HSBC, JP Morgan and Morgan Stanley take top spots in FX dealer rankings
US dealers tend to have larger books, but face increased competition from European rivals, according to new analysis
The foreign exchange derivatives world is one of the last truly over-the-counter markets. Billions of dollars in notional volumes are exchanged through privately negotiated deals, with only a tiny portion of the market executed on exchanges.
It means buy-side firms have had to maintain their own rankings of dealers for FX forwards and options, which they use to inform counterparty choice. A lack of broad market data, however, can make it difficult for buy-side firms to know which dealers are
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