e-FX awards 2025 – the winners

Liquidity provision classes

• Finest liquidity supplier for spot: Citadel Securities

Citadel Securities made spectacular beneficial properties to grow to be one of many prime LPs within the main market. It additionally noticed a big improve in bilateral streaming partnerships with banks.

• Finest liquidity supplier for forwards/swaps: Barclays

The UK financial institution achieved important progress in FX swaps market share, and made key improvements throughout digital pricing, together with smart-mids – mixing a number of inputs to create dependable market curves – and real-time liquidity efficiency analytics.

• Finest liquidity supplier for choices: JP Morgan

JP Morgan is recognised for its superior digital FX choices providing, supporting a variety of vanilla and unique buildings, leading to important year-on-year progress in digital volumes and each day customers buying and selling choices on its single-dealer platform.

• Finest liquidity supplier for monetary establishments (asset managers, banks, hedge funds): Deutsche Financial institution

In coping with monetary establishments like hedge funds and asset managers, Deutsche Financial institution noticed notable will increase in revenues and volumes. Its prime innovation got here within the launch of HausFX to satisfy the evolving wants of asset managers.

• Finest liquidity supplier for corporates: Barclays

Barclays was awarded for considerably evolving its product and execution providing with corporates, and reported main progress in deal-contingent transactions throughout a yr the place world M&A exercise was up and down.

• Finest FX algo supplier: Deutsche Financial institution

As a prime algo supplier, judges have been impressed by its rising volumes, improved efficiency towards different liquidity-seeking algos, and souped-up infrastructure that may deal with 10 instances extra capability.

• Finest new FX algo resolution: BNP Paribas

BNP Paribas was awarded for the launch of a brand new model of certainly one of its flagship execution algos, Rex 2.0, the place it launched a number of new modes for customers to handle the velocity of the algo and to execute a portfolio in a linear trend over a time frame.

• Finest FX structuring resolution: Goldman Sachs

Goldman Sachs’ visible structuring resolution’s current growth into Delta One merchandise to assist shoppers check and show RFQ vs algo pre-trade TCA was deemed very spectacular, and has now grow to be a central instrument for the FX gross sales crew.

Judges awarded Citi for its state-of-the-art expertise, rolling out its revamped platform to rising markets and including a variety of recent algo execution capabilities.

• Finest FX prime dealer: NatWest

NatWest demonstrated for the third yr in a row why it’s a extremely rated supplier. After setting new data in prime dealer mandates and reaching important quantity progress, it additionally launched new FXPB fashions to commerce with asset supervisor shoppers.

Purchase-side classes

• Finest FX hedging initiative: Russell Investments

Russell Investments was awarded for its distinctive problem-solving strategy, implementing a dynamic USD/JPY hedging mannequin that enabled it to broaden an present shopper mandate and safe one other important one.

• Finest FX execution initiative: JP Morgan Asset Administration

The fund supervisor enhanced its execution technique by means of the event and implementation of a proprietary order and execution administration system, designed to facilitate bilateral connectivity with choose companions.

• Finest FX funding technique: Document Forex Administration

The agency developed a singular technique to make use of a diversified funding basket of developed market currencies, for use towards lengthy positions in rising markets currencies, enabling it to precise relative worth views and seize alpha.

Venue classes

• Finest venue for forwards/swaps: 360t

360T made a number of key inroads with accomplice banks to spice up its digital interbank swaps initiative, expanded its vary of options for the purchase aspect with a differentiated ahead fixing providing, and printed its first “combined given” trades.

• Finest venue for choices: Digital Vega

The Digital Vega platform continues to enhance its scope and product providing, and has introduced a variety of recent automated FX choice execution capabilities to each LPs and buy-side customers.

• Finest venue for NDFs: EBS Market

EBS recorded a number of report days in foreign money pairs such because the Taiwan greenback all through this yr’s market volatility, expanded into Latin America currencies, and created a single liquidity pool to make it simpler for brand new members to attach.

• Finest alternate for FX: CME Group

Unsurprisingly, CME Group continues to attain new quantity data for FX futures, and has established itself as a possible G10 main market, whereas additionally innovating with its new Spot+ enterprise to bridge the spot and futures market.

Bloomberg brings a wide range of choices to automate execution for buy-side customers resembling auto-routing and staged fixing orders. It additionally expanded help for superior algorithmic execution and launched public sale functionalities.

• Finest new venue initiative: Finteum

Regardless of being an early-stage start-up, Finteum has important potential to dramatically decrease funding prices for banks by means of its intraday FX swaps platform. It has made good progress in its journey to go dwell, signing on three banks, and has already carried out its first set of trades.

Infrastructure and companies classes

• Finest FX overlay supervisor: State Road

State Road has established itself as the biggest supplier within the house and continues to point out progress with asset homeowners and various funding managers. It additionally continues to broaden its vary of hedging options for onshore currencies and invested in new automated workflows.

• Finest FX outsourced buying and selling resolution: State Road

Judges awarded excessive scores to State Road for its one-stop-shop capabilities, delivered by means of its common FX supervisor mannequin, and expanded use of TCA for greatest execution

• Finest FX post-trade initiative (clearing, collateral administration, settlement): Caplin Methods

This vendor lately expanded the scope and class of its FX post-trade capabilities throughout a number of sectors, working with banks to get rid of guide post-trade errors and serving to them to rework their commerce affirmation and allocation workflows.

• Finest e-FX resolution for corporates: MillTech

Milltech recorded excessive double-digit year-on-year income progress with corporates all through the second quarter mayhem, with a serious improve in trades executed. It additionally integrated an AI hedging simulator and a brand new money administration resolution in collaboration with the world’s greatest asset supervisor.

Expertise classes

• Finest buying and selling expertise vendor for FX: Quod Monetary

This supplier made important enhancements to its underlying structure, launched AI-based execution logic for liquidity choice and order dealing with, and shortened time-to-market for brand new shoppers.

• Finest connectivity, internet hosting and co-location service: 4OTC

4OTC was awarded after it absolutely launched its co-located connectivity service to allow LPs to stream liquidity in digital belongings and FX, and continues to ascertain new connectivity to platforms, exchanges and LPs globally.

• Finest impartial TCA supplier: Tradefeedr

Tradefeedr was extremely recommended for establishing AI-based workflows, and creating a very distinctive pre-trade TCA instrument for RFQ and algo execution.

• Finest market knowledge supplier: New Change FX

New Change FX was awarded for its spectacular record of market knowledge merchandise and new real-time knowledge options. It additionally made key enhancements in constructing market-neutral forwards pricing curves and rolling out a complicated choices reduce service.

• Finest liquidity aggregation service: smartTrade Applied sciences

Judges recognised the seller’s spectacular progress with LPs, and element in serving to banks obtain tighter spreads and lowered slippage by means of new enhancements resembling an AI-driven good order router.