Extel Methodology 2018

Last Updated: 7th Feb 2018
EXTEL EUROPE 2018
Index
Introduction Detailed Methodology Contacts
Buy-side Briefing Sell-side Briefing Corporate Briefing

Introduction
Extel is a comprehensive survey of the European Equities Business that gathers opinions from the three
sides of the equities community: Sell-side, Buy-side and Corporates. Geographically, the survey covers
sell-side institutions covering, and companies listed in Developed and Emerging Europe, plus MENA (inc.
South Africa), but receives contributions from institutional investors globally. The Extel Survey rankings
and awards are widely recognised as the most comprehensive and independent validation of value in the
equities business. Aggregate rankings and awards are available for public distribution, but details, analysis
and breakdowns are available to subscribing customers. Please contact Extel for details.
Process

● All voting online at www.extelsurveys.com. Interactive PDF on request (Corporates only).
● Voters can register using company email address, role, company name and a password.
● Centralised voting from buy-side institutions where available.
● Extel will publish a full list of participating institutions, weightings and methodology.

Participation (2017)

Firms Participants Countries
Sell-side 271 3,041 90
Buy-side 3,199 11,445 88
Corporate 1,096 1,580 65

Dates

● Voting opens 14th
March 2018
● Voting closes 27th
April 2018
● Results published 6th
June 2018
● Pre-results under moratorium (only for subscribing sell-side clients) on 1st
of June 2018.

Integrity

● All contributions are treated with complete confidentiality.
● Only votes from registered voters at verified institutions will be included in results.
● Names, email address, firms and roles must all be verified.
● Voters must vote for at least two institutions in each category. Single votes are excluded. (1)

(1) In certain cases these votes will be included, for example where the sector is specialised.

Score Guide

Score Number of Firms
5 Excellent
4 Very Good
3 Good
2 Above Average
1 Average

(2) See weighting tables.
(3) Firm sector votes only, No individual votes.

Buy-side Briefing
Voting
● Buy-side can receive votes from Sell-side and Corporates.
● Buy-side can vote for both Sell-side and Corporates.
Buy-side receiving Votes
○ Voting from Corporates and Sell-side is by equity sector for firms and individuals.
○ Sell-side can also vote in the following categories:
■ General Equities/Strategy
■ Block Trading Desk(3)
■ Electronic Trading Desk
Buy-side voting for Sell-side
○ Voting is across twelve voting areas for firms and individuals:
■ Equity Sectors
■ Equity Sales
■ Equity Trading & Execution
■ Economics & Strategy
■ Derivatives & Convertibles
■ Countries
■ Emerging EMEA
■ Global Equity Sectors
■ Company & Expert Meetings
■ UK Small & Mid caps
■ SRI & Sustainability
■ Specialisms
○ Votes are submitted in one of four ways (see more details here):
■ Broker Vote. (BR). Full or partial buy-side broker or research evaluation process.
■ Centralised. (C). Coordination of investment professionals (IP) in a buy-side firm.
■ Specific Group (SG). Individual contributions from a specified list of IPs.
■ Individual. (I). Investment professionals vote on an individual basis.
○ Buy-side voters can nominate up to seven sell-side firms in each category (see below).
○ Buy-side voters can nominate up to six individuals for each firm in each sector.


○ Buy-side voters can provide comments, which are anonymous. Names can be mentioned.

5 2
4 2
3 1
2 1
1 1

Buy-side voting for Corporates

○ Voting for corporates is across sectors for firms and individuals.
○ Additional voting across seven IR activities.
■ Business Knowledge/Insights
■ Most Improved Service (quality of service)
■ Proactivity Of Senior Executives
■ Quality Of Annual Reports/Formal Disclosure
■ Quality Of Non-Deal roadshows/Visits
■ Quality Of One-To-One Meetings
■ Quality Of Website/Webcasting.
○ Buy-side voters can nominate up to ten corporates in each sector.
○ Buy-side voters can nominate up to six individuals for each corporate in each sector.

Score Number of Firms Individuals
5 2 6
4 2 6
3 2 6
2 2 6
1 2 6

Industry Trends
○ Voters are requested to complete a few brief questions on market trends.


Results
Buy-side Results
○ Compiled from corporate & sell-side votes, and are consolidated to provide:
■ Overall aggregates of sectors and categories
■ Sector by sector rankings of firms
■ Sector rankings of individuals
○ Buy-side firms taking part receive the full results.
○ Votes from sell-side firms are weighted according to the ranking of the firm in Extel 2017 (2)
.
○ Votes from Corporates are weighted according to the company’s average market cap (2)
.
.
Buy-side Awards
○ The Awards published are:
■ Best Fund Management Firm
■ Best Hedge Fund
■ Best Fund Management Individual

Sell-side Results
○ Sell-side results are compiled from votes from the Buy-side and Corporates.
○ Buy-side firms have access to the winners in each category.
○ All other rankings are available to buy-side firms (if the firm has voted in that category).
○ Votes are weighted according to the relevance of the buy-side firm:
■ UK Small & Mid caps. AUM in UK Small & Mid caps
■ Investment Trusts. AUM in Investment Trusts
■ Emerging EMEA. Equity commission paid in 2017 in Emerging EMEA
■ All other categories. Equity commission in pan-European equities
○ Multiple individual votes from a firm are collated & weighted as a single vote in each
sector.
○ Votes are calculated to form a single submission from the firm.

Corporate Results

○ Corporate results are compiled from votes submitted by the buy-side and sell-side.
○ Buy-side firms have access to:


■ The public winners in each category
■ Detailed rankings in the sectors to which they voted
○ All other results are on request from Extel in each country or sector.
○ Votes are weighted according to the relevance of the buy-side firm: (2)

■ AUM in pan-European equities.


Sell-side Briefing
Voting
● Sell-side can vote for both Buy-side and Corporates
● Sell-side receive votes from both Buy-side and Corporates
Sell-side receiving Votes
○ Voting is across twelve voting areas for sell-side firms and individuals:
■ Equity Sectors
■ Equity Sales
■ Equity Trading & Execution
■ Economics & Strategy
■ Derivatives & Convertibles
■ Countries
■ Emerging EMEA
■ Global Equity Sectors
■ Company & Expert Meetings
■ UK Small & Mid caps
■ SRI & Sustainability
■ Specialisms
○ Votes are submitted in one of four ways (see more details here):
■ Broker Vote (BR): Full or partial buy-side broker or research evaluation process
■ Centralised (C): Coordination of investment professionals (IP) in a buy-side firm
■ Specific Group (SG): Individual contributions from a specified list of IPs
■ Individual (I): Investment professionals vote on an individual basis
● Buy-side voters can nominate up to seven sell-side firms in each category (see below).
● Buy-side voters can nominate up to six individuals for each firm in each sector.
● Buy-side voters can provide comments, which are anonymous. Names can be mentioned.
5 2
4 2
3 1


2 1
1 1

Sell-side voting for Buy-side
○ Voting is by equity sector for firms and individuals, plus:
■ General Equities/Strategy
■ Block Trading Desk(3)
■ Electronic Trading Desk
○ Votes are weighted according to the ranking of the sell-side firms in Extel 2017.
○ Buy-side voters can nominate up to ten Corporates in each sector.
○ Buy-side voters can nominate up to six individuals for each Corporate in each sector.

5 2 6
4 2 6
3 2 6
2 2 6
1 2 6

Sell-side voting for Corporates
○ Voting for corporates is by equity sector for firms and individuals (CEO, CFO & IR teams).
○ Votes are weighted according to the ranking of the sell-side firm in Extel 2017 (4)
.
○ Additional voting is invited across seven IR activities:
■ Quality Of Website/Webcasting


○ Sell-side voters can nominate up to ten Corporates in each sector.
○ Sell-side voters can nominate up to six individuals for each Corporate in each sector.

5 2 6
4 2 6
3 2 6
2 2 6
1 2 6

(4) Except for the Middle East, where the ranking in the overall Middle East sector in the previous year is used.
Industry Trends
● Voters are requested to respond to a few questions on industry trends.
Results
Sell-side Results
Sell-side results are compiled from votes cast by the Buy-side and Corporates. Combined and
separate rankings are available, although for the awards, only buy-side votes are considered.
Aggregate rankings in the main categories are available on the public web site. Detailed sector
and category results at firm and individual level are available on subscription. Only the
first-ranked in each category are available for public consumption.
○ Multiple individual votes from a firm are collated & weighted as a single vote in each
sector.
○ Votes are calculated to form a single submission from the firm.
○ Results are available for all twelve voting areas and multiple sub-categories.
○ Votes are weighted according to the relevance of the buy-side firm, (full details here):
■ UK Small & Mid caps: AUM in UK Small & Mid caps
■ Investment Trusts: AUM in Investment Trusts
■ Emerging EMEA: Equity commission paid in 2017 in Emerging EMEA
■ All other categories: Equity commission in pan-European equities paid in 2017


○ For certain categories, only buy-side firms in Bands 4 - 10 will be included (key buy-side):

Key Buy-side only All Votes
Equity Research Sectors UK Small & Mid-cap
Economics & Strategy Countries
Equity Sales Derivatives & Convertibles
Global Equity Sectors Investment Trusts
Company & Expert Meetings Emerging EMEA
Specialisms (Special Situations) Specialisms (Alternative)
SRI & Sustainability
Equity Trading & Execution

Corporate Results
○ Corporate results are compiled from votes cast by the Buy-side and Sell-side. Sell-side
firms have access to the public winners in each category. All other results in each country
or sector are available on request from Extel.

Buy-side Results
○ Buy-side results are compiled on a combined and separate basis for votes from Corporates
and Sell-side. Sell-side firms have access to the public winners in both categories for each
sector.


Corporate Briefing
Voting
● Corporates can vote for both Buy-side and Sell-side.
● Corporates can receive votes from Buy-side and Sell-side.
The Corporate Vote
○ Corporate voting is spread across several categories for Buy-side and Sell-side.
○ Voting for corporates is by equity sector for firms and individuals (CEO, CFO & IR).
○ Additional voting is invited across seven IR activities:
■ Quality Of Website/Webcasting
○ Votes are weighted according to the ranking of the sell-side firm in Extel 2017 (5)
or the
AUM of the buy-side firm. See details here.
Corporates voting for Sell-side
○ Voting within the industry sector of your company across two categories:
■ Equities. Voting for firms and individuals.
■ ESG/SRI. Voting for firms and individuals.
Corporates voting for Buy-side
○ Voting within the industry sector of your company across two categories
■ Equities. Voting for firms and individuals
■ ESG/SRI. Voting for firms and individuals..
Corporates voting for Corporate Access & Conferences
○ Conferences. Voting for broker conferences.


○ Corporate Access & Roadshows. Corporates are requested to identify the brokers that they
use in specific geographical regions:
● North America ● Asia (ex-Japan) ● UK
● France ● Germany ● Nordics
● Switzerland ● Benelux ● Southern Europe
Industry Trends
○ A series of questions on Investor Relations Activities:
■ Interaction with the Buy-side ■ IR & Management activities
■ Budgets & Salaries ■ General industry trends
■ Interaction with the Sell-side ■ Industry best practices
Results
Corporate Results
Corporate results are compiled from votes from Buy-side and Sell-side. Corporates have
access to the public winners in each category and their own ranking in their country and
sector, provided they participated fully(6)
in voting. This includes ranks for CEO, CFO and IR
Team. All other results are on request from Extel in each country or sector.
Corporates may subscribe to the current “IR Benchmarks” service which includes aggregated
results from the above trend questions, with the company results presented within the context
of the wider sector and market. This service is available on a subscription basis.
Buy-side Results
Buy-side results are compiled on a combined and separate basis for votes from Corporates
and Sell-side. Corporates have access to the public winners in each category for each sector,
and the full buy-side results for their particular sector for clients of Extel.
Sell-side Results
Sell-side results are compiled from votes from Buy-side and Corporates. Corporates have
access to the headline rankings for aggregate results and headline awards and the winners for
each category. Further details are available on a subscription basis.
5) Except for the Middle East, where the ranking in the overall Middle East sector in the previous year is used.
6) Minimum requirement is voting for two firms and completing the trend questionnaire.


Detailed Methodology
Client Categorisation
Bands
All firms that vote are categorised into bands and weighted according to their importance to
the clients for which they vote. Detailed weighting tables are covered below. For the sell-side
specifically, MiFID II will change the dynamics and payment wallet from bundled to unbundled
and specifically payment for advisory services. Comprehensive data is not yet available for
Extel 2018 but it is anticipated that greater transparency will emerge during the course of 2019
and allow a more accurate categorisation.
Key Buy-side
Bands 4 - 10 (currently those institutions with a commission wallet of US$1m+) are considered
the most relevant institutions to the sell side and are classified as “Key buy-side”. A number of
the aggregates and awards are based only on this list. This list is distributed to participants
prior to the commencement of voting and is available throughout. Sell-side are invited to
suggest changes to the bands and these comments will be considered.

Vote Type
Extel aims to maximise votes from the Buy-side through a centralised vote process to ensure
that the results most accurately reflect the market value of the Sell-side. Extel can accept votes
in four ways:
● Broker Review (BR). A direct feed from a buy-side broker review. Buy-side individuals are
not proactively invited to vote although they may log into the Extel web site and submit a
vote. Votes received outside of this list will be verified directly with the firm for a decision
whether to include.
● Specified Group (SG). A named list of individuals from the buy-side firm have been agreed
and identified with the broker liaison or equivalent. Voters outside of this list will be verified
directly with the firm for inclusion.
● Centralised (C). The contribution to Extel may be coordinated by one individual at the
buy-side firm, usually the broker liaison or equivalent. Voters outside of this list will be
verified directly with the firm for inclusion.


○ Individual (I). Voting in Extel is open to all individuals at the firm and all votes are included.
These are aggregated. Multiple individual responses from a firm are collated and weighted
as a single vote in each category or sector.

Band   Coordinated Voting (2017)
Band 10 55%
Band 9 45%
Band 8 26%
Band 7 28%
Band 6 15%
Band 5 13%
Band 4 15%
Band 3 18%
Band 2 33%
Band 1   0%

Voting Categories
Equity Research Sectors
Aerospace & Defence Metals & Mining
Autos & Automotive components Oil & Gas
Banks Oil Services
Beverages Pharmaceuticals & Biotech
Capital goods (inc. Eng & Mach) Real Estate
Chemicals Retailers (food)
Construction & Building Materials Retailers (non-food)
Food Manufacturers Software & IT Services


Forestry, paper & packaging Speciality & other Finance
Household Products & Personal Care Support & Business Services
Insurance Telcos. Equip./IT Hardware & Semis
Leisure, Entertainment & Hotels Telecommunications Services
Luxury Goods Tobacco
Media Transport
Medtech & Services Utilities

Company & Expert Meetings
Conferences (3)
Industry Experts
Non-deal Roadshows Reverse Roadshows/Field Trips

UK Small & Mid Caps
Strategy Capital Goods
Chemicals Construction
Consumer Goods Financials
Healthcare Insurance
Leisure & Gaming Media
Metals & Mining Oil & Gas
Real Estate Retail
Support Services Technology
Transport & Logistics Sales
Investment Trusts: Sales (7)
Investment Trusts: Research(7)
Trading/Execution Corporate Broking

(7) Separate weightings for buy-side participants, based only on Investment Trusts AUM.


Developed Countries
Benelux
Country Research Equity Sales
Trading/Execution Company & Expert Meetings (3)
France

Small & Mid Cap Research Small & Mid Cap Sales
Small & Mid Cap Trading/Execution
Germany

Small & Mid Cap Trading/Execution
Greece
Ireland

Italy

Nordic Countries



Pan-European

Spain/Portugal

Switzerland

Austria Israel
Country Research Country Research

Economics & Strategy
Global Economics Global Strategy
GEM Economics & Macro GEM Strategy
Pan-European Economics & Macro Pan-European Strategy
Equity Technical Analysis & Charting Index Analysis
Multi-asset Research Quantitative & Database Analysis
Valuations & Accounting

Specialisms
Alternative Investment Funds: Research Special Situations: Research
Alternative Investment Funds: Sales Special Situations: Sales


Emerging EMEA
Emerging EMEA
Financials Company & Expert Meetings (3)
Metals & Mining Equity Sales
Oil & Gas Trading & Execution
Real Estate Consumer
Telecommunications Central/Eastern Europe (8)

Chemicals/Industrials
Ukraine Country Research Turkey Country Research
Russia
Banks & Other Financials Equity Sales
Consumer/Retail Equity Strategy
Metals & Mining Economics & Macro
Oil & Gas Fixed Income Research
Telecoms & Media Trading & Execution
Small & Mid Caps Research
Other
South Africa Country Research Middle East & North Africa
Frontier Markets
(8) Central/Eastern Europe consists of: Czech Republic, Hungary, Poland, Romania and Slovakia.
Global Equity Sectors (3)
Banks & Financials Consumer Staples
Energy Industrials/Chemicals
Pharma & Healthcare TMT


Convertibles & Derivatives
Convertibles Research Derivatives Research
Convertible Sales Derivative Sales
Convertible Trading/Execution (3)
Derivatives Trading/Execution (3)
Equity Sales
Electronic alpha capture (3)
Pan-European Equity Sales
Global Equity Sales UK: Equity Sales
Equity Trading & Execution
Delta One/ETFs Electronic Trading
High-touch Sales-Trading Portfolio Trading
Corporate Governance SRI Research
High-touch Sales-Trading

Verification
Verification checks:
● Firms are verified to ensure they are registered institutions.
● Individuals are verified to ensure that they are currently employed as industry professionals.
● No Gmail, Hotmail or other personal email addresses are permitted.

Awards
Aggregated results published in Extel Europe 2018 will be based on a compilation of weighted votes
received in the team/firm voting areas.


Name of the Award Constituents (Weighted Points):
Awards Based on Key Buy-side votes only
Leading Pan-European Broker All categories
Leading Pan-European Research All research sectors and categories
Leading Pan-European Equity Sector Research All equity research sectors
Leading Pan-European Equity Sales All equity sales sectors
Leading Pan-European Firm - Equity Trading &
Execution
All equity trading & execution sectors
Leading Pan-European Research Analyst All equity research sectors (individual)
Leading Pan-European Salesperson All equity sales sectors (individual)
Leading Pan-European Sales-Trader
All equity trading & execution sectors
(individual)
Leading Pan-European Firm - Corporate Access
All sectors in Company & Expert Meetings
category
Leading Pan-European Firm for Equity &
Equity-Linked Sales
All Sales sectors and categories
Leading Pan-European Firm - SRI &
Sustainability
All SRI & Sustainability sectors
Leading Brokerage Firm - Countries All sectors in Country categories
Awards based on All buy-side votes
Leading Pan-European Brokerage Firm -
Derivatives & Convertibles
All sectors in Derivatives & Convertibles
category
Leading Pan-European Brokerage Firm -
Emerging EMEA
All sectors in Emerging EMEA category
Leading Independent Research Provider All research sectors for firms registered as IRPs


Leading Independent Research Provider
(Equity)
All equity research sectors for firms registered
as IRPs
Leading Independent Research Provider
(Macro)
All macro research sectors for firms registered
as IRPs
Leading Pan-European Brokerage Firm - UK
Small & Mid Caps
Weighted points across all UK Small & Mid Caps
sectors
Leading UK SMID Individual All UK SMID sectors (individual)
Best Conference All conferences

Votes in SRI & Sustainability are gathered from:
● Buy-side on Sell-side:
○ Corporate Governance
○ Integrated Climate Change
○ SRI Research
● Buy-side on Corporates. Within the market trends section of the buy-side survey, there is a voting
section for buy-side to nominate their Top 5 corporates for Corporate Social Responsibility (CSR)
and Environmental Social Governance (ESG).
● Corporates on Buy-side and Sell-side. Within the corporate voting section there is an opportunity
to vote on Buy-side and Sell-side:
○ ESG/SRI
Weighting Tables
Corporate
Buy-side to Corporate Sell-side to Corporate
European Equity AUM Weighting 2017 Firm Ranking in Sector Weighting
US$ 0 - 1bn x 1 1st
to 5th
x 20
US$ 1 - 3bn x 2 6th
to 10th
x 16
US$ 3 - 5bn x 3 11th
to 20th
x 12


US$ 5 - 10bn x 5 21st
to 40th
x 7
US$ 10 - 20bn x 7 41st
upwards x 3
US$ 20 - 40bn x 10
US$ 40 - 60bn x 14
US$ 60 - 80bn x 18
US$ 80 - 100bn x 24
US$ 100bn+ x 30

Sell-side
Buy-side to Sell-side
All categories except UK SMID,
Investment Trusts and Emerging EMEA
UK Small & Mid Caps
European Equity
Commission
Band Weighting

UK SMID AUM Band Weighting
US$ 0 – 250k 1 x 1 US$ 0 – 100m 1 x 1
US$ 250k – 500k 2 x 2 US$ 100 – 250m 2 x 2
US$ 500k - 1m 3 x 3 US$ 250 – 500m 3 x 3
US$ 1m - 2m 4 x 5 US$ 500 – 750m 4 x 5
US$ 2m - 5m 5 x 7 US$ 750m – 1bn 5 x 7
US$ 5m - 10m 6 x 10 US$ 1-2bn 6 x 10
US$ 10m - 15m   7 x 14 US$ 2-3bn 7 x 14
US$ 15m - 20m   8 x 18 US$ 3-4bn 8 x 18
US$ 20m - 30m   9 x 24 US$ 4-5bn 9 x 24
US$ 30m+ 10 x 30 US$ 5bn+ 10 x 30


Emerging EMEA Investment Trusts
Commission Band Weighting IT FUM Band Weighting
US$ 0-150k 1 x 1 < US$ 25m 1 x 1
US$ 150k - 300k 2 x 2 US$ 25m - 50m 2 x 2
US$ 300k – 500k 3 x 3 US$ 50m – 75m 3 x 3
US$ 500k – 1m 4 x 5 US$ 75m - 100m 4 x 5
US$ 1m – 2m 5 x 7 US$ 100m - 150m 5 x 7
US$ 2m – 3m 6 x 10 US$ 150m – 250m 6 x 10
US$ 3m – 4m 7 x 14 US$ 250m - 500m 7 x 14
US$ 4m – 7m 8 x 18 US$ 500m - 1bn 8 x 18
US$ 7m – 10m 9 x 24 US$ 1bn - 1.5bn 9 x 24
US$ 10m+ 10 x 30 US$ 1.5bn+ 10 x 30

Corporates to Sell-side (9)
All categories except UK SMID UK Small & Mid Caps
Market Cap. Band Weighting Market Cap. Band Weighting
US$ 0 – 500m 1 x 1 US$ 0 – 100m 1 x 1
US$ 500m – 1bn 2 x 2 US$ 100 – 250m 2 x 2
US$ 1 – 2bn 3 x 3 US$ 250 – 500m 3 x 3
US$ 2 – 3bn 4 x 5 US$ 500 – 750m 4 x 5
US$ 3 – 4bn 5 x 7 US$ 750m – 1bn 5 x 7
US$ 4 – 5bn 6 x 10 US$ 1-2bn 6 x 10


US$ 5 – 10bn 7 x 14 US$ 2-3bn 7 x 14
US$ 10 – 40bn 8 x 18 US$ 3-4bn 8 x 18
US$ 40 – 70bn 9 x 24 US$ 4-5bn 9 x 24
US$ 70bn + 10 x 30 US$ 5bn+ 10 x 30

9) Source: Thomson Reuters
Buy-side
Corporate to Buy-side Sell-side to Buy-side
European Equity AUM Weighting 2017 Firm Ranking in Sector Weighting
US$ 0 – 500m x 1 1st
to 5th
x 20
US$ 500m – 1bn x 2 6th
to 10th
x 16
US$ 1 – 2bn x 3 11th
to 20th
x 12
US$ 2 – 3bn x 5 21st
to 40th
x 7
US$ 3 – 4bn x 7 41st
upwards x 3
US$ 4 – 5bn x 10
US$ 5 – 10bn x 14
US$ 10 – 40bn x 18
US$ 40 – 70bn x 24
US$ 70 + x 30

Partnerships
Extel is supported by the national IR associations in the Middle East, Turkey, Finland, France, Germany, Italy, The
Netherlands, Switzerland and Belgium.


Contacts
General Contact Centralised Enquiries extel@weconvene.com +44 (0)20 3567 0980
Head of Extel David Enticknap david@weconvene.com +44 (0)20 3567 0983
Product Development Marharyta Morozova marharyta@weconvene.com +44 (0)20 3567 0984
Corporate Clients Mariola Mandla mariola@weconvene.com +44 (0)20 3567 1365
Sell-side Clients Vadim Toczylkin vadim@weconvene.com +44 (0)20 3567 8260
Buy-side Clients Dasom Lee dasom@weconvene.com +44 (0)20 3567 1367


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