EuroMoney 2015 FX Rankings: Citi #1 again, but top banks continue to lose market share

The annual EuroMoney FX ranking for 2015 have just been released, and they make interesting reading.

Key findings from the EuroMoney 2015 survey:

  • Citi takes 1st place, for the 2nd year running, with a market share of 16.11% (slightly up from 16.04% in 2014) and more than doubling its 7.49% share from 2008. (see here for Citi Velocity post which is built using Caplin technology)
  • JPM sees largest gain in market share of top 15 up 2.1% to 7.65% (5.55% in 2014)
  • UBS see biggest fall in market share of top 15 down -3.58% to 7.3% (10.88% in 2014)
  • Share of top 5 banks shows largest fall down -5.34% to 53.71% (59.05% in 2014)
  • Share of client volume executed electronically 53.2% (up from 40% in 2011) and first time a majority executed electronically
  • HSBC #1 in corporate FX flow (Citi loses top place held since 1976)

But what stands out again, is that the top banks continue to lose market share. The share of the top five banks has dropped 5.3% against a near 1.7% increase in market share from banks 6-10 and a 1.3% increase for banks ranked 11-15.

My guess is that a combination of improved eFX pricing engine technology and compelling SDPs from the lower ranked banks, plus the distraction of the ongoing FX investigations, and senior departures from the top-tier banks is continuing to take its toll on the leaders.

EuroMoney FX 2015 RankingEuroMoney 2015 FX ranking: Change in Market Share for top ten banks between 2008-15

The table below shows clearly the changes in market share for groups of banks, from top five through to the 21-50th.

EuroMoney FX 2015 change in group share1EuroMoney 2015 FX ranking: Change in Market Share for top 50 FX banks in bands between 2014/15 and then longer term 2008/15

Finally, it’s still very impressive to see a chart of the top three bank’s changing fortunes, and see again just how impressive the rise of Citigroup has been. The two black circle show where Citigroup first overtook Barclay’s in 2012, and then in 2013 Citi overtook Deutsche.

EuroMoney FX 2015 Citi-Deutsch & BarclaysEuroMoney FX ranking: Change in Market Share between Citi, Deutsche and Barclay’s (2015-07)

EuroMoney FX 2015 Citi-DeutscheEuroMoney FX ranking: Citi-Deutsche market share difference (2015-07)

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