The results of Greenwich Associates annual Global Foreign Exchange Services Study show Deutsche Bank topping all competitors with a 10.7% market share in global FX trading. Citi, UBS and Barclays are in a statistical tie for second place with market shares of around 10%, followed by HSBC and J.P. Morgan, which are tied at 7.0%. These banks are the 2013 Greenwich Share Leaders in Global Top-Tier Foreign Exchange.
“The research results show that the top three dealers – Citi, Deutsche Bank and UBS – demonstrated the most momentum in FX trading last year with meaningful gains in market share,” says Greenwich Associates consultant Woody Canaday. “UBS gained market share, especially among financials and partially as a result of its strong electronic trading capabilities. Notably, Bank of America Merrill Lynch added share among both corporate and financial FX users.”
Citi Leads Among Corporates While Deutsche Bank leads all top-tier banks in global market share, Citi takes the title of 2013 Greenwich Quality Leader in Global Top-Tier Foreign Exchange Service. Greenwich Quality Leaders are firms that receive quality ratings from corporate and financial clients that top those awarded to competitors by a statistically significant margin. Citi’s performance at the global level is driven by its near-dominant position among corporate FX users. Among top-tier corporates, Citi leads all dealers with a market share of 10.1%, followed by HSBC at 8.4%, Deutsche Bank and J.P. Morgan, which are in a statistical tie with market shares of 7.8% and 7.5%, and Barclays and RBS, which are tied at 6.0% and 5.9% respectfully. These banks are the 2013 Greenwich Share Leaders in Global Top-Tier Corporates Foreign Exchange. Citi also claims the title of the 2013 Greenwich Quality Leader in Global Top-Tier Corporates Foreign Exchange Service.
Deutsche Bank and UBS Top Market Among Financials Among top-tier financials, Deutsche Bank and UBS finished the year in a statistical tie for first place with market shares of 11.3 and 11.0%, followed by Citi and Barclays at 10.1% and HSBC and J.P. Morgan at 6.9% and 6.8%. These banks are the 2013 Greenwich Share Leaders in Global Top-Tier Financials Foreign Exchange. Deutsche Bank is the 2013 Greenwich Quality Leader in Global Top-Tier Financials Foreign Exchange Service..
A Global Market Requires Global Capabilities The strength of the world’s leading FX dealers can be attributed in large part to the breadth of their capabilities around the world. For example, while UBS and Deutsche Bank enjoy a commanding lead in the European FX market with market shares of 11.2% and 11.1%, U.S.-based Citi ties with Barclays for the next position with a market share of 9.4%.
In the United States, UBS sits in a statistical tie with Citi for the market lead with market shares of 11.5% and 11.1%, with Deutsche Bank holding the next slot at 10.3%.
In Asia, Barclays and Citi are tied for second place behind only HSBC, which maintains a dominant market share of 13.5%.
Deutsche Bank’s 13.6% market share in Japan makes the bank the clear leader in that market, followed by Barclays, UBS and Citi. These banks are all 2013 Greenwich Share Leaders in Foreign Exchange in these respective markets.