FX Week has for the third year in a row awarded Danske Bank the number 1 spot in Scandinavian currencies, based on input from a wide range of FX end users on a global scale. The hat trick is the first of its kind in this award category.
When industry publication FX Week this Thursday presents the FX Scandinavian currency award to Danske Bank representatives in London, Global Head of Currencies Niklas Karlsson, will be prouder than ever, accepting the prize on the podium on behalf of the bank.
“We are absolutely delighted about these great news. We know that we are a strong player in Scandi FX, but at the end of the day, we will never be stronger than our customers’ evaluation of us. So we are of course humble and extremely pleased that we remain in the lead again this year,” he says.
Danske Bank has previously won the prize in 2014, 2016 and 2017.
More difficult to remain ahead of competition
The vast majority of all FX business within Danske Bank is related to DKK, SEK and NOK, having helped Danske Bank to acquire a deep understanding of these relatively illiquid currencies. That being said, however, Niklas Karlsson stresses that it is not a given for Danske Bank to continue winning the prize, because of the digital development and harsh competition in the FX space:
“The FX offering in general is undergoing rapid digital transformation, allowing for faster and more convenient execution, and higher levels of self-service. Digitalisation is a game changer benefiting our customers, and it is also the main driver for us continuing developing our FX infrastructure to remain relevant in this space,” he comments.
The FX Award in brief
The FX award assessment is based on a survey open to foreign exchange end-users such as dealers, brokers and corporations on a global scale. The end user comment on a variety of criteria, including pricing, speed of execution and reliability.