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 Citi 281,642.23 1086 8.16%
2 JPMorgan 270,584.56 1179 7.84%
3 Bank of America Merrill Lynch 253,429.76 853 7.34%
4 Barclays 210,456.38 780 6.09%
5 Goldman Sachs 188,752.91 614 5.47%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 37,171.06 156 6.65%
2 JPMorgan 34,910.99 67 6.25%
3 SG Corporate & Investment Banking 30,338.70 112 5.43%
4 UniCredit 29,482.91 134 5.28%
5 Credit Agricole CIB 27,998.53 136 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,322.29 47 9.04%
2 Goldman Sachs 10,369.68 49 8.28%
3 Citi 9,134.57 51 7.29%
4 UBS 6,515.43 25 5.20%
5 Morgan Stanley 6,459.47 42 5.16%