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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

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: Sterling





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


Place Bank % of vote
GBP swaps 2 to 10 years
Individual voting 44
1 RBS/ABN 21.6
2 Barclays Capital 18.9
3 UBS 12.5
4 Credit Suisse 6.4
5 HSBC 6.1
6 Deutsche Bank 5.7
7 RBC CM 4.2
8 Citi 4.2
9 Morgan Stanley 3.4
10 Lehman Brothers 3.4
GBP swaps 10 to 50 years
Individual voting 32
1 Barclays Capital 19.8
2 RBS/ABN 19.3
3 HSBC 9.9
4 RBC CM 7.3
5 UBS 5.7
6 Citi 4.7
7 Deutsche Bank 4.7
8 Morgan Stanley 4.7
9 Goldman Sachs 3.6
10 Credit Suisse 3.6
GBP inflation products
Individual voting 38
1 RBS/ABN 21.9
2 Barclays Capital 16.2
3 UBS 9.2
4 HSBC 8.3
5 RBC CM 6.1
6 Morgan Stanley 5.7
7 Goldman Sachs 4.8
8 Société Générale 4.8
9 Deutsche Bank 3.9
10 JPMorgan 3.1
GBP vanilla options
Individual voting 41
1 RBS/ABN 24.0
2 Barclays Capital 15.4
3 JPMorgan 15.0
4 RBC CM 6.9
5 HSBC 5.7
6 Société Générale 5.3
7 Deutsche Bank 4.9
8 UBS 4.1
9 Merrill Lynch 3.7
10 Bank of America 3.3


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