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

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4 Barclays 245,918.13 920 6.10%
5 Goldman Sachs 217,162.09 730 5.39%

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1 BNP Paribas 45,800.95 180 7.01%
2 JPMorgan 44,256.04 91 6.78%
3 UniCredit 35,452.34 152 5.43%
4 Credit Agricole CIB 33,170.05 159 5.08%
5 SG Corporate & Investment Banking 32,244.80 125 4.94%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 13,643.79 60 8.96%
2 Goldman Sachs 13,204.47 65 8.67%
3 Citi 9,716.40 55 6.38%
4 Morgan Stanley 8,471.86 53 5.56%
5 UBS 8,136.41 33 5.34%