WORLD'S BEST FOREIGN EXCHANGE BANKS 2005

HEADNOTE

Global Finance selects the leaders in the world's biggest financial market.

The recent slide in the value of the dollar has focused the eyes of the world on the foreign exchange markets, where the volume

of trading has exploded to around $1.9 trillion a day. In April 2004, when 52 central banks and monetary authorities worldwide collected data on turnover, as they do every three years, they found that daily global turnover was up 57% at current exchange rates and 36% at constant exchange rates from April 2001.

The triennial survey also confirmed that the UK remains the center of the foreign exchange world, with a market share of 31.3%, followed by the US with a 19.2% share, and Japan with 8.3%. Daily volume in the US soared 82% since 2001, slightly narrowing Britain's lead. Daily turnover for US derivatives markets, such as forward-rate agreements, interest-rate swaps and foreign exchange options, surged by 164%.

It is clear that increased activity by hedge funds, the fast growth of online foreign exchange trading systems and growing international trade and crossborder investing are contributing to a major increase in currency-trading volume. This has occurred despite a continuing consolidation among dealers.

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Global Finance has selected the leading foreign exchange banks in 70 countries and regions, as well as the best online foreign exchange trading systems and the best bank for foreign exchange research.

With input from industry analysts, corporate executives and technology experts, Global Finance editors selected the winners based on objective and subjective factors. Criteria included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

REGIONAL WINNERS

NORTH AMERICA Citigroup

LATIN AMERICA Citigroup

WESTERN EUROPE Deutsche Bank

(Honorable Mention: BNP Paribas and UBS)

CENTRAL & EASTERN EUROPE Bank Austria Creditanstalt

SCANDINAVIA Nordea

MIDDLE EAST National Bank of Kuwait

AFRICA Standard Bank

ASIA/PACIFIC HSBC

SOUTHEAST ASIA DBS

BEST FOREIGN EXCHANGE RESEARCH

Bank of New York

BEST ONLINE FOREIGN EXCHANGE TRADING SYSTEMS

Best Bank System: UBS

(Honorable Mention: State Street's FX Connect)

Best Independent: FXaIl (Honorable Mention: Currenex)

COUNTRY WINNERS

ARGENTINA Citigroup

ARMENIA HSBC Bank Armenia

AUSTRALIA ANZ

AUSTRIA Bank Austria Creditanstalt

BAHRAIN Arab Banking Corporation

BELARUS Priorbank

BELGIUM Fortis Bank

BRAZIL Banco Bradesco

CANADA Scotia Capital

CHILE Banco de Chile

CHINA Bank of China

COLOMBIA Bancolombia

COSTA RICA Banco Interim

CZECH REPUBLIC Ceskoslovenska Obchodni Banka

DENMARK Danske Bank

EGYPT Commercial International Bank

ESTONIA Hansabank

FRANCE BNP Paribas

GEORGIA TBC Bank

GERMANY Deutsche Bank

GREECE National Bank of Greece

HONG KONG HSBC

HUNGARY OTP Bank

INDIA ICICI Bank

ISRAEL Bank Hapoalim

ITALY Banca Intesa

JAPAN Mitsubishi Tokyo Financial Group

KAZAKHSTAN Kazkommertsbank

KUWAIT National Bank of Kuwait

LATVIA Parex Bank

LITHUANIA Vilniaus Bankas

MALAYSIA Maybank

MEXICO Banamex

MOLDOVA Victoriabank

NETHERLANDS ABN AMRO Bank

NEWZEALANDANZ

NIGERIA First Bank of Nigeria

NORWAY DnB NOR

OMAN BankMuscat

PAKISTAN National Bank of Pakistan

POLAND Bank Handlowy

PORTUGAL Millennium bcp

QATAR Qatar National Bank

RUSSIA International Moscow Bank

SAUDI ARABIA Arab National Bank

SINGAPORE DBS

SLOVAK REPUBLIC Tatra Banka

SLOVENIA Nova Ljubljanska Banka

SOUTH AFRICA Standard Bank

SOUTH KOREA Korea Exchange Bank

SPAIN Banco Santander Central Hispano

SWEDEN Nordea

SWITZERLAND UBS

TAIWAN Chinatrust Commercial Bank

THAILAND Bangkok Bank

TURKEY Akbank

UAE National Bank of Dubai

UKRAINE Privatbank

UNITED KINGDOM Royal Bank of Scotland

UNITED STATES Citigroup

(Honorable Mention: JPMorgan Chase and Bank of New York)

VENEZUELA Banco Mercantil

REGIONAL WINNERS

NORTH AMERICA

CITIGROUP

Citigroup's foreign exchange franchise, CitiFX, works closely with corporate clients to review their currency exposure and advise on and execute hedges and other strategies. Dealing in 150 currencies, the bank draws on its worldwide resources to provide its North American clients with 24-hour coverage of currency markets. Citigroup excels in speed of execution and competitive prices and is a major provider of liquidity to the markets.

The bank has a presence in every province of Canada and the Yukon and owns Banamex, the leading foreign exchange bank in Mexico. The Chicago Mercantile Exchange uses Citigroup to handle the settlement of its currency-futures transactions through CLS Bank, which provides continuous-linked settlement and quick delivery.

The bank concentrates on developing long-term relationships with its customers. By understanding their businesses, it is able to construct customized risk-management services and innovative use of currency-related products.

Citigroup uses its technology and liquidity to serve smaller and regional banks as buy-side customers in foreign exchange. The bank's primary processing systems are able to handle large volumes of transactions with ease.

LATIN AMERICA

ClTiGROUP

Citigroup is the leading foreign exchange bank in Latin America, a region in which it has long had a presence. It opened a branch in Buenos Aires in 1914. The bank now does business in 21 countries in Latin America and the Caribbean. By sticking it out through the recent lean years, the bank is now well positioned to take advantage of the improving business and investment climate.

The weakness in the US dollar has helped the bank to win business advising on international bond offerings denominated in currencies of the region, which have been appreciating against the greenback.

Citigroup's fast execution and competitive pricing in foreign exchange reflect its knowledge of local markets, as well as its investment in people and technology. Its risk advisory and research teams help clients cope effectively in difficult market conditions.

WESTERN EUROPE

DEUTSCHE BANK

Deutsche Bank is a leading participant in the foreign exchange markets, with expertise in all aspects of the business and a global presence. The bank is a volume leader in many currencies, particularly the euro, and is one of the top three foreign exchange revenue earners globally. The bank handles corporate trade-related currency flows, as well as investor flows, due to its leading position in the global fixed-income and equity markets. This gives it an insider's view of cross-border flow of funds.

Deutsche Bank's customer-focused strategy and innovation in structuring currency-related products have propelled it to the top of the business in its home market as well as overseas. It is active in many emerging markets in Asia, Central and Eastern Europe and Latin America, as well as the major currency-trading locations worldwide.

WESTERN EUROPE/ HONORABLE MENTION

BNP PARIBAS

BNP Paribas is active in 85 countries and has developed a strong franchise in currency options and derivatives. The bank's FX Dealer web product offers research, analytics and trading, as well as order management. Its FX Clearer service gives clients information on consolidated positions for all foreign exchange, money market and CLS deals for continuous-linked settlement.

The bank is a major dealer in the euro and other European currencies against the dollar and has particular expertise in dealing with the nations of Francophone Africa. It is one of the top five traders in emerging market currencies and is the leading foreign exchange bank in France.

WESTERN EUROPE/ HONORABLE MENTION

UBS

UBS is a primary liquidity provider in the wholesale inter-bank market, offering superior pricing and execution. UBS offers a comprehensive range of currency-related products, including derivatives and investments.

The bank's clients transact 90% of their spot, forward and currency-swap trades over the Internet using UBS's highly rated platform. UBS has stationed its foreign exchange teams on the trading floors of the investment bank for quick access to market information and customized products.

UBS offers online tools to support its market-leading prime-brokerage product offerings, including automated processing of account splits, rolling of positions and reporting.

CENTRAL & EASTERN EUROPE

BANK AUSTRIA CREDITANSTALT

Bank Austria Creditanstalt is the HVB Group of Germany's lead company for the markets in Austria and in Central and Eastern Europe, where it operates the largest banking network of any international bank. Each subsidiary of Bank Austria in the CEE region has its own treasury unit, of which the largest are in Poland, Hungary and the Czech Republic. There also are local operations in Bosnia-Herzegovina, Bulgaria, Croatia, Romania, Slovakia, Slovenia, Serbia and Montenegro, and Ukraine. In addition, the bank has a representative office in Macedonia.

Bank Austria Creditanstalt is one of the leading issuing houses for bonds denominated in CEE currencies. The bank uses its knowledge of local markets to help corporate clients succeed in this fast-growing region.

SCANDINAVIA

NORDEA

Nordea is the largest bank in Scandinavia, with banking operations in Denmark, Sweden, Norway and Finland. It linked its four currency-dealing centers in these countries via the Internet and has emerged as the best foreign exchange bank in the region.

Nordea has a network of international branches and representative offices. It also is a leading financial institution in the Baltic countries. The bank makes markets in the Estonian kroon, the Latvian lat, the Lithuanian litas, the Norwegian kroner, the Swedish krona, the Danish krone and many other currencies.

MIDDLE EAST

NATIONAL BANK OF KUWAIT

National Bank of Kuwait, a leading Arab bank and the largest bank in Kuwait, is an active participant in the wholesale foreign exchange market. It provides the fullest range of foreign exchange services in Kuwait, where it has a top market share across all lines of business. The bank's Singapore branch is open 24 hours a day to watch currency orders from banks and customers worldwide. NBK has the largest international network of banks in the Gulf region. During 2003 it opened an onshore branch in Bahrain, where it was previously limited to offshore operations.

Regional banks turn to NBK as a source of pricing for many exotic currencies, as well as the major currencies. NBK is the undisputed leader in the Kuwaiti dinar market.

AFRICA

STANDARD BANK

Standard Bank is the only one of the major South African banks that has a presence on the continent outside of South Africa, Lesotho and Swaziland. The bank provides a highly efficient online foreign exchange dealing service. It offers a wide range of services, including spot and forward currency transactions, swaps, surrenders, extensions and early deliveries.

Standard Bank in November 2004 became a full settlement member and shareholder of CLS Group Holdings, which owns the CLS Bank that operates the continuous-linked settlement system. CLS is aimed at removing settlement risk from the global interbank foreign exchange market.

ASIA/PACIFIC

HSBC

HSBC has 20 foreign exchange dealing rooms across Asia. Its Hong Kong dealing room is the largest in Asia. The bank blankets the region, with 700 offices in 22 countries. HSBC is known for its highly competitive foreign exchange rates and quick execution in a wide range of currencies.

The HSBCnet platform offers a flow-analysis tool for improved currency forecasts based on spot and forward transaction data aggregated in Hong Kong. HSBC provides flexible hedging services through an extensive range of currency-option products. The bank offers 24-hour global foreign exchange trading in the major currencies, as well as knowledge and support of less-liquid emerging market currencies.

SOUTHEAST ASIA

DBS

Singapore-based DBS is a major trader in all the currencies of the region. The largest banking group in Southeast Asia, DBS is particularly active in Singapore-dollar interest rate swaps and Thai baht currency swaps. The bank gets high marks for its risk management advice and services and advanced technology. It launched a new Internet banking platform in September 2004.

DBS Thai Danu Bank is merging with Thai Military Bank to create the sixth-largest bank in Thailand. DBS also has operations in the Dines and Indonesia.

BEST ONLINE FOREX TRADING SYSTEMS

BEST BANK SYSTEM

UBS

UBS, a leading foreign exchange liquidity provider to global markets, has the best single-bank foreign exchange trading platform. As the business of trading currencies continues to migrate from the telephone to the computer, UBS is picking up market share thanks to its technologically advanced systems.

The bank's platform works with its clients' existing infrastructure to provide direct access to a wide range of foreign exchange services. The vast majority of the bank's currency transactions now take place through its automated systems.

The UBS rate engine, Fx2B, offers front-to-back foreign exchange capabilities that allow clients such as regional banks to list prices on up to 94 currency pairs and trade in the spot, forward and options markets.

UBS facilitates trading and processing while providing access to a deep pool of liquidity. The bank's platform incorporates system-to-system links to enable continuouslinked settlement, or CLS, and online foreign exchange prime brokerage.

BEST BANK SYSTEM/ HONORABLE MENTION

STATE STREET'S FX CONNECT

FX Connect, the multi-bank online system owned by Boston, Massachusetts-based State Street, started live trading in 1996. As an early mover, it quickly gained a leading share of the multi-bank foreign exchange market.

FX Connect, which operates globally, is able to transact block trades in currency forwards and swaps across an unlimited number of accounts and through multiple counter-parties. The system connects clients in 23 countries with bank dealing rooms in more than 100 locations and allows customers to chat with their bank's traders online.

FX Connect is a service of Global Link, State Street's platform that provides asset managers with research, strategy and decisionsupport tools and online execution for equities, futures, money markets and funds.

BEST INDEPENDENT

FXALL

FXall, the leading portal for online foreign exchange trading, added 20 new features in November 2004, including continuous streaming prices and money market trading and workflow tools. FXaIl, backed by a consortium of 53 of the biggest banks in the industry, designed the new technology, known as Altair, with input from its more than 700 institutional customers. Altair enables corporate clients to monitor the money markets and to trade and review details of past trades from a single window.

The new QuickFill service provides instant execution of currency trades by clicking on streaming prices. Aimed at active traders such as hedge funds, the service ensures that transaction details are kept confidential and never published to the market.

Asset managers can automate complex workflows with a new portfolio-trading system that includes automated deal notification to custodians.

BEST INDEPENDENT/ HONORABLE MENTION

CURRENEX

The Currenex trading platform connects 47 banks, including 17 of the top 20 global foreign exchange banks, making it one of the world's deepest liquidity pools for foreign exchange. Currenex is the leading provider of foreign exchange and money market trading services. It uses patented technology for executable streaming prices, or ESP, and benchmark pricing and prime-brokerage functions.

In September 2004 Chicagobased Townsend Analytics expanded its institutional foreign exchange offerings by adding direct access to the Currenex network through its RealTick multi-asset trading platform. Through Real Tick, customers can use advanced order types not previously available in this market, including conditional, time slicing, order cancels order, stop limit and trailing stops, which adjust orders to market conditions.

BEST FOREIGN EXCHANGE RESEARCH

BANK OF NEW YORK

Bank of New York is this year's winner of the Best Foreign Exchange Research award. The bank is a major participant in the global foreign exchange markets and provides excellent insight and advice to its clients.

Michael Woolfolk, senior currency strategist, conducts monthly conference calls on the US Treasury's international capital system, or TICS, report and its implications for the foreign exchange markets.

Woolfolk says a decline in the dollar should not be viewed as a policy mistake or a reflection of a loss of global competitiveness. The dollar has been long overdue for an adjustment against many of its Asian trading partners to alleviate the growing US trade deficit, he says.

With a mere $38 billion in its Exchange Rate Stabilization Fund, the resources available to the US are woefully inadequate to back up the strong-dollar policy with direct intervention, Woolfolk says. The best that can be hoped for, he says, is symbolic US participation in coordinated intervention by Group of 7 countries to curtail a speculative run on the currency. The time has come, Woolfolk says, for a revaluation of the Chinese currency.

COUNTRY WINNERS

ARGENTINA

CITIGROUP

Citigroup has stuck it out through thick and thin in Argentina. The bank is a leading dealer in the Argentine peso and has the expertise to help its customers succeed in a difficult environment. Citigroup has earned this award through hard work and perseverance.

ARMENIA

HSBC BANK ARMENIA

HSBC Bank Armenia is a leading participant in the country's foreign-exchange market, serving both local and international clients. As the first international bank to enter the country in 1996, it has grown rapidly by keeping a sharp focus on customer needs.

AUSTRALIA

ANZ

Australia and New Zealand Banking has merged its foreign exchange and capital markets divisions into one business. ANZ provides a range of flexible, forward contracts and other hedging products to help its customers manage currency exposures.

AUSTRIA

BANK AUSTRIA CREDITANSTALT

Bank Austria Creditanstalt, Austria's largest bank, maintains an extensive network in Central and Eastern Europe and has valuable expertise in the currencies of the region. The bank, part of Germany's HVB, serves four out of five of Austria's largest companies.

BAHRAIN

ARAB BANKING CORPORATION

Arab Banking Corporation, the largest Arab bank in terms of assets, is skilled at trading all major currencies. ABC plans to assume a much wider role in the Arab region after selling its stakes in International Bank of Asia and Banco Atlantico in 2004. It was recently granted a banking license in Iraq.

BELARUS

PRIORBANK

Priorbank, which is majority-owned by RZB of Austria, is active in foreign trade and was the first Belarussian bank to open representative offices abroad. Priorbank's assets increased 42% in the first nine months of 2004.

BELGIUM

FORTIS BANK

Fortis Bank is one of the largest financial service providers in the Benelux (Belgium/Netherlands/ Luxembourg) market. It sold its Dutch foreign exchange specialist GWK Bank to Travelex in 2004 but remains the leading foreign exchange bank in Belgium.

BRAZIL

BANCO BRADESCO

Banco Bradesco, Brazil's largest private-sector bank, has a global network of 3,000 correspondents, about equal to the number of branches it has in Brazil. It is a leading provider of the country's foreign exchange export trade contracts.

CANADA

SCOTIA CAPITAL

Scotia Capital is a leading market maker and foreign exchange provider. Its ScotiaFX online trading system provides live quotes on 35 currencies, with pricing in spot, forward and swap transactions. The bank is active in Latin America and the Caribbean.

CHILE

BANCO DE CHILE

Banco de Chile is a leader in Chile's active and competitive foreign exchange market. The country's oldest bank has a broad base of customers and an international correspondent network of 1,000 banks.

CHINA

BANK OF CHINA

Bank of China, one of the country's Big Four state-owned commercial banks, helps exporters to diversify their US dollar inflows into euros and yen.The bank is experienced in handling all types of currency transactions and has a strong international presence.

COLOMBIA

BANCOLOMBIA

Bancolombia, Colombia's largest bank, offers a wide range of foreign exchange and trade-finance services. The bank has more than 350 branches in Colombia and operates subsidiaries in Panama and the Cayman Islands, as well as a Miami agency.

COSTA RICA

BANCO INTERFIN

Banco Interim is one of the largest privately owned banks in Costa Rica. The bank has invested heavily in technology and offers excellent customer service.

CZECH REPUBLIC

CESKOSLOVENSKA OBCHODNI BANKA (CSOB)

Owned by Belgium's KBC, Ceskoslovenska Obchodni Banka has access to the KBC international network, including cross-currency pools. CSOB maintains corporate foreign exchange dealing teams in Prague and Bratislava, Slovakia.

DENMARK

DANSKE BANK

The largest bank in Denmark, Danske Bank has retail bank subsidiaries in Sweden and Norway. The bank is a major foreign exchange market participant globally, with core competencies in the Scandinavian currencies.

EGYPT

COMMERCIAL INTERNATIONAL BANK

Commercial International Bank, the largest privately owned bank in Egypt, is one of the country's largest traders of foreign exchange. The bank offers a range of tailor-made products to meet the specific requirements of its customers.

ESTONIA

HANSABANK

Hansabank, the largest bank in the Baltic countries, handles 70% of Estonia's international payments. The group's universal banks in Estonia, Latvia and Lithuania control one-third of the Baltic market. Hansabank has a cooperation agreement with Finland's OKO Bank.

FRANCE

BNP PARIBAS

BNP Paribas is a major participant in the global foreign exchange market. The bank is active in 85 countries and is a leading dealer in emerging-market currencies. It offers excellent currency advisory and risk-management services.

GEORGIA

TBC BANK

TBC Bank, the largest bank in Georgia, holds 23% of the country's banking assets. The fast-growing bank has succeeded by introducing world-class standards and advanced technology to Georgia's banking system.

GERMANY

DEUTSCHE BANK

Deutsche Bank is one of the world's leading providers of liquidity to the foreign exchange market, with 42 dealing rooms worldwide. The bank's customerfocused strategy and skill in structuring products and linking its cash and options businesses command respect.

GREECE

NATIONAL BANK OF GREECE

National Bank of Greece, the country's largest commercial bank, is steadily increasing its presence throughout southeastern Europe. Its overseas network includes 279 offices in 18 countries.

HONG KONG

HSBC

HSBC's Hong Kong dealing room is the largest in Asia.The bank offers flexible hedging strategies through a broad range of currency options products. In August 2004 HSBC agreed to acquire a 19.9% stake in Bank of Communications, China's fifth-largest bank.

HUNGARY

OTP BANK

OTP Bank, the leading commercial bank in Hungary, is expanding its banking network in the region. In November 2004 it submitted bids for Croatia's Nova Banka and Serbia's Jubanka.

INDIA

IClCI BANK

ICICI Bank is India's largest private-sector bank. It offers online currency trading, and its well-staffed treasury department and skilled traders in the Mumbai dealing room provide excellent foreign exchange services.

ISRAEL

BANK HAPOALIM

Tel Aviv-based Bank Hapoalim, Israel's largest bank, has upgraded the technology used by its international network. The bank relies heavily on the Israeli economy, but its strategy is to expand globally to ensure future growth.

ITALY

BANCA INTESA

Banca Intesa, Italy's largest bank, operates in 40 countries and is the leading Italian bank in international activities. It has 3,700 branches in Italy and another 700 offices around the world.

JAPAN

MITSUBISHI TOKYO FINANCIAL GROUP

Mitsubishi Tokyo Financial Group is a major participant in the foreign-exchange markets, with expertise in yen-related trades. The bank plans to merge next year with UFJ Holdings to become the world's largest bank.

KAZAKHSTAN

KAZKOMMERTS BANK

Kazkommertsbank, the leading commercial bank in Kazakhstan, plans a global initial public offering in 2005.The bank is a major participant in the securities and foreign exchange markets in Kazakhstan.

KUWAIT

NATIONAL BANK OF KUWAIT

National Bank of Kuwait is the undisputed leader in the Kuwaiti dinar market and provides a broad range of quality services in foreign exchange. The bank's treasury staff is extremely well qualified and attentive to customers' needs.

LATVIA

PAREX BANK

Parex Bank, the leading bank in Latvia, acquired a private Swiss bank, AP Anlage und Privatbank, in 2004. Parex offers competitive and competent foreign exchange services.

LITHUANIA

VILNiAUS BANKAS

Vilniaus Bankas, a member of Sweden's SEB Group, is the largest commercial bank in Lithuania. With a focus on corporate banking,Vilniaus offers efficient management of foreign exchange risk and cash flows.

MALAYSIA

MAYBANK

Maybank, Malaysia's largest bank, is also its leading foreign exchange provider. The bank maintains an extensive international network and is proficient in foreign exchange risk management.

MEXICO

BANAMEX

Banamex is the leading foreign exchange bank in Mexico and is able to draw on the global network of its parent, Citigroup. Banamex is the number one peso-clearing agent for foreign exchange transactions.

MOLDOVA

VlCTORiABANK

Victoriabank, the leading commercial bank in Moldova, provides a full range of services to its corporate clients, including world-class foreign exchange services.

NETHERLANDS

ABN AMRO BANK

Netherlands-based ABN AMRO is a major provider of foreign exchange services worldwide, with a network of 3,000 branches in 66 countries. The bank is particularly strong in providing currency derivatives services to hedge funds.

NEW ZEALAND

ANZ

ANZ has merged its New Zealand foreign exchange operations with those of National Bank, which it bought in 2003 from Lloyds TSB. The combined operation accounts for about half of New Zealand's foreign exchange market, which transacts about $10 billion daily.

NIGERIA

FIRST BANK OF NSGEtIA

First Bank of Nigeria has the largest banking network in the country, with 340 branches, and is the market leader in foreign exchange and international money transfers.

NORWAY

DNB NOR

DnB NOR, Norway's largest bank and leading foreign exchange provider, handles more than half of the country's payment flows related to international trade. The bank was formed by the merger in 2003 of DnB Holding and Gjensidige NOR.

OMAN

BANKMUSCAT

BankMuscat is the leading market maker in the Omani rial and offers a full range of foreign exchange products in all the leading and regional currencies. It also offers derivatives and a range of structured products in exotic options that are intended to meet the varied needs of its corporate clients.

PAKISTAN

NATIONAL BANK OF PAKISTAN

National Bank of Pakistan was the first to establish a foreign exchange company after the State Bank of Pakistan liberalized the foreign currency business in 2002. National Bank of Pakistan plans to establish a nationwide network of foreign exchange offices.

POLAND

BANK HANDLOWY

Bank Handlowy, part of Citigroup, draws on the know-how and international network of its US parent to provide outstanding foreign exchange services. The vast majority of its corporate banking transactions are handled online.

PORTUGAL

MILLENNIUM BCP

Millennium bcp, Portugal's largest private financial services group, with 1,000 domestic branches, is also its leading foreign exchange provider. The bank joined the CLS, or continuous-linked settlement, system for foreign exchange in October 2003.

QATAR

QATAR NATIONAL BANK

Qatar National Bank participates in all major global markets and conducts inter-bank foreign exchange transactions with the biggest banks worldwide. It offers efficient wire transfers through its extensive network of correspondents.

RUSSIA

INTERNATIONAL MOSCOW BANK

International Moscow Bank has one of the largest correspondent networks of any Russian bank. The majority-owned subsidiary of Germany's HVB relies on the global expertise of its international shareholders to provide fast and reliable foreign-exchange transactions.

SAUDI ARABIA

ARAB NATIONAL BANK

Arab National Bank is the mostactive participant in Saudi Arabia's inter-bank foreign exchange market. The bank keeps its clients informed of market developments with a mobile-phone messaging service. It offers innovative foreign exchange structured products and derivatives.

SINGAPORE

DBS

DBS launched a new Internet banking platform in September of last year that promises to provide online products and services faster and to more users across the Asian region. The bank is a leading participant in the foreign exchange market and delivers excellent treasury services.

SLOVAK REPUBLIC

TATRA BANKA

Tatra Banka, a subsidiary of Austria's RZB, is the third-largest bank in Slovakia and is the country's largest corporate lender. The bank places a strong focus on client segmentation to meet the specific needs of its customers.

SLOVENIA

NOVA LJUBLJANSKA BANKA

Nova Ljubljanska Banka, the largest banking group in Slovenia, is 34%-owned by KBC Bank of Belgium. NLB is active in the foreign exchange market and has more than 1,300 correspondent banking relationships with banks from 134 countries.

SOUTH AFRICA

STANDARD BANK

Standard Bank, South Africa's largest bank, became a full settlement member and a shareholder of CLS Group in November 2004. The CLS Group is the holding company for the CLS Bank that operates the continuous-linked settlement system.

SOUTH KOREA

KOREA EXCHANGE BANK

Korea Exchange Bank is the leading foreign exchange bank in South Korea and has correspondent relationships with 3,100 banks worldwide. The bank has a great deal of experience in overseas remittances.

SPAIN

BANCO SANTANDER CENTRAL HiSPANO

Britain-based Abbey National became a subsidiary of Banco Santander Central Hispano in November 2004, increasing the Spanish bank's size in terms of countries and currencies. Santander already was the largest financial group in Spain and Latin America.

SWEDEN

NORDEA

Nordea has a 20% share of Sweden's banking market and the largest customer base of any financial services group in the Nordic region, including 1 million corporate customers. The bank is known for its online banking services, including foreign exchange trading.

SWITZERLAND

UBS

UBS is the leading foreign exchange bank in Switzerland, as well as a top-tier foreign exchange service provider worldwide. The bank also won this year's award from Global Finance for Best Online Foreign Exchange Trading System.

TAIWAN

CHINATRUST COMMERCIAL BANK

Chinatrust Commercial Bank, the largest private bank in Taiwan, offers a wide range of foreign exchange and trade-related services. The bank has an extensive international network and provides excellent customer service.

THAILAND

BANGKOK BANK

Bangkok Bank, the largest commercial bank in Thailand, maintains close relationships with the country's top companies. It has the largest market share of the Thai baht clearing business and connections with 1,500 correspondent banks.

TURKEY

AKBANK

Akbank, the largest privately owned bank in Turkey, with about 600 branches, is conservatively managed and well capitalized. The bank offers a wide range of foreign exchange and international trade financing services.

UAE

NATIONALBANKOFDUBAI

National Bank of Dubai is active in the foreign exchange market, particularly for trades involving the UAE dirham. It offers spot and forward contracts as well as swaps and structured options. It also tracks global markets and provides currency forecasts and hedging strategies.

UKRAINE

PRIVATBANK

Privatbank is the leading bank in Ukraine and has a large domestic branch network, as well as correspondent relationships with 317 banks in 23 countries. The bank has been a leader in introducing new technology.

UNITED KINGDOM

ROYAL BANK OF SCOTLAND

Royal Bank of Scotland, one of the United Kingdom's leading banks, has developed innovative foreign exchange products in an attempt to make life as easy as possible for corporate treasurers. Working with electronic currency broker EBS, the bank generates benchmarks for 61 currencies. Using the bank's online system, clients can deal at the benchmark rates at pre-agreed spreads.

UNITED STATES

CITIGROUP

Citigroup is a market leader in foreign exchange, with the ability to deal in 150 currencies. Its CitiFX team within the corporate and investment bank provides clients with unmatched liquidity, expert advice, competitive pricing and fast execution. The bank introduced Borderless Banking in October 2004, a product that enables other banks to offer their clients world-class foreign exchange trading services without related infrastructure costs.

UNITED STATES/ HONORABLE MENTION

JPMORGAN CHASE

JPMorgan Chase's treasury services unit launched an online service in October 2004 that allows clients to streamline foreign exchange payments using real-time rates. Known as Foreign Exchange Funds Transfer Initiation, or FX FTI, the product eliminates the need for multiple currency accounts by debiting payments automatically from a client's domestic currency account. Payments in 55 currencies may be funded out of accounts at other banks. The system allows aggregated reporting of foreign exchange payments with other payments.

UNITED STATES/ HONORABLE MENTION

BANK OF NEW YORK

Bank of New York makes markets in more than 100 currencies and specializes in customized risk-management services. The bank's iFX Manager trade-order management and execution system automates all aspects of currency trading, enabling true straight-through processing. The bank is also the winner of Global Finance's, Best Foreign Exchange Research award.

VENEZUELA

BANCO MERCANTiL

Banco Mercantil, the leading commercial bank in Venezuela, can help its clients deal with the country's currency controls. The controls, which were imposed in February 2003, require that all dollar transactions go through a formal approval process. Banco Mercantil, which has invested heavily in technology, has an extensive branch network in Venezuela. The bank also has branches in Curacao, agencies in New York and Miami and a subsidiary in Colombia.