JP Morgan sees mixed results in Risk ’s 2002 end-user derivatives rankings

JP Morgan Chase, the world’s largest derivatives house, managed only a fourth-place position in the non-financial companies section of Risk ’s 2002 end-user derivatives rankings. But the US financial group dominated the asset management rankings, with a clear lead over all rivals.

Citigroup, JP Morgan’s main Wall Street adversary, came first in the non-financial companies section, with Royal Bank of Scotland (RBS) coming a close second. Citi was not nearly as popular with asset managers, coming in eighth overall.

2002 End-user rankings table
Non-financial companies Institution Overall % of vote Citigroup 15.8 Royal Bank of Scotland 15.6 UBS Warburg 9.8 JP Morgan Chase 8.9 Deutsche Bank 7.8		Asset managers Institution Overall % of vote JP Morgan Chase 17.7 UBS Warburg 10.7 Goldman Sachs 9.6 Deutsche Bank 8.7 Credit Suisse First Boston 8.5
Source: Risk

RBS showed clear improvement in this year’s rankings, securing many top positions in sterling and euro products. RBS completed its merger with National Westminster Bank in March 2000 and is focusing on what it calls "joined-up banking" – trying to offer clients the whole range of banking and risk management services. “We like to think we’re a smart debt bank with risk management overlay,” said John McCormick, the bank’s London-based global head of sales and distribution. McCormick served as RBS’s global head of interest rate derivatives until December last year.

Risk surveys major non-financial corporate and asset manager end-users of derivatives globally each year for its rankings. RiskNews' sister publication received 337 detailed responses for this year's survey. Respondents were asked to nominate, in order of preference, their top-three dealers by instrument and currency in the major product classes of over-the-counter interest rate, foreign exchange, equity and credit derivatives.