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2000 FX poll results continued

Currency pairs Eur/$ 2000 1999   Score 1 1 Deutsche Bank 384 2 2 Citigroup 249 3 3 Chase Manhattan Bank 134 4 5 HSBC 105 5 4 ABN Amro 76 6 7 Warburg Dillon Read 73 7 6 Bank of America 67 8 14= Goldman Sachs 52 9 19= JP Morgan 47 10 8 […]

May 1, 2000

Currency pairs
Eur/$
2000 1999   Score
1 1 Deutsche Bank 384
2 2 Citigroup 249
3 3 Chase Manhattan Bank 134
4 5 HSBC 105
5 4 ABN Amro 76
6 7 Warburg Dillon Read 73
7 6 Bank of America 67
8 14= Goldman Sachs 52
9 19= JP Morgan 47
10 8 Royal Bank of Canada 40
Eur/Yen
1 1= Deutsche Bank 208
2 1= Citigroup 142
3 3 Chase Manhattan Bank 107
4 4 HSBC 69
5 7= Bank of Tokyo-Mitsubishi 55
6 6 Bank of America 36
7= 9 JP Morgan 31
7= 5 Warburg Dillon Read 31
9 17 Goldman Sachs 29
10 10= Crédit Agricole Indosuez 25
Eur/£
1 1 Deutsche Bank 216
2 3 HSBC 143
3 2 Citigroup 139
4 4 Chase Manhattan Bank 88
5 6 Barclays Capital 77
6 5 NatWest Global Financial Markets 48
7 8 ABN Amro 45
8 9 Bank of America 39
9 12 JP Morgan 28
10 26= Merrill Lynch 27
Eur/Sfr
1 2 Deutsche Bank 126
2 1 Warburg Dillon Read 112
3 3 Citigroup 75
4 6 Chase Manhattan Bank 43
5 7 HSBC 42
6 4 Credit Suisse First Boston 39
7 45= Goldman Sachs 26
8 9 JP Morgan 24
9 16= Bank of America 18
10= 5 ABN Amro 15
10= 14= Merrill Lynch 15
$/Yen
1 3 Deutsche Bank 190
2 1 Citigroup 187
3 2 Chase Manhattan Bank 115
4 4 Bank of America 75
5 5 HSBC 73
6 7 Bank of Tokyo-Mitsubishi 67
7 6 Warburg Dillon Read 40
8 13 JP Morgan 37
9 12 Goldman Sachs 34
10= 8 Merrill Lynch 26
10= 15 Sumitomo Bank 26
$/£
1 2 Citigroup 194
2 3 Deutsche Bank 154
3 1 HSBC 145
4 5 Chase Manhattan Bank 100
5 6 Barclays Capital 83
6 4 NatWest Global Financial Markets 72
7 7 Bank of America 52
8 14= JP Morgan 39
9 12 Standard Chartered Bank 30
10= 20 Goldman Sachs 29
10= 11 Royal Bank of Scotland 29
$/Sfr
1 1 Warburg Dillon Read 124
2 2 Deutsche Bank 122
3 3 Citigroup 107
4 4 Chase Manhattan Bank 69
5 5 Credit Suisse First Boston 49
6 8 Bank of America 41
7 7 HSBC 30
8= 17= Goldman Sachs 23
8= 28= JP Morgan 23
10 24= Barclays Capital 22
Best dealers
Euro
2000 1999   Score
1 1 Deutsche Bank 379
2 2 Citigroup 264
3 4 Chase Manhattan Bank 102
4 7 HSBC 82
5 3 ABN Amro 81
6 6 Warburg Dillon Read 65
7 5 Bank of America 52
8 24 Goldman Sachs 37
9 * BNP Paribas 36
10 23 JP Morgan 34
Greek drachma
1 1 Citigroup 107
2 4 Deutsche Bank 68
3 11 Chase Manhattan Bank 32
4= 2 Bank of America 20
4= 7 Warburg Dillon Read 20
6 5 Alpha Credit Bank 18
7= 3 HSBC 16
7= 10 National Bank of Greece 16
9= 16 Goldman Sachs 15
9= 13= JP Morgan 15
Danish krone
1 1 Deutsche Bank 86
2 2 Citigroup 82
3 1 Den Danske Bank 79
4 9 SEB 51
5 5 Unibank 33
6 8 Bank of America 32
7 10 Chase Manhattan Bank 28
8 32= Goldman Sachs 24
9 13= HSBC 23
10 6= Svenska Handelsbanken 21
Norwegian krone
1 1 Citigroup 89
2 6 Deutsche Bank 75
3 3 SEB 61
4 9 Chase Manhattan Bank 43
5 2 Den Danske Bank 42
6 4= Svenska Handelsbanken 41
7 4= Bank of America 25
8 18= Goldman Sachs 23
9 12 HSBC 21
10 9 Den norske Bank 20
Swedish krona
1 3 Citigroup 104
2 4 Deutsche Bank 99
3 1 SEB 93
4 2 Svenska Handelsbanken 64
5 7 Chase Manhattan Bank 52
6 8 Den Danske Bank 33
7 11 MeritaNordbanken 29
8= 33= Goldman Sachs 26
8= 6 Warburg Dillon Read 26
10 5 Bank of America 25
Australian dollar
1 1 Citigroup 179
2 6 Deutsche Bank 110
3 2 ANZ Banking Group 70
4 4 Westpac Banking Corp 62
5 3 Chase Manhattan Bank 58
6 8 National Australia Bank 53
7 5 HSBC 46
8 7 Bank of America 40
9= 10 Commonwealth Bank of Australia 30
9= 24= Goldman Sachs 30
Canadian dollar
1 1 Royal Bank of Canada 151
2 2 Citigroup 143
3 8= Deutsche Bank 95
4 6 Chase Manhattan Bank 63
5 8= CIBC Wood Gundy 59
6 7 Bank of Nova Scotia 54
7 5 Bank of America 51
8= 10 HSBC 48
8= 4 Toronto Dominion Bank 48
10 3 Bank of Montreal 43
New Zealand dollar
1 1 Citigroup 98
2 6 Deutsche Bank 86
3 2 ANZ Banking Group 54
4 5 Westpac Banking Corp 52
5 15= National Australia Bank 35
6 3 Chase Manhattan Bank 30
7 21 Goldman Sachs 27
8 7 Bank of America 22
9 11= Standard Chartered Bank 21
10 8 Warburg Dillon Read 17
Argentine peso
1 1 Citigroup 93
2 2 Deutsche Bank 61
3= 4 Chase Manhattan Bank 25
3= 7= JP Morgan 25
5 11= Goldman Sachs 20
6 * FleetBoston 19
7= – Banco Santander Central Hispano 12
7= 5 HSBC 12
9 11= State Street Bank & Trust 10
10 3 Bank of America 8
*BankBoston 6
Brazilian real
1 1 Citigroup 144
2 2 Deutsche Bank 52
3= 3= Chase Manhattan Bank 32
3= * FleetBoston 32
5 6 HSBC 19
6 3= Bank of America 16
7 7 JP Morgan 15
8 9 ABN Amro 14
9 11 Goldman Sachs 13
10 – Banco Santander Central Hispano 12
*BankBoston 5
Mexican peso
1 1 Citigroup 148
2 4 Deutsche Bank 60
3 3 Chase Manhattan Bank 38
4 19= Goldman Sachs 34
5 2 Bank of America 28
6 6 JP Morgan 22
7 19= Banco Santander Central Hispano 19
8= – Bank One 17
8= * FleetBoston 17
10 12= State Street Bank & Trust 16
* BankBoston 7
Czech koruna
1 1 Citigroup 86
2 2 Deutsche Bank 52
3 – Goldman Sachs 21
4 12 Chase Manhattan Bank 20
5 17 Ceskoslovenska Obchodni Banka 12
6= 9 ABN Amro 11
6= – MeritaNordbanken 11
8 3 Bank of America 10
9 23= Crédit Agricole Indosuez 9
10= 16 Bank Austria Creditanstalt Group 8
10= 6= JP Morgan 8
Polish zloty
1 1 Citigroup 94
2 2 Deutsche Bank 53
3 6 JP Morgan 21
4 29= Goldman Sachs 19
5= 7= Chase Manhattan Bank 17
5= 29= SEB 17
7 7= ING Barings 15
8= 4 ABN Amro 13
8= – Crédit Agricole Indosuez 13
10= 3 Bank of America 9
10= 5 HSBC 9
Hungarian forint
1 1 Citigroup 68
2 6 Deutsche Bank 38
3 2= Bank of America 19
4= 8= Chase Manhattan Bank 17
4= 25= Goldman Sachs 17
6 8= ABN Amro 12
7 11 JP Morgan 11
8= 10 Bank Austria Creditanstalt Group 8
8= 25= Morgan Stanley Dean Witter 8
8= 4= Warburg Dillon Read 8
Hong Kong dollar
1 1 HSBC 186
2 2 Citigroup 90
3 3 Standard Chartered Bank 57
4 6 Deutsche Bank 50
5 4 Chase Manhattan Bank 40
6= 14 Crédit Agricole Indosuez 30
6= 8 Goldman Sachs 30
8 5 Bank of America 25
9 17= State Street Bank & Trust 15
10
Warburg Dillon Read 13
Indonesian rupiah
1 1 Citigroup 67
2 3 HSBC 65
3 2 Deutsche Bank 45
4 4 Standard Chartered Bank 40
5 5= Chase Manhattan Bank 22
6 5= Bank of America 15
7 16= Goldman Sachs 13
8= 12 State Street Bank & Trust 10
8= 13= Warburg Dillon Read 10
10 – Crédit Agricole Indosuez 9
Korean won
1 1 Citigroup 81
2 2 HSBC 54
3 5 Deutsche Bank 43
4 3 Standard Chartered Bank 37
5 15= Goldman Sachs 23
6 6 Bank of America 20
7 4 Chase Manhattan Bank 19
8 – Bank One 13
9 8= JP Morgan 11
10 8= State Street Bank & Trust 10
New Taiwan dollar
1 1 Citigroup 86
2 2 HSBC 56
3 3 Standard Chartered Bank 36
4 5 Deutsche Bank 30
5 6 Chase Manhattan Bank 16
6 11= Goldman Sachs 13
7 – Crédit Agricole Indosuez 12
8 4 Bank of America 11
9 7= JP Morgan 9
10 7= State Street Bank & Trust 7
Philippine peso
1 1 Citigroup 82
2 6 Deutsche Bank 53
3 2 Standard Chartered Bank 36
4 3 HSBC 27
5= 4 Bank of America 14
5= 5 Chase Manhattan Bank 14
7 13= Goldman Sachs 13
8 10= JP Morgan 10
9= 12 Morgan Stanley Dean Witter 8
9= 8= State Street Bank & Trust 8
9= 10= Warburg Dillon Read 8
Singapore dollar
1 2 HSBC 131
2 1 Citigroup 111
3 3 Standard Chartered Bank 77
4 4 Deutsche Bank 48
5= 5 Bank of America 27
5= 6 Chase Manhattan Bank 27
7 8 Warburg Dillon Read 20
8 12= Crédit Agricole Indosuez 18
9 20= Goldman Sachs 17
10 24= Bank of Tokyo-Mitsubishi 16
Thai baht
1 1 Citigroup 94
2 2 HSBC 85
3 3 Standard Chartered Bank 57
4 6 Chase Manhattan Bank 38
5 4 Deutsche Bank 34
6 5 Bank of America 20
7 14= Goldman Sachs 15
8 8= Bank of Tokyo-Mitsubishi 12
9 – Crédit Agricole Indosuez 11
10= 11= JP Morgan 10
10= 8= State Street Bank & Trust 10
Indian rupee
1 1 Citigroup 71
2 2 Standard Chartered Bank 47
3 4 HSBC 41
4 3 Deutsche Bank 32
5 10= Chase Manhattan Bank 18
6= 5 Bank of America 15
6= – Bank of Tokyo-Mitsubishi 15
8 6 ANZ Banking Group 11
9= – Dresdner Kleinwort Benson 8
9= 10= Warburg Dillon Read 8
South African rand
1 1 Citigroup 93
2 6 Deutsche Bank 52
3 2 Standard Chartered Bank 43
4 12 JP Morgan 31
5 4 Standard Bank 27
6 19= Goldman Sachs 25
7 22= Crédit Agricole Indosuez 24
8 10= Barclays Capital 22
9 10= Chase Manhattan Bank 21
10 8= Nedcor bank 20
Turkish lira
1 1 Citigroup 76
2 3 Deutsche Bank 36
3 4 HSBC 12
4 7 State Street Bank & Trust 10
5= 2 Bank of America 9
5= 5 Chase Manhattan Bank 9
7= – Bank of New York 8
7= 20= Goldman Sachs 8
7= 13= Mellon Bank 8
7= 9= Morgan Stanley Dean Witter 8
7= 9= Warburg Dillon Read 8
Saudi riyal
1 1 Citigroup 39
2 7= Chase Manhattan Bank 12
3 2 HSBC 10
4 * BNP Paribas 8
5 7= Standard Chartered Bank 7
6= 4 Bank of America 6
6= 11= Warburg Dillon Read 6
*Banque Nationale de Paris 11=,Banque Paribas 21=
Forwards
Under one year
2000 1999   Score
1 2 Citigroup 341
2 1 Deutsche Bank 339
3 4 Chase Manhattan Bank 151
4 3 HSBC 137
5 5 Bank of America 88
6 6 ABN Amro 87
7 7 Warburg Dillon Read 72
8 9 Royal Bank of Canada 67
9 18= Goldman Sachs 49
10 14 JP Morgan 42
Over one Year
1 1 Citigroup 153
2 2 Deutsche Bank 150
3 4 Chase Manhattan Bank 59
4 3 HSBC 56
5 7 Bank of America 36
6= 5 ABN Amro 33
6= 11 Royal Bank of Canada 33
8 14= Goldman Sachs 31
9 12= JP Morgan 29
10 23 Barclays Capital 24
Major currencies
1 2 Citigroup 335
2 1 Deutsche Bank 331
3 4 Chase Manhattan Bank 154
4 3 HSBC 118
5 5 Bank of America 78
6 7 ABN Amro 77
7 6 Warburg Dillon Read 74
8 8 Royal Bank of Canada 53
9 19 Goldman Sachs 51
10 13= JP Morgan 41
Emerging market currencies
1 1 Citigroup 317
2 2 Deutsche Bank 159
3 3 HSBC 109
4 6 Chase Manhattan Bank 70
5 4 Standard Chartered Bank 63
6 5 Bank of America 54
7 8 JP Morgan 38
8 7 ABN Amro 31
9 14= Goldman Sachs 30
10= 21= Crédit Agricole Indosuez 19
10= 9 Warburg Dillon Read 19
Options
Vanilla
2000 1999   Score
1 1 Citigroup 227
2 2 Deutsche Bank 226
3 3 Warburg Dillon Read 89
4 4 Chase Manhattan Bank 80
5 5 Bank of America 78
6 12= Goldman Sachs 59
7 6 HSBC 58
8 8 JP Morgan 45
9 9 ABN Amro 34
10 25= SEB 32
Multi-option
1 1 Deutsche Bank 152
2 2 Citigroup 150
3 3 Warburg Dillon Read 63
4 5 Goldman Sachs 59
5 4 Chase Manhattan Bank 53
6 8 Bank of America 45
7 7 JP Morgan 41
8 9 HSBC 40
9 16 ABN Amro 19
10= 6 NatWest Global Financial Markets 18
10= 14 Société Générale 18
Exotics
1 3 Citigroup 129
2 2 Deutsche Bank 125
3 1 Warburg Dillon Read 69
4 6 Goldman Sachs 63
5 4 Chase Manhattan Bank 57
6 12 Bank of America 40
7 5 JP Morgan 37
8 8 HSBC 29
9= 7 NatWest Global Financial Markets 16
9= 17 Société Générale 16
Trading strategies
1 1 Deutsche Bank 262
2 2 Citigroup 230
3= 6= Bank of America 84
3= 9 Goldman Sachs 84
5 4 Chase Manhattan Bank 79
6 8 HSBC 77
7 3 Warburg Dillon Read 76
8 6= JP Morgan 56
9 10 ABN Amro 40
10 5 NatWest Global Financial Markets 38
Pricing
1 2 Deutsche Bank 241
2 1 Citigroup 211
3 3 Warburg Dillon Read 90
4 4 Chase Manhattan Bank 82
5 8 Bank of America 79
6 5 HSBC 73
7 9 Goldman Sachs 71
8 7 JP Morgan 58
9 14 Société Générale 32
10 15= ABN Amro 29
Options and volatility research
1 1 Deutsche Bank 235
2 2 Citigroup 211
3 9 JP Morgan 102
4 5 Goldman Sachs 89
5 6 Bank of America 78
6 3 Warburg Dillon Read 75
7 8 HSBC 69
8 4 Chase Manhattan Bank 60
9 11 ABN Amro 29
10 13 Morgan Stanley Dean Witter 27
Spot
Trading strategies
2000 1999   Score
1 1 Deutsche Bank 324
2 2 Citigroup 315
3 3 Chase Manhattan Bank 122
4 5 HSBC 102
5 6 Bank of America 81
6 10 Goldman Sachs 57
7= 7 ABN Amro 53
7= 4 Warburg Dillon Read 53
9= 11= Crédit Agricole Indosuez 41
9= 23 JP Morgan 41
Pricing
1 1 Deutsche Bank 328
2 2 Citigroup 311
3 4 Chase Manhattan Bank 166
4 3 HSBC 127
5 5 Bank of America 96
6 6 ABN Amro 83
7 7 Warburg Dillon Read 68
8 23= JP Morgan 48
9 8 Royal Bank of Canada 46
10 10 Goldman Sachs 43
Research
2000 1999   Score
Political
1 1 Deutsche Bank 269
2 2 Citigroup 199
3 6 Goldman Sachs 106
4 4 Chase Manhattan Bank 103
5 3 Warburg Dillon Read 100
6 7 HSBC 79
7 8= JP Morgan 74
8 5 Bank of America 66
9 10 Merrill Lynch 50
10 8= ABN Amro 48
Economic
1 1 Deutsche Bank 340
2 2 Citigroup 293
3 6 JP Morgan 132
4 4 Chase Manhattan Bank 130
5 3 Goldman Sachs 119
6 7 HSBC 115
7 8 Bank of America 91
8 5 Warburg Dillon Read 89
9 9 ABN Amro 75
10 12 Morgan Stanley Dean Witter 53
Technical
1 1 Citigroup 293
2 2 Deutsche Bank 245
3 3 Chase Manhattan Bank 212
4 5 Bank of America 101
5 7 HSBC 72
6 10 Merrill Lynch 62
7 9 JP Morgan 61
8 8 ABN Amro 55
9 4 Warburg Dillon Read 52
10 11 Goldman Sachs 43
Short-term (0-3 months)
1 2 Citigroup 258
2 1 Deutsche Bank 242
3 3 Chase Manhattan Bank 120
4 5 Warburg Dillon Read 72
5 7 ABN Amro 67
6 8 HSBC 66
7 11= JP Morgan 65
8 4 Bank of America 64
9 6 Goldman Sachs 57
10 10 Morgan Stanley Dean Witter 29
Long-term (Over 3 months)
1 2 Citigroup 245
2 1 Deutsche Bank 211
3 3 Chase Manhattan Bank 98
4 9= JP Morgan 78
5 6 Goldman Sachs 77
6 4 Warburg Dillon Read 70
7 8 HSBC 69
8 7 Bank of America 62
9 9= Merrill Lynch 50
10= 5 ABN Amro 42
10= 14 Credit Suisse First Boston 42
Currency strategy
1 2 Citigroup 321
2 1 Deutsche Bank 272
3 4 Chase Manhattan Bank 99
4 5 Bank of America 74
5 7 Goldman Sachs 69
6 6 HSBC 61
7 8 JP Morgan 59
8 9 ABN Amro 51
9 3 Warburg Dillon Read 50
10 14 Credit Suisse First Boston 43
FX with global cash management
2000 1999   Score
1 1 Citigroup 347
2 2 Deutsche Bank 210
3 3 Chase Manhattan Bank 124
4 6 HSBC 98
5 4 ABN Amro 79
6 5 Bank of America 64
7 7 Warburg Dillon Read 30
8 28= Barclays Capital 23
9= 14 SEB 21
9= 10= State Street Bank & Trust 21
Trades via the internet
2000 1999   Score
1 2 Citigroup 75
2 3 SEB 55
3 8 Dresdner Kleinwort Benson 52
4 9= Goldman Sachs 33
5 1 Deutsche Bank 26
6 9= State Street Bank & Trust 22
7= 12= JP Morgan 11
7= – Société Générale 11
9 12= HSBC 9
10= 5= Credit Suisse First Boston 8
10= – Investec Bank 8
Proportion of business conducted on the internet
  % of companies polled
No business 85
Up to 1% of business 3
2% to 4.9% of business 1
5% to 9.9% of business 4
10% to 25% of business 3
Over 25% of business 2
It varies 2
Average % of business conducted on the net 1.7
Types of transactions and services accessed via the internet
  % of respondents
– most frequent replies
Research – non FX 34
Pricing, stock-tracking 13
All FX services 9
of which – FX research 3.6
– Trading/pricing 4.2
Other settlement 4.8
Interbank poll
How London rates interbank markets
Consistently tight market-making
2000 1999    
1 1 Chase Manhattan Bank 32
2 3 Deutsche Bank 29
3 6= Citibank 25
4 6= HSBC 21
5 2 Warburg Dillon Read 19
Currency pairs
Eur/$
1 1 Deutsche Bank 45
2 7= Morgan Stanley Dean Witter 27
3 3 Chase Manhattan Bank 25
4 – Bank of America 23
5 5 Citibank 17
Eur/Yen
1 1 Chase Manhattan Bank 41
2 4 Crédit Agricole Indosuez 30
3 3 Deutsche Bank 20
4 5 HSBC 16
5 2 Warburg Dillon Read 13
Eur/£
1 5 NatWest Global Financial Markets 35
2 6 Deutsche Bank 33
3 4 HSBC 25
4 1 Chase Manhattan Bank 21
5 2 Warburg Dillon Read 19
Eur/Sfr
1 2 Credit Suisse First Boston 55
2 1 Warburg Dillon Read 54
3 – Deutsche Bank 16
4 – Barclays Capital 12
5 4 Chase Manhattan Bank 11
$/Yen
1 1 Chase Manhattan Bank 40
2 2 Warburg Dillon Read 29
3 5= Barclays Capital 19
4 – Industrial Bank of Japan 18
5 – Citibank 16
$/£
1 – NatWest Global Financial Markets 32
2 2 HSBC 30
3 2 Warburg Dillon Read 26
4 4 Deutsche Bank 16
5 – Royal Bank of Scotland 14
$/Sfr
1 2 Credit Suisse First Boston 55
2 1 Warburg Dillon Read 53
3 3 Chase Manhattan Bank 17
4 – Barclays Capital 13
5= – Deutsche Bank 9
5= – HSBC 9
Best dealers
Euro (& Emu 11)
1 1 Deutsche Bank 25
2 – Morgan Stanley Dean Witter 10
3 – Citibank 9
4 – JP Morgan 7
5= 5= ABN Amro 6
5= – Dresdner Kleinwort Benson 6
Greek drachma
1 2 Alpha Credit 53
2 1 Bank of America 36
3 – JP Morgan 15
4 5 Citibank 13
5= 3 National Bank of Greece 7
5= – Deutsche Bank 7
Danish krone
1 1 Den Danske Bank 60
2 2 Unibank 37
3 3 Jyske Bank 20
4 5= SEB 17
Norwegian krone
1 1 Union Bank of Norway 31
2 3 SEB 27
3 2 Den norske Bank 24
4 4 Christiania Bank 23
5 5 Den Danske Bank 21
Swedish krona
1 1 SEB 63
2 2 Svenska Handelsbanken 46
3 4 Den Danske Bank 10
4= 5 Swedbank 8
4= – MeritaNordbanken Nordbanken 8
Australian dollar
1 1 Westpac Banking Corp 48
2 2 ANZ Banking Group 40
3 4 MacQuarie Bank 25
4 3 National Australia Bank 15
5 5 Commonwealth Bank of Australia 10
Canadian dollar
1 1 Royal Bank of Canada 66
2 2 CIBC Wood Gundy 25
3 4 TD Securities 23
4 5 Bank of Nova Scotia 19
5 3 Bank of Montreal 13
New Zealand dollar
1 1 Westpac Banking Corp 47
2 2 ANZ Banking Group 38
3 3 National Australia Bank 17
4 5= Commonwealth Bank of Australia 9
5 5= Citibank 6
Argentine peso
1 3 Citibank 11
2 4 Chase Manhattan Bank 9
3= – Deutsche Bank 8
3= – BankBoston 8
Brazilian real
1= – Citibank 8
1= – BankBoston 8
3 5 Chase Manhattan Bank 7
4 – JP Morgan 6
Mexican peso
1 1 Banca Nationale de Mexico 10
2 4 Citibank 8
3= – Bancomer 6
3= 2 Chase Manhattan Bank 6
Czech koruna
1 – Citibank 32
2 2 Deutsche Bank 26
3 1 Ceskoslovenska Obchodni Banka 10
4 3 Crédit Agricole Indosuez 9
5 – Bank Austria 7
Polish zloty
1 1 Bank Handlowy 31
2 5 Bank of America 23
3 3 Citibank 13
4 – Deutsche Bank 10
5 4 ABN Amro 6
Hungarian forint
1 2 Citibank 26
2 1 ING Barings 13
Hong Kong dollar
1 1 HSBC 42
2 2 Standard Chartered Bank 32
3= – Barclays Capital 6
3= 4 NatWest Global Financial Markets 6
3= – Citibank 6
3= – Deutsche Bank 6
Indonesian rupiah
1 1 Standard Chartered Bank 41
2 4 Citibank 20
3 2 HSBC 9
4 5 Chase Manhattan Bank 8
5 3 ANZ Banking Group 7
Korean won
1 2 Standard Chartered Bank 26
2 5= Citibank 20
3 – HSBC 15
4 1 Chase Manhattan Bank 7
New Taiwan dollar
1 1 Standard Chartered Bank 28
2 3 Citibank 16
3 2 HSBC 15
4 – Chase Manhattan Bank 8
Philippine peso
1 2 Standard Chartered Bank 21
2 – Chase Manhattan Bank 15
3 2 Citibank 12
4 1 HSBC 9
Singapore dollar
1 1 Standard Chartered Bank 39
2 – Barclays Capital 17
3 2 HSBC 16
4 – Chase Manhattan Bank 11
5 – Bank of America 9
Thai baht
1 1 Standard Chartered Bank 32
2 – HSBC 21
3 2 BNP Paribas 12
4 – Chase Manhattan Bank 11
Indian rupee
1 2 Standard Chartered Bank 24
2 1 State Bank of India 19
3 – HSBC 13
4 – Chase Manhattan Bank 6
South African rand
1 1 The Standard Bank of South Africa 27
2 4= Standard Chartered Bank 23
3 – Citibank 17
4= 4= JP Morgan 15
4= 2 Nedcor Bank 1
Turkish lira
1 – Deutsche Bank 21
2 3= Citibank 17
3 1 ABN Amro 13
4 2 Chase Manhattan Bank 12
5 3= Kocbank 10
Saudi riyal
1 1 BNP Paribas 2
2 4 HSBC 19
3 – Citibank 9
4 2 National Commercial Bank 7
5 – Standard Chartered Bank 5
How New York rates interbank markets
Consistently tight market-making
0 99    
1 3 Citibank 21
2= 4 Goldman Sachs 18
2= 1 Morgan Stanley Dean Witter 18
4 – Bank of America 16
5 – Warburg Dillon Read 14
Currency pairs
Eur/$
1 – Citibank 22
2= 2 Morgan Stanley Dean Witter 15
2= 1 Chase Manhattan Bank 15
4 – Bank of America 14
5 – Warburg Dillon Read 13
Eur/Yen
1 2 Citibank 16
2= 3 Sumitomo Bank 10
2= – Crédit Agricole Indosuez 10
4= – Bank of Tokyo-Mitsubishi 7
4= – Dresdner Kleinwort Benson 7
Eur/£
1 – Citibank 15
2 3= NatWest Global Financial Markets 12
3 2 Barclays Capital 9
4 – Warburg Dillon Read 8
5= – HSBC 7
5= – Deutsche Bank 7
5= 3= Chase Manhattan Bank 7
5= 1 Crédit Agricole Indosuez 7
Eur/Sfr
1 1= Warburg Dillon Read 37
2 5= Credit Suisse First Boston 22
3 1= Morgan Stanley Dean Witter 12
4 – Crédit Agricole Indosuez 7
5 4 Chase Manhattan Bank 5
$/Yen
1 2 Citibank 13
2= 1 Morgan Stanley Dean Witter 11
2= – Sumitomo Bank 11
4 3 Chase Manhattan Bank 10
5 – Warburg Dillon Read 9
$/£
1 3= NatWest Global Financial Markets 13
2= – HSBC 10
2= 3= Citibank 10
2= 2 Barclays Capital 10
5= – Goldman Sachs 8
5= 5 Morgan Stanley Dean Witter 8
5= 1 Crédit Agricole Indosuez 8
$/Sfr
1 1= Warburg Dillon Read 36
2 3 Credit Suisse First Boston 19
3 4 Morgan Stanley Dean Witter 10
4 – Crédit Agricole Indosuez 7
5 – Julius Baer 5
Best dealers
Euro
1 – Warburg Dillon Read 15
2= – Bank of America 12
2= – Citibank 12
4 – Morgan Stanley Dean Witter 8
5 – Deutsche Bank 7
Greek drachma
1 2 Alpha Credit 11
2 1 Bank of America 10
3 – National Bank of Greece 8
4 3 Citibank 6
Danish krone
1 2 Den Danske Bank 20
2= 3 SEB 11
2= 1 Unibank 11
4 – Svenska Handelsbanken 7
5 – Citibank 5
Norwegian krone
1 3= Svenska Handelsbanken 22
2 2 SEB 16
3 – Unibank 14
4= 3= Den norske Bank 11
4= 3= Christiania Bank 11
Swedish krona
1= 1 SEB 22
1= 2 Svenska Handelsbanken 22
3 – Unibank 10
Australian dollar
1 2= Westpac Banking Corp 23
2 1 Commonwealth Bank of Australia 20
3 2= National Australia Bank 15
4 4= ANZ Banking Grouping Group 11
5= – Deutsche Bank 7
5= – Morgan Stanley Dean Witter 7
Canadian dollar
1 1 Royal Bank of Canada 33
2 4 CIBC Wood Gundy 28
3 5 TD Securities 10
4 3 Bank of Montreal 9
5= 2 Bank of Nova Scotia 6
5= – JP Morgan 6
New Zealand dollar
1 2 Westpac Banking Corp 21
2 1 National Australia Bank 11
3 3 Commonwealth Bank of Australia 9
4= – Bancorp New Zealand 8
4= 4 ANZ Banking Group 8
5 – The National Bank of New Zealand 7
Argentine peso
1= 1 Chase Manhattan Bank 10
1= 2 Citibank 10
3 – Deutsche Bank 7
4 – Credit Suisse First Boston 5
Brazilian real
1 – Morgan Stanley Dean Witter 11
2 2 Chase Manhattan Bank 9
3 3 JP Morgan 8
4 – Citibank 6
Mexican peso
1 – Banco Nacional de Mexico 14
2= 2= Chase Manhattan Bank 11
2= – Morgan Stanley Dean Witter 11
4 – Banco Santander Central Hispano 9
5= – Citibank 8
5= – Bank of America 8
Polish zloty
1 – Citibank 11
2 – ING Barings 6
Hungarian forint
1 – Citibank 7
2= – Warburg Dillon Read 4
2= – ING Barings 4
2= – Deutsche Bank 4
Hong Kong dollar
1 2 Standard Chartered Bank 17
2 1 HSBC 14
3 – Citibank 7
Indian rupee
1 1 Standard Chartered Bank 8
2 – ING Barings 5
Korean won
1 1 Standard Chartered Bank 10
2 2 Citibank 7
3 3 HSBC 6
New Taiwan dollar
1 1 Standard Chartered Bank 8
2 3 HSBC 6
Philippine peso
1= 1 Standard Chartered Bank 13
1= 2 Citibank 13
3 3 HSBC 11
Singapore dollar
1 1 Standard Chartered Bank 16
2 – Citibank 10
3 – Barclays Capital 6
4 – Warburg Dillon Read 5
Thai baht
1 1 Standard Chartered Bank 16
2 – Citibank 6
Indian rupee
1 1= Standard Chartered Bank 10
2= 1= State Bank of India 8
2= 3 HSBC 8
4 – Deutsche Bank 5
South African rand
1 3 Standard Chartered Bank 21
2 – Morgan Stanley Dean Witter 8
3= – Barclays Capital 7
3= – Citibank 7
5 – Nedcor Bank 6
Turkish lira
1 – Citibank 12
2 – Chase Manhattan Bank 6
3 – Deutsche Bank 5
Saudi riyal
1 – BNP Paribas 9
2 2 Citibank 8
3 1 Standard Chartered Bank 7
4 – Riyad Bank 4
5 – The National Commercial Bank 3
How Tokyo rates interbank markets
Consistently tight market-making
0 99    
1 – Industrial Bank of Japan 18
2 1 Sumitomo Bank 16
3 – Warburg Dillon Read 9
Currency pairs
Eur/$
1 – Deutsche Bank 13
2= – Industrial Bank of Japan 9
2= 4 Citibank 9
4= 2= Warburg Dillon Read 8
4= – NatWest Global Financial Markets 8
Eur/Yen
1 1 Bank of Tokyo-Mitsubishi 18
2 5 Industrial Bank of Japan 16
3 2= Sumitomo Bank 11
4= – HSBC 7
4= 4 Citibank 7
4= – JP Morgan 7
Eur/£
1 2 NatWest Global Financial Markets 32
2 1 HSBC 24
3 4 Standard Chartered Bank 10
4 – Deutsche Bank 5
Eur/Sfr
1 1 Warburg Dillon Read 22
2 2 Credit Suisse First Boston 12
3 5 ANZ Banking Group 8
$/Yen
1 2 Bank of Tokyo-Mitsubishi 20
2 3 Industrial Bank of Japan 18
3 1 Sumitomo Bank 12
4 – Citibank 7
5= – NatWest Global Financial Markets 5
5= – Nomura 5
$/£
1 2 NatWest Global Financial Markets 38
2 1 HSBC 20
3 4 Standard Chartered Bank 11
4 3 Barclays Capital 6
5 – Deutsche Bank 5
$/Sfr
1 1 Warburg Dillon Read 34
2 2 Credit Suisse First Boston 16
3 5 ANZ Banking Group 11
4 4 Citibank 5
Currency pairs
Euro (& Emu 11)
1 1 Citibank 10
2 3 HSBC 8
3= – NatWest Global Financial Markets 6
3= – Royal Bank of Canada 6
5 – Sumitomo Bank 5
Danish krone
1 1 SEB 23
2 2 Den Danske Bank 15
3 – Den norske Bank 11
4 – Credit Suisse First Boston 3
5= – Christiania Bank 2
5= 3 Unibank 2
Norwegian krone
1 1 SEB 25
2 2 Den Danske Bank 19
3 3 Den norske Bank 13
4 – Christiania Bank 8
Swedish krona
1 1 SEB 29
2 2 Den Danske Bank 20
3 – Christiania Bank 6
Australian dollar
1 1 Westpac Banking Corp 32
2 2 National Australia Bank 19
3 3 ANZ Banking Group 17
4 5 MacQuarie Bank 7
5 4 Commonwealth Bank of Australia 6
Canadian dollar
1 2 TD Securities 20
2 5 CIBC Wood Gundy 17
3 1 Royal Bank of Canada 19
New Zealand dollar
1 2 Bank of New Zealand 22
2 – The National Bank of New Zealand 20
3 4 Westpac Banking Corp 11
Hong Kong dollar
1 1 HSBC 24
2 – Citibank 10
3 – Standard Chartered Bank 8
Indonesian rupiah
1 – Standard Chartered Bank 15
2 – Deutsche Bank 12
3 – Citibank 7
4 1 HSBC 6
Korean won
1 2 Citibank 10
2 – Korean Exchange Bank 7
New Taiwan dollar
1= 1 Citibank 10
1= – Chase Manhattan Bank 10
3 – Deutsche Bank 9
Philippine peso
1 – Deutsche Bank 13
2 1 Standard Chartered Bank 10
3= 2 Citibank 5
3= 3 HSBC 5
Singapore dollar
1 1 Development Bank of Singapore 16
2 – Deutsche Bank 13
3 2 HSBC 12
4= 4 Chase Manhattan Bank 7
4= 5 United Overseas Bank 7
Thai baht
1 – Citibank 10
2 3 Standard Chartered Bank 8
3= 1 HSBC 7
3= 4 Chase Manhattan Bank 7
3= 2 Bangkok Bank 7
Indian rupee
1 3 Standard Chartered Bank 7
2 1 Citibank 6
       
South African rand
1 1 The Standard Bank of South Africa 11
2 – ANZ Banking Group 10
3 – Standard Chartered Bank  
Tags Benchmarking Foreign Exchange Survey Surveys

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