Citi and Deutsche Bank top the list of 2015 Greenwich Leaders in Global Foreign Exchange.

These  two firms are deadlocked atop the global FX market, with market shares in trading of 11.6-11.7%, according to a report released today by Greenwich Associates. UBS and Barclays are next, tied with market shares of 10.0-10.2%. J.P. Morgan rounds out the global Top 5 with a market share of 7.4%. These firms are the 2015 Greenwich Share Leaders in Global Top-Tier Foreign Exchange Market Share. 

Among the leading dealers, J.P. Morgan stood out in 2014 for gaining market share, a feat that narrowed the gap between the bank and the four traditional global FX leaders. Citi was also notable for maintaining stable market share from year to year. Bank of America Merrill Lynch posted the largest gain in market share this year.  BNP Paribas and Goldman Sachs also gained meaningful share.

“With market shares trending lower among the world’s largest FX dealers, stable is the new up,” says Greenwich Associates consultant Tim Sangston.

Reduced Concentration with Leading Dealers
Financial institutions and companies reduced the share of their FX trading volume executed through the world’s leading FX dealers last year. In the current environment, a less concentrated FX market might actually be welcomed by some of the world’s biggest FX dealers.

Facing balance sheet pressure and intense scrutiny from regulators, some of these top firms are taking a more balanced approach between  maximizing market share and client profitability. “Meanwhile, the movement of trading volumes to electronic, multi-dealer trading platforms is making it easier for customers to spread their business more widely among dealers,” says Greenwich Associates consultant Woody Canaday.

Greenwich Quality Leaders
As part of its annual Global Foreign Exchange Services Study, Greenwich Associates asks participants to rate the dealers they use in a series of product and service categories. Firms receiving customer ratings that top those awarded to competitors by a statistically significant margin are named Greenwich Quality Leaders.

The 2015 Greenwich Quality Leaders in Global Top-Tier Foreign Exchange Service are Bank of America Merrill Lynch and Citi.