Citi Snatches Seven Top Awards In 1997 FX Week /Syntegra Poll

Citibank has once again been voted into poll position by FX Week's readers as the best forex trading bank in seven categories in the 1997 FX Week/Syntegra Best Banks in FX Awards, including for the third consecutive time, the best bank overall (see charts, this issue). But Citi should by no means rest easy, because the new mega-bank, Chase Manhattan Bank, edged out last year's number two in the overall category, Union Bank of Switzerland, to take second place on the grid. The awards will be presented at a ceremony in London's historic Guildhall on June 30.

The FX Week/Syntegra poll not only offers a judgement by the industry on leading market makers in FX, but also examines the credentials of leading FX brokers and vendors. A number of new categories were added this year for the first time, including best FX bank in Paris, where the honours went to Banque Nationale de Paris.

The FX Week/Syntegra poll, based on returns by treasurers and chief dealers from more than 350 banks world-wide, was conducted in January 1997. Chase, which merged with Chemical Bank last year, rocketed into second place in the overall ranking with HSBC/Midland coming in third and Union Bank of Switzerland (UBS) down to fourth from second in 1996.

Chase's improved placement is not a complete surprise, since last year's survey (which was conducted before the Chase/Chemical merger) would have placed the merged bank second if the scores were aggregated (FXW, June 24). Chase did take first place for forwards trading overall.

In the closely contested FX broking categories, Tullett & Tokyo Forex was voted best FX spot broker overall, but MW Marshall was nominated best FX broker in London by its peers in the industry and Harlow Meyer Savage came in number one in New York. Exco was picked as best broker in Frankfurt, while Tokyo Forex prevailed in Hong Kong and Tokyo. Voting for the first time on a category for best broker in Paris, FX Week readers judged Finacorp the industry leader. Harlow Butler was voted best forward broker world-wide.

In a category not monitored by any other publisher, Citibank was adjudicated as best bank in supplying prices over foreign exchange matching services, with Chase second and UBS third. More than 100 treasurers and chief dealers voted in this category, perhaps suggesting a growing awareness of leading market makers in matching services. In a major upset (see charts, this issue) EBS ousted Reuters for the honours in this category.

Citi scooped not only best bank overall and best bank for offering prices on FX deal matching services, but was also best in spot interbank, best FX bank in New York and London, best FX bank in dollar/mark and best FX bank in emerging markets. Last year Citi also won seven categories.

The rest of the results table shows how individual banks dominate in niche specializations, often to the exclusion of the global players. SBC Warburg picked up top honours for exotic options and plain-vanilla options for the third year running. UBS was judged best FX bank in Zurich and in $/Swiss franc. BNP was not only best FX bank in Paris, but also won the best bank in $/French franc, whereas Paribas pipped BNP for best FX bank in the mark/Paris cross.

In the battle for best FX bank in London, while Citi prevailed, NatWest leapt into second place from fifth in 1996 and BZW slipped to fifth place from third. Chase nudged into third place, while HSBC/Midland placed fourth.

For the third time running, Bank of Tokyo, which last year merged with Mitsubishi Bank and is now Bank of Tokyo-Mitsubishi, was voted best FX bank in Tokyo and best bank in trading dollar/yen. Fuji Bank was second in both those categories, as last year, but placed first in mark/yen.

Deutsche Bank was again judged top forex bank in Frankfurt with competitor Dresdner narrowly beaten into second place and Berliner Handels-und Franfurter Bank (BHF) third. Commerzbank dropped back into fourth.

In the crosses, NatWest again ran out winners in cable by a convincing margin of votes over HSBC/Midland in second and BZW third. NatWest also dominated for the second year running in sterling/mark. Skandinaviska Enskilda Banken (S-E Banken) was for the third year in succession top bank in Scandis in the FX Week poll, with Den Danske Bank second and Handelsbanken Markets third.

Kredietbank of Belgium was for the third year top in Ecu, in recognition of its niche position in that market, with ABN Amro in second place. In the guilder, ABN Amro placed first with Rabobank in second and ING Bank third.

In the Asia-Pacific region, ANZ Banking Corporation regained a title lost in 1996 by winning the accolade of best bank in Aussie dollar and also snatched the honours in kiwi. Development Bank of Singapore was, for the second year running, best bank in trading the Singapore dollar while HSBC/Midland was, for the third year in a row, top bank in Hong Kong dollars. HSBC/Midland also came out as best FX bank in Hong Kong, beating Citi into second.