JP Morgan triumphs at 2018 FX Week Best Banks Awards
US dealer keeps its top place, after taking the crown from Citi in 2017
JP Morgan has been crowned the Best Bank Overall for Foreign Exchange Dealing at the 2018 FX Week Best Banks Awards, topping the rankings for the second consecutive year and pushing Citi into the runner-up position.
HSBC assumed third place from Deutsche Bank and bagged wins in three categories, including Best Bank for Renminbi. The German dealer slipped to fourth place with one award, Best Bank for FX in the Eurozone.
The FX Week Best Banks Awards asks banks, corporates and investors to vote for their favourite counterparties across 41 categories, covering geographies, products, currency pairs and technology. JP Morgan picked up nine awards this year, adding three more wins to its tally compared with last year.
As well as topping the overall rankings, JP Morgan has been voted the winner of these eight categories: Best Bank for FX for Banks; Best Bank for FX for Investors; Best Bank for Spot FX; Best Bank for FX forwards; Best Bank for EUR/USD; Best Bank for USD/JPY; Best Bank for EUR/JPY; and Best Bank for e-Trading.
The question of scale has really become an issue in FX this year
Chi Nzelu, JP Morgan
“The question of scale has really become an issue in FX this year. Infrastructure costs are continuing to rise, fragmentation shows no signs of abating and spreads remain extremely competitive to the point where we have seen compression in some markets,” says Chi Nzelu, head of CEM automated trading strategies at JP Morgan.
“FX distribution may not be particularly expensive compared with some other asset classes; however, in today’s world, offering a complete suite of market-making services and algorithmic products does require scale and an efficient customer franchise to sustain the recurring investments,” Nzelu adds.
Citi slipped to second place in 2017, for the first time since 2012, having ruled the roost for four years from 2013. Still, the bank increased the number of its awards to seven, picking up Best Bank for FX for Corporates, Best Bank for FX in North America, and Best Bank for FX Prime Brokerage, among others.
Interviews with the 2018 FX Week Best Banks Awards winners
Best Bank Overall for Foreign Exchange Dealing
Best Bank for FX for Banks
Best Bank for FX for Investors
Best Bank for Spot FX
Best Bank for FX Forwards
Best Bank for EUR/USD
Best Bank for USD/JPY
Best Bank for EUR/JPY
Best Bank for E-Trading
Best Bank for FX for Corporates
Best Bank for Currency Options
Best Bank for Structured Products
Best Bank for FX Prime Brokerage
Best Bank for FX in North America
Best Bank for Emerging European, Middle Eastern and African Currencies
Best Bank for FX Research and Strategy
Best Bank for FX in Asia-Pacific
Best Bank for Renminbi
Best Bank for Emerging Asian Currencies
Best Bank for FX in the Eurozone
Best Bank for Australian Dollar
Best Bank for GBP/USD
Best Bank for EUR/GBP
Best Bank for FX in London
Best Bank for Swiss Franc
Best Bank for FX Post-Trade Services
Best Professional e-Trading Venue
Best Vendor for Dealing Technology
Best Broker for Forward FX
Best Broker for Emerging Markets FX
Best FX Clearing House
Best Broker for Spot FX
Best Market Data Provider for FX
Best Bank for Scandinavian Currencies
Best Bank for South African Rand
Best Bank for African Currencies excluding ZAR
Best Bank for Canadian Dollar
Best Bank for Emerging Latin American Currencies
Best Vendor for Risk Management/Options Pricing Software
Best Prime-of-Prime House
BGC (no interview)
Best Broker for Currency Options
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