Standard Bank Group has been awarded Best Bank for South African Rand in FX Week's 2014 survey of the global foreign exchange industry. The FX Week Best Banks Awards are the benchmark for performance in the global FX industry and are the most accurate indicator of which institutions are leading the market, according to banks, corporate treasurers and investors.
This year marks the second consecutive year that Standard Bank Group has scooped the award by FX Week (see www.fxweek.com), which is celebrating the 20th anniversary of its prestigious Best Banks Awards survey. The London-based publication decided to include the rand in 2013, further highlighting the growing significance of the South African currency in global trading.
The FX Week Best Banks awards were decided following a survey that polled industry participants to determine their ranking of the most relevant and significant market makers in the currency trading universe.
"This is certainly one of the premier awards for currency market makers across the foreign exchange trading industry so Standard Bank Group is very honoured to receive this recognition, particularly since we are one of a very small pool of regional banks to be included in the survey," says Richard de Roos, Head of Foreign Exchange at Standard Bank Group.
"The fact that the rand trades in the same time zone as the highly liquid and competitive European market is testament to the relevance and quality of Standard Bank Group's trading and settlement capabilities. The stature and quality of the participants in this survey certainly make this award a very relevant one to the broader industry and an achievement for which Standard Bank Group is duly proud.
"This award is not only a recognition of our relevance to the market but it also validates our strategy to leverage our dominant position in our local franchise markets in order to extract liquidity for the purposes of solidifying our growing role in international currency markets," says Mr de Roos.
"The fact that we have been recognised by all the major participants in the market shows that our strategy is paying off." Standard Bank Group is South Africa's leading market maker and largest rand trader; operating from 30 dealing rooms across the globe. Its vast footprint across Africa means that Standard Bank Group is well suited to maximise opportunities in all regions to access a large selection of liquidity from investors across Africa and the rest of the world.
The Best Banks survey is open to any foreign exchange end-user, including dealers, brokers, institutional investors and corporations, making them a highly accurate reflection of how foreign exchange professionals view their peers in terms of overall quality of service.
To read more about Standard Bank Group's foreign exchange trading capabilities, see www.standardbank.com/cib.
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