Winners of the FX Week 2019 Best Banks Awards
The awards acknowledge excellence in foreign exchange
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FX Week is delighted to announce the winners of the FX Week 2019 Best Banks Awards, which were presented on November 20 at a reception at the Royal Lancaster in London, following the FX Week Europe conference. We would like to congratulate all of the winners on their achievements.
As we approach the end of 2019, whether you’re a bank, investor, corporate, technology vendor or platform provider, there is a sense that foreign exchange is entering a new epoch of technological innovation, geopolitical uncertainty and regulatory scrutiny.
The market is booming. Overall trading volumes in FX markets rose to a global daily average of $6.6 trillion this year, up 30% on the $5.1 trillion reported in 2016 by the Bank for International Settlements.
But with that uptick in business comes new issues as the industry continues to feel the impact of regulation. The world of FX is already adapting to the new era ushered in by the FX Global Code, as well as regulations such as the second Markets in Financial Instruments Directive.
In addition this year, providers of FX prime brokerage services have voiced concerns that the non-cleared margin regime will raise costs for their services through the mandatory posting of initial margin to both clients and executing brokers, possibly driving trades into the cleared environment.
Looking ahead, the possible inclusion of spot FX contracts within the scope of the Market Abuse Regulation is set to be problematic to monitor and could overlap with the Code.
Meanwhile, FX is dealing with a rapidly evolving market structure in both execution and post-trade processes. Differentiation among dealers is being measured in terms of their electronic trading capabilities and the development of algorithms. At the front end of the business, clients are increasingly turning to algo execution in a meaningful way after years of slow adoption.
Customers have also been getting more from their banks this year than ever before, in terms of technology and services on top of execution and liquidity. Buy-side clients in particular are seeking deeper relationships with core liquidity providers in terms of workflow and best execution. And there is increasing penetration of blockchain technology in the form of distributed ledgers.
All this is set against a backdrop of FX volatility remaining relatively subdued, despite political tensions, the continued rise of populist parties in Europe, and a trade war testing the world’s two largest economies of China and the US. Meanwhile, there are signs of a slowdown in global growth, further central bank easing efforts and, at last, an end in sight to Brexit – or at least to this first, initial phase of Brexit.
So, there has been much for the industry to contend with and currency markets will no doubt offer up more challenges in 2020.
The winners of this year’s FX Week Best Banks Awards:
(click on the links to read the interviews with the winners)
Best bank overall for FX
Best bank for FX for banks
JP Morgan
Best bank for FX for corporates
Best bank for FX for investors
JP Morgan
Best bank for spot FX
JP Morgan
Best bank for FX forwards
Citi
Best bank for currency options
Citi
Best bank for FX structured products
Citi
Best bank for prime brokerage
JP Morgan
Best bank for FX in London
JP Morgan
Best bank for FX in North America
JP Morgan
Best bank for FX in the eurozone
Best bank for FX in Asia-Pacific
Best bank for EUR/USD
Citi
Best bank for USD/JPY
Citi
Best bank for EUR/JPY
Citi
Best bank for GBP/USD
Best bank for EUR/GBP
HSBC
Best bank for Swiss franc
Best bank for Australian dollar
Best bank for Canadian dollar
Bank of Montreal
Best bank for South African rand
Best bank for African currencies, excluding ZAR
Standard Bank
Best bank for Scandinavian currencies
Best bank for emerging Emea currencies
HSBC
Best bank for emerging Asian currencies
HSBC
Best bank for emerging LatAm currencies
Best bank for renminbi
HSBC
Best broker for spot FX
Best broker for forward FX
Refinitiv
Best broker for currency options
BGC
Best broker for emerging markets FX
BGC
Best prime-of prime house
Best bank for FX research and strategy
Citi
Best bank for post-trade services
Best bank for e-trading
JP Morgan
Best professional e-trading venue
Best vendor for risk management/options pricing software
Best vendor for dealing technology
360T
Best FX clearing house
Best market data provider for FX
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