E-Trading / Global eFX Trading Benchmark

Global eFX Trading Benchmark

BCG Expand provide the industry’s only dealer-submitted global eFX trading benchmark, enabling institutions to quantify electronic FX market share, understand peer positioning, and identify growth opportunities across every dimension of their eFX franchise.

Explore the solutions

The Challenge

  • ✔Limited visibility into true peer eFX market share due to fragmented reporting and siloed venue data
  • ✔Rapidly shifting client and platform behaviour makes it difficult to benchmark competitiveness
  • ✔Internal MIS often under-represents competitive performance, creating inconsistent strategic direction

How we can help

Controlled Data Pipeline

We process monthly dealer submissions and normalise volumes across Spot, Swaps, Outrights, NDFs and Options.

Peer-Group Construction

We build rolling ADV-based peer groups to enable reliable performance comparison.

Multi-Dimensional Benchmarking

We benchmark performance across product, region, platform, client type, currency pair and tenor to uncover competitive strengths and gaps.

Client success stories

Bilateral RFQ execution improved through pricing and workflow refinement
Client migration from venue RFQs to SDPs strengthened bilateral engagement
Large RFQ hit rates increased through coverage and response-time adjustments
RFQ strategy realigned to peer practices across client types

Case Studies

A Tier-1 FX dealer

RFQ benchmarking revealed that execution rates on SDP RFQs were materially below franchise averages. Further analysis identified slower response times and inconsistent pricing across client segments. Using these insights, the dealer streamlined RFQ workflows and strengthened pricing controls, resulting in improved RFQ execution rates and increased bilateral RFQ volumes within two quarters.

A global FX dealer

RFQ benchmark analysis highlighted differences in channel mix relative to comparable franchises, with over-reliance on venue RFQs and under-utilisation of direct connectivity. By prioritising bilateral RFQ engagement with key clients, the dealer improved execution efficiency and strengthened its electronic FX franchise.

The Challenge

  • ✔Sales and trading teams lack objective insight into where rivals are gaining or losing client-segment share
  • ✔Rapid client-behaviour shifts are not captured well by internal systems

How we can help

Data Normalisation & Peer Group Construction

We normalise data across IG, HY and Financials, and construct rolling-ADV peer groups to support precise comparison.

Multi-Dimensional Benchmarking

We benchmark performance across issuer, sector, client type, tenor, platform and trade type to uncover actionable growth opportunities.

Insight Delivery & Deep Dives

We deliver heatmaps, ranking tables, issuer and sector deep dives, and strategic insight packs to guide franchise decision-making.

Client success stories

EUR spot trading strengthened through rebalanced liquidity provision
EM currency engagement increased via targeted pricing and coverage changes
FX execution mix realigned across G10 and EM currencies
Regional FX participation improved through enhanced local currency support

Case Studies

A European FX dealer

Currency split benchmarking showed strong USD performance but weaker engagement in EUR and EM currencies relative to comparable franchises. The analysis highlighted gaps in pricing competitiveness and coverage. By reallocating resources and refining currency-specific strategies, the dealer increased activity in underperforming currencies, resulting in a more balanced and competitive FX franchise.

A global FX dealer

Currency split benchmarking identified declining participation in selected EM currency pairs. Internal reviews confirmed limited client outreach in those segments. Using benchmark guidance, the dealer expanded EM coverage and improved pricing consistency, leading to increased electronic FX activity.

The Challenge

  • ✔Fragmented venue and platform data makes it difficult to identify optimal API / MDP / SDP distribution
  • ✔Platform strategies often evolve without clear visibility of peer performance

How we can help

Platform Mix Benchmarking

We benchmark your API, MDP and SDP distribution against peers across products and regions.

Execution Distribution Analytics

We assess channel-level performance to guide smarter routing and flow-allocation decisions.

Platform Strategy Insights

We deliver structured insights supporting platform investment and distribution strategy.

Client success stories

Real money client participation increased through coverage model adjustments
Execution rebalanced across venues and proprietary channels to improve efficiency
Corporate client engagement expanded across electronic FX channels
Cross-regional electronic FX workflows strengthened to support higher client activity

Case Studies

A Tier-1 FX dealer

Client and channel benchmarking highlighted differences in engagement across institutional client segments, with strong hedge fund participation but weaker real money activity. Using these insights, the dealer refined coverage and execution strategies to broaden client engagement. Over subsequent quarters, electronic FX activity increased across multiple client types.

A global FX dealer

Client and channel benchmarking was used to assess the effectiveness of an electronic FX distribution strategy, revealing opportunities to shift flow toward bilateral channels. By implementing targeted client strategies, the dealer improved execution quality and strengthened its overall electronic FX franchise.

“The Expand eFX benchmark is essential to understanding our true competitive position every month.”

Global Head of eFX Tier-1 Bank

“The market-share detail by client segment is unmatched. It drives our quarterly franchise strategy.”

Head of FX Distribution Global Bank

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