the bank becoming one of the leading banks in this segment.
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Santander’s presence in Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay means it is well positioned to support clients across Latin America.
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Societe Generale’s strong historical footprint in Central and Eastern Europe and Africa, together with its growing business in the Middle East, mean that the French bank has a combination of deep knowledge and competitive local presence in the CEEMEA region.
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Wells Fargo has worked to become a top-tier institutional FX provider by leveraging its robust corporate and commercial FX franchise. To accomplish this, it has been actively building its capabilities in the e-trading space.
Best Bank Technology, Infrastructure and Innovation
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BNP Paribas leads from the front in its development of trading technology. Innovation is at the heart of the business, and the focus on technology and product rollouts has involved notable developments to its FX algo suite.
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Flexibility and parameterization are expected to become key differentiators for FX execution algos as the market continues to evolve. JPMorgan’s algo suite offers both in abundance.
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D&I is recognised and promoted as one of five core values at Royal Bank of Canada (RBC), the others being Client First, Collaboration, Accountability and Integrity.
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UBS's single-dealer platform, UBS Neo, has benefited from a full front-to-back transformation over the last four years, enabling the bank to offer clients access to consistent liquidity provisioning in foreign exchange across products and currency pairs.
Best Bank Trading
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BNP Paribas has continually enhanced its e-books in spots, forwards and swaps over the last 12 to 18 months, which has allowed the business to provide greater liquidity and more competitive prices, even during the height of volatility.
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Deutsche Bank has maintained good market share across both forwards and swaps during a period of underlying currency volatility and short-term interest rate volatility.
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Deutsche Bank’s spot market share has increased by 13% over the review period, driven by innovations in electronic pricing solutions, thought leadership and a dedicated global voice-trading team that is able to keep the liquidity tap running for clients in the face of macroeconomic challenges.
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Deutsche Bank’s investment in principal resting order (PRO) technology for spot FX trades has enabled clients to earn spread while trading with the bank. PRO also enables the bank to further increase its internalization rate and hence reduce market impact for the entire client franchise.
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JPMorgan has expanded its footprint in the non-deliverable forwards (NDF) space, supporting pricing capabilities across a wide range of currencies including seven Latin American pairs (BRL, MXN, ARS, CLP, COP, PEN, UYU) as well as frontier-market currencies such as the Costa Rican colón, Dominican peso, and Guatemalan quetzal.
More Bank Awards
REGIONAL
Best FX bank Asia-Pacific: Deutsche Bank
Best FX bank Europe: Deutsche Bank
TECHNOLOGY, INFRASTRUCTURE AND INNOVATION
Best FX bank for innovation: BNP Paribas
Best FX bank ESG initiative: ING
Best bank FX liquidity provider: UBS
Best Bank FX Trade Analytics: UBS
SERVICES
Best FX bank for corporates: NatWest
Best FX bank for real money clients: State Street
Best FX bank for research: State Street
Best FX bank sales: State Street Global Markets
Best FX bank data management: TD Securities
Best FX bank for wealth management: UBS
Best FX bank service and support: UniCredit
TRADING
Best FX prime broker: HSBC
Best bank for FX options: UBS
Market Leader
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360T’s execution management system (EMS) helps buy-side firms optimise their FX workflows across the entire trade life cycle, leading to increased efficiency, reduced operational risks and a comprehensive audit trail while also streamlining execution.
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360T offers market participants multiple methods of accessing and interacting with the FX market. Its electronic communication network (ECN), 360TGTX, provides access to streaming spot FX and non-deliverable forward liquidity.
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Volatile macroeconomic conditions have boosted demand for timely and accurate foreign exchange market data. Bloomberg has risen to this challenge, further cementing its reputation as a global leader in this field and creating an offering that is an integral part of the FX ecosystem.
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Capitolis works with some of the largest global financial institutions and is constantly developing new trade optimization solutions for banks and buy-side firms. Its technology helps to unlock capital constraints and enables greater access to more diversified capital and investment opportunities.
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Euromoney Foreign Exchange Awards 2023: FX market leader best provider – best FX exchange: CME GroupCME Group operates the largest regulated marketplace for foreign exchange globally and is a leading primary venue for price discovery. The scale of the global offering, deep liquidity, transparency and choice of execution provides clients across geographies with efficient access to global markets.
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Jump Trading Group is a global, research-based proprietary trading firm. It has evolved from trading futures on the CME nearly 25 years ago to becoming one of the world’s leading market makers across asset classes.
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Singapore Exchange (SGX Group) has established a strong reputation as a leading FX exchange for the Asia-Pacific region. Good product innovation, together with regular feedback and meetings are valued by clients.
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Tradepoint’s algorithmic platform, which is used by banks for voice desk, e-trading and white-labelled order management process (OMS) flow, has continued to grow in 2023. With the introduction of new algorithms specifically for electronic execution of OMS orders, Tradepoint – under chief executive Eric Adelman – has made it easy to align execution with the print tickets visible to OMS clients.
Venues – Services
360T provides a suite of technology solutions that enable corporate treasurers to enhance their FX trading operations and access liquidity from a wide range of providers from around the globe.
Technology, Infrastructure and Innovation
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CobaltFX, a portfolio company of United Fintech, offers an innovative solution to a decades-long issue facing the FX industry around credit distribution. This is that the need to carve out credit limits among various venues reduces credit availability for counterparties and reduces trading volumes, while credit lines can prove costly for banks to maintain.
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SmartTrade Technologies has emerged as a leader in front-office FX technology development.
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This year, Tradefeedr launched its Algo Forecasting Suite, providing trading firms with independent analysis of the performance of trading algos from a wide number of sources that can forecast performance with the greatest accuracy.
More Providers and Platforms Awards
MARKET LEADER
Best FX trading technology provider: CME
VENUES – SERVICES
Best FX settlement innovation: Baton
Best FX venue for wealth management: Bloomberg
Best FX clearing and settlement provider: CLS
Best FX provider service and support: Investec
Best FX venue for real money clients: State Street – GlobalLink
TECHNOLOGY, INFRASTRUCTURE AND INNOVATION
Best FX trade analytics: FairXchange
Best FX ESG initiative: CobaltFX
Best FX market leader for diversity: Bloomberg
TRADING PLATFORMS
Best platform for FX spot: Bloomberg
Best platform for FX options: Digital Vega
Best platform for non-deliverable forwards: Euronext
Best platform for forwards/swaps: FX HedgePool