Wall Street giant takes top spot in forwards and rises to second in options as US rivals gain share
The fourth edition of FX Markets’ annual exercise in identifying the top dealers in foreign exchange derivatives trading saw a major turnaround in arguably the biggest player in the market – JP Morgan – which emerged as the new champion counterparty for US asset manager clients.
Its dominance in FX forwards was part of a broader shift towards US banks, which clawed back market share among domestic clients. JP Morgan, Citi, State Street, and Goldman Sachs occupied the top four spots, reflecting a resurgence of American financial institutions in the global FX derivatives landscape.
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