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BBVA has maintained a strong presence in the Peruvian FX market, holding a leading role for the past six years.

UBS has continued to evolve the FX offering on its UBS Neo platform over the past four years, with the bank making significant strategic investments in the last 12 months that further refine the offering.

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.

Euronext FX made significant progress to its product offering following the recent establishment of its dedicated product team. Spearheaded by a global head of product, the focus was on ensuring client feedback is promptly addressed and that the platform continues to develop, retaining and expanding its user base.

With a robust historical foundation as a key bank for the German Mittelstand – firms which collectively account for the largest share of the country's economic output – and a core partner for institutional clients, Commerzbank has leveraged its deep client relationships to drive advancements in providing FX services to its established client base in Germany.

In just five years, FX HedgePool has swiftly transformed from a single-product provider to a multi-service platform, serving over 40 major financial institutions worldwide. This growth is driven by a robust emphasis on research and development, with two major product releases each month that keep its offerings aligned with the evolving market demands.

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.

TD Securities (TDS) places client services at the heart of its FX data management strategy. The bank aims to provide a personalized, comprehensive service, transforming client data into actionable insights that enhance its FX offerings. By leveraging advanced forecasting models, trading signals and FX portfolios, it aims to empower clients with the strategies needed to navigate the complexities of the global FX market.

During the second quarter of 2024, 360T averaged €142 billion per day in trading volumes, with the largest portion of that being FX swaps trading. The company specializes in FX swaps trading across three areas – for the buyside, the 360T execution management system (EMS) streamlines trading with customizable automation tools and embedded data feeds for best execution.

Banco Popular Dominicano (BPD) is the largest private bank in the Dominican Republic, recognized as a leader in the FX market with a 21% market share of USD/DOP transactions as of May 2024. During the review period, the bank has seen significant growth in FX derivatives, particularly in non-deliverable forwards (NDFs) for the USD/DOP pair, driven by increasing demand from its clients seeking to hedge their FX positions. BPD offers both NDFs and full-delivery forwards of up to 180 days in USD/DOP and EUR/USD, catering to large corporate clients, including those in the beverage and manufacturing industries.

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.