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PrivatBank was awarded the best FX provider bank in Ukraine in THE WORLD’S BEST FOREIGN EXCHANGE PROVIDERS 2018 rating held by Global Finance magazine based on results of the year 2017.
Société Générale was recognized the best FX bank in Central & Eastern Europe, HSBC – in Western Europe, while Citi was named the Best Global Foreign Exchange Bank.
According to the Global Finance publication, the foreign exchange (FX) market is becoming more competitive. Although the top five FX banks still account for 44% of the global market, according to the 2017 survey, that’s down from 53% in 2013. That has opened opportunities for regional banks with local expertise to step in as valuable partners, with the top global leaders in the meantime refining their client lists and avoiding markets offering low return on equity.
“The bottom line is that the FX market is increasingly competitive,” says Kevin McPartland, head of market structure and technology research at Greenwich Associates, “and competition is always good for the market”. However increasing competition has not resulted in the easing of professional ethics, the world’s top FX banks continue to check and recheck their operations carefully to make sure they are complying with the spirit of the industry’s new global code of conduct.
Global Finance believe, that in 2018 participants of the global FX market are expected to behave in an ethical and professional manner to promote compliance with the rules and regulations applicable to the FX market for each jurisdiction in which they do business.