| Richard Johnson | ||||||
A handful of players dominate the major bond-trading disciplines. Deutsche Bank heads Eurobond and government bond trading and leads the field in many of the separate credit products. Warburg Dillon Read, ABN Amro and Morgan Stanley Dean Witter are close on Deutsche's heels.
But honours for the most progress among the top players would have to go to MSDW. It has shown that it's possible to break into new territory with some impressive leaps forward in corporate bonds, sovereigns, bank and government bonds.
David Cohen, head of investment-grade trading at MSDW, is not surprised. "Though few people would be surprised at our top ranking in US dollars, the sterling market was not considered to be a traditional strength for us. But a tremendous push into the market headed by Darren Bowler has brought excellent feedback from customers."