Despite struggling to make a mark on corporate FX, non-bank market makers are confident they play a vital role in improving access to liquidity.

A recent study released by Greenwich Associates referred to non-bank liquidity providers (LPs) creating a more liquid, transparent and efficient FX market in the long term.

Of the more than 1,600 global investors interviewed for the study, 5% had access to non-bank LPs – up from 4% in 2014 – while 20% of volume was executed by these investors via non-bank LPs last year compared with 16% the year before.