Media releases

Westpac no. 1 Australian FX bank eight years running

 

9 May 2013 

Westpac Institutional Bank (Westpac) today announced that it has ranked No. 1 Australian bank for FX market share globally for the eighth year in a row in the 2013 Euromoney FX Survey1.

Westpac ranked No. 19 among the top banks globally for FX, according to the survey results.

“Maintaining our position as the leading Australia bank for FX globally for eight years running reflects the quality and depth of our market relationships,” said Paul Verschuer Westpac Institutional Bank, Managing Director, Foreign Exchange, Commodities, Carbon and Energy.

“As the global specialists and clear leader in Australian dollar and New Zealand dollar products, Westpac is well positioned to support customer trades as the ongoing strength of these currencies drives significant market interest in this region,” he said.

Summary of Euromoney results

  • Market Share: Westpac No. 1 Australian bank for market share globally
  • Market Share: Westpac No. 1 for Australian customer market share*
  • Market Share: Westpac No. 1 for New Zealand customer market share*
  • Client Service: Westpac No.1 to all clients globally in the Asian and Australasian time zone*

* 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

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 April 2013, Westpac was one of only two Australian banks granted a FX ‘market maker’ license in China to directly trade AUD/CNY on China’s Foreign Exchange Trading System.

1 Source: 1. Euromoney FX Poll 2013. Measure of market share from 16,298 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.