Why biggest isn’t always smartest | Methodology
| Post-trade services | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 88.89% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 3 | CSFB/Credit Suisse | 50.00% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 80.00% |
| Electronic prime brokerage | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 62.50% |
| 2 | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Lehman Brothers | 40.00% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 71.43% |
| 2 | Goldman Sachs – GS Prime Brokerage | 68.18% |
| 3= | Lehman Brothers | 40.00% |
| 3= | UBS – Hedge Funds Portal (Prime Access) | 40.00% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 71.43% |
| 2= | Lehman Brothers | 60.00% |
| 2= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 4 | Goldman Sachs – GS Prime Brokerage | 39.13% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 1= | Lehman Brothers | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Goldman Sachs – GS Prime Brokerage | 56.00% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 72.00% |
| 2= | Lehman Brothers | 60.00% |
| 2= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 4 | Morgan Stanley | 57.14% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 64.00% |
| 2 | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Lehman Brothers | 40.00% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 42.86% |
| 2 | Morgan Stanley | 33.33% |
| Algorithmic trading | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 90.00% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 3 | CSFB/Credit Suisse | 42.86% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 90.00% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 3 | CSFB/Credit Suisse | 16.67% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 60.00% |
| 3 | CSFB/Credit Suisse | 40.00% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 80.00% |
| 3 | CSFB/Credit Suisse | 71.43% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 80.00% |
| 3 | CSFB/Credit Suisse | 71.43% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 87.50% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 100.00% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 3 | CSFB/Credit Suisse | 71.43% |
| Speed of processing | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 80.00% |
| 3 | CSFB/Credit Suisse | 71.43% |
| Connectivity to liquidity | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 80.00% |
| 3 | CSFB/Credit Suisse | 71.43% |
| Risk management tools | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 2 | Morgan Stanley | 77.78% |
| 3 | CSFB/Credit Suisse | 20.00% |
| Post-trade services | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 88.89% |
| 2 | JPMorgan – FIX Connectivity & Onsite Desktop | 83.33% |
| 3 | CSFB/Credit Suisse | 50.00% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan – FIX Connectivity & Onsite Desktop | 80.00% |
| Electronic prime brokerage | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 62.50% |
| 2 | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Lehman Brothers | 40.00% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 71.43% |
| 2 | Goldman Sachs – GS Prime Brokerage | 68.18% |
| 3= | Lehman Brothers | 40.00% |
| 3= | UBS – Hedge Funds Portal (Prime Access) | 40.00% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 71.43% |
| 2= | Lehman Brothers | 60.00% |
| 2= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 4 | Goldman Sachs – GS Prime Brokerage | 39.13% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 1= | Lehman Brothers | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Goldman Sachs – GS Prime Brokerage | 56.00% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 72.00% |
| 2= | Lehman Brothers | 60.00% |
| 2= | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 4 | Morgan Stanley | 57.14% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 64.00% |
| 2 | UBS – Hedge Funds Portal (Prime Access) | 60.00% |
| 3 | Morgan Stanley | 57.14% |
| 4 | Lehman Brothers | 40.00% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 42.86% |
| 2 | Morgan Stanley | 33.33% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 72.00% |
| 2 | Morgan Stanley | 71.43% |
| 3 | Lehman Brothers | 40.00% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | Goldman Sachs – GS Prime Brokerage | 69.23% |
| Fixed income | ||
| Online research | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 81.82% |
| 2 | Lehman Brothers | 75.61% |
| 3 | Deutsche Bank | 73.33% |
| 4 | UBS – Research Portal | 72.22% |
| 5 | DrKW – Globe Web FI | 66.67% |
| 6 | SEB | 62.50% |
| 7 | BNP Paribas | 58.33% |
| 8= | ABN Amro | 50.00% |
| 8= | Morgan Stanley | 50.00% |
| 8= | Merrill Lynch | 50.00% |
| 8= | Citigroup – Citigroup FI Direct | 50.00% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank | 93.33% |
| 2 | JPMorgan | 90.91% |
| 3 | Lehman Brothers | 82.93% |
| 4 | SEB | 71.43% |
| 5= | UBS – Research Portal | 66.67% |
| 5= | DrKW – Globe Web FI | 66.67% |
| 5= | BNP Paribas | 66.67% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | SEB | 75.00% |
| 2 | Lehman Brothers | 73.17% |
| 3 | UBS – Research Portal | 66.67% |
| 4= | Deutsche Bank | 62.50% |
| 4= | DrKW – Globe Web FI | 62.50% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | SEB | 85.71% |
| 2 | Lehman Brothers | 80.49% |
| 3 | JPMorgan | 68.18% |
| 4 | DrKW – Globe Web FI | 66.67% |
| 5 | Deutsche Bank | 62.50% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 81.82% |
| 2 | Morgan Stanley | 75.00% |
| 3 | Lehman Brothers | 74.36% |
| 4 | Deutsche Bank | 73.33% |
| 5= | UBS – Research Portal | 66.67% |
| 5= | DrKW – Globe Web FI | 66.67% |
|
Speed |
||
|
Rank |
Bank |
Score |
| 1 | SEB | 75.00% |
| 2 | JPMorgan | 72.73% |
| 3 | Deutsche Bank | 68.75% |
| 4 | Lehman Brothers | 63.41% |
| 5 | Morgan Stanley | 62.50% |
|
Cross-product capability |
||
|
Rank |
Bank |
Score |
| 1 | DrKW – Globe Web FI | 77.78% |
| 2 | JPMorgan | 64.71% |
| 3 | Morgan Stanley | 62.50% |
| 4 | UBS – Research Portal | 61.11% |
| 5 | BNP Paribas | 60.00% |
|
Reporting and documentation |
||
|
Rank |
Bank |
Score |
| 1 | Morgan Stanley | 85.71% |
| 2 | Citigroup – Citigroup FI Direct | 75.00% |
| 3 | Deutsche Bank | 72.73% |
| 4 | UBS – Research Portal | 72.22% |
| 5= | JPMorgan | 66.67% |
| 5= | DrKW – Globe Web FI | 66.67% |
| 5= | Lehman Brothers | 66.67% |
| 5= | Goldman Sachs | 66.67% |
|
Other factors |
||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 83.33% |
| 2= | Deutsche Bank | 66.67% |
| 2= | Lehman Brothers | 66.67% |
| 2= | BNP Paribas | 66.67% |
| 5 | UBS – Research Portal | 63.64% |
| Cross-product analytics | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 92.86% |
| 2 | Lehman Brothers | 66.67% |
| 3 | JPMorgan | 42.86% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 92.86% |
| 2 | JPMorgan | 85.71% |
| 3 | Lehman Brothers | 83.33% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 71.43% |
| 2 | JPMorgan | 57.14% |
| 3 | Lehman Brothers | 50.00% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 85.71% |
| 2 | Lehman Brothers | 83.33% |
| 3 | JPMorgan | 42.86% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 92.86% |
| 2 | Lehman Brothers | 66.67% |
| 3 | JPMorgan | 42.86% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 85.71% |
| 2 | Lehman Brothers | 66.67% |
| 3 | JPMorgan | 42.86% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 84.62% |
| 2 | Lehman Brothers | 83.33% |
| 3 | JPMorgan | 71.43% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 71.43% |
| 2 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 69.23% |
| 3 | Lehman Brothers | 33.33% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 83.33% |
| 2 | Deutsche Bank – TradeFinder, QuantEM and CreditQuant | 62.50% |
| Electronic book-building | ||
| Innovative design and features | ||
| Rank | Bank | Score |
| 1 | DrKW – eBookBuilding | 94.12% |
| 2 | HVB Group | 87.50% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 100.00% |
| 2 | DrKW – eBookBuilding | 76.47% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 87.50% |
| 2 | DrKW – eBookBuilding | 75.00% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1= | HVB Group | 100.00% |
| 1= | DrKW – eBookBuilding | 100.00% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 100.00% |
| 2 | DrKW – eBookBuilding | 94.12% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 100.00% |
| 2 | DrKW – eBookBuilding | 88.24% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 83.33% |
| 2 | DrKW – eBookBuilding | 66.67% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | HVB Group | 100.00% |
| 2 | DrKW – eBookBuilding | 94.12% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1= | DrKW – eBookBuilding | 100.00% |
| 1= | HVB Group | 100.00% |
| Electronic prime brokerage | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 100.00% |
| Analytical tools | ||
| Rank | Bank | Score |
| 1 | UBS – Hedge Funds Portal | 80.00% |
| 2 | Citigroup – Citigroup FIDirect – Primebrokerage | 40.00% |
| Ease of customization | ||
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 80.00% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 100.00% |
| 2 | Citigroup – Citigroup FIDirect – Primebrokerage | 33.33% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 100.00% |
| 2 | Citigroup – Citigroup FIDirect – Primebrokerage | 50.00% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 100.00% |
| 2 | Citigroup – Citigroup FIDirect – Primebrokerage | 50.00% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Hedge Funds Portal | 100.00% |
| 2 | Citigroup – Citigroup FIDirect – Primebrokerage | 50.00% |
| Electronic analytics | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 86.62% |
| 2 | Lehman Brothers | 83.33% |
| 3= | CSFB/Credit Suisse | 80.00% |
| 3= | JPMorgan | 80.00% |
| 5 | Citigroup – The Yield Book | 72.22% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | Citigroup – The Yield Book | 94.12% |
| 2 | JPMorgan | 93.33% |
| 3 | UBS – Credit Delta | 92.25% |
| 4 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 88.89% |
| 5 | Lehman Brothers | 83.33% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 78.57% |
| 2 | UBS – Credit Delta | 69.72% |
| 3 | Lehman Brothers | 66.67% |
| 4 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 61.11% |
| 5 | CSFB/Credit Suisse | 60.00% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 74.29% |
| 2 | JPMorgan | 73.33% |
| 3 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 72.22% |
| 4 | Lehman Brothers | 70.83% |
| 5 | CSFB/Credit Suisse | 40.00% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 82.39% |
| 2 | JPMorgan | 80.00% |
| 3 | Citigroup – The Yield Book | 72.22% |
| 4 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 66.67% |
| 5 | CSFB/Credit Suisse | 60.00% |
| Speed | ||
|
Rank |
Bank |
Score |
| 1 | JPMorgan | 73.33% |
| 4 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 70.59% |
| 3 | Lehman Brothers | 66.67% |
| 4 | UBS – Credit Delta | 65.25% |
| 5 | Citigroup – The Yield Book | 55.56% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 75.00% |
| 2= | JPMorgan | 66.67% |
| 2= | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 66.67% |
| 4 | Citigroup – The Yield Book | 61.11% |
| 5 | Lehman Brothers | 50.00% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 78.17% |
| 2 | Citigroup – The Yield Book | 76.47% |
| 3 | JPMorgan | 71.43% |
| 4 | Lehman Brothers | 66.67% |
| 5 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 60.00% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | UBS – Credit Delta | 77.53% |
| 2 | Lehman Brothers | 71.43% |
| 3 | Citigroup – The Yield Book | 69.23% |
| 4 | JPMorgan | 66.67% |
| 5 | Deutsche Bank – TradeFinder, CreditQuant, QuantEM, DBIQ | 57.14% |
| Non-bank fixed income | ||
| Government bond trading | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 67.86% |
| 2 | MTS | 50.00% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | MTS | 37.50% |
| 2 | TradeWeb | 18.52% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | MTS | 37.50% |
| 2 | TradeWeb | 26.92% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 82.14% |
| 2 | MTS | 42.86% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 85.71% |
| 2 | MTS | 75.00% |
| Cross-product capability | ||
|
Rank |
Bank |
Score |
| 1 | MTS | 42.86% |
| 2 | TradeWeb | 39.13% |
| Reporting and documentation | ||
|
Rank |
Bank |
Score |
| 1 | MTS | 62.50% |
| 2 | TradeWeb | 56.00% |
| Speed of processing | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 82.14% |
| 2 | MTS | 75.00% |
| Connectivity to liquidity | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 81.48% |
| 2 | MTS | 71.43% |
| Risk management tools | ||
|
Rank |
Bank |
Score |
| 1 | MTS | 57.14% |
| 2 | TradeWeb | 10.53% |
| Post-trade services | ||
|
Rank |
Bank |
Score |
| 1= | MTS | 62.50% |
| 1= | TradeWeb | 62.50% |
| Other factors | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 66.67% |
| Corporate bond trading | ||
| Innovative design and features | ||
|
Rank |
Bank |
Score |
| 1 | TradeWeb | 42.86% |
| 2 | MarketAxess | 35.71% |
| Analytical tools | ||
|
Rank |
Bank |
Score |
| 1 | MarketAxess | 30.77% |
| Ease of customization | ||
|
Rank |
Bank |
Score |
| 1 | MarketAxess | 33.33% |
| 2 | TradeWeb | 14.29% |
| Ease of use and navigability | ||
|
Rank |
Bank |
Score |
| 1= | TradeWeb | 42.86% |
| 1= | MarketAxess | 42.86% |
| Reliability | ||
|
Rank |
Bank |
Score |
| 1 | MarketAxess | 64.29% |
| 2 | TradeWeb | 57.14% |
