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The US treasury market reaches breaking point

The US treasury market reaches breaking point

The structural issue that could cause the world's market of last resort to grind to a halt

Cash management poll 2008:

Cash management poll 2008:

Results now live

August 2008

Interest rate derivatives poll: Yen





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


Place Bank % of vote
JPY swaps 2 to 10 years
Individual voting 24
1 MUFG 11.8
2 Mizuho 9.7
3 JPMorgan 9.0
4 Nikko Citi 8.3
5 Daiwa SMBC 8.3
6 UBS 6.9
7 HSBC 6.3
8 Nomura 5.6
9 RBS/ABN 4.9
10 Merrill Lynch 4.2
JPY swaps 10 to 50 years
Individual voting 20
1 MUFG 16.7
2 Daiwa SMBC 10.0
3 Mizuho 10.0
4 Nikko Citi 9.2
5 JPMorgan 8.3
6 Calyon 5.8
7 Goldman Sachs 5.0
8 HSBC 5.0
9 Société Générale 4.2
10 Credit Suisse 3.3
JPY inflation products
Individual voting 22
1 Mizuho 13.6
2 MUFG 12.9
3 JPMorgan 11.4
4 Barclays Capital 9.8
5 Daiwa SMBC 7.6
6 RBS/ABN 6.1
7 BNP Paribas 6.1
8 Bank of America 4.5
9 Calyon 3.8
10 Deutsche Bank 3.8
JPY vanilla options
Individual voting 16
1 JPMorgan 14.6
2 MUFG 9.4
3 Mizuho 9.4
4 Bank of America 8.3
5 Lehman Brothers 7.3
6 Deutsche Bank 6.3
7 Daiwa SMBC 6.3
8 Nomura 6.3
9 Société Générale 5.2
10 Merrill Lynch 5.2
JPY exotic rates
Individual voting 15
1 JPMorgan 17.8
2 Goldman Sachs 12.2
3 MUFG 11.1
4 BNP Paribas 11.1
5 RBS/ABN 8.9
6 Nikko Citi 6.7
7 Mizuho 4.4
8 Merrill Lynch 4.4
9 Credit Suisse 3.3
10 Barclays Capital 3.3


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