Equity lending survey 2010

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1 Equity lending survey 2010 r e p r i n t e d f r o m G I / I S F S e p t e m b e r Euromoney Institutional Investor PLC, London 2010 Credit Suisse and State Street are crowned top Borrower and Lender in 2010 In Group One, Credit Suisse has knocked Morgan Stanley off their perch in the Borrowers survey, while State Street holds on to their top spot on the Lenders side. In Group Two, Crédit Agricole CIB and RBS are best Borrower and Lender respectively Credit Suisse are the best Borrower in 2010 according to Global Investor / isf s annual Equity Lending survey. Meanwhile, State Street has confirmed their place as top Lender by taking gold for the third year in a row. Crédit Agricole CIB and RBS are the best Borrower and Lender respectively in Group Two. The survey, which asks Lenders and Borrowers to rate their counterparts across a number of service categories, is widely held to be the definitive performance benchmark for the equity financing industry. The survey drew more than 2200 valid, individual responses for both Lenders and Borrowers, up from 1770 last year. New to the survey this year is a twogroup system which divides both Lenders and Borrowers by scale. Group One consists of the top 20 largest providers in equity by scale, according to Data Explorers, and Group 2 consists of all others. Please see the Survey Methodology overleaf for more details. Borrowers On the Borrowers side, Credit Suisse, up from second place last year, pipped Morgan Stanley to the post by just half a point, ending their impressive nine year reign at the top spot. Credit Suisse also took first place in the Weighted table, which gives a greater weight to respondents that consider their relationship with their counterparty in question to be important. Reinforcing its win in the Overall tables, the bank took first place in the Americas and EMEA tables, again in both Unweighted and Weighted tables. In the Category tables, the bank earned eight top-three places. In Group Two, Crédit Agricole CIB took a comfortable lead over UniCredit in the Unweighted and Weighted tables and asserted its dominance over the Group with wins in EMEA and 9 gold medals out of a total of 15 Category tables. Lenders In the Lender stakes, State Street scored a hatrick with three consecutive wins, demonstrating that its quality of service has equaled its size since Echoing it s triumphs in all the Overall tables, the Boston-based bank scored further wins in all three tables in all three regions and in the Custodial Lender tables. New this year, the Custodial tables focus on Lenders that custody the assets they lend. In the Catogory tables, State Street took a formidable eight gold medals. In Group Two, RBS rose head and shoulders above the pack to beat Robeco to first place by no less than 16 points. The bank was also the clear winner in the Weighted table but fell short of gold in the Footprint table, global investor/isf september

2 Equity lending survey 2010 which reflects the number of responses each provider received. RBS s resounding success also carried over into the Americas tables, and garnered them gold in all Category tables. In addition, the bank won the Most Improved Borrower prize and the One to Watch prize in Americas. Respondents Respondent levels continue to grow lending increased credibility to the survey. A total of 2236 responses this year represent a 26% increase on last year. Among both Borrower and Lender respondents, most came from the US followed by the UK. Regionally, most lender responses related to EMEA securities while most borrower responses related to Americas securities. Borrower responses came from a broad array of firms. Most (35%) had a borrow book of less than $25 billion but 9.79% had more than $100 billion. 30% dealt with more than 60 counterparties and more than half of all Borrower respondents conducted a portion of their business with exclusives. Availability / Responsiveness, followed by Pricing and Stability of Supply were the top reasons for selecting a Lender. A very narrow majority (36%) of respondents have joined, or are thinking of joining, a central counterparty. Those that have not consider anonymous trading parties (16%) followed by cost (8 %) to be the main concerns from doing so. However, Borrowers are largely concerned by upcoming regulatory initiatives. 28% and 29% of respondents are concerned by the AIFM and Ucits IV Directives respectively, but most (44%) are not concerned by the Lynch Amendment. Among the Lender respondents, most had between 1 and 20 counterparties (39%), considerably less than the borrowers. The majority (58%) had less than $50 billion of assets out on loan but almost 3% had more than $400 billion on loan. The most readily accepted collateral type accepted by lenders this year were government bonds (53%) followed by equities (51%). g lenders ranking borrowers GROUP 1 - OVERALL borrower Unweighted 1 Credit Suisse 84.71% 2 Morgan Stanley 84.22% 3 Bank of America Merrill Lynch 82.13% 4 Goldman Sachs 81.11% 5 UBS 80.14% 6 Deutsche Bank 79.54% 7 Barclays Capital 77.79% 8 J.P. Morgan 75.25% 9 Nomura 74.92% 10 Citi 73.29% 11= ABN Amro 72.55% 11= Scotia Capital 72.55% 12 HSBC 72.39% 13 SGCIB 71.10% 14 BNP Paribas Arbitrage 70.59% 15 ING 69.53% 16 RBS 68.86% 17 BMO Capital Markets 67.71% 18 Commerzbank 66.21% Weighted 1 Credit Suisse % 2 Morgan Stanley % 3 Bank of America Merrill Lynch % 4 Goldman Sachs % 5 UBS % 6 Deutsche Bank % 7 Barclays Capital % 8 J.P. Morgan 95.27% 9 ABN Amro 93.28% 10 Nomura 92.96% 11 Citi 92.08% 12 BNP Paribas Arbitrage 91.15% 13 HSBC 89.03% 14 SGCIB 86.20% 15 Scotia Capital 85.30% 16 RBS 83.79% 17 ING 82.92% 18 BMO Capital Markets 82.56% 19 Commerzbank 81.84% Footprint 1 Bank of America Merrill Lynch Morgan Stanley Credit Suisse Goldman Sachs Barclays Capital Deutsche Bank UBS J.P. Morgan Citi Nomura BNP Paribas Arbitrage SGCIB ING RBS HSBC Commerzbank ABN Amro Scotia Capital BMO Capital Markets GROUP 2 - OVERALL borrower Unweighted 1 Credit Agricole CIB 77.20% 2 UniCredit 74.63% 3 Natixis 73.22% 4 Macquarie 70.40% 5 Santander Global Banking & Markets 58.00% Weighted 1 Credit Agricole CIB 95.98% 2 UniCredit 90.04% 3 Natixis 87.38% 4 Macquarie 83.97% 5 Santander Global Banking & Markets 65.64% Footprint 1 Macquarie UniCredit Credit Agricole CIB Natixis Santander Global Banking & Markets september 2010 global investor/isf

3 lenders ranking borrowers GROUP 1 - ONE TO WATCH: BORROWER 1 Barclays Capital 14 2 Citi 13 3 Nomura 8 4 Bank of America Merrill Lynch 7 5= HSBC 6 5= SGCIB 6 6= Credit Suisse 5 6= Morgan Stanley 5 6= RBS 5 7 J.P. Morgan 4 8= UBS 3 8= Deutsche Bank 3 9 Scotia Capital 2 10= ABN Amro 1 10= BNP Paribas 1 10= Credit Agricole CIB 1 10= ING 1 GROUP 2 - ONE TO WATCH: BORROWER Overall 1 UniCredit 13 2= Jefferies US 2 2= SEB 2 3= Banco Itau 1 3= Daiwa 1 3= Fidelity Prime Services 1 3= Kellner DiLeo & Company 1 3= Knight Capital 1 3= Maple Securities 1 3= Natixis 1 3= Newedge 1 Bespoke Data Packages Global Investor/isf can offer you a unique opportunity to see what your clients really think about your service and how you compare with your competitors. With a wealth of unpublished data from over 2000 responses, we can create a bespoke data package that offers you superior business intelligence, including: a complete breakdown of your respondent s scores across all service categories and all regions. We can t include respondent names or firm names but we can include all demographic information, including location and how your respondent rated you by importance to business; deeper insights into how you compare with your peer group from region to region, category by category (i.e. how you compared with XYZ Bank in Risk Management in Americas); and global market feedback on questions regarding technology, regulation, collateral management and a wealth of other topics. Please contact Caspar Hoare on for more information. GROUP 1 - MOST IMPROVED BORROWER 1 Citi 16 2 Credit Suisse 13 3 Morgan Stanley 12 4 Bank of America Merrill Lynch 10 5 SGCIB 8 6 J.P. Morgan 7 7 Barclays Capital 6 8= Commerzbank 4 8= Deutsche Bank 4 8= RBS 4 8= UBS 4 9 Nomura 3 10= BMO Capital Markets 2 10= BNP Paribas 2 10= Goldman Sachs 2 10= HSBC 2 11= ABN Amro 1 11= ING 1 11= Scotia Bank 1 GROUP 2 - MOST IMPROVED BORROWER 1 SEB 4 2= Investment Technology Group 2 2= Jefferies 2 2= Macquarie 2 2= UniCredit 2 3= Cantor Fitzgerald 1 3= Maple Securities 1 3= Fidelity Prime Services 1 3= Rabobank 1 GROUP 1 - service CATEGORIES Market knowledge (Developed Markets) 1 Morgan Stanley = Goldman Sachs = Credit Suisse Bank of America Merrill Lynch = Deutsche Bank = UBS Barclays Capital Nomura J.P. Morgan Citi HSBC Scotia Capital SGCIB = RBS = ABN Amro BNP Paribas Arbitrage BMO Capital Markets ING Commerzbank 4.82 Market knowledge (Emerging Markets) 1 Morgan Stanley Goldman Sachs Credit Suisse Bank of America Merrill Lynch Deutsche Bank UBS = Nomura = Barclays Capital Citi J.P. Morgan HSBC BMO Capital Markets SGCIB ABN Amro ING RBS BNP Paribas Arbitrage Scotia Capital Commerzbank 4.32 Breadth of balance 1 Credit Suisse Morgan Stanley Goldman Sachs Bank of America Merrill Lynch UBS Deutsche Bank Scotia Capital Barclays Capital J.P. Morgan = Citi = ABN Amro Nomura HSBC = BNP Paribas Arbitrage = ING Commerzbank SGCIB BMO Capital Markets RBS global investor/isf september

4 lenders ranking borrowers Risk management 1= Credit Suisse = Morgan Stanley Goldman Sachs Bank of America Merrill Lynch Deutsche Bank UBS Barclays Capital J.P. Morgan ABN Amro BNP Paribas Arbitrage BMO Capital Markets Nomura HSBC = RBS = Scotia Capital = SGCIB Citi Commerzbank ING 4.83 Operations - Trade support/settlement 1 Morgan Stanley Bank of America Merrill Lynch Goldman Sachs HSBC = ING = Deutsche Bank UBS = Nomura = ABN Amro BNP Paribas Arbitrage BMO Capital Markets Credit Suisse Citi Barclays Capital SGCIB J.P. Morgan Commerzbank RBS Scotia Capital 4.94 Operations - Collateral management 1 Morgan Stanley Bank of America Merrill Lynch Barclays Capital Credit Suisse Goldman Sachs ING Citi UBS Nomura BNP Paribas Arbitrage Deutsche Bank J.P. Morgan HSBC RBS = Commerzbank = ABN Amro BMO Capital Markets Scotia Capital SGCIB 4.85 Operations - Corporate actions 1 Morgan Stanley Barclays Capital Bank of America Merrill Lynch UBS BMO Capital Markets Credit Suisse ABN Amro Nomura Scotia Capital Deutsche Bank HSBC ING BNP Paribas Arbitrage Goldman Sachs Commerzbank RBS Citi SGCIB J.P. Morgan 4.65 Operations - Income/Dividend collection 1 Bank of America Merrill Lynch Deutsche Bank Credit Suisse UBS = ABN Amro = Barclays Capital Morgan Stanley BMO Capital Markets Nomura = BNP Paribas Arbitrage = HSBC ING SGCIB Commerzbank RBS Citi Scotia Capital Goldman Sachs J.P. Morgan 4.73 Operations - Automation 1 Morgan Stanley Deutsche Bank = Bank of America Merrill Lynch = UBS Credit Suisse Goldman Sachs Barclays Capital ING Citi J.P. Morgan BNP Paribas Arbitrage RBS Nomura ABN Amro HSBC Scotia Capital BMO Capital Markets SGCIB Commerzbank 4.54 Operations - Fees & Billing 1 Bank of America Merrill Lynch ING UBS = Deutsche Bank = Goldman Sachs Barclays Capital BMO Capital Markets Citi Morgan Stanley Credit Suisse = ABN Amro = BNP Paribas Arbitrage HSBC RBS J.P. Morgan Nomura Scotia Capital Commerzbank SGCIB 4.81 Operations - Average 1= Morgan Stanley = Bank of America Merrill Lynch UBS = Barclays Capital = Deutsche Bank Credit Suisse Goldman Sachs ING = ABN Amro = Citi BNP Paribas Arbitrage BMO Capital Markets Nomura HSBC RBS Commerzbank J.P. Morgan Scotia Capital SGCIB 4.91 Product Knowledge 1= Morgan Stanley = Credit Suisse Bank of America Merrill Lynch Barclays Capital = UBS = Goldman Sachs Deutsche Bank Nomura J.P. Morgan HSBC Citi SGCIB ABN Amro Scotia Capital BNP Paribas Arbitrage ING RBS BMO Capital Markets Commerzbank september 2010 global investor/isf

5 lenders ranking borrowers Global Coordination 1 Credit Suisse Morgan Stanley Goldman Sachs Bank of America Merrill Lynch Deutsche Bank UBS Barclays Capital Nomura J.P. Morgan ING Citi = BMO Capital Markets = HSBC = Scotia Capital ABN Amro = BNP Paribas Arbitrage = SGCIB Commerzbank RBS 4.26 Relationship management 1 Credit Suisse Bank of America Merrill Lynch Morgan Stanley Scotia Capital UBS J.P. Morgan = Nomura = Goldman Sachs Deutsche Bank SGCIB = Barclays Capital = HSBC ABN Amro BMO Capital Markets RBS ING Citi BNP Paribas Arbitrage Commerzbank 5.05 Trading - Connectivity & Automation 1 Credit Suisse Morgan Stanley = Goldman Sachs = UBS Bank of America Merrill Lynch Deutsche Bank Barclays Capital Nomura J.P. Morgan Citi Scotia Capital BNP Paribas Arbitrage SGCIB ING ABN Amro RBS HSBC BMO Capital Markets Commerzbank 4.06 GROUP 2 - CATEGORIES Market knowledge (Developed Markets) 1 Credit Agricole CIB UniCredit Natixis Macquarie Santander Global Banking & Markets 4.75 Market knowledge (Emerging Markets) 1 Credit Agricole CIB Macquarie Natixis UniCredit Santander Global Banking & Markets 3.64 Breadth of balance 1 Natixis Credit Agricole CIB UniCredit Macquarie Santander Global Banking & Markets 2.75 Risk management 1 Credit Agricole CIB Natixis Macquarie = Santander Global Banking & Markets = UniCredit 4.75 Operations - Trade support/settlement 1 Credit Agricole CIB Macquarie UniCredit Natixis Santander Global Banking & Markets 4.55 Operations - Collateral management 1 UniCredit Santander Global Banking & Markets Macquarie Natixis Credit Agricole CIB 5.18 Operations - Corporate actions 1 Natixis Macquarie Credit Agricole CIB UniCredit Santander Global Banking & Markets 4.58 Operations - Income/Dividend collection 1 Credit Agricole CIB Macquarie Natixis UniCredit Santander Global Banking & Markets 5.08 Operations - Automation 1 Macquarie Natixis UniCredit Credit Agricole CIB Santander Global Banking & Markets 4.55 Operations - Fees & Billing 1 Credit Agricole CIB Macquarie UniCredit Santander Global Banking & Markets Natixis 4.56 Operations - Average 1 Credit Agricole CIB Macquarie UniCredit Natixis Santander Global Banking & Markets 4.79 Product Knowledge 1 UniCredit Credit Agricole CIB Natixis Macquarie Santander Global Banking & Markets 4.42 Global Coordination 1 Credit Agricole CIB Natixis UniCredit Macquarie Santander Global Banking & Markets 3.33 Relationship management 1 Credit Agricole CIB UniCredit Natixis Macquarie Santander Global Banking & Markets 4.42 Trading - Connectivity & Automation 1 UniCredit Natixis Credit Agricole CIB Macquarie Santander Global Banking & Markets global investor/isf september

6 borrower winner (group 1) Credit Suisse Robert Maloney For the first time in almost ten years, there is a new winner on the borrowing side of the Equity Lending Survey. Credit Suisse has topped both the unweighted and weighted categories. The climb to the top in this survey has been a long one for Credit Suisse but according the firm, it has just been a matter of taking its time. And was all according to its plan. Two years ago Credit Suisse achieved one of its best finishes in the survey ever. Then last year it ranked second in the unweighted section of the survey. Many industry practioners picked the firm to win last year due to the momemtum the bank has been riding. Last year, Shawn Sullivan, Global Head of Flow Finance, told Global Investor/isf that building up a platform takes time and if the investment is done correctly will pay off down the road. The bank is certainly now seeing the fruits of its labour. Credit Suisse were not the first movers in this space and has been building its business since Much has been written about the bank benefiting from the diversification by hedge funds of providers back in 2008, when the fear of counterparty risk was so important. Many funds who were exposed or dealt with only one prime broker in the past were at the time looking to use more than one in the event of a counterparty default. But Credit Suisse is quick to point out that it was not soaking up clients right left and centre in an attempt to gain market share. Credit Suisse s Sullivan says: We turned down a lot of business in We did not move forward with every opportunity we had; we remained selective and kept our primary focus on helping our existing clients as much as possible while remaining prudent, instead of trying to be everything to everyone. Our clients noted our dedication and rewarded us for our unwavering commitment. Robert Maloney, Head of Flow Financing for EMEA adds: We have strategically added clients but as importantly continued to increase wallet share with long standing clients. Our strategy has been consistent, offering stability and flexibility whilst working closely with lenders and demand side clients. Throughout we have maintained a strong balance sheet and industry leading tier one capital ratios. Credit Suisse has also taken the time to work with and develop its lender base. Frederick Nadd-Aubert, Director Sales and Relationship Management: We have always had a good mix of lenders but over the past few years, Credit Suisse strategy has been to focus on the large US and Credit Suisse Overall: Unweighted % Overall: Weighted % Overall: Footprint Americas: Unweighted % Americas: Weighted % Americas: Footprint EMEA: Unweighted % EMEA: Weighted % EMEA: Footprint Asia Pac: Unweighted % Asia Pac: Weighted % Asia Pac: Footprint Categories: Market knowledge (Developed Markets) 2= 6.09 Categories: Market knowledge (Emerging Markets) Categories: Breadth of balance Categories: Risk management 1= 5.88 Categories: Operations - Trade support/settlement Categories: Operations - Collateral management Categories: Operations - Corporate actions Categories: Operations - Income/Dividend collection Categories: Operations - Automation Categories: Operations - Fees & Billing Categories: Operations - Average Categories: Product Knowledge 1= 6.06 Categories: Global Coordination Categories: Relationship management Categories: Trading - Connectivity & Automation Most Improved Borrower: Overall 2 13 Most Improved Borrower: Americas 3= 2 Most Improved Borrower: EMEA 4= 3 Most Improved Borrower: Asia Pac 1 8 One to Watch: Overall 6= 5 One to Watch: Americas 3= 1 One to Watch: Asia Pac 2 4 Shawn Sullivan international lenders while also developing relationships with local or smaller players in Europe and Asia. Rory Zirpolo, Regional Head Securities Lending Domestic Equities: Our lender mix has not changed. It continues to consist of the big five custodians plus a mix of the smaller players. We have though diversified our smaller lender base over the past few years. top COMMENTS Very responsive to new EquiLend initiatives and quick with minor technology developments Much improved and seem to have a solid business plan behind them. Good to work with and very willing to share information while looking to work as partners Getting bigger and more important to us every year. Obviously a big winner in the current environment Lots of potential for future business. Need trading team to be more proactive in reaching out to identify trade opportunities and to increase balances 6 september 2010 global investor/isf

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