2. Competitor benchmarking
Peer groups and product definitions customised to the client’s ‘view of the world’, allowing smooth integration of
the client’s own dataset without Tricumen input.
All data is available on annual / semi-annual / quarterly basis.
The full dataset is provided on quarterly basis, within 2 weeks of the last bank in the peer group reporting.
All financial data is fully reconciled against banks’ public reporting.
Qualitative information: organisational charts, description of strategy.
Example of an output customised to a client’s areas of interestCompetitor Benchmarking: Traditional vs Tricumen
BAML BARC
Capital Markets xxx xxx
Citi
xxx
DBK
xxx
JPM MS RBS SG
xxx xxx xxx xxx
Banking/Primary xxx xxx xxx xxx xxx xxx xxx xxx
DCM Bonds xxx xxx xxx xxx xxx xxx xxx xxx
DCM Loans xxx xxx xxx xxx xxx xxx xxx xxx
ECM xxx xxx xxx xxx xxx xxx xxx xxx
M&A / Advisory xxx xxx xxx xxx xxx xxx xxx xxx
FICC xxx xxx xxx xxx xxx xxx xxx xxx
FX xxx xxx xxx xxx xxx xxx xxx xxx
FX Spot & Fwds xxx xxx xxx xxx xxx xxx xxx xxx
FX Options & Exotics xxx xxx xxx xxx xxx xxx xxx xxx
FX: Corp/Trans Bank xxx xxx xxx xxx xxx xxx xxx xxx
Rates xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Flow xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Structured xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Corp/Trans Bank xxx xxx xxx xxx xxx xxx xxx xxx
Credit xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Flow xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Structured xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Distressed & Other xxx xxx xxx xxx xxx xxx xxx xxx
Securitisation xxx xxx xxx xxx xxx xxx xxx xxx
Commodities xxx xxx xxx xxx xxx xxx xxx xxx
Equities xxx xxx xxx xxx xxx xxx xxx xxx
Cash xxx xxx xxx xxx xxx xxx xxx xxx
Derivatives & Converts xxx xxx xxx xxx xxx xxx xxx xxx
Prime Services xxx xxx xxx xxx xxx xxx xxx xxx
Securities Services xxx xxx xxx xxx
Custody xxx xxx xxx xxx
Fund Admin xxx xxx xxx xxx
Sec Lending/Clearing xxx xxx xxx xxx
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Op't revenue growth
Op't revenue / FO
headcount
Op't cost growth
Op't cost / FO headcount
Op't cost / income
Pre-tax profit growthRevenue / VaR
Revenue / Stressed VaR
Revenue / RWA
Revenue / Allocated Equity
Leverage ratio
Bank A peer group
TRADITIONAL:
Revenue & Headcount
TRICUMEN:
Revenue, Profit,
Headcount
TRICUMEN:
VaR & SVaR returns
TRICUMEN:
RWA & Equity returns
and Leverage ratio
BAML BARC
Capital Markets xxx xxx
Citi
xxx
DBK
xxx
JPM MS RBS SG
xxx xxx xxx xxx
Banking/Primary xxx xxx xxx xxx xxx xxx xxx xxx
DCM Bonds xxx xxx xxx xxx xxx xxx xxx xxx
DCM Loans xxx xxx xxx xxx xxx xxx xxx xxx
ECM xxx xxx xxx xxx xxx xxx xxx xxx
M&A / Advisory xxx xxx xxx xxx xxx xxx xxx xxx
FICC xxx xxx xxx xxx xxx xxx xxx xxx
FX xxx xxx xxx xxx xxx xxx xxx xxx
FX Spot & Fwds xxx xxx xxx xxx xxx xxx xxx xxx
FX Options & Exotics xxx xxx xxx xxx xxx xxx xxx xxx
FX: Corp/Trans Bank xxx xxx xxx xxx xxx xxx xxx xxx
Rates xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Flow xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Structured xxx xxx xxx xxx xxx xxx xxx xxx
Rates: Corp/Trans Bank xxx xxx xxx xxx xxx xxx xxx xxx
Credit xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Flow xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Structured xxx xxx xxx xxx xxx xxx xxx xxx
Credit: Distressed & Other xxx xxx xxx xxx xxx xxx xxx xxx
Securitisation xxx xxx xxx xxx xxx xxx xxx xxx
Commodities xxx xxx xxx xxx xxx xxx xxx xxx
Equities xxx xxx xxx xxx xxx xxx xxx xxx
Cash xxx xxx xxx xxx xxx xxx xxx xxx
Derivatives & Converts xxx xxx xxx xxx xxx xxx xxx xxx
Prime Services xxx xxx xxx xxx xxx xxx xxx xxx
Securities Services xxx xxx xxx xxx
Custody xxx xxx xxx xxx
Fund Admin xxx xxx xxx xxx
Sec Lending/Clearing xxx xxx xxx xxx
1
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Op't revenue growth
Op't revenue / FO
headcount
Op't cost growth
Op't cost / FO headcount
Op't cost / income
Pre-tax profit growthRevenue / VaR
Revenue / Stressed VaR
Revenue / RWA
Revenue / Allocated Equity
Leverage ratio
Bank A peer group
TRADITIONAL:
Revenue & Headcount
TRICUMEN:
Revenue, Profit,
Headcount
TRICUMEN:
VaR & SVaR returns
TRICUMEN:
RWA & Equity returns
and Leverage ratio
3. Competitor benchmarking
Investment banks
1. Barclays
2. Credit Suisse
3. Goldman Sachs
4. Morgan Stanley
5. UBS
Universal banks
6. Bank of America Merrill Lynch
7. BNP Paribas
8. Citigroup
9. Deutsche Bank
10. HSBC
11. J.P.Morgan
12. Societe Generale
13. Standard Chartered
14. Royal Bank of Scotland
15. Wells Fargo
Custodian banks
16. Bank of New York Mellon
17. Northern Trust
18. State Street
Geographies
EMEA
Western Europe
CEE/CIS
Middle East
Africa
Americas
North America
Latin America
APAC
Japan
Australia / New Zealand
Other APAC
Other country detail available
Frequency
Annual
Semi-annual
Quarterly
Revenue
Client Revenue (4 groups)
Risk Revenue
Collaboration revenues
Headcount
Coverage
Origination/Syndicate
Trading/Structuring
Sales/Marketing
Product Management
FTE basis, adjusted for seniority
Operating Expenses
FO Comp & Benefits
FO Directs
Tech & Ops
Other support
Corporate overhead
Market risk
VaR
Stressed VaR
RWA (Basel 2.5 and 3)
Market Risk
Counterparty Credit Risk
Credit Risk
Equity Risk
Operational Risk
Equity/Capital
Leverage ratio
Client Assets
Assets under Management
Assets under Custody
Assets under Administration
Deposits
Data Scope Scope Competitors
Canadian banks
19. BMO
20. CIBC
21. RBC
22. Scotiabank
23. TD Bank
European banks
24. Commerzbank
25. Credit Agricole
26. Lloyds Banking Group
27. Santander
28. Unicredit
Asia/Pacific banks
29. ANZ Banking Group
30. Macquarie
31. National Australia Bank
32. Westpac
33. Daiwa Securities Group
34. Nomura
35. Mizuho Financial Group
36. SMBC
37. DBS
38. OCBC
39. UOB
40. CIMB
41. Maybank
US banks
42. Jefferies
43. Knight Capital
44. PNC
45. Fifth Third
46. BB&T Corp
47. Key Bank
48. Sun Trust
49. Citizens
50. Regions
51. US Bancorp
Asset Managers
52. Allianz
53. Axa
54. Blackrock
Interdealer brokers
55. BGC Partners
56. GFI (acquired by
BGC in Feb-15)
57. ICAP
58. Tradition
59. Tuller Prebon
Investment banks
1. Barclays
2. Credit Suisse
3. Goldman Sachs
4. Morgan Stanley
5. UBS
Universal banks
6. Bank of America Merrill Lynch
7. BNP Paribas
8. Citigroup
9. Deutsche Bank
10. HSBC
11. J.P.Morgan
12. Societe Generale
13. Standard Chartered
14. Royal Bank of Scotland
15. Wells Fargo
Custodian banks
16. Bank of New York Mellon
17. Northern Trust
18. State Street
2
Geographies
EMEA
Western Europe
CEE/CIS
Middle East
Africa
Americas
North America
Latin America
APAC
Japan
Australia / New Zealand
Other APAC
Other country detail available
Frequency
Annual
Semi-annual
Quarterly
Revenue
Client Revenue (4 groups)
Risk Revenue
Collaboration revenues
Headcount
Coverage
Origination/Syndicate
Trading/Structuring
Sales/Marketing
Product Management
FTE basis, adjusted for seniority
Operating Expenses
FO Comp & Benefits
FO Directs
Tech & Ops
Other support
Corporate overhead
Market risk
VaR
Stressed VaR
RWA (Basel 2.5 and 3)
Market Risk
Counterparty Credit Risk
Credit Risk
Equity Risk
Operational Risk
Equity/Capital
Leverage ratio
Client Assets
Assets under Management
Assets under Custody
Assets under Administration
Deposits
Canadian banks
19. BMO
20. CIBC
21. RBC
22. Scotiabank
23. TD Bank
European banks
24. Commerzbank
25. Credit Agricole
26. Lloyds Banking Group
27. Santander
28. Unicredit
Asia/Pacific banks
29. ANZ Banking Group
30. Macquarie
31. National Australia Bank
32. Westpac
33. Daiwa Securities Group
34. Nomura
35. Mizuho Financial Group
36. SMBC
37. DBS
38. OCBC
39. UOB
40. CIMB
41. Maybank
US banks
42. Jefferies
43. Knight Capital
44. PNC
45. Fifth Third
46. BB&T Corp
47. Key Bank
48. Sun Trust
49. Citizens
50. Regions
51. US Bancorp
Asset Managers
52. Allianz
53. Axa
54. Blackrock
Interdealer brokers
55. BGC Partners
56. GFI (acquired by
BGC in Feb-15)
57. ICAP
58. Tradition
59. Tuller Prebon
4. Competitor benchmarking (cont.)
Products
Fixed Income
FX
FX Spot/Forwards
o G10 FX
o Emerging FX
FX Options/Exotics
Rates
Flow Rates
o STIR MM
o Govts/Agency
o Flow Derivatives
o Local Markets
o Munis
Structured Rates
Credit
Flow Credit
o High Grade
o High Yield
o Emerging Markets
Structured Credit
Distressed & Loan Trading
o Loan Trading
o Distressed Debt
Commodities
Energy
Base Metals & Softs
Precious Metals
Securitisation
ABS
Agencies/RMBS
CMBS
Commercial Banking
Commercial Lending
Large Cap / MNC
SME / Mid-Cap
Commercial Real Estate Lending
Asset Based Lending
Project & Structured Finance
Deposits
Corp/trans bank FX
Corp/trans bank Rates
Wealth Management
Advisory
Lending
Investment Management
Brokerage
Asset Management
Institutional
Retail
Liquidity
Fixed Income
Equities
Alternatives
Principal Investments
Private Equity
Real Estate
Life Finance
Equities
Cash Equities
High Touch
Electronic
Equity Derivatives
Flow Equity Derivatives
o Swaps & Options
o Delta 1
Structured Equity
Derivatives
Prime Services
Prime Brokerage
Securities Lending
Prop Trading
Securities Services
Custody
Domestic Custody
Cross Boarder Custody
Fund Admin
Clearing
Agency Securities Lending
Trustee Services
Investment Banking
M&A
ECM
Cash ECM
Converts
DCM Bonds
High Grade
High Yield
Munis
Emerging Markets
Syndicated Loans
High Grade
Leveraged Loans
Corporate Derivatives
Treasury Services
Cash Management
Domestic
International Corporate
International FIG
Cards/Merchant Services
Large Cap/MNC
SME/Mid Cap
Trade Finance
Traditional Trade Finance
Supply Chain Finance
Structured & Commodity
Trade Finance
Large Cap/MNC
SME/Mid Cap
3
Fixed Income
FX
FX Spot/Forwards
o G10 FX
o Emerging FX
FX Options/Exotics
Rates
Flow Rates
o STIR MM
o Govts/Agency
o Flow Derivatives
o Local Markets
o Munis
Structured Rates
Credit
Flow Credit
o High Grade
o High Yield
o Emerging Markets
Structured Credit
Distressed & Loan Trading
o Loan Trading
o Distressed Debt
Commodities
Energy
Base Metals & Softs
Precious Metals
Securitisation
ABS
Agencies/RMBS
CMBS
Commercial Banking
Commercial Lending
Large Cap / MNC
SME / Mid-Cap
Commercial Real Estate Lending
Asset Based Lending
Project & Structured Finance
Deposits
Corp/trans bank FX
Corp/trans bank Rates
Wealth Management
Advisory
Lending
Investment Management
Brokerage
Asset Management
Institutional
Retail
Liquidity
Fixed Income
Equities
Alternatives
Principal Investments
Private Equity
Real Estate
Life Finance
Equities
Cash Equities
High Touch
Electronic
Equity Derivatives
Flow Equity Derivatives
o Swaps & Options
o Delta 1
Structured Equity
Derivatives
Prime Services
Prime Brokerage
Securities Lending
Prop Trading
Securities Services
Custody
Domestic Custody
Cross Boarder Custody
Fund Admin
Clearing
Agency Securities Lending
Trustee Services
Investment Banking
M&A
ECM
Cash ECM
Converts
DCM Bonds
High Grade
High Yield
Munis
Emerging Markets
Syndicated Loans
High Grade
Leveraged Loans
Corporate Derivatives
Treasury Services
Cash Management
Domestic
International Corporate
International FIG
Cards/Merchant Services
Large Cap/MNC
SME/Mid Cap
Trade Finance
Traditional Trade Finance
Supply Chain Finance
Structured & Commodity
Trade Finance
Large Cap/MNC
SME/Mid Cap
5. Client market sizing
Tricumen’s market sizing analysis is based on actual client revenues at top-tier banks for each market segment, and detailed analysis of
clients’ buying patterns
The analysis is based on the location of client buying points and takes into account cross-regional flows;
The analysis covers 25 countries/regions and 9 client industry segments;
Client revenue models are customised to match client’s own definitions.
Illustrative example of Equity Derivatives Asia ex-Japan client market sizing
Detailed quarterly
coverage of Top 13
investment banks
Annual coverage of
17 additional
financial institutions
Three pronged approach to market sizing
Corp & Sov
Market
Size
Bank
client
revenues
Client
segment
attributes
Volumes
and
margins
4
Tricumen correlates
data against client:
AUM, turnover,
holdings/balance
sheet, ALM activity
Detailed quarterly
coverage of Top 13
investment banks
Annual coverage of
17 additional
financial institutions
Tricumen tracks 38
benchmark products,
providing a product-level
view of trends and market
size
Corp & Sov
Retail/HNWI
Hedge Funds
Asset Managers
Insurers
Banks/Brokers
Australia Hong Kong Singapore South Korea Taiwan India
6. Client market sizing: options
EMEA
Western Europe
o UK/Ireland
o Nordics
o France
o Benelux
o Italy
o Iberia
o Austria/Germany
CEEMEA
o Russia/CIS
o Eastern Europe
o Middle East
o Africa
Corporates
Large Cap/Multinational
Mid Cap
Middle Market
Banks & Insurers
Banks and Brokers
Insurers
Institutional Investors
Asset Managers
Hedge Funds/Alternatives
Retail/HNWI Distribution
Sovereign/Agency
Americas
North America
o United States
o Canada
Latin America
o Mexico
o Brazil
o Argentina
o Chile
o Other Latin America
Client Segments Countries / Regions*
APAC
APAC G2
o Japan
o Australia
APAC ex-G2
o Hong Kong/Mainland China
o Taiwan
o South Korea
o Singapore
o Other South East Asia
o India
EMEA
Western Europe
o UK/Ireland
o Nordics
o France
o Benelux
o Italy
o Iberia
o Austria/Germany
CEEMEA
o Russia/CIS
o Eastern Europe
o Middle East
o Africa
5
Corporates
Large Cap/Multinational
Mid Cap
Middle Market
Banks & Insurers
Banks and Brokers
Insurers
Institutional Investors
Asset Managers
Hedge Funds/Alternatives
Retail/HNWI Distribution
Sovereign/Agency
Americas
North America
o United States
o Canada
Latin America
o Mexico
o Brazil
o Argentina
o Chile
o Other Latin America
*Not all client segments and countries are relevant/available for all products
APAC
APAC G2
o Japan
o Australia
APAC ex-G2
o Hong Kong/Mainland China
o Taiwan
o South Korea
o Singapore
o Other South East Asia
o India
7. Notes & Caveats
About Tricumen
Tricumen was founded in 2008. It quickly became a strong provider of diversified market intelligence across the capital markets and has
since expanded into transaction and corporate banking coverage. Tricumen’s data has been used by many of the world’s leading
investment banks as well as strategy consulting firms, investment managers and ‘blue chip’ corporations.
Situated near Cambridge in the UK, Tricumen is almost exclusively staffed with senior individuals with an extensive track record of either
working for or analysing banks; and boasts what we believe is the largest capital markets-focused research network of its peer group.
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