London’s Mandarin Oriental played host on Thursday to the second successful Euromoney Foreign Exchange Awards, with more than 200 of the industry’s most senior leaders and practitioners gathering for an exceptional evening to celebrate, recognise and reward the highest achievements across the FX market during the past year.

CME Group has long been recognized as the largest centralized FX venue in North America, offering a market-leading range of FX products and client-centric services, while the group’s global footprint led to it recently being recognised by the Bank for International Settlements as the largest centralized FX venue in the world.

During the review period, Barclays’ focus in the FX algo space has been on enhancing its client experience by improving overall algo performance and increasing platform flexibility to facilitate targeted algo customization. This client-centric approach resulted in the further broadening and refinement of its BARX Gator algo suite. Added to this, Barclays’ established franchise, adaptability and deep infrastructure interconnectivity contribute to the current reputation and standing in the market of the algo offering. The bank’s global teams, quants, and dedicated resources ensure continuous optimization and deliver top-tier, tailored solutions to its clients.

JPMorgan made a meaningful enhancement to its FX analytics offering with the launch of Algo Simulator.

BestX, an independent entity within State Street's GlobalLink franchise, continues to be an industry-standard in FX and has significantly evolved its offering with a number of key initiatives.

UBS has continued to evolve the FX offering on its UBS Neo platform over the past four years, with the bank making significant strategic investments in the last 12 months that further refine the offering.

BBVA has maintained a strong presence in the Peruvian FX market, holding a leading role for the past six years.

CLS has been steadily expanding and refining its services to meet the diverse needs of the foreign exchange industry, with a strong emphasis on reducing settlement risks and boosting operational efficiency.

Since its launch in 2014, Bank of America’s (BofA) transactional FX business has quickly risen to become one of the top three global players. This success reflects the bank's strategic vision, innovative products and global reach, enabling it to secure a strong market position and stand out in the competitive FX industry.

With a robust historical foundation as a key bank for the German Mittelstand – firms which collectively account for the largest share of the country's economic output – and a core partner for institutional clients, Commerzbank has leveraged its deep client relationships to drive advancements in providing FX services to its established client base in Germany.

Post-trade infrastructure provider OSTTRA had a remarkable year. Its recent efforts to improve integration, control and efficiency have had a tangible impact on its clients and wider market.

In 2023 and 2024, Banco Santander Chile enhanced its FX ecosystem to improve client experience from account opening to transaction completion. Key developments included launching several platforms: a new single-dealer platform with immediate settlement and robust security; an international transfer platform for easy, secure Swift transfers; and a 100% digital platform for individual transfers across Latam, the US and Europe. Additionally, the bank’s Más Lucas initiative offers basic accounts for unbanked and underbanked persons, and new digital foreign currency accounts (JPY, CNH, GBP, EUR, USD) enable retail and CIB customers to manage FX positions efficiently, supported by digital and voice services.

Over 2023, Sacombank’s FX division played a crucial role in the bank's strategy, according to its own records, contributing 10%-20% of its pre-tax profit. Despite global economic challenges including high inflation and geopolitical instability, Sacombank focused on supporting businesses affected by the rising USD/VND exchange rate.

TD Securities has implemented comprehensive global and regional diversity, equity, and inclusion (DEI) strategies across the business, with the FX team ensuring that it also has a targeted approach.

Asset managers are becoming increasingly sophisticated and requiring advanced tools across the trade lifecycle and, during the last year, Bloomberg’s FXGO has evolved in line with the needs of the FX industry.

Aeron, Adaptive’s open-source technology platform dedicated to building low-latency, cloud-tolerant trading systems has been at the forefront of recent industry developments.

Murex's 2024 FX options strategy focused on meeting the trading needs of all FX options desks – from regional institutions to leading global banks. Its key achievements include scaling up real-time portfolio management, expanding its new stochastic local volatility (SLV) model, and supporting digital transformation through new application programming interfaces (API).

TD Bank Group’s (TD) global presence includes TD Securities (TDS), which has strong wholesale relationships with pension funds, asset managers, insurers and corporates, along with a strong retail and wealth FX business, and consistently ranks number one or two in market share for Canada. TDS’s e-FX team has made significant strides in enhancing the bank's data and analytics capabilities in Canada, especially in the area of market microstructure.

DBS is a leading financial services group in Asia, operating in 19 markets with headquarters in Singapore. The bank's dominant presence in Asia contributes to its competitive advantage in FX for client services, innovative digital solutions and as a leading data provider.

Over the past year, 360T has strategically developed its execution management system (EMS) to better serve FX clients, registering progress on several fronts.

The low volatility conditions observed in FX markets over the past year have posed challenges, with market makers facing spread compression and reduced turnover. Despite these obstacles, JPMorgan has maintained a high level of performance. The firm has consistently ranked highly across multi-dealer channels. Additionally, JPMorgan continued to expand its dominance in the FX options market, further solidifying its reputation as a top player in the space.

Over the last year, LCH ForexClear has launched initiatives aimed at safeguarding clearing members’ interests and supporting general market and financial stability through its operations.

State Street is a global powerhouse in FX and has positioned its research as a key differentiator in its market-leading sales offering. Over the review period, the bank introduced new measures for monitoring political risk and improved its capturing of changes in investor and central bank behaviour.

Wells Fargo has reached important milestones by expanding its global pricing distribution network and platform connectivity.

Over the last year, Deutsche Bank has played a pivotal role in the development of financial markets in the Asia-Pacific region, assisting clients in navigating the evolution of the FX markets amidst volatility and uncertainty.

Banco Santander has seen the expansion and success of its FX business extend into Argentina over the review period. Significant developments include its developing non-deliverable forwards (NDF) currency solutions, enabling clients to trade Latam currencies offshore while maintaining onshore delivery. This expansion is driven by growing trade corridors between Asia and Latam and currency rebalancing trends.

A dominant player in the Omani market, Bank Muscat offers comprehensive FX payment solutions to both corporate and individual clients, facilitating remittances and trade-related payments in 29 currencies.

Global fintech oneZero Financial Systems aims to continuously improve the liquidity-neutral eco-system that it developed on behalf of its clients. Its primary goal is to empower clients with transparency throughout the entire trade lifecycle, including throughout the partner framework that allows oneZero clients to access value-added services.

UBS has demonstrated resilience and adaptability in the face of significant organizational changes and challenging market conditions, maintaining a strong focus on differentiated client service through consistent liquidity provision, competitive pricing and innovative content.

During the review period, Tradepoint Systems made significant advancements in enhancing FX spot trading, both through auto-hedging and manual order execution tools. A major development was the introduction of advanced auto-hedging capabilities, enabling clients to automate their hedging processes across spot, forwards and swaps. This innovation has improved execution quality, reduced operational risks, and led to better trading outcomes, increasing the efficiency and effectiveness of our platform.