|By Marketwired .||
|May 9, 2014 12:01 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 05/09/14 --
- Citi takes top spot for first time since 2002
- Deutsche Bank misses out on achieving 10thconsecutive year at top of survey by narrow margin
- Bank of America Merrill Lynch, BNP Paribas, Standard Chartered and ANZ among biggest risers in top 20
- RBS and Credit Suisse suffer big falls in volume and ranking
Citi has beaten Deutsche Bank, winner for the previous nine years, by a narrow margin to top the overall market-share rankings in Euromoney's 2014 FX survey. The victory heralds a remarkable turnaround in Citi's global foreign exchange business over the past five years.
Citi had dominated the Euromoney survey since its inception in 1976, winning the overall ranking for the first 23 years.
From the turn of the millennium, the US bank started to slip behind the likes of Deutsche, UBS and Barclays, reaching a low point in 2009 of a fifth-place ranking and a market share of just 7.32%. Over the past five years, that volume has more than doubled to 16.04% - enough to reclaim the top spot from Deutsche, whose market share this year was 15.67%.
Barclays narrowly edged out UBS to hold on to third place in the overall rankings, with respective market shares of 10.91% and 10.88%. HSBC remained in fifth place overall with a market share of 7.12%.
The market share of each of the top five banks rose this year, with Citi recording a rise in market share of 1.14 percentage points. In total, the market share of the top five banks was 60.62%, compared to 57.36% last year. It is the first time the combined market share of the top five banks has exceeded 60% since 2009.
Under former head of foreign exchange and local markets Anil Prasad, Citi took businesses with a regional focus and turned them into a global franchise. The bank also invested heavily in technology through its Velocity platform, which helped narrow the gap in e-trading to Deutsche Bank, and built an institutional platform that mirrors Citi's traditional strengths in corporate and retail FX.
Nadir Mahmud, who succeeded Prasad as global head of FXLM when he left Citi earlier this year, said: "Our return to the top of the Euromoney FX Poll is a validation of our continuing effort to better serve our clients by providing them the best pricing, trade execution and advisory services in the industry."
Despite slipping one place in the rankings, Deutsche Bank increased its market share by 0.49 percentage points. The German bank maintained leadership in electronic trading, with a market share of 17.84% to second-placed Citi's 16.94%. Deutsche remains the clear leader in the options market, with a share of more than 18% - more than 7% higher than nearest rivals Citi, Barclays and Bank of America Merrill Lynch.
BofA Merrill was the most improved among the top 10 global FX houses, rising from 10th to seventh place this year. Its market share was 4.38%, up 1.30 percentage points on its 2013 ranking. The US bank is also the biggest gainer in market share from corporate clients over the past five years: its volumes from corporates have risen 151% since 2010, compared with second-ranked Citi's rise by 137%. The bank has combined the previous strengths of Bank of America and Merrill Lynch in corporate and institutional business and is now clearly the biggest challenger to the incumbent top six FX houses.
The leading three Australian banks continue to build market share and rise up the rankings this year. ANZ broke into the top 20 overall and doubled its market share to 0.61%. NAB grew its volumes by 81%, and Westpac by 72%. The next biggest riser by market share, Standard Chartered, grew volumes by 50% and rose from 17th to 14th place in the overall rankings.
In the past three years, the Australian banks have been by far the biggest improvers in the overall rankings, helped by their banks' strong ratings and the growth of business in Asia. NAB has risen 25 places since 2011 to its current ranking of 23rd; ANZ has risen 22 places over the same time to 20th place; and Westpac now ranks 17th, compared with 27th three years ago.
RBS suffered by far the biggest fall in market share, from 5.62% in 2013 to 3.25% this year, falling from seventh to eighth place overall. As recently as 2009, RBS ranked fourth in the survey, with a market share of 8.19%.
The biggest rankings faller in the top 20 was Credit Suisse, which falls four places to 12th, its volumes down 1.63%. Morgan Stanley is the other bank to drop out of the top 10, from ninth to 11th place.
Their places in the top 10 are taken by BNP Paribas, which rises from 12th to ninth place, increasing its market share by 0.58 percentage points; and Goldman Sachs, up one place to 10th overall, despite a decline in volumes of 0.22%.
Thomson Reuters FXall maintains its leadership of the multi-bank and independent platform market share, with 26.04%. The rest of the top three remained unchanged, with FXConnect in second place and 360 Treasury Systems third.
The Euromoney foreign exchange survey, first launched in 1976, remains the key benchmark for the global FX industry.
At a time when the FX markets are under intense scrutiny, the Euromoney FX survey continues to provide unrivalled transparency and insight into the industry's leading players, with all data based on the votes and volumes recorded by banks' clients.
This year, Euromoney registered 14,050 verified votes, accounting for a total volume of $225 trillion.
The results of the survey are published today online at euromoney.com, along with analysis of the results and a detailed report on how the current investigations into alleged malpractice in the FX markets are affecting the industry. In the report, entitled 'Foreign exchange's reign of terror', Euromoney says: "Investigations into allegations of market fixing in foreign exchange are spreading into the very heart of the business. Those running the world's biggest FX houses live in fear of what analysis of hundreds of millions of calls and emails will unearth. Do investigators and regulators risk bringing down the axe on a market that has always provided unrivaled liquidity and ultra-tight pricing for clients?"
FOR MORE INFORMATION:
Access to the full results online at euromoney.com is available only to subscribers. To get access, please call our subscriptions hotline on +44 207 779 8999 or contact Patrick McCullough [email protected].
If you have questions about the process of the Euromoney FX survey, please contact our head of research Tim Moxon at [email protected].
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 26, 2016 12:45 AM EDT Reads: 505
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 26, 2016 12:00 AM EDT Reads: 1,882
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 25, 2016 11:45 PM EDT Reads: 1,068
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 25, 2016 10:45 PM EDT Reads: 2,605
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 25, 2016 10:00 PM EDT Reads: 1,077
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 25, 2016 10:00 PM EDT Reads: 900
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 25, 2016 09:00 PM EDT Reads: 1,777
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 25, 2016 08:30 PM EDT Reads: 1,226
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 25, 2016 08:00 PM EDT Reads: 1,834
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 25, 2016 06:00 PM EDT Reads: 1,894
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 25, 2016 05:00 PM EDT Reads: 1,725
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 PM EDT Reads: 958
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 04:00 PM EDT Reads: 1,201
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 25, 2016 03:45 PM EDT Reads: 2,128
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 25, 2016 02:45 PM EDT Reads: 1,447