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This is a guest article by Vinay Trivedi, chief operating officer, sell-side solutions, SGX FX.

The role of corporate treasurers is evolving into a strategic function, driven by internal and external factors. Internally, treasurers are facing increased demands from the C-suite and business leaders. Externally, they must navigate rapid changes in real-time payments, complex liquidity and cash-management needs.

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.

As HSBC retrenches from domestic business on the continent, BNP Paribas steps up its ambition in Europe’s biggest economy – focusing largely on the family-owned Mittelstand.

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.

UBS has built a formidable reputation as a key liquidity provider across institutional, retail, corporate and wealth management domains, leveraging its expansive market liquidity, product scale and global distribution network.

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.

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.

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.

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

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.

LMAX Exchange stood out from competitors thanks to its unique approach and cutting-edge technology. It services a global FX customer base of funds, banks, brokerages, asset managers and proprietary trading firms through the provision of an anonymised, regulated and rules-based trading environment with strict price and time priority order execution at ultra-low latency.