The winners of the 2020 Digital FX Awards were unveiled during a Zoom Happy Hour that followed Profit & Loss’ first ever Dial-in Day, which attracted over 500 attendees.
For the seventh year in a row, UBS won Best Multi-Asset Class Platform for Neo, the bank also went home with four other Awards. Continuing what is fast becoming a virtual leap-frog race, JP Morgan pipped Citi to win Best FX Platform for the excellent eXecute 2.0, the US giant also took out Best Execution (for the third year in a row) and five other Awards.
In terms of the number of awards, the excellence of Citi’s Velocity platform was again highlights – the bank snaring seven Awards, including only the second ever “Decade” Award. This is given for a platform or technology project that achieves ten consecutive wins in the Digital FX Awards and was won by the bank’s superb corporate platform Pulse. Citi also managed to grab the Best Mobile App Award for the first time, breaking a seven-year run for JP Morgan, as well as the Editor’s Choice Award for Industry Leadership.
Deutsche Bank won the 2020 Innovation Award for its unique Seismometer on the bank’s Market Colour app, the latter also grabbed a prize, as did the bank’s Autobahn OTC Structures app, and, signalling an era of even greater competition in the mobile arena, Deutsche’s mobile app was given an Award for e-FX Excellence – the first given out by Profit & Lossto anyone other than Citi and JP Morgan.
Natwest Markets walked off with the Best FX Prime Brokerage Award for the second year in succession, the bank also scored for its orders functionality, while BNP Paribas scored for the seventh year in succession for its execution services. Elsewhere, awards also went to Credit Suisse for Edge FX and Agency Swaps, Goldman Sachs, for a huge leap forward in its commodities franchise as well as for its work with Bloomberg to deploy its algo strategies.
HSBC, for FX prime service and algo execution; and Morgan Stanley, for QSI React and Fusion Edge, both received two Awards.
The full details of the awards, along with our review of the single dealer platform industry, can be found by downloading the latest issue of Profit & Loss magazine, here. The individual award write ups will be published over the next two days.