World  Business and Economic Analysis 

Foreign Exchange Awards 2018,

  • Foreign Exchange Awards 2020 | Financial Institutions

    The foreign exchange industry is embracing principles to nourish a robust, fair and transparent market for currency trading—without threat of law.

     

    FX Awards 2018 podium

    The foreign exchange (FX) market is becoming more competitive. Machines are replacing humans at a rapidly growing rate. The top five FX banks are refining their client lists and avoiding markets offering low return on equity, thus giving up market share. The top five FX banks still account for 44% of the global market, according to the 2017 survey of FX users worldwide by Greenwich Associates; but that’s down from 53% in 2013. That has opened opportunities for regional banks with local expertise to step in as valuable partners.

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    AWARDS METHODOLOGY

    Global Finance selects its award winners based on objective factors such as transaction volume, market share, competitive pricing and global coverage, as detailed in public company documents and media reports. Our criteria also include subjective factors such as customer service and technological innovation, using input from industry analysts, surveys, corporate executives and technology experts. Decisions are informed by provider submissions.

    “The bottom line is that the FX market is increasingly competitive,” says Kevin McPartland, head of market structure and technology research at Greenwich Associates, “and competition is always good for the market.”

    Maybe. Hypercompetitive markets can drive an easing of ethical commitment. That’s not happening in FX. The world’s top FX banks have checked and rechecked their operations carefully to make sure they are complying with the spirit of the industry’s new global code of conduct.

    Central banks and market participants from 16 countries and territories around the world collaborated in developing the FX Global Code, a set of global principles “to promote a robust, fair, liquid, open and appropriately transparent market.”

    Participants are expected to behave in an ethical and professional manner to promote the fairness and integrity of the market. They must be aware of, and comply with, the laws, rules and regulations applicable to them and the FX market for each jurisdiction in which they do business. The code has no enforcement mechanism, however.

    fx awards 2018 4 group
    Citi was a big winner (l to r): Radha Agoram, Ned Mawby, David O’Byrne, Sanne Baaij, Global Finance publisher Joseph D. Giarraputo, Raymond Pereira, Frederic Djidetchian, Srinath Srinivasan, Yi Hahn Chin and Mika Iimura

    Technology has helped maintain a balance. FX investors continue to increase their trading on multidealer platforms, which create a more level playing field for liquidity providers. “The FX market is now one of the least concentrated over-the-counter markets in the world,” McPartland says. “Financial end users, regulators and emerging dealers all benefit from its growing diversity.”

    In this, our 18th annual World’s Best Foreign Exchange Providers Awards, we selected winners in 104 countries and seven global regions. For the first time, we name the Best Banks for FX Trading Technology. We feature four global awards, including Best Global FX Bank.

     

    THE WORLD’S BEST FOREIGN EXCHANGE PROVIDERS 2018

    GLOBAL AWARDS

    Best Global Foreign Exchange Bank 

    Citi

    Best FX Provider For Corporates 

    Société Générale 

    Best FX Provider For Emerging Markets Currencies

    Standard Chartered Bank  

    Best Liquidity Provider 

    UBS 

     

     

    REGIONAL AWARDS

    North America 

    J.P.Morgan 

    Latin America 

    BBVA 

    Western Europe 

    HSBC 

    Central & Eastern Europe 

    Société Générale 

    Middle East 

    National Bank of Kuwait 

    Africa 

    Standard Bank 

    Asia-Pacific

    DBS Bank 

     

     

    FOREIGN EXCHANGE RESEARCH & ANALYSIS

    FX Research

    BNY Mellon

    Fundamental Analysis 

    Deutsche Bank 

    Technical Analysis 

    BNY Mellon 

    Forecasts 

    BBVA 

     

     

    BEST BANK FX TRADING TECHNOLOGY

    Best Bank Platform (Overall) 

    J.P.Morgan eXecute 

    Most Innovative Bank Platform 

    Shinhan Bank’s FX Hedge LC 

    Best Platform For Corporations 

    CitiFX Pulse 

    Best Execution Algorithms 

    Northern Trust’s FX Algo Suite 

    Best Transaction Cost Analysis 

    Bank of America Merrill Lynch 

    Best Big-Picture View Of Positions 

    Citi Velocity’s Command Centre 

    Best End-To-End Processing 

    Deutsche Bank’s Maestro 

     

     

    COUNTRY WINNERS

    Algeria

    Société Générale

    Angola

    Banco Millennium Atlântico

    Argentina

    Banco Macro

    Armenia

    Ardshinbank

    Australia

    ANZ

    Austria

    UniCredit Bank Austria

    Bahamas

    CIBC FirstCaribbean International Bank

    Bahrain

    Ahli United Bank

    Barbados

    CIBC FirstCaribbean International Bank

    Belarus

    Belarusbank

    Belgium

    KBC Bank

    Belize

    Belize Bank

    Bermuda

    Bank of NT Butterfield & Son

    Bolivia

    Banco BISA

    Botswana

    First National Botswana

    Brazil

    Itaú Unibanco

    Bulgaria

    DSK Bank

    Canada

    Scotiabank

    Chile

    Banco de Chile

    China

    Bank of China

    Colombia

    Banco de Bogotá

    Costa Rica

    Scotiabank

    Côte d’Ivoire

    Société Générale de Banques en Côte d’Ivoire

    Cyprus

    Eurobank

    Czech Republic

    ĈSOB

    Denmark

    Saxo Bank

    Dominican Republic

    Banco Popular Dominicano

    Ecuador

    Produbanco

    Egypt

    Commercial International Bank

    El Salvador

    Cuscatlan

    Estonia

    Swedbank

    Finland

    Nordea

    France

    Société Générale

    Gambia

    Ecobank

    Georgia

    Bank of Georgia

    Germany

    Deutsche Bank

    Ghana

    Zenith Bank

    Greece

    National Bank of Greece

    Guatemala

    Banco Industrial

    Honduras

    Banco Ficohsa

    Hong Kong

    HSBC

    Hungary

    OTP Bank

    India

    ICICI Bank

    Indonesia

    Bank Mandiri

    Ireland

    Allied Irish Banks

    Israel

    Bank Leumi

    Italy

    Intesa Sanpaolo

    Jamaica

    Scotiabank

    Japan

    Mitsubishi UFJ Financial

    Jordan

    Arab Bank

    Kazakhstan

    Halyk Bank

    Kenya

    CfC Stanbic Bank

    Kuwait

    National Bank of Kuwait

    Kyrgyzstan

    KICB

    Latvia

    SEB

    Lebanon

    BLOM Bank

    Lithuania

    SEB

    Macedonia

    Komercijalna Banka AD Skopje

    Malaysia

    Maybank

    Mexico

    Citibanamex

    Moldova

    VictoriaBank

    Mongolia

    XacBank

    Morocco

    Banque Populaire du Maroc

    Netherlands

    ING

    New Zealand

    ANZ

    Nigeria

    First Bank of Nigeria

    Norway

    Nordea

    Oman

    BankMuscat

    Pakistan

    Standard Chartered Bank

    Panama

    Banco General

    Paraguay

    Banco Itaú Paraguay

    Peru

    Banco de Crédito del Peru

    Philippines

    BDO Unibank

    Poland

    PKO Bank Polski

    Portugal

    Millennium bcp

    Puerto Rico

    Banco Popular

    Qatar

    Qatar National Bank

    Romania

    BRD-Groupe Société Générale

    Russia

    VTB Capital

    Saudi Arabia

    Samba Financial Group

    Sierra Leone

    Zenith Bank

    Singapore

    DBS Bank

    Slovakia

    VUB Group

    Slovenia

    NLB Group

    South Africa

    First National Bank
    and Rand Merchant Bank

    South Korea

    KEB Hana

    Spain

    BBVA

    Sweden

    Swedbank

    Switzerland

    Credit Suisse

    Taiwan

    CTBC Bank

    Thailand

    Krung Thai Bank

    Togo

    Atlantic Bank

    Trinidad & Tobago

    Republic Bank

    Turkey

    Akbank

    Turks & Caicos

    CIBC FirstCaribbean International Bank

    Ukraine

    PrivatBank

    UAE

    First Abu Dhabi Bank

    United Kingdom

    HSBC

    United States

    Citi

    United States

    BNY Mellon (Honorable Mention)

    Uruguay

    Citi

    US Virgin Islands

    Scotiabank

    Venezuela

    Banco Mercantil

    Vietnam

    VietinBank

    Zambia

    Barclays

     

     


    GlOBAL WINNERS


     

    BEST GLOBAL FOREIGN EXCHANGE BANK

    Citi

    Citi trades more than 140 currencies from FX desks in 83 countries and has the broadest range of clients of any FX bank. Citi is one of the main global banks serving large multinational corporations. The CitiFX Pulse platform enables corporations to track cash flow and balance-sheet exposure throughout their worldwide subsidiaries. It includes pretrade market information, including news, research and risk-management tools. Citi’s in-house systems help manage the documentation required for FX transactions in many emerging markets. The CitiFX Pulse platform provides local expertise that extends through the post-trade settlement process.


    FX Awards 2018 alexandre Dewhurst
    Alexandre Dewhurst, Société Générale

    BEST FX PROVIDER FOR CORPORATES

    Société Générale

    Société Générale’s corporate and investment banking group (SG CIB) has created a cross-asset platform, One Corp, which leverages its capabilities to provide practical solutions that improve the management of FX and commodity risks for corporations. SG CIB has developed market-leading, structured FX solutions, using its Cash FX, currency derivatives and index expertise. The One Corp platform analyzes and designs corporate solutions benchmarked against key competitors.


    fx awards 2018 12
    Jonathan Harding, Standard Chartered

    BEST FX PROVIDER FOR EMERGING MARKETS CURRENCIES

    Standard Chartered Bank

    Standard Chartered is a leader in emerging market, illiquid and restricted currencies. The bank actively trades more than 100 currencies and has FX experts positioned in 39 countries. Standard Chartered leads in the introduction of onshore and offshore FX option products in Asia, Africa and the Middle East. It is also active in the emerging markets of Latin America and Eastern Europe. Standard Chartered is a leading provider of financial risk-management tools, including products to effectively manage currency exposure.


    fx awards 2018 14
    Paul Cavanagh, UBS

    BEST LIQUIDITY PROVIDER

    UBS

    With offices in 54 countries, UBS has global reach, innovative technology and expertise in FX derivatives. The Swiss bank is a leader in market-making and execution services in the FX and precious-metals markets, which are available through the UBS Neo platform. The bank’s prime brokerage and clearing service offers straight-through processing and gives clients immediate access to their positions, reports and market-risk data. Clients are able to trade up to 550 cross-currency pairs.

     


    REGIONAL WINNERS


     

    NORTH AMERICA

    J.P.Morgan

    J.P.Morgan has moved up the ranks of FX banks through heavy investment in technology to improve the customer experience. The bank now has the biggest market share among FX dealers, according to the 2017 global survey of currency users by Greenwich Associates. More than 80% of J.P.Morgan’s foreign-exchange trading is conducted electronically. Using the bank’s eXecute system, a trader made a $100 million FX trade last year on a mobile phone.


    luis bbva
    Luis Martins, BBVA

    LATIN AMERICA

    BBVA

    BBVA is a leading FX bank in Spain and in Latin America, where it has trading desks in Mexico, Colombia, Peru, Chile and Argentina. BBVA is the leading bank in trading the euro against the Mexican peso. The bank recently launched a mobile money-transfer business with a new app called Tuyyo. Tuyyo is initially focusing on remittances from the US to Latin America and the Caribbean.


    WESTERN EUROPE

    HSBC

    HSBC has become a favorite FX bank for corporations across Europe, thanks in part to its global reach and technology. The bank’s Evolve platform provides customizable user tools with a wide range of optional features. Evolve serves over 6,000 clients in more than 35 countries, with access to over 1,500 currency pairs. It offers corporate treasurers a single view of FX exposures and hedges across their business. The self-service trading platform supports FX spot trades, forwards, swaps, nondeliverable forwards, algorithmic trading and precious metals.


    fx awards 2018 bogdan Onca Societe Generale
    Bogdan Onaca, Société Générale

    CENTRAL & EASTERN EUROPE

    Société Générale

    Société Générale operates in 14 CEE countries, including Russia (where it owns Rosbank), Poland, the Czech Republic and Romania. Altogether, the bank maintains a network of more than 2,500 branches in the region. SG offers customized solutions to address unusual risk-management issues, including mergers & acquisitions and balance-sheet hedging. In Romania, it successfully acted as sole hedge provider for the contingent FX hedging of supermarket chain Profi’s acquisition by Mid Europa.


    FX Awards 2018 fawzi Dajani
    Fawzi Dajani, National Bank of Kuwait

    MIDDLE EAST

    National Bank of Kuwait

    National Bank of Kuwait, one of the leading banks in the Middle East, deals in more than 90 currencies. The bank is equipped with state-of-the-art FX platforms and interfaces from leading global providers. NBK has the largest FX turnover in Kuwait and is the leading market maker and liquidity provider for the Kuwaiti dinar and the other Gulf Cooperation Council currencies in the Kuwait market. NBK has a global market presence, with offices in Geneva, London, New York, Paris and Singapore.


    fx awards 2018 15
    Robert de Gidlow, Standard Bank

    AFRICA

    Standard Bank

    Standard Bank of South Africa has a presence in 20 countries in Africa and is the leading liquidity provider for African currencies. Standard Bank, also trading as Stanbic Bank, executes more than 30% of Africa’s foreign-exchange volume. It is a market maker in most of Africa’s 54 currencies. The bank also has a strong presence in the offshore market, where it actively deals with large institutions and corporate accounts. Standard Bank is the first African bank to offer a single global FX platform with streaming prices.


    ASIA-PACIFIC

    DBS Bank

    With new distribution channels coming online and access to new client segments such as hedge funds, DBS Bank increased its interbank market-making turnover for spot currencies by 40.5% in the first half of 2017. The bank is a major interbank market participant in China and other key Asian markets, including South Korea, Taiwan, India and Indonesia. The bank strengthened its position in India by offering bespoke risk-management strategies. It also has been a market maker in India’s FX swap markets for more than a decade. DBS’s DealOnline platform offers more than 40 currency pairings in spot trades, forwards, swaps and Asian nondeliverable forwards.

     


    BEST FOREIGN EXCHANGE RESEARCH & ANALYSIS


     

    FX RESEARCH

    BNY Mellon

    As the world’s largest custodian, with $32.2 trillion of assets under custody and administration, BNY Mellon has unique insight into cross-border investment flows. It provides investment-management services in 35 countries and more than 100 markets. BNY Mellon is a major global foreign-exchange provider and FX dealer offering support in all currencies, with a focus on emerging markets. The bank offers direct dealing via its FX Desk and ecommerce platforms. It also provides automated execution services through its Custody FX and alternative FX pricing options.


    FUNDAMENTAL ANALYSIS

    Deutsche Bank

    As one of the world’s top FX trading banks, Deutsche Bank is closely followed for its views on the market. Currency performance in 2017 was all about regional diversification and local stories, the bank’s macro strategist Oliver Harvey says in a recent report. The rebound in eurozone growth helped European FX outperform. The currencies of Turkey and South Africa suffered from poor local news flow, he says. A less interconnected world should mean lower correlations between markets, more sensitivity to local monetary policy and less scope for financial and economic spillovers, he adds.


    TECHNICAL ANALYSIS

    BNY Mellon

    BNY Mellon’s iFlow iQ analyzes flow data and creates trading signals in various asset classes, including foreign exchange. The model captures data when trades are placed, making it more timely than those based on settlement data. BNY Mellon’s model focuses on global capital flows to help generate absolute returns, or alpha. Clients can study the daily data and gain insights into cross-border investment activity.


    FX Awards 2018 2
    Alexandre Dolci, BBVA

    FORECASTS

    BBVA

    Spanish bank BBVA is one of the top foreign-exchange banks in Latin America and has compiled a record for forecasting accuracy. It remains bullish on the currencies of Brazil and Mexico, noting that they have benchmark interest rates about five times higher than that of the US. BBVA owns a controlling stake in Turkey’s Garanti Bank and is generally upbeat on emerging markets. It also expects fundamentals to continue to support the euro.

     


    BEST BANK FX TRADING TECHNOLOGY


     

     

    BEST BANK PLATFORM (OVERALL)

    J.P.Morgan eXecute

    A growing number of FX and commodities traders are relying on J.P.Morgan’s eXecute trading app to take care of business while they are away from the desk. Traders can track desktop orders from an Android device and can scan prices without logging in. Options are available on 90 currency pairs. The platform is available on desktop, Web, API and mobile.


    Jong Yoon Rha, Shinhan Bank
    Jong Yoon Rha, Shinhan Bank

    MOST INNOVATIVE BANK PLATFORM

    Shinhan Bank’s FX Hedge L/C

    Because trade is so important to South Korea, Shinhan Bank strives to continuously improve procedures and lower costs in its foreign exchange business. By combining a letter of credit with an FX forward contract, Shinhan FX Hedge L/C provides importers with competitive acceptance commissions and discount charges. This enables the bank’s clients to hedge any exchange risk that could occur at the point of settlement.


    Yi Hahn Chin, Citi
    Yi Hahn Chin, Citi

    BEST PLATFORM FOR CORPORATIONS

    CitiFX Pulse

    Citi’s online FX hedging platform, CitiFX Pulse, enables multinational corporations to track cash flow and balance-sheet exposure to currency fluctuations, with associated hedges, across subsidiaries and multiple markets. Citi also helps corporations assess and quantify financial risks from FX exposure before implementing hedges. CitiFX Pulse provides access to 700 currency pairs.


    Rowan Gillespie, Northern Trust
    Rowan Gillespie, Northern Trust

    BEST EXECUTION ALGORITHMS

    Northern Trust’s FX Algo Suite

    Northern Trust introduced a suite of FX execution algorithms for clients in June 2017 that provides clients greater transparency and control of FX exposure. Pricing is aggregated from up to 15 different liquidity pools, and the execution algorithm helps clients reduce market impact on large orders while offering a systematic process to offset FX risk.


    BEST TRANSACTION COST ANALYSIS

    Bank of America Merrill Lynch

    Currency trades are increasingly subject to transaction cost analysis (TCA) as part of efforts to ensure best execution. Bank of America Merrill Lynch offers a technology suite that can monitor the cost of executing individual trades and provide aggregated data to suggest optimal trading strategies, particularly when using algorithms. According to Greenwich Associates, the use of FX algorithms will steadily increase over the next three to five years due to regulatory requirements such as the EU’s revised markets in financial instruments directive (MiFID II).


    David O’Byrne, Citi
    David O’Byrne, Citi

    BEST BIG-PICTURE VIEW OF POSITIONS

    Citi Velocity’s Command Centre

    City Velocity’s liquidity and spread heatmaps display a high-level overview of the market. The Command Centre has been upgraded to include activity and audit-trail reports and “red-flag activity” alerts. Mobile access control has also been extended to Android devices. Citi developed a new user interface to give administrators at its client companies visibility and control over their traders’ access rights and activity on the system.


    BEST END-TO-END PROCESSING

    Deutsche Bank’s Maestro

    Deutsche Bank’s workflow program, Maestro on Autobahn, helps streamline and automate FX workflows, in part by automating share-class hedging, portfolio hedging, FX funding flows and systematic FX spot transactions. Maestro can help automate any tedious work process that can be described as any series of logic-based steps.


     

     SOURCE:Global Finance Magazine

کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

Investment Consulting &Project Finance

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