Dealer Rankings 2016: Climate change

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Dealer Rankings 2016: Climate change

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    **The results of the dealer rankings poll and the associated feature are protected under copyright laws. Reproduction of the feature and/or the poll results, for either internal or external distribution, is strictly prohibited without the prior written permission of Total Derivatives.**

    For information on reprints of the rankings, and permission to reproduce the results in any form, please contact Chrishan Tailor chrishan.tailor@totalderivatives.com or call +44 (0)20 7779 8537.


    Dealer Rankings 2016: Climate change
    Dealers are looking to 2017 braced for a change in the regulatory climate, continued political risk and a shift by central banks away from quantitative easing. Judging by banks’ share prices – as well as the latest results from macro hedge funds - regime change in Europe and the US is already bringing new opportunities to rates market participants. However, the disruption that a repeal of Dodd-Frank could cause, alongside the threat of global regulatory fragmentation, suggests that 2017 may bring complexity and fresh compliance cost rather than simplicity and deregulation. Globally Basel III, FRTB, LIBOR reform and margin for non-cleared derivatives will continue to re-shape markets. In Europe, tough pre-Brexit decisions about location, clearing and capitalization will have to be faced. For now, interest rate curves, trade volumes, revenues and returns on equity are up at most banks versus a year ago. But pressure to cut and/or compress balance sheet, reduce risk and lower cost is not going away.

    The results
    Total Derivatives’ rankings are the most comprehensive peer review of dealers’ performance in interest rate derivatives. There were 1095 individual responses to the latest survey registering a total of over 3000 votes. Experienced professionals involved in trading, sales and marketing, structuring and strategy at investment banks formed the largest group of respondents, with portfolio managers at asset managers and hedge funds also taking part.

    Voters are asked to rank the top three dealers (other than their own institution) based on reliability of market-making, keenness of pricing, depth of liquidity provision, speed of execution, access to e-trading platforms, efficiency of post-trade processing and product innovation. Banks are ranked in dollars, euro, yen and sterling. Product categories include two year to 10 year interest rate swaps, 10 year to 50 year interest rate swaps, inflation (cash and derivatives), interest rate options, cross-currency basis swaps and interest rate structured MTNs.

    The 2016 Total Derivatives Dealer Rankings found JP Morgan taking global first place when looking at the voting across all the categories and currencies. Barclays took global second place and Citigroup moved up to global third, with Goldman Sachs and then Deutsche Bank not far behind.

    By market, JP Morgan retained the top slot for USD derivatives followed by Citigroup in second. JP Morgan was also first for EUR while BNP Paribas was second and Deutsche Bank was third. RBS was first in GBP derivatives and Nomura was first in JPY derivatives.

    Across products, Barclays was first in global inflation ahead of Goldman Sachs and JP Morgan. JP Morgan held firmly onto its lead in global options, but Goldman Sachs moved up to second in options and Morgan Stanley rose to third. Goldman Sachs was first for interest rate structured MTNs with Morgan Stanley second, reversing last year’s result.

    Looking by market and product, JP Morgan held the top slot for USD IRS trading for both the 2-10 year and 10-50 year buckets, ahead of Citigroup and Goldman Sachs. It was also first in USD options, in front of Morgan Stanley in second and Goldman Sachs in third. However the top slot for USD inflation was taken by Goldman Sachs this year, with BAML rising to second and JP Morgan third. Dollar structured MTNs were led by Morgan Stanley followed closely by Goldman Sachs and JP Morgan.

    In EUR IRS, BNP Paribas rose to first place for 2-10 year swaps and was second for the 10-50 year bucket. That was ahead of JP Morgan and Barclays in 2-10 year swaps. Meanwhile JP Morgan was first for 10-50y swaps and Deutsche Bank was third. In EUR options trading, JP Morgan remained ahead of Deutsche Bank and BNP Paribas, but Deutsche Bank rose to take the joint first place for EUR inflation, tied with BNP Paribas and only just ahead of Barclays. Goldman Sachs took first place for EUR structured MTNs, with BNP Paribas, Morgan Stanley and JP Morgan tied for second place.

    Cross-currency basis was a new category this year with JP Morgan first by some distance for EUR/USD basis, followed by Deutsche Bank and BNP Paribas in second and third place, respectively.

    In GBP interest rate derivatives, RBS remained top for 10-50 year IRS but also climbed to first place for the 2-10 year bucket. RBS was also first for options and inflation, while Barclays was second for GBP swaps, options and inflation. Lloyds was third in swaps, Deutsche Bank remained third in options and Morgan Stanley rose to third in GBP inflation.

    Finally, JPY swaps and options saw Nomura, Mitsubishi UFJ and Mizuho fight for the top three places, with Nomura rising to first in both swaps and options.

      All interest rate derivatives
      1. JP Morgan 13.7%
      2. Barclays 8.6%
      3. Citigroup 8.1%
      4. Goldman Sachs 7.7%
      5. Deutsche Bank 6.9%

     

      USD 2-10y IRS  
      1. JP Morgan 20.2%
      2. Citigroup 15.8%
      3. Goldman Sachs 7.2%
      4. BAML 7.0%
      5. Citadel Securities 6.7%

     

      USD 10-50y IRS  
      1. JP Morgan 19.4%
      2. Citigroup 16.3%
      3. Goldman Sachs 9.3%
      4. BAML 8.2%
      5. Deutsche Bank 7.2%

     

      USD options  
      1. JP Morgan 17.7%
      2. Morgan Stanley 12.9%
      3. Goldman Sachs 12.7%
      4. Citigroup 10.7%
      5. Deutsche Bank 7.3%

     

      USD inflation  
      1. Goldman Sachs 14.7%
      2. BAML 13.3%
      3. JP Morgan 12.8%
      4. Barclays 10.3%
      5. Citigroup 9.0%

     

      USD rates structured MTNs  
      1. Morgan Stanley 16.1%
      2. Goldman Sachs 14.9%
      3. JP Morgan 14.6%
      4. Citigroup 9.0%
      5. Barclays 6.2%

     

      All USD derivatives
      1. JP Morgan 17.6%
      2. Citigroup 12.9%
      3. Goldman Sachs 11.0%
      4. Morgan Stanley 8.8%
      5. BAML 7.7%

     

      EUR 2-10y IRS  
      1. BNPParibas 16.8%
      2. JP Morgan 16.0%
      3. Barclays 12.8%
      4. Deutsche Bank 10.2%
      5. SocGen 7.7%

     

      EUR 10-50y IRS  
      1. JP Morgan 15.0%
      2. BNP Paribas 13.4%
      3. Deutsche Bank 11.9%
      4. Barclays 10.0%
      5. SocGen 7.3%

     

      EUR options  
      1. JP Morgan 18.8%
      2.= Deutsche Bank 9.4%
      2.= BNP Paribas 9.4%
      4. Barclays 7.1%
      5. Citigroup 5.8%

     

      EUR/USD cross currency basis  
      1. JP Morgan 22.4%
      2. Deutsche Bank 11.5%
      3. BNP Paribas 7.4%
      4. Citigroup 6.4%
      5. Barclays 5.4%

     

      EUR inflation  
      1.= BNP Paribas 11.5%
      1.= Deutsche Bank 11.5%
      3. Barclays 11.1%
      4. Credit Agricole 8.0%
      5. SocGen 7.7%

     

      EUR rates structured MTNs  
      1. Goldman Sachs 15.6%
      2.= BNP Paribas 9.4%
      2.= JP Morgan 9.4%
      2.= Morgan Stanley 9.4%
      5. Deutsche Bank 8.6%

     

      All EUR derivatives
      1. JP Morgan 15.3%
      2. BNP Paribas 11.8%
      3. Deutsche Bank 10.6%
      4. Barclays 9.1%
      5. SocGen 6.5%

     

      JPY 2-10y IRS  
      1. Nomura 19.3%
      2. Mitsubishi UFJ 16.4%
      3. Mizuho 14.0%
      4. JP Morgan 11.1%
      5. Morgan Stanley 7.7%

     

      JPY 10-50y IRS  
      1. Mitsubishi UFJ 15.1%
      2. Nomura 14.2%
      3.= Mizuho 11.9%
      3.= JP Morgan 11.9%
      5. Sumitomo Mitsui 7.8%

     

      JPY interest rate options  
      1. Nomura 19.7%
      2. Mitsubishi UFJ 15.4%
      3. JP Morgan 9.6%
      4. Goldman Sachs 9.0%
      5. Mizuho 8.5%

     

      JPY inflation  
      1. Nomura 20.6%
      2. Mitsubishi UFJ 15.8%
      3. Mizuho 13.9%
      4.= JP Morgan 7.9%
      4.= Morgan Stanley 7.9%

     

      All JPY derivatives
      1. Nomura 18.2%
      2. Mitsubishi UFJ 15.7%
      3. Mizuho 12.1%
      4. JP Morgan 10.3%
      5. Goldman Sachs 6.9%

     

      GBP 2-10y IRS  
      1. RBS 22.4%
      2. Barclays 20.3%
      3. Lloyds 11.7%
      4. Morgan Stanley 7.6%
      5. Citigroup 5.5%

     

      GBP 10-50y IRS  
      1. RBS 22.7%
      2. Barclays 14.8%
      3. Lloyds 10.0%
      4. Goldman Sachs 7.9%
      5. Deutsche Bank 6.9%

     

      GBP options  
      1. RBS 24.6%
      2. Barclays 18.0%
      3. Deutsche Bank 7.4%
      4. JP Morgan 7.0%
      5. Goldman Sachs 5.9%

     

      GBP inflation  
      1. RBS 24.0%
      2. Barclays 21.8%
      3. Morgan Stanley 8.0%
      4=. Goldman Sachs 6.2%
      4=. Citigroup 6.2%

     

      All GBP derivatives
      1. RBS 23.4%
      2. Barclays 18.5%
      3. Lloyds 7.7%
      4.= Goldman Sachs 6.3%
      4.= Morgan Stanley 6.3%

     

      All IRS  
      1. JP Morgan 14.4%
      2. Citigroup 9.3%
      3. Barclays 8.3%
      4. Deutsche Bank 6.8%
      5. BNP Paribas 6.7%

     

      All options  
      1. JP Morgan 14.8%
      2. Goldman Sachs 8.5%
      3. Morgan Stanley 8.2%
      4. Barclays 8.1%
      5. Citigroup 7.4%

     

      All inflation  
      1. Barclays 12.2%
      2. Goldman Sachs 8.9%
      3. JP Morgan 8.3%
      4. BAML 7.2%
      5. Morgan Stanley 6.8%

     

      All structured notes  
      1. Goldman Sachs 15.2%
      2. Morgan Stanley 13.1%
      3. JP Morgan 12.3%
      4. Citigroup 7.1%
      5. Deutsche Bank 6.9%



    For information on reprints of the rankings, and permission to reproduce the results in any form, please contact Chrishan Tailor chrishan.tailor@totalderivatives.com or call +44 (0)20 7779 8537.

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