FX Markets

Best Banks Awards 2022: The winners

JP Morgan picks up six awards and BNP Paribas takes three under a new, revamped process

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JP Morgan was the big winner of this year’s revamped FX Markets Best Banks Awards, with the US bank picking up six awards across the spot, derivatives and service categories.

BNP Paribas won three awards, while Barclays, Deutsche Bank, NatWest Markets and Santander grabbed two each.

The 2022 version of the Best Banks Awards were the first under a new process involving the combination of an online and telephone-based survey in which dealers were assessed on their market-making capabilities across several key currency pairs and instruments.

Feedback was collected from more than 300 market participants consisting of asset managers, corporates and fund managers. Online responses were carefully screened to ensure each vote was legitimate. FX Markets also interviewed a number of large users of FX products to ensure their views were reflected in the results.

Respondents were asked to select their preferred three dealers for each market-making category and to rate their capabilities across pricing, size, execution quality and sales coverage.

The number of currency pair, product and regional categories was also reduced from 25 to 13, while the number of currency pairs was limited to the top five, as set out in the latest Bank for International Settlements triennial survey.

JP Morgan was voted top in six categories, including best bank for US dollar/Japanese yen, Aussie dollar/USD and USD/Chinese renminbi. The bank also secured best FX spot dealer for the Europe, Middle East and Africa (Emea) region, best G10 FX options dealer, and best single dealer platform.

BNP Paribas took home three awards – best bank for euro/USD, best electronic trading dealer and best bank for regional/domestic banks. Santander rode a wave of Latin American votes to land two awards – best non-deliverable forwards dealer and best FX spot dealer for the Americas – while Deutsche Bank scooped best emerging markets options dealer and best bank for research.

NatWest Markets was awarded best FX prime broker and best bank for post-trade services, while Barclays was named best bank for sterling/USD and best bank for small and medium-sized enterprises.

HSBC, Morgan Stanley and State Street were also recognised in several key market-making categories, while Bank of America, Citi and Credit Suisse picked up awards in the service categories.

The infrastructure awards were spread across Cboe Global Markets, EBS, Euronext FX, Integral, Refinitiv, LCH, Saxo Bank and TP Icap.

The FX Markets editorial team would like to thank all participants for their time and help, and many congratulations to the winners of this year’s awards.

FX Markets Best Banks Awards 2022 – The winners

Market-making categories

Currency pair spot market-maker categories

  • Best bank for EUR/USD – BNP Paribas
  • Best bank for USD/JPY – JP Morgan
  • Best bank for GBP/USD – Barclays
  • Best bank for AUD/USD – JP Morgan
  • Best bank for USD/CNH – JP Morgan


    JP Morgan was a clear favourite among voters across the currency pair market-making categories this year, picking up wins in three of the five categories and coming second in the other two.In particular, the US bank had a huge win in USD/CNH – now the fifth most traded currency according to the Bank for International Settlements’ recent triennial survey – taking a 27% share of the total vote count. This was more than 15 points ahead of second-placed Deutsche Bank.

    BNP Paribas also featured highly, picking up the strongly contested EUR/USD category with a 14.3% market share and a near four point buffer to second place. It also picked up two third-place positions in USD/JPY and cable. Unsurprisingly, UK-based banks featured highly in the cable category, with Barclays scoring a narrow win over an HSBC-JP Morgan tie for second. Some respondents though were generally unimpressed with the quality of liquidity in sterling this year.

    In a year described by a senior FX trader at one US asset manager as the most volatile of his career, where the usual top three counterparties did not always have the required liquidity available, traders had to be nimble and look for alternative counterparties. It’s this approach that saw the likes of Bank of China, RBC and Santander score top three positions.

     

​​​​

Regional spot market-maker categories

  • Best regional spot dealer (Emea) – JP Morgan
  • Best regional spot dealer (Apac) – HSBC
  • Best regional spot dealer (Americas) – Santander Corporate & Investment Banking
     

    JP Morgan again showed the size of its franchise in picking up top Emea spot dealer and second place in the other two regions. In Emea, it managed a vote share of 21.4%, which was nine points clear of BNP Paribas and Citi in second place.

    Santander had a big win in the Americas category, with a share of 36.5%, which was nearly five times bigger than JP Morgan in second place. This was on the back of huge support from Latin America-based voters, and shows off the strength of its franchise in the region. This position is also reflected in FX Markets’ Counterparty Radar data, where the Spanish bank was the second biggest provider of FX forwards in Americas currencies to US mutual funds in Q1 and Q2 this year.

    The regional tables also see ANZ and UBS score their only top three positions for their work in Asia-Pacific and Emea, respectively.

     
     

    Derivatives market-maker categories

    • Best G10 options dealer – JP Morgan
    • Best emerging markets options dealer – Deutsche Bank
    • Best G10 swaps dealer – State Street
    • Best emerging markets swaps dealer – Morgan Stanley
    • Best NDF dealer – Santander Corporate & Investment Banking
       

      While absent from the top three rankings in spot, Morgan Stanley figured far more prominently in the FX derivatives categories – which again aligns with Counterparty Radar data, where it has consistently been a top three dealer for swaps and options for US mutual funds. The US bank grabbed a narrow win for the emerging markets FX swaps dealer category, and scored second place for G10 swaps and G10 options.

      JP Morgan was again consistent across the derivatives categories, topping the G10 options category with a vote share of more than 20% and scoring top three positions in the other three areas.

      A number of banks have upped their efforts in emerging markets options this year, but Deutsche Bank was the clear winner in the space, according to voters. The German bank picked up the award with a vote share of 19.2%, ahead of JP Morgan in second with 16.2%.

      Santander also managed a strong win in non-deliverable forwards, taking a 24.5% vote share ahead of 13.8% for JP Morgan. Again, this was thanks to its Latin American client base – due to currency deliverability issues, NDFs are the instrument of choice for users in the region.

       

    Other bank services categories

    Infrastructure categories

 

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