2000 FX poll results tables

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Euromoney FX poll 2000: Deutsche topples Citi 

Deutsche Bank's great victory
FX Poll methodology


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Foreign exchange results 2000
Top 30 by market share (overall)
20001999Estimated share (%)
12Deutsche Bank12.53
23Chase Manhattan Bank8.26
31Citigroup8.07
44Warburg Dillon Read5.02
58HSBC4.55
65Goldman Sachs4.38
77JP Morgan3.94
810Merrill Lynch3.27
911Credit Suisse First Boston2.89
1015Morgan Stanley Dean Witter2.87
1113NatWest Global Financial Markets2.71
1216Barclays Capital2.07
1314Royal Bank of Canada1.96
1444State Street Bank & Trust1.95
156Bank of America1.86
169ABN Amro1.72
1743Bank of New York1.24
18186Lehman Brothers1.22
1922Crédit Agricole Indosuez1.02
2079Brown Brothers Harriman0.74
21-Northern Trust0.72
2235ING Barings0.71
2318Standard Chartered Bank0.62
2499Banca Intesa0.61
2527Société Générale0.6
2638CIBC Wood Gundy0.56
27103Bank One0.53
2856Bank of Nova Scotia0.5
2929Industrial Bank of Japan0.49
3019MeritaNordbanken0.46


Foreign exchange results 2000
Top 30 by market share (overall)
20001999Estimated share (%)
12Deutsche Bank12.53
23Chase Manhattan Bank8.26
31Citigroup8.07
44Warburg Dillon Read5.02
58HSBC4.55
65Goldman Sachs4.38
77JP Morgan3.94
810Merrill Lynch3.27
911Credit Suisse First Boston2.89
1015Morgan Stanley Dean Witter2.87
1113NatWest Global Financial Markets2.71
1216Barclays Capital2.07
1314Royal Bank of Canada1.96
1444State Street Bank & Trust1.95
156Bank of America1.86
169ABN Amro1.72
1743Bank of New York1.24
18186Lehman Brothers1.22
1922Crédit Agricole Indosuez1.02
2079Brown Brothers Harriman0.74
21-Northern Trust0.72
2235ING Barings0.71
2318Standard Chartered Bank0.62
2499Banca Intesa0.61
2527Société Générale0.6
2638CIBC Wood Gundy0.56
27103Bank One0.53
2856Bank of Nova Scotia0.5
2929Industrial Bank of Japan0.49
3019MeritaNordbanken0.46


Top 30 by market share (excluding institutional investors)
20001999Estimated share (%)
11Citigroup11.53
22Deutsche Bank6.91
33Chase Manhattan Bank5.43
45HSBC4.38
54Warburg Dillon Read3.95
611Bank of America3.01
78Royal Bank of Canada2.94
87Credit Suisse First Boston2.47
913Goldman Sachs2.37
1026Merrill Lynch2.13
119ABN Amro2.05
1224JP Morgan1.56
1321Crédit Agricole Indosuez1.56
1428CIBC Wood Gundy1.44
1514NatWest Global Financial Markets1.41
1610Standard Chartered Bank1.39
1718Barclays Capital1.37
1819Société Générale1.33
19-Bank One1.31
2039Bank of Nova Scotia1.26
2115MeritaNordbanken1.22
2240Bank of Tokyo-Mitsubishi1.11
236SEB1.1
2420Fortis Bank1.08
2532Morgan Stanley Dean Witter0.99
2629ING Barings0.9
2722Commerzbank0.89
2836KBC Bank0.88
2963Lloyds TSB0.8
3012Svenska Handelsbanken0.78


Top 30 by market share (institutional investors only)
20001999Estimated share(%)
12Deutsche Bank15.97
21Chase Manhattan Bank9.99
33Citigroup5.96
44Warburg Dillon Read5.67
55Goldman Sachs5.62
66JP Morgan5.39
714HSBC4.65
89Morgan Stanley Dean Witter4.02
98Merrill Lynch3.96
1011NatWest Global Financial Markets3.51
1112Credit Suisse First Boston3.14
1230State Street Bank & Trust3.14
1315Barclays Capital2.5
1485Lehman Brothers1.76
1541Bank of New York1.57
1610ABN Amro1.54
1716Royal Bank of Canada1.36
1845Brown Brothers Harriman1.19
19-Northern Trust1.16
207Bank of America1.16
21-Banca Intesa0.91
2222Crédit Agricole Indosuez0.69
2353ING Barings0.6
2420AIG International0.56
2519Industrial Bank of Japan0.37
26-Dresdner Kleinwort Benson0.28
2738Westpac Banking Corp0.27
2825Rabobank0.25
2946Toronto Dominion Bank0.22
3051Mellon Bank0.19


Factors determining placement of FX business
Most import. ( 10)*Least import. (1)Av.
Price49%7%8.5
Speed of execution16%3%7.68
Quality of advice on overall FX exposure and products16%2%7.02
Overall relationship based on service in other areas12%3%6.77
Back office settlement10%2%6.63
Economic research4%4%5.87
Internet-based execution3%16%3.78
Technical research2%2%5.44
Other internet-based services2%9%3.88
Respondents were asked to rate various factors on a scale of 1-10, 10 meaning most important/indispensable.
* Totals>100% because some respondents nominated >1 category as being (joint)most important


Key relationship banks (overall)
20001999Score
11Citigroup1450
22Deutsche Bank1256
33Chase Manhattan Bank617
44HSBC577
55Bank of America428
612Goldman Sachs327
76Warburg Dillon Read315
87ABN Amro309
910JP Morgan292
1013Barclays Capital245
118Royal Bank of Canada178
1215Merrill Lynch161
1320Bank of Tokyo-Mitsubishi157
14*BNP Paribas154
159NatWest Global Financial Markets151
1621Credit Suisse First Boston143
1718=Morgan Stanley Dean Witter136
1811Standard Chartered Bank132
1926SEB122
2018=Société Générale117
21-Bank One112
2243State Street Bank & Trust97
2340Bank of Nova Scotia91
24=41Bank of New York89
24=30=CIBC Wood Gundy89
2627=Westdeutsche Landesbank85
27=22=Crédit Agricole Indosuez80
27=35Toronto Dominion Bank80
2932Standard Bank71
30117=Lehman Brothers68
*Banque Nationale de Paris 14, Banque Paribas 30=


Key relationship banks (excluding institutional investors)
20001999Score
11Citigroup1153
22Deutsche Bank779
34HSBC486
43Chase Manhattan Bank402
55Bank of America361
66ABN Amro248
714Goldman Sachs206
811Barclays Capital193
97Warburg Dillon Read184
1020=Bank of Tokyo-Mitsubishi151
11*BNP Paribas150
1215JP Morgan146
138Royal Bank of Canada140
1425=SEB122
1517Société Générale117
16=10NatWest Global Financial Markets115
16=9Standard Chartered Bank115
18-Bank One112
1938Bank of Nova Scotia91
2024CIBC Wood Gundy89
2125=Credit Suisse First Boston76
2229Standard Bank71
2323Crédit Agricole Indosuez70
2422Westdeutsche Landesbank69
2545=Merrill Lynch63
26=42=Bank of New York61
26=35Toronto Dominion Bank61
2840ANZ Banking Group60
29=13Dresdner Kleinwort Benson59
29=41MeritaNordbanken59
*Banque Nationale de Paris 12, Banque Paribas 28


Key relationship banks (institutional investors only)
20001999Score
12Deutsche Bank477
21Citigroup297
33Chase Manhattan Bank215
44JP Morgan146
55Warburg Dillon Read131
69Goldman Sachs121
77Merrill Lynch98
86HSBC91
98Morgan Stanley Dean Witter90
1013=State Street Bank & Trust82
11=10Bank of America67
11=15Credit Suisse First Boston67
1313=ABN Amro61
1424=Barclays Capital52
1516Royal Bank of Canada38
1611NatWest Global Financial Markets36
1724=Bank of New York28
1820=Westpac Banking Corp22
19-Lehman Brothers21
20=-Banco Santander Central Hispano19
20=31=Toronto Dominion Bank19
22=28AIG International17
22=20=Standard Chartered Bank17
24=-Banca Intesa16
24=31=Westdeutsche Landesbank16
26=-Bear Stearns15
26=-Brown Brothers Harriman15
26=31=Industrial Bank of Japan15
26=31=Northern Trust15
30=-Alpha Credit Bank10
30=-Bank of New Zealand10
30=19Crédit Agricole Indosuez10
30=-Den Danske Bank10


Who's best where
London
20001999Score
11Citigroup240
23Deutsche Bank207
34HSBC156
42Chase Manhattan Bank120
58Barclays Capital96
66=Bank of America71
7=10=JP Morgan57
7=5NatWest Global Financial Markets57
9=12Goldman Sachs43
9=6=Warburg Dillon Read43
New York
12Deutsche Bank253
21Citigroup207
33Chase Manhattan Bank117
47HSBC61
54Bank of America59
611JP Morgan41
75=Warburg Dillon Read40
810Goldman Sachs38
916Bank of New York36
105=Merrill Lynch29
Frankfurt
11Deutsche Bank117
22Dresdner Kleinwort Benson85
33Commerzbank44
44Citigroup26
515=Westdeutsche Landesbank12
6-Barclays Capital11
7-ING Barings10
8=6ABN Amro8
8=8Bank of America8
10=9=HypoVereinsbank7
10=9=Royal Bank of Canada7
10=-Warburg Dillon Read7
Singapore
11Citigroup78
24Deutsche Bank69
312HSBC36
42Standard Chartered Bank32
5=5Chase Manhattan Bank30
5=3Warburg Dillon Read30
7=14=JP Morgan21
7=-NatWest Global Financial Markets21
910=Merrill Lynch20
108Bank of America15
Tokyo
12Chase Manhattan Bank56
21Bank of Tokyo-Mitsubishi53
34Citigroup44
45Deutsche Bank29
512=HSBC21
6=24=Fuji Bank18
6=6Sumitomo Bank18
814Industrial Bank of Japan14
9=7Bank of America12
9=9Bank of Nova Scotia12
Sydney
13Citigroup45
22ANZ Banking Group41
37Deutsche Bank32
49HSBC30
51Westpac Banking Corp29
68Commonwealth Bank of Australia23
713=JP Morgan21
85=Chase Manhattan Bank20
95=National Australia Bank18
10*BNP Paribas13
*Banque Nationale de Paris 4
Hong Kong
11HSBC90
27Citigroup44
3-Bank of America27
44Standard Chartered Bank24
55=Deutsche Bank22
65=Goldman Sachs20
73Fortis Bank18
88Chase Manhattan Bank14
912=NatWest Global Financial Markets12
1035=Morgan Stanley Dean Witter11
Paris
1*BNP Paribas75
22Société Générale34
35Deutsche Bank12
49Citigroup10
5=4Crédit Agricole Indosuez8
5=13=Westdeutsche Landesbank8
7-HSBC6
*Banque Nationale de Paris 1, Banque Paribas 3






Currency pairs
Eur/$
20001999Score
11Deutsche Bank384
22Citigroup249
33Chase Manhattan Bank134
45HSBC105
54ABN Amro76
67Warburg Dillon Read73
76Bank of America67
814=Goldman Sachs52
919=JP Morgan47
108Royal Bank of Canada40
Eur/Yen
11=Deutsche Bank208
21=Citigroup142
33Chase Manhattan Bank107
44HSBC69
57=Bank of Tokyo-Mitsubishi55
66Bank of America36
7=9JP Morgan31
7=5Warburg Dillon Read31
917Goldman Sachs29
1010=Crédit Agricole Indosuez25
Eur/£
11Deutsche Bank216
23HSBC143
32Citigroup139
44Chase Manhattan Bank88
56Barclays Capital77
65NatWest Global Financial Markets48
78ABN Amro45
89Bank of America39
912JP Morgan28
1026=Merrill Lynch27
Eur/Sfr
12Deutsche Bank126
21Warburg Dillon Read112
33Citigroup75
46Chase Manhattan Bank43
57HSBC42
64Credit Suisse First Boston39
745=Goldman Sachs26
89JP Morgan24
916=Bank of America18
10=5ABN Amro15
10=14=Merrill Lynch15
$/Yen
13Deutsche Bank190
21Citigroup187
32Chase Manhattan Bank115
44Bank of America75
55HSBC73
67Bank of Tokyo-Mitsubishi67
76Warburg Dillon Read40
813JP Morgan37
912Goldman Sachs34
10=8Merrill Lynch26
10=15Sumitomo Bank26
$/£
12Citigroup194
23Deutsche Bank154
31HSBC145
45Chase Manhattan Bank100
56Barclays Capital83
64NatWest Global Financial Markets72
77Bank of America52
814=JP Morgan39
912Standard Chartered Bank30
10=20Goldman Sachs29
10=11Royal Bank of Scotland29
$/Sfr
11Warburg Dillon Read124
22Deutsche Bank122
33Citigroup107
44Chase Manhattan Bank69
55Credit Suisse First Boston49
68Bank of America41
77HSBC30
8=17=Goldman Sachs23
8=28=JP Morgan23
1024=Barclays Capital22


Best dealers
Euro
20001999Score
11Deutsche Bank379
22Citigroup264
34Chase Manhattan Bank102
47HSBC82
53ABN Amro81
66Warburg Dillon Read65
75Bank of America52
824Goldman Sachs37
9*BNP Paribas36
1023JP Morgan34
Greek drachma
11Citigroup107
24Deutsche Bank68
311Chase Manhattan Bank32
4=2Bank of America20
4=7Warburg Dillon Read20
65Alpha Credit Bank18
7=3HSBC16
7=10National Bank of Greece16
9=16Goldman Sachs15
9=13=JP Morgan15
Danish krone
11Deutsche Bank86
22Citigroup82
31Den Danske Bank79
49SEB51
55Unibank33
68Bank of America32
710Chase Manhattan Bank28
832=Goldman Sachs24
913=HSBC23
106=Svenska Handelsbanken21
Norwegian krone
11Citigroup89
26Deutsche Bank75
33SEB61
49Chase Manhattan Bank43
52Den Danske Bank42
64=Svenska Handelsbanken41
74=Bank of America25
818=Goldman Sachs23
912HSBC21
109Den norske Bank20
Swedish krona
13Citigroup104
24Deutsche Bank99
31SEB93
42Svenska Handelsbanken64
57Chase Manhattan Bank52
68Den Danske Bank33
711MeritaNordbanken29
8=33=Goldman Sachs26
8=6Warburg Dillon Read26
105Bank of America25
Australian dollar
11Citigroup179
26Deutsche Bank110
32ANZ Banking Group70
44Westpac Banking Corp62
53Chase Manhattan Bank58
68National Australia Bank53
75HSBC46
87Bank of America40
9=10Commonwealth Bank of Australia30
9=24=Goldman Sachs30
Canadian dollar
11Royal Bank of Canada151
22Citigroup143
38=Deutsche Bank95
46Chase Manhattan Bank63
58=CIBC Wood Gundy59
67Bank of Nova Scotia54
75Bank of America51
8=10HSBC48
8=4Toronto Dominion Bank48
103Bank of Montreal43
New Zealand dollar
11Citigroup98
26Deutsche Bank86
32ANZ Banking Group54
45Westpac Banking Corp52
515=National Australia Bank35
63Chase Manhattan Bank30
721Goldman Sachs27
87Bank of America22
911=Standard Chartered Bank21
108Warburg Dillon Read17
Argentine peso
11Citigroup93
22Deutsche Bank61
3=4Chase Manhattan Bank25
3=7=JP Morgan25
511=Goldman Sachs20
6*FleetBoston19
7=-Banco Santander Central Hispano12
7=5HSBC12
911=State Street Bank & Trust10
103Bank of America8
*BankBoston 6
Brazilian real
11Citigroup144
22Deutsche Bank52
3=3=Chase Manhattan Bank32
3=*FleetBoston32
56HSBC19
63=Bank of America16
77JP Morgan15
89ABN Amro14
911Goldman Sachs13
10-Banco Santander Central Hispano12
*BankBoston 5
Mexican peso
11Citigroup148
24Deutsche Bank60
33Chase Manhattan Bank38
419=Goldman Sachs34
52Bank of America28
66JP Morgan22
719=Banco Santander Central Hispano19
8=-Bank One17
8=*FleetBoston17
1012=State Street Bank & Trust16
* BankBoston 7
Czech koruna
11Citigroup86
22Deutsche Bank52
3-Goldman Sachs21
412Chase Manhattan Bank20
517Ceskoslovenska Obchodni Banka12
6=9ABN Amro11
6=-MeritaNordbanken11
83Bank of America10
923=Crédit Agricole Indosuez9
10=16Bank Austria Creditanstalt Group8
10=6=JP Morgan8
Polish zloty
11Citigroup94
22Deutsche Bank53
36JP Morgan21
429=Goldman Sachs19
5=7=Chase Manhattan Bank17
5=29=SEB17
77=ING Barings15
8=4ABN Amro13
8=-Crédit Agricole Indosuez13
10=3Bank of America9
10=5HSBC9
Hungarian forint
11Citigroup68
26Deutsche Bank38
32=Bank of America19
4=8=Chase Manhattan Bank17
4=25=Goldman Sachs17
68=ABN Amro12
711JP Morgan11
8=10Bank Austria Creditanstalt Group8
8=25=Morgan Stanley Dean Witter8
8=4=Warburg Dillon Read8
Hong Kong dollar
11HSBC186
22Citigroup90
33Standard Chartered Bank57
46Deutsche Bank50
54Chase Manhattan Bank40
6=14Crédit Agricole Indosuez30
6=8Goldman Sachs30
85Bank of America25
917=State Street Bank & Trust15
10
Warburg Dillon Read13
Indonesian rupiah
11Citigroup67
23HSBC65
32Deutsche Bank45
44Standard Chartered Bank40
55=Chase Manhattan Bank22
65=Bank of America15
716=Goldman Sachs13
8=12State Street Bank & Trust10
8=13=Warburg Dillon Read10
10-Crédit Agricole Indosuez9
Korean won
11Citigroup81
22HSBC54
35Deutsche Bank43
43Standard Chartered Bank37
515=Goldman Sachs23
66Bank of America20
74Chase Manhattan Bank19
8-Bank One13
98=JP Morgan11
108=State Street Bank & Trust10
New Taiwan dollar
11Citigroup86
22HSBC56
33Standard Chartered Bank36
45Deutsche Bank30
56Chase Manhattan Bank16
611=Goldman Sachs13
7-Crédit Agricole Indosuez12
84Bank of America11
97=JP Morgan9
107=State Street Bank & Trust7
Philippine peso
11Citigroup82
26Deutsche Bank53
32Standard Chartered Bank36
43HSBC27
5=4Bank of America14
5=5Chase Manhattan Bank14
713=Goldman Sachs13
810=JP Morgan10
9=12Morgan Stanley Dean Witter8
9=8=State Street Bank & Trust8
9=10=Warburg Dillon Read8
Singapore dollar
12HSBC131
21Citigroup111
33Standard Chartered Bank77
44Deutsche Bank48
5=5Bank of America27
5=6Chase Manhattan Bank27
78Warburg Dillon Read20
812=Crédit Agricole Indosuez18
920=Goldman Sachs17
1024=Bank of Tokyo-Mitsubishi16
Thai baht
11Citigroup94
22HSBC85
33Standard Chartered Bank57
46Chase Manhattan Bank38
54Deutsche Bank34
65Bank of America20
714=Goldman Sachs15
88=Bank of Tokyo-Mitsubishi12
9-Crédit Agricole Indosuez11
10=11=JP Morgan10
10=8=State Street Bank & Trust10
Indian rupee
11Citigroup71
22Standard Chartered Bank47
34HSBC41
43Deutsche Bank32
510=Chase Manhattan Bank18
6=5Bank of America15
6=-Bank of Tokyo-Mitsubishi15
86ANZ Banking Group11
9=-Dresdner Kleinwort Benson8
9=10=Warburg Dillon Read8
South African rand
11Citigroup93
26Deutsche Bank52
32Standard Chartered Bank43
412JP Morgan31
54Standard Bank27
619=Goldman Sachs25
722=Crédit Agricole Indosuez24
810=Barclays Capital22
910=Chase Manhattan Bank21
108=Nedcor bank20
Turkish lira
11Citigroup76
23Deutsche Bank36
34HSBC12
47State Street Bank & Trust10
5=2Bank of America9
5=5Chase Manhattan Bank9
7=-Bank of New York8
7=20=Goldman Sachs8
7=13=Mellon Bank8
7=9=Morgan Stanley Dean Witter8
7=9=Warburg Dillon Read8
Saudi riyal
11Citigroup39
27=Chase Manhattan Bank12
32HSBC10
4*BNP Paribas8
57=Standard Chartered Bank7
6=4Bank of America6
6=11=Warburg Dillon Read6
*Banque Nationale de Paris 11=,Banque Paribas 21=


Forwards
Under one year
20001999Score
12Citigroup341
21Deutsche Bank339
34Chase Manhattan Bank151
43HSBC137
55Bank of America88
66ABN Amro87
77Warburg Dillon Read72
89Royal Bank of Canada67
918=Goldman Sachs49
1014JP Morgan42
Over one Year
11Citigroup153
22Deutsche Bank150
34Chase Manhattan Bank59
43HSBC56
57Bank of America36
6=5ABN Amro33
6=11Royal Bank of Canada33
814=Goldman Sachs31
912=JP Morgan29
1023Barclays Capital24
Major currencies
12Citigroup335
21Deutsche Bank331
34Chase Manhattan Bank154
43HSBC118
55Bank of America78
67ABN Amro77
76Warburg Dillon Read74
88Royal Bank of Canada53
919Goldman Sachs51
1013=JP Morgan41
Emerging market currencies
11Citigroup317
22Deutsche Bank159
33HSBC109
46Chase Manhattan Bank70
54Standard Chartered Bank63
65Bank of America54
78JP Morgan38
87ABN Amro31
914=Goldman Sachs30
10=21=Crédit Agricole Indosuez19
10=9Warburg Dillon Read19


Options
Vanilla
20001999Score
11Citigroup227
22Deutsche Bank226
33Warburg Dillon Read89
44Chase Manhattan Bank80
55Bank of America78
612=Goldman Sachs59
76HSBC58
88JP Morgan45
99ABN Amro34
1025=SEB32
Multi-option
11Deutsche Bank152
22Citigroup150
33Warburg Dillon Read63
45Goldman Sachs59
54Chase Manhattan Bank53
68Bank of America45
77JP Morgan41
89HSBC40
916ABN Amro19
10=6NatWest Global Financial Markets18
10=14Société Générale18
Exotics
13Citigroup129
22Deutsche Bank125
31Warburg Dillon Read69
46Goldman Sachs63
54Chase Manhattan Bank57
612Bank of America40
75JP Morgan37
88HSBC29
9=7NatWest Global Financial Markets16
9=17Société Générale16
Trading strategies
11Deutsche Bank262
22Citigroup230
3=6=Bank of America84
3=9Goldman Sachs84
54Chase Manhattan Bank79
68HSBC77
73Warburg Dillon Read76
86=JP Morgan56
910ABN Amro40
105NatWest Global Financial Markets38
Pricing
12Deutsche Bank241
21Citigroup211
33Warburg Dillon Read90
44Chase Manhattan Bank82
58Bank of America79
65HSBC73
79Goldman Sachs71
87JP Morgan58
914Société Générale32
1015=ABN Amro29
Options and volatility research
11Deutsche Bank235
22Citigroup211
39JP Morgan102
45Goldman Sachs89
56Bank of America78
63Warburg Dillon Read75
78HSBC69
84Chase Manhattan Bank60
911ABN Amro29
1013Morgan Stanley Dean Witter27


Spot
Trading strategies
20001999Score
11Deutsche Bank324
22Citigroup315
33Chase Manhattan Bank122
45HSBC102
56Bank of America81
610Goldman Sachs57
7=7ABN Amro53
7=4Warburg Dillon Read53
9=11=Crédit Agricole Indosuez41
9=23JP Morgan41
Pricing
11Deutsche Bank328
22Citigroup311
34Chase Manhattan Bank166
43HSBC127
55Bank of America96
66ABN Amro83
77Warburg Dillon Read68
823=JP Morgan48
98Royal Bank of Canada46
1010Goldman Sachs43


Research
20001999Score
Political
11Deutsche Bank269
22Citigroup199
36Goldman Sachs106
44Chase Manhattan Bank103
53Warburg Dillon Read100
67HSBC79
78=JP Morgan74
85Bank of America66
910Merrill Lynch50
108=ABN Amro48
Economic
11Deutsche Bank340
22Citigroup293
36JP Morgan132
44Chase Manhattan Bank130
53Goldman Sachs119
67HSBC115
78Bank of America91
85Warburg Dillon Read89
99ABN Amro75
1012Morgan Stanley Dean Witter53
Technical
11Citigroup293
22Deutsche Bank245
33Chase Manhattan Bank212
45Bank of America101
57HSBC72
610Merrill Lynch62
79JP Morgan61
88ABN Amro55
94Warburg Dillon Read52
1011Goldman Sachs43
Short-term (0-3 months)
12Citigroup258
21Deutsche Bank242
33Chase Manhattan Bank120
45Warburg Dillon Read72
57ABN Amro67
68HSBC66
711=JP Morgan65
84Bank of America64
96Goldman Sachs57
1010Morgan Stanley Dean Witter29
Long-term (Over 3 months)
12Citigroup245
21Deutsche Bank211
33Chase Manhattan Bank98
49=JP Morgan78
56Goldman Sachs77
64Warburg Dillon Read70
78HSBC69
87Bank of America62
99=Merrill Lynch50
10=5ABN Amro42
10=14Credit Suisse First Boston42
Currency strategy
12Citigroup321
21Deutsche Bank272
34Chase Manhattan Bank99
45Bank of America74
57Goldman Sachs69
66HSBC61
78JP Morgan59
89ABN Amro51
93Warburg Dillon Read50
1014Credit Suisse First Boston43


FX with global cash management
20001999Score
11Citigroup347
22Deutsche Bank210
33Chase Manhattan Bank124
46HSBC98
54ABN Amro79
65Bank of America64
77Warburg Dillon Read30
828=Barclays Capital23
9=14SEB21
9=10=State Street Bank & Trust21


Trades via the internet
20001999Score
12Citigroup75
23SEB55
38Dresdner Kleinwort Benson52
49=Goldman Sachs33
51Deutsche Bank26
69=State Street Bank & Trust22
7=12=JP Morgan11
7=-Société Générale11
912=HSBC9
10=5=Credit Suisse First Boston8
10=-Investec Bank8


Proportion of business conducted on the internet
% of companies polled
No business85
Up to 1% of business3
2% to 4.9% of business1
5% to 9.9% of business4
10% to 25% of business3
Over 25% of business2
It varies2
Average % of business conducted on the net1.7


Types of transactions and services accessed via the internet
% of respondents
- most frequent replies
Research - non FX34
Pricing, stock-tracking13
All FX services9
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
20001999
11Chase Manhattan Bank32
23Deutsche Bank29
36=Citibank25
46=HSBC21
52Warburg Dillon Read19


Currency pairs
Eur/$
11Deutsche Bank45
27=Morgan Stanley Dean Witter27
33Chase Manhattan Bank25
4-Bank of America23
55Citibank17
Eur/Yen
11Chase Manhattan Bank41
24Crédit Agricole Indosuez30
33Deutsche Bank20
45HSBC16
52Warburg Dillon Read13
Eur/£
15NatWest Global Financial Markets35
26Deutsche Bank33
34HSBC25
41Chase Manhattan Bank21
52Warburg Dillon Read19
Eur/Sfr
12Credit Suisse First Boston55
21Warburg Dillon Read54
3-Deutsche Bank16
4-Barclays Capital12
54Chase Manhattan Bank11
$/Yen
11Chase Manhattan Bank40
22Warburg Dillon Read29
35=Barclays Capital19
4-Industrial Bank of Japan18
5-Citibank16
$/£
1-NatWest Global Financial Markets32
22HSBC30
32Warburg Dillon Read26
44Deutsche Bank16
5-Royal Bank of Scotland14
$/Sfr
12Credit Suisse First Boston55
21Warburg Dillon Read53
33Chase Manhattan Bank17
4-Barclays Capital13
5=-Deutsche Bank9
5=-HSBC9


Best dealers
Euro (& Emu 11)
11Deutsche Bank25
2-Morgan Stanley Dean Witter10
3-Citibank9
4-JP Morgan7
5=5=ABN Amro6
5=-Dresdner Kleinwort Benson6
Greek drachma
12Alpha Credit53
21Bank of America36
3-JP Morgan15
45Citibank13
5=3National Bank of Greece7
5=-Deutsche Bank7
Danish krone
11Den Danske Bank60
22Unibank37
33Jyske Bank20
45=SEB17
Norwegian krone
11Union Bank of Norway31
23SEB27
32Den norske Bank24
44Christiania Bank23
55Den Danske Bank21
Swedish krona
11SEB63
22Svenska Handelsbanken46
34Den Danske Bank10
4=5Swedbank8
4=-MeritaNordbanken Nordbanken8
Australian dollar
11Westpac Banking Corp48
22ANZ Banking Group40
34MacQuarie Bank25
43National Australia Bank15
55Commonwealth Bank of Australia10
Canadian dollar
11Royal Bank of Canada66
22CIBC Wood Gundy25
34TD Securities23
45Bank of Nova Scotia19
53Bank of Montreal13
New Zealand dollar
11Westpac Banking Corp47
22ANZ Banking Group38
33National Australia Bank17
45=Commonwealth Bank of Australia9
55=Citibank6
Argentine peso
13Citibank11
24Chase Manhattan Bank9
3=-Deutsche Bank8
3=-BankBoston8
Brazilian real
1=-Citibank8
1=-BankBoston8
35Chase Manhattan Bank7
4-JP Morgan6
Mexican peso
11Banca Nationale de Mexico10
24Citibank8
3=-Bancomer6
3=2Chase Manhattan Bank6
Czech koruna
1-Citibank32
22Deutsche Bank26
31Ceskoslovenska Obchodni Banka10
43Crédit Agricole Indosuez9
5-Bank Austria7
Polish zloty
11Bank Handlowy31
25Bank of America23
33Citibank13
4-Deutsche Bank10
54ABN Amro6
Hungarian forint
12Citibank26
21ING Barings13
Hong Kong dollar
11HSBC42
22Standard Chartered Bank32
3=-Barclays Capital6
3=4NatWest Global Financial Markets6
3=-Citibank6
3=-Deutsche Bank6
Indonesian rupiah
11Standard Chartered Bank41
24Citibank20
32HSBC9
45Chase Manhattan Bank8
53ANZ Banking Group7
Korean won
12Standard Chartered Bank26
25=Citibank20
3-HSBC15
41Chase Manhattan Bank7
New Taiwan dollar
11Standard Chartered Bank28
23Citibank16
32HSBC15
4-Chase Manhattan Bank8
Philippine peso
12Standard Chartered Bank21
2-Chase Manhattan Bank15
32Citibank12
41HSBC9
Singapore dollar
11Standard Chartered Bank39
2-Barclays Capital17
32HSBC16
4-Chase Manhattan Bank11
5-Bank of America9
Thai baht
11Standard Chartered Bank32
2-HSBC21
32BNP Paribas12
4-Chase Manhattan Bank11
Indian rupee
12Standard Chartered Bank24
21State Bank of India19
3-HSBC13
4-Chase Manhattan Bank6
South African rand
11The Standard Bank of South Africa27
24=Standard Chartered Bank23
3-Citibank17
4=4=JP Morgan15
4=2Nedcor Bank1
Turkish lira
1-Deutsche Bank21
23=Citibank17
31ABN Amro13
42Chase Manhattan Bank12
53=Kocbank10
Saudi riyal
11BNP Paribas2
24HSBC19
3-Citibank9
42National Commercial Bank7
5-Standard Chartered Bank5


How New York rates interbank markets
Consistently tight market-making
099
13Citibank21
2=4Goldman Sachs18
2=1Morgan Stanley Dean Witter18
4-Bank of America16
5-Warburg Dillon Read14


Currency pairs
Eur/$
1-Citibank22
2=2Morgan Stanley Dean Witter15
2=1Chase Manhattan Bank15
4-Bank of America14
5-Warburg Dillon Read13
Eur/Yen
12Citibank16
2=3Sumitomo Bank10
2=-Crédit Agricole Indosuez10
4=-Bank of Tokyo-Mitsubishi7
4=-Dresdner Kleinwort Benson7
Eur/£
1-Citibank15
23=NatWest Global Financial Markets12
32Barclays Capital9
4-Warburg Dillon Read8
5=-HSBC7
5=-Deutsche Bank7
5=3=Chase Manhattan Bank7
5=1Crédit Agricole Indosuez7
Eur/Sfr
11=Warburg Dillon Read37
25=Credit Suisse First Boston22
31=Morgan Stanley Dean Witter12
4-Crédit Agricole Indosuez7
54Chase Manhattan Bank5
$/Yen
12Citibank13
2=1Morgan Stanley Dean Witter11
2=-Sumitomo Bank11
43Chase Manhattan Bank10
5-Warburg Dillon Read9
$/£
13=NatWest Global Financial Markets13
2=-HSBC10
2=3=Citibank10
2=2Barclays Capital10
5=-Goldman Sachs8
5=5Morgan Stanley Dean Witter8
5=1Crédit Agricole Indosuez8
$/Sfr
11=Warburg Dillon Read36
23Credit Suisse First Boston19
34Morgan Stanley Dean Witter10
4-Crédit Agricole Indosuez7
5-Julius Baer5


Best dealers
Euro
1-Warburg Dillon Read15
2=-Bank of America12
2=-Citibank12
4-Morgan Stanley Dean Witter8
5-Deutsche Bank7
Greek drachma
12Alpha Credit11
21Bank of America10
3-National Bank of Greece8
43Citibank6
Danish krone
12Den Danske Bank20
2=3SEB11
2=1Unibank11
4-Svenska Handelsbanken7
5-Citibank5
Norwegian krone
13=Svenska Handelsbanken22
22SEB16
3-Unibank14
4=3=Den norske Bank11
4=3=Christiania Bank11
Swedish krona
1=1SEB22
1=2Svenska Handelsbanken22
3-Unibank10
Australian dollar
12=Westpac Banking Corp23
21Commonwealth Bank of Australia20
32=National Australia Bank15
44=ANZ Banking Grouping Group11
5=-Deutsche Bank7
5=-Morgan Stanley Dean Witter7
Canadian dollar
11Royal Bank of Canada33
24CIBC Wood Gundy28
35TD Securities10
43Bank of Montreal9
5=2Bank of Nova Scotia6
5=-JP Morgan6
New Zealand dollar
12Westpac Banking Corp21
21National Australia Bank11
33Commonwealth Bank of Australia9
4=-Bancorp New Zealand8
4=4ANZ Banking Group8
5-The National Bank of New Zealand7
Argentine peso
1=1Chase Manhattan Bank10
1=2Citibank10
3-Deutsche Bank7
4-Credit Suisse First Boston5
Brazilian real
1-Morgan Stanley Dean Witter11
22Chase Manhattan Bank9
33JP Morgan8
4-Citibank6
Mexican peso
1-Banco Nacional de Mexico14
2=2=Chase Manhattan Bank11
2=-Morgan Stanley Dean Witter11
4-Banco Santander Central Hispano9
5=-Citibank8
5=-Bank of America8
Polish zloty
1-Citibank11
2-ING Barings6
Hungarian forint
1-Citibank7
2=-Warburg Dillon Read4
2=-ING Barings4
2=-Deutsche Bank4
Hong Kong dollar
12Standard Chartered Bank17
21HSBC14
3-Citibank7
Indian rupee
11Standard Chartered Bank8
2-ING Barings5
Korean won
11Standard Chartered Bank10
22Citibank7
33HSBC6
New Taiwan dollar
11Standard Chartered Bank8
23HSBC6
Philippine peso
1=1Standard Chartered Bank13
1=2Citibank13
33HSBC11
Singapore dollar
11Standard Chartered Bank16
2-Citibank10
3-Barclays Capital6
4-Warburg Dillon Read5
Thai baht
11Standard Chartered Bank16
2-Citibank6
Indian rupee
11=Standard Chartered Bank10
2=1=State Bank of India8
2=3HSBC8
4-Deutsche Bank5
South African rand
13Standard Chartered Bank21
2-Morgan Stanley Dean Witter8
3=-Barclays Capital7
3=-Citibank7
5-Nedcor Bank6
Turkish lira
1-Citibank12
2-Chase Manhattan Bank6
3-Deutsche Bank5
Saudi riyal
1-BNP Paribas9
22Citibank8
31Standard Chartered Bank7
4-Riyad Bank4
5-The National Commercial Bank3


How Tokyo rates interbank markets
Consistently tight market-making
099
1-Industrial Bank of Japan18
21Sumitomo Bank16
3-Warburg Dillon Read9


Currency pairs
Eur/$
1-Deutsche Bank13
2=-Industrial Bank of Japan9
2=4Citibank9
4=2=Warburg Dillon Read8
4=-NatWest Global Financial Markets8
Eur/Yen
11Bank of Tokyo-Mitsubishi18
25Industrial Bank of Japan16
32=Sumitomo Bank11
4=-HSBC7
4=4Citibank7
4=-JP Morgan7
Eur/£
12NatWest Global Financial Markets32
21HSBC24
34Standard Chartered Bank10
4-Deutsche Bank5
Eur/Sfr
11Warburg Dillon Read22
22Credit Suisse First Boston12
35ANZ Banking Group8
$/Yen
12Bank of Tokyo-Mitsubishi20
23Industrial Bank of Japan18
31Sumitomo Bank12
4-Citibank7
5=-NatWest Global Financial Markets5
5=-Nomura5
$/£
12NatWest Global Financial Markets38
21HSBC20
34Standard Chartered Bank11
43Barclays Capital6
5-Deutsche Bank5
$/Sfr
11Warburg Dillon Read34
22Credit Suisse First Boston16
35ANZ Banking Group11
44Citibank5


Currency pairs
Euro (& Emu 11)
11Citibank10
23HSBC8
3=-NatWest Global Financial Markets6
3=-Royal Bank of Canada6
5-Sumitomo Bank5
Danish krone
11SEB23
22Den Danske Bank15
3-Den norske Bank11
4-Credit Suisse First Boston3
5=-Christiania Bank2
5=3Unibank2
Norwegian krone
11SEB25
22Den Danske Bank19
33Den norske Bank13
4-Christiania Bank8
Swedish krona
11SEB29
22Den Danske Bank20
3-Christiania Bank6
Australian dollar
11Westpac Banking Corp32
22National Australia Bank19
33ANZ Banking Group17
45MacQuarie Bank7
54Commonwealth Bank of Australia6
Canadian dollar
12TD Securities20
25CIBC Wood Gundy17
31Royal Bank of Canada19
New Zealand dollar
12Bank of New Zealand22
2-The National Bank of New Zealand20
34Westpac Banking Corp11
Hong Kong dollar
11HSBC24
2-Citibank10
3-Standard Chartered Bank8
Indonesian rupiah
1-Standard Chartered Bank15
2-Deutsche Bank12
3-Citibank7
41HSBC6
Korean won
12Citibank10
2-Korean Exchange Bank7
New Taiwan dollar
1=1Citibank10
1=-Chase Manhattan Bank10
3-Deutsche Bank9
Philippine peso
1-Deutsche Bank13
21Standard Chartered Bank10
3=2Citibank5
3=3HSBC5
Singapore dollar
11Development Bank of Singapore16
2-Deutsche Bank13
32HSBC12
4=4Chase Manhattan Bank7
4=5United Overseas Bank7
Thai baht
1-Citibank10
23Standard Chartered Bank8
3=1HSBC7
3=4Chase Manhattan Bank7
3=2Bangkok Bank7
Indian rupee
13Standard Chartered Bank7
21Citibank6
South African rand
11The Standard Bank of South Africa11
2-ANZ Banking Group10
3-Standard Chartered Bank


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