GW Platt Foreign Exchange Bank Awards 2024—Winners Announced

The foreign exchange (FX) markets present a tumultuous journey for CFOs and corporate treasurers as they navigate currency risks and financial reporting. In recent years, there has been notable currency volatility, particularly with the US dollar, causing complications for companies with international operations and significantly impacting the profits of US multinationals.

To address these challenges, many companies have turned to hedging to mitigate their currency exposure. A 2022 survey revealed that 76% of corporate treasury departments were utilizing derivatives for this purpose, with 45% of respondents ranking FX volatility as one of their top five challenges. Consequently, finance executives are now seeking more effective ways to manage their FX risks and costs.

While hedging offers protection against currency risks, it comes with a higher cost, particularly as interest rates rise. This has led to the dilemma of weighing the higher costs of hedging against its potential benefits. Beyond hedging, companies also need to focus on managing the costs of hedging and consider the tax and accounting implications of their hedging activities.

Effective currency risk management relies on accurate and reliable data to inform decisions. However, many large companies still struggle with visibility into their currency exposures and the reliability of their forecasts. Consequently, the renewed volatility in the currency markets has driven companies to accelerate the digitalisation of their treasury function.

Despite ongoing FX market volatility, companies can navigate these challenges by investing in technology, developing strong digital capabilities, and focusing on strategic investments. This enables companies to better manage their FX risks and take advantage of opportunities in the evolving FX landscape.

Global Finance has announced the winners of the GW Platt Foreign Exchange Bank Awards 2024 in recognition of outstanding performance in the foreign exchange market. Among the global winners are UBS, BBVA, Santander, Itaú Unibanco, Bank of New York Mellon, Societe Generale, and JP Morgan. Regional winners include FirstRand, DBS, Raiffeisen Bank International, Al Rajhi Bank, and BBVA, among others.

These award-winning banks have excelled in their FX operations, demonstrating a strong commitment to innovation, customer service, and market leadership across different regions and market segments. Their achievements highlight their ability to thrive in challenging environments and provide exceptional services to their clients.

As currency volatility continues to pose challenges for global corporations, these award-winning banks are establishing the benchmark for excellence in the foreign exchange market, with a focus on delivering comprehensive solutions to corporations and clients worldwide.