Thursday, July 14, 2016 Stamford, CT USA — Global foreign exchange markets are experiencing a spike in volatility—not only in the traditional sense of fluctuating currency valuations, but rather in the larger than usual changes in market shares of the dealers who execute FX trades.

Among the firms receiving top ratings for quality of FX service and products, Bank of America Merrill Lynch is named the 2016 Greenwich Quality Leader℠ in Global Top-Tier Foreign Exchange Service and also the global leader in Sales Quality. For Trading Quality, there is a four-way tie for first among Bank of America Merrill Lynch, Citi, J.P. Morgan, and UBS.

Currently, four dealers are ranked closely atop the global FX market In terms of market share. Citi and UBS are statistically tied in first place, while Deutsche Bank and J.P. Morgan are tied for third. Barclays and Bank of America Merrill Lynch are statistically tied, rounding out the top five. These firms are the 2016 Greenwich Share Leaders℠ in Global Top-Tier Foreign Exchange.

The past 12 months have brought meaningful swings in market position for FX dealers, with some prominent firms ceding significant market share and other dealers gaining ground, according to Greenwich Associates, which today announced its 2016 Share and Quality Leaders in Global Foreign Exchange Trading. 

“With the U.K.’s decision to exit the European Union, global FX dealers now have an additional variable to take into account in what was already a rapidly changing marketplace,” says Greenwich Associates Managing Director Woody Canaday. 

Greenwich Leaders
For its 2016 study, Greenwich Associates conducted interviews with 2,964 corporate and financial users of foreign exchange around the world about market trends and their relationships with their dealers. Of these, 1,633 are considered “top-tier accounts.” Study participants were asked to rate their dealers in a series of service categories. The Greenwich Quality Index (GQI) for Foreign Exchange is based on the responses to 23 questions covering sales, research and trading. Dealers with GQI scores that top those of competitors by a statistically significant margin are named Greenwich Quality Leaders.  Participants were also asked to name their dealers and estimate the amount of business they allocate to each provider.

Click here for the full report Providing Differentiated Service in an Ever-Evolving Market.