GLOBAL EQUITY FLOW REPRINTED FROM #1 OVERALL IN EQUITY DERIVATIVES. nce again, Global institutional investors voted Societe Generale Corporate
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1 REPRINTED FROM FOR FOR INSTITUTIONAL INVESTOR INVESTOR USE USE ONLY ONLY JUNE 2013 GLOBAL EQUITY FLOW #1 OVERALL IN EQUITY DERIVATIVES RISK MANAGEMENT #1 EXCHANGE l DERIVATIVES l TRADED REGULATION FUNDS, EUROPE & ASIA JUNE 2013 Oce agai, Global istitutioal ivestors voted Societe Geerale Corporate & Ivestmet Bakig the YOUR # 1 Global PARTNER Provider i Equity ACROSS Derivatives THE i Risk EQUITY CHAIN magazie s 2013 Istitutioal Ivestor Rakigs. Reflectig our cosistet strategy ad log-term approach i all our markets, we are pleased to have topped every sigle category i equity derivatives while also takig the ce agai, Global istitutioal ivestors voted Societe Geerale Corporate #1 spot i ETFs i both Europe & Asia. Our role has bee, ad always will Ivestmet Bakig the # 1 Global Provider i Equity Derivatives i Risk be, to parter with you, ad to serve you o matter the market challege. agazie s Thak you 2012 for your Istitutioal cotiued Ivestor busiess Rakigs. ad trust. Reflectig our cosistet trategy ad log-term approach i all our markets, we are pleased to have opped Ivestors every kow sigle us as category a leader i equity global equity derivatives, while deliverig also takig pioeerig the 1 spot solutios i ETFs for more i both tha Europe 20 years. & We Asia. apply Our that role same has bold bee, thikig ad to always the whole will e, to equity parter chai with from you, equity ad research to serve to tradig, you from o equity matter fiacig the market to listed challege. products. hak I you everythig for your we cotiued do, we aim busiess to deliver the ad isights, trust. the products ad the executio that eable our cliets to realise their chose strategy, capture ew opportuities ad vestors kow us as a leader i global equity derivatives, deliverig pioeerig ultimately deliver performace ahead of their peers or bechmark. olutios for more tha 20 years. We apply that same bold thikig to the whole quity chai from equity research to tradig, from equity fi acig to listed products. everythig we do, we aim to deliver the isights, the products ad the executio hat eable our cliets to realise their chose strategy, capture ew opportuities ad ltimately deliver performace ahead of their peers or bechmark. The followig article is reprited from Risk magazie for distributio to cliets
2 All mixed up Equity overall Dealers have bee cheered by the retur of volatility to Japa s slumberig markets, but ogoig global reforms to bak supervisio ad derivatives markets are the backdrop to this year s rakigs ad have shake up some categories. Deutsche Bak retais top spot, with JP Morga agai secod. By Tom Newto, with research by Max Chambers 1 a Société Géérale BNP Paribas JP Morga Deutsche Bak Goldma Sachs Bak of America Merrill Lych 7.0 7= Barclays 6.8 7= UBS HSBC Morga Staley 6.0 With ecoomic growth, volatility ad tradig volumes all stagat last year ad iterest rates ad iflatio driftig south derivatives dealers worried that Europe was at risk of what some ecoomists call Japaificatio: a selfsustaiig ecoomic malaise, characterised by deflatio ad low or zero growth. Iroically, Japa may ot be the best example of the pheomeo at the momet. The electio of Shizo Abe as the coutry s prime miister i December last year with a madate to revitalise the ecoomy has triggered some bold steps. The cetral bak has doubled its iflatio target, ad committed to ope-eded asset purchases, helpig sustai the ye s declie agaist the dollar ad simultaeously improvig prospects for Japa s export-drive ecoomy. Sice the start of 2013, the ye is dow 18% versus the US dollar, while the Nikkei 225 idex has rise 44% i ye terms. At the same time, the Nikkei volatility idex, based o Nikkei 225 futures ad optios prices o the Osaka Securities Exchage, climbed from o vember 1 last year to by the start of May. Ad o May 23, the Nikkei 225 idex dropped over 7%, causig volatility to shoot up 58% from to (Risk Jue 2013, page 7). I other words, after beig relatively dull for years, Japaese currecy, equity ad fixed-icome markets are suddely the place to be. There has bee a huge chage i activity ad volume i the first half of 2013, compared to the latter half of I fact, it was a sea chage. We have Shizo Abe to thak for that, says Vicet Craigou, global head of foreig exchage derivatives at HSBC i Lodo. Ivestors that caught moves i the Nikkei early were t ecessarily bakig o a weakeig ye, so gave up some of their gais. But these firms soo realised their Nikkei exposure eeded to be hedged, geeratig sigificat flows for market-makers. Frakly, this trade has bee o hedge fuds radars for a decade, ad attempts to deploy it i the past five years have bee usuccessful. But i the past six moths there has bee reletless positioig for ye weakess, says Craigou. It was so reletless, he says, that HSBC saw US dollar-ye become the bak s most traded currecy pair, i terms of volume, for the first time. Ad the large, sustaied move i that cross spilled over ito other currecies too. The ye theme played out across various cash ad derivative currecy istrumets. A very popular trade has bee sellig the ye versus the Mexica peso, for example, he adds. I equity markets, the ru-up i Nikkei volatility should also have bee a boo to dealers, may of which are traditioally structurally log as a result of the uridashi busiess autocallable equity structured products that kock out early if the idex rises fairly modestly, but ca leave baks with mushroomig volatility exposures if the opposite happes. Durig the first half of 2012, a slidig Nikkei forced dealers to sell optios as a hedge for these books, depressig volatility further i a vicious circle. The, as the year drew to a close, some baks were caught out agai as returig volatility hurt the hedges they had built up earlier. I total, the Street is estimated to have lost up to $500 millio o the products. A umber of baks reportedly looked to sell their uridashi books ad restructure their equities busiesses after takig the hit, but as a result they missed some of the opportuities the reboudig Japaese market provided. You eeded to be ivolved i the Japaese market last year if you wat to really beefit from what s goig o there ow. We ve always bee preset i uridashi, 1 Reprited from Risk Jue 2013
3 maaged our risks relatively well so we did t icur some of the large losses reported o the Street, ad whe the market rebouded we could accommodate massive flows. At the same time some competitors were diallig back their presece i equities, says David Escoffier, global head of equities ad flow derivatives at Société Géérale Corporate & Ivestmet Bakig (SG CIB) i Lodo. The welcome retur of market colour ad tradig opportuities has doe somethig to distract traders from ogoig regulatory chage, but there is o escapig the fact that icomig rules from madatory clearig for over-the-couter trades to Basel III s ew capital ad liquidity requiremets are fudametally alterig the ecoomics of the derivatives busiess. The impact appears to be filterig through i the results of this year s aual Risk istitutioal ivestor rakigs which this year attracted 593 respodets. Products ad asset classes that ted to geerate a lot of risk-weighted assets o which bak capital requiremets are calculated have see a fairly radical shake-up. I cross-currecy swaps, for example, the wier is a bak that did ot feature i last year s top 10, Goldma Sachs. I iflatio swaps, BNP Paribas jumps from fifth to take the top spot Goldma agai comes from owhere to take third. I swaptios, Goldma leaps from fifth to first. May baks that performed strogly last year have slipped i this year s results. Whe all the results are added up, Goldma Sachs takes third place overall, up from ith last year ad the bak attributes its success to cosistecy. A lot of regulatios are t fialised yet. Util the dust settles we do t ecessarily have the detail i order to make bidig forward decisios o the busiess, ad therefore we are focusig very much o our cliet s eeds for example, stayig very active i ucollateralised derivatives, says Kostas Patazopoulos, global head of iterest rate ad Asia macro products at Goldma Sachs i Lodo. The reaso it ca be cosistet is that the bak claims to have log bee pricig i relatively ew cosideratios like derivatives couterparty risk ow targeted by Basel III s credit valuatio adjustmet (CVA) charge ad the fudig obligatios associated with ucollateralised, or asymmetrically You eeded to be ivolved i the Japaese market last year if you wat to really beefit from what s goig o there ow. We ve always bee preset i uridashi, maaged our risks relatively well so we did t icur some of the large losses reported o the Street, ad whe the market rebouded we could accommodate massive flows. At the same time some competitors were diallig back their presece i equities David Escoffier, Société Géérale Corporate & Ivestmet Bakig collateralised, trasactios. These factors would have added aroud 10 basis poits to a quote for a 10-year swap with a BBB-rated couterparty, the bak told Risk earlier this year, which meat it would ofte lose busiess to rivals that were ot reflectig credit ad fudig cosideratios but also meat the bak was ot lumbered with a book of value-destroyig trades whe ew regulatios swam ito focus (Risk Jauary 2013, pages 48 49, With pricig ow shiftig ad some dealers pullig back from certai busiesses, Goldma is competitive agai or, so the argumet goes. There is cosistecy elsewhere, too, with Deutsche Bak retaiig its top spot overall ad JP Morga agai takig secod place the baks are separated by just 0.2%. By product, Deutsche Bak ejoys a clea sweep of the overall rates, foreig exchage ad credit categories ahead of JP Morga ad Goldma Sachs for rates ad credit, while beatig HSBC ad Barclays i forex. SG CIB is agai the cliet favourite for equity derivatives, with BNP Paribas secod ad JP Morga third. As well as askig respodets to vote for their favourite dealers, the rakigs also icorporate survey questios. Some of these are itroduced to reflect topical issues, while others are fixtures respodets are asked each year to select the factors ifluecig their choice of dealer, for example, ad price is ivariably the top choice. Trasparecy ad liquidity are tied for secod, with couterparty credit third the same set of cosideratios, i the same order, as the previous three surveys. So, there is cosistecy o the cliet side, too. Despite the sesitivity to price, a surprisig proportio of respodets 58.3% do ot kow whether their dealers discout cash-collateralised trades usig the overight idexed swap (OIS) risk.et/risk-magazie 2
4 rate ow accepted as stadard practice. The remaider say that all, most or some of their dealers apply OIS discoutig oly 9.1% of respodets say their dealers are ot doig so. Respodets are also asked to select their top, broader cocers market coditios come first, with derivatives pricig ad regulatio secod ad third. Those last two factors obviously have the potetial to overlap cosiderably, with CVA a good example. I Europe, baks have secured a exemptio to the capital charge whe tradig with corporates, sovereig etities ad pesio fuds. As these cliets do ot have to cetrally clear their trades ad because ucleared, ucollateralised trades will geerate higher CVA capital requiremets, Europea lawmakers cocluded it would be ufair for the firms to the face icreased costs as dealers pass o the impact of the capital burde. It seemigly gifts Europea dealers the ability to iclude or igore CVA as they see fit, with the potetial to udercut global rivals that have less flexibility. I the US there are, as yet, o plas to exempt ay trades from the charge which is part of the agreed Basel III package (Risk Jue 2013, page 8). Exemptio or ot, HSBC s Craigou says the bak still iteds to price CVA ito its derivatives trades. However he does admit the Europea exemptio which he expects to apply oly to trades executed out of Europe, but to cover exempt couterparty types wherever they are based could help the bak wi busiess i Asia. Assumig we trade directly out of Lodo with a Asia cliet, usig our Europea balace sheet, this may potetially be a competitive advatage, he says. It may also be a advatage that dwidles i size. For may products ad market participats, collateralisatio via bilateral agreemet or clearig house is set to be the orm i the years ahead, which will reduce the impact of both CVA ad fudig valuatio adjustmets. The survey fids that 32.8% of cliets will recosider the way they use derivatives as a result of madatory clearig ad bilateral margiig rules. Of these, almost oe-third say they could sig collateral agreemets for their ucleared derivatives, ad just over 40% say they might rely more heavily o traditioal futures. Elsewhere, the survey illustrates cofusio ad cocer over the move to cetral clearig, with just uder half of respodets sayig they do ot kow whether they will be subject to a madatory clearig requiremet, ad 63% sayig they are ot ready to start clearig today. Dealers, though, are optimistic that ivestig i their clearig busiesses, ad takig the time to guide cliets through the requiremets, will pay divideds. The assumptio is that clearig madates will traslate ito a greater share of a cliet s executio busiess ad other acillary busiess ad traders say that is beig bore out so far. Iitial sigs are hearteig. Cliets that are clearig with us are routig the same amout, or more, of their executio busiess our way. It s too early to say with ay certaity whether this is a log-term tred, but we thik it will be, says Nat Tyce, head of iterest rate tradig at Barclays i Lodo. 1 Geographic breakdow of respodets 2 What factors ifluece your choice of derivatives dealer? Rate the followig factors by importace o a scale of 1 to 5 (1 = uimportat, 5 = most importat) ROW 2.7% Asia- Pacific 10.0% Europe 48.8% rth America 38.5% Price Couterparty credit Trasparecy Liquidity Credit provisio Advisory service Prime brokerage Iovatio % What are the most importat issues for you curretly? Rate the followig factors by importace o a scale of 1 to 5 (1 = uimportat, 5 = most importat) 4 Do you believe you will be subject to a madatory clearig requiremet i your jurisdictio? Derivatives pricig Market coditios Obtaiig credit lies Move to cetral clearig Segregatio of margi Collateral requiremets Regulatio Do't kow 49.4% 33.7% 16.9% % 3 Reprited from Risk Jue 2013
5 5 Are you ready to start clearig today? 6 What proportio of your typical busiess would you estimate is clearable? 63.4% 36.6% 0 25% 26 50% 51 75% 20.6% 25.3% 29.7% % 24.4% 0% 5% 10% 15% 20% 25% 30% 7 Have you cosidered chagig the way you use derivatives as a result of clearig rules ad margi requiremets for ucleared trades? 67.2% 32.8% 8 If you aswered yes to questio 7, what courses of actio are you most likely to take? (Select all that apply) Cut use of derivatives Rely more heavily o traditioal futures Use futures that mimic swaps Use more OTC products that will ot be subject Sig collateral agreemets for ucleared chage 12.7% 26.5% 27.5% 27.5% 32.4% 40.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 9 What impact will clearig ad prudetial regulatio have o pricig for the derivatives you curretly use? 10 Do your dealers use the OIS rate whe discoutig cash-collateralised trades? Costs will decrease 16.7%, all of them 6.1% Costs will rise by 1 10% 60.9% Costs will rise by 11 20% Costs will rise by 21 30% Costs will rise by 31% or more 17.8% 2.9% 1.8% 0% 10% 20% 30% 40% 50% 60% 70%, most of them, some of them 15.9% 10.7% 9.1% Do't kow 58.3% 0% 10% 20% 30% 40% 50% 60% 11 Would you cosider quotig prices for selected trades, if give the opportuity, via ew OTC tradig platforms? 12 Would you have ay qualms about tradig directly with aother derivatives ed-user rather tha a traditioal market-maker? 40.7% 59.3% 64.6% 35.4% 13 Has a dealer exercised a break clause i a cotract with you i the past three years? 14 Have you had ay valuatio disputes with your dealers i the past three years? 7.4% far more ofte tha i the past 5.4%, but oly because we restructured the trade 14.1% slightly more ofte tha i the past 9.0%, but it has bee threateed 9.1% but othig out of the ordiary 35.5%, we do't have break clauses i our trades 69.4% 50.2% 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% risk.et/risk-magazie 4
6 OVERALL OTC sigle-stock equity optios 1 1 Société Géérale JP Morga BNP Paribas Deutsche Bak Goldma Sachs = Bak of America Merrill Lych = Credit Suisse Morga Staley mura Barclays 6.1 Equity idex optios 1 1 Société Géérale JP Morga BNP Paribas Deutsche Bak Goldma Sachs Bak of America Merrill Lych Barclays Citi Morga Staley Credit Suisse 5.9 Equity: OtC SiGLE-StOCk Equity OptiOS US 1 1 Société Géérale JP Morga = Goldma Sachs Bak of America Merrill Lych = Morga Staley 9.9 Europe 1 1 Société Géérale BNP Paribas Deutsche Bak JP Morga Credit Suisse 9.1 Asia 1 1 Société Géérale mura BNP Paribas HSBC JP Morga 10.0 Exotic equity products 1 a Société Géérale BNP Paribas JP Morga Deutsche Bak Bak of America Merrill Lych Goldma Sachs Barclays Credit Suisse Morga Staley Citi 6.1 How the poll was coducted Risk received 593 valid resposes from asset maagers, hedge fuds, pesio firms ad isurace compaies globally. The resposes were divided betwee Europe (49%), rth America (39%) ad Asia (10%). The survey covers 71 derivatives categories across iterest rate, foreig exchage, credit ad equity derivatives. Participats were asked to vote for their top three derivatives dealers i order of preferece i derivatives categories they had traded over the course of the year. It is importat to ote this poll is ot desiged to reflect volumes traded i ay particular market ad is therefore ot ecessarily a direct reflectio of market share voters could base their decisios o a variety of criteria, icludig pricig, liquidity provisio, couterparty risk, speed of executio ad reliability. I that sese, this poll should be cosidered a reflectio of how buy-side firms view dealers i terms of overall quality of service. Whe aggregatig the results, we look to strip out what we cosider to be ivalid votes. These iclude people votig for their ow firm, multiple votes from the same perso or IP address, votes from people usig o-work accouts, votes by people who choose the same firm idiscrimiately throughout the poll, votes by people who clearly do ot trade the product, ad block votes from groups of people o the same desk at the same istitutio votig for the same firm. This is a process we take very seriously. The votes were weighted, with three poits for a first place, two poits for secod ad oe for third. Oly categories with a sufficiet umber of votes are icluded i the fial poll. To decide the overall wier, Risk uses the overall percetage of votes for each bak. The survey also icludes a series of overall product leaderboards, calculated by aggregatig the total umber of votes across idividual categories. These overall results are aturally weighted, as there are more votes i the large categories (for example, US dollar ad euro swaps) tha the smaller, less liquid categories. 5 Reprited from Risk Jue 2013
7 Equity idex OptiOS Equity: ExChAGE-tRAdEd fuds US 1 1 Société Géérale JP Morga Goldma Sachs Bak of America Merrill Lych 9.1 5= 4 Citi 9.0 5= 2 Morga Staley 9.0 Europe 1 1 Société Géérale BNP Paribas Deutsche Bak JP Morga Barclays 8.9 Asia 1 1 Société Géérale mura BNP Paribas JP Morga Deutsche Bak 9.1 US 1 3= Deutsche Bak BlackRock = Société Géérale Credit Suisse Citi 9.8 Europe 1 1 Société Géérale Deutsche Bak Commerzbak Credit Suisse UiCredit 9.4 Asia 1 1 Société Géérale Deutsche Bak BlackRock = mura = BNP Paribas 9.5 Equity: ExOtiC Equity products Exotic sigle-stock optios 1 1 Société Géérale BNP Paribas Deutsche Bak JP Morga Bak of America Merrill Lych 9.0 Exotic idex optios 1 1 Société Géérale BNP Paribas Deutsche Bak JP Morga Bak of America Merrill Lych 10.0 Volatility/variace swaps 1 1 Société Géérale JP Morga BNP Paribas Goldma Sachs Deutsche Bak 9.8 Divideds swaps 1 1 Société Géérale BNP Paribas Deutsche Bak Goldma Sachs JP Morga 10.3 Other exotic equity optios (worst-of, cliquet, etc) 1 1 Société Géérale BNP Paribas JP Morga Bak of America Merrill Lych Credit Suisse 10.7 risk.et/risk-magazie 6
8 GLOBAL EQUITY FLOW EQUITY DERIVATIVES HOUSE OF THE YEAR SG CIB - THINKING THAT GOES FURTHER FROM DERIVATIVES TO CASH EQUITIES A UNIQUE CONTINUUM OF SOLUTIONS A uique derivatives heritage Leveragig all fields of expertise; fudametal research, flow aalysis, sales servicig, egieerig ad structurig, tradig ad executio Provide a combiatio of the most relevat uderlyigs, strategies ad wrapper solutios A UNIQUE COMBINATION OF EXPERTISE TO BRING VALUE Excellece from Macro ad Quat Research to more i-depth sector aalysis o a global basis Delivery of market itelligece, timely trade ideas ad ivestmet strategies Uique flow expertise with access to more tha 95% of global equity market capitalisatio ad 70 tradig veues globally A parter i all tradig coditios SOLUTIONS ACROSS THE RANGE ADVISORY TRADING EXOTIC DERIVATIVES FLOW DERIVATIVES EQUITY FINANCE LISTED PRODUCTS ETFS CASH EQUITY Alpha geeratio Hedgig Risk maagemet Covertible bods Delta 1 Volatility Dyamic Portfolio Swap Ledig & borrowig Sythetic repo Certificates ETNs Warrats Lyxor ETFs Executio Ledig & borrowig Optios Macro & sector research Quat research Executio services FOR FURTHER INFORMATION ON GLOBAL EQUITY FLOW, CONTACT OUR GLOBAL SALES TEAM: EQUITY@SGCIB.COM GLOBAL EQUITY FLOW EUROPE TOURS SOCIETE GENERALE, 17 COURS VALMY, PARIS LA DÉFENSE, CEDEX, TEL: EXCHANGE HOUSE, 12 PRIMROSE STREET, LONDON EC2A 2EG TEL: SOCIETE GENERALE, NEUE MAINZER STRASSE, FRANKFURTGERMANY SOCIETE GENERALE, VIA OLONA, MILANO, ITALY EQUITY FLOW AMERICAS 1221 AVENUE OF THE AMERICAS, NEW YORK TEL: EQUITY FLOW ASIA-PACIFIC LEVEL 38, 3 PACIFIC PLACE, 1 QUEEN S ROAD EAST, HONG KONG TEL: /4264 ARK MORI BUILDING, ARKASAKA, MINATO-KU, TOKYO TEL: SOCIETE GENERALE, TORRE PICASSO, PLAZA DE PABLO RUIZ PICASSO, MADRIDSPAIN EQUITY@SGCIB.COM GENERAL WARNINGS AND DISCLAIMERS INFORMATION FOR SPECIFIC RECIPIENTS For all ivestors receivig the documet from SG Securities (HK) Limited: This documet is distributed to you by SG Securities (HK) Limited (CE: AAD941) ( SG ) as a activity that is wholly icidetal to its carryig out of a regulated activity for which it is already liceced. 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