Deutsche Bank
Deutsche Bank fared better than many competitors during the recent credit crises. Amid reduced liquidity in the market, the bank has seen a substantial increase in market share in credit flow. Indeed, European volume for single-name and index was EUR650 billion in the first quarter of 2008--equivalent to the whole of 2006. In the U.S., investment-grade single-name CDS volumes more than doubled from 2006 to 2007, and Deutsche expects 2008 volumes to quadruple those seen just two years prior. Market participants cite the firm's "better pricing" as well as its global coordination. Boaz Weinstein and Colin Fan, co-heads of global credit trading, both got kudos for good client servicing.
Goldman Sachs
Goldman is known as "quiet, but innovative" with a stable, competent staff. "They make better markets in more names," summed up one observer. "Without question, they have the deepest markets in the broadest credits. No doubt." Others said the firm is more dedicated to the market than its competitors and is willing to take on more risk than others on the Street because of its better internal risk management. Managing Director Justin Gmelich in New York was singled out for his work in cash and CDS.
JPMorgan
JPMorgan has made markets throughout the credit crisis and maintained a high level of trade, impressing market participants and winning it a place among the top flow credit houses. Under Eric Rosen's leadership the group continues to rank among the top counterparties for many investors. "We have faced them for many years and they keep giving us reasons to come back." said one hedge fund trader in the U.S.
Morgan Stanley
In the U.S. Morgan Stanley continued to rank highly among market players for execution, in particular in indices. Players also noted the sizeable volumes for investment-grade product. In Asia, the firm is also seen as a standout. One market player pointed out that U.S. houses that can take Asian credit real time stand out from the pack. "The key is not to have good credit in Asia but good global coordination," he said.
