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Asset managers are becoming increasingly sophisticated and requiring advanced tools across the trade lifecycle and, during the last year, Bloomberg’s FXGO has evolved in line with the needs of the FX industry.

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.

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.

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.

Over the past year, Barclays has developed its offering for real-money clients, notably through enhancements to the performance of its online FX trading channel BARX, enhancing spot liquidity and boosting algo flexibility. Using client feedback and behaviour analysis, Barclays also broadened and refined its algo suite, which significantly benefits real-money customers. Barclays offers market-leading insights, especially on UK policy and politics, and maintains tight spreads around economic events. Additionally, Barclays led client discussions on T+1 settlement, reinforcing its role as a key thought partner and strengthening client relationships.

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.

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.

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.

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.

FX HedgePool’s evolution over the past five years underscores its commitment to innovation and adaptability. The company’s latest service, X Bridge, builds on its proprietary credit model to offer true all-to-all FX liquidity for all instrument types with a pioneering Algo Store.

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.