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Citi has released the results of its fifth FX Vendor Review, drawing on its annual client survey and internal analysis to provide insight into the evolving landscape of foreign exchange (FX) technology provision. The review signals a heightened focus on market impact and a growing demand for innovation among FX vendors, as well as a shift in client-vendor relationships.
Ayesa Latif, Managing Director - Global Head of Foreign Exchange Products at Citi
The CitiFX Vendor Review is part of Citi’s ongoing efforts to deliver advanced FX solutions and foster collaboration between clients and liquidity providers. According to Ayesa Latif, Global Head of Foreign Exchange Products at Citi, “Our ultimate goal is to enhance connectivity, expand product offerings, bolster stability, and improve overall market operations to further benefit our clients, liquidity providers, and all other market participants.”
The survey, conducted by CitiFX, found that both the bank and its clients are closely aligned on key priorities for the sector. Notably, 94% of respondents emphasised the importance of vendor adherence to the FX Global Code, while 85% highlighted the need for vendors to account for market impact when developing execution tools.
Client feedback also pointed to a strong appetite for innovation and deeper integration with FX vendors. While satisfaction with primary vendors remains high at 90%, 85% of those surveyed have requested enhancements, particularly in execution and workflow solutions aimed at reducing operational and settlement risk.
The data shows a notable trend: as demand for innovative FX solutions in execution, connectivity, and workflow integration increases, vendor switching has declined. The proportion of clients changing vendors has fallen from 51% in 2021 to 22% in 2025. This suggests that FX vendors are becoming increasingly embedded in clients’ execution workflows, moving beyond the traditional role of an Execution Management System.
However, the review also highlights significant challenges facing FX venues. Rising infrastructure maintenance costs and evolving regulatory requirements are placing capital constraints on vendors. This, in turn, impacts their ability to invest in client-driven enhancements and automated solutions, potentially opening opportunities for competitors.
Maintaining high levels of client satisfaction is seen as critical to preserving revenue streams. Yet, the need to allocate capital to meet client demands may limit further innovation, risking a cycle of client attrition. In a competitive FX environment, a gradual loss of clients could have serious consequences if not addressed proactively.
