Deutsche Bank FXPB Regains Footing, XTX Markets with Best Service

Cost optimization and an aggressive push catapulted Deutsche higher, while XTX topped client satisfaction surveys

Over the past years, very few of the news items around Deutsche Bank have been positive. The results from the latest Euromoney FX annual survey are among those badly needed good news for the once leading FX prime broker and largest German lender by assets.

According to the results from Euromoney’s 2019 Annual Foreign Exchange Survey, Deutsche Bank is staging a big comeback this year. The German lender leaped six spots forward to place second in the overall volume global market share survey. The company has 8.41 percent of the market trailing only behind JPMorgan with 9.81 percent.

Citi and XTX Markets have switched places this year, and are placed 3rd and 4th, while UBS dropped into 5th spot after placing second in 2018. Deutsche’s leap forward was mirrored in the spot and forwards segment, where XTX Markets took the lead with 9.92 percent of the market. JPMorgan is in the second spot holding a 9.3 percent market share.

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Electronic Trading

JPMorgan and XTX Markets have maintained top spots in the overall eFX market share survey holding 9.41 and 9.05 percent of the market. Deutsche Bank is third, cornering 8.97 percent of electronically traded foreign exchange products. The German lender climbed four spots from 7th last year.

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Looking at spot eFX trading, XTX Markets took the lead from JPMorgan with a whopping 11.5 percent of the market. Deutsche Bank came in second from 6th last year with 8.95 percent of the market. Last year’s leader, JPMorgan, dropped down to the third spot with a market share of 8.84 percent.

Customers Praise XTX Markets

Client satisfaction rates have been the main driver for another successful year for XTX Markets. The company’s service has been praised by its customers across multiple categories, including algorithmic trading and salesforce.

XTX Markets’ overall client satisfaction score was 55.4 percent, placing the firm in the 1st spot. State Street placed 2nd with 42.6 percent after topping the list last year, while Bank of America Merrill Lynch is placed 3rd.

The leading non-bank FX liquidity provider also provided the best salesforce to its clients. XTX Markets topped this part of the survey with a 62.7 percent score. Bank of New York Mellon was in the second spot with 49.6 percent, with State Street placing third with 48.3 percent.

The quality of the service was rated with a 57.2 percent score at XTX Markets, 45.7 percent for State Street and 42.8 percent at Standard Chartered. Algo trading was no exception to the strong performance of the London-based non-bank FX liquidity provider as the most client-friendly venue in the industry scored 47.3 percent. JPMorgan and BNP Paribas were second and third with 37.9 and 37.7 percent.

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