August 2010

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Interest-rate derivatives poll 2010: Results



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

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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

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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

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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

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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

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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

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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

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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>–

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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