Deutsche Among Top Two in FX Poll

Deutsche Bank was narrowly denied top spot in Euromoney's annual FX poll this year, beaten by 0.18 percentage points by UBS.

But the Bank's progress in the poll, a 2.5 percentage points jump in market share on 2003, suggests that the Swiss bank and Deutsche Bank are pulling away from the competition in the asset class. UBS (12.36%) and Deutsche (12.18%) are comfortably ahead of third placed Citigroup (9.37%) and way in front of fourth-placed JP Morgan (5.78%).

The difference between UBS and Deutsche is marginal. Of the 3,500-plus respondents, who account for USD 24tn of FX turnover, the 0.18 percentage point difference equates to USD 40bn, an amount that can be wiped out by just one vote.

According to Euromoney, Deutsche and UBS account for almost 25% of all client trading in FX. Both banks increased their market share while third-placed Citigroup, whose decline in FX is noted by the magazine, saw its market share fall by half a percentage point. Euromoney said: "So, it seems that UBS and Deutsche are finding news pockets of clients and ways of doing business that are not necessarily stealing business from Citigroup.

Instead they are creating and maintaining flows that Citigroup are simply missing." In the sub categories, Deutsche was ranked top for institutional investors and hedge funds and was named number one in Frankfurt and when it came to euro/dollar and euro/yen.