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Executive Summary

Nearly 75% percent of firms used FX electronic trading in 2013, with financial firms reporting 77% of their trading volume online, and corporates weighing in at 58%. Due to regulatory concerns and an increased adoption of algorithmic trading, FX traders—and hedge funds in particular—shifted from multi-dealer (MDPs) to single-dealer platforms (SDPs). This report also details market penetration for SDPs and MDPs, noting that the top players in both arenas remain firmly entrenched.

Methodology

Greenwich Associates conducted in-person interviews with 1,584 top-tier, buy-side foreign-exchange users around the world to learn about market trends, platform usage and dealer service quality. Interviews were conducted September through November 2013 with respondents in the United States, Canada, Latin America, Europe, Asia, and Japan.