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.

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

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.

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.

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.

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.

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.

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.

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.