Photographer: Mark Kauzlarich/Bloomberg

JPMorgan Takes Top Spot in FX Market-Share Ranking by Greenwich

  • Citigroup, UBS and Deutsche Bank follow in 2017 survey
  • Banks adapt currency businesses amid shifting competition

JPMorgan Chase & Co. has the biggest market share among foreign-exchange dealers, according to Greenwich Associates.

The largest U.S. bank by assets took the top prize in this year’s rankings, followed by Citigroup Inc., UBS Group AG and Deutsche Bank AG, according to a global survey of currency users by Greenwich Associates. Last year, Citigroup and UBS tied for first, while Deutsche Bank and JPMorgan tied for third.

“It’s further evidence that our investments in technology and the client experience are paying off,” Troy Rohrbaugh, global head of macro markets at JPMorgan, said in a statement.

Dealers in the $5.1-trillion-a-day currency market are adapting as regulations enacted since the financial crisis have prompted some banks to cut staff and risk-taking in areas such as foreign exchange.

To gain market share, they’ve taken steps such as narrowing coverage and focusing on specific foreign-exchange products, targeting particular types of clients or becoming more selective about the venues in which they compete, according to Greenwich Associates, a financial-services consulting firm based in Stamford, Connecticut.

“Banks have become much more judicious in doling out coverage and resources and much more focused on the bottom-line returns that customer relationships generate,” James Borger, managing director at the consultancy, wrote in the report. When analyzing clients, dealers ask, “What products do you use, how often do you trade, how much do you trade, and where do you trade?”

Citigroup and UBS didn’t have an immediate comment on the survey. Troy Gravitt, a Deutsche Bank spokesman in New York, declined to comment.

The league table is based on interviews conducted from September through November with 2,393 users of foreign exchange. It precedes separate rankings by Euromoney Institutional Investor Plc, scheduled for release later this month.

Greenwich Associates’ rankings for “Global Top-Tier Foreign Exchange Market Share” are as follows:

RankDealer
1JPMorgan
2Citigroup
3UBS
4Deutsche Bank
5 (Tie)Bank of America 
5 (Tie)Barclays
5 (Tie)HSBC
5 (Tie)Goldman Sachs
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