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Foreign Exchange Survey

Asiamoney FX Survey 2021

Asiamoney’s FX rankings, derived from sister publication Euromoney’s flagship global FX survey, identify the leading providers of foreign exchange trading services. We asked close to 1,870 of their clients in Asia to tell us the best in the business – and these firms came out on top

ASIA MARKET LEADERS (excluding short-dated swaps)

Asia Pacific

Rank 2021 Rank 2020 Counterparty Market share %
1 1 UBS 13.31%
2 5 Deutsche Bank 12.21%
3 4 Citi 9.38%
4 2 JPMorgan 9.23%
5 6 HSBC 7.83%
6 3 Bank of America 7.12%
7 10 Barclays 4.88%
8 7 Goldman Sachs 4.82%
9 11 State Street 4.58%
10 14 Credit Suisse 3.56%
       

Australia

Rank 2021 Rank 2020 Counterparty Market share %
1 3 HSBC 30.85%
2 2 UBS 12.55%
3 1 XTX Markets 7.65%
4 5 Citi 7.59%
5 6 JPMorgan 6.38%
       

China

Rank 2021 Rank 2020 Counterparty Market share %
1 10 Deutsche Bank 34.44%
2 1 Bank of New York Mellon 27.18%
3 11 Societe Generale 12.42%
4 9 BNP Paribas 7.64%
5 2 Bank of America 7.60%
       

Hong Kong SAR

Rank 2021 Rank 2020 Counterparty Market share %
1 2 Bank of America 27.79%
2 1 HSBC 23.12%
3 8 Deutsche Bank 10.06%
4 4 UBS 7.88%
5 5 Barclays 5.11%
       

India

Rank 2021 Rank 2020 Counterparty Market share %
1 22 IndusInd Bank 18.76%
2 4 Standard Chartered 18.17%
3 1 Deutsche Bank 16.85%
4 5 HSBC 5.35%
5 11 JPMorgan 5.30%
       

Indonesia

Rank 2021 Rank 2020 Counterparty Market share %
1 12 Standard Chartered 31.83%
2 8 Deutsche Bank 24.53%
3 6 HSBC 13.84%
4 5 DBS Bank 11.13%
5 13 Citi 10.36%
       

Japan

Rank 2021 Rank 2020 Counterparty Market share %
1 1 UBS 13.89%
2 7 Deutsche Bank 12.88%
3 2 Citi 11.71%
4 3 JPMorgan 9.82%
5 5 Bank of America 6.57%
       

Malaysia

Rank 2021 Rank 2020 Counterparty Market share %
1 1 Deutsche Bank 38.74%
2 4 Maybank 16.69%
3 13 Macquarie Bank 12.81%
4 2 CIMB 12.59%
5 13 State Street 5.98%
       
       

New Zealand

Rank 2021 Rank 2020 Counterparty Market share %
1 1 Deutsche Bank 71.83%
2 2 Barclays 27.02%
       

Philippines

Rank 2021 Rank 2020 Counterparty Market share %
1 3 JPMorgan 35.22%
2 21 UBS 18.79%
3 4 Standard Chartered 11.56%
4 17 BNP Paribas 11.09%
5 6 Citi 3.81%
       

Singapore

Rank 2021 Rank 2020 Counterparty Market share %
1 2 UBS 21.66%
2 1 JPMorgan 15.00%
3 4 Deutsche Bank 12.19%
4 10 Bank of New York Mellon 7.82%
5 9 HSBC 7.57%
       

South Korea

Rank 2021 Rank 2020 Counterparty Market share %
1 1 State Street 42.12%
2 12 Deutsche Bank 30.80%
3 3 HSBC 8.85%
4 14 JPMorgan 6.64%
5 10 Citi 2.11%
       

Taiwan

Rank 2021 Rank 2020 Counterparty Market share %
1 1 State Street 43.08%
2 2 Bank of America 32.88%
3 17 Deutsche Bank 7.71%
4 4 Bank of New York Mellon 3.70%
5 8 Cathay Financial Holding 2.99%
       

Thailand

Rank 2021 Rank 2020 Counterparty Market share %
1 1 State Street 73.08%
2 2 Bank of America 12.53%
3 17 Deutsche Bank 5.36%
4 8 Kasikornbank 4.47%
5 6 Siam Commercial Bank 2.43%
       
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