Having a stable of high-end trading platforms can be a blessing – and a curse. And while experience and familiarity are valuable, legacy systems eventually start to creak and crawl.
Around 2019, State Street realised it had a problem as it looked to build upon and expand its suite of foreign exchange and cash solutions. Through acquisitions and in-house builds, the bank amassed several popular, but ageing, platforms. There’s FX Connect, which turns 30 this year. Fund Connect will celebrate its
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Goldman Sachs was the top US dealer for foreign exchange trading revenues in 2024, which more than doubled at the firm thanks to increased trading activity at the end of the year, according to regulatory filings.
The investment bank generated revenues of $6.3 billion for the year, up 125% from $2.8 billion in 2023, thanks to just over $4 billion in the final quarter of the year alone. This growth propelled the bank to overtake JP Morgan’s 2023 top spot.
JP Morgan suffered the greatest dip among
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FX Markets is delighted to announce the winners of the Asia Awards 2025.
The eighth edition of the FX Markets Asia Awards recognises and showcases the best banks, trading platforms and technology providers in the Asia-Pacific region (Apac).
The awards recognise the firms that have proven themselves in FX trading, whether that’s as a liquidity provider in local markets, prime brokerage and overlay provider; algo builder; trading venue; software provider; or data vendor.
This year’s awards spanned more than 28 categories and attracted 92 entrants from a wide range of participants, with the winners being announced in Singapore.
Among the highlights, HSBC picked up nine wins, including four in the liquidity provider local market categories – China, Hong Kong, India and Singapore – as well as overall FX house of the year Apac. Deutsche Bank landed two awards for South Korea and overall FX house of the year ASEAN, while UBS also secured two for the best Asia FX spot house and best FX single-dealer platform for Asian currencies.
Bank of America scooped its first Asia award for best Asia FX options house, as did Credit Agricole for best Asia NDF house and Wells Fargo for FX house of the year G10 (Asian hours). ANZ, MUFG, OCBC Bank and State Street TradeNexus were also awarded.
HSBC also secured best FX overlay manager for Asia clients, best Asia FX forwards and swaps house, best LP for Asia bank clients and best FX algo provider for Asia currencies. NatWest won best FX prime broker for Asia and, in a new category for 2025, State Street Currency Management won best FX hedging initiative.
In the venue and technology categories, Bloomberg, SGXFX, 360T, smartTrade Technologies and oneZero were also winners.
Choosing winners is never an easy task. Entrants submitted written pitches and the final decisions were made by a panel of judges, which included FX Markets’ editors, weighing a number of factors including strategic clarity, growth, risk management discipline, innovation and adaptability, thought leadership, as well as a commitment to investing in the business. If decisions were tight, client feedback helped settle the issue. Judges were not allowed to contribute to categories where there may be conflicts of interest.
Congratulations to our winners and thank you to all who entered this year’s awards.
FX house of the year Australia ANZ
FX house of the year China HSBC
FX house of the year Hong Kong HSBC
FX house of the year India HSBC
FX house of the year Japan MUFG
FX house of the year Singapore HSBC
FX house of the year South Korea Deutsche Bank
FX house of the year G10 (Asia hours) Wells Fargo
Overall FX house of the year ASEAN (Malaysia, Indonesia, Philippines, Thailand, Vietnam) Deutsche Bank
Overall FX house of the year Asia-Pacific HSBC
Best Asia FX spot house UBS
Best Asia FX forwards and swaps house HSBC
Best Asia FX options house Bank of America
Best Asia non-deliverable forwards house Crédit Agricole CIB
Best LP for Asia Regional and private banks HSBC
Best Asia multi-dealer FX trading venue Bloomberg
Best Asia FX derivatives exchange SGXFX
Best Asia FX trading venue for retail clients OCBC Bank
Best FX algo provider for Asia currencies HSBC
Best single-dealer platform for Asia currencies UBS
Best FX prime broker for Asia NatWest
Best FX hedging initiative State Street Currency Management
Best FX overlay manager for Asia clients HSBC
Best FXEMS for Asia currencies 360t
Best FX liquidity aggregator for Asia currencies smartTrade Technologies
Best regional connectivity, hosting and colocation service smartTrade Technologies
Best FX market data and analytics provider for Asia currencies oneZero
BestX and Tradefeedr, the two main third-party transaction cost analysis (TCA) providers, have launched tools that enable buy-side firms to standardise and automate counterparty selection for cash foreign exchange trades, ahead of request-for-quote or algorithmic execution.
The launches are part of a wider push by asset managers to integrate TCA into their trading workflows to help meet best execution rules, which require asset managers to justify how they select their counterparties and their
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Martial law presented first test for reforms aimed at boosting deliverable KRW market
Foreign exchange activity in the wake of South Korea’s political crisis indicates recent reforms aimed at bringing more Korean won trading onshore and away from the offshore non-deliverable forward (NDF) market are beginning to have an effect, dealers say.
The Korean won sunk to a succession of historic lows against the US dollar last month amid political turmoil sparked by President Yoon Suk Yeol’s surprise attempt to impose martial law. In late-hours trading on December 3, the gap between US
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