|
Interest-rate derivatives poll in association with Total Derivatives 
Interest rates derivatives survey 2010: Banks adapt to changing structure of rates market
Methodology |
Overall USD overall EUR overall JPY overall GBP overall All swaps two to 10 years All swaps 10 to 50 years All inflation products All vanilla options All exotic rates USD swaps two to 10 years USD swaps 10 to 50 years USD inflation products USD vanilla options USD exotic rates EUR swaps two to 10 years EUR swaps 10 to 50 years EUR inflation products EUR vanilla options EUR exotic rates JPY swaps two to 10 years JPY swaps 10 to 50 years JPY inflation products JPY vanilla options JPY exotic rates GBP swaps two to 10 years GBP swaps 10 to 50 years GBP inflation products GBP vanilla options
Methodology |
| Overall |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
3 |
Barclays Capital |
14.9 |
12.1 |
| 2 |
2 |
Deutsche Bank |
13.7 |
12.5 |
| 3 |
1 |
JPMorgan |
12.7 |
12.9 |
| 4 |
4 |
RBS |
10.1 |
8.4 |
| 5 |
5 |
BNP Paribas |
5.2 |
6.8 |
| 6 |
9 |
BAML |
5.1 |
4.2 |
| 7 |
7 |
HSBC |
4.3 |
4.5 |
| 8 |
8 |
Goldman Sachs |
4.0 |
4.3 |
| 9 |
|
Citigroup |
3.9 |
|
| 10 |
|
Morgan Stanley |
3.8 |
|
|
▲ back to top |
| USD overall |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
19.1 |
19.1 |
| 2 |
3 |
Barclays Capital |
14.8 |
11.3 |
| 3 |
2 |
Deutsche Bank |
12.6 |
11.5 |
| 4 |
4 |
BAML |
10.9 |
8.7 |
| 5 |
6 |
BNP Paribas |
6.3 |
6.4 |
| 6 |
9 |
Citigroup |
6.3 |
4.9 |
| 7 |
5 |
Goldman Sachs |
5.8 |
7.5 |
| 8 |
7 |
RBS |
5.5 |
6.1 |
| 9 |
|
Morgan Stanley |
5.4 |
|
| 10 |
|
UBS |
3.6 |
|
|
▲ back to top |
| EUR overall |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Deutsche Bank |
21.0 |
18.0 |
| 2 |
3 |
Barclays Capital |
14.7 |
10.8 |
| 3 |
2 |
JPMorgan |
12.3 |
13.4 |
| 4 |
6 |
RBS |
7.8 |
5.0 |
| 5 |
4 |
BNP Paribas |
7.0 |
10.1 |
| 6 |
5 |
Société Générale |
4.3 |
6.3 |
| 7 |
10 |
Morgan Stanley |
4.3 |
3.8 |
| 8 |
|
Nomura |
3.9 |
|
| 9 |
8 |
Citigroup |
3.8 |
4.5 |
| 10 |
9 |
UBS |
3.0 |
4.0 |
|
▲ back to top |
| JPY overall |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
Nomura |
19.2 |
11 |
| 2 |
1 |
MUMSS |
15.2 |
13.4 |
| 3 |
3 |
JPMorgan |
10.2 |
9.1 |
| 4 |
4 |
Mizuho |
7.3 |
9.1 |
| 5 |
10 |
Barclays Capital |
6.1 |
4.7 |
| 6 |
9 |
Deutsche Bank |
5.3 |
5.4 |
| 7 |
7 |
Nikko Cordial |
4.8 |
5.5 |
| 8 |
5 |
Daiwa SMBC |
4.5 |
7.4 |
| 9 |
|
RBS |
4.4 |
|
| 10 |
|
BAML |
3.3 |
|
|
▲ back to top |
| GBP overall |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
RBS |
23.1 |
19.4 |
| 2 |
2 |
Barclays Capital |
20.1 |
19 |
| 3 |
5 |
HSBC |
10.1 |
7.7 |
| 4 |
3 |
Deutsche Bank |
8.2 |
9.4 |
| 5 |
7 |
JPMorgan |
5.7 |
5.4 |
| 6 |
6 |
RBC |
4.8 |
5.5 |
| 7 |
9 |
UBS |
4.6 |
3.5 |
| 8 |
|
Goldman Sachs |
3.7 |
|
| 9 |
|
Lloyds |
3.6 |
|
| 10 |
|
BAML |
3.5 |
|
|
▲ back to top |
| All swaps two to 10 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Deutsche Bank |
13.9 |
14.3 |
| 2 |
3 |
Barclays Capital |
13.4 |
11.8 |
| 3 |
2 |
JPMorgan |
13.2 |
13.9 |
| 4 |
4 |
RBS |
9.2 |
8.6 |
| 5 |
5 |
BAML |
7.2 |
5.4 |
| 6 |
8 |
HSBC |
5.2 |
4.4 |
| 7 |
|
Citigroup |
4.7 |
|
| 8 |
10 |
Morgan Stanley |
4.3 |
3.7 |
| 9 |
6 |
BNP Paribas |
3.7 |
5.1 |
| 10 |
9 |
UBS |
3.4 |
4.4 |
|
▲ back to top |
| All swaps 10 to 50 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
Deutsche Bank |
16.4 |
13.6 |
| 2 |
3 |
Barclays Capital |
13.6 |
11.8 |
| 3 |
1 |
JPMorgan |
12.2 |
14.1 |
| 4 |
4 |
RBS |
9.2 |
7.5 |
| 5 |
5 |
BAML |
5.7 |
5.3 |
| 6 |
7 |
Morgan Stanley |
5.0 |
5 |
| 7 |
6 |
HSBC |
4.6 |
5.1 |
| 8 |
8 |
BNP Paribas |
4.1 |
4.9 |
| 9 |
9 |
Goldman Sachs |
4.1 |
4.6 |
| 10 |
|
Citigroup |
3.7 |
|
|
▲ back to top |
| All inflation products |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Barclays Capital |
19.3 |
16.4 |
| 2 |
3 |
RBS |
13.6 |
10.9 |
| 3 |
2 |
Deutsche Bank |
12.8 |
11.1 |
| 4 |
4 |
BNP Paribas |
7.6 |
8.6 |
| 5 |
5 |
JPMorgan |
7.1 |
6.4 |
| 6 |
7 |
HSBC |
4.9 |
5.1 |
| 7 |
|
Nomura |
4.5 |
|
| 8 |
8 |
UBS |
4.5 |
4.3 |
| 9 |
9 |
Goldman Sachs |
4.2 |
3.7 |
| 10 |
6 |
Société Générale |
3.2 |
5.1> |
|
▲ back to top |
| All vanilla options |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
16.5 |
15.0 |
| 2 |
2 |
Barclays Capital |
15.5 |
11.4 |
| 3 |
3 |
Deutsche Bank |
11.9 |
11.3 |
| 4 |
4 |
RBS |
11.1 |
9.5 |
| 5 |
9 |
BAML |
5.4 |
4.6 |
| 6 |
7 |
Citigroup |
4.6 |
4.8 |
| 7 |
|
Credit Suisse |
3.7 |
|
| 8 |
|
HSBC |
3.6 |
|
| 9 |
5 |
BNP Paribas |
3.3 |
5.1 |
| 10 |
|
Nomura |
3.2 |
|
|
▲ back to top |
| All exotic rates |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
16.3 |
16.2 |
| 2 |
3 |
Deutsche Bank |
12.6 |
11.1 |
| 3 |
4 |
Barclays Capital |
12.1 |
7.0 |
| 4 |
2 |
BNP Paribas |
9.4 |
13.1 |
| 5 |
5 |
Goldman Sachs |
7.1 |
6.2 |
| 6 |
6 |
Société Générale |
5.8 |
5.3 |
| 7 |
|
RBS |
5.8 |
|
| 8 |
10 |
Nomura |
5.7 |
3.5 |
| 9 |
|
Morgan Stanley |
4.0 |
|
| 10 |
9 |
UBS |
3.4 |
3.9 |
|
▲ back to top |
| USD swaps two to 10 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
18.5 |
22.1 |
| 2 |
3 |
BAML |
16.9 |
12.3 |
| 3 |
2 |
Deutsche Bank |
12.0 |
13.3 |
| 4 |
4 |
Barclays Capital |
10.0 |
9.7 |
| 5 |
|
Citigroup |
7.8 |
|
| 6 |
|
Morgan Stanley |
7.2 |
|
| 7 |
5 |
Goldman Sachs |
5.4 |
6.1 |
| 8 |
8 |
BNP Paribas |
4.6 |
4.7 |
| 9 |
|
HSBC |
4.0 |
|
| 10 |
7 |
UBS |
4.0 |
5.1 |
|
▲ back to top |
| USD swaps 10 to 50 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
21.8 |
22.7 |
| 2 |
2 |
BAML |
16.1 |
13.7 |
| 3 |
3 |
Deutsche Bank |
15.8 |
13 |
| 4 |
4 |
Barclays Capital |
9.7 |
9.2 |
| 5 |
10 |
Citigroup |
7.9 |
4 |
| 6 |
7 |
Morgan Stanley |
5.5 |
4.3 |
| 7 |
8 |
RBS |
4.5 |
4.3 |
| 8 |
5 |
Goldman Sachs |
3.9 |
7.6 |
| 9 |
|
UBS |
3.6 |
|
| 10 |
|
Wachovia & Wells Fargo |
3.0 |
|
|
▲ back to top |
| USD inflation products |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Barclays Capital |
25.5 |
19.7 |
| 2 |
2 |
Deutsche Bank |
13.6 |
10.7 |
| 3 |
3 |
JPMorgan |
12.7 |
10.3 |
| 4 |
4 |
BNP Paribas |
10.6 |
9.2 |
| 5 |
6 |
RBS |
9.4 |
7.1 |
| 6 |
10 |
Citigroup |
5.8 |
4.5 |
| 7 |
|
BAML |
5.5 |
|
| 8 |
7 |
Goldman Sachs |
4.8 |
6.6 |
| 9 |
|
UBS |
3.3 |
|
| 10 |
9 |
Credit Suisse |
3.0 |
4.9 |
|
▲ back to top |
| USD vanilla options |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
23.3 |
19 |
| 2 |
3 |
Barclays Capital |
16.3 |
10.4 |
| 3 |
2 |
Deutsche Bank |
11.5 |
10.8 |
| 4 |
5 |
Goldman Sachs |
6.9 |
8.6 |
| 5 |
|
Credit Suisse |
6.3 |
|
| 6 |
6 |
BAML |
6.3 |
7.5 |
| 7 |
4 |
RBS |
5.9 |
9.2 |
| 8 |
7 |
Citigroup |
5.6 |
5.9 |
| 9 |
9 |
Morgan Stanley |
4.9 |
4.9 |
| 10 |
10 |
UBS |
3.5 |
4.7 |
|
▲ back to top |
| USD exotic rates |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
JPMorgan |
20.5 |
19.4 |
| 2 |
5 |
Barclays Capital |
15.1 |
8.1 |
| 3 |
2 |
BNP Paribas |
11.6 |
10.4 |
| 4 |
4 |
Deutsche Bank |
9.3 |
8.5 |
| 5 |
3 |
Goldman Sachs |
8.5 |
9.6 |
| 6 |
10 |
Société Générale |
7.0 |
5.4 |
| 7 |
|
Morgan Stanley |
6.6 |
|
| 8 |
|
RBS |
5.4 |
|
| 9 |
|
BAML |
4.7 |
|
| 10 |
7 |
UBS |
3.5 |
5.6 |
|
▲ back to top |
| EUR swaps two to 10 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Deutsche Bank |
23.3 |
22.7 |
| 2 |
3 |
Barclays Capital |
15.7 |
10.3 |
| 3 |
2 |
JPMorgan |
14.5 |
15 |
| 4 |
6 |
RBS |
7.4 |
4.9 |
| 5 |
4 |
BNP Paribas |
4.5 |
7.6 |
| 6 |
7 |
Morgan Stanley |
4.3 |
4.9 |
| 7 |
9 |
UBS |
3.5 |
4 |
| 8 |
|
HSBC |
3.1 |
|
| 9 |
|
Citigroup |
3.1 |
|
| 10 |
|
BAML |
2.9 |
|
|
▲ back to top |
| EUR swaps 10 to 50 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Deutsche Bank |
26.6 |
21.9 |
| 2 |
3 |
Barclays Capital |
14.5 |
10.8 |
| 3 |
2 |
JPMorgan |
11.4 |
15.3 |
| 4 |
6 |
Morgan Stanley |
7.0 |
5.1 |
| 5 |
4 |
BNP Paribas |
7.0 |
7.2 |
| 6 |
10 |
RBS |
5.8 |
3.5 |
| 7 |
|
Goldman Sachs |
4.6 |
|
| 8 |
5 |
Société Générale |
3.4 |
5.2 |
| 9 |
7 |
Citigroup |
3.1 |
4.2 |
| 10 |
|
Nomura |
2.7 |
|
|
▲ back to top |
| EUR inflation products |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Deutsche Bank |
18.0 |
14.5 |
| 2 |
2 |
Barclays Capital |
15.6 |
13.9 |
| 3 |
3 |
BNP Paribas |
11.5 |
12.4 |
| 4 |
4 |
RBS |
9.8 |
8.8 |
| 5 |
5 |
Société Générale |
7.9 |
8 |
| 6 |
7 |
JPMorgan |
6.8 |
5.1 |
| 7 |
|
Nomura |
6.0 |
|
| 8 |
|
Citigroup |
3.6 |
|
| 9 |
9 |
UBS |
3.6 |
3.9 |
| 10 |
8 |
Credit Agricole |
3.3 |
3.9 |
|
▲ back to top |
| EUR vanilla options |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
Deutsche Bank |
17.2 |
14 |
| 2 |
1 |
JPMorgan |
16.4 |
16.5 |
| 3 |
3 |
Barclays Capital |
15.0 |
10.9 |
| 4 |
9 |
RBS |
9.4 |
4.2 |
| 5 |
5 |
Citigroup |
6.4 |
7.7 |
| 6 |
|
Nomura |
4.7 |
|
| 7 |
|
Morgan Stanley |
4.2 |
|
| 8 |
4 |
BNP Paribas |
4.2 |
9.3 |
| 9 |
|
Credit Suisse |
3.6 |
|
| 10 |
7 |
UBS |
2.8 |
5.6 |
|
▲ back to top |
| EUR exotic rates |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
Deutsche Bank |
17.4 |
15 |
| 2 |
4 |
Barclays Capital |
11.7 |
7.4 |
| 3 |
3 |
JPMorgan |
11.4 |
14.8 |
| 4 |
1 |
BNP Paribas |
9.5 |
16 |
| 5 |
|
RBS |
6.8 |
|
| 6 |
5 |
Société Générale |
6.1 |
5.9 |
| 7 |
|
Goldman Sachs |
5.3 |
|
| 8 |
9 |
Nomura |
4.5 |
3.6 |
| 9 |
|
UBS |
3.8 |
|
| 10 |
6 |
Natixis |
3.4 |
5.9 |
|
▲ back to top |
| JPY swaps two to 10 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
4 |
Nomura |
18.3 |
9.6 |
| 2 |
1 |
MUMSS |
17.2 |
15.9 |
| 3 |
3 |
JPMorgan |
12.8 |
10.4 |
| 4 |
2 |
Mizuho |
7.8 |
12.6 |
| 5 |
6 |
Deutsche Bank |
6.1 |
6.3 |
| 6 |
|
RBS |
5.0 |
|
| 7 |
7 |
HSBC |
5.0 |
5.9 |
| 8 |
|
Citigroup |
4.4 |
|
| 9 |
|
BAML |
3.9 |
|
| 10 |
5 |
Daiwa SMBC |
3.3 |
6.7 |
|
▲ back to top |
| JPY Swaps 10 to 50 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Nomura |
20.8 |
13.2 |
| 2 |
3 |
MUMSS |
15.8 |
11.3 |
| 3 |
6 |
JPMorgan |
9.2 |
8.3 |
| 4 |
2 |
Daiwa SMBC |
8.3 |
12.7 |
| 5 |
4 |
Mizuho |
7.5 |
9.3 |
| 6 |
5 |
HSBC |
5.8 |
8.3 |
| 7 |
7 |
Nikko Cordial |
5.8 |
5.9 |
| 8 |
|
Goldman Sachs |
5.0 |
|
| 9 |
|
BAML |
4.2 |
|
| 10 |
|
UBS |
4.2 |
|
|
▲ back to top |
| JPY inflation products |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
Nomura |
22.7 |
11.9 |
| 2 |
3 |
Barclays Capital |
16.7 |
10.5 |
| 3 |
1 |
MUMSS |
14.4 |
14.3 |
| 4 |
5 |
RBS |
6.8 |
6.2 |
| 5 |
8 |
BNP Paribas |
6.1 |
5.2 |
| 6 |
4 |
Mizuho |
5.3 |
7.6 |
| 7 |
|
Nikko Cordial |
4.5 |
|
| 8 |
|
BAML |
4.5 |
|
| 9 |
|
Société Générale |
3.0 |
|
| 10 |
6 |
JPMorgan |
3.0 |
5.7 |
|
▲ back to top |
| JPY vanilla options |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
MUMSS |
15.9 |
14.1 |
| 2 |
5 |
Nomura |
12.1 |
7.3 |
| 3 |
8 |
Nikko Cordial |
11.4 |
5.7 |
| 4 |
3 |
Mizuho |
11.4 |
8.9 |
| 5 |
2 |
JPMorgan |
8.3 |
9.9 |
| 6 |
4 |
Daiwa SMBC |
6.8 |
7.3 |
| 7 |
|
Deutsche Bank |
6.1 |
|
| 8 |
9 |
HSBC |
4.5 |
5.7 |
| 9 |
|
BNP Paribas |
3.8 |
|
| 10 |
|
Credit Agricole |
3.0 |
|
|
▲ back to top |
| JPY exotic rates |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
Nomura |
24.0 |
13.2 |
| 2 |
3 |
JPMorgan |
18.8 |
11.5 |
| 3 |
4 |
MUMSS |
10.4 |
10.3 |
| 4 |
6 |
Deutsche Bank |
8.3 |
7.5 |
| 5 |
8 |
Goldman Sachs |
8.3 |
5.2 |
| 6 |
|
Barclays Capital |
5.2 |
|
| 7 |
|
RBS |
4.2 |
|
| 8 |
2 |
BNP Paribas |
3.1 |
12.6 |
| 9 |
|
Credit Agricole |
3.1 |
|
| 10 |
7 |
Mizuho |
3.1 |
5.7 |
|
▲ back to top |
| GBP swaps two to 10 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
RBS |
21.5 |
19.4 |
| 2 |
1 |
Barclays Capital |
20.2 |
20.1 |
| 3 |
5 |
HSBC |
9.9 |
8.2 |
| 4 |
4 |
Deutsche Bank |
7.0 |
8.7 |
| 5 |
7 |
RBC |
6.2 |
4.7 |
| 6 |
|
Lloyds |
5.9 |
|
| 7 |
10 |
JPMorgan |
4.6 |
3.4 |
| 8 |
8 |
Société Générale |
3.8 |
4.2 |
| 9 |
3 |
Santander |
3.8 |
10.8 |
| 10 |
|
Goldman Sachs |
3.5 |
|
|
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| GBP swaps 10 to 50 years |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
2 |
RBS |
22.1 |
17.9 |
| 2 |
1 |
Barclays Capital |
20.4 |
20.5 |
| 3 |
3 |
HSBC |
9.9 |
9 |
| 4 |
5 |
Deutsche Bank |
7.8 |
7.8 |
| 5 |
|
UBS |
5.8 |
|
| 6 |
|
Lloyds |
5.8 |
|
| 7 |
8 |
RBC |
4.8 |
4.2 |
| 8 |
7 |
JPMorgan |
3.7 |
5 |
| 9 |
6 |
Morgan Stanley |
3.7 |
7.4 |
| 10 |
9 |
Goldman Sachs |
3.1 |
4 |
|
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| GBP inflation products |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
RBS |
25.0 |
19.5 |
| 2 |
2 |
Barclays Capital |
18.2 |
18.3 |
| 3 |
4 |
HSBC |
13.3 |
7.8 |
| 4 |
3 |
Deutsche Bank |
10.2 |
10.5 |
| 5 |
7 |
UBS |
7.7 |
4.9 |
| 6 |
|
Goldman Sachs |
6.5 |
|
| 7 |
|
Morgan Stanley |
4.3 |
|
| 8 |
6 |
RBC |
4.0 |
6.8 |
| 9 |
9 |
JPMorgan |
3.4 |
4.1 |
| 10 |
|
Credit Suisse |
3.4 |
|
|
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| GBP vanilla options |
| Place |
|
% of vote |
| 10 |
09 |
Bank |
10 |
09 |
| 1 |
1 |
RBS |
24.0 |
20.8 |
| 2 |
2 |
Barclays Capital |
22.0 |
16.4 |
| 3 |
4 |
JPMorgan |
13.0 |
10.3 |
| 4 |
8 |
BAML |
11.0 |
3.2 |
| 5 |
3 |
Deutsche Bank |
7.7 |
11.3 |
| 6 |
7 |
HSBC |
6.5 |
5.1 |
| 7 |
6 |
RBC |
3.7 |
6.9 |
| 8 |
|
Citigroup |
2.4 |
|
| 9 |
|
Société Générale |
2.0 |
|
| 10 |
5 |
Santander |
2.0 |
7.4 |
|
▲ back to top |