FXWeek Best Bank awards – some thoughts

FXWeek today released the results of their 2011 FX Week Best Bank Awards (password required).

Summary of top 11 FXWeek ranking contrasted with the EuroMoney FX Poll ranking here.

It’s almost no longer a surprise to see the ‘Mighty’ Deutsche Bank retaining poll position. But of course, we know it takes huge committment, focus and deep expertise and understanding of the complexities of FX pricing and market pricing micro-structure to maintain this leading position. Although as Kevin Rogers of Deutsche says the focus is increasingly on the user experience,

“We have continued to upgrade Autobahn, but some of the biggest changes and upgrades will come out in the next few months that will make the user experience much slicker for clients

We have already picked up and commented on the focus by top banks on UX design in two recent blogs app based single dealer platforms and here Top banks hire UX designers for SDP projects

The big jump for UBS from 6th to 3rd place above BarCap, reflects their renewed investment in pricing technology. We mentioned in Don’t forget it’s people that build FX Pricing Engines, that UBS had lured Chris Purves and a number of key BARX FX pricing technologists over to UBS, and it seems that investment is paying off!

Despite the overall drop in ranking, BarCap is still a formidable force in FX, and has maintained its dominant position as top Electronic FX Platform for the 2nd year, and continues to be the top bank for FX in London.

The awards certainly confirm the continued investment in FX throughout the technology stack.

Whilst we continue to see continual optimisation by banks of their pricing engine technology and algos, we are also seeing real interest in the whole UX design process. Banks are now focusing on providing richer, slicker and an overall more intuitive user experience for their clients. This is in the face of tough competition and increasing regulatory challenges.

2 Responses

  1. […] HSBC, has a huge FX footprint (increasingly focused on Asia and emerging markets), and is currently sitting in 6th place in both the FX Week and Euromoney FX 2011 ranking tables. […]

  2. […] and as the awards below show, these efforts are paying off. More coverage on rankings and churn here and […]

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