Best FX Prime Brokerage – NatWest Markets
Posted by Colin Lambert. Last updated: October 16, 2025
FX prime brokerage has had an interesting last decade from being seen in some houses as the answer to where the banking FX business was heading, a couple of disasters saw a run for the exits on the part of several players, and a reduction in presence on the part of others. To a degree the industry has rebounded, but it still remains very much a case of PBs building functionality for their particular client segment(s).
The last seven years has seen NatWest Markets emerge as a leader in FX prime brokerage, with a platform built upon proprietary technology and a risk model that allows it to handle clients of all shapes and sizes, from all sides of the industry. This makes it, in cricket parlance, the perfect all-rounder.
As was the case with the algo award, part of the reason for this win is peer recognition, with several players mentioning their use of the technology, but it is also about the sheer quality of the FXPB service. The bank manages flow smartly, not, for example, worrying overly about high volume (in ticket terms) clients, because often they have limited, or no, market exposure. It also provides the clients with the comfort of easy-to-understand analytics, showing how their processes are performing (as well as their traders!)
To a degree, NatWest’s excellence in FXPB is a human factor – the bank still focuses heavily on client service teams globally to help clients manage their risks – but it has been overlaid with great technology and, importantly from our point of view, improved graphics.
If there was one area of the NatWest FXPB offering that suffered some years ago it was the lack of graphics to alert people (perhaps non-dedicated staff at the client) to potential problems, this has now been solved.
Key performance indicators are available in graphical as well as written form, and colour coding has helped provide the casual observer with a great view of their business. Umbrella and sub-account views are part of the granularity available to users of the platform, as is the live portfolio blotter with individual or portfolio-level trade detail.
The early pioneer in providing graphics in the PB business was Citi’s Click many years ago, and it is testimony to the openness of NatWest that it has taken the concept and used it to enhance an already outstanding offering. Interactive graphics allow users to drill down as far as they want, meaning people at all levels of the client business can find what they want easily.
The bank also provides a settlement ladder that offers future cash-flow projections, this can, naturally, be configured by currency, date or pair. Rolling balances is a simple process, users can also easily access their collateral position.
As an FX bank, NatWest has often shown itself to be open to new ideas and collaborations, and nowhere is this better demonstrated than with its FXPB offering. Clients of all types can be managed on a very flexible and configurable platform that importantly does most of the hard work for them, leaving them to trade.
Prime brokerage is a business that is all about avoiding mishaps and providing efficiency in processing and cash management. For some time now NatWest Markets has provided just such a platform and service, and in 2025 it continues to get better.
