Euromoney has released its annual foreign exchange (forex) survey for 2020, revealing who is on top in terms of market share, which company has the highest customer satisfaction and more.
The FX 2020 survey from Euromey is the 42nd annual survey of liquidity consumption within the global FX markets. According to the results, JPMorgan has retained its leading position in terms of volume for the third consecutive year, with a 10.78 per cent market share.
UBS, which had the 5th largest market share in 2019, has taken out the second spot in the 2020 survey, with 8.13 per cent market share. In third place is XTX Markets with 7.58 per cent share and Deutsche Bank in fourth place with 7.38 per cent.
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In terms of customer satisfaction (CSAT) rankings, State Street has returned to the top of the market. However, in terms of market share, the American financial services company was in ninth place with 4.61 per cent of the market.
Euromoney: Refinitiv tops market share for multi-dealer platform
Unsurprisingly, Refinitiv has come out in first place for the multi-dealer platform volume ranking. Furthermore, the company has also taken out gold in terms of customer satisfaction for these platforms, the Euromoney survey shows.
In the 2019 FX survey, Citi was ranked as third for global market share. In 2020, however, the bank’s ranking has slipped down to fifth place at 5.50 per cent. Nonetheless, the company did win “Ability in EM Currencies (Combined)”, which is a new set of categories in the CSAT element.
“The Euromoney Foreign Exchange Survey is the most comprehensive quantitative and qualitative annual study available on the FX markets. The 2020 Euromoney FX Survey was the 42nd annual survey of liquidity consumption within the global FX markets conducted by Euromoney,” Euromoney said in a statement on its website last week.
For the 2020 survey published on the 25th of June, Euromoney received 1,596 valid responses from consumers of FX liquidity. These responses represent a total FX consumption of $104.2 trillion in the calendar year 2019. Total response excluding short-dated swaps was 1,585, which equals a total FX consumption of $80.53 trillion.