Awards for Excellence 2002
Merrill Lynch
Merrill Lynch wins the award for best equities house in recognition of its broad and deep franchise across the product, in IPOs, secondary offerings, sales and trading. In convertibles the firm continues to be the market leader: it still dominates as underwriter in the US, and is a major force in Europe and Asia.
| Merrill Lynch: still dominant in equity, equity- linked and equity derivatives, despite Spitzer |
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There are many in the markets who feel that Merrill Lynch ought not to receive any equities award this year. The broker has, after all, just paid $100 million to settle its battle with New York attorney general Eliot Spitzer, who alleges that Merrill's equity research analysts covering internet stocks were co-opted or corrupted into issuing false recommendations because of their investment-banking ties. Euromoney considered excluding Merrill Lynch as a result but decided not for several reasons. First, the allegations dealt with events that took place two years ago.