HSBC has established itself as a leader in the corporate foreign exchange space by continuously developing innovative solutions. The bank provides liquidity across a range of channels and has consistently ranked in the top three on external platforms with a heavy corporate presence.

SGX FX is the largest Asian FX Futures exchange and has continued to innovate in the Asian FX markets by offering comprehensive solutions tailored to the evolving needs of clients, while driving growth through technological innovation and client engagement.

JPMorgan has continued to demonstrate innovation and growth in FX options by enhancing product offerings, expanding platform integrations and strengthening client engagement. The results speak for themselves – JPMorgan’s market share for FX options direct client execution rose by 7% year-on-year.

Deutsche Börse Group’s Eurex is the European hub of the global derivatives market, offering a combination of listed FX alongside a deepening connection to over-the-counter (OTC) FX markets. Eurex’s FX infrastructure is designed to allow market participants to adapt to regulatory mandates, minimizing the cost of trading while allowing clients to more effectively transition between listed and OTC formats.

GlobalLink Digital, initially developed as a smart desktop for State Street's trading products, has evolved into a comprehensive, interoperable platform.

Over the past year, 360T has made significant progress in transforming the FX swaps trading landscape, driven by strategic investments in its Swaps User Network (SUN). One of the most notable advancements was the launch of streaming mid liquidity via application programming interface (API), enabling banks to trade FX swaps at the market midpoint through automated processes – an industry first, paving the way for auto-hedging, aggregation and even algorithmic execution. The introduction of this feature has enhanced banks' ability to better serve their clients while also improving their own trading operations.

By April 2023, CME Group had become the largest centralized FX venue globally, according to the Bank for International Settlements (BIS). BIS data shows that more volume is now traded in CME Group FX futures than on the two primary OTC spot markets combined. The group also recently realigned its FX futures, options and EBS cash markets business to create a single FX business, in a bid to further boost client service, increase efficiencies and enhance product development across the entire FX marketplace.

Through the breadth of its market liquidity, product scale and global footprint, UBS has built a strong reputation as the partner of choice for its institutional, retail, corporate and wealth management client base. Most recently, UBS has been evolving its FX trading platform based on four key principles: agility, resilience, scalability and comprehensiveness. The result of this sustained focus has been the development of new trading capabilities, such as market-making on firm trading venues and developing access to streaming swap liquidity. UBS has also invested heavily in pre- and post-trade analytics to deliver market insights and improve execution outcomes for clients as part of its ‘FX Engine Room’ offering of sales and analytical toolkits. As of 2024, across the bank’s various FX businesses, it daily trades over $125 billion electronically with more than 2,500 clients across the globe.

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.

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

TP ICAP has been making significant progress in transitioning from traditional voice broking to a more integrated electronic and voice broking model. The company’s multi-asset liquidity platform, Fusion, has been at the forefront of this evolution, especially since the launch of its FX options platform, FXOhub in 2020. Since the platform's inception, TP ICAP has seen an impressive increase in volumes and market share in FX options. From being ranked fourth or fifth, the firm has climbed to a consistent second place, occasionally securing the top spot.

NatWest Markets (NWM) treats its FX Prime Brokerage (FXPB) business as a distinct growth focus as opposed to an ancillary service, with significant investment in the business to ensure it can provide high-touch, high-service offerings. Combining the freedom of having a proprietary platform with an appetite for developing client solutions has resulted in a suite of solutions that are used for different client types. While most FXPB banks use the market standard FXPB agreement, NWM has developed six distinct FXPB models. These models can be combined to address a broad selection of client types ranging from prop traders through to agency brokers and FX platforms.

HSBC continues to develop its market-leading franchise in global non-deliverable forwards (NDF). With operations now spanning 25 key NDF jurisdictions, including Brazil, Taiwan and Korea, coupled with a sales presence in nearly 50 locations and dedicated e-FX sales teams, HSBC provides clients with market colour in local market dynamics.

During the review period, 360T introduced new initiatives that made a significant impact to their corporate clients.

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.

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).

Over the past 12 months, 4OTC has launched significant initiatives aimed at addressing connectivity issues caused by the fragmented nature of the FX market.

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.

CME Group’s EBS has been established three decades in the market as a primary venue for reliable, anonymous liquidity and price discovery in cash FX. During the review period, CME further pushed EBS’s value proposition by launching several new initiatives.

During the review period, Tradepoint Systems significantly enhanced its pricing and price construction capabilities, leading to substantial benefits for clients and the business. Its flagship product, Lightning FX, features a full suite of pricing and trading strategies, coupled with user interfaces designed to cater to the varied needs of e-FX administrators, voice traders, salespersons and end clients.

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.

In just five years, FX HedgePool has swiftly transformed from a single-product provider to a multi-service platform, serving over 40 major financial institutions worldwide. This growth is driven by a robust emphasis on research and development, with two major product releases each month that keep its offerings aligned with the evolving market demands.

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.

TD Securities (TDS) places client services at the heart of its FX data management strategy. The bank aims to provide a personalized, comprehensive service, transforming client data into actionable insights that enhance its FX offerings. By leveraging advanced forecasting models, trading signals and FX portfolios, it aims to empower clients with the strategies needed to navigate the complexities of the global FX market.

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.

Warba Bank has made impressive strides in its provision of institutional FX services to the local market, focusing on innovation, automation and client-centric financial solutions.

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.

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.

Euronext FX made significant progress to its product offering following the recent establishment of its dedicated product team. Spearheaded by a global head of product, the focus was on ensuring client feedback is promptly addressed and that the platform continues to develop, retaining and expanding its user base.

Banco Popular Dominicano (BPD) is the largest private bank in the Dominican Republic, recognized as a leader in the FX market with a 21% market share of USD/DOP transactions as of May 2024. During the review period, the bank has seen significant growth in FX derivatives, particularly in non-deliverable forwards (NDFs) for the USD/DOP pair, driven by increasing demand from its clients seeking to hedge their FX positions. BPD offers both NDFs and full-delivery forwards of up to 180 days in USD/DOP and EUR/USD, catering to large corporate clients, including those in the beverage and manufacturing industries.