Swedish banking group Nordea has topped Risk's 2007 rankings for the Nordic region, narrowly beating Denmark's Danske Bank in the interest rate derivatives category.Three banks - Nordea, Danske Bank and Skandinaviska Enskilda Banken (SEB, also based in Sweden) - are dominating the Nordic derivatives market, the survey found. International banks, including JP Morgan, Deutsche Bank and Société Générale, are relegated to the second tier, but many are performing well in specific fields. For example, JP Morgan is focusing on credit derivatives and SG on equity derivatives.
In the flourishing currency market, Danske Bank came top, followed by SEB. Growing hedge fund activity and strong equity markets have boosted demand for currency products, said Robert Celsing, SEB's head of foreign exchange production.
The interest rate market, led by Nordea with Danske Bank a close second, saw most interest in vanilla products from institutional investors.
The full rankings are available online at Nordic Risk's website.
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