Westpac No. 1 Australian FX Bank 9 years running
9 May 2014
Westpac Institutional Bank (Westpac) has once again ranked No. 1 Australian bank for FX market share globally for the 9th year in a row in the closely watched annual Euromoney FX Survey1.
Westpac was the most improved institution globally for bank sector market share, with an overall ranking of 17th among the world’s top banks jumping from 19th in 2013. Westpac also achieved the most improved bank across the Asian and North American regions.
“Our ability to strengthen this position and grow market share as the leading Australia bank for FX year on year reflects the quality and depth of our market relationships,” said Paul Verschuer, Westpac Institutional Bank, Managing Director, Foreign Exchange, Commodities, Carbon and Energy.
“In the 2014 survey, Westpac validated its leadership globally in the Australian, New Zealand and Canadian bloc currencies, placing first in client service in this new category.”
“Winning this is testament to the strength of our customer focussed strategy and continued investment in eFX technology and global market coverage to better support their needs,” he said.
Summary of Westpac Euromoney results1
- Market Share: Westpac No. 1 Australian bank for market share globally
- Market Share: Westpac No. 1 for New Zealand customer market share*
- Market Share: Westpac most improved institution globally for bank sector market share
- Market Share: Westpac most improved bank across the Asian and North American regions region
- Client Service: No.1 ranking for client service globally in the AUD/NDZ/CAD bloc
- Client Service: No.1 Global FX Bank for client service in the Asian and Australasia time zone
- Currency Ranking: No1 Global FX Bank for AUD / NZD / CAD Currencies
- eFX: Westpac doubled FX volumes and market share through E-trading channels (Globally and Australasia)
- Research: No. 1 Australian FX bank in the Australasian region for G10, EM Quantitive, Flow research and Technical analysis.
Westpac’s other significant benchmarks include;
- Peter Lee: In the Australia Peter Lee FX Survey Westpac has placed No. 1 Australian bank for FX Relationship Strength Index (RSI) and the Sales Strength Index (SSI) for 10 years running (2003-2012) for both the total FX market and with corporate clients2.
- Bloomberg: Westpac’s other significant world rankings include Bloomberg’s 2013 most-accurate foreign-exchange forecaster, placing Westpac ahead of 32 firms, including many of the largest U.S. and international banks3.
- China: In March 2014, Westpac was one of only two Australian banks granted a FX ‘market maker’ license in China to directly trade NZD/CNY on China’s Foreign Exchange Trading System (CFETS). This follows the granting of a ‘market maker’ license to trade AUD/CNY on CFETS in April 2013.
* Measures based on all customer segments (ex-banks) including; Non-financial Corporation’s + Real money + Leveraged funds + Public sector + FX trading platforms + Other non-bank financial services + Private investors + High frequency trading firms
1. Source: 1. Euromoney FX Poll 2014. Measure of market share from 14,050 FX industry votes.
2. Peter Lee Associates Foreign Exchange Survey Australia 2012. Rank vs. top 4 from 311 corporate and financial institution respondents.
3. Bloomberg's Foreign Exchange Forecasts (FXFC) for the six quarters ended on September 30, 2012.
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, the Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong, mainland China, Singapore and India. Westpac Group employs approximately 37,000 people and has three key customer facing divisions through which we serve around 12 million customers.
About Westpac Institutional Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand. WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.
Westpac Institutional Bank, a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714