Interest-rate derivatives poll 2010: Results

Interest rates derivatives survey 2010:
Banks adapt to changing structure of rates market 

Methodology

Overall Place % of vote ’10 ’09 Bank ’10 ’09 1 3 Barclays Capital 14.9 12.1 2 2 Deutsche Bank 13.7 12.5 3 1 JPMorgan 12.7 12.9 4 4 RBS 10.1 8.4 5 5 BNP Paribas 5.2 6.8 6 9 BAML 5.1 4.2 7 7 HSBC 4.3 4.5 8 8 Goldman Sachs 4.0 4.3 9 – Citigroup 3.9 – 10 – Morgan Stanley 3.8 – ▲ back to top

USD overall Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 19.1 19.1 2 3 Barclays Capital 14.8 11.3 3 2 Deutsche Bank 12.6 11.5 4 4 BAML 10.9 8.7 5 6 BNP Paribas 6.3 6.4 6 9 Citigroup 6.3 4.9 7 5 Goldman Sachs 5.8 7.5 8 7 RBS 5.5 6.1 9 – Morgan Stanley 5.4 – 10 – UBS 3.6 – ▲ back to top

EUR overall Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Deutsche Bank 21.0 18.0 2 3 Barclays Capital 14.7 10.8 3 2 JPMorgan 12.3 13.4 4 6 RBS 7.8 5.0 5 4 BNP Paribas 7.0 10.1 6 5 Société Générale 4.3 6.3 7 10 Morgan Stanley 4.3 3.8 8 – Nomura 3.9 – 9 8 Citigroup 3.8 4.5 10 9 UBS 3.0 4.0 ▲ back to top

JPY overall Place % of vote ’10 ’09 Bank ’10 ’09 1 2 Nomura 19.2 11 2 1 MUMSS 15.2 13.4 3 3 JPMorgan 10.2 9.1 4 4 Mizuho 7.3 9.1 5 10 Barclays Capital 6.1 4.7 6 9 Deutsche Bank 5.3 5.4 7 7 Nikko Cordial 4.8 5.5 8 5 Daiwa SMBC 4.5 7.4 9 – RBS 4.4 – 10 – BAML 3.3 – ▲ back to top

GBP overall Place % of vote ’10 ’09 Bank ’10 ’09 1 1 RBS 23.1 19.4 2 2 Barclays Capital 20.1 19 3 5 HSBC 10.1 7.7 4 3 Deutsche Bank 8.2 9.4 5 7 JPMorgan 5.7 5.4 6 6 RBC 4.8 5.5 7 9 UBS 4.6 3.5 8 – Goldman Sachs 3.7 – 9 – Lloyds 3.6 – 10 – BAML 3.5 – ▲ back to top

All swaps two to 10 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Deutsche Bank 13.9 14.3 2 3 Barclays Capital 13.4 11.8 3 2 JPMorgan 13.2 13.9 4 4 RBS 9.2 8.6 5 5 BAML 7.2 5.4 6 8 HSBC 5.2 4.4 7 – Citigroup 4.7 – 8 10 Morgan Stanley 4.3 3.7 9 6 BNP Paribas 3.7 5.1 10 9 UBS 3.4 4.4 ▲ back to top

All swaps 10 to 50 years Place % of vote ’10 ’09 Bank ’10 ’09 1 2 Deutsche Bank 16.4 13.6 2 3 Barclays Capital 13.6 11.8 3 1 JPMorgan 12.2 14.1 4 4 RBS 9.2 7.5 5 5 BAML 5.7 5.3 6 7 Morgan Stanley 5.0 5 7 6 HSBC 4.6 5.1 8 8 BNP Paribas 4.1 4.9 9 9 Goldman Sachs 4.1 4.6 10 – Citigroup 3.7 – ▲ back to top

All inflation products Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Barclays Capital 19.3 16.4 2 3 RBS 13.6 10.9 3 2 Deutsche Bank 12.8 11.1 4 4 BNP Paribas 7.6 8.6 5 5 JPMorgan 7.1 6.4 6 7 HSBC 4.9 5.1 7 – Nomura 4.5 – 8 8 UBS 4.5 4.3 9 9 Goldman Sachs 4.2 3.7 10 6 Société Générale 3.2 5.1>– ▲ back to top

All vanilla options Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 16.5 15.0 2 2 Barclays Capital 15.5 11.4 3 3 Deutsche Bank 11.9 11.3 4 4 RBS 11.1 9.5 5 9 BAML 5.4 4.6 6 7 Citigroup 4.6 4.8 7 – Credit Suisse 3.7 – 8 – HSBC 3.6 – 9 5 BNP Paribas 3.3 5.1 10 – Nomura 3.2 – ▲ back to top

All exotic rates Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 16.3 16.2 2 3 Deutsche Bank 12.6 11.1 3 4 Barclays Capital 12.1 7.0 4 2 BNP Paribas 9.4 13.1 5 5 Goldman Sachs 7.1 6.2 6 6 Société Générale 5.8 5.3 7 – RBS 5.8 – 8 10 Nomura 5.7 3.5 9 – Morgan Stanley 4.0 – 10 9 UBS 3.4 3.9 ▲ back to top

USD swaps two to 10 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 18.5 22.1 2 3 BAML 16.9 12.3 3 2 Deutsche Bank 12.0 13.3 4 4 Barclays Capital 10.0 9.7 5 – Citigroup 7.8 – 6 – Morgan Stanley 7.2 – 7 5 Goldman Sachs 5.4 6.1 8 8 BNP Paribas 4.6 4.7 9 – HSBC 4.0 – 10 7 UBS 4.0 5.1 ▲ back to top

USD swaps 10 to 50 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 21.8 22.7 2 2 BAML 16.1 13.7 3 3 Deutsche Bank 15.8 13 4 4 Barclays Capital 9.7 9.2 5 10 Citigroup 7.9 4 6 7 Morgan Stanley 5.5 4.3 7 8 RBS 4.5 4.3 8 5 Goldman Sachs 3.9 7.6 9 – UBS 3.6 – 10 – Wachovia & Wells Fargo 3.0 – ▲ back to top

USD inflation products Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Barclays Capital 25.5 19.7 2 2 Deutsche Bank 13.6 10.7 3 3 JPMorgan 12.7 10.3 4 4 BNP Paribas 10.6 9.2 5 6 RBS 9.4 7.1 6 10 Citigroup 5.8 4.5 7 – BAML 5.5 – 8 7 Goldman Sachs 4.8 6.6 9 – UBS 3.3 – 10 9 Credit Suisse 3.0 4.9 ▲ back to top

USD vanilla options Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 23.3 19 2 3 Barclays Capital 16.3 10.4 3 2 Deutsche Bank 11.5 10.8 4 5 Goldman Sachs 6.9 8.6 5 – Credit Suisse 6.3 – 6 6 BAML 6.3 7.5 7 4 RBS 5.9 9.2 8 7 Citigroup 5.6 5.9 9 9 Morgan Stanley 4.9 4.9 10 10 UBS 3.5 4.7 ▲ back to top

USD exotic rates Place % of vote ’10 ’09 Bank ’10 ’09 1 1 JPMorgan 20.5 19.4 2 5 Barclays Capital 15.1 8.1 3 2 BNP Paribas 11.6 10.4 4 4 Deutsche Bank 9.3 8.5 5 3 Goldman Sachs 8.5 9.6 6 10 Société Générale 7.0 5.4 7 – Morgan Stanley 6.6 – 8 – RBS 5.4 – 9 – BAML 4.7 – 10 7 UBS 3.5 5.6 ▲ back to top

EUR swaps two to 10 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Deutsche Bank 23.3 22.7 2 3 Barclays Capital 15.7 10.3 3 2 JPMorgan 14.5 15 4 6 RBS 7.4 4.9 5 4 BNP Paribas 4.5 7.6 6 7 Morgan Stanley 4.3 4.9 7 9 UBS 3.5 4 8 – HSBC 3.1 – 9 – Citigroup 3.1 – 10 – BAML 2.9 – ▲ back to top

EUR swaps 10 to 50 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Deutsche Bank 26.6 21.9 2 3 Barclays Capital 14.5 10.8 3 2 JPMorgan 11.4 15.3 4 6 Morgan Stanley 7.0 5.1 5 4 BNP Paribas 7.0 7.2 6 10 RBS 5.8 3.5 7 – Goldman Sachs 4.6 – 8 5 Société Générale 3.4 5.2 9 7 Citigroup 3.1 4.2 10 – Nomura 2.7 – ▲ back to top

EUR inflation products Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Deutsche Bank 18.0 14.5 2 2 Barclays Capital 15.6 13.9 3 3 BNP Paribas 11.5 12.4 4 4 RBS 9.8 8.8 5 5 Société Générale 7.9 8 6 7 JPMorgan 6.8 5.1 7 – Nomura 6.0 – 8 – Citigroup 3.6 – 9 9 UBS 3.6 3.9 10 8 Credit Agricole 3.3 3.9 ▲ back to top

EUR vanilla options Place % of vote ’10 ’09 Bank ’10 ’09 1 2 Deutsche Bank 17.2 14 2 1 JPMorgan 16.4 16.5 3 3 Barclays Capital 15.0 10.9 4 9 RBS 9.4 4.2 5 5 Citigroup 6.4 7.7 6 – Nomura 4.7 – 7 – Morgan Stanley 4.2 – 8 4 BNP Paribas 4.2 9.3 9 – Credit Suisse 3.6 – 10 7 UBS 2.8 5.6 ▲ back to top

EUR exotic rates Place % of vote ’10 ’09 Bank ’10 ’09 1 2 Deutsche Bank 17.4 15 2 4 Barclays Capital 11.7 7.4 3 3 JPMorgan 11.4 14.8 4 1 BNP Paribas 9.5 16 5 – RBS 6.8 – 6 5 Société Générale 6.1 5.9 7 – Goldman Sachs 5.3 – 8 9 Nomura 4.5 3.6 9 – UBS 3.8 – 10 6 Natixis 3.4 5.9 ▲ back to top

JPY swaps two to 10 years Place % of vote ’10 ’09 Bank ’10 ’09 1 4 Nomura 18.3 9.6 2 1 MUMSS 17.2 15.9 3 3 JPMorgan 12.8 10.4 4 2 Mizuho 7.8 12.6 5 6 Deutsche Bank 6.1 6.3 6 – RBS 5.0 – 7 7 HSBC 5.0 5.9 8 – Citigroup 4.4 – 9 – BAML 3.9 – 10 5 Daiwa SMBC 3.3 6.7 ▲ back to top

JPY Swaps 10 to 50 years Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Nomura 20.8 13.2 2 3 MUMSS 15.8 11.3 3 6 JPMorgan 9.2 8.3 4 2 Daiwa SMBC 8.3 12.7 5 4 Mizuho 7.5 9.3 6 5 HSBC 5.8 8.3 7 7 Nikko Cordial 5.8 5.9 8 – Goldman Sachs 5.0 – 9 – BAML 4.2 – 10 – UBS 4.2 – ▲ back to top

JPY inflation products Place % of vote ’10 ’09 Bank ’10 ’09 1 2 Nomura 22.7 11.9 2 3 Barclays Capital 16.7 10.5 3 1 MUMSS 14.4 14.3 4 5 RBS 6.8 6.2 5 8 BNP Paribas 6.1 5.2 6 4 Mizuho 5.3 7.6 7 – Nikko Cordial 4.5 – 8 – BAML 4.5 – 9 – Société Générale 3.0 – 10 6 JPMorgan 3.0 5.7 ▲ back to top

JPY vanilla options Place % of vote ’10 ’09 Bank ’10 ’09 1 1 MUMSS 15.9 14.1 2 5 Nomura 12.1 7.3 3 8 Nikko Cordial 11.4 5.7 4 3 Mizuho 11.4 8.9 5 2 JPMorgan 8.3 9.9 6 4 Daiwa SMBC 6.8 7.3 7 – Deutsche Bank 6.1 – 8 9 HSBC 4.5 5.7 9 – BNP Paribas 3.8 – 10 – Credit Agricole 3.0 – ▲ back to top

JPY exotic rates Place % of vote ’10 ’09 Bank ’10 ’09 1 1 Nomura 24.0 13.2 2 3 JPMorgan 18.8 11.5 3 4 MUMSS 10.4 10.3 4 6 Deutsche Bank 8.3 7.5 5 8 Goldman Sachs 8.3 5.2 6 – Barclays Capital 5.2 – 7 – RBS 4.2 – 8 2 BNP Paribas 3.1 12.6 9 – Credit Agricole 3.1 – 10 7 Mizuho 3.1 5.7 ▲ back to top

GBP swaps two to 10 years Place % of vote ’10 ’09 Bank ’10 ’09 1 2 RBS 21.5 19.4 2 1 Barclays Capital 20.2 20.1 3 5 HSBC 9.9 8.2 4 4 Deutsche Bank 7.0 8.7 5 7 RBC 6.2 4.7 6 – Lloyds 5.9 – 7 10 JPMorgan 4.6 3.4 8 8 Société Générale 3.8 4.2 9 3 Santander 3.8 10.8 10 – Goldman Sachs 3.5 – ▲ back to top

GBP swaps 10 to 50 years Place % of vote ’10 ’09 Bank ’10 ’09 1 2 RBS 22.1 17.9 2 1 Barclays Capital 20.4 20.5 3 3 HSBC 9.9 9 4 5 Deutsche Bank 7.8 7.8 5 – UBS 5.8 – 6 – Lloyds 5.8 – 7 8 RBC 4.8 4.2 8 7 JPMorgan 3.7 5 9 6 Morgan Stanley 3.7 7.4 10 9 Goldman Sachs 3.1 4 ▲ back to top

GBP inflation products Place % of vote ’10 ’09 Bank ’10 ’09 1 1 RBS 25.0 19.5 2 2 Barclays Capital 18.2 18.3 3 4 HSBC 13.3 7.8 4 3 Deutsche Bank 10.2 10.5 5 7 UBS 7.7 4.9 6 – Goldman Sachs 6.5 – 7 – Morgan Stanley 4.3 – 8 6 RBC 4.0 6.8 9 9 JPMorgan 3.4 4.1 10 – Credit Suisse 3.4 – ▲ back to top

GBP vanilla options Place % of vote ’10 ’09 Bank ’10 ’09 1 1 RBS 24.0 20.8 2 2 Barclays Capital 22.0 16.4 3 4 JPMorgan 13.0 10.3 4 8 BAML 11.0 3.2 5 3 Deutsche Bank 7.7 11.3 6 7 HSBC 6.5 5.1 7 6 RBC 3.7 6.9 8 – Citigroup 2.4 – 9 – Société Générale 2.0 – 10 5 Santander 2.0 7.4 ▲ back to top