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.

Our Global eFX Trading Benchmark 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

Benchmark insights have informed multi-million-dollar eFX infrastructure and distribution investments.
Several banks identified double-digit YoY share gains in key EM currencies.
Improved visibility into platform-level share supports more effective distribution decisions.

Case Studies

Global Tier-1 Bank

Peer platform-mix data revealed a 40% underweight in API relative to competitors. Over 12 months, the bank rebalanced distribution and increased spot market share by 120bps.

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

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

Currency-split benchmarking uncovered underperformance in EUR 5–10Y IG voice, leading to an 18% increase in quarterly ADV after coverage adjustments.
Dealers identified neglected tenor buckets and rebalanced liquidity deployment to improve execution.

Case Studies

Leading European Dealer

Using regional and client-segment benchmarking, the bank redesigned Asia sales coverage, resulting in a 14% increase in APAC ADV.

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

Significant repositioning from MDP to API flow has materially improved franchise P&L for several banks.
Platform-mix analysis reveals execution gaps and strengthens investment decisions around distribution and infrastructure.

Case Studies

North American FX House

Identified NDF product gaps and launched new client pricing streams, achieving >25% QoQ growth vs peers.

Insights

“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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