Headline: Results and Methodology Source: Euromoney Date: May 2001 The client poll Methodology Foreign Exchange results 2001 Top firms by market share (overall) 2001 2000   Estimated market share 1 3 Citigroup 9.74% 2 1 Deutsche Bank 9.08% 3 6 Goldman Sachs 7.09% 4 7 JP Morgan 5.22% 5 2 Chase Manhattan Bank 4.69% 6 9 Credit Suisse First Boston 4.10% 7 * UBS Warburg 3.55% 8 14 State Street Bank & Trust 2.99% 9 15 Bank of America 2.99% 10 10 Morgan Stanley Dean Witter 2.87% 11 12 Barclays Capital 2.46% 12 5 HSBC 2.44% 13 16 ABN Amro 1.86% 14 48 BNP Paribas 1.81% 15 28 Bank of Nova Scotia 1.58% 16 26 CIBC Wood Gundy 1.55% 17 43 Bank of Montreal 1.52% 18 37 Toronto Dominion Bank 1.48% 19 8 Merrill Lynch 1.44% 20 † Royal Bank of Scotland 1.32% 21 21 Northern Trust 0.74% 22 31 Bank of Tokyo-Mitsubishi 0.72% 23 13 Royal Bank of Canada 0.71% 24 19 Crédit Agricole Indosuez 0.67% 25 40 Dresdner Kleinwort Wasserstein 0.58% 26 17 Bank of New York 0.57% 27 ** Mizuho Group 0.46% 28 18 Lehman Brothers 0.44% 29 22 ING Barings 0.40% 30 50 Rabobank 0.38% 31 20 Brown Brothers Harriman 0.38% 32 23 Standard Chartered Bank 0.31% 33 25 Société Générale 0.30% 34 *** Sumitomo Mitsui Banking Corp (SMBC) 0.26% 35 32 SEB 0.24% 36 34 Lloyds TSB 0.24% 37 **** Nordea 0.23% 38 38 Commerzbank 0.22% 39 24 Gruppo Intesa 0.21% 40 85 Sanwa Bank 0.21% 41 101 ANZ Banking Group 0.20% 42 52 National Australia Bank 0.19% 43 – Cho Hung Bank 0.17% 44 67 Crédit Lyonnais 0.16% 46 46 Mellon Financial Corporation 0.15% 47 41 Dankse Bank 0.14% 48 35 AIG International 0.13% 49 45 Westdeutsche Landesbank 0.12% 50 42 Westpac Banking Corp 0.12%     *Warburg Dillon Read 4, PaineWebber 79     **IBJ ranked 29, Fuji Bank 51, Dai-Ichi Kangyo Bank 66     ***Sumitomo Bank 60, Sakura Bank 81     ****MeritaNordbanken ranked 30, Unibank 49, Christiana Bank 59     † Royal Bank of Scotland 36, NatWest Global Financial markets 11 Top firms by market share (excl institutional investors) 2001 2000   Estimated market share 1 1 Citigroup 9.45% 2 2 Deutsche Bank 8.63% 3 9 Goldman Sachs 5.23% 4 4 HSBC 4.51% 5 * UBS Warburg 3.58% 6 6 Bank of America 3.00% 7 3 Chase Manhattan Bank 2.85% 8 11 ABN Amro 2.67% 9 17 Barclays Capital 2.26% 10 12 JP Morgan 2.17% 11 8 Credit Suisse First Boston 2.14% 12 22 Bank of Tokyo-Mitsubishi 2.11% 13 38 BNP Paribas 1.72% 14 † Royal Bank of Scotland 1.47% 15 25 Morgan Stanley Dean Witter 1.45% 16 ** Mizuho Group 1.39% 17 42 Dresdner Kleinwort Wasserstein 1.30% 18 13 Crédit Agricole Indosuez 1.06% 19 10 Merrill Lynch 0.96% 20 16 Standard Chartered Bank 0.86% 21 18 Société Générale 0.79% 22 *** Sumitomo Mitsui Banking Corp (SMBC) 0.78% 23 23 SEB 0.73% 24 **** Nordea 0.69% 25 74 Sanwa Bank 0.67% 26 27 Commerzbank 0.59% 27 7 Royal Bank of Canada 0.57% 28 58 Crédit Lyonnais 0.50% 29 26 ING Barings 0.49% 30 34 Dankse Bank 0.39% 31 20 Bank of Nova Scotia 0.35% 32 29 Lloyds TSB 0.35% 33 44 FleetBoston Financial Group 0.34% 34 14 CIBC Wood Gundy 0.29% 35 33 Bank of Montreal 0.29% 36 88 HypoVereinsbank 0.28% 37 31 Bank of New York 0.27% 38 – Cho Hung Bank 0.26% 39 24 Fortis Bank 0.25% 40 30 Svenska Handelsbanken 0.25% 41 55 Zuercher Kantonalbank 0.24% 42 28 KBC Bank 0.24% 43 77 Rabobank 0.22% 44 – CDC Marchés 0.20% 45 37 Toronto Dominion Bank 0.19% 46 85 ANZ Banking Group 0.17% 47 39 Westdeutsche Landesbank 0.16% 48 19 Bank One 0.16% 49 53 AIB Group 0.15% 50 – State Street Bank & Trust 0.15%     *Warburg Dillon Read 5, PaineWebber 69     **IBJ ranked 32, Fuji Bank 40, Dai-Ichi Kangyo Bank 57     ***Sumitomo Bank 54, Sakura Bank 71     ****MeritaNordbanken ranked 21, Unibank 41, Christiana Bank 52     † Royal Bank of Scotland 35, NatWestGlobal Financial Markets 15 Top firms by market share (Institutional investors only) 2001 2000   Estimated Market share 1 3 Citigroup 9.16% 2 1 Deutsche Bank 8.83% 3 5 Goldman Sachs 7.42% 4 6 JP Morgan 6.48% 5 2 Chase Manhattan Bank 5.25% 6 11 Credit Suisse First Boston 4.87% 7 12 State Street Bank & Trust 4.35% 8 * UBS Warburg 3.11% 9 8 Morgan Stanley Dean Witter 3.06% 10 20 Bank of America 2.98% 11 13 Barclays Capital 2.45% 12 51 Bank of Nova Scotia 2.15% 13 49 CIBC Wood Gundy 2.14% 14 40 Bank of Montreal 2.10% 15 29 Toronto Dominion Bank 2.09% 16 69 BNP Paribas 1.85% 17 9 Merrill Lynch 1.67% 18 16 ABN Amro 1.46% 19 7 HSBC 1.41% 20 † Royal Bank of Scotland 1.11% 21 19 Northern Trust 1.09% 22 15 Bank of New York 0.75% 23 14 Lehman Brothers 0.62% 24 17 Royal Bank of Canada 0.58% 25 22 Crédit Agricole Indosuez 0.54% 26 18 Brown Brothers Harriman 0.52% 27 28 Rabobank 0.40% 28 23 ING Barings 0.36% 29 21 Gruppo Intesa 0.30% 30 38 Lloyds TSB 0.23% 31 26 Dresdner Kleinwort Wasserstein 0.21% 32 – ANZ Banking Group 0.21% 33 30 Mellon Financial Corporation 0.15% 34 46= National Australia Bank 0.14% 35 24 AIG International 0.13% 36 – Cho Hung Bank 0.12% 37 36 Westdeutsche Landesbank 0.10% 38 27 Westpac Banking Corp 0.09% 39 62 BSCH 0.09% 40 – The Chuo Mitsui Trust & Banking Co Ltd 0.08% 41 – Daiwa Bank 0.06% 42 68 Bank of Tokyo-Mitsubishi 0.06% 43 32 Société Générale 0.06% 44 – Bank of Ireland 0.06% 45 – Mitsubishi Trust & Banking 0.06% 46 – Svenska Handelsbanken 0.05% 47 34 Standard Chartered Bank 0.05% 48 71 Toyo Trust & Bank 0.05% 49 – Sumitomo Trust & Banking 0.05% 50 – J Aron 0.05%     *Warburg Dillon Read 4     † Royal Bank of Scotland 31, NatWest Global Financial Markets 10 Over the past 12 months which institution which has impressed you with its innovative approach to FX business ? 2001 2000   Score 1 – Citigroup 132 2 – Deutsche Bank 120 3= – Goldman Sachs 39 3= – HSBC 39 5 – UBS Warburg 29 6 – Dresdner Kleinwort Wasserstein 18 7 – Chase Manhattan Bank 13 8 – ABN Amro 9 9 – Barclays Capital 9 10 – Credit Suisse First Boston 7 11 – Royal Bank of Scotland 7 12 – Lehman Brothers 6 13 – State Street Bank & Trust 6 14 – BNP Paribas 5 15 – Royal Bank of Canada 5 16 – SEB 5 17 – Société Générale 5 18 – Standard Chartered Bank 5 Which banks offer the most supportive relationship? Overall 2001 2000   Total score 1 1 Citigroup 2573 2 2 Deutsche Bank 2302 3 4 HSBC 1000 4 * UBS Warburg 776 5 6 Goldman Sachs 668 6 3 Chase Manhattan Bank 660 7 8 ABN Amro 571 8 18 Standard Chartered Bank 371 9 31 Dresdner Kleinwort Wasserstein 352 10 16 Credit Suisse First Boston 342 11 5 Bank of America 307 12 10 Barclays Capital 297 13 † Royal Bank of Scotland 264 14 9 JP Morgan 245 15 17 Morgan Stanley Dean Witter 230 16 14 BNP Paribas 218 17 19 SEB 200 18 ** Mizuho Group 195 19 13 Bank of Tokyo-Mitsubishi 193 20 11 Royal Bank of Canada 184 21 62= ING Barings 180 22 36 Commerzbank 165 23 12 Merrill Lynch 153 24= 27= Crédit Agricole Indosuez 139 24= 22 State Street Bank & Trust 139 26 60 BSCH 137 27 20 Société Générale 132 28 24= Bank of New York 123 29 30 Lehman Brothers 110 30 59 Crédit Lyonnais 102 31 66= HypoVereinsbank 101 32 26 Westdeutsche Landesbank 100 33 33 ANZ Banking Group 99 34 38 National Australia Bank 98 35 32 Westpac Banking Corp 94 36 27= Toronto Dominion Bank 86 37 43 Svenska Handelsbanken 84 38 64= Brown Brothers Harriman 75 39 23 Bank of Nova Scotia 73 40 *** Sumitomo Mitsui Banking Corp (SMBC) 71 41 52 KBC Bank 65 42 **** Nordea 62 43= 58 BBVA 56 43= 50= Commonwealth Bank of Australia 56 43= 126= Fortis Bank 56 46 50= Mellon Financial Corporation 53 47 21 Bank One 49 48 – CTCB 45 49 69 DBS Bank 41 50 47= American Express Bank 39     *Warburg Dillon Read 7, PaineWebber 69     **IBJ ranked 34=, Fuji Bank 46, Dai-Ichi Kangyo Bank 70=     ***Sumitomo Bank 41=     ****MeritaNordbanken ranked 34=, Unibank 66=, Christiana Bank 112=     † Royal Bank of Scotland 37, NatWest Global Financial Markets 15 Which banks offer the most supportive relationship? Institutional investors only 2001 2000   Total score 1 1 Deutsche Bank 729 2 2 Citigroup 557 3 * UBS Warburg 364 4 6 Goldman Sachs 304 5 3 Chase Manhattan Bank 239 6 8 Morgan Stanley Dean Witter 173 7 11= Credit Suisse First Boston 153 8 13 ABN Amro 136 9 10 State Street Bank & Trust 132 10 8 HSBC 127 11 14 Barclays Capital 121 12 4 JP Morgan 120 13 † Royal Bank of Scotland 98 14 7 Merrill Lynch 79 15 47= Dresdner Kleinwort Wasserstein 78 16 17 Bank of New York 66 17 26= Brown Brothers Harriman 65 18 30= Crédit Agricole Indosuez 63 19 19 Lehman Brothers 59 20 11= Bank of America 56 21 47= ING Barings 47 22 15 Royal Bank of Canada 45 23 18 Westpac Banking Corp 41 24 – Commerzbank 33 25= – Crédit Lyonnais 28 25= – Mitsubishi Trust & Banking 28 25= – Société Générale 28 28 22= Standard Chartered Bank 27 29= 36= Bank Julius Baer 24 29= 43= Commonwealth Bank of Australia 24 29= – National Australia Bank 24 32= 22= AIG International 21 32= 26= Bear Stearns 21 34 49 BNP Paribas 20 35 – ANZ Banking Group 19 36= 46 Bank of Tokyo-Mitsubishi 18 36= 43= Mellon Financial Corporation 18 36= – Sal Oppenheim 18 36= *** Sumitomo Mitsui Banking Corp (SMBC) 18 40 24= Westdeutsche Landesbank 17     *Warburg Dillon Read 5     ***Sumitomo Bank 34=     † NatWest Global Financial Markets 16 Which banks offer the most supportive relationship? Excluding Institutional investors 2001 2000   Total score 1 1 Citigroup 1782 2 2 Deutsche Bank 1408 3 3 HSBC 803 4 4 Chase Manhattan Bank 401 5 6 ABN Amro 396 6 * UBS Warburg 370 7 7 Goldman Sachs 318 8 16 Standard Chartered Bank 312 9 29= Dresdner Kleinwort Wasserstein 234 10 5 Bank of America 233 11 14 SEB 181 12= 11 BNP Paribas 179 12= ** Mizuho Group 179 14 10 Bank of Tokyo-Mitsubishi 175 15 21 Credit Suisse First Boston 173 16 8 Barclays Capital 149 17 45 BSCH 137 18 † Royal Bank of Scotland 136 19 65= ING Barings 123 20 31 Commerzbank 121 21 73= HypoVereinsbank 101 22 15 Société Générale 98 23 13 Royal Bank of Canada 95 24 23 Crédit Agricole Indosuez 86 25 12 JP Morgan 82 26= 35= Svenska Handelsbanken 76 26= 26= Toronto Dominion Bank 76 28 24 Westdeutsche Landesbank 75 29= 53 Crédit Lyonnais 74 29= 25 Merrill Lynch 74 31= 28 ANZ Banking Group 71 31= 33 National Australia Bank 71 33 26= Bank of New York 66 34 46 KBC Bank 61 35= 19 Bank of Nova Scotia 56 35= 116= Fortis Bank 56 37 *** Sumitomo Mitsui Banking Corp (SMBC) 53 38= 52 BBVA 48 38= 37 Morgan Stanley Dean Witter 48 40 – CTCB 45 41 40 Westpac Banking Corp 44 42 35= Lehman Brothers 43 43 18 Bank One 40 44 44 American Express Bank 39 45= 42= Dankse Bank 36 45= 34 FleetBoston Financial Group 36 47= 61= Bayerische Landesbank 34 47= – HDFC 34 49 51 Sanwa Bank 33 50= 20 CIBC Wood Gundy 32 50= 54= Commonwealth Bank of Australia 32 50= 60 DBS Bank 32     *Warburg Dillon Read 9     **IBJ ranked 39, Fuji Bank 42=, Dai-Ichi Kangyo Bank 61=     ***Sumitomo Bank 41     †Royal Bank of Scotland 32, NatWest Global Financial Markets 16 Who's best where London 2001 2000   Total score 1 1 Citigroup 385 2 2 Deutsche Bank 319 3 4 Chase Manhattan Bank 191 4 9= Goldman Sachs 168 5 3 HSBC 138 6 * UBS Warburg 109 7 5 Barclays Capital 92 8 16 Royal Bank of Scotland 79 9 17 Morgan Stanley Dean Witter 67 10= 6 Bank of America 63 10= 18= Credit Suisse First Boston 63 12 – Dresdner Kleinwort Wasserstein 55 13 11 Royal Bank of Canada 45 14 14= Standard Chartered Bank 43 15 7= JP Morgan 42 16 21= Bank of Tokyo-Mitsubishi 39 17= 13 Merrill Lynch 36 17= ** Mizuho Group 36 19 12 Crédit Agricole Indosuez 33 20 14= ABN Amro 29     *Warburg Dillon Read 9=     **IBJ ranked 32=, Fuji Bank 26= New York 2001 2000   Total score 1 2 Citigroup 300 2 1 Deutsche Bank 215 3 3 Chase Manhattan Bank 103 4 * UBS Warburg 80 5 4 HSBC 78 6 8 Goldman Sachs 64 7 6 JP Morgan 51 8 5 Bank of America 49 9 14 Morgan Stanley Dean Witter 48 10 16= SEB 35 11 – ABN Amro 31 12= 9 Bank of New York 29 12= **** Nordea 29 13 31= Barclays Capital 28 14 21 Bank of Tokyo-Mitsubishi 27 15 – Brown Brothers Harriman 26 16= 18 Credit Suisse First Boston 23 16= 15 Standard Chartered Bank 23 18= 10 Merrill Lynch 21 18= ** Mizuho Group 21 20 16= Crédit Agricole Indosuez 18     *Warburg Dillon Read 7     **IBJ ranked 24=     ****MeritaNordbanken ranked 11 Frankfurt 2001 2000   Total score 1 1 Deutsche Bank 279 2 2 Dresdner Kleinwort Wasserstein 185 3 3 Commerzbank 72 4 4 Citigroup 52 5 7 ING Barings 42 6 10= HypoVereinsbank 25 7 – Landesbank HessenThuringen 19 8 – Chase Manhattan Bank 17 9= – Crédit Lyonnais 12 9= – Royal Bank of Scotland 12 11 – HSBC 11 12 – BNP Paribas 10 13 – UBS Warburg 9 14= 8= ABN Amro 8 14= – Bayerische Landesbank 8 14= – State Street Bank & Trust 8 17= – Brown Brothers Harriman 7 17= – DG BANK Deutsche Genossenschaftsbank 7 19= 6 Barclays Capital 6 19= – Credit Suisse First Boston 6 19= – Goldman Sachs 6 19= 5 Westdeutsche Landesbank 6 23 – JP Morgan 5 Singapore 2001 2000   Total score 1 1 Citigroup 176 2 2 Deutsche Bank 117 3 3 HSBC 76 4 * UBS Warburg 54 5 4 Standard Chartered Bank 44 6 10 Bank of America 43 7 20= DBS Bank 35 8 5= Chase Manhattan Bank 23 9 – Crédit Lyonnais 19 10 22= Bank of Tokyo-Mitsubishi 18 11 12= ABN Amro 18 12 7= Royal Bank of Scotland 17 13 11 Dresdner Kleinwort Wasserstein 15 14 16= SEB 14 15 9 Merrill Lynch 13 16 ** Mizuho Group 12 17 20= BNP Paribas 10 18= – Brown Brothers Harriman 8 18= 16= Dankse Bank 8 18= – Goldman Sachs 8 18= – Sumitomo Mitsui Banking Corp (SMBC) 8 22= 7= JP Morgan 7 22= – Sanwa Bank 7 24= 22= American Express Bank 6 24= 22= Morgan Stanley Dean Witter 6 26 – Credit Suisse First Boston 5     *Warburg Dillon Read 5=     **Fuji ranked 15 Tokyo 2001 2000   Total score 1 3 Citigroup 86 2 2 Bank of Tokyo-Mitsubishi 76 3 1 Chase Manhattan Bank 66 4 4 Deutsche Bank 57 5 *** Sumitomo Mitsui Banking Corp (SMBC) 56 6 ** Mizuho Group 47 7 – Goldman Sachs 33 8 5 HSBC 25 9 – Morgan Stanley Dean Witter 15 10 – ABN Amro 14 11 – Credit Suisse First Boston 11 12= – Crédit Agricole Indosuez 10 12= – Mitsubishi Trust & Banking 10 14 12 Barclays Capital 9 15 – Sanwa Bank 8 16= 14= Lehman Brothers 7 16= * UBS Warburg 7 18 – Brown Brothers Harriman 6 19 – Standard Chartered Bank 5     *Warburg Dillon Read 13     **IBJ ranked 8, Fuji Bank 6=     ***Sumitomo Bank 6= >Sydney 2001 2000   Total score 1 3 Deutsche Bank 68 2 5 Westpac Banking Corp 56 3 2 ANZ Banking Group 54 4 1 Citigroup 49 5 9 National Australia Bank 33 6 6 Commonwealth Bank of Australia 26 7   Royal Bank of Canada 24 8 12 Toronto Dominion Bank 20 9 11 ABN Amro 16 10   Macquarie Bank 15 11= 8 Chase Manhattan Bank 14 11= 4 HSBC 14 14 17= Bank of America 10 15=   Brown Brothers Harriman 7 15=   Société Générale 7 Hong Kong 2001 2000   Total score 1 1 HSBC 113 2 2 Citigroup 63 3 5 Deutsche Bank 59 4 4 Standard Chartered Bank 33 5= 7 Fortis Bank 29 5= 6 Goldman Sachs 29 7 – UBS Warburg 21 8 19 BNP Paribas 18 9 – Royal Bank of Scotland 17 10 12= Société Générale 16 12= – Brown Brothers Harriman 10 12= 8 Chase Manhattan Bank 10 12= – Crédit Lyonnais 10 12= 14= State Street Bank & Trust 10 16 10 Morgan Stanley Dean Witter 8 17 – Bank of Tokyo-Mitsubishi 7 18 3 Bank of America 6 19 – AIG International 5 Paris 2001 2000   Total score 1 1 BNP Paribas 103 2 2 Société Générale 62 3 4 Citigroup 49 4 5= Crédit Agricole Indosuez 31 5 – Crédit Lyonnais 26 6 3 Deutsche Bank 25 7 7 HSBC 19 8 – CDC Marchés 11 9= – ING Barings 6 9= – Barclays Capital 6 11= – Chase Manhattan Bank 5 11= – ABN Amro 5 Others (miscellaneous centres) 2001 2000   Total score 1 – Citigroup 212 2 – Deutsche Bank 207 3 – HSBC 140 4 – UBS Warburg 69 5 – ABN Amro 64 6 – Credit Suisse First Boston 50 7 – SEB 45 8 – Standard Chartered Bank 44 9 – Svenska Handelsbanken 33 10 – Royal Bank of Canada 31 11 – Chase Manhattan Bank 30 12 – Fortis Bank 29 13   Nordea 25 14 – ANZ Banking Group 24 15 – Bank of America 23 16= – KBC Bank 22 16= – BNP Paribas 22 18 – Bank of Tokyo-Mitsubishi 19 19= – Crédit Agricole Indosuez 14 19= – BSCH 14 Currency Pairs Eur/$ 2001 2000   Total score 1 1 Deutsche Bank 460 2 2 Citigroup 437 3 8 Goldman Sachs 137 4 4 HSBC 128 5 * UBS Warburg 126 6 3 Chase Manhattan Bank 120 7= 5 ABN Amro 69 7= 32= Dresdner Kleinwort Wasserstein 69 9 15 Morgan Stanley Dean Witter 50 10 18= Credit Suisse First Boston 48 11= 7 Bank of America 46 11= 12 Barclays Capital 46 13 9 JP Morgan 37 14 27= Société Générale 32 15 27= Standard Chartered Bank 29 16 38= Royal Bank of Scotland 28 17= 18= BNP Paribas 26 17= 22= Commerzbank 26 19 17 Lehman Brothers 25 20 10 Royal Bank of Canada 23     *Warburg Dillon Read 6 Eur/Yen 2001 2000   Total score 1 1 Deutsche Bank 295 2 2 Citigroup 278 3 3 Chase Manhattan Bank 100 4 9 Goldman Sachs 94 5 4 HSBC 92 6 * UBS Warburg 79 7 – Dresdner Kleinwort Wasserstein 48 8 11 ABN Amro 46 9 5 Bank of Tokyo-Mitsubishi 45 10 ** Mizuho Group 37 11 13 Barclays Capital 36 12 16= Morgan Stanley Dean Witter 35 13 *** Sumitomo Mitsui Banking Corp (SMBC) 31 14 10 Crédit Agricole Indosuez 30 15 6 Bank of America 29 16 7= JP Morgan 28 17 – ING Barings 20 18 15 Credit Suisse First Boston 19 19 27= Standard Chartered Bank 17 20= – Bank of New York 13 20= 22= BNP Paribas 13     *Warburg Dillon Read 6     **IBJ ranked 14     ***Sumitomo Bank 18=, Sakura Bank 24= Eur/Pound 2001 2000   Total score 1 1 Deutsche Bank 255 2 3 Citigroup 244 3 2 HSBC 171 4 5 Barclays Capital 104 5 11= Royal Bank of Scotland 82 6 * UBS Warburg 72 7 4 Chase Manhattan Bank 66 8 11= Goldman Sachs 65 9 7 ABN Amro 49 10 – Dresdner Kleinwort Wasserstein 46 11= 8 Bank of America 25 11= 9 JP Morgan 25 13 19 Morgan Stanley Dean Witter 24 14= 17= BNP Paribas 23 14= 33= Credit Suisse First Boston 23 14= 16 Royal Bank of Canada 23 17 21= Westdeutsche Landesbank 22 18 – Société Générale 21 19 – State Street Bank & Trust 17 20 17= Crédit Agricole Indosuez 16 Eur/Sfr 2001 2000   Total score 1 1 Deutsche Bank 208 2 * UBS Warburg 204 3 3 Citigroup 144 4 6 Credit Suisse First Boston 74 5 5 HSBC 52 6 4 Chase Manhattan Bank 49 7 7 Goldman Sachs 45 8 16= Dresdner Kleinwort Wasserstein 40 9 10= ABN Amro 32 10 8 JP Morgan 26 11 13= BNP Paribas 22 12 12 Crédit Agricole Indosuez 21 13= – Bank of New York 14 13= 20= ING Barings 14 15= 16= Morgan Stanley Dean Witter 12 15= – Société Générale 12 17 9 Bank of America 11 18= 16= Barclays Capital 10 18= – Commerzbank 10 18= – Corner Bank 10 18= – Crédit Lyonnais 10 22 – Royal Bank of Scotland 9 23= 20= ANZ Banking Group 7 23= – Landesbank BadenWurttemberg 7 23= – Rabobank 7 23= 20= SEB 7 23= – State Street Bank & Trust 7 28= 20= Fortis Bank 6 28= 26= HypoVereinsbank 6 28= – Landesbank HessenThuringen 6 28= 10= Merrill Lynch 6 28= – Standard Chartered Bank 6     *Warburg Dillon Read 2 $/Yen 2001 2000   Total score 1 2 Citigroup 295 2 1 Deutsche Bank 232 3 3 Chase Manhattan Bank 141 4 9 Goldman Sachs 127 5 * UBS Warburg 99 6 5 HSBC 87 7 6 Bank of Tokyo-Mitsubishi 86 8 ** Mizuho Group 58 9 4 Bank of America 52 10 12 Morgan Stanley Dean Witter 44 11 *** Sumitomo Mitsui Banking Corp (SMBC) 39 12 – Credit Suisse First Boston 38 13 – Dresdner Kleinwort Wasserstein 33 14 23= ABN Amro 32 15 8 JP Morgan 30 16 20= Barclays Capital 27 17 14= State Street Bank & Trust 23 18 22 Brown Brothers Harriman 22 19 10= Merrill Lynch 21 20= 20= Lehman Brothers 18 20= 14= Crédit Agricole Indosuez 18 20= 27 Bank of New York 18     *Warburg Dillon Read 7     **IBJ ranked 23=, Fuji Bank 19     ***Sumitomo Bank 10= $/Pound 2001 2000   Total score 1 1 Citigroup 222 2 2 Deutsche Bank 177 3 3 HSBC 150 4 5 Barclays Capital 100 5 6 Royal Bank of Scotland 89 6 4 Chase Manhattan Bank 74 7 * UBS Warburg 60 8 10= Goldman Sachs 46 9 7 Bank of America 32 10= 8 JP Morgan 28 10= 12 Royal Bank of Canada 28 12 – Dresdner Kleinwort Wasserstein 26 13 19= Morgan Stanley Dean Witter 25 14= 29= Commerzbank 18 14= 32 Société Générale 18 16= 19= Credit Suisse First Boston 17 16= 9 Standard Chartered Bank 17 18= 13 ABN Amro 16 18= 14 Merrill Lynch 16 20= – Brown Brothers Harriman 13 20= 17= Lloyds TSB 13 20= 21 State Street Bank & Trust 13     *Warburg Dillon Read 15 $/Sfr 2001 2000   Total score 1 * UBS Warburg 229 2 3 Citigroup 185 3 2 Deutsche Bank 152 4 5 Credit Suisse First Boston 95 5 4 Chase Manhattan Bank 71 6 7 HSBC 62 7 8= Goldman Sachs 41 8 – Dresdner Kleinwort Wasserstein 39 9 12 ABN Amro 30 10 – Brown Brothers Harriman 21 11 10 Barclays Capital 18 12= – ANZ Banking Group 15 12= 8= JP Morgan 15 14 13= State Street Bank & Trust 13 15= 18 Merrill Lynch 12 15= 12 Royal Bank of Scotland 12 17= 23= Bank of New York 11 17= 19= Morgan Stanley Dean Witter 11 19= 25= BNP Paribas 9 19= 11 Mellon Financial Corporation 9 21 – Bank Julius Baer 8 22= 6 Bank of America 7 22= – Rabobank 7 24= – Commerzbank 6 24= 21= Société Générale 6 24= 25= Westdeutsche Landesbank 6 27= – ING Barings 5 27= – Landesbank HessenThuringen 5 27= 25= Lehman Brothers 5     *Warburg Dillon Read 1 Best Dealers Argentinean peso 2001 2000   Total score 1 1 Citigroup 84 2 2 Deutsche Bank 53 3 7= BSCH 36 4 3 Chase Manhattan Bank 36 5 6 FleetBoston Financial Group 28 6 7= HSBC 20 7 11= Morgan Stanley Dean Witter 13 8= – Barclays Capital 11 8= 5 Goldman Sachs 11 10 3 JP Morgan 10 11 – ABN Amro 8 12 – BBVA 7 13= – BNP Paribas 6 13= – Brown Brothers Harriman 6 13= 9 State Street Bank & Trust 6 16 10 Bank of America 5 Australian dollar 2001 2000   Total score 1 1 Citigroup 178 2 2 Deutsche Bank 130 3 4 Westpac Banking Corp 75 4 3 ANZ Banking Group 74 5 7 HSBC 64 6 5 Chase Manhattan Bank 56 7 9= Goldman Sachs 48 8 16 ABN Amro 44 9 6 National Australia Bank 42 10 * UBS Warburg 33 11 9= Commonwealth Bank of Australia 32 12 8 Bank of America 22 13 19= Morgan Stanley Dean Witter 21 14 28= Brown Brothers Harriman 19 15= – Dresdner Kleinwort Wasserstein 18 15= 17= Royal Bank of Canada 18 17 11 JP Morgan 17 18 14= Standard Chartered Bank 16 19= 19= Barclays Capital 14 19= 35 Macquarie Bank 14 21 32= Lehman Brothers 13 22 28= Credit Suisse First Boston 12 23= – Bank of New York 11 23= 14= Crédit Agricole Indosuez 11 23= 13 State Street Bank & Trust 11 26 – FleetBoston Financial Group 9 27= – Mizuho Group 8 27= 32= Société Générale 8 29= 19= BNP Paribas 7 29= – Commerzbank 7 31= 27 Bank One 6 31= 25= Merrill Lynch 6 31= 22= Toronto Dominion Bank 6 34= – ING Barings 5 34= 32= Lloyds TSB 5 34= 22= Royal Bank of Scotland 5     *Warburg Dillon Read 12 Brazilian real 2001 2000   Total score 1 1 Citigroup 107 2 2 Deutsche Bank 56 3= 3= Chase Manhattan Bank 41 3= 3= FleetBoston Financial Group 41 5 7 JP Morgan 19 6 9 Goldman Sachs 18 7= 10 BSCH 13 7= 5 HSBC 13 9 16= AIG International 11 10= – BBVA 8 10= 11= Credit Suisse First Boston 8 12= 8 ABN Amro 7 12= – Barclays Capital 7 12= – Mellon Financial Corporation 7 15= 11= Morgan Stanley Dean Witter 6 15= – Standard Chartered Bank 6 15= * UBS Warburg 6 18 6 Bank of America 5     *Warburg Dillon Read ranked 14 Canadian dollar 2001 2000   Total score 1 2 Citigroup 220 2 1 Royal Bank of Canada 160 3 3 Deutsche Bank 98 4 8 Toronto Dominion Bank 89 5 13 Goldman Sachs 52 6 4 Chase Manhattan Bank 48 7 8 HSBC 46 8 * UBS Warburg 39 9 6 Bank of Nova Scotia 37 10 10 Bank of Montreal 35 11 7 Bank of America 33 12= 14= Barclays Capital 22 12= 18 Morgan Stanley Dean Witter 22 14= 26= ABN Amro 21 14= 5 CIBC Wood Gundy 21 16 12 JP Morgan 19 17 21 Royal Bank of Scotland 17 18= 28= Bank of New York 16 18= 14= State Street Bank & Trust 16 20 – Credit Suisse First Boston 14     *Warburg Dillon Read 11 Chilean peso 2001 2000   Total score 1 – Citigroup 46 2 – Deutsche Bank 28 3 – Chase Manhattan Bank 20 4 – BSCH 15 5 – ABN Amro 13 6= – FleetBoston Financial Group 12 6= – Goldman Sachs 12 8 – Dresdner Kleinwort Wasserstein 11 9 – AIG International 7 10 – JP Morgan 6 11 – HSBC 5 Czech koruna 2001 2000   Total score 1 2 Deutsche Bank 107 2 1 Citigroup 101 3 6= ABN Amro 43 4 12= SEB 19 5 12= ING Barings 18 6 – Commerzbank 17 7 9 Crédit Agricole Indosuez 15 8 – Dresdner Kleinwort Wasserstein 13 9 – UBS Warburg 12 10= 4 Chase Manhattan Bank 11 10= – HSBC 11 10= – HypoVereinsbank 11 Danish Krone 2001 2000   Total score 1 2 Citigroup 121 2 3 Dankse Bank 108 3 1 Deutsche Bank 66 4 4 SEB 59 5 11 ABN Amro 46 6 * Nordea 41 7 10 Svenska Handelsbanken 35 8 9 HSBC 33 9 ** UBS Warburg 32 10 7 Chase Manhattan Bank 26 11 8 Goldman Sachs 23 12 – Dresdner Kleinwort Wasserstein 22 13 6 Bank of America 19 14 – Brown Brothers Harriman 18 15= 17 JP Morgan 15 15= – Royal Bank of Scotland 15 17= 22= Jyske Bank 13 17= 14= Morgan Stanley Dean Witter 13 19= 24 BNP Paribas 12 19= 25= Credit Suisse First Boston 12 21 18= Bank of Tokyo-Mitsubishi 11 22 – Standard Chartered Bank 10 23= 14= Mellon Financial Corporation 8 23= – Rabobank 8 25= – Commerzbank 7 25= – Den norske Bank 7 27= – Barclays Capital 6 27= – Fortis Bank 6 27= – Société Générale 6 27= 18= State Street Bank & Trust 6 31= 18= Bank of New York 5 31= – Royal Bank of Canada 5     *MeritaNordbanken ranked 13, Unibank 5     **Warburg Dillon Read Euro 2001 2000   Total score 1 1 Deutsche Bank 366 2 2 Citigroup 308 3 * UBS Warburg 112 4 3 Chase Manhattan Bank 94 5= 5 ABN Amro 90 5= 4 HSBC 90 7 8 Goldman Sachs 80 8 7 Bank of America 47 9 17 Barclays Capital 46 10 9 BNP Paribas 39 11 24= Dresdner Kleinwort Wasserstein 35 12 13= Credit Suisse First Boston 32 13 36 Royal Bank of Scotland 31 14= 10 JP Morgan 29 14= 18= SEB 29 16 16 Morgan Stanley Dean Witter 26 17= 20= Bank of New York 23 17= 18= State Street Bank & Trust 23 19= 24= Bank of Tokyo-Mitsubishi 21 19= 32 Société Générale 21 21= 20= Fortis Bank 18 21= 30= ING Barings 18 23 13= Commerzbank 16 24 15 Westdeutsche Landesbank 15 25= 37= Brown Brothers Harriman 14 25= 26= BSCH 14 25= 47= Standard Chartered Bank 14 25= 37= Svenska Handelsbanken 14 29 11= Crédit Agricole Indosuez 13 30 **** Nordea 12 31 33= Lehman Brothers 11 32= 47= Gruppo Intesa 10 32= – HypoVereinsbank 10 32= 20= Royal Bank of Canada 10 35= – National Bank of Greece 9 35= – Unicredito Italiano 9 37= 33= Bank One 8 37= – Sampo-Leonia 8 39= – Crédit Lyonnais 7 39= 29 Rabobank 7 39= – San Paolo-Imi 7 42= 41= Dankse Bank 6 42= – Dexia 6 42= – EFG Eurobank 5 42= 11= Merrill Lynch 6 46 – Sumitomo Mitsui Banking Corp (SMBC) 5     *Warburg Dillon Read 6     ****MeritaNordbanken ranked 20=, Unibank 47= Greek drachma 2001 2000   Total score 1 1 Citigroup 85 2 2 Deutsche Bank 41 3= 11 ABN Amro 25 3= 7= National Bank of Greece 25 5 7= HSBC 15 6= 6 Alpha Bank 13 6= – Brown Brothers Harriman 13 6= 9= JP Morgan 13 9 4= Bank of America 12 10 3 Chase Manhattan Bank 11 11 9= Goldman Sachs 9 12 – Bank of New York 8 13 – Dresdner Kleinwort Wasserstein 7 14= – Barclays Capital 6 14= 16= Morgan Stanley Dean Witter 6 14= 14 Royal Bank of Scotland 6 14= * UBS Warburg 6 18= 12= Crédit Agricole Indosuez 5 18= – EFG Eurobank 5     *Warburg Dillon Read 4= Hong Kong dollar 2001 2000   Total score 1 1 HSBC 160 2 2 Citigroup 147 3 3 Standard Chartered Bank 78 4 4 Deutsche Bank 75 5 6= Goldman Sachs 52 6 5 Chase Manhattan Bank 50 7 8 Bank of America 19 8= 9 State Street Bank & Trust 17 8= * UBS Warburg 17 10= 6= Crédit Agricole Indosuez 15 10= 15= Dresdner Kleinwort Wasserstein 15 10= 18= Morgan Stanley Dean Witter 15 13 15= Barclays Capital 13 14= 12 Bank of Tokyo-Mitsubishi 11 14= – Westpac Banking Corp 11 16= – Credit Suisse First Boston 10 16= 11 JP Morgan 10 16= – Société Générale 10 19 22 ABN Amro 9 20= – ANZ Banking Group 8 20= – Bank of New York 8 20= 18= BNP Paribas 8     *Warburg Dillon Read 10 Hungarian forint 2001 2000   Total score 1 1 Citigroup 62 2 2 Deutsche Bank 45 3 4= Chase Manhattan Bank 14 4= – Credit Suisse First Boston 13 4= 4= Goldman Sachs 13 6= 6 ABN Amro 10 6= 8= Morgan Stanley Dean Witter 10 8 – Crédit Lyonnais 8 9 12 Crédit Agricole Indosuez 7 10= – Dresdner Kleinwort Wasserstein 6 10= 11 HSBC 6 12= – ING Barings 5 12= 7 JP Morgan 5 12= * UBS Warburg 5     *Warburg Dillon Read 8= Indian rupee 2001 2000   Total score 1 3 HSBC 51 2 2 Standard Chartered Bank 49 3 4 Deutsche Bank 31 4 1 Citigroup 30 5 – State Bank of India 12 6= 6= Bank of America 11 6= 12= Goldman Sachs 11 8 9= Dresdner Kleinwort Wasserstein 8 9 * UBS Warburg 6 10 – HDFC 5     *Warburg Dillon Read 8= Indonesian rupiah 2001 2000   Total score 1 1 Citigroup 88 2 2 HSBC 61 3 4 Standard Chartered Bank 51 4= 3 Deutsche Bank 48 4= 7 Goldman Sachs 17 6 – ABN Amro 17 7 5 Chase Manhattan Bank 16 8= 11= Bank of Tokyo-Mitsubishi 12 8= – Brown Brothers Harriman 12 10= 6 Bank of America 8 10= – Dresdner Kleinwort Wasserstein 8 Korean won 2001 2000   Total score 1 1 Citigroup 110 2 2 HSBC 64 3 3 Deutsche Bank 63 4 4 Standard Chartered Bank 54 5 7 Chase Manhattan Bank 33 6 5 Goldman Sachs 21 7 – AIG International 17 8= 6 Bank of America 10 8= 13= Morgan Stanley Dean Witter 10 10 9 JP Morgan 9 >Mexican peso 2001 2000   Total score 1 1 Citigroup 144 2 2 Deutsche Bank 61 3 3 Chase Manhattan Bank 47 4 4 Goldman Sachs 23 5 6 JP Morgan 21 6 7 BSCH 20 7 12 HSBC 19 8 8= FleetBoston Financial Group 16 9 11 Morgan Stanley Dean Witter 13 10 13= Banco Nacional de México 11 New Taiwan dollar 2001 2000   Total score 1 1 Citigroup 118 2 2 HSBC 57 3 3 Standard Chartered Bank 54 4 4 Deutsche Bank 39 5 5 Chase Manhattan Bank 25 6 6 Goldman Sachs 16 7 – Bank of America 10 8= – ABN Amro 9 8= – CTCB 9 8= – UBS Warburg 9 11 – ANZ Banking Group 7 12 9 JP Morgan 6 New Zealand dollar 2001 2000   Total score 1 1 Citigroup 106 2 – ANZ Banking Group 76 3 2 Deutsche Bank 72 4 – Westpac Banking Corp 49 5 6 Chase Manhattan Bank 40 6 7 Goldman Sachs 32 7 11= HSBC 26 8 5 National Australia Bank 25 9 * UBS Warburg 22 10= – ABN Amro 20 10= 17= Bank of New Zealand 20     *Warburg Dillon Read 10 Norwegian krone 2001 2000   Total score 1 1 Citigroup 97 2 3 SEB 93 3 5 Dankse Bank 58 4 2 Deutsche Bank 55 5 ** Nordea 42 6 6 Svenska Handelsbanken 41 7 – ABN Amro 36 8 * UBS Warburg 34 9 10 Den norske Bank 30 10 9 HSBC 26     *Warburg Dillon Read 12=     **MeritaNordbanken 14. Christiana Bank 15, Unibank 12= Philippine peso 2001 2000   Total score 1 1 Citigroup 78 2 4 HSBC 77 3 3 Standard Chartered Bank 58 4 2 Deutsche Bank 20 5 5= Chase Manhattan Bank 14 6 – AIG International 11 7 7 Goldman Sachs 10 8 – Dresdner Kleinwort Wasserstein 8 9= 9= Morgan Stanley Dean Witter 7 9= * UBS Warburg 7 11 8 JP Morgan 5     *Warburg Dillon Read 9= Polish zloty 2001 2000   Total score 1 1 Citigroup 107 2 2 Deutsche Bank 96 3 5= Chase Manhattan Bank 30 4 8= ABN Amro 28 5 10= HSBC 25 6 – Dresdner Kleinwort Wasserstein 24 7 3 JP Morgan 22 8 5= SEB 20 9 8= Crédit Agricole Indosuez 18 10 7 ING Barings 16     *Warburg Dillon Read 15= Saudi real 2001 2000   Total score 1= 1 Citigroup 21 1= – Deutsche Bank 21 3= – Crédit Agricole Indosuez 8 3= – Dresdner Kleinwort Wasserstein 8 3= 3 HSBC 8 6 – Goldman Sachs 7 8= 2 Chase Manhattan Bank 5 8= 5 Standard Chartered Bank 5 Singapore dollar       2001 2000   Total score 1 2 Citigroup 170 2 1 HSBC 106 3 3 Standard Chartered Bank 86 4 4 Deutsche Bank 85 5 9 Goldman Sachs 45 6 5= Chase Manhattan Bank 41 7= 5= Bank of America 29 7= 11= DBS Bank 29 9 – Dresdner Kleinwort Wasserstein 23 10 8 Crédit Agricole Indosuez 19     *Warburg Dillon Read ranked 7 South African rand 2001 2000   Total score 1 1 Citigroup 74 2 2 Deutsche Bank 56 3 3 Standard Chartered Bank 35 4= 12 HSBC 26 4= * UBS Warburg 26 6 15= ABN Amro 22 8= – Dresdner Kleinwort Wasserstein 16 8= 10 Nedcor 16 8= 5 Standard Bank 16 11 6 Goldman Sachs 15 12 8 Barclays Capital 14 13 13 Morgan Stanley Dean Witter 13 14 – Credit Suisse First Boston 10 15 9 Chase Manhattan Bank 9 16= – Investec Bank 8 16= 4 JP Morgan 8 16= 17= State Street Bank & Trust 8 19 7 Crédit Agricole Indosuez 7 20= – ANZ Banking Group 6 20= – Bank Austria 6     *Warburg Dillon Read ranked 11 Swedish krona 2001 2000   Total score 1 3 SEB 145 2 1 Citigroup 102 3 2 Deutsche Bank 93 4 4 Svenska Handelsbanken 83 5 6 Dankse Bank 51 6 13= ABN Amro 43 7 * UBS Warburg 35 8 ** Nordea 31 9 17= Credit Suisse First Boston 27 10= 8= Goldman Sachs 26 10= 5 Chase Manhattan Bank 26     *Warburg Dillon Read ranked 8=     **MeritaNordbanken 7, Unibank 16 Thai baht 2001 2000   Total score 1 1 Citigroup 122 2 2 HSBC 91 3 3 Standard Chartered Bank 57 4 5 Deutsche Bank 54 5 7 Goldman Sachs 27 6 9 Crédit Agricole Indosuez 22 7 6 Bank of America 20 8 4 Chase Manhattan Bank 18 9= – ABN Amro 15 9= 8 Bank of Tokyo-Mitsubishi 15 11 – Brown Brothers Harriman 12 12 13 Morgan Stanley Dean Witter 11 13 – Sumitomo Mitsui Banking Corp (SMBC) 9 14= – Credit Suisse First Boston 8 14= – Dresdner Kleinwort Wasserstein 8 14= – Sanwa Bank 8 17 – Thai Farmers Bank 7 18 – Société Générale 6 19= 10= JP Morgan 5 19= – Royal Bank of Canada 5 Turkish lira 2001 2000   Total score 1 2 Deutsche Bank 41 2 1 Citigroup 36 3 7= Morgan Stanley Dean Witter 13 5= – Brown Brothers Harriman 10 5= 5= Chase Manhattan Bank 10 7 7= Goldman Sachs 7 8= 15 ABN Amro 6 8= – JP Morgan 6 FX Forwards Under three Years 2001 2000   Total score 1 2 Deutsche Bank 610 2 1 Citigroup 598 3 4 HSBC 286 4 3 Chase Manhattan Bank 148 5 9 Goldman Sachs 133 6 6 ABN Amro 123 7 * UBS Warburg 121 8 12= Standard Chartered Bank 87 9 27 Credit Suisse First Boston 65 10 39= Dresdner Kleinwort Wasserstein 60 11 5 Bank of America 57 12 15 Barclays Capital 53 13 10 JP Morgan 44 14 12= Bank of Tokyo-Mitsubishi 42 15 8 Royal Bank of Canada 40 16 ** Mizuho Group 37 17= 19 SEB 36 17= 30= Société Générale 36 19 11 BNP Paribas 34 21= 22= BSCH 33 21= 14 Crédit Agricole Indosuez 33 21= 18 Morgan Stanley Dean Witter 33 24 22= Commerzbank 32 25= 20= Bank of Nova Scotia 30 25= 30= Westpac Banking Corp 30 27 43= Bank of New York 28 28= 22= State Street Bank & Trust 27 28= 37= Westdeutsche Landesbank 27 30 55= HypoVereinsbank 24     *Warburg Dillon Read 7     **IBJ ranked 43= FX Forwards Over three Years 2001 2000   Total score 1 2 Deutsche Bank 160 2 1 Citigroup 149 3 4 HSBC 81 4 3 Chase Manhattan Bank 59 5 * UBS Warburg 45 6 8 Goldman Sachs 42 7 26= Credit Suisse First Boston 36 8 18= Standard Chartered Bank 33 9 17 Commerzbank 26 10= 6= ABN Amro 22 10= 10 Barclays Capital 22 10= 9 JP Morgan 22 13 – Dresdner Kleinwort Wasserstein 20 14 34= Westpac Banking Corp 17 15= – Bayerische Landesbank 15 15= ** Mizuho Group 15 17 26= Royal Bank of Scotland 14 18 – Morgan Stanley Dean Witter 10 19 – ING Barings 9 20= 12 CIBC Wood Gundy 8 20= – Unicredito Italiano 8 22= 21= BNP Paribas 7 22= – Société Générale 7 24= 5 Bank of America 6 24= 14= Bank of Tokyo-Mitsubishi 6 24= – Lehman Brothers 6 24= 23= Merrill Lynch 6 24= 26= National Australia Bank 6 24= – Rabobank 6 30= 31= ANZ Banking Group 5 30= – Bank of New York 5 30= – HypoVereinsbank 5 30= 13 SEB 5     *Warburg Dillon Read 11     **IBJ ranked 31= FX Forwards Major Currencies 2001 2000   Total score 1 2 Deutsche Bank 554 2 1 Citigroup 551 3 4 HSBC 199 4 3 Chase Manhattan Bank 159 5 9 Goldman Sachs 147 6 * UBS Warburg 130 7 6 ABN Amro 100 8 5 Bank of America 57 9 29= Credit Suisse First Boston 53 10 41= Dresdner Kleinwort Wasserstein 49 11 11 Barclays Capital 48 12 8 Royal Bank of Canada 47 13 10 JP Morgan 45 14 12 Bank of Tokyo-Mitsubishi 44 15 14 Standard Chartered Bank 41 16 22 Morgan Stanley Dean Witter 39 17= 33= Royal Bank of Scotland 35 17= 24 SEB 35 19 18 State Street Bank & Trust 30 20 26= Commerzbank 27 21 15 BNP Paribas 26 22 44= ANZ Banking Group 25 23 26= Westpac Banking Corp 24 24= 13 Crédit Agricole Indosuez 23 24= ** Mizuho Group 23 26= 37= Bank of New York 22 26= 48= Westdeutsche Landesbank 22 28= 25 Bank of Nova Scotia 17 28= – Svenska Handelsbanken 17 30= 29= Bank One 16 30= – HypoVereinsbank 16 30= 48= ING Barings 16 30= 51= Lehman Brothers 16 30= 16= Toronto Dominion Bank 16     *Warburg Dillon Read 7     **IBJ ranked 51=, Fuji Bank 44= FX Forwards Emerging Market Currencies 2001 2000   Total score 1 1 Citigroup 372 2 2 Deutsche Bank 284 3 3 HSBC 157 4 5 Standard Chartered Bank 104 5 4 Chase Manhattan Bank 94 6 9 Goldman Sachs 65 7 8 ABN Amro 58 8 7 JP Morgan 36 9 18= BNP Paribas 35 10 – ING Barings 32 11 10= Crédit Agricole Indosuez 31 12 – Credit Suisse First Boston 30 13 – Dresdner Kleinwort Wasserstein 29 14 * UBS Warburg 27 15 17 Morgan Stanley Dean Witter 17 16 14= BSCH 16 17 6 Bank of America 15 18 14= Barclays Capital 14 19 – HypoVereinsbank 13 20= 26= Bank of New York 12 20= 23= Bank of Tokyo-Mitsubishi 12 20= – Société Générale 12 23= 30= ANZ Banking Group 10 23= – Lehman Brothers 10 25= – CTCB 9 25= – KBC Bank 9 25= 20= Royal Bank of Scotland 9 25= – Svenska Handelsbanken 9 29 – State Street Bank & Trust 8 30= – Brown Brothers Harriman 7 30= 20= Commerzbank 7 30= – Lloyds TSB 7 30= **** Nordea 7     *Warburg Dillon Read 10=     ****MeritaNordbanken ranked 18= Options Vanilla 2001 2000   Total score 1 1 Citigroup 438 2 2 Deutsche Bank 388 3 * UBS Warburg 194 4 6 Goldman Sachs 130 5 4 Chase Manhattan Bank 113 6 7 HSBC 94 7 17= Credit Suisse First Boston 73 8 5 Bank of America 70 9 – Dresdner Kleinwort Wasserstein 41 10= 21 BNP Paribas 37 10= 10 SEB 37 12= 8 JP Morgan 36 12= 12 Royal Bank of Scotland 36 14= 9 ABN Amro 32 14= 22= Bank of Tokyo-Mitsubishi 32 14= 13= Standard Chartered Bank 32 17 17= Royal Bank of Canada 29 18 37= Commerzbank 28 19 ** Mizuho Group 27 20 15 Morgan Stanley Dean Witter 25     *Warburg Dillon Read ranked 3     **IBJ ranked 32=, Fuji Bank 37=     ****MeritaNordbanken ranked 29 Exotics 2001 2002   Total score 1 1 Citigroup 286 2 2 Deutsche Bank 233 3 * UBS Warburg 153 4 4 Goldman Sachs 122 5 11 Credit Suisse First Boston 90 6 5 Chase Manhattan Bank 68 7 8 HSBC 59 8 9= Royal Bank of Scotland 38 9 19= BNP Paribas 36 10 7 JP Morgan 28 11= 12 ABN Amro 26 11= 6 Bank of America 26 11= – Dresdner Kleinwort Wasserstein 26 14 13= Standard Chartered Bank 24 15= 13= Bank of New York 13 15= – Westdeutsche Landesbank 13 17= – Commerzbank 12 17= – Mizuho Group 12 19= 19= Barclays Capital 11 19= 16= Merrill Lynch 11 21= 25= Lehman Brothers 10 21= – Westpac Banking Corp 10     *Warburg Dillon Read 3 Trading strategies for options 2001 2000   Total score 1 2 Citigroup 400 2 1 Deutsche Bank 332 3 3 Goldman Sachs 165 4 * UBS Warburg 146 5= 5 Chase Manhattan Bank 90 5= 6 HSBC 90 7 15= Credit Suisse First Boston 72 8 9 ABN Amro 54 9 3 Bank of America 49 10 28= Dresdner Kleinwort Wasserstein 38 11 21= BNP Paribas 35 12 18= Standard Chartered Bank 33 13 28= Royal Bank of Scotland 31 14 15= Morgan Stanley Dean Witter 30 15 12 Barclays Capital 27 16 13 Société Générale 25 17 15= Lehman Brothers 23 18= 26= Crédit Agricole Indosuez 22 18= 11 SEB 22 20= 8 JP Morgan 17 20= 31= Westpac Banking Corp 17     *Warburg Dillon Read 7 Pricing options 2001 2000   Total score 1 2 Citigroup 373 2 1 Deutsche Bank 339 3 * UBS Warburg 138 4 4 Chase Manhattan Bank 122 5 7 Goldman Sachs 120 6 6 HSBC 109 7 13= Credit Suisse First Boston 72 8 10 ABN Amro 47 9 5 Bank of America 46 10 – Dresdner Kleinwort Wasserstein 41 11 12 Royal Bank of Scotland 40 12 15= BNP Paribas 34 13 8 JP Morgan 32 14 11 SEB 29 15= 29 Commerzbank 28 15= 24= Standard Chartered Bank 28 17 13= Morgan Stanley Dean Witter 25 18 27= Bank of Tokyo-Mitsubishi 24 19= 15= Barclays Capital 23 19= – Mizuho Group 23 21 15= Merrill Lynch 22 22 32= Westdeutsche Landesbank 18 23= 19= Bank of New York 17 23= – Westpac Banking Corp 17 25 9 Société Générale 16 26= – ING Barings 15 26= 24= Lehman Brothers 15 26= 15= Royal Bank of Canada 15 29 – HypoVereinsbank 13 30 – Nordea 12 31= 22 Crédit Agricole Indosuez 11 31= 30= Toronto Dominion Bank 11 33= 24= Bank One 9 33= 32= National Australia Bank 9 33= – Svenska Handelsbanken 9 36= – AIG International 8 36= – Sal Oppenheim 8 36= – WGZ Bank 8 39 19= ANZ Banking Group 7 40= 27= BSCH 6 40= – Commonwealth Bank of Australia 6 40= – DBS Bank 6 40= 36= Gruppo Intesa 6 44 36= FleetBoston Financial Group 5     *Warburg Dillon Read 3 Spot Short term strategy 2001 2000   Total score 1 2 Citigroup 617 2 1 Deutsche Bank 508 3 4 HSBC 274 4 3 Chase Manhattan Bank 156 5 * UBS Warburg 139 6 7= ABN Amro 129 7 6 Goldman Sachs 127 8 12 Barclays Capital 84 9 17= Standard Chartered Bank 71 10 17= Credit Suisse First Boston 68 11 9= JP Morgan 57 12 5 Bank of America 51 13 13 Morgan Stanley Dean Witter 50 14 44= Royal Bank of Scotland 46 15 23= SEB 44 16 34= Commerzbank 42 17 23= Dresdner Kleinwort Wasserstein 38 18 26 Bank of Tokyo-Mitsubishi 35 19 15 BNP Paribas 34 20= 14 Merrill Lynch 32 20= 36= Société Générale 32     *Warburg Dillon Read 7= Consistent pricing 2001 2000   Total score 1 2 Citigroup 616 2 1 Deutsche Bank 603 3 4 HSBC 259 4 3 Chase Manhattan Bank 181 5 * UBS Warburg 150 6 6 ABN Amro 140 7 10 Goldman Sachs 132 8 56= Dresdner Kleinwort Wasserstein 72 9 19 Credit Suisse First Boston 68 10= 5 Bank of America 65 10= 13= Barclays Capital 65 12 20= Standard Chartered Bank 63 13= 11 Bank of Tokyo-Mitsubishi 56 13= 15= SEB 56 15 15= Crédit Agricole Indosuez 51 16 ** Mizuho Group 44 17 22= Morgan Stanley Dean Witter 43 18= 43= Commerzbank 41 18= 20= State Street Bank & Trust 41 20= 40 ANZ Banking Group 40 20= 9 Royal Bank of Canada 40     *Warburg Dillon Read 7     **IBJ ranked 27=, Fuji 34= Best Research Currency strategy 2001 2000   Total score 1 1 Citigroup 720 2 2 Deutsche Bank 617 3 5 Goldman Sachs 217 4 6 HSBC 214 5 3 Chase Manhattan Bank 184 6 * UBS Warburg 168 7 8 ABN Amro 132 8 7 JP Morgan 108 9 10 Credit Suisse First Boston 88 10 17 Dresdner Kleinwort Wasserstein 86 11 23 Standard Chartered Bank 82 12 11 Morgan Stanley Dean Witter 80 13 14 Barclays Capital 75 14 12 Merrill Lynch 63 15 4 Bank of America 58 16 44= BNP Paribas 55 17 36 Royal Bank of Scotland 48 18 15 SEB 42 19= 20 Bank of Tokyo-Mitsubishi 41 19= 19 Société Générale 21 ** Mizuho Group 40     *Warburg Dillon Read 9     **IBJ ranked 44=, Fuji Bank 57= Economic 2001 2000   Total score 1 2 Citigroup 683 2 1 Deutsche Bank 631 3 5 Goldman Sachs 253 4 6 HSBC 210 5 3 JP Morgan 164 6 * UBS Warburg 155 7 4 Chase Manhattan Bank 148 8 9 ABN Amro 112 9 17= Standard Chartered Bank 96 10 10 Morgan Stanley Dean Witter 86 11 12 Credit Suisse First Boston 84 12 17= Dresdner Kleinwort Wasserstein 74 13 11 Merrill Lynch 61 14 13 Barclays Capital 53 15 7 Bank of America 52 16= 15= Bank of Tokyo-Mitsubishi 45 16= 20 Société Générale 45 18 ** Mizuho Group 36 19 14 Royal Bank of Canada 34 20 51= Royal Bank of Scotland 33     *Warburg Dillon Read 8     **IBJ ranked 25= Technical 2001 2000   Total score 1 1 Citigroup 561 2 2 Deutsche Bank 416 3 5 HSBC 196 4 3 Chase Manhattan Bank 194 5 * UBS Warburg 183 6 7 JP Morgan 100 7 8 ABN Amro 87 8 10 Goldman Sachs 85 9 11= Morgan Stanley Dean Witter 67 10 17= Standard Chartered Bank 61 11 23= Barclays Capital 59 12= 4 Bank of America 54 12= 23= BNP Paribas 54 12= 20 SEB 54 15 38= Royal Bank of Scotland 51 16 16 Société Générale 41 17 15 Credit Suisse First Boston 39 18 28= ANZ Banking Group 38 19 6 Merrill Lynch 37 20 26= Dresdner Kleinwort Wasserstein 36     *Warburg Dillon Read 9 Short-term (0-3 months) 2001 2000   Total score 1 1 Citigroup 484 2 2 Deutsche Bank 394 3 6 HSBC 176 4 * UBS Warburg 126 5 9 Goldman Sachs 111 6 3 Chase Manhattan Bank 109 7 5 ABN Amro 108 8 7 JP Morgan 78 9 25= Standard Chartered Bank 67 10 18= Credit Suisse First Boston 57 11 15 Dresdner Kleinwort Wasserstein 53 12 11= Merrill Lynch 44 13= 32= BNP Paribas 40 13= 10 Morgan Stanley Dean Witter 40 15 50 Société Générale 37 16 ** Mizuho Group 35 17 14 Barclays Capital 33 18 16= Bank of Tokyo-Mitsubishi 32 19 32= BSCH 28 20 37= Commerzbank 26     *Warburg Dillon Read 4     **IBJ ranked 16=,Fuji Bank 32= Long-term (Over 3 months) 2001 2000   Total score 1 2 Deutsche Bank 433 2 1 Citigroup 431 3 7 HSBC 141 4 5 Goldman Sachs 123 5 4 JP Morgan 102 6 3 Chase Manhattan Bank 92 7 * UBS Warburg 87 8 10= ABN Amro 86 9 10= Credit Suisse First Boston 63 10 12 Morgan Stanley Dean Witter 51 11 13 Dresdner Kleinwort Wasserstein 50 12 9 Merrill Lynch 47 13 14 Bank of Tokyo-Mitsubishi 45 14 31= Standard Chartered Bank 39 15= 16 Barclays Capital 36 15= 18 Société Générale 36 17 34= Royal Bank of Scotland 27 18= 8 Bank of America 26 18= - BNP Paribas 26 20 17 Royal Bank of Canada 23     *Warburg Dillon Read 6     ****Unibank 28= Options and volatility 2001 2000   Total score 1 2 Citigroup 317 2 1 Deutsche Bank 231 3 * UBS Warburg 113 4 4 Goldman Sachs 112 5 8 Chase Manhattan Bank 93 6 7 HSBC 87 7 3 JP Morgan 43 8 14 Credit Suisse First Boston 36 9 9 ABN Amro 34 10 - Standard Chartered Bank 30 11 5 Bank of America 29 12 - Dresdner Kleinwort Wasserstein 27 13 17= Société Générale 25 14 15= SEB 24 15 10 Morgan Stanley Dean Witter 21 16 13 Barclays Capital 19 17 11 Royal Bank of Scotland 18 18 14 Royal Bank of Canada 17 19 - Bank of New York 16 20 28= Westpac Banking Corp 16     *Warburg Dillon Read 6 FX services allied with global cash management 2001 2000   Total score 1 1 Citigroup 438 2 2 Deutsche Bank 280 3 4 HSBC 121 4 3 Chase Manhattan Bank 83 5 5 ABN Amro 80 6 6 Bank of America 58 7 * UBS Warburg 46 8 13 Standard Chartered Bank 31 9= 15 BSCH 30 9= **** Nordea 30 11 8 Barclays Capital 29 12 9 State Street Bank & Trust 26 13= 18 Dresdner Kleinwort Wasserstein 25 13= 18 Goldman Sachs 25 15 9 SEB 25 17 21 Bank of Tokyo-Mitsubishi 21 18= 16 Bank of New York 20 18= - Commerzbank 20 20 32 Westpac Banking Corp 16     *Warburg Dillon Read 7     ****MeritaNordbanken ranked 14,Christiana Bank 25, Unibank 54 Best quality proprietary FX websites 2001 2000   Total score 1 - Citigroup 561 2 - Deutsche Bank 408 3 - Goldman Sachs 232 4 - UBS Warburg 215 5 - Dresdner Kleinwort Wasserstein 84 6 - HSBC 74 7 - JP Morgan 73 8 - Chase Manhattan Bank 72 9 - Bank of America 63 10 - Morgan Stanley Dean Witter 42 11 - ABN Amro 42 12 - Standard Chartered Bank 37 13 - State Street Bank & Trust 32 14 - Royal Bank of Scotland 31 15 - Credit Suisse First Boston 28 16 - Barclays Capital 27 17 - Westdeutsche Landesbank 23 18 - Bank of New York 22 19= - Mizuho Group 17 19= - ANZ Banking Group 17 21= - Royal Bank of Canada 13 21= - Bank of Tokyo-Mitsubishi 13 21= - Commerzbank 13 24 - Société Générale 11 25 - Merrill Lynch 10 Best Internet platform for Executive trade 2001 2000   Total score 1 4 Goldman Sachs 181 2 1 Citigroup 161 3 5 Deutsche Bank 154 4 * UBS Warburg 137 5 3 Dresdner Kleinwort Wasserstein 84 6 9 HSBC 32 7 6 State Street Bank & Trust 31 8 12 Barclays Capital 30 9 - Bank of New York 29 10 2 SEB 22 11 13 ABN Amro 21 12 15 Standard Chartered Bank 20 13= 23 ANZ Banking Group 15 13= 10 Credit Suisse First Boston 15 15= 15 Chase Manhattan Bank 10 15= 15 Royal Bank of Canada 10     *Warburg Dillon Read 23 Best Internet platform for Straight-through processing(STP) 2001 2000   Total score 1 - Citigroup 125 2 - Deutsche Bank 95 3 - Goldman Sachs 89 4 - UBS Warburg 64 5 - Dresdner Kleinwort Wasserstein 37 6 - State Street Bank & Trust 30 7 - HSBC 28 8 - Standard Chartered Bank 16 9 - SEB 15 10 - Barclays Capital 12 11= - Bank of New York 11 11= - Chase Manhattan Bank 11 13 - Credit Suisse First Boston 9 14 - ANZ Banking Group 8 15 - Brown Brothers Harriman 7 Through which dealing platforms do you execute or envisage executing FX business?       All respondents 2001 2000 Multi-bank portals   1 - Atriax 16% 2 - FXall 13% 3 - Global Link 5% 4 - Currenex 3% 5 - CFOWeb 2%     House bank's single platform: No of votes cast 1= - Goldman Sachs (WebET FX) 17 1= - Deutsche Bank (db-markets eTrade, db direct) 17 3 - UBS Warburg(Keylink, TP Trader) 16 4 - Citigroup(Citi FX, FX Bench) 13 5 - Dresdner Kleinwort Wasserstein (Piranha) 9 6 - SEB 5 7= - Barclays Capital 2 7= - ANZ Banking Group (FX Online) 2 7= - Royal Bank of Canada (FX Direct) 2 7= - Chase Manhattan Bank 2 7= - Bank of New York (iFX Manager) 2 Euromoney collected data for its FX survey by polling named individuals at industrial and commercial corporations, financial institutions, institutional investors and state agencies. We received 659 valid replies, 80% more responses than last year’s figure of 366. Breakdown by type: (2000 figures in brackets): corporates 56% (57)%, hedge funds 7% (5%), non-market-making banks 6% (7%), mutual funds/unit trusts 5% (4%), insurance company asset management divisions 5% (4%), pension funds 3% (4%), independent investment advisors 3%, other asset managers 3%, brokerage affiliates 1%, state agencies 2%, others 9%. Breakdown by region: (2000 figures in brackets): Europe excluding UK 38.5% (27%), North America 15% (34%), Asia and Australia 29% (18%), UK 14% (17%), Africa, Middle East and Latin America 3.5% (4%). Questionnaires were sent out both electronically and by fax in English, French, German, Spanish, Portuguese and Japanese. Overall ranking by market share: based on the total volume of FX business placed annually with each bank. To obtain this figure, we asked respondents to estimate the proportion of their total annual FX dealings placed with up to 10 individual banks. Key relationship banks: respondents rated banks in terms of currency risk management, taking into account all their currency exposure. This table takes no account of market share and scores were awarded on a sliding scale from 10 to 1. Other results were compiled on a scale of 4:3:2 and are not weighted according to volume either. The interbank poll has been discontinued because of the changing nature of the wholesale currency markets. A number of e-commerce related questions were asked in the course of this survey but do not appear here. The responses for these are more appropriately presented as detailed breakdowns by both country and institutional type on the Euromoney website www.euromoney.com. These include ratings of various e-commerce functions (trading, price discovery, research/analytics, straight-through processing, multi- and single-bank portals);the most important criteria clients use when placing FX business; and details of present and planned use of currently available dealer platforms. Any queries or comments regarding this survey should be addressed to Andrew Newby at anewby@euromoneyplc.com