A survey by Greenwich Associates finds:
- Deutsche Bank, UBS, Citi and Barclays are the top four dealers in FX
- Together they captured 46.7% of global top-tier customer trading volume in 2013
- Their aggregate share has grown by 6% since 2012
- In the United States, these four dealers claimed an aggregate market share of close to 53% in 2013 (up from about 42% in 2012).
More:
- one of the main drivers of market consolidation is the increasing use of electronic trading
- Global FX trading volume increased by approximately 14% last year
- Growth was driven largely by an increase in trading activity among financial institutions (+18%), which in turn was powered by a 41% increase in trading volumes generated by retail aggregators
- One trend contributing to the continued growth of electronic trading is the increase in trading volumes in emerging market currencies
Details of the survey:
Greenwich Associates conducted interviews with 5,341 users of foreign exchange globally, of which 3,709 are top-tier accounts, at large corporations and financial institutions on market trends and their relationships with their dealers.
To be considered top tier, a firm must be either a central bank, a government agency, a hedge fund, a fund manager, a FT100 global firm, a firm with reported trading volume of more than $10 billion, or a firm with reported sales of more than $5 billion. Interviews were conducted in North America, Latin America, Europe, Asia, and Japan between September and November 2013.
Greenwich FX survey
Adam, Ryan, Mike and Miles
