The top of the forex food-chain

[I]EuroMoney[/I] has published their list of the [B]Top 10 Currency Traders[/B] — big banks at the top of the interbank network — as of May 2013.

Of these 10 mega-banks, the top 9 from last year’s list remain the top 9 this year. But, Goldman Sachs has been replaced by Bank of America Merrill Lynch in the #10 spot. Bank of America Merrill Lynch comes onto the list with slightly less market share in 2013 than Goldman Sachs had in 2012.

In terms of overall market share, nearly 80% of the world’s foreign exchange business flows through the top 10 banks. This overall market share has increased only slightly from last year.

Three banks have gained market share at the expense of the other 7 banks. The winners were Deutschebank, Citigroup, and HSBC. Deutschebank (#1 on the list) increased its foreign exchange market share by 4.2%, while Citigroup (#2) increased its share by a whopping 21.5%, threatening Deutschebank for the #1 spot. In fact, Citigroup has a larger share of the market in 2013 than Deutschebank had in 2012.

Here is the May 2013 list:

Data source: EuroMoney FX Survey 2013 – Graphic: courtesy of Wikipedia

For comparison, here is a link to the list of Top 10 Currency Traders from May 2012 (along with some commentary on the LIBOR rate-rigging scandal).