Derivatives house of the year: HSBC

Derivatives house of the year: HSBC

Samir Assaf, HSBC

Rival dealers sometimes dismiss HSBC as a big, slow-moving commercial bank with a bolt-on markets franchise that exists largely to serve its corporate borrowers. It’s a caricature that has become increasingly hard to recognise in recent years, as before-tax profits for the Global Banking & Markets (GB&M) division climbed 47% from $5.8 billion in 2006 – the third-largest contributor to the group’s bottom line – to $8.5 billion in 2012, representing the biggest share of a total $16.4 billion in

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