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Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

August 2008

Interest rate derivatives poll: Euro





Interest rate derivatives poll
In association with Total Derivatives
Global Winners US Dollar
Euro Yen
Sterling Methodology


Place Bank % of vote
EUR swaps 2 to 10 years
Individual voting 70
1 Deutsche Bank 18.8
2 JPMorgan 14.3
3 Barclays Capital 10.5
4 Société Générale 8.1
5 Natixis 6.7
6 RBS/ABN 6.7
7 BNP Paribas 6.0
8 Calyon 4.5
9 HSBC 4.0
10 UBS 3.8
EUR swaps 10 to 50 years
Individual voting 49
1 Deutsche Bank 21.8
2 Barclays Capital 11.9
3 JPMorgan 11.6
4 HSBC 7.1
5 BNP Paribas 5.8
6 Calyon 5.8
7 Morgan Stanley 5.4
8 Natixis 4.4
9 Goldman Sachs 4.4
10 RBS/ABN 4.1
EUR inflation products
Individual voting 54
1 BNP Paribas 10.8
2 Barclays Capital 9.6
3 Deutsche Bank 9.3
4 JPMorgan 7.7
5 Goldman Sachs 7.7
6 RBS/ABN 7.4
7 Natixis 6.8
8 Calyon 6.2
9 Société Générale 6.2
10 HSBC 5.2
EUR vanilla options
Individual voting 57
1 JPMorgan 18.4
2 Deutsche Bank 12.3
3 Société Générale 9.4
4 Citi 7.6
5 Natixis 7.0
6 Calyon 7.0
7 Bank of America 6.1
8 Credit Suisse 4.1
9 BNP Paribas 4.1
10 HSBC 3.8
EUR exotic rates
Individual voting 51
1 BNP Paribas 19.3
2 Deutsche Bank 15.4
3 JPMorgan 12.4
4 Calyon 6.9
5 HSBC 6.5
6 Citi 5.9
7 Société Générale 5.2
8 Morgan Stanley 4.9
9 Barclays Capital 3.9
10 Lehman Brothers 3.9


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