News Feed Item

Citi Reclaims Top Ranking in Benchmark Euromoney Foreign Exchange Survey

LONDON, UNITED KINGDOM -- (Marketwired) -- 05/09/14 --

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?"


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].

If you are interested in learning more about Euromoney's FXMarketData product, please contact Andrew Mortimer at [email protected].

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
operations aren’t merging to become one discipline. Nor is operations simply going away. Rather, DevOps is leading software development and operations – together with other practices such as security – to collaborate and coexist with less overhead and conflict than in the past. In his session at @DevOpsSummit at 19th Cloud Expo, Gordon Haff, Red Hat Technology Evangelist, will discuss what modern operational practices look like in a world in which applications are more loosely coupled, are deve...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...