2004 FX poll: results tables

MARKET SHARE
OVERALL
CORPORATES
INSTITUTIONAL INVESTORS (Ex BANKS)
BANKS
HEDGE FUNDS

MARKET SHARE

OVERALL
2004	2003	Overall Market Share	% of total
1	1	UBS	12.36%
2	3	Deutsche Bank	12.18%
3	2	Citigroup	9.37%
4	4	JPMorgan	5.78%
5	7	HSBC	4.89%
6	5	Goldman Sachs	4.54%
7	9	Barclays Capital	4.08%
8	6	CSFB / Credit Suisse Group	3.79%
9	12	RBS	3.51%
10	11	Merrill Lynch	3.49%
11	10	ABN Amro	3.19%
12	15	Dresdner Kleinwort Wasserstein	2.92%
13	8	Morgan Stanley	2.92%
14	18	Lehman Brothers	2.09%
15	14	Bank of America	2.09%
16	16	State Street Bank & Trust	1.86%
17	17	Royal Bank of Canada	1.49%
18	13	BNP Paribas	1.43%
19	19	SEB	1.22%
20	23	Soci? G?rale	1.16%
21	–	Calyon	1.13%
22	41	Danske Bank	0.82%
23	39	National Australia Bank	0.78%
24	27	Standard Chartered	0.68%
25	24	Westpac Banking Corporation	0.62%
26	43	Mitsubishi Tokyo Financial Group	0.62%
27	26	Nordea	0.61%
28	22	AIG	0.54%
29	30	HVB Group	0.49%
30	28	Svenska Handelsbanken	0.45%
31	37	Mizuho Financial Group	0.41%
32	21	TD Bank Financial Group	0.41%
33	53	Sumitomo Mitsui Banking Corporation	0.41%
34	48	WestLB	0.39%
35	38	ANZ Banking Group	0.36%
36	35	Fortis Bank	0.35%
37	32	Commerzbank	0.35%
38	46	Bank One	0.33%
39	40	Rabobank	0.33%
40	25	ING Group	0.28%
41	29	Bank of Nova Scotia	0.27%
42	36	Bear Stearns	0.26%
43	34	Julius Baer	0.26%
44	—	Saxo Bank	0.26%
45	63	Brown Brothers Harriman	0.24%
46	49	Bank of New York	0.24%
47	50	Commonwealth Bank of Australia	0.23%
48	64	Zurich Cantonalbank	0.21%
49	31	Bank of Montreal	0.19%
50	44	CIBC	0.18%
51	60	UFJ Holdings	0.14%
52	47	Lloyds TSB	0.14%
53	42	Bayerische Landesbank	0.14%
54	59	Raiffeisen Zentralbank (RZB)	0.11%
55	—	Erste Bank	0.11%
56	78	American Express	0.10%
57	58	Allied Irish Banks	0.09%
58	56	BBVA	0.09%
59	80	BCV Group	0.09%
60	79	Wachovia Bank	0.09%
61	57	Mellon Financial Corporation	0.09%
62	—	Norinchukin Bank	0.08%
63	71	LB Hessen-Thuringen Girozentrale (Helaba)	0.08%
64	—	HotspotFXi	0.08%
65	62	Santander Group	0.08%
66	—	Prudential Securities	0.07%
67	54	Den norske Bank	0.07%
68	66	FleetBoston Financial Corporation	0.07%
69	85	Standard Bank	0.07%
70	—	Banca del Gottardo	0.07%
71	75	Nomura Holdings	0.06%
72	74	DBS Bank	0.06%
73	67	Dexia BIL	0.06%
74	45	KBC Bank	0.06%
75	—	OCBC Bank	0.05%
76	—	ForeningsSparbanken (Swedbank).	0.04%
77	—	Anglo Irish	0.04%
78	—	National Bank of New Zealand	0.04%
79	76	WGZ-Bank	0.03%
80	73	Northern Trust	0.03%
81	—	Basler Kantonalbank	0.03%
82	70	Gruppo Intesa	0.03%
83	—	IFX Direct	0.03%
84	69	Natexis Banques Populaires	0.03%
85	77	Bank of Ireland	0.03%
86	—	OANDA	0.02%
87	—	Cr?t Mutuel-CIC	0.02%
88	—	Koram Bank	0.02%
89	—	Banca Nazionale del Lavoro (BNL)	0.02%
90	82	Macquarie Bank	0.02%
91	—	Landesbank Baden-W?berg	0.02%
92	84	Risona Bank	0.02%
93	—	Corner Bank	0.02%
94	—	State Bank of India	0.02%
95	—	HDFC	0.02%
96	86	Bank Leu	0.01%
97	—	Sampo Bank	0.01%
98	68	DZ Bank	0.01%
99	—	Banca della Svizzera Italiana (BSI)	0.01%
100	65	CDC Ixis	0.01%

CORPORATES
2004	2003	Corporates	% of total
1	1	Citigroup	13.06%
2	2	Deutsche Bank	9.48%
3	4	UBS	7.16%
4	5	HSBC	6.93%
5	15	Barclays Capital	5.96%
6	7	JPMorgan	5.03%
7	3	ABN Amro	4.78%
8	6	Goldman Sachs	4.74%
9	9	Bank of America	3.87%
10	10	BNP Paribas	3.28%
11	8	SEB	3.27%
12	11	RBS	3.00%
13	21	Lehman Brothers	1.86%
14	20	Dresdner Kleinwort Wasserstein	1.74%
15	13	Nordea	1.71%
16	12	CSFB / Credit Suisse Group	1.62%
17	14	Société Générale	1.38%
18	22	Svenska Handelsbanken	1.37%
19	34	Morgan Stanley	1.33%
20	18	Merrill Lynch	1.23%
21	41	Mitsubishi Tokyo Financial Group	1.21%
22	*	Calyon	1.13%
23	16	Royal Bank of Canada	1.12%
24	32	HVB Group	0.94%
25	46	Bank One	0.67%
26	17	ING Group	0.63%
27	44	Sumitomo Mitsui Banking Corporation	0.63%
28	23	Standard Chartered	0.63%
29	27	ANZ Banking Group	0.58%
30	47	Mizuho Financial Group	0.54%
31	38	AIG	0.48%
32	26	Westpac Banking Corporation	0.47%
33	39	Danske Bank	0.47%
34	25	Commerzbank	0.45%
35	31	Rabobank	0.41%
36	30	TD Bank Financial Group	0.39%
37	48	WestLB	0.38%
38	24	Bank of Nova Scotia	0.38%
39	35	BBVA	0.35%
40	28	Bayerische Landesbank	0.34%
41	58	Commonwealth Bank of Australia	0.32%
42	50	Lloyds TSB	0.29%
43	51	UFJ Holdings	0.28%
44	53	FleetBoston Financial Corporation	0.27%
45	49	Santander Group	0.26%
46	36	Fortis Bank	0.25%
47	42	National Australia Bank	0.25%
48	57	Mellon Financial Corporation	0.24%
49	83	American Express	0.22%
50	54	KBC Bank	0.21%
51	37	CIBC	0.19%
52	64	State Street Bank & Trust	0.16%
53	55	Gruppo Intesa	0.13%
54	43	Bank of Montreal	0.10%
55	—	ForeningsSparbanken (Swedbank).	0.09%
56	—	Banca Nazionale del Lavoro (BNL)	0.08%
57	—	State Bank of India	0.07%
58	61	Bank of New York	0.07%
59	—	HDFC	0.07%
60	—	Sampo Bank	0.06%
61	40	Den norske Bank	0.06%
62	65	Bank of Ireland	0.06%
63	60	Wachovia Bank	0.06%
64	56	Natexis Banques Populaires	0.06%
65	—	Landesbank Baden-W?berg	0.05%
66	—	Macquarie Bank	0.05%
67	—	Suntrust Bank	0.05%
68	63	Allied Irish Banks	0.05%
69	—	Cr?t Mutuel-CIC	0.04%
70	71	DZ Bank	0.04%
71	—	OCBC Bank	0.04%
72	—	Koram Bank	0.04%
73	—	Unicredit Banca	0.04%
74	—	EFG Eurobank	0.04%
75	76	Zurich Cantonalbank	0.03%
76	—	Bear Stearns	0.03%
77	73	DBS Bank	0.03%
78	—	Key Bank	0.03%
79	—	CDC March?	0.03%
80	—	ChinaTrust Commercial Bank	0.03%
81	—	Banco do Brasil SA	0.03%
82	—	Travelex	0.03%
83	66	WGZ-Bank	0.03%
84	—	Banco Bradesco	0.02%
85	—	Nomura Holdings	0.02%
86	68	LB Hessen-Thuringen Girozentrale (Helaba)	0.02%
87	77	Wells Fargo	0.02%
88	—	Hana Bank	0.02%
89	—	Caixa Catalunya	0.02%
90	—	Basler Kantonalbank	0.02%
91	—	Fifth Third Bank	0.01%
92	—	Anglo Irish	0.01%
93	—	Bank of the Philippine Islands	0.01%
94	—	Chuo Mitsui Trust & Banking	0.01%
95	—	Banco de Chile	0.01%
96	—	Caja Madrid	0.01%
97	—	PNC	0.01%
98	—	Banca della Svizzera Italiana (BSI)	0.01%
99	—	Nykredit	0.01%
100	—	Saxo Bank	0.01%

INSTITUTIONAL INVESTORS (Ex BANKS)
2004	2003	Institutional Investors (Ex Banks)	% of total
1	3	Deutsche Bank	11.99%
2	1	UBS	11.32%
3	2	Citigroup	9.84%
4	4	JPMorgan	6.83%
5	6	CSFB / Credit Suisse Group	5.63%
6	10	HSBC	5.38%
7	5	Goldman Sachs	5.22%
8	7	Morgan Stanley	4.72%
9	9	Merrill Lynch	4.24%
10	8	Barclays Capital	4.15%
11	11	State Street Bank & Trust	3.42%
12	14	ABN Amro	3.33%
13	13	RBS	2.54%
14	12	Lehman Brothers	2.30%
15	16	Bank of America	2.04%
16	21	Dresdner Kleinwort Wasserstein	1.83%
17	15	Royal Bank of Canada	1.75%
18	29	National Australia Bank	1.34%
19	*	Calyon	0.99%
20	22	Westpac Banking Corporation	0.96%
21	20	AIG	0.81%
22	19	BNP Paribas	0.75%
23	18	SEB	0.65%
24	48	WestLB	0.57%
25	35	Standard Chartered	0.50%
26	27	Soci? G?rale	0.49%
27	25	Bear Stearns	0.44%
28	—	Saxo Bank	0.36%
29	23	TD Bank Financial Group	0.34%
30	24	Julius Baer	0.34%
31	26	Svenska Handelsbanken	0.27%
32	53	Sumitomo Mitsui Banking Corporation	0.27%
33	46	ANZ Banking Group	0.27%
34	40	Commonwealth Bank of Australia	0.22%
35	36	Bank of New York	0.22%
36	33	Nordea	0.21%
37	30	Bank of Nova Scotia	0.19%
38	38	Mitsubishi Tokyo Financial Group	0.19%
39	28	Mizuho Financial Group	0.19%
40	—	HotspotFXi	0.16%
41	49	Bank One	0.16%
42	—	Prudential Securities	0.14%
43	31	Rabobank	0.14%
44	54	Brown Brothers Harriman	0.14%
45	51	Danske Bank	0.14%
46	69	Standard Bank	0.12%
47	45	Commerzbank	0.12%
48	50	Fortis Bank	0.11%
49	32	ING Group	0.11%
50	34	Bank of Montreal	0.10%

BANKS
2004	2003	Banks	% of total
1	1	UBS	19.09%
2	3	Deutsche Bank	15.01%
3	6	RBS	5.95%
4	2	Citigroup	5.94%
5	5	Dresdner Kleinwort Wasserstein	5.70%
6	4	JPMorgan	4.62%
7	7	Merrill Lynch	3.76%
8	17	Goldman Sachs	3.14%
9	12	Barclays Capital	2.65%
10	22	Danske Bank	2.39%
11	14	HSBC	2.13%
12	42	Lehman Brothers	2.05%
13	18	Soci? G?rale	1.91%
14	11	ABN Amro	1.83%
15	8	CSFB / Credit Suisse Group	1.31%
16	*	Calyon	1.31%
17	19	Standard Chartered	1.27%
18	10	BNP Paribas	1.25%
19	15	Morgan Stanley	1.00%
20	36	Mitsubishi Tokyo Financial Group	0.96%
21	25	Royal Bank of Canada	0.95%
22	9	Bank of America	0.94%
23	16	HVB Group	0.92%
24	21	Fortis Bank	0.88%
25	24	Commerzbank	0.84%
26	49	Mizuho Financial Group	0.77%
27	23	SEB	0.75%
28	39	Zurich Cantonalbank	0.63%
29	50	Brown Brothers Harriman	0.63%
30	41	Sumitomo Mitsui Banking Corporation	0.53%
31	44	Nordea	0.52%
32	78	Rabobank	0.50%
33	28	Bank One	0.46%
34	34	Bank of New York	0.43%
35	33	ANZ Banking Group	0.41%
36	35	Raiffeisen Zentralbank (RZB)	0.40%
37	—	Erste Bank	0.38%
38	20	ING Group	0.35%
39	74	BCV Group	0.33%
40	46	Julius Baer	0.33%
41	81	Wachovia Bank	0.28%
42	51	LB Hessen-Thuringen Girozentrale (Helaba)	0.26%
43	30	Bank of Nova Scotia	0.26%
44	31	Bayerische Landesbank	0.24%
45	55	UFJ Holdings	0.22%
46	—	Norinchukin Bank	0.21%
47	63	Commonwealth Bank of Australia	0.20%
48	75	Westpac Banking Corporation	0.17%
49	61	National Australia Bank	0.17%
50	47	Lloyds TSB	0.16%

HEDGE FUNDS
2004	2003	Hedge Funds	% of total
1	1	Deutsche Bank	16.42%
2	2	UBS	11.70%
3	7	CSFB / Credit Suisse Group	8.68%
4	3	Citigroup	8.26%
5	6	JPMorgan	7.33%
6	5	Goldman Sachs	5.52%
7	9	HSBC	5.48%
8	4	Morgan Stanley	4.24%
9	10	Merrill Lynch	3.82%
10	14	ABN Amro	3.62%
11	8	Lehman Brothers	3.37%
12	11	Barclays Capital	3.36%
13	15	Bank of America	2.48%
14	34	National Australia Bank	2.12%
15	13	RBS	1.58%
16	16	AIG	1.51%
17	19	Dresdner Kleinwort Wasserstein	1.50%
18	17	Royal Bank of Canada	1.31%
19	21	State Street Bank & Trust	1.24%
20	—	WestLB	1.16%
21	23	Standard Chartered	0.75%
22	12	SEB	0.67%
23	27	BNP Paribas	0.60%
24	18	Bear Stearns	0.56%
25	22	Soci? G?rale	0.43%
26	—	HotspotFXi	0.37%
27	28	Westpac Banking Corporation	0.29%
28	—	Allied Irish Banks	0.19%
29	—	Svenska Handelsbanken	0.19%
30	24	ING Group	0.17%
31	29	Julius Baer	0.15%
32	—	DBS Bank	0.15%
33	32	ANZ Banking Group	0.13%
34	—	IFX Direct	0.13%
35	—	Saxo Bank	0.12%
36	35	Commonwealth Bank of Australia	0.09%
37	39	Santander Group	0.08%
38	20	TD Bank Financial Group	0.06%
39	—	Mitsubishi Tokyo Financial Group	0.03%
40	25	Calyon	0.03%
41	—	HVB Group	0.02%
42	—	Nomura Holdings	0.01%
43	—	Mellon Financial Corporation	0.01%
44	—	FleetBoston Financial Corporation	0.01%
45	—	Erste Bank	0.01%
46	30	Bank of Montreal	0.01%
47	38	Commerzbank	0.01%
48	—	Wachovia Bank	0.00%
49	33	Bank of New York	0.00%
50	—	DZ Bank	0.00%
51	—	OANDA	0.00%
52	—	Bumiputra-Commerce Bank Berhard (BCBB)	0.00%
53	—	Sampo Bank	0.00%
54	—	Danske Bank	0.00%
55	37	Nordea	0.00%
56	—	Key Bank	0.00%
57	—	RHB Capital	0.00%

SIZE OF ACCOUNT
VERY LARGE (>$100bn)
LARGE (>$25bn)

SIZE OF ACCOUNT

VERY LARGE (>$100bn)
2004	2003	Very large accounts: Larger than $100bn	Market share
1	2	Deutsche Bank	16.20%
2	1	UBS	10.83%
3	3	Citigroup	10.50%
4	4	JPMorgan	7.00%
5	5	CSFB / Credit Suisse Group	6.37%
6	7	Goldman Sachs	5.79%
7	8	HSBC	5.55%
8	10	Barclays Capital	4.30%
9	—	RBS	3.92%
10	6	Morgan Stanley	3.14%
11	16	State Street Bank & Trust	2.73%
12	11	ABN Amro	2.59%
13	14	Lehman Brothers	2.49%
14	19	Bank of America	2.05%
15	26	Dresdner Kleinwort Wasserstein	1.76%
16	9	Merrill Lynch	1.54%
17	20	Royal Bank of Canada	1.52%
18	—	National Australia Bank	1.45%
19	22	Soci? G?rale	1.14%
20	18	AIG	1.06%
21	12	SEB	0.94%
22	15	Calyon	0.85%
23	17	BNP Paribas	0.63%
24	—	Danske Bank	0.52%
25	23	Westpac Banking Corporation	0.50%
26	21	TD Bank Financial Group	0.45%
27	—	Standard Chartered	0.40%
28	28	Nordea	0.36%
29	—	WestLB	0.35%
30	—	Rabobank	0.34%
31	—	Bank of Nova Scotia	0.30%
32	30	Bear Stearns	0.27%
33	—	HVB Group	0.23%
34	—	CIBC	0.22%
35	29	Bank of Montreal	0.21%
36	—	HotspotFXi	0.21%
37	—	Mitsubishi Tokyo Financial Group	0.16%
38	—	Standard Bank	0.16%
39	—	Commonwealth Bank of Australia	0.14%
40	—	BCV Group	0.13%
41	25	Svenska Handelsbanken	0.11%
42	—	Commerzbank	0.09%
43	—	ANZ Banking Group	0.09%
44	—	BBVA	0.08%
45	27	ING Group	0.07%
46	—	Mizuho Financial Group	0.06%
47	—	Julius Baer	0.06%
48	—	DBS Bank	0.06%
49	—	Northern Trust	0.03%
50	—	Bank of New York	0.03%
51	—	Mellon Financial Corporation	0.01%

LARGE (>$25bn)
2004	2003	Large clients: Greater than $25bn in turnover	Market share
1	3	Deutsche Bank	13.30%
2	1	UBS	12.24%
3	2	Citigroup	9.28%
4	4	JPMorgan	6.05%
5	8	HSBC	4.72%
6	5	Goldman Sachs	4.69%
7	6	CSFB / Credit Suisse Group	4.41%
8	9	Barclays Capital	4.16%
9	11	RBS	3.80%
10	12	Merrill Lynch	3.52%
11	7	Morgan Stanley	3.06%
12	10	ABN Amro	3.04%
13	22	Dresdner Kleinwort Wasserstein	2.94%
14	14	Lehman Brothers	2.49%
15	16	State Street Bank & Trust	2.07%
16	15	Bank of America	2.01%
17	21	Royal Bank of Canada	1.44%
18	17	SEB	1.29%
19	23	Soci? G?rale	1.20%
20	13	BNP Paribas	1.11%
21	18	Calyon	1.03%
22	—	National Australia Bank	0.92%
23	—	Danske Bank	0.88%
24	24	Westpac Banking Corporation	0.65%
25	28	Standard Chartered	0.62%
26	25	Nordea	0.62%
27	19	AIG	0.62%
28	—	Mitsubishi Tokyo Financial Group	0.51%
29	—	WestLB	0.41%
30	—	HVB Group	0.38%
31	20	TD Bank Financial Group	0.37%
32	27	Svenska Handelsbanken	0.36%
33	—	Mizuho Financial Group	0.35%
34	—	Rabobank	0.31%
35	30	Julius Baer	0.30%
36	—	Brown Brothers Harriman	0.28%
37	—	Fortis Bank	0.28%
38	—	Bear Stearns	0.25%
39	—	Sumitomo Mitsui Banking Corporation	0.24%
40	—	Commerzbank	0.23%
41	—	Commonwealth Bank of Australia	0.21%
42	—	Zurich Cantonalbank	0.20%
43	26	ING Group	0.20%
44	—	Bank One	0.19%
45	—	ANZ Banking Group	0.19%
46	—	Bank of Nova Scotia	0.18%
47	—	Bank of New York	0.16%
48	—	Erste Bank	0.14%
49	—	Bayerische Landesbank	0.14%
50	—	CIBC	0.12%

E-COMMERCE
PROPRIETARY PLATFORMS
MULTI-BANK PLATFORMS

E-COMMERCE: BEST SINGLE-BANK PLATFORMS
FASTEST EXECUTION
RESEARCH AND ANALYTICS
BEST POST-TRADE SERVICES
BEST OVERALL ELECTRONIC TRADING
E-COMMERCE: BEST MULTIBANK PLATFORMS
STP

E-COMMERCE

PROPRIETARY PLATFORMS
2004	Proprietary Platforms	% of total
1	UBS	34.91%
2	Deutsche Bank	25.08%
3	Dresdner Kleinwort Wasserstein	7.08%
4	Barclays Capital	4.69%
5	Citigroup	4.52%
6	JPMorgan	3.94%
7	Goldman Sachs	2.51%
8	SEB	2.48%
9	ABN Amro	2.35%
10	HSBC	2.13%
11	Saxo Bank	1.78%
12	Danske Bank	1.35%
13	CSFB / Credit Suisse Group	0.72%
14	BNP Paribas	0.65%
15	RBS	0.65%
16	Bank of America	0.49%
17	Morgan Stanley	0.47%
18	Westpac Banking Corporation	0.47%
19	National Australia Bank	0.42%
20	Royal Bank of Canada	0.29%
21	Bank of New York	0.29%
22	State Street Bank & Trust	0.28%
23	Mizuho Financial Group	0.27%
24	Zurich Cantonalbank	0.25%
25	Mitsubishi Tokyo Financial Group	0.25%
26	CIBC	0.19%
27	Bear Stearns	0.15%
28	Lehman Brothers	0.15%
29	Calyon	0.14%
30	Banca del Gottardo	0.12%
31	Standard Chartered	0.12%
32	AIG	0.10%
33	Corner Bank	0.09%
34	Santander Group	0.08%
35	Merrill Lynch	0.07%
36	Bank One	0.05%
37	HVB Group	0.05%
38	Nordea	0.04%
39	United Overseas Bank	0.04%
40	Lloyds TSB	0.04%
41	Banco Bradesco	0.03%
42	Investec Bank	0.02%
43	Bank Pekao	0.02%
44	Société Générale	0.02%
45	ANZ Banking Group	0.02%
46	Fortis Bank	0.02%
47	FleetBoston Financial Corporation	0.02%
48	Brown Brothers Harriman	0.01%
49	Mellon Financial Corporation	0.01%
50	Commerzbank	0.01%

Multi-Bank Platforms
2004	Multi-Bank Platforms	% of total
1	FXall	47.22%
2	FX Connect	35.66%
3	EBS Trader on Bloomberg	6.40%
4	HotspotFXi	4.66%
5	Currenex	2.81%
6	Saxo Trader	1.58%
7	BuyFX	0.45%
8	IFX Direct	0.32%
9	360 Treasury Systems	0.30%
10	Reuters Dealing 3000 Direct	0.27%
11	OANDA	0.22%
12	Global Forex Trading (GFT)	0.05%
13	eSpeed	0.04%
14	Centradia	0.03%
15	FXCM Trading station	0.01%
16	e*trade	0.00%
17	Instinet	0.00%

E-COMMERCE: BEST SINGLE-BANK PLATFORMS

Fastest execution
2004	2003	Fastest execution	Score
1	1	UBS	1293
2	2	Deutsche Bank	924
3	4	Citigroup	587
4	3	Dresdner Kleinwort Wasserstein	415
5	6	Barclays Capital Capital	312
6	9	HSBC	292
7	5	Goldman Sachs	240
8	10	JP Morgan	193
9	–	Saxo Bank	166
10	13	ABN Amro	153

E-Research and Analytics
2004	2003	E-Research and Analytics	Score
1	1	UBS	1017
2	2	Deutsche Bank	611
3	3	Citigroup	482
4	6	Dresdner Kleinwort Wasserstein	228
5	8	HSBC	213
6	4	Goldman Sachs	196
7	5	JP Morgan	185
8	–	Saxo Bank	159
9	7	Barclays Capital Capital	158
10	7	CSFB / Credit Suisse Group	131

 

Best post-trade services
2004	2003	Best post-trade services	Score
1	–	UBS	1034
2	–	Deutsche Bank	722
3	–	Citigroup	447
4	–	Dresdner Kleinwort Wasserstein	333
5	–	HSBC	272
6	–	Barclays Capital	251
7	–	Goldman Sachs	174
8	–	Saxo Bank	153
9	–	JP Morgan	149
10	–	ANM Amro	109

 

E-COMMERCE: BEST MULTIBANK PLATFORMS

STP
2004	2003	STP	Score
1	1	FXall	771
2	2	FX Connect	251
3	14	EBS Trader on Bloomberg	248
4	3	Currenex	132
5	5	HotSpotfxi	114
6	6	Saxo Trader	111
7	8=	Oanda	83
8	–	360 Treasury Systems	77
9	13	Centradia	60
10	4	Buy FX	48

QUALITATIVE ASSESSMENTS
BEST SUPPORTIVE RELATIONSHIP MANAGEMENT
MOST INNOVATIVE APPROACH TO FX BUSINESS

QUALITATIVE ASSESSMENTS

Best supportive relationship management
2004	2003	Best supportive relationship management	Total Score
1	2	Citigroup	3434
2	1	Deutsche Bank	2598
3	5	HSBC	2085
4	3	UBS	1898
5	7	JPMorgan	856
6=	6	Goldman Sachs	821
6=	15	Barclays Capital	821
8	4	Dresdner Kleinwort Wasserstein	820
9=	13	ABN Amro	733
9=	8	BNP Paribas	733
11	14	Bank of America	533
12	9	Morgan Stanley	351
13	11	Royal Bank of Scotland	489
14	10	CSFB / Credit Suisse Group	437
15	36	Santander Group	425
16	19=	Standard Chartered	393
17	12	Royal Bank of Canada	314
18	16	Merrill Lynch	312
19	30	Lehman Brothers	283
20	24	Calyon	257
21	26	Mitsubishi Tokyo Financial Group	233
22	19=	SEB	232
23	22	Commerzbank	229
24	17	State Street Bank & Trust	179
25	23	Société Générale	117
26	–	Saxo Bank	173
27	35	Sumitomo Mitsui Banking Corporation	153
28	18	ANZ Banking Group	143
29	28	HVB Group	141
30	25	Bank of Nova Scotia	135

MOST INNOVATIVE APPROACH TO FX BUSINESS
2004	2003	Most Innovative Approach to FX Business	Score
1	3	Citigroup	3430
2	1	Deutsche Bank	2804
3	7	HSBC	2163
4	2	UBS	1968
5	5	Goldman Sachs	992
6	8	JPMorgan	970
7	12	Barclays Capital	881
8	4	Dresdner Kleinwort Wasserstein	851
9	17	ABN Amro	797
10	6	BNP Paribas	744
11	9	Morgan Stanley	557
12	15	Bank of America	556
13	14	Royal Bank of Scotland	465
14	10	CSFB / Credit Suisse Group	465
15	22=	Santander Group	445
16	24=	Standard Chartered	420
17	13	Merrill Lynch	395
18	11	Royal Bank of Canada	349
19	24=	Lehman Brothers	321
20	21	Calyon	283
21	24=	Commerzbank	223
22	19	SEB	209
23	–	Société Générale	206
24	52=	Saxo Bank	170
25	16	State Street Bank & Trust	167
26	–	Mitsubishi Tokyo Financial Group	144
27	41=	HVB Group	134
28	18	ANZ Banking Group	132
29	27=	Bank of Nova Scotia	120
30	41=	Bank One	113

WHO’S BEST WHERE
FRANKFURT
HONG KONG
LONDON
NEW YORK
PARIS
SINGAPORE
TOKYO
TORONTO

WHO’S BEST WHERE

Frankfurt business centre
2004	2003	Frankfurt business centre	Score
1	1	Deutsche Bank	1643
2	2	Dresdner Kleinwort Wasserstein	781
3	3	Commerzbank	390
4	5	Citigroup	109
5	6	UBS	110
6	4	HVB Group	108
7	7	ABN Amro	95
8	8	ING Group	90
9	11	HSBC	86
10	10	LB Hessen-Thuringen Girozentrale (Helaba)	80

Hong Kong business centre
2004	2003	Hong Kong	Score
1	1	HSBC	900
2	3	Citigroup	379
3	4	Deutsche Bank	218
4	5	Standard Chartered	193
5	6=	UBS	166
6	2	Fortis Bank	161
7	10	Royal Bank of Scotland	113
8	11	ABN Amro	105
9	6=	BNP Paribas	101
10	13	Bank of America	91

London business centre
2004	2003	London business centre	Score
1	1=	Citigroup	1318
2	1=	Deutsche Bank	1152
3	2	UBS	1030
4	5	HSBC	996
5	4	Barclays Capital	868
6	3	Royal Bank of Scotland	731
7	4	Goldman Sachs	653
8	6	JP Morgan	633
9	8	Dresdner Kleinwort Wasserstein	413
10	10	Morgan Stanley	383

New York business centre
2004	2003	New York business centre	Score
1	1	Citigroup	1461
2	2	Deutsche Bank	887
3	3	UBS	747
4	4	JP Morgan Chase	715
5	8	HSBC	591
6	5	Goldman Sachs	466
7	6	Bank of America	443
8	7	Morgan Stanley	327
9	15	ABN Amro	230
10	11	Merrill Lynch	218

Paris business centre
2004	2003	Paris business centre	Score
1	1	BNP Paribas	718
2	2	Société Générale	364
3	–	Calyon	305
4	5	Citigroup	164
5	6=	Deutsche Bank	130
6	6=	HSBC	123
7	8	UBS	56
8	13	ABN Amro	47
9	19=	Barclays Capital	42
10	21=	Bank of America	39

Singapore business centre
2004	2003	Singapore business centre	Score
1	2	Citigroup	625
2	2	Deutsche Bank	511
3	1	UBS	497
4	5	HSBC	439
5	9	Bank of America	195
6	8	Standard Chartered	178
7	4	Dresdner Kleinwort Wasserstein	148
8	13	ABN Amro	146
9	8	JP Morgan	127
10	11	SEB	117

Tokyo business centre
2004	2003	Tokyo business centre	Score
1	3	Citigroup	472
2	1	JP Morgan	407
3	2	Deutsche Bank	377
4	4	Mitsubishi Tokyo Financial Group	352
5	5	UBS	333
6	6	Goldman Sachs	241
7	15	HSBC	212
8=	13	Barclays Capital	201
8=	7	Morgan Stanley	201
10	10	Mizuho Financial Group	180

Toronto business centre
2004	2003	Toronto business centre	Score
1	1	Royal Bank of Canada	569
2	4	Bank of Nova Scotia	242
3	5	CIBC	203
4	3	Bank of Montreal	197
5	2	TD Bank Financial Group	142
6	6	Citigroup	139
7	8	Deutsche Bank	93
8	10	HSBC	92
9	7	UBS	59
10	12	Bank of America	54

CURRENCIES
AUSTRALIAN DOLLAR
BRAZILIAN REAL
CANADIAN DOLLAR
CHILEAN PESO
CHINESE YUAN
CZECH KORUNA
DANISH KRONE
DOLLAR/STERLING
DOLLAR/YEN
EURO
EURO/DOLLAR
EURO/STERLING
EURO/YEN
HONG KONG DOLLAR
HUNGARIAN FORINT
INDIAN RUPE
INDONESIAN RUPIAH
KOREAN WON
MEXICAN PESO
NEW TAIWAN DOLLAR
NEW ZEALAND DOLLAR
NORWEGIAN KRONE
PHILIPPINE PESO
POLISH ZLOTY
SAUDI RIYAL
SINGAPORE DOLLAR
SOUTH AFRICAN RAND
SWEDISH KRONA
SWISS FRANC
THAI BAHT

CURRENCIES

Australian dollar
2004	2003	Australian dollar	Score
1	1	Citigroup	999
2	3	Deutsche Bank	682
3	3	UBS	675
4	7	HSBC	634
5	2	ANZ Banking Group	624
6	5	Westpac Banking Corporation	365
7	6	National Australia Bank	336
8	8	JP Morgan	315
9	13	ABN Amro	244
10	9	Goldman Sachs	232

Brazilian real
2004	2003	Brazilian real	Score
1	2	Citigroup	467
2	3	Deutsche Bank	201
3	2	JP Morgan	182
4	7	HSBC	159
5	8	ABN Amro	138
6	4	FleetBoston Financial Corporation	107
7	9=	Bank of America	81
8	13=	Santander Group	78
9	6	Goldman Sachs	76
10	6	UBS	71

Canadian dollar
2004	2003	Canadian dollar	Score
1	2	Citigroup	776
2	1	Royal Bank of Canada	725
3	3	UBS	603
4	4	Deutsche Bank	492
5	13	HSBC	406
6	6	JP Morgan	326
7	7=	Bank of Nova Scotia	302
8	5	TD Bank Financial Group	254
9	12	Goldman Sachs	231
10	10	Bank of America	217

Chilean peso
2004	2003	Chilean peso	Score
1	1	Citigroup	275
2	4	Santander Group	243
3	2	Deutsche Bank	102
4	10=	HSBC	79
5	3	JP Morgan	64
6	9	FleetBoston Financial Corporation	55
7	6	ABN Amro	53
8	5	UBS	48
9	10=	Bank of America	47
10	12	BBVA	46

Chinese yuan
2004	2003	Chinese yuan	Score
1	1	HSBC	299
2	2	Citigroup	265
3	3	Deutsche Bank	175
4	7	Standard Chartered	112
5	5	Goldman Sachs	78
6=	6	Bank of America	76
6=	4	UBS	76
8=	9	Bank of China	55
8=	13	ABN Amro	55
10	8	JP Morgan	52

Czech koruna
2004	2003	Czech koruna	Score
1	2	Citigroup	374
2	1	Deutsche Bank	347
3	3	UBS	160
4	6	ABN Amro	134
5	4	Dresdner Kleinwort Wasserstein	128
6	7	JP Morgan	120
7	12	HSBC	85
8	20	Morgan Stanley	84
9	5	HVB Group	81
10	13	Bank of America	79

Danish krone
2004	2003	Danish krone	Score
1	1	Danske Bank	434
2	4	Citigroup	398
3	3	UBS	327
4	2	Deutsche Bank	241
5	7	Nordea	194
6	11	HSBC	170
7	6	SEB	166
8	6	ABN Amro	151
9	5	Dresdner Kleinwort Wasserstein	147
10	8	JP Morgan	132

Dollar/Sterling
2004	2003	Dollar/Sterling	Score
1	1	Citigroup	1123
2	4	HSBC	954
3	3	UBS	934
4	6	Barclays Capital	797
5	5	Deutsche Bank	769
6	2	Royal Bank of Scotland	647
7	7	JP Morgan	337
8	12	Bank of America	323
9	8	Dresdner Kleinwort Wasserstein	313
10	9	Goldman Sachs	285

Dollar/Yen
2004	2003	Dollar/Yen	Score
1	1	Citigroup	1385
2	2	UBS	1079
3	3	Deutsche Bank	890
4	6	HSBC	787
5	4	JP Morgan	521
6	5	Goldman Sachs	424
7	8	Mitsubishi Tokyo Financial Group	331
8	12	ABN Amro	328
9	9	Dresdner Kleinwort Wasserstein	312
10	10	Bank of America	295

Euro
2004	2003	Euro	Score
1	3	Citigroup	1385
2	1	Deutsche Bank	1300
3	2	UBS	1074
4	6	HSBC	962
5	5	ABN Amro	452
6	7	JP Morgan	406
7	14	Barclays Capital	386
8	8	BNP Paribas	354
9	4	Dresdner Kleinwort Wasserstein	334
10	9	Goldman Sachs	318

Euro/Dollar
2004	2003	Euro/Dollar	Score
1	1	Deutsche Bank	2224
2	2	Citigroup	1949
3	3	UBS	1523
4	7	HSBC	1213
5	4	Dresdner Kleinwort Wasserstein	678
6	9	ABN Amro	633
7	5	JP Morgan	604
8	8	BNP Paribas	562
9	6	Goldman Sachs	559
10	14	Barclays Capital	492

Euro/Sterling
2004	2003	Euro/Sterling	Score
1	1	Deutsche Bank	995
2	2	UBS	921
3	3	Citigroup	796
4	5	HSBC	754
5	–	Barclays Capital	710
6	4	Royal Bank of Scotland	600
7	6	Dresdner Kleinwort Wasserstein	370
8	11	ABN Amro	360
9	8	JP Morgan	307
10	10	BNP Paribas	287

Euro/Yen
2004	2003	Euro/Yen	Score
1	2	Deutsche Bank	1130
2	1	UBS	1090
3	3	Citigroup	884
4	7	HSBC	435
5	4	JP Morgan	412
6	5	Goldman Sachs	368
7	6	Dresdner Kleinwort Wasserstein	337
8	11	ABN Amro	305
9	10	Morgan Stanley	238
10	14	Barclays Capital	227

Hong Kong dollar
2004	2003	Hong Kong dollar	Score
1	1	HSBC	1005
2	2	Citigroup	587
3	3	Standard Chartered	290
4	4	UBS	262
5	5	Deutsche Bank	226
6	6	JP Morgan	191
7	11	Bank of America	144
8	9	Dresdner Kleinwort Wasserstein	113
9	7	Morgan Stanley	96
10	15	Barclays Capital	92

Hungarian forint
2004	2003	Hungarian forint	Score
1	2	Citigroup	350
2	1	Deutsche Bank	345
3	3	UBS	149
4	4	JP Morgan	144
5	8	ABN Amro	114
6	5	Dresdner Kleinwort Wasserstein	94
7	9	Morgan Stanley	87
8	10	HSBC	75
9	6	HVB Group	61
10	12	Bank of America	54

Indian rupee
2004	2003	Indian rupee	Score
1	1	Citigroup	372
2	2	HSBC	258
3	3	Standard Chartered	190
4	4	Deutsche Bank	155
5	5	Bank of America	97
6	6	UBS	75
7	9	ABN Amro	71
8	7	JP Morgan	58
9	12	BNP Paribas	40
10	37=	Morgan Stanley	31

Indonesian rupiah
2004	2003	Indonesian rupiah	Score
1	2	Citigroup	360
2	4	HSBC	270
3	1	Deutsche Bank	173
4	3	Standard Chartered	140
5=	7	Bank of America	68
5=	5	UBS	68
7	8	ABN Amro	63
8	6	JP Morgan	51
9	15=	Morgan Stanley	31
10	14	Calyon	28

Korean won
2004	2003	Korean won	Score
1	1	Citigroup	478
2	3	HSBC	284
3	2	Deutsche Bank	249
4	4	JP Morgan	166
5	5	Standard Chartered	142
6	8	Bank of America	127
7	6	Goldman Sachs	90
8	7	UBS	74
9	9	Morgan Stanley	73
10	10	BNP Paribas	67

Mexican peso
2004	2003	Mexican peso	Score
1	1	Citigroup	601
2	2	JP Morgan	243
3	3	Deutsche Bank	185
4	5	Bank of America	156
5	14	HSBC	128
6	6	UBS	119
7	4	Goldman Sachs	109
8	8	ABN Amro	84
9=	10	BBVA	82
9=	9	Morgan Stanley	82

Taiwan (new) dollar
2004	2003	Taiwan (new) dollar	Score
1	1	Citigroup	395
2	2	HSBC	282
3	3	Deutsche Bank	154
4	4	Standard Chartered	121
5	8	Bank of America	104
6	6	JP Morgan	99
7	5	BNP Paribas	82
8	9	ABN Amro	81
9	7	UBS	74
10	11	Morgan Stanley	49

New Zealand dollar
2004	2003	New Zealand dollar	Score
1	2	Citigroup	448
2	1	ANZ Banking Group	425
3	3	UBS	356
4	5	Deutsche Bank	272
5	4	Westpac Banking Corporation	248
6	8	HSBC	225
7	6	National Australia Bank	141
8	7	JP Morgan	132
9	9	Dresdner Kleinwort Wasserstein	107
10	11	Morgan Stanley	99

Norwegian krone
2004	2003	Norwegian krone	Score
1	1	Citigroup	440
2	1	UBS	403
3	2	Deutsche Bank	326
4	3	SEB	305
5	8	Nordea	245
6	5	Danske Bank	233
7	6	Den norske Bank	232
8	10	JP Morgan	156
9	7	Dresdner Kleinwort Wasserstein	148
10	9	ABN Amro	145

Philippine peso
2004	2003	Philippine peso	Score
1	1	Citigroup	364
2	2	HSBC	208
3	3	Deutsche Bank	114
4	4=	Standard Chartered	108
5	4=	JP Morgan	66
6	7	Bank of America	64
7	6	UBS	54
8	20	ABN Amro	41
9=	11	Calyon	25
9=	16=	Morgan Stanley	25

Polish zloty
2003	2002	Polish zloty	Score
1	2	Citigroup	411
2	1	Deutsche Bank	393
3	3	UBS	169
4	4=	JP Morgan	134
5	4=	ABN Amro	125
6	6	Dresdner Kleinwort Wasserstein	123
7	11	HSBC	87
8	10	ING Group	72
9	8=	Bank of America	71
10	12	BNP Paribas	62

Saudi riyal
2004	2003	Saudi riyal	Score
1	1	Citigroup	146
2	9	HSBC	106
3	2	Deutsche Bank	68
4	6	BNP Paribas	54
5	3	UBS	50
6	–	Calyon	43
7	12=	Bank of America	42
8	7	Standard Chartered	35
9	4	JP Morgan	31
10	12=	ABN Amro	24

Singapore dollar
2004	2003	Singapore dollar	Score
1	–	Citigroup	711
2	–	HSBC	684
3	–	Deutsche Bank	332
4	–	UBS	274
5	–	Standard Chartered	262
6	–	JP Morgan	207
7	–	Bank of America	202
8	–	DBS Bank	139
9=	–	Dresdner Kleinwort Wasserstein	90
9=	–	ABN Amro	90

South African rand
2004	2003	South African rand	Score
1	1	Citigroup	418
2	4	UBS	291
3	2	Deutsche Bank	240
4	3	Standard Chartered	210
5	6	HSBC	167
6	5	Barclays Capital	142
7	5	JP Morgan	137
8	9	Dresdner Kleinwort Wasserstein	94
9	10	ABN Amro	87
10	14	Bank of America	86

Swedish krona
2004	2003	Swedish krona	Score
1	1	SEB	540
2	3	Citigroup	466
3	4	UBS	434
4	2	Deutsche Bank	366
5	8	Danske Bank	237
6	14	HSBC	210
7	5	Svenska Handelsbanken	197
8	7	JP Morgan	185
9	10	Nordea	179
10	9	ABN Amro	175

Swiss franc
2004	2003	Swiss franc	Score
1	1	UBS	1596
2	2	Deutsche Bank	823
3	4	Citigroup	630
4	3	CSFB / Credit Suisse Group	498
5	10	HSBC	325
6	5	Dresdner Kleinwort Wasserstein	285
7	7=	ABN Amro	222
8	6	JP Morgan	205
9	9	BNP Paribas	171
10	11	Goldman Sachs	165

Thai baht
2004	2003	Thai baht	Score
1	1	Citigroup	451
2	2	HSBC	402
3	3	Standard Chartered	252
4	4	Deutsche Bank	158
5	6	JP Morgan	130
6	5	UBS	122
7	8=	Bank of America	82
8	10	ABN Amro	64
9	15=	Mitsubishi Tokyo Financial Group	60
10	15=	BNP Paribas	55

FX RESEARCH
TECHNICAL
QUANTITATIVE
ECONOMIC FUNDAMENTALS
SHORT-TERM
LONG-TERM
OPTIONS AND VOLATILITY FLOW
RISK ADVISORY AND HEDGING
TAILOR-MADE

FX RESEARCH

Technical
2004	2003	Technical	Score
1	1	Citigroup	2215
2	2	Deutsche Bank	1569
3	3	UBS	1298
4	5	HSBC	1197
5	4	JP Morgan	836
6	11	BNP Paribas	569
7	7	Morgan Stanley	535
8	14	ABN Amro	492
9	8	CSFB / Credit Suisse Group	472
10	10	Goldman Sachs	467

Quantitative
2004	2003	Quantitative	Score
1	3	Citigroup	1727
2	1	Deutsche Bank	1368
3	5	HSBC	976
4	2	UBS	971
5	4	JP Morgan	538
6	6	Goldman Sachs	482
7	10	BNP Paribas	316
8	11	Bank of America	295
9	12	ABN Amro	278
10	7	Dresdner Kleinwort Wasserstein	276

Economic fundamentals
2004	2003	Economic fundamentals	Score
1	2	Citigroup	2636
2	1	Deutsche Bank	2389
3	6	HSBC	1646
4	3	UBS	1509
5	4	JP Morgan	1104
6	5	Goldman Sachs	1098
7	8	Morgan Stanley	639
8	16	Barclays Capital	614
9	11	ABN Amro	612
10	9	BNP Paribas	607

Short-term
2004	2003	Short-term	Score
1	2	Citigroup	1968
2	1	Deutsche Bank	1614
3	4	HSBC	1267
4	3	UBS	1127
5	5	JP Morgan	670
6	10	Goldman Sachs	545
7	10=	ABN Amro	468
8	8	BNP Paribas	450
9	6	Dresdner Kleinwort Wasserstein	411
10	16	Barclays Capital	405

Long-term
2004	2003	Long-term	Score
1	2	Citigroup	1788
2	1	Deutsche Bank	1657
3	5	HSBC	1198
4	3	UBS	1013
5	6	JP Morgan	752
6	4	Goldman Sachs	670
7	9	Morgan Stanley	457
8	7	Dresdner Kleinwort Wasserstein	375
9	10	BNP Paribas	367
10	11	ABN Amro	358

Options & volatility flow
2004	2003	Options & volatility flow	Score
1	3	Citigroup	1480
2	1	UBS	1376
3	2	Deutsche Bank	1338
4	7	HSBC	902
5	5	JP Morgan	621
6	4	Goldman Sachs	600
7	6	Dresdner Kleinwort Wasserstein	361
8	13	Barclays Capital	348
9	12	ABN Amro	319
10=	8	BNP Paribas	309
10=	9	CSFB / Credit Suisse Group	309

Risk advisory and hedging
2004	2003	Risk advisory and hedging	Score
1	–	Citigroup	1654
2	–	Deutsche Bank	1106
3	–	HSBC	992
4	–	UBS	664
5	–	JP Morgan	281
6	–	Goldman Sachs	338
7	–	Dresdner Kleinwort Wasserstein	315
8	–	Bank of America	302
9	–	ABN Amro	283
10	–	BNP Paribas	273

Tailor-made research
2004	2003	Tailor-made research	Score
1	–	Citigroup	1143
2	–	Deutsche Bank	877
3	–	HSBC	642
4	–	UBS	588
5	–	JP Morgan	401
6	–	Goldman Sachs	368
7	–	Dresdner Kleinwort Wasserstein	264
8	–	BNP Paribas	244
9	–	ABN Amro	219
10	–	Bank of America	206

FORWARDS
TWO YEARS OR LESS
OVER TWO YEARS
EMERGING MARKETS CURRENCIES
MAJOR CURRENCIES

FORWARDS

Two years or less
2004	2003	Two years or less	Score
1	2	Citigroup	1877
2	1	Deutsche Bank	1641
3	5	HSBC	1272
4	3	UBS	1086
5	6	JP Morgan	552
6	4	ABN Amro	463
7	7	Goldman Sachs	447
8	15	Barclays Capital	409
9	8	BNP Paribas	396
10	4	Dresdner Kleinwort Wasserstein	379

Over two years
2004	2003	Over two years	Score
1	2	Citigroup	680
2	1	Deutsche Bank	674
3	7	HSBC	540
4	3	UBS	469
5	5	JP Morgan	279
6	4	Dresdner Kleinwort Wasserstein	173
7	13	Barclays Capital	169
8	8	BNP Paribas	152
9	6	Goldman Sachs	141
10	10	ABN Amro	139

Emerging-market currencies
2004	2003	Emerging-market currencies	Score
1	1	Citigroup	1896
2	3	HSBC	1163
3	2	Deutsche Bank	1031
4	4	UBS	582
5	5	JP Morgan	564
6	6	Standard Chartered	507
7	9	BNP Paribas	334
8	11	ABN Amro	321
9	10	Bank of America	285
10	7	Dresdner Kleinwort Wasserstein	275

Major currencies
2004	2003	Major currencies	Score
1	2	Citigroup	2350
2	1	Deutsche Bank	2166
3	3	UBS	1555
4	5	HSBC	1545
5	7	JP Morgan	745
6	6	Goldman Sachs	433
7	4	Dresdner Kleinwort Wasserstein JP Morgan Chase	587
8	9	ABN Amro	582
9	15	Barclays Capital	513
10	8	BNP Pariba	510

OPTIONS
VANILLA- TRADING STRATEGIES AND NEW IDEAS
VANILLA – CONSISTENT PRICING
EXOTIC – TRADING STRATEGIES AND NEW IDEAS
EXOTIC – CONSISTENT PRICING

OPTIONS

Vanilla – Trading strategies and new ideas
2004	2003	Vanilla – Trading strategies and new ideas	Score
1	–	Citigroup	1413
2	–	Deutsche Bank	1380
3	–	UBS	1209
4	–	HSBC	914
5	–	Goldman Sachs	670
6	–	JP Morgan	605
7	–	Dresdner Kleinwort Wasserstein	444
8	–	BNP Paribas	421
9	–	ABN Amro	372
10	–	Barclays Capital	348

Vanilla – consistent pricing
2004	2003	Vanilla – consistent pricing	Score
1	–	UBS	1227
2	–	Citigroup	1210
3	2	Deutsche Bank	1123
4	–	HSBC	854
5	–	JP Morgan	552
6	–	Goldman Sachs	511
7	–	Dresdner Kleinwort Wasserstein	374
8	–	ABN Amro	347
9	–	BNP Paribas	339
10	–	Barclays Capital	300

Exotic – Trading strategy and new ideas
2004	2003	Exotic – Trading strategy and new ideas	Score
1	–	Deutsche Bank	984
2	–	Citigroup	911
3	–	UBS	838
4	–	HSBC	551
5	–	JP Morgan	514
6	–	Goldman Sachs	493
7	–	Dresdner Kleinwort Wasserstein	298
8	–	BNP Paribas	278
9	–	ABN Amro	237
10	–	Barclays Capital	235

Exotic – consistent pricing
2004	2003	Exotic – consistent pricing	Score
1	–	Deutsche Bank	785
2	–	UBS	771
3	–	Citigroup	753
4	–	HSBC	445
5	–	JP Morgan	386
6	–	Goldman Sachs	364
7	–	Dresdner Kleinwort Wasserstein	285
8	–	BNP Paribas	223
9	–	ABN Amro	210
10	–	Barclays Capital	201

ADVISORY SERVICES
ACCOUNTANCY ADVICE FOR DERIVATIVES
TAX AND LEGAL
TREASURY OUTSOURCING
FX PRIME BROKERAGE
OVERALL FX BACK OFFICE

ADVISORY SERVICES

Accountancy advice for derivatives
2004	2003	Accountancy advice for derivatives	Score
1	1	Citigroup	1786
2	2	Deutsche Bank	1392
3	3	UBS	978
4	8	HSBC	973
5	9	JP Morgan	546
6	6	Goldman Sachs	4531
7	7	BNP Paribas	432
8	5	Dresdner Kleinwort Wasserstein	426
9	11	ABN Amro	419
10	4	Bank of America	383

Tax & legal
2004	2003	Tax & legal	Score
1	2	Citigroup	840
2	1	Deutsche Bank	613
3	6	HSBC	455
4	3	UBS	299
5	7	JP Morgan	199
6	11	ABN Amro	198
7	4	Dresdner Kleinwort Wasserstein	169
8	8	Bank of America	168
9	12	Barclays Capital	146
10	5	Goldman Sachs	134

Treasury outsourcing
2004	2003	Treasury outsourcing	Score
1	3	Citigroup	929
2	5	HSBC	604
3	2	Deutsche Bank	465
4	1	UBS	377
5	6	BNP Paribas	170
6	10	ABN Amro	168
7	22=	Santander Group	154
8	4	Dresdner Kleinwort Wasserstein	144
9	7	JP Morgan	136
10	22=	Standard Chartered	134

FX prime brokerage
2004	2003	FX prime brokerage	Score
1	4	Citigroup	908
2	1	Deutsche Bank	796
3	10	HSBC	723
4	2	UBS	556
5	3	Goldman Sachs	269
6	9	ABN Amro	237
7	6	BNP Paribas	208
8	19=	Santander Group	199
9	16=	Barclays Capital	198
10	7	Dresdner Kleinwort Wasserstein	196

Overall FX back office
2004	2003	Overall FX back office	Score
1	2	Citigroup	2117
2	1	Deutsche Bank	1580
3	4	HSBC	1427
4	3	UBS	1144
5	6	JP Morgan	508
6	8	BNP Paribas	493
7	11	ABN Amro	492
8	7	Goldman Sachs	464
9	10	Bank of America	453
10	5	Dresdner Kleinwort Wasserstein	410

Best overall electronic trading
2004	2003	Best overall electronic trading	Score
1	–	UBS	1186
2	–	Deutsche Bank	823
3	–	Citigroup	474
4	–	Dresdner Kleinwort Wasserstein	355
5	–	HSBC	231
6	–	Barclays Capital Capital	228
7	–	Goldman Sachs	211
8	–	Saxo Bank	166
9	–	JP Morgan	143
10	–	ABN Amro	119