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Euromoney Foreign Exchange
Survey 2018
40th Anniversary
Contents
• Market Share Trends
• Customer Satisfaction Rankings
• Market Share Rankings
All logos are © 2018 Euromoney
Vote Count & Total Volumes
Euromoney Data 3
Euromoney received a total of 1792 validated responses
This year, short-term swaps volume was not counted toward the ranking
The volume when adjusted to remove short-term swaps, came to $46.9
trillion
Global Headline Volume
Euromoney Data 4
2018 ($US Tns) 56.8% 42.6% 0.6% 11.2% 64.3% 26.0%
2017 ($US Tns) 51.3% 47.8% 0.9% 9.1% 63.9% 31.0%
* This year-over-year comparison is based on unadjusted volumes for both years, which total $93 trillion for 2017 and $63.5 trillion for 2018. The official rankings are based
on volumes adjusted to remove short-term swaps.
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
Spot Swap* Options EM E-FX MDP
Market Share by Product(2018 vs. 2017)
Overall Electronic Market Share Development
Euromoney Data 5
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2014 2015 2016 2017 2018
E Overall All SWAP E Overall Adjusted SWAP
Global Headline Volume
Euromoney Data 6
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Bank Corporate FX Trading Platforms Leveraged Funds Real Money
Market Share by Client Type(2018 vs. 2017)
Client Type Composition
Euromoney Data 7
40%
38% 37% 36% 36% 35%31% 31% 29%
16%
17%18% 18% 19% 19% 27% 27%
23%
4%
6% 9%14%
15% 17%
19%18% 27%
10%
12%13%
13%12%
12%
12%13%
10%
18%
22%20%
17% 16% 15%
10% 11% 9%
0%3% 3% 2% 2% 2% 0.4% 1% 2%
2010 2011 2012 2013 2014 2015 2016 2017 2018
Bank
Real money
FX trading
platforms
Non-financial
corporations
Leveraged
funds
HFT
Historic Overall Market Share
Euromoney Data 8
6.4 6.4 6.6 6.15.6
7.78.8
10.3
11.310.6 10.5
10.110.9
7.3
8.8
7.6
18.1
15.7
14.6
15.215.7
14.5
7.9
5.7
2.33.0
2.4
3.1
4.4
6.26.4
6.7
7.7
8.9
12.3
14.9
16.0 16.1
12.9
10.7
2010 2011 2012 2013 2014 2015 2016 2017
JPMorgan UBS Deutsche Bank BAML Citi
2018
JPMorgan
?Citi
UBS
Deutsche
Bank
BAML
Contents
• Market Share Trends
• Customer Satisfaction Rankings
• Market Share Rankings
Customer Satisfaction Rankings
Customer Satisfaction (CSAT) Rankings - Methodology
Euromoney Data 11
Algorithmic Trading Research Salesforce Service
Algorithm Provision Flow ResearchQuality of Salesforce
Coverage - AsiaBreadth of Product
Coverage
Pre- and post TCA Quantitative ResearchQuality of Salesforce
Coverage - EMEAAbility to Deal in Size
Breadth of FX Crosses Offered Technical Research
Quality of Salesforce Coverage - Americas
Provision of Risk Management Strategies
Execution InsightGlobal Coordination of
CoverageConnectivity to Prime
Broker
Provision of Balance Sheet / Lending Facilities
Trader Quality
24/7 Execution Capability
Not importantSomewhatimportant
Very important Essential N/A
Respondents are asked to indicate the importance they attribute to 18 standard services offered by their FX counterparties:
They classify the importance of each priority on this scale:
After selecting their counterparties, respondents have the opportunity to grade them on their execution of these priorities on this scale:
Unsatisfactory Improvement
neededMeets
expectationsExceeds
expectationsExceptional
The net percentage of satisfied customers (“Exceeds expectations” + “Exceptional” minus “Unsatisfactory” + “Improvement needed” is calculated to determine the official Customer Satisfaction (CSAT) rankings.
Global CSAT – Algorithmic Trading
Euromoney Data 12
2018 Liquidity Provider CSAT
1 XTX Markets 44.7%
2 State Street 40.1%
3 Goldman Sachs 39.5%
4 BAML 38.5%
5 Citi 38.5%
6 Standard Chartered 38.3%
7 JPMorgan 33.8%
8 Deutsche Bank 33.3%
9 UBS 32.7%
10 Morgan Stanley 32.4%
Global CSAT – Research
Euromoney Data 13
2018 Liquidity Provider CSAT
1 State Street 54.1%
2 Standard Chartered 39.9%
3 BAML 39.2%
4 Goldman Sachs 37.3%
5 JPMorgan 34.9%
6 Morgan Stanley 34.0%
7 Commerzbank 33.7%
8 Citi 33.3%
9 Societe Generale 33.1%
10 HSBC 29.0%
Global CSAT – Salesforce
Euromoney Data 14
2018 Liquidity Provider CSAT
1 XTX Markets 66.2%
2 State Street 60.3%
3 Standard Chartered 50.8%
4 BAML 48.7%
5 Societe Generale 42.4%
6 Goldman Sachs 41.2%
7 JPMorgan 39.4%
8 Citi 35.5%
9 UBS 34.4%
10 Barclays 33.2%
Global CSAT – Service
Euromoney Data 15
2018 Liquidity Provider CSAT
1 State Street 58.3%
2 XTX Markets 58.3%
3 BAML 47.3%
4 Standard Chartered 46.1%
5 JPMorgan 42.2%
6 Societe Generale 41.8%
7 Goldman Sachs 41.3%
8 UBS 39.2%
9 Deutsche Bank 37.7%
10 Citi 36.2%
Global CSAT – Overall
Euromoney Data 16
2018 Liquidity Provider CSAT
1 State Street 55.42%
2 BAML 45.02%
3 Standard Chartered 44.96%
4 Goldman Sachs 40.40%
5 JPMorgan 39.09%
6 Societe Generale 38.80%
7 Citi 35.77%
8 UBS 35.19%
9 Deutsche Bank 34.07%
10 Barclays 32.45%
Global CSAT – Banks Salesforce
Euromoney Data 17
2018 Liquidity Provider CSAT
1 JPMorgan 54.2%
2 Standard Chartered 53.0%
3 State Street 50.7%
Global CSAT – Real Money Research
2018 Liquidity Provider CSAT
1 Bank of America Merrill Lynch 62.1%
2 State Street 57.4%
3 Citi 49.2%
Market Outlook – Customers looking to move
Euromoney Data 18
Not Looking53.90%
Now3.80%
Next 3 Months11.70%
Next 6 Months9.10%
Next 12 Months21.50%
We asked respondents: When will you be conducting a review of your panel of FX Providers?
The percentage looking to review providers increased from 38% in 2017 to 46%
Market Outlook – FX Providers Under Review
Euromoney Data 19
Liquidity Provider
Percentage of clients putting LP under review
XXXX 33%
XXXXXXXXXXXXXXXX 19%
XXXXXXXXXXXXXXXXXX 17%
XXXX 16%
XXXXXXXX XXXX 15%
XXXXX XXXXXX 14%
XXXX 14%
XXX XXXXXXX 14%
XXXX 13%
XXXXXXXX 13%
Definitely not Probably not Possibly Very probably Definitely
We asked respondents about their counterparties: How likely are you to put the following institutions
under review?
We can provide this percentage, including the types of locations of these customers and in some cases
their names (when they have agreed to disclose this information).
This is a redacted list of the top 10 firms ranked by the percentage of customers to “very probably” or
“definitely” put them under review.
Contents
• Market Share Trends
• Customer Satisfaction Rankings
• Market Share Rankings
Market Share Rankings
Market Share – Banks
Euromoney Data 22
2018 2017Liquidity
Provider
Market Share
2018
1 2 JPMorgan 15.99%
2 4 UBS 10.82%
3 3 Deutsche Bank 8.85%
4 5 BAML 8.09%
5 1 Citi 6.48%
6 11 Goldman Sachs 6.34%
7 7 Standard Chartered 5.17%
8 8 HSBC 4.80%
9 16 XTX Markets 4.64%
10 6 Barclays 3.73%
Market Share – FX Trading Platforms
Euromoney Data 23
2018 2017Liquidity
Provider
Market Share
2018
1 1 XTX Markets 18.49%
2 2 JPMorgan 10.84%
3 - HCTech 9.61%
4 8 Jump Trading 7.03%
5 4 UBS 6.63%
6 6 Goldman Sachs 5.89%
7 5 Deutsche Bank 5.53%
8 12 BAML 4.45%
9 9 HSBC 4.26%
10 18 BNP Paribas 3.34%
Market Share – Non-Financial Corporations
Euromoney Data 24
2018 2017Liquidity
Provider
Market Share
2018
1 2 HSBC 12.48%
2 5 JPMorgan 9.69%
3 6 Societe Generale 9.20%
4 1 Citi 8.09%
5 3 BAML 6.47%
6 11 Barclays 6.44%
7 7 Deutsche Bank 5.56%
8 8 Credit Agricole 5.11%
9 12 BNP Paribas 5.04%
10 4 Standard Chartered 5.03%
Market Share – Leveraged Funds
Euromoney Data 25
2018 2017Liquidity
Provider
Market Share
2018
1 1 JPMorgan 14.77%
2 3 BAML 11.05%
3 5 State Street 9.44%
4 2 UBS 9.39%
5 8 Standard Chartered 8.40%
6 7 Barclays 6.58%
7 4 Citi 5.04%
8 6 Goldman Sachs 4.75%
9 10 Deutsche Bank 4.37%
10 33 XTX Markets 4.30%
Market Share – Real Money
Euromoney Data 26
2018 2017Liquidity
Provider
Market Share
2018
1 5 State Street 13.75%
2 2 UBS 9.73%
3 1 Citi 9.49%
4 7 HSBC 7.55%
5 3 JPMorgan 7.47%
6 6 Goldman Sachs 5.78%
7 4 BAML 4.68%
8 8 BNP Paribas 4.00%
9 9 Barclays 3.84%
10 10 Morgan Stanley 3.29%
Market Share – Spot/Forward
Euromoney Data 27
2018 2017Liquidity
Provider
Market Share
2018
1 1 JPMorgan 13.35%
2 4 XTX Markets 9.55%
3 5 UBS 6.89%
4 3 BAML 6.77%
5 7 Goldman Sachs 6.03%
6 2 Citi 5.84%
7 6 Deutsche Bank 5.56%
8 8 HSBC 5.23%
9 10 Standard Chartered 4.20%
10 - HCTech 3.96%
Market Share – Swaps (adjusted)
Euromoney Data 28
2018 2017Liquidity
Provider
Market Share
2018
1 3 UBS 12.99%
2 10 State Street 8.06%
3 2 JPMorgan 7.91%
4 1 Citi 7.18%
5 7 HSBC 6.73%
6 13 Societe Generale 5.46%
7 8 Standard Chartered 5.32%
8 6 Barclays 5.30%
9 5 Deutsche Bank 4.79%
10 11 Goldman Sachs 3.78%
Market Share – Options
Euromoney Data 29
2018 2017Liquidity
Provider
Market Share
2018
1 2 BAML 19.17%
2 5 JPMorgan 10.57%
3 6 Standard Chartered 9.53%
4 4 Citi 8.56%
5 5 UBS 7.82%
6 11 HSBC 7.40%
7 4 Deutsche Bank 7.29%
8 8 Societe Generale 5.40%
9 1 Goldman Sachs 5.23%
10 10 BNP Paribas 4.29%
Market Share – Emerging Market Currencies
Euromoney Data 30
2018 2017Liquidity
Provider
Market Share
2018
1 1 Standard Chartered 10.42%
2 2 JPMorgan 9.41%
3 4 XTX Markets 8.88%
4 6 HSBC 7.06%
5 3 Citi 6.73%
6 5 Deutsche Bank 6.48%
7 8 UBS 6.23%
8 7 BAML 5.23%
9 11 State Street 5.01%
10 10 Goldman Sachs 4.59%
Market Share – Overall Electronic
Euromoney Data 31
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
1 1 JPMorgan 14.26% 11.42%
2 2 XTX Markets 11.31% 5.10%
3 3 BAML 6.57% 7.87%
4 4 UBS 6.52% 5.47%
5 6 Goldman Sachs 6.19% 4.62%
6 7 Deutsche Bank 5.46% 11.42%
7 5 Citi 5.25% 6.01%
8 8 HSBC 5.02% 4.48%
9 - HCTech 4.71% -
10 9 Barclays 3.69% 4.78%
Market Share – Multi-Dealer Platforms
Euromoney Data 32
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
1 1 Thomson Reuters 35.38% 39.36%
2 2 FX Connect 19.08% 26.05%
3 4 360T 9.99% 10.97%
4 3 Bloomberg 8.60% 14.45%
5 8 CBOE FX 6.74% 0.84%
6 7 NEX 5.28% 1.10%
7 5 Integral - FX Inside 2.83% 3.25%
8 6 Currenex 2.73% 2.97%
9 10 Gain GTX 2.22% 0.21%
10 - LMAX 1.95% -
Overall Market Share 30 – 21
Euromoney Data 33
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
21 18 Credit Agricole 1.09% 1.24%
22 17 Nomura 1.08% 1.28%
23 20 RBC Capital Markets 0.96% 1.04%
24 27Westpac Banking
Corporation0.60% 0.61%
25 25 MUFG Bank 0.57% 0.75%
26 26 SMBC 0.56% 0.63%
27 23 Alfa Bank 0.52% 0.97%
28 32 TD Securities 0.48% 0.52%
29 35National Australia
Bank0.47% 0.44%
30 22 ANZ Banking Group 0.45% 0.98%
Overall Market Share 20 – 11
Euromoney Data 34
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
11 7 Barclays 4.09% 4.69%
12 10 BNP Paribas 3.31% 3.73%
13 - HCTech 3.05% -
14 24 Jump Trading 2.38% 0.80%
15 14 Societe Generale 2.19% 2.33%
16 15 Morgan Stanley 2.16% 2.21%
17 19 Commerzbank 1.78% 1.05%
18 16 Credit Suisse 1.68% 1.64%
19 13 NatWest 1.48% 2.97%
20 21 Citadel Securities 1.19% 1.02%
Overall Market Share 10th Place
Euromoney Data 35
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
10 11 State Street 4.37% 3.36%
Overall Market Share 9th Place
Euromoney Data 36
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
9 9Standard Chartered
4.49% 4.26%
Overall Market Share 8th Place
Euromoney Data 37
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
8 5 Deutsche Bank 5.41% 5.68%
Overall Market Share 7th Place
Euromoney Data 38
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
7 8 Goldman Sachs 5.53% 4.43%
Overall Market Share 6th Place
Euromoney Data 39
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
6 6 HSBC 5.58% 4.99%
Overall Market Share 5th Place
Euromoney Data 40
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
5 1 Citi 6.16% 10.74%
Overall Market Share 4th Place
Euromoney Data 41
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
4 4 BAML 6.20% 6.73%
Overall Market Share 3rd Place
Euromoney Data 42
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
3 12 XTX Markets 7.36% 3.29%
Overall Market Share 2nd Place
Euromoney Data 43
2018 2017Liquidity
Provider
Market
Share 2018
Market
Share 2017
2 3 UBS 8.25% 7.56%
Overall Market Share 1st Place
Euromoney Data 44
2018 2017Liquidity
Provider
Market Share
2018
Market Share
2017
1 2 JPMorgan 12.13% 10.34%
Overall Volume vs. CSAT
Euromoney Data 45
Volume Rank Liquidity Provider CSAT Rank
1 JPMorgan 5
2 UBS 8
3 XTX Markets -
4 Bank of America Merrill Lynch 2
5 Citi 7
6 HSBC 13
7 Goldman Sachs 4
8 Deutsche Bank 9
9 Standard Chartered 3
10 State Street 1
Volume vs. CSAT Matrix
Euromoney Data 46
JPMorgan
UBS
BAML
Citi
HSBC
Goldman Sachs
Deutsche Bank Standard Chartered
State Street
$0
$1,000,000,000,000
$2,000,000,000,000
$3,000,000,000,000
$4,000,000,000,000
$5,000,000,000,000
$6,000,000,000,000
20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00% 55.00% 60.00%
Vo
lum
e
Net Customer Satisfaction
Customer Satisfaction Rankings - Methodology
Euromoney Data 47
Algorithmic Trading Research Salesforce Service
Algorithm Provision Flow ResearchQuality of Salesforce
Coverage - AsiaBreadth of Product
Coverage
Pre- and post TCA Quantitative ResearchQuality of Salesforce
Coverage - EMEAAbility to Deal in Size
Breadth of FX Crosses Offered Technical Research
Quality of Salesforce Coverage - Americas
Provision of Risk Management Strategies
Execution InsightGlobal Coordination of
CoverageConnectivity to Prime
Broker
Provision of Balance Sheet / Lending Facilities
Trader Quality
24/7 Execution Capability
Not importantSomewhatimportant
Very important Essential N/A
Respondents are asked to indicate the importance they attribute to 18 standard services offered by their FX counterparties:
They classify the importance of each priority on this scale:
After selecting their counterparties, respondents have the opportunity to grade them on their execution of these priorities on this scale:
Unsatisfactory Improvement
neededMeets
expectationsExceeds
expectationsExceptional
The net percentage of satisfied customers (“Exceeds expectations” + “Exceptional” minus “Unsatisfactory” + “Improvement needed” is calculated to determine the official Customer Satisfaction (CSAT) rankings.
Euromoney Foreign Exchange
Survey 2018
40th Anniversary