HSBC, JP Morgan and Morgan Stanley take top spots in FX dealer rankings
US dealers tend to have larger books, but face increased competition from European rivals, according to new analysis
The foreign exchange derivatives world is one of the last truly over-the-counter markets. Billions of dollars in notional volumes are exchanged through privately negotiated deals, with only a tiny portion of the market executed on exchanges.
It means buy-side firms have had to maintain their own rankings of dealers for FX forwards and options, which they use to inform counterparty choice. A lack of broad market data, however, can make it difficult for buy-side firms to know which dealers are
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@fx-markets.com or view our subscription options here: https://subscriptions.fx-markets.com
You are currently unable to print this content. Please contact info@fx-markets.com to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Trading
Asian central banks monitoring FX volatility amid oil shocks
Indonesia, Singapore and India look to manage inflationary pressures from war in Middle East
CME outage sparks FX soul search
How November’s halt exposed fragile wiring of new futures-led market structure
Gap risk fears push FX traders into Sunday-night Asia hours
Volumes surge at Singapore open as Trump’s weekend announcements force early risk management
Renminbi options volumes plummet as vol grinds lower
USD/CNH volumes fell 84% in 2025 as PBoC currency management took hold
Wild dollar swing upended FX options hedges
Banks chased vol higher as last week’s EUR/USD surge knocked out barrier trades
Will lifer exodus kill Taiwan’s NDF market?
Traders split over whether insurers’ retreat from FX hedging is help or hindrance
LatAm FX carry trade shrugs off geopolitical fears
Clients in regional carry positions remain undeterred by US interventions, say dealers
US mutual funds slash short euro positions at record pace
Counterparty Radar: Pimco cut $4.6bn of EUR/USD puts in Q3 amid changing stance on dollar direction