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 226,068.21 1015 8.26%
2 Citi 210,504.43 878 7.69%
3 Bank of America Merrill Lynch 176,175.94 733 6.44%
4 Barclays 163,623.10 669 5.98%
5 HSBC 135,677.56 737 4.96%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.86%
2 Credit Agricole CIB 25,676.63 105 7.36%
3 JPMorgan 21,834.93 53 6.26%
4 Bank of America Merrill Lynch 21,382.31 54 6.13%
5 SG Corporate & Investment Banking 16,639.52 78 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 7,483.79 37 9.65%
2 JPMorgan 7,363.27 46 9.50%
3 Goldman Sachs 6,842.44 35 8.83%
4 Citi 5,763.97 41 7.44%
5 UBS 4,691.07 23 6.05%