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| Best Flow House: Barclays |
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| Also nominated: Deutsche Bank and JPMorgan |
There have been some seismic shifts among investment banks active in the flow markets in the past year but not at the top, where Barclays, Deutsche Bank and JPMorgan dominate and should expect to capitalize further on rivals that are scaling down or exiting businesses entirely.
In a world where fixed-income, currencies and commodities sales and trading is becoming increasingly like cash equities, senior management of many of the investment banks outside of this top tier are being forced to decide whether they have the appetite or ability to run a full-scale all-in-one business servicing clients in all the product areas globally.
For Barclays, Deutsche Bank and JPMorgan, which provide institutional clients with this full-scale global capability, the question is not can they grow, but, by how much and in what direction.
Deutsche Bank and JPMorgan have been aggressively building their commodities trading businesses in recent years, while Barclays has sought to expand in cash equities and equity derivatives, and foreign exchange too.