Bank rankings 2015: Slaves to the rhythms

Some interesting trends have emerged over the past 12 months, as the impact of regulatory initiatives starts to be felt

At first glance, it appears little has changed in the past 12 months.

JP Morgan tops Risk's bank rankings table for the second year running, extending its lead over its nearest rival to nearly 5%. Equities are still dominated by the French banks, while the foreign exchange categories are shared among the usual suspects.

But a closer look reveals some interesting trends. BNP Paribas has charged to second place overall, from fifth in 2014, on the back of a strong showing across the three asset classes – in particular equities, where it edged out traditional leader Societe Generale in two categories.

Deutsche Bank did the exact opposite, falling from second place last year to fifth overall. The bank gave up top spot in two key interest rates categories, and also failed to attract votes from forex clients – an area traditionally seen as one of the German bank's strengths.

HSBC, meanwhile, moved into overall the top 10 for the first time, following a strong performance in forex.

It is not surprising to see changes afoot. The impact of regulatory initiatives such as the leverage ratio are only just starting to be felt across the Street, and banks are dealing with these in their own ways, and at different paces. The picture could be completely different a year from now, as dealers get a firmer idea of what type of institution they want to be in the new environment.

Whether their clients are happy to stick with them while they figure things out though remains to be seen.