JP Morgan’s great comeback reshapes FX Markets’ Dealer Rankings

- By Joe Parsons and Samuel Karasek
- 04 Sep 2026

The fourth edition of FX Markets’ annual exercise in identifying the top dealers in foreign exchange derivatives trading saw a major turnaround in arguably the biggest player in the market – JP Morgan – which emerged as the new champion counterparty for US asset manager clients.

Its dominance in FX forwards was part of a broader shift towards US banks, which clawed back market share among domestic clients. JP Morgan, Citi, State Street and Goldman Sachs occupied the top four spots with mutual

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