Citigroup Inc. has cut the lead of Deutsche Bank AG as the largest currency trader in a Euromoney Institutional Investor poll after being boosted by the larger share of the emerging market transactions. Citigroup came 2nd in the annual rankings as the same has 14.90% of the total market share now. The bank is trailing the Deutsche Bank by a slim margin of 0.28 percentage point which is the 2nd slimmest margin from the time when the poll began in 1976. The results were released by Euromoney through an email statement. Citigroup has a share of 15.64% of the emerging market foreign exchange, higher compared to the 13.46% share of Deutsche Bank. The top 9 held to their positions from the poll results of last year. However, Goldman Sachs Group’s 10th spot was claimed by Bank of America Merrill Lynch.
Incidentally, for last year, the Asia-Pacific region accounted for around 26% of the currency markets as mentioned in the survey. The main reason behind this, according to analysts is that the Japanese policies debased Yen thereby igniting trading interest. Investors also sought comparatively higher yielding assets. The share for Africa, Europe and the Middle East combined experienced a fall to 49%.
Global Head of Foreign Exchange Department of Citigroup, Jeff Feig says there is no doubt that Asia is a hot growth center at this point of time. Still, volume and market shares gained all over the world as well. Feig added that the volumes for Citigroup were significantly up in a market where the volumes were flat to down. Feig commented further that his company aims to be recognized throughout the world as the top foreign exchange provider.
With a 10.24% market share on a whole, Barclays Plc. claimed the 3rd spot. UBS AG from Switzerland got the 4th position with a market share of 10.11%. For the 2nd straight year, HSBC Holdings held its place on the top 5 as for this year; it has a market share of 6.93%.
According to the Global Head of the Foreign Exchange department of Deutsche Bank, Kevin Rodgers, the lender is putting in a great effort in Asia. According to Rodgers, the technological engines are kept as sparkling and brand new by the bank. Rodgers added that the bank aims to seek growth in areas such as corporate, real money and electronic trading sectors.