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FX Poll 2003 results tables

MARKET SHARE OVERALL 2003 2002 Overall Market Share % of total: ($17.096tr) 1 2 UBS 11.53% 2 1 Citigroup 9.87% 3 3 Deutsche Bank 9.79% 4 5 JP Morgan Chase 6.79% 5 4 Goldman Sachs 5.56% 6 6 Credit Suisse First Boston 4.23% 7 12 HSBC 3.89% 8 7 Morgan Stanley 3.87% 9 10 Barclays […]

May 1, 2003

MARKET SHARE

OVERALL
2003 2002 Overall Market Share % of total: ($17.096tr)
1 2 UBS 11.53%
2 1 Citigroup 9.87%
3 3 Deutsche Bank 9.79%
4 5 JP Morgan Chase 6.79%
5 4 Goldman Sachs 5.56%
6 6 Credit Suisse First Boston 4.23%
7 12 HSBC 3.89%
8 7 Morgan Stanley 3.87%
9 10 Barclays Capital 3.84%
10 8 ABN Amro 3.63%
11 24 Merrill Lynch 2.98%
12 13 Royal Bank of Scotland 2.85%
13 16 BNP Paribas 2.72%
14 11 Bank of America 2.42%
15 14 Dresdner Kleinwort Wasserstein 2.01%
16 20 State Street Bank and Trust 1.97%
17 15 Royal Bank of Canada 1.87%
18 23 Lehman Bros 1.84%
19 9 SEB 1.82%
20 27 Crédit Agricole Indosuez 1.54%
21 21 Toronto Dominion Bank 1.44%
22 28 AIG 1.29%
23 32 Société Générale 1.16%
24 42 Westpac Banking Corporation 0.76%
25 29 ING Barings 0.67%
26 17 Nordea 0.64%
27 35 Standard Chartered Bank 0.64%
28 19 Svenska Handelsbanken 0.60%
29 31 Bank of Nova Scotia 0.55%
30 25 HVB Group 0.41%
31 47 Bank of Montreal 0.39%
32 26 Commerzbank 0.33%
33 72 National Bank of Canada 0.32%
34 53 Julius Baer 0.31%
35 44 Fortis Bank 0.28%
36 57 Bear Stearns 0.27%
37 34 Mizuho Financial Group 0.26%
38 50 ANZ Banking Group 0.26%
39 30 National Australia Bank 0.25%
40 46 Rabobank 0.25%
41 37 Danske Bank 0.25%
42 40 Bayerische Landesbank 0.23%
43 22 Mitsubishi Tokyo Financial Group 0.20%
44 39 CIBC World Markets 0.19%
45 82 KBC Bank 0.18%
46 18 Bank One 0.18%
47 48 Lloyds TSB 0.17%
48 52 Westdeutsche Landesbank 0.17%
49 33 Bank of New York 0.16%
50 51 Commonwealth Bank of Australia 0.16%

CORPORATES
2003 2002 Corporates % of total: ($3.890tr)
1 – Citigroup 11.01%
2 – Deutsche Bank 10.82%
3 – ABN Amro 7.07%
4 – UBS 6.38%
5 – HSBC 5.87%
6 – Goldman Sachs 5.59%
7 – JP Morgan Chase 4.63%
8 – SEB 4.03%
9 – Bank of America 3.91%
10 – BNP Paribas 3.47%
11 – Royal Bank of Scotland 3.22%
12 – Credit Suisse First Boston 2.30%
13 – Nordea 2.23%
14 – Société Générale 1.88%
15 – Barclays Capital 1.86%
16 – Royal Bank of Canada 1.79%
17 – ING Barings 1.70%
18 – Merrill Lynch 1.66%
19 – Crédit Agricole Indosuez 1.64%
20 – Dresdner Kleinwort Wasserstein 1.55%
21 – Lehman Bros 1.36%
22 – Svenska Handelsbanken 1.28%
23 – Standard Chartered Bank 1.24%
24 – Bank of Nova Scotia 0.84%
25 – Commerzbank 0.74%
26 – Westpac Banking Corporation 0.70%
27 – ANZ Banking Group 0.67%
28 – Bayerische Landesbank 0.66%
29 – Jyske Bank 0.65%
30 – Toronto Dominion Bank 0.57%

INSTITUTIONAL INVESTORS (Ex BANKS)
2003 2002 Institutional Investors (Ex Banks) % of total: ($8.930tr)
1 2 UBS 11.25%
2 3 Citigroup 10.26%
3 1 Deutsche Bank 10.22%
4 4 JP Morgan Chase 8.35%
5 5 Goldman Sachs 7.53%
6 7 Credit Suisse First Boston 6.08%
7 6 Morgan Stanley 6.07%
8 10 Barclays Capital 5.45%
9 18 Merrill Lynch 3.41%
10 13 HSBC 3.37%
11 9 State Street Bank and Trust 3.14%
12 22 Lehman Bros 2.80%
13 12 Royal Bank of Scotland 2.42%
14 8 ABN Amro 2.42%
15 17 Royal Bank of Canada 2.01%
16 14 Bank of America 1.91%
17 24 Crédit Agricole Indosuez 1.50%
18 29 SEB 1.44%
19 15 BNP Paribas 1.36%
20 25 AIG 1.17%
21 20 Dresdner Kleinwort Wasserstein 0.93%
22 30 Westpac Banking Corporation 0.86%
23 11 Toronto Dominion Bank 0.65%
24 31 Julius Baer 0.51%
25 35 Bear Stearns 0.50%
26 27 Svenska Handelsbanken 0.45%
27 32 Société Générale 0.39%
28 38 Mizuho Financial Group 0.32%
29 19 National Australia Bank 0.27%
30 26 Bank of Nova Scotia 0.26%

NON-MARKET-MAKING BANKS
2003 2002 Banks % of total: ($2.732tr)
1 – UBS 18.89%
2 – Citigroup 8.46%
3 – Deutsche Bank 8.27%
4 – JP Morgan Chase 7.11%
5 – Dresdner Kleinwort Wasserstein 6.87%
6 – Royal Bank of Scotland 4.30%
7 – Merrill Lynch 4.15%
8 – Credit Suisse First Boston 3.40%
9 – Bank of America 2.97%
10 – BNP Paribas 2.94%
11 – ABN Amro 2.74%
12 – Barclays Capital 2.44%
13 – Crédit Agricole Indosuez 2.32%
14 – HSBC 1.84%
15 – Morgan Stanley 1.70%
16 – HVB Group 1.68%
17 – Goldman Sachs 1.58%
18 – Société Générale 1.46%
19 – Standard Chartered Bank 1.40%
20 – ING Barings 1.07%
21 – Fortis Bank 1.00%
22 – Danske Bank 0.87%
23 – SEB 0.85%
24 – Commerzbank 0.77%
25 – Royal Bank of Canada 0.75%
26 – AIG 0.70%
27 – KBC Bank 0.64%
28 – Bank One 0.58%
29 – Crédit Lyonnais 0.51%
30 – Bank of Nova Scotia 0.48%

HEDGE FUNDS
2003 2002 Hedge Funds % of total: ($3.477tr)
1 – Deutsche Bank 13.03%
2 – UBS 12.48%
3 – Citigroup 9.01%
4 – Morgan Stanley 7.80%
5 – Goldman Sachs 7.39%
6 – JP Morgan Chase 6.94%
7 – Credit Suisse First Boston 6.11%
8 – Lehman Bros 4.40%
9 – HSBC 3.87%
10 – Merrill Lynch 3.71%
11 – Barclays Capital 3.58%
12 – SEB 2.93%
13 – Royal Bank of Scotland 2.76%
14 – ABN Amro 2.75%
15 – Bank of America 2.68%
16 – AIG 2.10%
17 – Royal Bank of Canada 2.08%
18 – Bear Stearns 1.17%
19 – Dresdner Kleinwort Wasserstein 0.81%
20 – Toronto Dominion Bank 0.65%
21 – State Street Bank and Trust 0.48%
22 – Société Générale 0.42%
23 – Standard Chartered Bank 0.38%
24 – ING Barings 0.35%
25 – Crédit Agricole Indosuez 0.31%
26 – Lloyds TSB 0.29%
27 – BNP Paribas 0.27%
28 – Westpac Banking Corporation 0.24%
29 – Julius Baer 0.21%
30 – Bank of Montreal 0.14%


SIZE OF ACCOUNT

VERY LARGE (>$100bn)
2003 2002 Very large accounts: Larger than $100bn Market share
1 – UBS 12.36%
2 – Deutsche Bank 9.19%
3 – Citigroup 8.77%
4 – JP Morgan Chase 6.98%
5 – Credit Suisse First Boston 6.48%
6 – Morgan Stanley 5.45%
7 – Goldman Sachs 4.83%
8 – HSBC 3.68%
9 – Merrill Lynch 3.35%
10 – Barclays Capital 3.34%
11 – ABN Amro 3.27%
12 – SEB 3.24%
13 – Royal Bank of Scotland 2.85%
14 – Lehman Bros 2.79%
15 – Crédit Agricole Indosuez 2.48%
16 – State Street Bank and Trust 2.38%
17 – BNP Paribas 2.31%
18 – AIG 2.06%
19 – Bank of America 1.87%
20 – Royal Bank of Canada 1.82%
21 – Toronto Dominion Bank 1.46%
22 – Société Générale 1.14%
23 – Westpac Banking Corporation 0.89%
24 – National Bank of Canada 0.77%
25 – Svenska Handelsbanken 0.72%
26 – Dresdner Kleinwort Wasserstein 0.71%
27 – ING Barings 0.67%
28 – Nordea 0.65%
29 – Bank of Montreal 0.46%
30 – Bear Stearns 0.35%

LARGE (>$25bn)
2003 2002 Large clients: Greater than $25bn in turnover Market share
1 – UBS 11.74%
2 – Citigroup 10.09%
3 – Deutsche Bank 10.02%
4 – JP Morgan Chase 7.28%
5 – Goldman Sachs 5.94%
6 – Credit Suisse First Boston 4.48%
7 – Morgan Stanley 4.24%
8 – HSBC 3.99%
9 – Barclays Capital 3.95%
10 – ABN Amro 3.88%
11 – Royal Bank of Scotland 2.98%
12 – Merrill Lynch 2.95%
13 – BNP Paribas 2.61%
14 – Lehman Bros 2.23%
15 – Bank of America 2.19%
16 – State Street Bank and Trust 2.19%
17 – SEB 2.02%
18 – Crédit Agricole Indosuez 1.99%
19 – AIG 1.73%
20 – Toronto Dominion Bank 1.57%
21 – Royal Bank of Canada 1.52%
22 – Dresdner Kleinwort Wasserstein 1.30%
23 – Société Générale 1.21%
24 – Westpac Banking Corporation 0.81%
25 – Nordea 0.67%
26 – ING Barings 0.66%
27 – Svenska Handelsbanken 0.57%
28 – Standard Chartered Bank 0.44%
29 – National Bank of Canada 0.39%
30 – Julius Baer 0.38%



QUALITATIVE ASSESSMENTS

KEY RELATIONSHIP BANK
2003 2002 Key relationship Bank (Overall) Total Score
1 3 Deutsche Bank 1718
2 1 Citigroup 1519
3 2 UBS 1330
4 6= Dresdner Kleinwort Wasserstein 731
5 6= HSBC 668
6 4 Goldman Sachs 579
7 5 JP Morgan Chase 576
8 13 BNP Paribas 497
9 12 Morgan Stanley 390
10 8 Credit Suisse First Boston 378
11 17 Royal Bank of Scotland 372
12 11 Royal Bank of Canada 351
13 9 ABN Amro 349
14 10 Bank of America 315
15 16 Barclays Capital 285
16 28= Merrill Lynch 229
17 15 State Street Bank and Trust 185
18 30 ANZ Banking Group 155
19 14 Standard Chartered 153
20 19 SEB 150
21 31 Toronto Dominion Bank 144
22 18 Commerzbank 143
23 21 Société Générale 137
24 20 Mitsubishi Tokyo Financial Group 121
25 22 Crédit Agricole Indosuez 117
26 24 Bank of Nova Scotia 116
27 32 CIBC World Markets 114
28 25 HVB Group 99
29 36= Westpac Banking Corporation 92
30 26 Lehman Bros 80

MOST INNOVATIVE APPROACH TO FX BUSINESS
2003 2002 Most Innovative Approach to FX Business % of votes cast for this question
1 4 Deutsche Bank 15.16%
2 2 UBS 13.78%
3 1 Citigroup 12.64%
4 5 Dresdner Kleinwort Wasserstein 7.49%
5 3 Goldman Sachs 5.27%
6 14 BNP Paribas 4.73%
7 6 HSBC 4.43%
8 11 JP Morgan Chase 3.30%
9 12 Morgan Stanley 3.24%
10 8 Credit Suisse First Boston 2.88%
11 10 Royal Bank of Canada 2.64%
12 17 Barclays Capital 2.04%
13 37= Merrill Lynch 1.98%
14 19= Royal Bank of Scotland 1.92%
15 9 Bank of America 1.80%
16 13 State Street Bank and Trust 1.74%
17 7 ABN Amro 1.68%
18 22 ANZ Banking Group 1.08%
19 16 SEB 0.84%
20 19= Société Générale 0.66%
21 25= Crédit Agricole Indosuez 0.60%
22= 37= CIBC World Markets 0.54%
22= – SCH 0.54%
24= 18 Commerzbank 0.48%
24= 15 Lehman Brothers 0.48%
24= 27= Standard Chartered Bank 0.48%
27= 27= Bank of Nova Scotia 0.42%
27= 27= Danske Bank 0.42%
29= 27= Allied Irish Bank Group 0.30%
29= 37= Nordea 0.30%
29= 27= Toronto Dominion Bank 0.30%
29= 27= Westpac Banking Corporation 0.30%



WHO’S BEST WHERE

London Centre
2003 2002 London Centre Score
1= 1 Citigroup 825
1= 3 Deutsche Bank 825
2 2 UBS 691
3 8 Royal Bank of Scotland 467
4 4 Goldman Sachs 440
5 7 HSBC 439
6 5 JP Morgan Chase 424
7 9= Barclays Capital 329
8 9= Dresdner Kleinwort Wasserstein 315
9 6 Credit Suisse First Boston 256
10 11 Morgan Stanley 238

New York
2003 2002 New York Score
1 1 Citigroup 712
2 3 Deutsche Bank 566
3 4 UBS 463
4 2 JP Morgan Chase 414
5 5 Goldman Sachs 313
6 6 Bank of America 260
7 9 Morgan Stanley 221
8 7 HSBC 219
9 8 Credit Suisse First Boston 147
10 10 Dresdner Kleinwort Wasserstein 143

Tokyo centre
2003 2002 Tokyo centre Score
1 2 JP Morgan Chase 255
2 5 Deutsche Bank 229
3 1 Citigroup 200
4 6 Mitsubishi Tokyo Financial Group 190
5 4 UBS 187
6 3 Goldman Sachs 182
7 10 Morgan Stanley 138
8 7 Credit Suisse First Boston 122
9 11 Sumitomo Mitsui Banking Corporation 116
10 8 Mizuho Financial Group 115

Frankfurt
2003 2002 Frankfurt Score
1 1 Deutsche Bank 996
2 2 Dresdner Kleinwort Wasserstein 705
3 3 Commerzbank 318
4 10 HVB Group 104
5 4 Citigroup 96
6 6 ING Barings 67
7 5 UBS 66
8 7 ABN Amro 64
9 25= Bayerische Landesbank 50
10 9 LB Hessen-Thuringen Girozentrale (Helaba) 46

Hong Kong
2003 2002 Hong Kong Score
1 1 HSBC 332
2 8 Fortis Bank 114
3 2 Citigroup 110
4 5 Deutsche Bank 82
5 6= Standard Chartered Bank 80
6= 13 BNP Paribas 77
6= 4 UBS 77
8 11 Morgan Stanley 54
9 12 JP Morgan Chase 53
10 6= Royal Bank of Scotland 45

Paris
2003 2002 Paris Score
1 1 BNP Paribas 364
2 2 Société Générale 290
3 6 Crédit Lyonnais 101
4 4 Crédit Agricole Indosuez 94
5 3 Citigroup 61
6= 8 Deutsche Bank 59
6= 10 HSBC 59
8 5 UBS 54
9= 9 Dresdner Kleinwort Wasserstein 45
9= 12 Natexis Banque 45

Singapore Centre
2003 2002 Singapore Centre Score
1 2 UBS 354
2 3 Deutsche Bank 237
3 1 Citigroup 206
4 7 Dresdner Kleinwort Wasserstein 109
5 4 HSBC 107
6 12 Royal Bank of Scotland 77
7 5 JP Morgan Chase 75
8 6 Standard Chartered Bank 71
9 8 Bank of America 65
10 30= DBS Bank 53

Toronto centre
2003 2002 Toronto centre Score
1 1 Royal Bank of Canada 433
2 3 Toronto Dominion Bank 185
3 5 Bank of Montreal 172
4 2 Bank of Nova Scotia 156
5 4 CIBC World Markets 144
6 6 Citigroup 54
7 7 UBS 34
8 9 Deutsche Bank 32
9 11= Dresdner Kleinwort Wasserstein 30
10 14= HSBC 28

Sydney centre
2003 2002 Sydney centre Score
1 2 ANZ Banking Group 268
2 4 Westpac Banking Corporation 175
3 5 National Australia Bank 159
4 3 Deutsche Bank 151
5 7 Commonwealth Bank of Australia 103
6 1 Citigroup 74
7 6 ABN Amro 69
8 9 UBS 56
9 12= Royal Bank of Canada 52
10 8 HSBC 40



CURRENCIES

Euro
2003 2002 Euro Score
1 2 Deutsche Bank 1027
2 3 UBS 810
3 1 Citigroup 736
4 8 Dresdner Kleinwort Wasserstein 432
5 5 ABN Amro 357
6 4 HSBC 337
7 6 JP Morgan Chase 320
8 9 BNP Paribas 318
9 7 Goldman Sachs 316
10 14 Royal Bank of Scotland 238

Euro/$
2003 2002 Euro/$ Score
1 2 Deutsche Bank 1631
2 1 Citigroup 1066
3 3 UBS 1033
4 8 Dresdner Kleinwort Wasserstein 607
5 4 JP Morgan Chase 483
6 5 Goldman Sachs 425
7 7 HSBC 407
8 9 BNP Paribas 390
9 6 ABN Amro 343
10 18 Royal Bank of Scotland 302

Dollar-Yen
2003 2002 Dollar-Yen Score
1 1 Citigroup 775
2 2 UBS 729
3 3 Deutsche Bank 600
4 4 JP Morgan Chase 451
5 5 Goldman Sachs 365
6 6 HSBC 362
7 12 Morgan Stanley 232
8 7= Mitsubishi Tokyo Financial Group 224
9 7= Dresdner Kleinwort Wasserstein 210
10 10 Bank of America 194

Euro/¥
2003 2002 Euro/¥ Score
1 2 UBS 715
2 3 Deutsche Bank 699
3 1 Citigroup 574
4 4 JP Morgan Chase 302
5 5 Goldman Sachs 298
6 6 Dresdner Kleinwort Wasserstein 274
7 7 HSBC 270
8 12 Credit Suisse First Boston 171
9 10 BNP Paribas 155
10 11 Morgan Stanley 154

Euro/£
2003 2002 Euro/£ Score
1 3 Deutsche Bank 633
2 2 UBS 610
3 1 Citigroup 502
4 6 Royal Bank of Scotland 486
5 5 HSBC 398
6 8= Dresdner Kleinwort Wasserstein 368
7 4 Barclays Capital 339
8 10 JP Morgan Chase 251
9 7 Goldman Sachs 214
10 11 BNP Paribas 204

Dollar-Sterling
2003 2002 Dollar-Sterling Score
1 1 Citigroup 578
2 6 Royal Bank of Scotland 533
3 3 UBS 507
4 2 HSBC 484
5 4 Deutsche Bank 469
6 5 Barclays Capital 360
7 7 JP Morgan Chase 306
8 11 Dresdner Kleinwort Wasserstein 214
9 8 Goldman Sachs 200
10 14 BNP Paribas 153

Swiss Franc
2003 2002 Swiss Franc Score
1 – UBS 1071
2 – Deutsche Bank 432
3 – Credit Suisse First Boston 377
4 – Citigroup 308
5 – Dresdner Kleinwort Wasserstein 220
6 – JP Morgan Chase 158
7= – ABN Amro 138
7= – Morgan Stanley 138
9 – BNP Paribas 127
10 – HSBC 104

Swiss Franc
2003 2002 Swiss Franc Score
1 – UBS 1071
2 – Deutsche Bank 432
3 – Credit Suisse First Boston 377
4 – Citigroup 308
5 – Dresdner Kleinwort Wasserstein 220
6 – JP Morgan Chase 158
7= – ABN Amro 138
7= – Morgan Stanley 138
9 – BNP Paribas 127
10 – HSBC 104

Danish Krone
2003 2002 Danish Krone Score
1 1 Danske Bank 315
2 3 Deutsche Bank 203
3 4 UBS 184
4 2 Citigroup 161
5 8 Dresdner Kleinwort Wasserstein 122
6 9 SEB 122
7 6= Nordea 116
8 6= JP Morgan Chase 99
9 5 ABN Amro 78
10 17 Svenska Handelsbanken 77

Norwegian Krone
2003 2002 Norwegian Krone Score
1 3 UBS 245
2 2 Deutsche Bank 244
3 10 SEB 231
4 1 Citigroup 226
5 4 Danske Bank 139
6 8 Den norske Bank 126
7 9 Dresdner Kleinwort Wasserstein 122
8 5 Nordea 118
9 6 ABN Amro 105
10 7 JP Morgan Chase 102

Polish Zloty
2003 2002 Polish Zloty Score
1 2 Deutsche Bank 306
2 1 Citigroup 238
3 3 UBS 122
4= 8= ABN Amro 94
4= 6= JP Morgan Chase 94
6 4= Dresdner Kleinwort Wasserstein 92
7 10 HVB Group 79
8 11 Commerzbank 64
9 13 Bank of America 60
10 4= ING Barings 63

Czech Koruna
2003 2002 Czech Koruna Score
1 2 Deutsche Bank 259
2 1 Citigroup 156
3 6= UBS 118
4 6= Dresdner Kleinwort Wasserstein 84
5 5 HVB Group 81
6 3 ABN Amro 69
7 8 JP Morgan Chase 63
8 9 ING Barings 61
9 4 Commerzbank 51
10= 11 BNP Paribas 38
10= 16 Goldman Sachs 38

Hungarian Forint
2003 2002 Hungarian Forint Score
1 2 Deutsche Bank 211
2 1 Citigroup 190
3 3 UBS 87
4 6 JP Morgan Chase 81
5 4 Dresdner Kleinwort Wasserstein 71
6 5 HVB Group 64
7 11 ING Barings 61
8 16= ABN Amro 52
9 9 Morgan Stanley 50
10 15 HSBC 39

Australian Dollar
2003 2002 Australian Dollar Score
1 1 Citigroup 436
2 2= ANZ Banking Group 428
3 7 UBS 389
4 2= Deutsche Bank 385
5 6 Westpac Banking Corporation 352
6 8 National Australia Bank 278
7 4 HSBC 243
8 5 JP Morgan Chase 238
9 10 Goldman Sachs 175
10 16 Dresdner Kleinwort Wasserstein 171

New Zealand Dollar
2003 2002 New Zealand Dollar Score
1 2 ANZ Banking Group 264
2 1 Citigroup 211
3 5 UBS 189
4 3 Westpac Banking Corporation 181
5 4 Deutsche Bank 163
6 6 National Australia Bank 135
7 7 JP Morgan Chase 101
8 9 HSBC 99
9 14 Dresdner Kleinwort Wasserstein 87
10 12 Goldman Sachs 75

Canadian Dollar
2003 2002 Canadian Dollar Score
1 1 Royal Bank of Canada 713
2 2 Citigroup 369
3 6 UBS 334
4 8 Deutsche Bank 306
5 4 Toronto Dominion Bank 280
6 5 JP Morgan Chase 248
7= 3 Bank of Nova Scotia 213
7= 10 CIBC World Markets 213
9 9 Bank of Montreal 174
10 7 Bank of America 145

South African Rand
2003 2002 South African Rand Score
1 1 Citigroup 292
2 2 Deutsche Bank 167
3 4 Standard Chartered Bank 157
4 5 UBS 144
5 3 JP Morgan Chase 107
6 8= HSBC 78
7 20= Standard Bank 77
8 8= Barclays Capital 72
9 11 Dresdner Kleinwort Wasserstein 66
10 6= ABN Amro 61

Brazilian Real
2003 2002 Brazilian Real Score
1 1 Citigroup 368
2 2 JP Morgan Chase 130
3 3 Deutsche Bank 122
4 5 FleetBoston Financial Corporation 101
5 6 Goldman Sachs 88
6 12 UBS 82
7 4 HSBC 79
8 8 ABN Amro 77
9= 7 Bank of America 51
9= 20= Dresdner Kleinwort Wasserstein 51

Chilean Peso
2003 2002 Chilean Peso Score
1 1 Citigroup 157
2 2 Deutsche Bank 81
3 3 JP Morgan Chase 69
4 7= SCH 44
5 13= UBS 32
6 13= ABN Amro 31
7 7= Goldman Sachs 27
8 9= Dresdner Kleinwort Wasserstein 24
9 5 FleetBoston Financial Corporation 22
10= 4 Bank of America 18
10= 18= HSBC 18

Mexican Peso
2003 2002 Mexican Peso Score
1 1 Citigroup 348
2 3 JP Morgan Chase 187
3 5 Deutsche Bank 99
4 4 Goldman Sachs 96
5 2 Bank of America 89
6 10= UBS 72
7 16= Royal Bank of Scotland 56
8 13 ABN Amro 55
9 6 Morgan Stanley 52
10 14= BBVA 45

Hong Kong Dollar
2003 2002 Hong Kong Dollar Score
1 1 HSBC 525
2 2 Citigroup 273
3 4 Standard Chartered Bank 200
4 6 UBS 144
5 3 Deutsche Bank 142
6 5 JP Morgan Chase 128
7 12 Morgan Stanley 83
8 11 Goldman Sachs 82
9 9= Dresdner Kleinwort Wasserstein 73
10 9= ABN Amro 67

Korean Won
2003 2002 Korean Won Score
1 1 Citigroup 251
2 2 Deutsche Bank 120
3 3 HSBC 107
4 5 JP Morgan Chase 100
5 4 Standard Chartered Bank 88
6 6 Goldman Sachs 78
7 7 UBS 74
8 9 Bank of America 54
9 8 Morgan Stanley 50
10 13 BNP Paribas 39

Indian Rupee
2003 2002 Indian Rupee Score
1 1 Citigroup 132
2 2 HSBC 105
3 3 Standard Chartered Bank 90
4 4 Deutsche Bank 83
5 10= Bank of America 42
6 7 UBS 38
7 6 JP Morgan Chase 32
8 – Dresdner Kleinwort Wasserstein 30
9 5 ABN Amro 21
10 – Goldman Sachs 20

New Taiwan Dollar
2003 2002 New Taiwan Dollar Score
1 1 Citigroup 167
2 3 HSBC 120
3 4 Deutsche Bank 95
4 6 Standard Chartered Bank 62
5 11= BNP Paribas 59
6 2 JP Morgan Chase 54
7 10 UBS 53
8 5 Bank of America 45
9 8= ABN Amro 41
10 7 Goldman Sachs 37

Chinese Yuan
2003 2002 Chinese Yuan Score
1 5 HSBC 104
2 1 Citigroup 101
3 3 Deutsche Bank 63
4 13= UBS 50
5 8 Goldman Sachs 39
6 – Bank of America 38
7 4 Standard Chartered Bank 34
8 7 JP Morgan Chase 33
9 2 Bank of China 19
10 6 Dresdner Kleinwort Wasserstein 16

Philippine peso
2003 2002 Philippine peso Score
1 1 Citigroup 150
2 2 HSBC 80
3 3 Deutsche Bank 70
4= 4 JP Morgan Chase 46
4= 5 Standard Chartered Bank 46
6 7= UBS 41
7 7= Bank of America 34
8 6 Dresdner Kleinwort Wasserstein 27
9 21= Credit Suisse First Boston 19
10 12 Goldman Sachs 17

Thai Baht
2003 2002 Thai Baht Score
1 1 Citigroup 210
2 3 HSBC 163
3 4 Standard Chartered Bank 139
4 2 Deutsche Bank 130
5 6 UBS 70
6 5 JP Morgan Chase 68
7 7= Goldman Sachs 59
8= 7= Bank of America 54
8= 9= Dresdner Kleinwort Wasserstein 34
10 9= ABN Amro 30

Indonesian Rupiah
2003 2002 Indonesian Rupiah Score
1 4 Deutsche Bank 104
2 1 Citigroup 99
3 3 Standard Chartered Bank 91
4 2 HSBC 73
5 6= UBS 50
6 6= JP Morgan Chase 40
7 13= Bank of America 27
8 5 ABN Amro 25
9 8 Dresdner Kleinwort Wasserstein 24
10 9 Goldman Sachs 18

Turkish Lira
2003 2002 Turkish Lira Score
1 1 Citigroup 121
2 3 Deutsche Bank 113
3 6= UBS 46
4 5 ABN Amro 45
5 2 JP Morgan Chase 36
6 6= Dresdner Kleinwort Wasserstein 32
7 11= HSBC 27
8 6= Barclays Capital 23
9 6= Bank of America 19
10= 14= Credit Suisse First Boston 18
10= 11= Morgan Stanley 18

Saudi Riyal
2003 2002 Saudi Riyal Score
1 1 Citigroup 79
2 6= Deutsche Bank 58
3 12= UBS 43
4 4 JP Morgan Chase 32
5 6= Dresdner Kleinwort Wasserstein 26
6 6= BNP Paribas 22
7= 12= Crédit Agricole Indosuez 21
7= 3 Standard Chartered Bank 21
9 2 HSBC 19
10 6= Goldman Sachs 17



FX RESEARCH

Technical
2003 2002 Technical Score
1 1 Citigroup 1065
2 3 Deutsche Bank 974
3 2 UBS 945
4 4 JP Morgan Chase 536
5 6 HSBC 409
6 11 Dresdner Kleinwort Wasserstein 405
7 10 Morgan Stanley 388
8 7 Credit Suisse First Boston 338
9 13 BNP Paribas 322
10 5 Goldman Sachs 295

Quantitative
2003 2002 Quantitative Score
1 – Deutsche Bank 876
2 – UBS 778
3 – Citigroup 688
4 – JP Morgan Chase 340
5 – HSBC 288
6 – Goldman Sachs 286
7 – Dresdner Kleinwort Wasserstein 253
8 – Morgan Stanley 228
9 – Credit Suisse First Boston 213
10 – BNP Paribas 186

Economic Fundamentals
2003 2002 Economic Fundamentals Score
1 2 Deutsche Bank 1463
2 1 Citigroup 1130
3 3 UBS 1067
4 4 JP Morgan Chase 674
5 5 Goldman Sachs 648
6 6 HSBC 561
7 11 Dresdner Kleinwort Wasserstein 499
8 8 Morgan Stanley 446
9 12 BNP Paribas 370
10 7 Credit Suisse First Boston 360

Short-term Research
2003 2002 Short-term Research Score
1 3 Deutsche Bank 943
2 1 Citigroup 754
3 2 UBS 743
4 6 HSBC 339
5 4 JP Morgan Chase 338
6 10 Dresdner Kleinwort Wasserstein 318
7 5 Goldman Sachs 282
8 12 BNP Paribas 252
9 11 Morgan Stanley 209
10= 7 ABN Amro 187
10= 8 Credit Suisse First Boston 187

Long-Term
2003 2002 Long-Term Score
1 3 Deutsche Bank 856
2 1 Citigroup 618
3 2 UBS 598
4 4 Goldman Sachs 396
5 6 HSBC 341
6 5 JP Morgan Chase 320
7 10 Dresdner Kleinwort Wasserstein 259
8 7 Credit Suisse First Boston 226
9 9 Morgan Stanley 206
10 12 BNP Paribas 190

Options & Volatility
2003 2002 Options & Volatility Score
1 1 UBS 778
2 4 Deutsche Bank 691
3 2 Citigroup 407
4 3 Goldman Sachs 337
5 5 JP Morgan Chase 252
6 9 Dresdner Kleinwort Wasserstein 216
7 7 HSBC 214
8 16 BNP Paribas 163
9 6 Credit Suisse First Boston 158
10 11 Morgan Stanley 132



FORWARDS

Under Three Years
2003 2002 Under Three Years Score
1 2 Deutsche Bank 1391
2 1 Citigroup 1082
3 3 UBS 882
4 10 Dresdner Kleinwort Wasserstein 509
5 6 HSBC 502
6 4 JP Morgan Chase 496
7 5 Goldman Sachs 415
8 13 BNP Paribas 370
9 7 ABN Amro 309
10 8 Credit Suisse First Boston 251

Forwards – Over Three Years
2003 2002 Forwards – Over Three Years Score
1 2 Deutsche Bank 427
2 – Citigroup 356
3 3 UBS 302
4 8 Dresdner Kleinwort Wasserstein 160
5 4 JP Morgan Chase 140
6 5 Goldman Sachs 126
7 6 HSBC 115
8 10= BNP Paribas 100
9 7 Credit Suisse First Boston 81
10 9 ABN Amro 77

Forwards – Emerging market currenciess
2003 2002 Forwards – Emerging market currencies Score
1 1 Citigroup 751
2 2 Deutsche Bank 491
3 4 HSBC 379
4 3 UBS 284
5 5 JP Morgan Chase 269
6 6 Standard Chartered Bank 205
7 11 Dresdner Kleinwort Wasserstein 161
8 7 Goldman Sachs 157
9 14 BNP Paribas 150
10 10 Bank of America 128

Forwards – Major currencies
2003 2002 Forwards – Major currencies Score
1 3 Deutsche Bank 1225
2 1 Citigroup 1017
3 2 UBS 928
4 9 Dresdner Kleinwort Wasserstein 496
5 6 HSBC 474
6 4 Goldman Sachs 419
7 5 JP Morgan Chase 401
8 13 BNP Paribas 316
9 8 ABN Amro 281
10 12 Royal Bank of Canada 255



OPTIONS

Vanilla
2003 2002 Vanilla Score
1 3 Deutsche Bank 930
2 1 UBS 891
3 2 Citigroup 695
4 4 Goldman Sachs 409
5 5 JP Morgan Chase 376
6 7 Dresdner Kleinwort Wasserstein 339
7 11 BNP Paribas 267
8 8 HSBC 241
9 6 Credit Suisse First Boston 234
10 13 Morgan Stanley 181

Options – Exotic
2003 2002 Options – Exotic Score
1 1 UBS 687
2 4 Deutsche Bank 640
3 2 Citigroup 390
4 3 Goldman Sachs 313
5 5 JP Morgan Chase 247
6 8 Dresdner Kleinwort Wasserstein 233
7 6 Credit Suisse First Boston 222
8 7 HSBC 162
9 11 BNP Paribas 160
10 12 Royal Bank of Scotland 132

Options – Consistent Pricing
2003 2002 Options – Consistent Pricing Score
1 1 UBS 809
2 3 Deutsche Bank 760
3 2 Citigroup 522
4 4 Goldman Sachs 315
5 5 JP Morgan Chase 309
6 8 Dresdner Kleinwort Wasserstein 263
7 6 Credit Suisse First Boston 230
8 7 HSBC 204
9 11 BNP Paribas 197
10 9 ABN Amro 137

Options – Best ideas
2003 2002 Options – Best ideas Score
1 4 Deutsche Bank 751
2 1 UBS 667
3 2 Citigroup 558
4 3 Goldman Sachs 409
5 7 Dresdner Kleinwort Wasserstein 289
6 5 JP Morgan Chase 253
7 6 Credit Suisse First Boston 237
8 12= BNP Paribas 217
9 8 HSBC 189
10 11 Royal Bank of Scotland 179

Most Effective link to Cash Management
2003 2002 Most Effective link to Cash Management Score
1 1 Citigroup 791
2 2 Deutsche Bank 677
3 – UBS 528
4 4 HSBC 300
5 10 Dresdner Kleinwort Wasserstein 281
6 5 JP Morgan Chase 251
7 6 ABN Amro 206
8 8 Bank of America 165
9 7 Goldman Sachs 150
10 – BNP Paribas 123



SPOT

Spot Pricing – Best
2003 2002 Spot Pricing – Best Score
1 3 Deutsche Bank 1333
2 1 Citigroup 1085
3 2 UBS 1035
4 – Dresdner Kleinwort Wasserstein 512
5 6 HSBC 488
6 5 JP Morgan Chase 453
7 4 Goldman Sachs 437
8 12 BNP Paribas 394
9 11 Morgan Stanley 343
10 9 Credit Suisse First Boston 285

Most aggressive spot pricing
2003 2002 Most aggressive spot pricing Score
1 2 Deutsche Bank 1109
2 1 Citigroup 985
3 3 UBS 902
4 6 HSBC 560
5 5 JP Morgan Chase 488
6 8 Dresdner Kleinwort Wasserstein 423
7 4 Goldman Sachs 352
8 7 ABN Amro 323
9 12 BNP Paribas 320
10 15 Royal Bank of Scotland 283



ADVISORY SERVICES

Accountancy advice for Derivatives
2003 2002 Accountancy advice for Derivatives Score
1 – Citigroup 464
2 – Deutsche Bank 444
3 – UBS 375
4 – Bank of America 224
5 – Dresdner Kleinwort Wasserstein 207
6 – Goldman Sachs 181
7 – BNP Paribas 157
8 – HSBC 145
9 – JP Morgan Chase 129
10 – Credit Suisse First Boston 120

Tax & Legal
2003 2002 Tax & Legal Score
1 – Deutsche Bank 190
2 – Citigroup 136
3 – UBS 116
4 – Dresdner Kleinwort Wasserstein 78
5 – Goldman Sachs 66
6 – HSBC 57
7 – JP Morgan Chase 53
8 – Bank of America 48
9 – BNP Paribas 47
10 – Credit Suisse First Boston 46

Treasury Outsourcing
2003 2002 Treasury Outsourcing Score
1 – UBS 210
2 – Deutsche Bank 202
3 – Citigroup 149
4 – Dresdner Kleinwort Wasserstein 81
5 – HSBC 75
6 – BNP Paribas 71
7 – JP Morgan Chase 47
8 – Goldman Sachs 42
9 – Credit Suisse First Boston 37
10 – ABN Amro 21

FX Prime Brokerage
2003 2002 FX Prime Brokerage Score
1 – Deutsche Bank 250
2 – UBS 209
3 – Goldman Sachs 138
4 – Citigroup 137
5 – Morgan Stanley 94
6 – BNP Paribas 75
7 – Dresdner Kleinwort Wasserstein 73
8 – Credit Suisse First Boston 68
9 – ABN Amro 64
10 – HSBC 55

Overall FX Back office
2003 2002 Overall FX Back office Score
1 – Deutsche Bank 586
2 – Citigroup 551
3 – UBS 478
4 – HSBC 248
5 – Dresdner Kleinwort Wasserstein 210
6 – JP Morgan Chase 190
7 – Goldman Sachs 175
8 – BNP Paribas 172
9 – Morgan Stanley 161
10 – Bank of America 127

Structured FX-linked
2003 2002 Structured FX-linked Score
1 – Deutsche Bank 514
2 – UBS 381
3 – Citigroup 330
4 – Dresdner Kleinwort Wasserstein 205
5 – BNP Paribas 173
6 – Goldman Sachs 160
7 – JP Morgan Chase 116
8 – Credit Suisse First Boston 105
9 – HSBC 102
10 – ABN Amro 84



TECHNOLOGY: BEST SINGLE-BANK PLATFORMS

Execution
2003 2002 Execution Score
1 1 UBS 918
2 5 Deutsche Bank 718
3 4 Dresdner Kleinwort Wasserstein 442
4 3 Citigroup 375
5 2 Goldman Sachs 278
6 8 Barclays Capital 222
7 – State Street Bank and Trust 143
8 6 Credit Suisse First Boston 142
9 10 HSBC 133
10 7 JP Morgan 114

Straight-through Processing
2003 2002 Straight-through Processing Score
1 1 UBS 591
2 5 Deutsche Bank 420
3 2 Citigroup 314
4 4 Dresdner Kleinwort Wasserstein 258
5 3 Goldman Sachs 157
6 9= HSBC 135
7 State Street Bank and Trust 127
8 11 Barclays Capital 125
9 7 Credit Suisse First Boston 98
10 6 JP Morgan 77

Research & Analytics
2003 2002 Research & Analytics Score
1 1 UBS 836
2 3 Deutsche Bank 524
3 2 Citigroup 512
4 4 Goldman Sachs 276
5 – JP Morgan 235
6 6 Dresdner Kleinwort Wasserstein 205
7 8 Credit Suisse First Boston 156
8 9 HSBC 156
9 10 Morgan Stanley 120
10 7 Bank of America 111



TECHNOLOGY: BEST MULTIBANK PLATFORMS

Execution
2003 2002 Execution Score
1 1 FXall 643
2 3 Currenex 187
3 2 FX Connect 143
4 – HotSpotfxi.com 73
6 – Saxo Trader 49
5 – Buy FX 38
7 – Oanda 23
8 – IFX direct 22
9 – 360 Treasury Systems 14
10 – Centradia 11

STP
2003 2002 STP Score
1 1 FXall 417
2 2 FX Connect 116
3 3 Currenex 109
4 – Buy FX 36
5 – HotSpotfxi.com 35
6 – Saxo Trader 27
7 – IFX direct 19
8= – 360 Treasury Systems 14
8= – Oanda 14
10 – Forexster 10

Research & Analytics
2003 2002 Research & Analytics Score
1 1 FXall 354
2 2 FX Connect 78
3 3 Currenex 66
4 – Buy FX 30
5 – Saxo Trader 27
6 – Oanda 21
7= – Forexster 13
7= – IFX direct 13
9 – HotSpotfxi.com 6
10 – 360 Treasury Systems 5





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