FX Markets has recognised BNP Paribas’ ability to navigate markets at its annual FX Markets eFX Awards 2024, awarding the bank’s corporate FX offering, as well as its forwards and swaps business.
In the fast-paced world of foreign exchange trading, staying ahead of the curve requires continuous adaptation from market participants. With digital transformation and macroeconomic factors constantly reshaping the landscape, the FX markets are in a perpetual state of change.
- Best Liquidity Provider for Corporates
- Best Liquidity Provider for Forwards and Swaps
“We are honoured to be recognised for our FX capabilities”, comments Francisco Oliveira, Co-Head of Global Macro and Global Credit at BNP Paribas. “We’ve spent a lot of time bolstering our corporate franchise and have invested heavily in our digital expertise to support our e-trading capabilities. We’d like to thank FX Markets as well as our clients for this recognition.”
Supporting corporates
Firms have grappled with numerous obstacles in the past year, as mounting geopolitical tensions and volatility surges from macro events have engendered a precarious landscape. Despite this, BNP Paribas has delivered tighter spreads and optimal liquidity to its corporate clients.
Electronic trading has become an industry standard in the FX Markets and is an increasingly crucial requirement for corporates’ FX activities. As well as investing in its own digital tools, such as Cortex iX, BNP Paribas has made a number of significant investments into fintechs that are helping to bolster the bank’s digital offering.
For example, BNP Paribas fully acquired Kantox in 2023, a digital fintech, to transform currency risk and hedging processes for its corporate clients. Kantox’s software solution has successfully re-bundled the corporate FX workflow, offering a one-stop-shop application programming interface (API) driven, plug-and-play solution which has emerged as a unique technology within the business-to-business cross border payments sector.
Advancing in forwards and swaps
The forwards and swaps market have also been susceptible to the macro events of the last 12 months, with volatility spikes creating a difficult market landscape at times. Despite this, BNP Paribas was able to maintain optimal pricing and liquidity, thanks to its investment and digitalisation of its FX flow business.
A key factor for the bank’s success this year is its e-books in forwards and swaps. These e-books allow the bank to price and risk manage flow electronically, as well as offer quicker pricing to more clients, which proved invaluable during the volatile periods of the past year. The enhanced pricing mechanism mirrors that of BNP Paribas’ e-book in spot, which has been very successful over the last few years.
A successful year
Recognising BNP Paribas’ achievements in these markets, FX Markets awarded BNP Paribas Best Liquidity Provider for Corporates and Best Liquidity Provider for Forwards/Swaps, highlighting the bank’s commitment to providing an outstanding service to clients.