Markets Are Inefficient, Conclude Delegates

A straw-poll of conference delegates conducted by Jessica James, director in the risk advisory group at Citigroup, suggested the myth that foreign exchange markets are efficient has been dispelled.

  • 29 Oct 2004
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A straw-poll of conference delegates conducted by Jessica James, director in the risk advisory group at Citigroup, suggested the myth that foreign exchange markets are efficient has been dispelled. James said none of the delegates she had questioned believed currency markets are efficient.

Foreign exchange is likely to be less efficient than other asset classes because the majority of trades are executed for hedging purposes rather than for direct investment, explained Thanos Papasavvas, currency strategist at Credit Suisse Asset Management in London.

  • 29 Oct 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 132,387.73 545 8.30%
2 Citi 123,981.47 487 7.78%
3 Bank of America Merrill Lynch 105,093.26 413 6.59%
4 Barclays 99,545.40 383 6.24%
5 HSBC 81,053.20 424 5.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 11,525.35 30 7.25%
2 BNP Paribas 8,422.96 46 5.30%
3 UniCredit 8,389.55 43 5.28%
4 Deutsche Bank 8,298.69 30 5.22%
5 Commerzbank Group 7,837.68 40 4.93%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4,425.28 19 11.23%
2 Goldman Sachs 4,006.06 15 10.17%
3 Citi 3,527.84 22 8.95%
4 JPMorgan 2,809.08 19 7.13%
5 UBS 2,241.39 12 5.69%