| Interest-rate derivatives poll |
Interest rates derivatives survey 2010: Banks adapt to changing structure of rates market
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
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 – ▲ back to top
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 ▲ back to top
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 – ▲ back to top
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