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Tricumen / FY14 Capital Markets: Regions_open 250315
The document provides an analysis of banks' revenue dynamics in the capital markets across different regions for FY14 compared to FY13. It includes detailed data on operating revenue, expenses, and profits, and highlights changes in market share among various banks. Tricumen, the source, offers this information as part of their market intelligence services to investment banks and corporations.
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Tricumen / FY14 Capital Markets: Regions_open 250315
- 1. Sector 1 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. - Capital Markets: Regions FY14 This publication is supplementary to our quarterly Results Review; it shows banks’ revenue dynamics relative to their peers in each region and each Level 2 product area. The full dataset includes operating revenue at the Level 3 product detail, operating expenses and pre-tax profit in 7 regions, as well as client segment revenue allocations. All data is reconciled against the published financial statements. Further detail is available on request. EMEA % change share of peer group operating revenue (US$, FY14 / FY13) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. -0.1% 0.3% 0.7% 0.4% 0.7% -1.7% -0.3% -0.8% 0.1% 1.1% -1.2% 0.7% 0.0% -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 0.015 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss -0.0% 0.5% 0.4% 0.4% -0.2% -0.5% 0.4% -0.4% -2.1% 0.6% 0.2% 0.7% 0.2% -0.025 -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss 0.4% -1.6% -0.0% 0.0% 0.7% 0.2% 0.7% -0.1% -0.1% 0.2% 0.1% -0.7% 0.2% -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss
- 2. Sector 2 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. EMEA (cont.) Operating revenue dynamics: FY14/FY13 (US$, Level 2 products) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets -1% -8% Issuance & Advisory 2% -10% DCM Bonds 0% -22% DCM Loans 9% -15% Securitisation N/M N/M 28% 2% ECM N/M 33% -8% M&A /Advisory N/M N/M 13% -11% Sales & Trading -0% -8% FX 7% -6% Spot & Forwards 8% -10% Options & Exotics 8% -9% Rates 7% -7% Flow 12% -14% Structured 7% -19% Credit 0% -21% Flow -2% -19% Structured -8% -37% Distressed & Other N/M N/M N/M 8% -24% Commodities N/M 0% -45% EQ Cash N/M 8% -9% Hi Touch N/M 7% -13% Electronic N/M 11% -11% EQ Derv & Converts 4% -12% Flow 4% -7% Structured 9% -18% Prime Services N/M 8% -5% Prop & Princ Inv N/M N/M N/M N/M N/M N/M -2% -30%
- 3. Sector 3 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. Americas % change share of peer group operating revenue (US$, FY14 / FY13) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. -0.6% -0.4% 0.0% 0.1% -0.1% 0.2% 1.4% -0.1% -0.5% 1.3% -2.0% 0.1% 0.5% -0.025 -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 0.015 0.02 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss 0.9% -0.7% -0.4% 0.3% 0.2% 1.2% 0.9% 0.1% -2.4% 1.0% -0.4% -0.3% -0.2% -0.03 -0.025 -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 0.015 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss 1.0% -1.6% 0.2% -0.0% -1.4% 0.8% -0.4% 0.2% 0.5% 1.5% -0.1% -0.8% 0.1% -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 0.015 0.02 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss
- 4. Sector 4 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. Americas (cont.) Operating revenue dynamics: FY14/FY13 (US$, Level 2 products) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets 1% -9% Issuance & Advisory 17% 0% DCM Bonds 14% -10% DCM Loans 2% -16% Securitisation 14% -6% ECM N/M N/M N/M 32% 2% M&A /Advisory N/M N/M N/M N/M 39% 28% Sales & Trading -3% -15% FX -3% -21% Spot & Forwards -0% -21% Options & Exotics 2% -24% Rates 5% -15% Flow 2% -20% Structured 11% -14% Credit 1% -19% Flow -2% -22% Structured N/M -8% -27% Distressed & Other N/M N/M N/M N/M N/M N/M 50% 9% Commodities N/M N/M 6% -52% EQ Cash N/M N/M 8% -7% Hi Touch N/M N/M 6% -10% Electronic N/M N/M N/M 6% -4% EQ Derv & Converts 4% -19% Flow N/M 2% -18% Structured 8% -24% Prime Services N/M N/M 17% 2% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M 3% -33%
- 5. Sector 5 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. Asia Pacific % change share of peer group operating revenue (US$, FY14 / FY13) Issuance&AdvisoryFICCEquities Source: Tricumen. Notes: (1) Tricumen product definitions throughout. (2) Revenue is post-writedowns, excludes DVA/FVA/equivalent, one-offs, dedicated proprietary trading and principal revenue. -0.5% 0.2% 0.8% 1.4% 0.1% 0.2% -2.5% 0.8% 2.7% 1.5% -0.6% 0.1% -4.0% -0.05 -0.04 -0.03 -0.02 -0.01 0 0.01 0.02 0.03 0.04 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss -2.3% -0.4% 0.1% 1.0% 0.1% -1.8% -0.6% 0.6% 3.2% 0.6% -0.5% 0.3% -0.3% -0.03 -0.02 -0.01 0 0.01 0.02 0.03 0.04 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss 0.5% -1.7% 0.6% -1.1% 1.3% -0.1% -0.1% 0.2% 0.4% -0.4% -0.0% 0.6% -0.1% -0.02 -0.015 -0.01 -0.005 0 0.005 0.01 0.015 BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS mkt share gain mkt share loss
- 6. Sector 6 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. Asia Pacific (cont.) Operating revenue dynamics: FY14/FY13 (US$, Level 2 products) Source: Tricumen. Notes: (1) Tricumen product definitions apply throughout. (2) Arrows show % change in revenue vs peers. Up-/down-arrows: top-/bottom-quartile. (3) Revenue is post-writedowns, excludes DVA/equivalent, one-offs and outliers. BAML BARC BNPP Citi CS DBK GS HSBC JPM MS RBS SG UBS Top 25% Bottom 25% Capital Markets 2% -13% Issuance & Advisory 34% 9% DCM Bonds N/M 39% -8% DCM Loans N/M N/M 21% -19% Securitisation N/M N/M N/M -0% -22% ECM N/M N/M 45% -19% M&A /Advisory N/M N/M N/M N/M 47% 20% Sales & Trading 1% -17% FX 5% -9% Spot & Forwards 11% -11% Options & Exotics 10% -12% Rates 3% -30% Flow -0% -7% Structured 4% -54% Credit 2% -28% Flow 7% -21% Structured N/M -2% -31% Distressed & Other N/M N/M N/M N/M N/M 29% -37% Commodities N/M N/M N/M N/M 47% -11% EQ Cash N/M -3% -22% Hi Touch N/M -4% -22% Electronic N/M N/M -3% -26% EQ Derv & Converts -1% -15% Flow -5% -23% Structured 16% -24% Prime Services N/M 12% -6% Prop & Princ Inv N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M 34% -41%
- 7. Sector 7 / 725 March 2015 © Tricumen Limited 2014. All rights reserved. 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. Notes & Caveats No part of this document may be reproduced or transmitted in any form by any means without written permission of Tricumen Limited. Such consent is often given, provided that the information released is sourced to Tricumen and that it does not prejudice Tricumen Limited’s business or compromise the company’s ability to analyse the financial markets. Full acknowledgement of Tricumen Limited must be given. Tricumen Limited has used all reasonable care in writing, editing and presenting the information found in this report. All reasonable effort has been made to ensure the information supplied is accurate and not misleading. For the purposes of cross- market comparison, all numerical data is normalised in accordance to Tricumen Limited’s proprietary product classification. Fully-researched dataset may contain margin of error of 10%; for modelled datasets, this margin may be wider. The information and commentary provided in this report has been compiled for informational purposes only. We recommend that independent advice and enquiries should be sought before acting upon it. Readers should not rely on this information for legal, accounting, investment, or similar purposes. No part of this report constitutes investment advice, any form of recommendation, or a solicitation to buy or sell any instrument or to engage in any trading or investment activity or strategy. Tricumen Limited does not provide investment advice or personal recommendation nor will it be deemed to have done so. Tricumen Limited makes no representation, guarantee or warranty as to the suitability, accuracy or completeness of the report or the information therein. Tricumen Limited assumes no responsibility for information contained in this report and disclaims all liability arising from negligence or otherwise in respect of such information. Tricumen Limited is not liable for any damages arising in contract, tort or otherwise from the use of or inability to use this report or any material contained in it, or from any action or decision taken as a result of using the report. © Tricumen Limited 2014. All rights reserved