NatWest Markets (NWM) is a UK franchise offering a leading range of FX services to both its local and global client bases.

Euronext FX has focused on enhancing client service through innovative strategies and solutions, resulting in improved satisfaction, engagement and operational efficiency.

During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.

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

BBVA’s Latin America FX business is an integral part of BBVA’s global FX franchise, representing a large portion of its total FX revenues and FX global front office resources.

Digital Vega has transformed from a simple aggregator of vanilla bank liquidity into a leading provider of FX options-related products and services to banks and clients globally. This evolution has been driven by continuous innovation, strategic partnerships and a steadfast commitment to delivering client excellence.

Stanbic Bank Kenya’s strategic initiatives highlight its ability to blend technological advancements with tailored financial solutions, addressing complex market needs while enhancing client autonomy. The bank’s contributions to major corporate transactions further highlight its pivotal position in shaping the financial landscape in Kenya.

Deutsche Bank has continued to deliver solid growth in its western Europe FX business as demonstrated by the rapid adoption of its new offerings among the European client base.

Amidst ongoing currency volatility, chief financial officers are facing heightened challenges, as the risk of adverse currency movements threatens to negatively impact profits. MillTechFX has seen an increase in its risk management services, largely due to the rising importance of FX risk management among senior finance executives worldwide, coupled with their need for a transparent and straightforward solution.

Leveraging its prominent position as a facilitator of trade between Germany and frontier markets, Commerzbank has established a strong network of correspondent banks and institutional clients in these regions.

XTB is a global fintech company supporting more than 1 million customers worldwide, offering a broad range of instruments, including forex trading in contracts for difference on over 70 currency pairs in addition to cryptocurrencies.

Since its inception in 2018, FairXchange’s Horizon platform has helped FX businesses navigate operational complexities through AI-driven data analytics. Horizon's capabilities have expanded considerably with the recent integration of Sentinel, a powerful AI alerting tool that enhances real-time monitoring and response.

Software as a service (SaaS)-based treasury and risk management solutions provider GTreasury had a successful year, marked by a proactive focus on driving operational efficiency, cost savings and enhanced risk management for corporates through its comprehensive FX management solutions.

OneZero Financial Systems is a leading provider of cutting-edge technology solutions for FX liquidity in the financial services industry. The firm has introduced several new initiatives over the review period that have demonstrated its commitment to continuously improving the liquidity-neutral ecosystem that it has built on behalf of clients. The firm has put an emphasis on helping all its client segments make data-driven decisions in liquidity provider (LP) choice.

SmartTrade Technologies' order management system (OMS) has been adopted by 80% of its 70+ clients, showcasing strong market confidence in its offering. During the review period, smartTrade introduced several strategic enhancements to its OMS. Its continuous product innovation to further enhance trading efficiency has been the main source of new client acquisitions over the past year.

Leveraging its deep knowledge of local markets in CEE, coupled with global product expertise, UniCredit dominated the regional FX market. The bank’s extensive network enables access to a broad suite of FX products, serving a diverse range of clients, including multinational corporations, financial institutions, local corporates and retail customers. This broad reach helps clients of all sizes optimize their FX strategies, whether in local markets or on the global stage.

Citibanamex, with over 139 years of history in Mexico, is a leading player in the FX business. The bank offers FX services for a diverse set of currencies, including the MXN, USD and EUR. It is known for its ability to deliver complex FX solutions through an extensive product range such as FX spot, forwards, swaps and options, supported by a robust team of over 200 professionals and coverage across 1,280 branches.

Euronext FX has made strides in cultivating a diverse and inclusive workplace through a comprehensive approach to talent recruitment, development and retention. The venue has actively implemented inclusive hiring practices to attract and nurture a diverse workforce. This commitment is evident in Euronext FX’s gender equality initiatives, which saw the venue leverage strategic partnerships to empower women and build a diverse talent pipeline.

Despite the significant depreciation of the Egyptian pound, which saw its value nearly halved, CIB outperformed competitors in FX during the review period, successfully managing its liquidity and FX positions. The bank strategically balanced the expansion of its FX and trade finance business while meeting its FX obligations.

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.

Capitolis’s financial technology platform aims to unlock capital constraints for its clients by providing access to diversified capital and investment opportunities. Recognising significant inefficiencies in bank-held derivative portfolios, Capitolis works with clients to reduce risk, increase stability, and improve capital efficiency. With that aim, over the past year, Capitolis has introduced several strategies that have significantly enhanced its foreign exchange novation business.

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.

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.

Banco Santander expanded its global infrastructure-based FX eBooks to Latin America during the review period, efficiently utilizing liquidity across regions and optimizing pricing for clients.

TBC Bank continued to dominate Georgia’s corporate FX market, registering a 41.1% share in FX operations for business entities.

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.

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.

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.

Capitolis continues to develop innovative technology solutions for institutional clients aimed at enhancing the safety and stability of the FX market as a whole. The company’s flagship product, the Capitolis Novations platform, is the only FX novation platform available and has had a significant impact. By automating the novation process for market participants, including prime brokers, banks and hedge funds, Capitolis has optimized FX options portfolios, reducing risk and capital footprint while driving operational efficiencies for clients.

FairXchange’s mission lies in its name. It aims to create an open and transparent marketplace for all participants. Its independence and trusted, decentralised network mean that it is strongly positioned to facilitate the fair exchange of FX liquidity data.