The world's best interest rate derivatives house revealed
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The world's best interest rate derivatives house revealed

The interest rate derivatives business has always been a big contributor to investment banking profitability – and with credit derivatives in turmoil, the market’s importance is rising again. Total Derivatives, in association with Euromoney, polled the market to find out who is the best of breed in rates. Ronan O’Neill spoke to senior rates professionals

The interest rates business is the single-biggest revenue source in the investment banking industry. Rates revenues exceeded those of the credit business even during the credit bubble years. But now that credit revenues have collapsed – indeed have turned negative at many large banks – the rates business is all the more critical. For under-capitalized banks that over-invested in the structured credit business, the performance of their rates business is the key to survival.

Rates: a year in the market

Global overall results
Place Bank % of vote
 1 JPMorgan   13.4 
 2 Deutsche Bank  9.6
 3 RBS/ABN  8.7
 4 Barclays Capital   8.6
 5 BNP Paribas  5.5
 6 HSBC  5.3
 7 Goldman Sachs  5.2
 8 Bank of America  5.1
 9 Société Générale  5.1
 10 UBS  4.1

Individuals voting 831

The full results will be released in the August issue on Wednesday the 6th of August


When the credit crisis first hit, rates revenues held up remarkably well, supported by increased volatility, wider bid-offer spreads and the structural curve steepening that was prevalent across the industry.

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