Wednesday, April 18, 2018 Stamford, CT USA — Throughout 2017, the least volatile year in recent memory, banks around the world invested heavily in their FX businesses. These banks were working to keep up with Citi and J.P. Morgan, which, among top-tier accounts, have established themselves firmly atop the list of 2018 Greenwich Share Leaders in Global FX.
These two banks have successfully leveraged their extensive global networks and best-in-class technology platforms to build a lead over the rest of the market, including major competitors like UBS and Deutsche Bank, which tie for third place in the list of 2018 Greenwich Share Leaders, and Goldman Sachs, HSBC and Bank of America Merrill Lynch, which tie for fifth.
Citi and J.P. Morgan claim the title of 2018 Greenwich Quality Leaders in Global FX Service Quality. The same two banks are 2018 Quality Leaders in Global FX Trading, while Bank of America Merrill Lynch is the 2018 Quality Leader in Global FX Sales.
“2017 was a year that saw several banks make strategic investments in FX, particularly in e-trading, to prepare for the expected rebound in the business,” says Greenwich Associates Managing Director James Borger.
Right People + Right Technology
For the past decade, banks have built out e-trading capabilities to capture their share of the growing percentage of FX trades being executed electronically. Today, technology permeates the entire business. While individual banks might have strengths in either high-touch sales or e-trading, the two channels are becoming increasingly interconnected. One example: J.P. Morgan, which traditionally excelled in electronic trading, and now ranks near the top of the industry in sales coverage quality.
“Some banks have the right people, but not the right technology,” says Greenwich Associates consultant Satnam Sohal. “A strong technology platform helps free up sales traders, who can then spend less time on operational issues and more time with clients.”
Click here for the full Greenwich Report and list of 2018 Greenwich Share and Quality Leaders.