FX Week has awarded Standard Bank “Best Bank for the South African Rand” and “Best Bank for African Currencies excluding ZAR” for the second year running in their annual global foreign exchange survey and awards.
The qualitative survey provides the most accurate indicator of what banks, corporate treasurers and investors believe are the best performing organisations in the global foreign exchange industry.
“Being able to leverage Standard Bank’s franchise across 20 African markets to deliver a full service foreign exchange offering across all segments, allows us to act as a super-regional liquidity provider of African currencies,” says Richard de Roos, Standard Bank’s Head of Foreign Exchange.
“We are delighted that global currency market makers have once again recognised the scale of our investment in our human and digital capability – by acknowledging Standard Bank’s delivery across our footprint, in line with global trends,” adds Mr de Roos.
Winning awards like these broadens Standard Bank’s access to liquidity in global markets. This is especially important for those African markets where liquidity remains scarce.
Today the global foreign exchange market operates 24/5 five days a week. Augmenting Standard Bank’s established bricks and mortar presence with a, “best of breed, digitised and risk-managed offering available across our universal banking franchise provides clients - and the clients of clients – an always-on one-stop foreign exchange shop linking Africa to global capital,” says Mr de Roos.
Winning these awards for the second time also affirms Standard Bank’s strategy to use its dominant position across its African footprint to extract liquidity enabling the bank to deepen its role in international currency markets.
Standard Bank has also invested heavily in prioritizing the localization of price making responsibilities across its footprint. “Making each local market maker the center of excellence in their local currency means that for our global customers each African foreign exchange price they receive from any of the Standard Bank/Stanbic entities is 100% onshore relevant,” explains Mr de Roos.
Standard Bank is South Africa’s leading market maker and largest rand trader, operating from 22 dealing rooms across the globe. Its widespread footprint across Africa means that Standard Bank is ideally positioned to maximise regional opportunities by using its operations to access multiple pools of liquidity from investors across Africa and the rest of the world.
Subscribe to our quarterly newsletter
giving you our latest insights