Deutsche Bank Confirmed As World’s Largest Foreign Exchange Trading Firm In Euromoney Survey - Deutsche Bank Now Has The Largest Share Of The Global Foreign Exchange Markets, According To Results Of Euromoney’s Annual FX Survey Released Today

Deutsche increased its share of trading volumes to 16.71% of all trades, up from 12.18% in 2004. Last year’s winner, UBS, slipped to second place despite increasing its overall market share to 12.46%. Citigroup retained third place but there were strong performances from HSBC, Barclays Capital and Merrill Lynch who finished 4th, 5th and 6th overall respectively.

In terms of trading volume by type of institution, Citigroup was the leading counterparty for non-financial corporations, UBS for real money accounts and Deutsche Bank for banks and leveraged funds.

“Soaring foreign exchange trading volumes are being handled by an increasingly small number of players,” said Euromoney. “The entry-level barrier to becoming a full-scale foreign exchange provider is getting higher, resulting in widening gaps in market share. Volume and market share are crucial for banks wanting to make substantial profits in a market with highly compressed spreads.”

The results of Euromoney’s survey are based on responses from 4,492 institutions globally that trade foreign exchange. The total sample size in terms of volumes of trades amounted to $40.05 trillion.

The top 10 FX houses by market share are as follows:

Global Market share
2005	2004	Bank	MarketShare
1	2	Deutsche Bank	16.72%
2	1	UBS	12.47%
3	3	Citigroup	7.50%
4	5	HSBC	6.37%
5	7	Barclays	5.85%
6	10	Merrill Lynch	5.69%
7	4	JPMorgan	5.29%
8	6	Goldman Sachs	4.39%
9	11	ABN Amro	4.19%
10	13	Morgan Stanley	3.92%
Source: Euromoney FX Survey 2005

Deutsche Bank narrowly beat UBS to become the leading e-trading proprietary platform. FXall is the leading multi-bank or independent platform, with a market share of more than 50%.

Full details of the results of the 2005 FX survey can be found in the May edition of Euromoney and are released today to subscribers on the Euromoney website at >www.euromoney.com