HSBC maintains metals dominance

HSBC, JP Morgan, Deutsche Bank and Barclays Capital are the big winners in this year’s Risk metals rankings. By Arielle Weliky

iron ore

Metals derivatives trading is on a downward trend. Trading in non-precious metals derivatives fell by 9% in Europe, 14% in the US and 36% in Asia in the third quarter of 2004, according to the Bank of International Settlements’s December 2004 quarterly review.

Precious metals hedging has also diminished, with gold producers hedging less actively as a result of getting to a point where they are fully hedged; while merger activity among producers has reduced the number of hedge books. Numerous

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