Budget Trading Shops Make Inroads Into Bulge Bracket Client Base

Mark Galant, ceo at fx trading shop Gain Capital, said retail and high-net-worth foreign exchange dealers are starting to lure small and mid-sized corporates as well as hedge funds away from the bulge bracket houses.

  • 18 Jul 2004
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Mark Galant, ceo at fx trading shop Gain Capital, said retail and high-net-worth foreign exchange dealers are starting to lure small and mid-sized corporates as well as hedge funds away from the bulge bracket houses. Galant compared the evolution of the fx market to that of the airline industry, in which new entrants, such as JetBlue Airways Corp., have taken market share by targeting low cost fliers and then more and more passengers are moving away from the traditional airlines to the budget alternatives.

The mid-sized corporates are considered small by dealers so become an ideal candidate, Galant says these clients will get better pricing, service and technology if they move to a small platform.

  • 18 Jul 2004

All International Bonds

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1 Citi 242,241.25 929 8.19%
2 JPMorgan 223,842.40 997 7.57%
3 Bank of America Merrill Lynch 216,424.41 725 7.32%
4 Barclays 185,098.93 672 6.26%
5 Goldman Sachs 159,205.64 520 5.38%

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1 JPMorgan 32,522.19 61 6.53%
2 BNP Paribas 32,284.10 130 6.48%
3 UniCredit 26,992.47 123 5.42%
4 SG Corporate & Investment Banking 26,569.73 97 5.33%
5 Credit Agricole CIB 23,807.36 111 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%