2009 results will be announced 6th of May and will be published online following the awards announcements at the annual dinner. FX survey 2009 methodology

Key points: Turnover rises 41% to a record $175 trillion Deutsche Bank extends lead with 21.7% share of global market UBS consolidates second place with growing 15.8% share Barclays Capital breaks into top three global banks JPMorgan, Lehman Brothers and Dresdner Kleinwort post strong gains

2008 FX poll results
Click on the above link
to access the database
of results

List of categories included in the full 2008 FX poll results

Total global turnover rose from $125 trillion in 2006 to $175 trillion in 2007, according to the latest foreign exchange survey from Euromoney. The number of respondents to the survey rose by 17.5% to 9,810 valid replies.

The growth in the foreign exchange market shows that it has been unaffected by the global credit crisis; indeed, many of the world’s largest banks are focused on FX as a market for continued growth while other asset classes decline.

“Far from being the commoditized product with limited growth that many have sought to describe it as, FX has proved once again that it is a thriving asset. Furthermore, with products ranging from simple to complex, it is a transparent asset that has something to offer everyone,” said Euromoney’s editor Clive Horwood.

“Over the years, FX has periodically had to face challenges from many a new product. On occasions, this has resulted in resources being diverted to other areas that have promised, but not always delivered, better returns. But FX always manages to stage a comeback and it would seem that those in charge of sell-side institutions have learnt that many of the higher-margin products that have attracted their business investment are simply not as reliable a profit stream in the longer term as FX.”

Deutsche Bank once again is the largest foreign exchange bank by volume. Its share of global turnover broke the 20% barrier for the first time this year.

“We’ve been consistently growing by double-digit percentages over the past few years, and by high double-digit percentages more recently,” said Zar Amrolia, global head of foreign exchange at Deutsche Bank. “I believe the FX market is the most competitive market, and that drives innovation – whether it’s new clients entering the market, such as the algo traders and retail aggregators, whether it’s been product innovation on the derivatives product side such as portable alpha indices or beta replication, whether it’s using new mechanisms for distribution of pricing such as the internet or operational efficiencies such as prime brokerage and CLS. The talent entering the industry is immense and the macro trends of globalization and increased trading of emerging market currencies means that the future is bright.”

UBS consolidated its position in second place, posting a strong gain in market share from 14.8% to 15.8%. Barclays Capital breaks into the top three overall, boosting its share of the market from 8.8% to 9.1% and leapfrogging Citi and RBS in the process.