Very interesting post on FTAlphaville, about JPMorgan sending a letter to clients telling them that they no longer intend to lobby clients to vote for them in the 2013 annual EuroMoney FX Polls (2012 results here).
Especially surprising, as this comes only a week after JPMorgan announced that they have started to roll out their new client facing platform JPMorgan Markets!
January, 2013
Dear foreign exchange clients,
This is the time of year when most banks begin asking for your vote inEuromoney’s annual FX survey. We’re not going to.
Surveys can certainly provide helpful insights and we have always admired Euromoney for taking the lead in trying to gauge volumes in the FX market. After speaking to many of our clients, however, what is clear to us is that the annual poll has become too time-consuming with no tangible benefit to them. …..
Will be interesting to see if JPMorgan re-start the lobbying once their new platform has gained sufficient traction!
As to the beginning of the end, I doubt it. The EuroMoney survey is highly valuable, and whilst clients may not like contributing, it’s become the benchmark against which banks measure their platforms reach, traction and customer loyalty (and no doubt e-commerce bonuses may well be tied to rankings at some banks!)
Full article and letter here
Filed under: FX, Paul Blank, Single-Dealer Platforms, Survey Results |
SingleDealerPlatforms.Org 
[…] Morgan maintain their 6th place, which is not bad considering they didn’t lobby clients to vote for them, although they did see an 8% YoY fall to 6.07% from 6.6% last […]