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Banco Santander's Latam FX product offering has evolved over the review period, driven by strategic investment and a focus on meeting its client needs. Key developments include expanding the global volatility product to Latin America, particularly Brazil and Mexico, integrating local expertise with global pricing and risk management. This has enabled the launch of new currency options and expanded Latam crosses, offering clients tailored hedging solutions with improved pricing and risk management.

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.

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

UBS has increased its investment and development of leading FX technology builds notably over the past three years, especially since its recent acquisition of Credit Suisse, with a number of significant innovations having been brought to market this year.

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.

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.

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.

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’s acquisition of Credit Suisse boosted its capabilities in the Swiss FX market. Already a dominant player in Switzerland, the deal allowed the bank to offer a comprehensive range of FX services to a larger, more diverse client base. It also enabled it to deepen its expertise, particularly in the Swiss franc market, where client demand for specialized insights is growing.

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.

Tradefeedr has continued the development of its secure unified data API product, enabling the analysis and sharing of trading data at scale with the aim of improving transparency in the FX markets.

TD Bank Group (TD) offers a comprehensive retail foreign exchange service across North America, providing currency rates, payments, and banknote products around the clock through over 2,000 branches. This includes 14 FX centres in Canada, where customers can access over 50 currencies either by pre-order or on-demand.