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A dominant player in the Omani market, Bank Muscat offers comprehensive FX payment solutions to both corporate and individual clients, facilitating remittances and trade-related payments in 29 currencies.

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.

Over the past 12 months, 4OTC has launched significant initiatives aimed at addressing connectivity issues caused by the fragmented nature of the FX market.

Over the past year, 360T has made significant progress in transforming the FX swaps trading landscape, driven by strategic investments in its Swaps User Network (SUN). One of the most notable advancements was the launch of streaming mid liquidity via application programming interface (API), enabling banks to trade FX swaps at the market midpoint through automated processes – an industry first, paving the way for auto-hedging, aggregation and even algorithmic execution. The introduction of this feature has enhanced banks' ability to better serve their clients while also improving their own trading operations.

TBC Bank continued to dominate Georgia’s corporate FX market, registering a 41.1% share in FX operations for business entities.

Over the last year, LCH ForexClear has launched initiatives aimed at safeguarding clearing members’ interests and supporting general market and financial stability through its operations.

TD Securities has implemented comprehensive global and regional diversity, equity, and inclusion (DEI) strategies across the business, with the FX team ensuring that it also has a targeted approach.

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.

Software as a service (SaaS)-based treasury and risk management solutions provider GTreasury had a successful year, marked by a proactive focus on driving operational efficiency, cost savings and enhanced risk management for corporates through its comprehensive FX management solutions.

Banco Santander has seen the expansion and success of its FX business extend into Argentina over the review period. Significant developments include its developing non-deliverable forwards (NDF) currency solutions, enabling clients to trade Latam currencies offshore while maintaining onshore delivery. This expansion is driven by growing trade corridors between Asia and Latam and currency rebalancing trends.

SmartTrade Technologies' order management system (OMS) has been adopted by 80% of its 70+ clients, showcasing strong market confidence in its offering. During the review period, smartTrade introduced several strategic enhancements to its OMS. Its continuous product innovation to further enhance trading efficiency has been the main source of new client acquisitions over the past year.

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.