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Over the past year, Digitec has cemented its position as the global standard for FX swaps and non-deliverable forwards (NDFs) through embracing technological innovation.

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.

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.

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.

Deutsche Börse Group’s Eurex is the European hub of the global derivatives market, offering a combination of listed FX alongside a deepening connection to over-the-counter (OTC) FX markets. Eurex’s FX infrastructure is designed to allow market participants to adapt to regulatory mandates, minimizing the cost of trading while allowing clients to more effectively transition between listed and OTC formats.

TD Bank Group’s (TD) global presence includes TD Securities (TDS), which has strong wholesale relationships with pension funds, asset managers, insurers and corporates, along with a strong retail and wealth FX business, and consistently ranks number one or two in market share for Canada. TDS’s e-FX team has made significant strides in enhancing the bank's data and analytics capabilities in Canada, especially in the area of market microstructure.

NatWest Markets (NWM) is a UK franchise offering a leading range of FX services to both its local and global client bases.

Stanbic Bank Kenya’s strategic initiatives highlight its ability to blend technological advancements with tailored financial solutions, addressing complex market needs while enhancing client autonomy. The bank’s contributions to major corporate transactions further highlight its pivotal position in shaping the financial landscape in Kenya.

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.

Euronext FX has focused on enhancing client service through innovative strategies and solutions, resulting in improved satisfaction, engagement and operational efficiency.

During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.

Deutsche Bank has continued to deliver solid growth in its western Europe FX business as demonstrated by the rapid adoption of its new offerings among the European client base.