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Boasting the largest exchange market in the world, more money is exchanged through Forex each day than on the New York Stock exchange or any of the other top global stock markets. The five top brokers on the market do a lot to influence the currency rates and set the standard fees associated with an exchange. Since more money goes through the hands of these banks, investors can often find a better exchange rate and a standard level of service.
Deutsche Bank AG
In German, the name of this bank actually means the German bank. The Deutsche Bank is the largest Forex trader in the world and has its headquarters within the Deutsche Bank Twin Towers in Frankfurt. This exceptionally large banking establishment employs more than 100,000 people around the world. It has branches in more than 70 different countries and was listed as the largest foreign exchange broker in the world as of 2009.
The Deutsche Bank accounts for more than 21 percent of foreign exchanges that occur each day. In addition to foreign exchange services, the Deutsche Bank also performs mergers and acquisitions, offers risk management products and carries out retail banking operations. The head of the bank is Josef Ackerman. Ackerman started his tenure at the bank in 2002 and has agreed to continue as chairman until the end of 2013. In 2011, the bank announced that Anshu Jain would begin training to take over the role of chairman and CEO at the end of Ackerman’s contract.
Barclays Investment Bank
Barclays Investment Bank is second on the list of the world’s top foreign exchange brokers. Their trades currently account to more than 10 percent of the world’s foreign exchanges. This investment bank is based in London, but has branches around the world. It primarily provides its customers with carious risk management and financing services.
In 2004, Barclays reported its yearly income at $6.4 billion. It is run by two chief Executive Officers: Jerry Del Missier and Rich Ricci. Although it primarily provides services for large corporations and government clients, Barclays also offers foreign exchange options for the average consumer. The investment bank boasts of offices in more than 29 different countries and 20,000 employees. It has grown greatly in size since the purchase of the Lehman Brothers’.
Third on the list of top Forex exchange brokers is UBS AG. This Swiss company is based in two Swiss cities: Zurich and Basel. It encompasses 10.59 percent of the world’s foreign exchange market. Originally, the acronym came from the company’s former name: the Union Bank of Switzerland. In 1998, it merged with the Swiss Bank Corporation. Since that merger, the two banks have gone by the title of UBS AG instead of their former names.
USB was started in 1854. By 2012, the bank employed a total of 65,000 employees in over 50 countries around the world. It serves a variety of private, corporate or government clients. In addition to its foreign exchange offerings, it also provides customers with commercial and retail banking services. Following the 2007 and 2008 economic crises, the bank suffered from subprime mortgage issues. After that, the bank was forced to receive an injection of capital from the government of Singapore and Switzerland to stay afloat.
With 8.88 percent of the market share, Citigroup ranks fourth among the world’s top foreign exchange brokers. This multinational bank has its headquarters set up in New York City. In 2012, the banking conglomerate marked its 200th anniversary. Overall, the banking conglomerate has the world’s largest financial network. It operates 16,000 offices in 140 different countries around the world. According to Forbes Magazine, the bank employed a total of 267,150 employees. After economic hardship, the banking network cut its worldwide staff down to just 260,000 by 2012. Prior to economic crisis of 2008, Citigroup was the largest bank in the world according to assets. It now ranks 10th in the world according to the size of its assets.
JP Morgan boasts of 6.43 percent of the market share. Following it closely behind at 6.26 and 6.20 percent are HSBC and the Royal Bank of Scotland. JP Morgan currently owns assets totaling $2 trillion. Forbes Magazine lists it as the largest public company in the world. Headquartered in Chicago, JP Morgan is one of the Big Four United States banks. Starting in 2011, JP Morgan outpaced Bank of America as the largest bank in the United States according to assets. Worldwide, it ranks as the fifth largest foreign exchange broker.