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SURVEYS

FOREIGN EXCHANGE SURVEY

Foreign Exchange Survey Results 2022

About the Foreign Exchange Survey

Euromoney’s FX survey continues to be the most comprehensive representation of the wholesale FX consumption universe, a representative sample of FX consumption volumes and an accurate depiction of market shares for FX providers in aggregate.

The re-use/distribution of any of the rankings requires the express permission of Euromoney – please contact insight@euromoney.com if you wish to discuss this further.

To access the detailed rankings/analysis please contact: Sergey Atliyev Head of Sales sergey.atliyev@euromoney.com

For questions related to the survey please contact: Ben Stevens ben.stevens@euromoneyplc.com

To view the Euromoney FX Survey Presentation 2022, please click here.

USE THE BELOW TABS TO NAVIGATE RESULTS

Section

+ Market Share By Product
+ Market Share By Client Type
+ Market Share By Region
+ Best Service Global
+ Best Service By Client Type
+ Best Service By Region
+ Multi dealer platforms
Overall                  
2022 2021             Bank Market Share %
1 3             Deutsche Bank 10.89%
2 2             UBS 9.69%
3 1             JPMorgan 8.67%
4 9             State Street 7.66%
5 4             XTX Markets 7.14%
6 6             Jump Trading 5.60%
7 5             Citi 4.54%
8 13             Bank of New York Mellon 4.30%
9 8             Bank of America 3.73%
10 7             Goldman Sachs 3.65%
11 12             BNP Paribas 3.56%
12 18             Citadel Securities 3.47%
13 11             Morgan Stanley 3.15%
14 10             HSBC 2.51%
15 14             Barclays 2.37%
16 15             Credit Suisse 2.20%
17 16             HCTech 1.99%
18 24             TD Securities 1.14%
19 20             Commerzbank 1.13%
20 19             NatWest 1.08%
21 17             Standard Chartered 1.07%
22 26             Flow Traders 1.06%
23 35             Tower Research Group 0.92%
24 25             MUFG 0.86%
25 28             Jane Street Capital 0.85%
26 22             Nomura 0.71%
27 21             RBC Capital Markets 0.68%
28 50             Sumitomo Mitsui Banking Corporation 0.65%
29 23             Societe Generale 0.46%
30 29             Virtu Financial 0.36%
31 31             ANZ Banking Group 0.30%
32 27             Credit Agricole 0.24%
33 56             Commonwealth Bank 0.23%
34 48             Swissquote 0.17%
35 30             Canadian Imperial Bank of Commerce 0.17%
36 37             National Australia Bank 0.16%
37 38             Geely Financials 0.14%
38 33             Westpac Banking Corporation 0.13%
39 32             Hudson River Trading 0.13%
40 44             Mizuho Financial Group 0.12%
41 148             Britannia 0.11%
42 40             UniCredit 0.10%
43 52             Danske Bank 0.10%
44 41             Zürcher Kantonalbank 0.10%
45 42             Group BPCE 0.09%
46 39             Solid 0.09%
47 36             Bank of Montreal 0.08%
48 46             SBI Group 0.08%
49 61             SEB 0.08%
50 59             ING Group 0.08%
                   
Overall (unadjusted swaps)  
2022 2021             Bank Market Share %
1 1             Deutsche Bank 13.68%
2 3             UBS 9.41%
3 2             JPMorgan 8.11%
4 10             State Street 6.40%
5 5             XTX Markets 5.53%
6 4             Citi 5.09%
7 7             Jump Trading 4.39%
8 21             Commerzbank 3.84%
9 14             Bank of New York Mellon 3.75%
10 6             Goldman Sachs 3.74%
11 8             Bank of America 3.58%
12 9             Barclays 3.52%
13 13             BNP Paribas 3.12%
14 12             Morgan Stanley 3.10%
15 18             Citadel Securities 2.69%
16 11             HSBC 2.56%
17 16             Credit Suisse 1.80%
18 17             HCTech 1.54%
19 19             NatWest 1.31%
20 24             MUFG 1.30%
21 23             TD Securities 1.21%
22 22             Nomura 1.19%
23 15             Standard Chartered 1.16%
24 29             Flow Traders 0.82%
25 39             Tower Research Group 0.71%
26 25             Sumitomo Mitsui Banking Corporation 0.68%
27 30             Jane Street Capital 0.66%
28 20             RBC Capital Markets 0.58%
29 26             Societe Generale 0.42%
30 33             Virtu Financial 0.28%
31 28             Credit Agricole 0.25%
32 35             ANZ Banking Group 0.25%
33 27             OCBC Bank 0.21%
34 59             Commonwealth Bank 0.20%
35 31             Canadian Imperial Bank of Commerce 0.18%
36 45             SBI Group 0.15%
37 57             Swissquote 0.13%
38 34             Westpac Banking Corporation 0.13%
39 40             National Australia Bank 0.12%
40 41             Zürcher Kantonalbank 0.11%
41 43             Geely Financials 0.11%
42 55             Danske Bank 0.11%
43 37             Hudson River Trading 0.10%
44 42             UniCredit 0.10%
45 36             Mizuho Financial Group 0.09%
46 148             Britannia 0.09%
47 32             CIMB 0.09%
48 48             Group BPCE 0.09%
49 61             SEB 0.08%
50 46             Solid 0.07%
                   
Spot/fwd outrights                
2022 2021             Bank Market Share %
1 2             UBS 10.89%
2 3             Deutsche Bank 10.57%
3 4             XTX Markets 9.56%
4 1             JPMorgan 9.38%
5 5             Jump Trading 7.40%
6 10             Bank of New York Mellon 4.69%
7 16             Citadel Securities 4.65%
8 7             Citi 4.13%
9 6             Goldman Sachs 3.86%
10 9             State Street 3.40%
11 8             Bank of America 3.24%
12 15             Credit Suisse 2.75%
13 13             HCTech 2.67%
14 12             Morgan Stanley 2.54%
15 14             BNP Paribas 2.10%
16 17             Barclays 2.04%
17 11             HSBC 1.93%
18 24             Flow Traders 1.42%
19 30             Tower Research Group 1.23%
20 19             Commerzbank 1.21%
                   
Swaps                  
2022 2021             Bank Market Share %
1 3             State Street 20.70%
2 6             Deutsche Bank 11.38%
3 7             BNP Paribas 7.91%
4 4             JPMorgan 6.60%
5 2             UBS 6.04%
6 1             Citi 5.74%
7 5             Bank of America 5.13%
8 9             Morgan Stanley 5.02%
9 8             HSBC 4.29%
10 13             TD Securities 3.68%
11 10             Barclays 3.27%
12 14             Bank of New York Mellon 3.22%
13 11             Goldman Sachs 2.86%
14 12             RBC Capital Markets 1.80%
15 16             NatWest 1.50%
16 15             Standard Chartered 1.35%
17 20             Commerzbank 0.91%
18 33             Commonwealth Bank 0.89%
19 18             Societe Generale 0.78%
20 17             Credit Agricole 0.70%
                   
Swaps (unadjusted swaps)  
2022 2021             Bank Market Share %
1 1             Deutsche Bank 17.79%
2 7             State Street 10.63%
3 23             Commerzbank 7.53%
4 2             UBS 7.34%
5 3             Citi 6.40%
6 4             JPMorgan 6.39%
7 5             Barclays 5.53%
8 8             BNP Paribas 4.50%
9 6             Bank of America 4.02%
10 11             Morgan Stanley 3.90%
11 10             Goldman Sachs 3.51%
12 9             HSBC 3.45%
13 18             Bank of New York Mellon 2.50%
14 16             TD Securities 2.48%
15 15             NatWest 1.84%
16 22             MUFG 1.65%
17 61             Nomura 1.62%
18 12             Standard Chartered 1.42%
19 14             RBC Capital Markets 0.95%
20 25             Credit Suisse 0.50%
                   
Options                  
2022 2021             Bank Market Share %
1 1             Deutsche Bank 30.18%
2 6             UBS 11.49%
3 8             Goldman Sachs 8.84%
4 2             Bank of America 7.41%
5 7             Barclays 7.16%
6 15             NatWest 7.05%
7 9             BNP Paribas 6.13%
8 5             JPMorgan 5.91%
9 4             Citi 5.15%
10 3             Morgan Stanley 2.19%
11 10             HSBC 1.66%
12 12             Standard Chartered 1.12%
13 13             Credit Agricole 1.07%
14 24             RBC Capital Markets 0.62%
15 43             Bank of New York Mellon 0.54%
16 14             Credit Suisse 0.45%
17 11             Societe Generale 0.34%
18 23             UniCredit 0.32%
19 38             ING Group 0.31%
20 16             Zürcher Kantonalbank 0.31%
                   
Overall electronic                
2022 2021             Bank Market Share %
1 3             Deutsche Bank 12.20%
2 2             UBS 11.32%
3 4             XTX Markets 9.09%
4 1             JPMorgan 9.02%
5 5             Jump Trading 7.26%
6 6             Citi 4.62%
7 15             Citadel Securities 4.53%
8 7             Goldman Sachs 3.88%
9 8             Bank of America 3.32%
10 11             BNP Paribas 3.29%
11 9             State Street 3.16%
12 10             HSBC 2.83%
13 16             Barclays 2.74%
14 13             Credit Suisse 2.66%
15 14             HCTech 2.60%
16 12             Morgan Stanley 2.59%
17 25             Flow Traders 1.38%
18 18             Commerzbank 1.37%
19 31             Tower Research Group 1.20%
20 20             NatWest 1.13%
                   
Overall electronic (unadjusted swaps)  
2022 2021             Bank Market Share %
1 1             Deutsche Bank 14.00%
2 3             UBS 10.62%
3 2             JPMorgan 8.85%
4 4             XTX Markets 7.21%
5 6             Jump Trading 5.83%
6 18             Commerzbank 5.02%
7 5             Citi 4.55%
8 9             Barclays 4.05%
9 7             Goldman Sachs 4.05%
10 17             Citadel Securities 3.59%
11 12             BNP Paribas 2.91%
12 10             HSBC 2.88%
13 8             Bank of America 2.83%
14 11             State Street 2.77%
15 13             Morgan Stanley 2.48%
16 14             Credit Suisse 2.17%
17 16             HCTech 2.06%
18 21             MUFG 1.68%
19 20             Nomura 1.54%
20 19             NatWest 1.37%
                   
Electronic spot/fwd outrights  
2022 2021             Bank Market Share %
1 2             UBS 11.69%
2 4             Deutsche Bank 11.32%
3 3             XTX Markets 10.88%
4 1             JPMorgan 9.10%
5 5             Jump Trading 8.57%
6 13             Citadel Securities 5.42%
7 7             Citi 4.07%
8 6             Goldman Sachs 3.68%
9 11             HCTech 3.11%
10 8             Bank of America 3.05%
11 10             Credit Suisse 3.03%
12 14             State Street 2.56%
13 12             Morgan Stanley 2.46%
14 15             BNP Paribas 2.27%
15 17             Barclays 2.24%
16 9             HSBC 2.02%
17 22             Flow Traders 1.65%
18 28             Tower Research Group 1.44%
19 24             Jane Street Capital 1.33%
20 19             Commerzbank 1.29%
                   
Electronic swaps                
2022 2021             Bank Market Share %
1 5             Deutsche Bank 16.45%
2 1             UBS 9.40%
3 4             JPMorgan 8.65%
4 9             BNP Paribas 8.49%
5 2             Citi 7.38%
6 7             HSBC 7.02%
7 3             State Street 6.32%
8 10             Barclays 5.25%
9 8             Goldman Sachs 4.88%
10 6             Bank of America 4.74%
11 12             Morgan Stanley 3.21%
12 14             NatWest 2.39%
13 17             Bank of New York Mellon 2.24%
14 19             Commerzbank 1.76%
15 11             RBC Capital Markets 1.26%
16 15             Credit Agricole 1.21%
17 24             TD Securities 0.96%
18 20             Credit Suisse 0.76%
19 16             Societe Generale 0.75%
20 13             Standard Chartered 0.64%
                   
Electronic swaps (unadjusted swaps)  
2022 2021             Bank Market Share %
1 1             Deutsche Bank 19.19%
2 18             Commerzbank 12.41%
3 2             UBS 8.51%
4 3             JPMorgan 8.38%
5 5             Barclays 7.61%
6 4             Citi 5.48%
7 9             Goldman Sachs 4.76%
8 8             HSBC 4.59%
9 10             BNP Paribas 4.15%
10 7             State Street 3.20%
11 58             Nomura 2.68%
12 16             MUFG 2.63%
13 12             Morgan Stanley 2.50%
14 6             Bank of America 2.40%
15 13             NatWest 2.33%
16 11             Standard Chartered 1.42%
17 20             Bank of New York Mellon 1.38%
18 17             Credit Agricole 0.71%
19 15             RBC Capital Markets 0.63%
20 26             TD Securities 0.52%
                   
Electronic options                
2022 2021             Bank Market Share %
1 1             Deutsche Bank 33.43%
2 6             Citi 9.77%
3 8             BNP Paribas 9.47%
4 2             UBS 9.22%
5 3             JPMorgan 6.95%
6 4             Barclays 5.73%
7 10             Goldman Sachs 5.40%
8 5             Morgan Stanley 5.38%
9 7             Bank of America 5.05%
10 9             NatWest 3.39%
11 11             HSBC 2.82%
12 19             Standard Chartered 1.79%
13 22             UniCredit 0.29%
14 12             Credit Agricole 0.26%
15 27             SEB 0.23%
16 14             Credit Suisse 0.15%
17 17             Banque Cantonale Vaudoise 0.13%
18 15             Societe Generale 0.13%
19 29             ABN Amro 0.12%
20 18             BBVA 0.07%
                   
Emerging market volume                
2022 2021             Bank Market Share %
1 4             XTX Markets 11.59%
2 3             UBS 10.97%
3 2             Deutsche Bank 10.81%
4 1             JPMorgan 6.58%
5 10             State Street 5.81%
6 8             Bank of America 4.54%
7 5             Jump Trading 4.31%
8 11             BNP Paribas 4.18%
9 6             Citi 4.13%
10 9             HSBC 3.94%
11 7             Goldman Sachs 3.80%
12 59             Tower Research Group 2.61%
13 13             Morgan Stanley 2.53%
14 18             Bank of New York Mellon 2.48%
15 12             Barclays 2.10%
16 16             Credit Suisse 2.06%
17 17             Commerzbank 2.03%
18 14             Standard Chartered 2.01%
19 20             Citadel Securities 1.60%
20 33             TD Securities 1.48%
                   
Emerging market volume (unadjusted swaps)  
2022 2021             Bank Market Share %
1 2             Deutsche Bank 10.98%
2 3             UBS 10.23%
3 4             XTX Markets 8.54%
4 1             JPMorgan 6.31%
5 5             Citi 4.86%
6 17             Commerzbank 4.84%
7 6             Barclays 4.71%
8 12             State Street 4.51%
9 9             HSBC 4.45%
10 10             Goldman Sachs 4.28%
11 8             Bank of America 3.67%
12 11             BNP Paribas 3.36%
13 7             Jump Trading 3.18%
14 27             Nomura 3.17%
15 13             Standard Chartered 2.78%
16 22             MUFG 2.48%
17 14             Morgan Stanley 2.16%
18 18             Bank of New York Mellon 2.07%
19 63             Tower Research Group 1.92%
20 16             Credit Suisse 1.54%
                   
Precious metals                
2022 2021             Bank Market Share %
1 -             Deutsche Bank 22.74%
2 -             UBS 16.01%
3 -             XTX Markets 13.17%
4 -             Goldman Sachs 11.81%
5 -             JPMorgan 9.23%
6 -             Jump Trading 7.54%
7 -             Credit Suisse 5.44%
8 -             Flow Traders 2.85%
9 -             Barclays 2.67%
10 -             BNP Paribas 1.59%
11 -             HCTech 1.50%
12 -             Citi 1.28%
13 -             Morgan Stanley 0.83%
14 -             Standard Chartered 0.71%
15 -             Geely Financials 0.55%
16 -             Nomura 0.47%
17 -             Virtu Financial 0.46%
18 -             Solid 0.37%
19 -             HSBC 0.21%
20 -             Citadel Securities 0.21%
Banks                
2022 2021           Bank Market Share %
1 1           Deutsche Bank 19.65%
2 2           UBS 14.46%
3 3           JPMorgan 9.59%
4 6           XTX Markets 9.03%
5 4           Citi 6.83%
6 5           Goldman Sachs 4.02%
7 12           Morgan Stanley 3.60%
8 9           Barclays 3.44%
9 7           BNP Paribas 3.11%
10 8           Bank of America 2.93%
11 16           State Street 2.68%
12 19           Bank of New York Mellon 2.42%
13 10           HSBC 2.29%
14 11           Credit Suisse 2.21%
15 21           NatWest 2.18%
16 15           Citadel Securities 1.60%
17 13           Commerzbank 1.38%
18 17           Standard Chartered 1.03%
19 14           Jump Trading 1.01%
20 20           Societe Generale 0.97%
                 
Non-financial corporates              
2022 2021           Bank Market Share %
1 4           Deutsche Bank 11.03%
2 2           Barclays 8.67%
3 5           UBS 8.27%
4 7           JPMorgan 6.62%
5 1           HSBC 5.94%
6 6           Bank of America 5.00%
7 23           Bank of New York Mellon 4.40%
8 9           BNP Paribas 4.26%
9 3           Citi 4.05%
10 17           NatWest 3.78%
11 8           Goldman Sachs 3.10%
12 20           MUFG 2.98%
13 28           UniCredit 2.88%
14 16           Credit Agricole 2.80%
15 10           Commerzbank 2.78%
16 13           Standard Chartered 2.53%
17 14           Morgan Stanley 2.53%
18 35           Nomura 2.41%
19 15           Societe Generale 1.71%
20 12           State Street 1.57%
                 
FX Trading platforms              
2022 2021           Bank Market Share %
1 5           Deutsche Bank 10.84%
2 2           Jump Trading 10.71%
3 3           XTX Markets 10.61%
4 4           UBS 10.18%
5 1           JPMorgan 8.43%
6 9           Citadel Securities 6.66%
7 7           HCTech 4.71%
8 11           Credit Suisse 3.71%
9 8           Citi 3.12%
10 10           Bank of America 2.86%
11 6           Goldman Sachs 2.66%
12 26           Tower Research Group 2.19%
13 19           Barclays 2.02%
14 18           Commerzbank 2.01%
15 16           BNP Paribas 1.99%
16 21           Flow Traders 1.57%
17 13           State Street 1.49%
18 22           MUFG 1.49%
19 36           Sumitomo Mitsui Banking Corporation 1.49%
20 17           HSBC 1.33%
                 
Leveraged funds              
2022 2021           Bank Market Share %
1 1           JPMorgan 15.61%
2 5           Deutsche Bank 14.21%
3 3           UBS 10.22%
4 15           Bank of New York Mellon 10.20%
5 2           Citi 7.86%
6 4           Bank of America 7.17%
7 8           BNP Paribas 5.78%
8 6           Goldman Sachs 5.60%
9 11           HSBC 4.79%
10 9           Morgan Stanley 3.67%
11 7           State Street 3.59%
12 17           Barclays 3.41%
13 10           XTX Markets 2.45%
14 16           Credit Suisse 1.47%
15 13           NatWest 1.22%
16 20           TD Securities 0.43%
17 12           Standard Chartered 0.41%
18 18           Geely Financials 0.40%
19 24           Nomura 0.36%
20 36           Zürcher Kantonalbank 0.24%
                 
Real Money                
2022 2021           Bank Market Share %
1 2           State Street 32.32%
2 1           Bank of New York Mellon 10.64%
3 7           BNP Paribas 6.44%
4 6           Morgan Stanley 5.74%
5 13           TD Securities 5.60%
6 4           JPMorgan 5.03%
7 3           Citi 4.45%
8 9           HSBC 3.35%
9 5           UBS 3.00%
10 11           RBC Capital Markets 2.98%
11 8           Bank of America 2.60%
12 14           Deutsche Bank 2.55%
13 10           Goldman Sachs 2.14%
14 20           Standard Chartered 1.46%
15 12           Barclays 1.14%
16 31           Commonwealth Bank 1.10%
17 15           Societe Generale 1.00%
18 17           Canadian Imperial Bank of Commerce 0.82%
19 21           National Australia Bank 0.81%
20 16           Credit Agricole 0.72%
Americas        
2022 2021   Bank Market Share %
1 3   State Street 17.41%
2 5   Deutsche Bank 7.99%
3 18   Bank of New York Mellon 7.13%
4 2   UBS 6.55%
5 16   Citadel Securities 6.14%
6 1   JPMorgan 5.76%
7 9   Jump Trading 5.15%
8 8   Morgan Stanley 5.11%
9 12   XTX Markets 4.35%
10 6   Bank of America 4.31%
11 11   HCTech 4.19%
12 10   BNP Paribas 4.04%
13 17   TD Securities 3.14%
14 7   Goldman Sachs 3.02%
15 4   Citi 2.65%
16 13   RBC Capital Markets 1.55%
17 22   Jane Street Capital 1.43%
18 19   Barclays 1.41%
19 14   HSBC 1.32%
20 33   Flow Traders 1.17%
         
Asia Pacific        
2022 2021   Bank Market Share %
1 2   Deutsche Bank 16.01%
2 4   JPMorgan 12.77%
3 1   UBS 11.24%
4 3   Citi 8.14%
5 10   Credit Suisse 5.22%
6 6   Bank of America 4.93%
7 7   Barclays 4.88%
8 12   XTX Markets 4.75%
9 5   HSBC 4.55%
10 9   State Street 3.85%
11 30   Sumitomo Mitsui Banking Corporation 3.67%
12 13   MUFG 3.09%
13 8   Goldman Sachs 2.68%
14 11   Nomura 2.34%
15 14   Standard Chartered 1.90%
16 15   Morgan Stanley 1.79%
17 21   NatWest 1.39%
18 17   Bank of New York Mellon 1.27%
19 16   Commerzbank 1.25%
20 19   BNP Paribas 0.77%