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

Credit: FX Markets montage

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

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