Citigroup Inc. cut Deutsche Bank AG's lead as the biggest currency trader in a Euromoney Institutional Investor Plc poll, boosted by its larger share of emerging-market transactions.
Citigroup came second in the annual rankings with a 14.90 percent market share, trailing that of Deutsche Bank by 0.28 percentage point, the second-slimmest margin since the poll began in 1976, Euromoney said in an e-mailed statement. The New York-based lender had a 15.64 percent share of emerging-market foreign exchange, versus Deutsche Bank's 13.46 percent. The top nine held their overall positions from last year and Bank of America Merrill Lynch took Goldman Sachs Group Inc.'s 10th spot.
The Asia-Pacific region accounted for 26 percent of currency markets last year, the survey showed, up from 21 percent in 2012, as Japanese policies that debased the yen ignited trading interest and investors sought higher-yielding assets. The share for Europe, the Middle East, and Africa fell to 44 percent from 49 percent.
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