Staying a step ahead of the pack

The company's decision in the 1990s to pile resources into electronic broking ahead of its competitors laid the foundations for its strength in the years to come. This ability to move ahead of the market is a trait that sets market-leading businesses apart from those who are merely able to maintain their market share.

The move to pile resources into voice broking in eastern European and NDF currencies is a smart move that will enable Icap to become the major force in rapidly expanding and increasingly important markets. Similarly, the decision to buy EBS shows that the company understands that electronic broking in foreign exchange will be the bedrock of the company's future growth. How the company manages the tricky process of integrating two companies with very different cultures will determine whether the move will be seen as the next stage in Icap's ongoing march to world dominance, or the end of a purple patch.

Running through this year's awards has given the editorial team the chance to talk to the industry's leading players about what they do best.

It's funny how quickly calls are returned and senior people can be found when there is something positive to talk about. However, as pleasing as it must be for the award winners to talk about how they got to the top of the tree, it is also quite refreshing for cynical journalists, whose job is often to write about the negative impact of the mistakes people make, for once to focus on positive achievements.

There is much to celebrate in the FX industry. In the face of ever-increasing technological advancement and downward pressure on spreads and costs, those who work in foreign exchange seem to be making as much of a contribution as ever.

However, while spending money and attracting the best and brightest in technology is undoubtedly important for banks wanting to stay at the top of their game, old-fashioned virtues will continue to be vital. Persistence in assessing what customers want and being open to change seem to be the common factors determining who comes out top in the awards.