Risk management – interest rate products: Short-term and-long dated

Long-dated

Long-dated

Short-term (< 2 years) OTC interest-rate swaps
$
Ranking 2003 Ranking 2002 Total score
1 1 JP Morgan Chase 51
2 2 Citigroup 33
3 5= UBS 30
4 8 HSBC 27
5 9 Credit Suisse First Boston 20
6 14= ABN Amro 19
7 3 Deutsche Bank 18
8 — RBS 16
9= — National Australia Bank 14
9= 10= Société Générale 14
11 — Morgan Stanley 12
12= 4 Bank of America 10
12= 10= Crédit Agricole Indosuez 10
12= 16= Standard Chartered Bank 10
15 5 Barclays Capital 9
16 — Rabobank 7
17 — Bank One 6
18= — ANZ Bank 5
18= 7 Goldman Sachs 5
18= 10= Lehman Brothers 5
Euro
Ranking 2003 Ranking 2002 Total score
1 1 Deutsche Bank 41
2 12= Société Générale 26
3 7= ABN Amro 25
4 9 RBS 23
5 — HSBC 19
6 10= Credit Suisse First Boston 18
7 3 UBS 16
8 4 JP Morgan Chase 14
9= 2 Barclays Capital 13
9= 6 BNP Paribas 13
11= 5 Citigroup 12
11= 7= Crédit Agricole Indosuez 12
13= — HVB Group 11
13= 15= Merrill Lynch 11
15= — Bayerische Landesbank 7
15= 15= Dresdner Kleinwort Wasserstein 7
17= — BBVA 6
17= 15= Goldman Sachs 6
17= — ING Group 6
17= 19= LB Baden-Wurtemburg 6
17= — Morgan Stanley 6
Yen
Ranking 2003 Ranking 2002 Total score
1 6= HSBC 16
2 1 JP Morgan Chase 14
3 2 Nikko Salomon Smith Barney 12
4 17= Credit Suisse First Boston 7
5 4= Barclays Capital 6
Stg
Ranking 2003 Ranking 2002 Total score
1 2= RBS 36
2 1 Barclays Capital 35
3 5= HSBC 23
4 — Citigroup 9
5 2= UBS 8
6= — ABN Amro 7
6= 8= Deutsche Bank 7
8 — Credit Suisse First Boston 6
Sfr
Ranking 2003 Ranking 2002 Total score
1 1 UBS 30
2 2 Credit Suisse First Boston 21
3 — RBS 11
4 5= ABN Amro 10
5= 3= Deutsche Bank 7
5= 5= JP Morgan Chase 7
7 — Société Générale 6
Long-dated (> 2 years) interest-rate swaps
$
Ranking 2003 Ranking 2002 Total score
1 1 JP Morgan Chase 72
2 2 Citigroup 47
3 5 UBS 40
4 3 Deutsche Bank 36
5 12= HSBC 28
6= 4 Barclays Capital 23
6= 18= RBS 23
8 8= ABN Amro 20
9 10 Credit Suisse First Boston 17
10 — Société Générale 16
11 — National Australia Bank 14
12 — Crédit Agricole Indosuez 13
13= 18= Lehman Brothers 10
13= 8= Merrill Lynch 10
13= 16 Morgan Stanley 10
13= — Rabobank 10
17= — Bank of America 8
17= 7 Goldman Sachs 8
19= 21= Standard Chartered Bank 7
19= — Westpac Banking Corporation 7
21= — Bank One 6
21= — TD Securities 6
23= — ANZ Bank 5
23= — Commerzbank 5
Euro
Ranking 2003 Ranking 2002 Total score
1 1 Deutsche Bank 48
2 5 JP Morgan Chase 38
3= 3 Citigroup 25
3= 13 Société Générale 25
3= 4 UBS 25
6= 7 ABN Amro 23
6= 2 Barclays Capital 23
6= 20= HSBC 23
9 9 RBS 18
10 10= Credit Suisse First Boston 16
11 10= Crédit Agricole Indosuez 15
12 6 Merrill Lynch 14
13 12 Dresdner Kleinwort Wasserstein 11
14 8 BNP Paribas 10
15 — Morgan Stanley 8
16= 20= Commerzbank 7
16= 14= WestLB 7
18= — DZ Bank 6
18= 18= HVB Group 6
Yen
Ranking 2003 Ranking 2002 Total score
1 4= JP Morgan Chase 24
2 4= Nikko Salomon Smith Barney 13
3 7= HSBC 12
4= 1= Deutsche Bank 6
4= — Merrill Lynch 6
6 11= Morgan Stanley 5
Stg
Ranking 2003 Ranking 2002 Total score
1 1 Barclays Capital 35
2 2 RBS 31
3 4 JP Morgan Chase 26
4 5 HSBC 18
5= — Credit Suisse First Boston 10
5= — Merrill Lynch 10
7= 6= Citigroup 8
7= 3 UBS 8
9 — ABN Amro 6
Sfr
Ranking 2003 Ranking 2002 Total score
1 1 UBS 30
2 2 Credit Suisse First Boston 26
3 — RBS 11
4 — ABN Amro 8
5 6= Deutsche Bank 7
6 5 JP Morgan Chase 6