AWARDS Best bank for Canadian dollar: BMO Capital Markets

Consistency is often the hardest thing to maintain, but it is also at the heart of good relationships. BMO Capital Markets has been voted the winner of the Best Bank for Canadian Dollar at the 2017 FX Week Best Banks Awards for the seventh year running.

Simon Watkins, managing director of global fixed-income, currencies and commodities trading, and Glenn Anson, head of Ficc sales for Europe, the Middle East and Africa, attribute the bank’s success to its “client first” mentality.

“We would say that actually, we are not doing anything different year-over-year, but we are consistent. So the customer stays at the forefront,” Watkins says.

“We may be adding products or we may be adding extra currency ability, but in the way we interact with our clients and the way we try to present products to our clients, nothing is changing. Consistency is a huge benefit to the way we do our business. Our clients know what they are going to get from BMO,” he adds.

Canada’s booming economy, stability and calm are attractive to investors. Despite the Canadian dollar’s close links with oil prices, the country’s economy is thriving, with more than 400,000 jobs added during the last year.

“If you look at economic impact on the currency this year, we have obviously had a wide range within the oil price and that has a direct impact on the dollar. Against that we have also had the best run of GDP figures for the last six years, consistently adding jobs in Canada. So there are difficulties, but there is also a lot of benefit in Canada,” Watkins notes.

Consistency is a huge benefit to the way we do our business. Our clients know what they are going to get from BMO

Simon Watkins, BMO Capital Markets

Sentiment towards the country grew even more favourable when Bank of Canada initiated a short rate-hiking cycle in July – the first in seven years – and this boosted demand for the currency. After two increases, the economy started levelling out and the currency has struggled over the last month.

“Volatility creates opportunity. Our investors’ response was to be more active in the Canadian dollar and that is something we welcome. This activity also has a positive ripple effect into the rest of our businesses,” Anson says.

With what they describe as “sure footings” in the business, Watkins and Anson say the focus now is to maintain organic growth.

“We are continuing to grow at an organic pace and we will continue to do so. We welcome any new client who wishes to deal with BMO,” Anson says. “I wouldn’t say there’s anything in particular that we’re aggressively going after. We like to build solid foundations and grow organically, which is what we will continue to do.”