BofA is regarded as another strong player in equity volatility trading and was one of the first firms to actively trade options on variance. Institutional clients said BofA is also a strong competitor for bespoke structured equity products.
Citi is a major player in both single-stock and index variance swaps, and its seen as offering innovative trades, such as options on variance. The firm also uses its substantial retail distribution platform to its advantage in building equity structured products.
Rivals see Goldman is a one-stop-shop for equity derivative end users, offering competitive prices for flow derivatives and a solid exotics business. It's also widely regarded by financial institutions as a market leader for index variance swaps.
The U.S. dealer was nominated by end users and peers for its strong corporate sales coverage. The firm has built up a well-regarded business offering bespoke equity-linked products to insurance companies.
Its equity-linked investment products make the firm a standout, according to brokers and private banking officials. Dealers also nominated Merrill because it is a good liquidity provider.
