Foreign Exchange Survey results 2022

About the Foreign Exchange Survey

Euromoney’s FX survey continues to be the most comprehensive representation of the wholesale FX consumption universe, a representative sample of FX consumption volumes and an accurate depiction of market shares for FX providers in aggregate.

The re-use/distribution of any of the rankings requires the express permission of Euromoney – please contact insight@euromoney.com if you wish to discuss this further.

To access the detailed rankings/analysis please contact: Peter York, Editor peter.york@euromoney.com

For questions related to the survey please contact: Ben Stevens ben.stevens@euromoneyplc.com

To view the Euromoney FX Survey Presentation 2022, please click here.

Overall
2022	2021	Bank	Market Share %
1	3	Deutsche Bank	10.89%
2	2	UBS	9.69%
3	1	JPMorgan	8.67%
4	9	State Street	7.66%
5	4	XTX Markets	7.14%
6	6	Jump Trading	5.60%
7	5	Citi	4.54%
8	13	Bank of New York Mellon	4.30%
9	8	Bank of America	3.73%
10	7	Goldman Sachs	3.65%
11	12	BNP Paribas	3.56%
12	18	Citadel Securities	3.47%
13	11	Morgan Stanley	3.15%
14	10	HSBC	2.51%
15	14	Barclays	2.37%
16	15	Credit Suisse	2.20%
17	16	HCTech	1.99%
18	24	TD Securities	1.14%
19	20	Commerzbank	1.13%
20	19	NatWest	1.08%
21	17	Standard Chartered	1.07%
22	26	Flow Traders	1.06%
23	35	Tower Research Group	0.92%
24	25	MUFG	0.86%
25	28	Jane Street Capital	0.85%
26	22	Nomura	0.71%
27	21	RBC Capital Markets	0.68%
28	50	Sumitomo Mitsui Banking Corporation	0.65%
29	23	Societe Generale	0.46%
30	29	Virtu Financial	0.36%
31	31	ANZ Banking Group	0.30%
32	27	Credit Agricole	0.24%
33	56	Commonwealth Bank	0.23%
34	48	Swissquote	0.17%
35	30	Canadian Imperial Bank of Commerce	0.17%
36	37	National Australia Bank	0.16%
37	38	Geely Financials	0.14%
38	33	Westpac Banking Corporation	0.13%
39	32	Hudson River Trading	0.13%
40	44	Mizuho Financial Group	0.12%
41	148	Britannia	0.11%
42	40	UniCredit	0.10%
43	52	Danske Bank	0.10%
44	41	Zürcher Kantonalbank	0.10%
45	42	Group BPCE	0.09%
46	39	Solid	0.09%
47	36	Bank of Montreal	0.08%
48	46	SBI Group	0.08%
49	61	SEB	0.08%
50	59	ING Group	0.08%

Overall (unadjusted swaps)
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	13.68%
2	3	UBS	9.41%
3	2	JPMorgan	8.11%
4	10	State Street	6.40%
5	5	XTX Markets	5.53%
6	4	Citi	5.09%
7	7	Jump Trading	4.39%
8	21	Commerzbank	3.84%
9	14	Bank of New York Mellon	3.75%
10	6	Goldman Sachs	3.74%
11	8	Bank of America	3.58%
12	9	Barclays	3.52%
13	13	BNP Paribas	3.12%
14	12	Morgan Stanley	3.10%
15	18	Citadel Securities	2.69%
16	11	HSBC	2.56%
17	16	Credit Suisse	1.80%
18	17	HCTech	1.54%
19	19	NatWest	1.31%
20	24	MUFG	1.30%
21	23	TD Securities	1.21%
22	22	Nomura	1.19%
23	15	Standard Chartered	1.16%
24	29	Flow Traders	0.82%
25	39	Tower Research Group	0.71%
26	25	Sumitomo Mitsui Banking Corporation	0.68%
27	30	Jane Street Capital	0.66%
28	20	RBC Capital Markets	0.58%
29	26	Societe Generale	0.42%
30	33	Virtu Financial	0.28%
31	28	Credit Agricole	0.25%
32	35	ANZ Banking Group	0.25%
33	27	OCBC Bank	0.21%
34	59	Commonwealth Bank	0.20%
35	31	Canadian Imperial Bank of Commerce	0.18%
36	45	SBI Group	0.15%
37	57	Swissquote	0.13%
38	34	Westpac Banking Corporation	0.13%
39	40	National Australia Bank	0.12%
40	41	Zürcher Kantonalbank	0.11%
41	43	Geely Financials	0.11%
42	55	Danske Bank	0.11%
43	37	Hudson River Trading	0.10%
44	42	UniCredit	0.10%
45	36	Mizuho Financial Group	0.09%
46	148	Britannia	0.09%
47	32	CIMB	0.09%
48	48	Group BPCE	0.09%
49	61	SEB	0.08%
50	46	Solid	0.07%

Spot/fwd outrights
2022	2021	Bank	Market Share %
1	2	UBS	10.89%
2	3	Deutsche Bank	10.57%
3	4	XTX Markets	9.56%
4	1	JPMorgan	9.38%
5	5	Jump Trading	7.40%
6	10	Bank of New York Mellon	4.69%
7	16	Citadel Securities	4.65%
8	7	Citi	4.13%
9	6	Goldman Sachs	3.86%
10	9	State Street	3.40%
11	8	Bank of America	3.24%
12	15	Credit Suisse	2.75%
13	13	HCTech	2.67%
14	12	Morgan Stanley	2.54%
15	14	BNP Paribas	2.10%
16	17	Barclays	2.04%
17	11	HSBC	1.93%
18	24	Flow Traders	1.42%
19	30	Tower Research Group	1.23%
20	19	Commerzbank	1.21%

Swaps
2022	2021	Bank	Market Share %
1	3	State Street	20.70%
2	6	Deutsche Bank	11.38%
3	7	BNP Paribas	7.91%
4	4	JPMorgan	6.60%
5	2	UBS	6.04%
6	1	Citi	5.74%
7	5	Bank of America	5.13%
8	9	Morgan Stanley	5.02%
9	8	HSBC	4.29%
10	13	TD Securities	3.68%
11	10	Barclays	3.27%
12	14	Bank of New York Mellon	3.22%
13	11	Goldman Sachs	2.86%
14	12	RBC Capital Markets	1.80%
15	16	NatWest	1.50%
16	15	Standard Chartered	1.35%
17	20	Commerzbank	0.91%
18	33	Commonwealth Bank	0.89%
19	18	Societe Generale	0.78%
20	17	Credit Agricole	0.70%

Swaps (unadjusted swaps)
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	17.79%
2	7	State Street	10.63%
3	23	Commerzbank	7.53%
4	2	UBS	7.34%
5	3	Citi	6.40%
6	4	JPMorgan	6.39%
7	5	Barclays	5.53%
8	8	BNP Paribas	4.50%
9	6	Bank of America	4.02%
10	11	Morgan Stanley	3.90%
11	10	Goldman Sachs	3.51%
12	9	HSBC	3.45%
13	18	Bank of New York Mellon	2.50%
14	16	TD Securities	2.48%
15	15	NatWest	1.84%
16	22	MUFG	1.65%
17	61	Nomura	1.62%
18	12	Standard Chartered	1.42%
19	14	RBC Capital Markets	0.95%
20	25	Credit Suisse	0.50%

Options
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	30.18%
2	6	UBS	11.49%
3	8	Goldman Sachs	8.84%
4	2	Bank of America	7.41%
5	7	Barclays	7.16%
6	15	NatWest	7.05%
7	9	BNP Paribas	6.13%
8	5	JPMorgan	5.91%
9	4	Citi	5.15%
10	3	Morgan Stanley	2.19%
11	10	HSBC	1.66%
12	12	Standard Chartered	1.12%
13	13	Credit Agricole	1.07%
14	24	RBC Capital Markets	0.62%
15	43	Bank of New York Mellon	0.54%
16	14	Credit Suisse	0.45%
17	11	Societe Generale	0.34%
18	23	UniCredit	0.32%
19	38	ING Group	0.31%
20	16	Zürcher Kantonalbank	0.31%

Overall electronic
2022	2021	Bank	Market Share %
1	3	Deutsche Bank	12.20%
2	2	UBS	11.32%
3	4	XTX Markets	9.09%
4	1	JPMorgan	9.02%
5	5	Jump Trading	7.26%
6	6	Citi	4.62%
7	15	Citadel Securities	4.53%
8	7	Goldman Sachs	3.88%
9	8	Bank of America	3.32%
10	11	BNP Paribas	3.29%
11	9	State Street	3.16%
12	10	HSBC	2.83%
13	16	Barclays	2.74%
14	13	Credit Suisse	2.66%
15	14	HCTech	2.60%
16	12	Morgan Stanley	2.59%
17	25	Flow Traders	1.38%
18	18	Commerzbank	1.37%
19	31	Tower Research Group	1.20%
20	20	NatWest	1.13%

Overall electronic (unadjusted swaps)
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	14.00%
2	3	UBS	10.62%
3	2	JPMorgan	8.85%
4	4	XTX Markets	7.21%
5	6	Jump Trading	5.83%
6	18	Commerzbank	5.02%
7	5	Citi	4.55%
8	9	Barclays	4.05%
9	7	Goldman Sachs	4.05%
10	17	Citadel Securities	3.59%
11	12	BNP Paribas	2.91%
12	10	HSBC	2.88%
13	8	Bank of America	2.83%
14	11	State Street	2.77%
15	13	Morgan Stanley	2.48%
16	14	Credit Suisse	2.17%
17	16	HCTech	2.06%
18	21	MUFG	1.68%
19	20	Nomura	1.54%
20	19	NatWest	1.37%

Electronic spot/fwd outrights
2022	2021	Bank	Market Share %
1	2	UBS	11.69%
2	4	Deutsche Bank	11.32%
3	3	XTX Markets	10.88%
4	1	JPMorgan	9.10%
5	5	Jump Trading	8.57%
6	13	Citadel Securities	5.42%
7	7	Citi	4.07%
8	6	Goldman Sachs	3.68%
9	11	HCTech	3.11%
10	8	Bank of America	3.05%
11	10	Credit Suisse	3.03%
12	14	State Street	2.56%
13	12	Morgan Stanley	2.46%
14	15	BNP Paribas	2.27%
15	17	Barclays	2.24%
16	9	HSBC	2.02%
17	22	Flow Traders	1.65%
18	28	Tower Research Group	1.44%
19	24	Jane Street Capital	1.33%
20	19	Commerzbank	1.29%

Electronic swaps
2022	2021	Bank	Market Share %
1	5	Deutsche Bank	16.45%
2	1	UBS	9.40%
3	4	JPMorgan	8.65%
4	9	BNP Paribas	8.49%
5	2	Citi	7.38%
6	7	HSBC	7.02%
7	3	State Street	6.32%
8	10	Barclays	5.25%
9	8	Goldman Sachs	4.88%
10	6	Bank of America	4.74%
11	12	Morgan Stanley	3.21%
12	14	NatWest	2.39%
13	17	Bank of New York Mellon	2.24%
14	19	Commerzbank	1.76%
15	11	RBC Capital Markets	1.26%
16	15	Credit Agricole	1.21%
17	24	TD Securities	0.96%
18	20	Credit Suisse	0.76%
19	16	Societe Generale	0.75%
20	13	Standard Chartered	0.64%

Electronic swaps (unadjusted swaps)
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	19.19%
2	18	Commerzbank	12.41%
3	2	UBS	8.51%
4	3	JPMorgan	8.38%
5	5	Barclays	7.61%
6	4	Citi	5.48%
7	9	Goldman Sachs	4.76%
8	8	HSBC	4.59%
9	10	BNP Paribas	4.15%
10	7	State Street	3.20%
11	58	Nomura	2.68%
12	16	MUFG	2.63%
13	12	Morgan Stanley	2.50%
14	6	Bank of America	2.40%
15	13	NatWest	2.33%
16	11	Standard Chartered	1.42%
17	20	Bank of New York Mellon	1.38%
18	17	Credit Agricole	0.71%
19	15	RBC Capital Markets	0.63%
20	26	TD Securities	0.52%

Electronic options
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	33.43%
2	6	Citi	9.77%
3	8	BNP Paribas	9.47%
4	2	UBS	9.22%
5	3	JPMorgan	6.95%
6	4	Barclays	5.73%
7	10	Goldman Sachs	5.40%
8	5	Morgan Stanley	5.38%
9	7	Bank of America	5.05%
10	9	NatWest	3.39%
11	11	HSBC	2.82%
12	19	Standard Chartered	1.79%
13	22	UniCredit	0.29%
14	12	Credit Agricole	0.26%
15	27	SEB	0.23%
16	14	Credit Suisse	0.15%
17	17	Banque Cantonale Vaudoise	0.13%
18	15	Societe Generale	0.13%
19	29	ABN Amro	0.12%
20	18	BBVA	0.07%

Emerging market volume
2022	2021	Bank	Market Share %
1	4	XTX Markets	11.59%
2	3	UBS	10.97%
3	2	Deutsche Bank	10.81%
4	1	JPMorgan	6.58%
5	10	State Street	5.81%
6	8	Bank of America	4.54%
7	5	Jump Trading	4.31%
8	11	BNP Paribas	4.18%
9	6	Citi	4.13%
10	9	HSBC	3.94%
11	7	Goldman Sachs	3.80%
12	59	Tower Research Group	2.61%
13	13	Morgan Stanley	2.53%
14	18	Bank of New York Mellon	2.48%
15	12	Barclays	2.10%
16	16	Credit Suisse	2.06%
17	17	Commerzbank	2.03%
18	14	Standard Chartered	2.01%
19	20	Citadel Securities	1.60%
20	33	TD Securities	1.48%

Emerging market volume (unadjusted swaps)
2022	2021	Bank	Market Share %
1	2	Deutsche Bank	10.98%
2	3	UBS	10.23%
3	4	XTX Markets	8.54%
4	1	JPMorgan	6.31%
5	5	Citi	4.86%
6	17	Commerzbank	4.84%
7	6	Barclays	4.71%
8	12	State Street	4.51%
9	9	HSBC	4.45%
10	10	Goldman Sachs	4.28%
11	8	Bank of America	3.67%
12	11	BNP Paribas	3.36%
13	7	Jump Trading	3.18%
14	27	Nomura	3.17%
15	13	Standard Chartered	2.78%
16	22	MUFG	2.48%
17	14	Morgan Stanley	2.16%
18	18	Bank of New York Mellon	2.07%
19	63	Tower Research Group	1.92%
20	16	Credit Suisse	1.54%

Precious metals
2022	2021	Bank	Market Share %
1	–	Deutsche Bank	22.74%
2	–	UBS	16.01%
3	–	XTX Markets	13.17%
4	–	Goldman Sachs	11.81%
5	–	JPMorgan	9.23%
6	–	Jump Trading	7.54%
7	–	Credit Suisse	5.44%
8	–	Flow Traders	2.85%
9	–	Barclays	2.67%
10	–	BNP Paribas	1.59%
11	–	HCTech	1.50%
12	–	Citi	1.28%
13	–	Morgan Stanley	0.83%
14	–	Standard Chartered	0.71%
15	–	Geely Financials	0.55%
16	–	Nomura	0.47%
17	–	Virtu Financial	0.46%
18	–	Solid	0.37%
19	–	HSBC	0.21%
20	–	Citadel Securities	0.21%

Banks
2022	2021	Bank	Market Share %
1	1	Deutsche Bank	19.65%
2	2	UBS	14.46%
3	3	JPMorgan	9.59%
4	6	XTX Markets	9.03%
5	4	Citi	6.83%
6	5	Goldman Sachs	4.02%
7	12	Morgan Stanley	3.60%
8	9	Barclays	3.44%
9	7	BNP Paribas	3.11%
10	8	Bank of America	2.93%
11	16	State Street	2.68%
12	19	Bank of New York Mellon	2.42%
13	10	HSBC	2.29%
14	11	Credit Suisse	2.21%
15	21	NatWest	2.18%
16	15	Citadel Securities	1.60%
17	13	Commerzbank	1.38%
18	17	Standard Chartered	1.03%
19	14	Jump Trading	1.01%
20	20	Societe Generale	0.97%

Non-financial corporates
2022	2021	Bank	Market Share %
1	4	Deutsche Bank	11.03%
2	2	Barclays	8.67%
3	5	UBS	8.27%
4	7	JPMorgan	6.62%
5	1	HSBC	5.94%
6	6	Bank of America	5.00%
7	23	Bank of New York Mellon	4.40%
8	9	BNP Paribas	4.26%
9	3	Citi	4.05%
10	17	NatWest	3.78%
11	8	Goldman Sachs	3.10%
12	20	MUFG	2.98%
13	28	UniCredit	2.88%
14	16	Credit Agricole	2.80%
15	10	Commerzbank	2.78%
16	13	Standard Chartered	2.53%
17	14	Morgan Stanley	2.53%
18	35	Nomura	2.41%
19	15	Societe Generale	1.71%
20	12	State Street	1.57%

FX Trading platforms
2022	2021	Bank	Market Share %
1	5	Deutsche Bank	10.84%
2	2	Jump Trading	10.71%
3	3	XTX Markets	10.61%
4	4	UBS	10.18%
5	1	JPMorgan	8.43%
6	9	Citadel Securities	6.66%
7	7	HCTech	4.71%
8	11	Credit Suisse	3.71%
9	8	Citi	3.12%
10	10	Bank of America	2.86%
11	6	Goldman Sachs	2.66%
12	26	Tower Research Group	2.19%
13	19	Barclays	2.02%
14	18	Commerzbank	2.01%
15	16	BNP Paribas	1.99%
16	21	Flow Traders	1.57%
17	13	State Street	1.49%
18	22	MUFG	1.49%
19	36	Sumitomo Mitsui Banking Corporation	1.49%
20	17	HSBC	1.33%

Leveraged funds
2022	2021	Bank	Market Share %
1	1	JPMorgan	15.61%
2	5	Deutsche Bank	14.21%
3	3	UBS	10.22%
4	15	Bank of New York Mellon	10.20%
5	2	Citi	7.86%
6	4	Bank of America	7.17%
7	8	BNP Paribas	5.78%
8	6	Goldman Sachs	5.60%
9	11	HSBC	4.79%
10	9	Morgan Stanley	3.67%
11	7	State Street	3.59%
12	17	Barclays	3.41%
13	10	XTX Markets	2.45%
14	16	Credit Suisse	1.47%
15	13	NatWest	1.22%
16	20	TD Securities	0.43%
17	12	Standard Chartered	0.41%
18	18	Geely Financials	0.40%
19	24	Nomura	0.36%
20	36	Zürcher Kantonalbank	0.24%

Real Money
2022	2021	Bank	Market Share %
1	2	State Street	32.32%
2	1	Bank of New York Mellon	10.64%
3	7	BNP Paribas	6.44%
4	6	Morgan Stanley	5.74%
5	13	TD Securities	5.60%
6	4	JPMorgan	5.03%
7	3	Citi	4.45%
8	9	HSBC	3.35%
9	5	UBS	3.00%
10	11	RBC Capital Markets	2.98%
11	8	Bank of America	2.60%
12	14	Deutsche Bank	2.55%
13	10	Goldman Sachs	2.14%
14	20	Standard Chartered	1.46%
15	12	Barclays	1.14%
16	31	Commonwealth Bank	1.10%
17	15	Societe Generale	1.00%
18	17	Canadian Imperial Bank of Commerce	0.82%
19	21	National Australia Bank	0.81%
20	16	Credit Agricole	0.72%

Americas
2022	2021	Bank	Market Share %
1	3	State Street	17.41%
2	5	Deutsche Bank	7.99%
3	18	Bank of New York Mellon	7.13%
4	2	UBS	6.55%
5	16	Citadel Securities	6.14%
6	1	JPMorgan	5.76%
7	9	Jump Trading	5.15%
8	8	Morgan Stanley	5.11%
9	12	XTX Markets	4.35%
10	6	Bank of America	4.31%
11	11	HCTech	4.19%
12	10	BNP Paribas	4.04%
13	17	TD Securities	3.14%
14	7	Goldman Sachs	3.02%
15	4	Citi	2.65%
16	13	RBC Capital Markets	1.55%
17	22	Jane Street Capital	1.43%
18	19	Barclays	1.41%
19	14	HSBC	1.32%
20	33	Flow Traders	1.17%

Asia Pacific
2022	2021	Bank	Market Share %
1	2	Deutsche Bank	16.01%
2	4	JPMorgan	12.77%
3	1	UBS	11.24%
4	3	Citi	8.14%
5	10	Credit Suisse	5.22%
6	6	Bank of America	4.93%
7	7	Barclays	4.88%
8	12	XTX Markets	4.75%
9	5	HSBC	4.55%
10	9	State Street	3.85%
11	30	Sumitomo Mitsui Banking Corporation	3.67%
12	13	MUFG	3.09%
13	8	Goldman Sachs	2.68%
14	11	Nomura	2.34%
15	14	Standard Chartered	1.90%
16	15	Morgan Stanley	1.79%
17	21	NatWest	1.39%
18	17	Bank of New York Mellon	1.27%
19	16	Commerzbank	1.25%
20	19	BNP Paribas	0.77%

CEEMEA
2022	2021	Bank	Market Share %
1	1	XTX Markets	19.56%
2	3	Deutsche Bank	14.18%
3	5	UBS	12.21%
4	4	JPMorgan	9.61%
5	29	Swissquote	6.35%
6	6	Credit Suisse	6.15%
7	8	Goldman Sachs	4.59%
8	15	UniCredit	4.42%
9	17	NatWest	3.41%
10	12	Commerzbank	3.34%
11	10	BNP Paribas	1.71%
12	14	Citadel Securities	1.71%
13	13	Standard Chartered	1.62%
14	9	HSBC	1.22%
15	19	Citi	1.16%
16	7	Barclays	1.13%
17	22	Morgan Stanley	0.92%
18	11	Bank of America	0.88%
19	18	Geely Financials	0.75%
20	27	ING Group	0.74%

Western Europe
2022	2021	Bank	Market Share %
1	2	UBS	11.19%
2	4	Deutsche Bank	10.89%
3	3	XTX Markets	9.49%
4	1	JPMorgan	9.12%
5	5	Jump Trading	8.11%
6	6	Citi	4.63%
7	7	Goldman Sachs	4.40%
8	10	BNP Paribas	4.32%
9	8	Bank of New York Mellon	3.62%
10	11	Bank of America	3.00%
11	15	Citadel Securities	2.90%
12	9	State Street	2.64%
13	13	HSBC	2.62%
14	12	Morgan Stanley	2.39%
15	14	Barclays	2.16%
16	16	Credit Suisse	2.13%
17	91	Tower Research Group	1.80%
18	19	Commerzbank	1.61%
19	22	Flow Traders	1.40%
20	17	HCTech	1.25%

Overall
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	59.0%
2	2	State Street	52.7%
3	–	TD Securities	49.7%
4	3	Deutsche Bank	49.5%
5	6	UBS	44.7%
6	11	Morgan Stanley	38.3%
7	7	Goldman Sachs	36.0%
8	12	Barclays	35.7%
9	5	JPMorgan	35.3%
10	19	NatWest	35.2%
11	8	Citi	32.5%
12	9	HSBC	30.9%
13	14	RBC Capital Markets	30.6%
14	4	Bank of America	29.7%
15	18	XTX Markets	28.5%
16	10	Standard Chartered	28.5%
17	20	Nomura	26.0%
18	13	BNP Paribas	24.6%
19	16	Credit Suisse	20.6%
20	21	MUFG	13.9%
21	17	Commerzbank	6.4%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	47.3%
2	4	Deutsche Bank	37.5%
3	2	State Street	37.3%
4	10	UBS	34.7%
5	6	JPMorgan	32.3%
6	9	Standard Chartered	29.1%
7	8	Citi	26.9%
8	16	Morgan Stanley	25.7%
9	7	HSBC	25.4%
10	11	Goldman Sachs	24.7%
11	12	BNP Paribas	18.0%
12	15	Barclays	17.4%
13	13	Credit Suisse	14.9%
14	17	NatWest	14.1%
15	5	Bank of America	13.1%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	55.7%
2	3	Deutsche Bank	52.4%
3	11	NatWest	46.9%
4	15	Barclays	45.5%
5	2	State Street	44.9%
6	5	Goldman Sachs	42.6%
7	9	BNP Paribas	41.3%
8	12	Morgan Stanley	41.1%
9	4	JPMorgan	39.9%
10	7	UBS	38.1%
11	10	Citi	31.3%
12	6	Bank of America	27.7%
13	13	HSBC	25.4%
14	14	Standard Chartered	20.5%
15	16	Credit Suisse	9.5%

Research
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	69.8%
2	2	State Street	63.0%
3	5	Goldman Sachs	54.0%
4	6	Deutsche Bank	52.2%
5	9	Morgan Stanley	47.5%
6	10	HSBC	41.5%
7	11	UBS	40.5%
8	4	JPMorgan	38.9%
9	14	Barclays	37.7%
10	8	Citi	34.7%
11	3	Bank of America	32.8%
12	–	NatWest	32.2%
13	16	BNP Paribas	22.0%
14	15	Standard Chartered	12.0%

Salesforce
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	74.1%
2	2	State Street	63.1%
3	3	Deutsche Bank	58.4%
4	5	UBS	54.7%
5	19	NatWest	51.4%
6	10	XTX Markets	50.5%
7	15	Morgan Stanley	42.1%
8	7	JPMorgan	41.4%
9	8	Standard Chartered	39.1%
10	11	Citi	39.1%
11	12	Barclays	37.7%
12	14	RBC Capital Markets	37.5%
13	4	Bank of America	35.4%
14	6	Goldman Sachs	32.4%
15	9	HSBC	31.7%
16	13	BNP Paribas	28.1%
17	17	Credit Suisse	19.4%
18	18	Commerzbank	-1.8%

Service
2022	2021	Bank	CSAT %
1	3	Bank of New York Mellon	54.0%
2	2	State Street	51.0%
3	–	TD Securities	48.6%
4	4	Deutsche Bank	47.9%
5	5	UBS	45.4%
6	12	Barclays	37.4%
7	14	Morgan Stanley	37.4%
8	15	RBC Capital Markets	35.6%
9	8	Goldman Sachs	34.2%
10	16	NatWest	32.3%
11	7	JPMorgan	31.7%
12	6	Bank of America	31.5%
13	9	Citi	30.8%
14	11	HSBC	29.9%
15	13	Standard Chartered	29.8%
16	10	Credit Suisse	25.8%
17	20	XTX Markets	25.0%
18	17	BNP Paribas	22.1%
19	18	Nomura	19.9%
20	22	MUFG	17.2%
21	21	Commerzbank	8.2%

Banks
Overall
2022	2021	Bank	CSAT %
1	1	Deutsche Bank	54.3%
2	5	UBS	44.7%
3	2	JPMorgan	43.1%
4	6	Goldman Sachs	41.9%
5	9	BNP Paribas	35.3%
6	10	Barclays	32.8%
7	13	Citi	30.9%
8	7	Commerzbank	21.5%
9	12	Credit Suisse	19.3%
10	11	HSBC	18.0%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	1	Deutsche Bank	43.0%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	1	Deutsche Bank	57.1%

Research
2022	2021	Bank	CSAT %
1	2	Deutsche Bank	60.4%
2	1	JPMorgan	36.5%

Salesforce
2022	2021	Bank	CSAT %
1	1	Deutsche Bank	59.8%
2	5	UBS	53.6%
3	3	JPMorgan	48.9%
4	9	Citi	37.1%
5	4	Goldman Sachs	36.4%

Service
2022	2021	Bank	CSAT %
1	1	Deutsche Bank	52.4%
2	3	UBS	44.7%
3	4	Goldman Sachs	40.5%
4	2	JPMorgan	39.2%
5	8	Citi	22.7%
6	5	HSBC	14.6%

Non-financial corporates
Overall
2022	2021	Bank	CSAT %
1	5	HSBC	41.2%
2	–	UniCredit	36.1%
3	4	Deutsche Bank	26.5%
4	3	Citi	20.7%
5	8	BNP Paribas	14.1%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	–	UniCredit	33.3%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	–	UniCredit	32.1%

Research
2022	2021	Bank	CSAT %
1	–	UniCredit	44.4%

Salesforce
2022	2021	Bank	CSAT %
1	4	HSBC	52.1%
2	–	UniCredit	38.4%
3	7	BNP Paribas	25.8%

Service
2022	2021	Bank	CSAT %
1	6	HSBC	33.7%
2	–	UniCredit	33.6%
3	3	Deutsche Bank	22.4%
4	7	BNP Paribas	14.4%

Leveraged funds
Overall
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	66.3%
2	6	Deutsche Bank	61.2%
3	2	State Street	57.9%
4	3	Morgan Stanley	46.3%
5	4	JPMorgan	43.3%
6	7	UBS	34.2%
7	5	Goldman Sachs	31.1%
8	10	Citi	31.0%
9	–	HSBC	29.9%
10	8	BNP Paribas	28.9%
11	9	Bank of America	25.0%
12	–	Barclays	14.5%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	2	Deutsche Bank	59.5%
2	1	State Street	46.2%
3	–	Morgan Stanley	45.0%
4	–	JPMorgan	33.3%
5	–	UBS	25.0%
6	–	Citi	19.2%
7	4	Bank of America	13.6%
8	–	Barclays	-22.2%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	2	JPMorgan	55.0%
2	1	State Street	52.0%

Research
2022	2021	Bank	CSAT %
1	4	Deutsche Bank	69.2%
2	–	JPMorgan	58.5%
3	2	State Street	52.9%
4	–	HSBC	27.3%
5	–	Citi	22.9%

Salesforce
2022	2021	Bank	CSAT %
1	2	State Street	73.8%
2	6	Deutsche Bank	66.7%
3	7	JPMorgan	53.5%
4	5	UBS	50.0%
5	3	Morgan Stanley	45.9%
6	9	Citi	38.0%
7	4	Goldman Sachs	27.5%
8	8	Bank of America	20.5%
9	–	HSBC	20.5%
10	–	Barclays	13.9%
11	10	BNP Paribas	6.9%

Service
2022	2021	Bank	CSAT %
1	2	State Street	54.8%
2	7	Deutsche Bank	54.8%
3	5	Morgan Stanley	44.2%
4	–	HSBC	36.1%
5	3	JPMorgan	34.5%
6	6	UBS	34.1%
7	9	Citi	32.1%
8	–	BNP Paribas	30.9%
9	8	Bank of America	25.9%
10	4	Goldman Sachs	24.1%
11	–	Barclays	23.3%

Real Money
Overall
2022	2021	Bank	CSAT %
1	1	State Street	62.5%
2	2	Bank of New York Mellon	61.7%
3	–	Barclays	61.4%
4	–	Goldman Sachs	55.3%
5	4	Citi	52.4%
6	3	HSBC	46.8%
7	–	BNP Paribas	38.1%
8	5	JPMorgan	30.2%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	1	State Street	57.4%
2	2	Bank of New York Mellon	53.8%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	1	State Street	55.3%
2	2	Bank of New York Mellon	54.9%

Research
2022	2021	Bank	CSAT %
1	2	Bank of New York Mellon	77.3%
2	1	State Street	73.2%

Salesforce
2022	2021	Bank	CSAT %
1	2	Bank of New York Mellon	74.8%
2	1	State Street	70.4%
3	3	HSBC	52.8%
4	–	BNP Paribas	52.2%

Service
2022	2021	Bank	CSAT %
1	1	State Street	59.4%
2	2	Bank of New York Mellon	56.3%
3	–	Goldman Sachs	48.4%
4	3	Citi	47.3%
5	–	HSBC	45.5%
6	–	BNP Paribas	33.8%
7	4	JPMorgan	26.1%

Americas
Overall
2022	2021	Bank	CSAT %
1	2	State Street	59.7%
2	–	Deutsche Bank	59.1%
3	1	Bank of New York Mellon	57.8%
4	–	Morgan Stanley	51.7%
5	5	Goldman Sachs	50.3%
6	–	BNP Paribas	44.2%
7	8	Citi	43.3%
8	4	UBS	39.9%
9	7	JPMorgan	39.9%
10	6	Bank of America	34.9%
11	–	Barclays	33.8%
12	–	HSBC	33.0%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	2	Bank of New York Mellon	40.2%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	2	Bank of New York Mellon	47.2%
2	1	State Street	46.5%

Research
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	70.9%
2	2	State Street	66.0%

Salesforce
2022	2021	Bank	CSAT %
1	2	State Street	74.5%
2	1	Bank of New York Mellon	72.9%
3	–	Morgan Stanley	66.7%
4	6	Citi	51.0%
5	3	Goldman Sachs	48.1%
6	5	JPMorgan	44.5%
7	–	Barclays	33.3%

Service
2022	2021	Bank	CSAT %
1	–	Deutsche Bank	59.8%
2	2	State Street	57.7%
3	1	Bank of New York Mellon	55.3%
4	4	Goldman Sachs	47.4%
5	–	Morgan Stanley	47.2%
6	–	BNP Paribas	43.2%
7	6	Citi	42.1%
8	–	UBS	38.8%
9	5	JPMorgan	36.5%

Asia pacific
Overall
2022	2021	Bank	CSAT %
1	4	Deutsche Bank	54.3%
2	10	Barclays	50.8%
3	3	UBS	50.3%
4	1	State Street	49.7%
5	8	HSBC	32.9%
6	5	JPMorgan	29.1%
7	6	Goldman Sachs	27.7%
8	7	Citi	27.1%
9	2	Bank of America	24.7%
10	9	Standard Chartered	21.1%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	3	Deutsche Bank	39.6%
2	1	State Street	37.4%
3	4	HSBC	30.9%
4	6	JPMorgan	21.6%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	2	Deutsche Bank	59.1%
2	1	State Street	38.3%
3	6	HSBC	23.4%

Research
2022	2021	Bank	CSAT %
1	1	State Street	63.2%
2	5	Deutsche Bank	54.7%
3	4	HSBC	46.3%

Salesforce
2022	2021	Bank	CSAT %
1	1	State Street	60.0%
2	3	Deutsche Bank	59.8%
3	4	UBS	58.0%
4	5	JPMorgan	32.7%
5	10	HSBC	29.5%
6	9	Citi	28.4%
7	6	Standard Chartered	27.6%
8	8	Goldman Sachs	11.7%

Service
2022	2021	Bank	CSAT %
1	3	Deutsche Bank	56.0%
2	10	Barclays	51.1%
3	2	UBS	50.2%
4	1	State Street	46.9%
5	8	HSBC	31.7%
6	7	Citi	30.0%
7	6	JPMorgan	29.4%
8	4	Bank of America	27.5%
9	5	Goldman Sachs	24.0%
10	9	Standard Chartered	21.2%

CEEMEA
Overall
2022	2021	Bank	CSAT %
1	1	UniCredit	32.2%

Ability in EM currencies
2022	2021	Bank	CSAT %
1	1	UniCredit	32.9%

Client algorithmic trading execution
2022	2021	Bank	CSAT %
1	1	UniCredit	24.5%

Research
2022	2021	Bank	CSAT %
1	1	UniCredit	34.6%

Salesforce
2022	2021	Bank	CSAT %
1	1	UniCredit	40.3%

Service
2022	2021	Bank	CSAT %
1	1	UniCredit	30.5%

Western Europe
Overall
1	1	Bank of New York Mellon	62.3%
2	2	State Street	45.0%
3	–	NatWest	43.9%
4	4	UBS	40.0%
5	10	Citi	32.7%
6	3	Deutsche Bank	32.3%
7	5	JPMorgan	31.4%
8	6	Goldman Sachs	26.9%
9	8	Bank of America	24.8%
10	7	HSBC	24.7%
11	13	Barclays	22.6%
12	9	BNP Paribas	14.8%
13	12	Credit Suisse	5.1%
14	11	Commerzbank	-3.0%

Research
2022	2021	Bank	CSAT %
1	6	BNP Paribas	11.2%

Salesforce
2022	2021	Bank	CSAT %
1	1	Bank of New York Mellon	79.5%
2	–	NatWest	60.0%
3	2	Deutsche Bank	43.8%
4	4	UBS	43.4%
5	9	Citi	39.3%
6	6	JPMorgan	36.5%
7	7	HSBC	27.6%
8	8	BNP Paribas	26.8%
9	12	Barclays	26.5%

Service
2022	2021	Bank	CSAT %
1	2	Bank of New York Mellon	57.3%
2	1	State Street	48.3%
3	4	UBS	42.7%
4	–	NatWest	39.2%
5	3	Deutsche Bank	28.3%
6	6	Goldman Sachs	25.9%
7	5	JPMorgan	25.4%
8	10	Citi	25.2%
9	11	Barclays	24.7%
10	9	HSBC	22.5%
11	7	BNP Paribas	11.1%

Market Leader
2022	2021		Market Share %
1	1	GlobalLink	28.1%
2	4	Bloomberg	22.6%
3	2	Refinitiv	13.4%
4	10	Cboe FX	7.4%
5	3	360 T	6.4%
6	12	Euronext FX	4.6%
7	8	CME Group	3.3%
8	7	FlexTrade	3.2%
9	5	FX SpotStream	2.8%
10	9	Integral – FX Inside	2.0%
11	11	Bid FX	1.7%
12	13	SmartTrade Technologies	1.2%
13	15	Gain GTX	1.1%
14	21	Velocity	0.6%
15	18	Trading Screen	0.5%
16	–	Edgewaters Markets	0.4%
17	–	Lucera	0.3%
18	17	Aphelion	0.1%
19	–	GO Markets	0.1%
20	–	Richmond Liquidity	0.1%
Best Service
2022	2021		CSAT %
1	1	GlobalLink	19.4%
2	6	CME Group	11.8%
3	4	Bloomberg	7.3%
4	3	Refinitiv	6.8%
5	–	Euronext FX	4.9%
6	5	360 T	0.7%