HSBC, Goldman prevail in shake-up of FX Markets’ Dealer Rankings

- By Michael Paterakis and Duncan Wood
- 31 Jul 2025

The third edition of FX Markets’ annual exercise in identifying the top dealers in foreign exchange derivatives trading bore witness yet again to major realignment, as new champions emerged in two out of three core segments covered.

Only one bank – Morgan Stanley – managed to defend its title, holding on to first place for third consecutive year in FX forwards with US life insurers. Elsewhere, the tables turned: HSBC stormed back to reclaim the crown in FX forwards with US mutual funds and

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