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SRP
Americas
Awards Report
2015
1
SRP Americas Awards Report 2015
Foreword
Contents
2.0 2.1 2.2 2.3 2.4 2.5
Management Summary
Price Competitiveness
Understanding Client Needs
Innovation and Structuring Capability
After Sales Service
Overall Service Scores
4
5
6
7
8
3.0
3.1 3.2 3.3 Americas Summary
Americas Overview
Americas Trends and Predictions
Qualitative Responses by
Asset Class
4.0
4.1 4.2 4.3 4.4 4.5 4.6
Bank Analysis
Barclays
JP Morgan
Morgan Stanley
Top Canada Manufacturer
Top Latin America Manufacturer
Best Distributor USA
18
19
20
21
22
23
5.0
5.1 5.2
5.3 5.4
Service Provider Analysis
Best Index Provider
Best Law Firm Best Technology Provider Best Proprietary Index Provider 24
25
26
27
SRP also owns and maintains the specialist industry website
StructuredRetailProducts.com. The site was launched in January
2003, and has become the leading online information resource
for the global retail structured products industry. With over
4,100 registered users and more than 7.2 million product listings,
the website is the primary information source for a wide range
of businesses involved in the manufacture and distribution of
structured investment products globally. The service is used by
financial regulators, index providers, investment banks, stock
exchanges, retail banks, insurance companies, asset and wealth
managers, consultants, lawyers and other firms involved in the
market.
Copyright Information
This report is copyright © 2015 Structured Retail Products
Limited. All Rights Reserved. Reproduction and distribution
of this report in any form without prior written permission is
strictly prohibited.
Furthermore
• It may not be sold for commercial gain, either in part or in its
entirety.
• It may not be photocopied or printed for multiple use, with
the exception of within the organization for which it was
purchased.
• It may not be distributed electronically or otherwise in a
manner other than that described above.
The information contained herein has been obtained from
sources believed to be reliable. SRP disclaims all warranties as
to the accuracy, completeness or adequacy of such information.
Use of this report is at your sole risk and SRP accepts no
responsibility for any problems or incidents arising from its use.
15
6.0 Awards Results
6.1 Best House and Distributor Overall Winners 28
6.2 Best Sales and Performance by Country 28
6.3 Service Provider Winners, Runners-up
and Shortlists
29
Appendix
Editor: Richard Jory
T: +44 (0) 207 779 8247
E: [email protected]
This report would not have been possible without the support
of the structured products fraternity across the Americas. SRP
would like to thank the participants in the SRP survey of March
to April 2015, whose data underpins this report.
If you are interested in having a similar bespoke report
produced for your organization, please contact
Joe Burris +1 (212) 224 3458 or email
[email protected]
Appendix
Acknowledgements
Research: Wojciech Polowniak
Marketing: Jon Riley, Margaux Palacios
Sales: Joe Burris
30
Awards Results
Indemnity
10
13
The company was founded in 2001 and our clients include
hundreds of blue chip companies from around the world
including all of the major global financial services groups,
financial regulators, stock exchanges, index providers and
professional services firms.
Bank Analysis
1
2
3
Americas Summary
1.0 Introduction
1.1Foreword
1.2 Scope 1.3 Methodology
Management Summary
Structured Retail Products Limited (SRP), part of the Euromoney
group of companies, is a research firm based in London, New
York and Hong Kong, providing research and training services
related to all aspects of structured products.
Introduction
1.1
2
Introduction
1.2
Scope
This report is concerned with the manufacture of structured
products in all forms – including wrappers such as funds, notes,
bonds, certificates, deposits, life assurance – and usually linked
to equities, foreign exchange, commodities, interest rates and
hybrid underlyings.
Management Summary
This report presents information on structured retail products
markets across the Americas. Although the term ‘structured
product’ is widely used in the financial community, the term
often means different things to different people.
Americas Summary
For the purposes of this report, a structured product is an
investment product providing a predefined return linked to
the price of one or more underlying assets. These are usually
financial prices, rates or indices, but in rare cases can be sporting
or other events. The product can usually be broken down into
a number of separate financial instruments, one of which is
usually a derivative product.
Where a derivative is not used, the product will use derivativebased investment strategy or computation to provide the return.
Bank Analysis
Although we exclude simple warrants, listed options and futures,
and delta one products such as tracker funds, exchange-traded
funds and notes, reference to these products may be made,
where relevant.
The report is based on both quantitative and qualitative analysis.
StructuredRetailProducts.com (SRP) surveyed 224 structured
products distributors across the Americas between March and
April 2015, collecting data on structured product manufacturers
from the point of view of their distributor clients. The results
from the survey form the basis of this report. Details of both
the quantitative and qualitative analyses are available in the
Methodology section of the report.
The report provides the following information:
1. A scope, methodology and management summary of the report’s key findings
2. An analysis of the structured products market in the Americas based on survey responses
3. Separate analysis of top banks with
• How the bank ranked in terms of overall client service
• Whether client service was above the industry average in key service categories
4. The volume of business manufactured by the bank and breakdown by key countries
5. Table of the importance of the following key service categories for the bank’s respondents:
• Price competitiveness
• Understanding client needs
• Innovation and structuring capability
• After sales service
6. Score and rank of the bank, in league table format
• For overall client service with a geographic breakdown
• Across the key client service categories with an asset class breakdown
7. Analysis of top service providers
Awards Results
Appendix
3
Methodology
Part 1 Quantitative
We asked respondents to the survey to specify up to three
investment banks that they use for hedging purposes, for each
asset class in which the respondent was active, and specify the
volume of business for that asset class and the percentage split
by bank.
Price competitiveness
Understanding client needs
Innovation and structuring capability
After sales service
•
•
•
Providers vote for themselves
We cannot confirm the identity of the respondent
A respondent votes more than once and we cannot resolve
the duplication
In order to help banks decide their tactical direction, we have
sought candid feedback from their clients and use this to suggest
areas that each bank excels in and where it might improve.
Part 3 Data Validation
Captive votes and those representing internal transaction
flows were excluded from the results. This includes votes cast
by distributors that are part of banking groups which use their
parent group for 100% of their activity and internal structuring
desks. Also votes were not included in the survey where:
Each bank analysis contains graphs of the bank’s score for each
of the key service categories above as well a comparison to the
industry average and a geographic breakdown. Where a bank
receives a low score, it may need to improve or update its
messaging, at least among some sectors of its target client base,
rather than to improve its service.
Bank Analysis
•
•
•
•
For the purpose of this report, the scores for each key service
category for the individual banks are calculated by averaging.
Service scores are therefore suggestive of the level of service
that a client might expect to receive when working with an
investment banking counterparty.
Americas Summary
Part 2 Qualitative
The respondents were then asked to rank the investment banks
they dealt with for each asset class as 1, 2 or 3 (where 1 = below
average, 2 = average and 3 = above average) according to four
key service categories:
The survey results underpinned the 2015 Americas Structured
Products Awards, which were handed out on June 11, 2015
during the 4th Annual Americas Structured Products &
Derivatives Conference in New York City.
Management Summary
Description of the Survey
Between March and April 2015 StructuredRetailProducts.com
(SRP) surveyed American structured products distributors,
receiving 224 responses. The survey was composed of three
areas of investigation:
Introduction
1.3
Awards Results
Appendix
4
Introduction
2.0
Management Summary
The following key service categories influence the decision of
distributors to work with a particular bank for their structured
products:
Management Summary
1. Price competitiveness
2. Understanding client needs
3. Innovation and structuring capability
4. After sales service
2.1
Americas Summary
Key Success Factors
• Availability and cross asset capability: Always provide prices, regardless of the underlying
• Consistency: Maintain price levels throughout the transaction
• Speed: Both of pricing and response time
• Transparency/liquidity: Trading platforms/internet-based
pricing are welcomed by clients for purposes of transparency and liquidity in light of regulatory pressures
• Pricing models: Possess cutting edge models
• Credit rating: Distributors still wish to mitigate credit risk,
and this means that business is allocated to a variety of counterparties, representing an opportunity for banks with aggressive pricing
CIBC 1%
Monex 1%
UBS 2%
Santander 2%
Bank Analysis
RBC (Royal Bank of Canada) 2%
JP Morgan 19%
Other 2%
Bank of America Merrill Lynch 3%
Natixis 3%
BMO Financial 3%
HSBC 3%
Credit Suisse 3%
Societe
Generale 11%
Deutsche Bank 3%
Awards Results
Wells Fargo 3%
BBVA 4%
Morgan Stanley 10%
Appendix
BNP Paribas 4%
Barclays 9%
Goldman Sachs 6%
Citi 7%
5
Introduction
2.2
•
•
•
•
Have experienced sales people
Provide a quick response to client enquiries
Demonstrate a willingness to help clients grow their business – banks need to understand their clients’ business in order to pitch suitable products - a cooperative approach is welcomed by distributors which can lead to further
sales opportunities
Spend time iterating suitable marketable ideas with
the client
Americas Summary
CIBC 1%
Monex 1%
Other 2%
UBS 2%
Bank Analysis
Santander 2%
JP Morgan 20%
Management Summary
Key Success Factors
• Provide a seamless service that integrates with client
operations
• Do not put the client under pressure to close the deal
• Understand the products offered
• Possess local market/regulatory knowledge – preferably
to have dedicated sales people in different markets
• Deliver good macro ideas
Deutsche Bank 3%
Credit Suisse 3%
Natixis 3%
Societe
Generale 10%
BBVA 3%
Wells Fargo 3%
Awards Results
BMO Financial 4%
BNP Paribas 4%
Barclays 9%
Morgan Stanley 9%
Goldman Sachs 6%
Citi 7%
Appendix
HSBC 4%
6
Introduction
2.3
Innovation and Structuring Capability
Management Summary
Key Success Factors
• Demonstrate the ability to structure across asset classes,
underlyings and also wrappers
• Understand complex customer needs and turn these into
innovative/ viable solutions
• Have experience of alternative issuing vehicles and
pricing models
• Possess excellent knowledge of innovative products –
•
•
distributors value banks that can come up with interesting
products and innovative payoffs as long as these are not
too complicated to understand or explain to their customers
Offer leading research capabilities – more openness and clever trades and strategies that deliver value are highly rated by distributors
Provide flexibility to embed bespoke features into products
Americas Summary
CIBC 1%
Monex 1%
Bank Analysis
Santander 1%
Deutsche Bank 2%
Other 2%
UBS 2%
JP Morgan 20%
Natixis 3%
Credit Suisse 3%
BMO Financial 4%
Societe
Generale 10%
Wells Fargo 4%
Awards Results
HSBC 4%
BBVA 4%
Morgan Stanley 10%
Appendix
BNP Paribas 4%
Goldman Sachs 6%
Barclays 8%
Citi 8%
7
Introduction
2.4
After Sales Service
•
•
•
Americas Summary
Scotia 1%
Provide reliable and regularly updated secondary
market prices
Issue valuation and risk management reports – this helps
distributors decide what products and underlyings they may wish to use, and also allows them to explain product
performance to their customers
Demonstrate efficiency in terms of product
registration and passporting
Monex 1%
CIBC 1%
Management Summary
Key Success Factors
• Provide secondary market services – this source of liquidity
encourages distributors to issue structured products and
therefore supports the industry
• Demonstrate the ability to unwind small tickets – while banks can typically support writing small deal sizes, liquidity for these deals is also required post trade
• Help unwind commitments especially when pricing is
not good
Other 1%
UBS 2%
JP Morgan 20%
Deutsche Bank 3%
Credit Suisse 3%
BBVA 3%
Societe
Generale 10%
Natixis 3%
Bank Analysis
RBC (Royal Bank of Canada 1%
Santander 1%
Wells Fargo 4%
Awards Results
BMO Financial 4%
BNP Paribas 4%
Barclays 9%
Morgan Stanley 8%
Goldman Sachs 5%
Citi 8%
Appendix
HSBC 4%
8
Introduction
2.5
Overall Service Scores
This section combines the overall scores achieved by banks in the categories analysed above
The graph below shows each bank’s score – also shown is the league table with comparison to previous surveys
Management Summary
Americas Summary
Bank Analysis
Price
Competitiveness
Understanding
Client Needs
Innovation
& Structuring
Capability
After
Sales Service
Bank of America Merrill Lynch
3.00
3.00
3.00
3.00
Barclays
2.61
2.49
2.23
2.44
BBVA
2.53
2.27
2.73
2.40
BMO Financial
2.20
2.67
2.40
2.73
BNP Paribas
2.75
2.81
2.63
2.63
CIBC
2.33
2.33
2.33
2.33
Citi
2.62
2.72
2.72
2.72
Credit Suisse
2.92
2.83
2.67
2.83
Deutsche Bank
3.00
2.33
1.67
2.33
Goldman Sachs
2.54
2.50
2.50
2.33
HSBC
2.06
2.65
2.29
2.71
JP Morgan
2.65
2.71
2.63
2.64
Monex
2.50
2.00
1.75
2.50
Morgan Stanley
2.92
2.67
2.78
2.44
Natixis
2.31
2.62
2.38
2.38
RBC (Royal Bank of Canada)
2.38
2.00
1.75
1.88
Santander
2.13
1.75
1.75
1.88
Scotia
1.67
1.33
1.67
2.33
Societe Generale
2.92
2.69
2.62
2.72
UBS
2.00
2.75
2.88
2.88
Investment Bank
Wells Fargo
2.47
2.47
2.40
2.60
Industry Average
2.62
2.59
2.50
2.56
Awards Results
Bank
Appendix
2013
2014
2015
15
19
1
Goldman Sachs
9
14
12
Credit Suisse
2
8
2
Barclays
7
10
13
Societe Generale
12
4
3
HSBC
5
15
14
BNP Paribas
8
9
4
Natixis
n/a
3
15
Morgan Stanley
3
11
5
Deutsche Bank
4
17
16
Citi
14
16
6
CIBC
10
22
17
JP Morgan
6
7
7
Monex
n/a
1
18
n/a
21
8
13
20
19
BMO Financial
1
6
9
Santander
n/a
24
20
Wells Fargo
11
12
10
Scotia
n/a
18
21
BBVA
n/a
23
11
UBS
9
Americas Summary
The SRP Americas Awards Survey 2015 incorporates the results
of a survey of 224 respondents who were asked for their views
on product creators, preferred structures and underlyings and
market views. The survey was conducted between April and
March 2015.
Management Summary
The Americas Overview includes graphic representations of SRP
data on the trends in issuance numbers and sales volumes in this
market over the past five years. This is followed by an article that
is based on comments made in the survey by the respondents.
Introduction
3.0
Americas Summary
Bank Analysis
Awards Results
Appendix
10
3.1
Americas Overview
Introduction
Americas structured products issuance and volumes 2010-2014 (including leverage, flow and private banking)
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
85,000
80,000
Management Summary
75,000
70,000
65,000
60,000
Americas Summary
2010
2011
2012
2013
Total Volumes (USDm)
2014
Total Issues
Americas structured products issuance and volumes 2010-2014 (excluding leverage, flow, private banking)
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
70,000
68,000
Bank Analysis
66,000
64,000
62,000
60,000
58,000
56,000
2010
2011
2012
2013
2014
Total Issues
Americas structured products issuance and volumes 2010-2014 (excluding private banking)
Awards Results
72,000
18,000
70,000
16,000
68,000
14,000
66,000
12,000
10,000
64,000
8,000
62,000
6,000
Appendix
60,000
4,000
58,000
2,000
0
56,000
2010
2011
2012
2013
2014
Total Issues
11
Customer service
The survey returned an impressive list of improvements
requested from the sellside, unless you are a manufacturer.
Starting with “after sales monitoring of the underlying basket,
some corporate action”, it was also noted that “pricing fees
and bid requests are messy, and there are issues on the
documentation side”, while there is a need for “better marketing
materials” and “better secondary inventories”.
Appendix
While structured products developers all around the world are
crying out for swift and effective single and multi-dealer trading
platforms, there remains a desire for a “price calculator for
Awards Results
Further gloss, from another respondent, stated, “Above average
manufacturers do everything well (aftersales service, secondary
market-making, etc).” And if you would like a more fulsome
definition, one respondent suggested the following: “companies
that can provide the best terms… and companies that have the
most flexibility in ‘tweaking’ offerings terms/structuring outside
the box are above average”. Good and regular reporting on how
relevant strategies are faring was also mentioned.
One bank was noted as “leading the market through education
focusing on retail brokers’ needs by taking the time to explain
the mechanics of the product, which leads to increased long
term sales. The amount of service provided by that bank “is
unmatched and the personal attention makes it a pleasure to
work with them”.
It would not be the same if fingers were not pointed at regulations
and regulators, although this time the anecdotal praise was
aimed squarely at banks that proved to have “the capacity to
manoeuvre in the [current] regulatory environment”. More
approval was levelled at banks making an effort to offer better
service and those who have stepped up both their time and
quality of response. One response noted that the performance
of one provider is “above average when they care about our
company”.
New sales teams in the US are not necessarily a disadvantage,
with one bank that has introduced new staff said to be providing
“radically improved service and competitiveness” although one
“has struggled to win bids and not executed on the bids they
did win”.
Bank Analysis
Those less content with these advances in quality were moved
to damning criticism, particularly of those banks that had
undergone changes that meant they were no longer able to
structure (presumably profitable) deals as they used to, with
a particular lowlight being those banks that have had issues
settling maturities or coupon payments. The specific criticism
was levelled at more than one bank active in the US.
Americas Summary
Understanding distributor needs and being proactive when it
comes to new ideas or even listening to opinions and thoughts,
and then incorporating these themes and preferences into a
monthly product run is perhaps more valuable than you might
have thought.
The right blend
If you want to make it all the way to top as a manufacturer, the
ingredients for the right blend include a good offering of notes –
no points for guessing that one – excellent aftersales service and
a high quality team of individuals. But make sure that you are
liked for your pricing, “some issuers are not competitive because
of their treasury”. And if you get it just right, you will provide
the “best quality in intellectual capital, underlying credit rating
and service… [and you will] provide exceptional service from
pre-sale to after-sale”. “The above average rankings understand
our business and are proactive in bringing us new ideas and/or
incorporating our opinions/needs into their monthly structuring
and also provide excellent customer service.”
Management Summary
Furthermore, there have been “very few or no incidents of
making errors” in order totals and documentation, which is,
of course, reassuring – those fat fingers are under control.
The fact that this is worthy of note makes it clear how far the
providers have moved away from bad or even casual practices.
“Top issuers share a similar trait - strong partnership,” said one
distributor. “They often naturally price aggressively, but they
are differentiated by their main sales contact. They understand
client needs, do not try to ‘pitch’ products, and have strong
market/derivatives knowledge.”
If you want to know how to score a ‘below average’ rating then
you need to make sure that you do not bring new ideas and
do not understand the various restrictions different distributors
are subject to or their client base. Ensuring you fall off the list
of preferred providers can also be achieved by failing to be
prompt in customer service or by being “less pleasant to deal
with overall”. Although not quite a damning description of one
particular provider, it probably shows that saying “have a nice
day” may not be enough.
Introduction
Introduction
‘Having a nice day’ may not be enough
Structuring is a strength in the Americas, according to an
audience of distributors giving their views in SRP’s Americas
Awards Survey, with more than 60% of those responding
voicing their approval, and half of those stating that they were
extremely satisfied with the products they have been offered
over the last year.
12
Introduction
the pricing of plain vanilla products”, although there is also an
acknowledgement that, alongside the need for “instant pricing
systems, coupon/performance history reports are becoming
more available”.
Management Summary
The universal clamour for more education from many does not
mean that a vast swathe of distributors do not know what they
want more of, which includes “more idea generation – both on
new primary trades and secondary unwind opportunities”.
Manufacturers are also asked to “make more products with
many more underlyings, not just those that register with the
regulator” and make more available “structures that will allow
different or opposing risks to be taken”.
Americas Summary
At the sharper end of requests was, “somebody - like what
happens with certificates of deposit - should be the structurer
but use a municipality’s balance sheet so that coupons would
qualify for muni bond treatment for high net worth investors”.
Bank Analysis
Index providers were once again picked on for the high level
of their annual fees, and asked to provide more indexes based
on the Mexican market, but also better education. They could
“be more willing to create new indices”, offer “easier access
to public disclosure documents (eg. fact sheets, methodology,
prospectus)”, and need to “be responsive to questions about
index methodology where there are actual or perceived
ambiguities.”
Trends
From the responses to the survey, it would seem clear that we
are going to get a rate rise in the US, which should at least help
with one of the major concerns of structurers who continue
to struggle with product creation while interest rates (and
volatility) are so low. “The market will drastically improve once
the central banks remove themselves from their overreaching
current position,” offered one respondent.
Awards Results
Other challenges include rising equity markets and trying to
meet or better the returns of products created between 20102012 that will mature this year. There is also a requirement for
meeting the desire for income products, as well as “developing
new dynamic or market tracking indices [and] keeping clients/
advisors engaged with new ideas and solutions to evolving client
needs”.
One respondent noted, “Our registered reps work for a bank
and there is still a lot of competition with annuities, where a
good amount of their business is booked.”
Forecasts
Currency is the asset class to watch, as far as respondents to the
survey are concerned, with expectations that this market will
increase by 20% in retail. Retail structured products linked to
equities, interest rates and hybrids are expected to all increase
by 15%, with a mere 5% growth in commodity-linked products
anticipated. There is a universal expectation that FX, rates,
equities and hybrids will rise by 15% for institutions, with the
use of commodities to fall by 6%. The expectation for private
banking is that hybrid- and equity-linked structured products
will rise in popularity by more than 10%, with FX and interest
rates expected to increase by 5%-10%.
To support this growth, respondents reckoned that 75% of the
proceeds of structured products maturing over the next 12
months will be reinvested in the market.
And the products that will dominate over the same period
are expected to be insurance-linked investments or variable
annuities, those based on proprietary or custom indices, as well
as volatility-based derivatives. Only one respondent is prepared
to base his investment predictions around offshore Chinese
renminbi-based products.
Of those organisations expected to support the market, there
was a request for the setting up of a structured products
association in Mexico, and a request for more compliance
education and idea sharing as well as monthly or quarterly
newsletters from the US SPA. A sole respondent went one step
further into the void when asked what more the US SPA could
do to help the market: “A lot,” was his response.
Appendix
13
1.
Americas Trends and Predictions
Introduction
Introduction
3.2
Which payoff will grow?
8%
Accrual
1%
Callable
Digital
9%
Dual Currency
Management Summary
20%
6%
Knockout
Range
8%
Reverse Convertible
Shark Fin
3%
Worst of Option
27%
Other
4%
Bank Analysis
8%
6%
will regulation affect SPs in your market?
2. How
Americas Summary
Protected Tracker
5%
Negatively
Neutral/no effect
Positively
Awards Results
Appendix
21%
75%
14
Introduction
3. Which
asset class will grow?
1% 3%
3%
Management Summary
23%
Commodities
Credit
Equity - Index Basket
Americas Summary
4%
38%
Equity - Share Basket
Equity - Single Index
Equity - Single Share
Hybrid
12%
Interest Rate
Bank Analysis
16%
4.
How will the regulatory environment change your clients’ portfolio allocation to SPs?
Neutral/no effect
27%
Overweight
Underweight
Awards Results
62%
Appendix
11%
15
Qualitative Responses by Asset Class
1.Commodities
Commodities
Introduction
Introduction
3.3
Commodities
Barclays
Management Summary
BMO Financial
BNP Paribas
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
Americas Summary
JP Morgan
Morgan Stanley
Natixis
Societe Generale
0%
5%
10%
15%
20%
Overall score based on four qualitative criteria
30%
35%
40%
Volume
Bank Analysis
2.Equities
Equities
25%
Equities
Barclays
BBVA
BMO Financial
BNP Paribas
BTG Pactual
CIBC
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
Itau
JP Morgan
Monex
Morgan Stanley
National Bank of Canada
Natixis
Other
Santander
Scotia
Societe Generale
UBS
United Community Bank
Wells Fargo
Awards Results
5%
10%
15%
20%
25%
Volume
30%
35%
40%
Appendix
0%
16
Introduction
3.Hybrid
Hybrid
Hybrid
Management Summary
Barclays
BMO Financial
BNP Paribas
Citi
Deutsche Bank
Americas Summary
Goldman Sachs
JP Morgan
Morgan Stanley
Natixis
Societe Generale
0%
5%
10%
15%
20%
25%
Bank Analysis
4. Interest
Interest Rates
30%
35%
40%
Volume
Rates
Interest Rates
Barclays
BBVA
BMO Financial
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
Awards Results
JP Morgan
Monex
Morgan Stanley
Natixis
Scotia
Societe Generale
Appendix
Wells Fargo
0%
5%
10%
15%
20%
25%
30%
35%
Volume
40%
45%
50%
45%
17
FX
Introduction
Introduction
3.FX
FX
Barclays
Management Summary
BBVA
CIBC
Citi
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
JP Morgan
Americas Summary
Monex
Morgan Stanley
Natixis
Santander
Societe Generale
Union Bank
0%
5%
10%
15%
25%
Volume
30%
35%
Bank Analysis
20%
Awards Results
Appendix
18
Introduction
4.0
4.1
Bank Analysis
Barclays
Strengths and Weaknesses
Management Summary
After Sales Service
Innovation & Structuring Capability
Americas Summary
1
1.5
Bank Analysis
Industry Average
Barclays is headquartered in the UK but maintains its structured
products hub in midtown New York City. The bank is recognized
as being the inventor of the Exchange Traded Note. It currently
sponsors several dozen iPath branded ETNs, the first of which
debuted in 2006.
Barclays offers US structured products through a variety of
distribution channels, including RIAs and its Barclays Wealth
Americas private bank. In Canada, Barclays has partnered with
a handful of local banks for product distribution, predominantly
to retail investors. The bank’s smaller Latin American market
includes predominantly private banking clients in Chile,
Colombia and Mexico.
Awards Results
Barclays scored highly in the US, with respondents of the
SRP Americas Awards Survey suggesting that most of the UK
bank’s Americas activity is centered on the US according to the
estimated market shares reported, with about 2% of activity
seen in Canada. In 2014, in the US, Barclays sold more than
$4.8bn across 860 products, making the UK bank fourth most
prolific and earning it a 10% market share. In Latin America
Barclays sold $14m across four products.
Appendix
As far as strengths and weaknesses, as measured by the survey,
where respondents presented their views of product provider
effectiveness in after sales service, innovation and structuring
capability, understanding client needs and competitiveness,
the bank scored below average in each category. Over 2014,
relative to the averages from the survey votes, it was deemed
2
2.5
3
Barclays
to be best in price competitiveness, but fell a long way behind
the average in innovation and structuring capability.
Buyside respondents have attributed this below average
score to the UK bank undergoing negative changes, including
not being able to structure deals that were done previously.
Additionally Barclays has had issues settling maturities or
coupon payments over the past year.
In specific countries, as far as innovation and structuring
capability, Barclays was ahead of the industry average in Canada,
but behind in the US. For price competitiveness the UK bank
was prominent in the US, where survey respondents scored
it slightly above the average, while in Canada performance is
seen to fall behind the industry average. In both Canada and
the US understanding client needs and after sales service
performance was seen to be below industry average.
Distributors commented that a similar trait that top issuers
share is strong partnership; they often naturally price
aggressively but they are differentiated by their main sales
contact. Despite the lower than average score in understanding
client needs, one respondent said that Barclays understands
client needs and does not try to “pitch” products, but have
strong market and derivatives knowledge.
19
Introduction
Introduction
4.2
JP Morgan
Management Summary
After Sales Service
Americas Summary
1
1.5
2.5
3
JP Morgan
New York-based JP Morgan was an early pioneer of structured
products and cleared a path for other investment banks to follow
suit. Cross-asset class products and services are offered and
the bank manufactures both structured notes and structured
CDs. In the US, the bulk of cross asset structured products are
sold to retail investors through multiple wirehouses, regional
broker-dealers, RIAs and private banks.
distributors in Canada most appreciative of the bank’s
price competitiveness, scoring it far above average, while
performance in this category seen to be around the industry
average in Chile and the US. The same cannot be said for
innovation and structuring capability, as the Canadian buyside
ranks this category far below average while in Chile and the US
this category is ahead of the curve.
According to SRP data, JP Morgan was the top seller of US
structured products by sales volume. In 2014 the bank sold
more than $8.2bn across more than 1,800 products. The US
bank was also the top seller of US structured products in 2011,
2012 and 2013.
Canadian distributors remain critical when it comes to
understanding client needs and after sales service, ranking
both categories below average, while in Chile and the US the
bank is seen to be performing above industry average.
Respondents highlighted that the US bank leads the market
through education focusing on retail broker’s needs by taking
the time to explain the mechanics of the products, which leads
to increased long term sales. Responsiveness to questions and
openness to structuring custom notes were also highlighted as
reasons for above average ratings.
Awards Results
Bank Analysis
Industry Average
2
JP Morgan was well represented in the USA in the voting by
respondents to the SRP Americas Awards Survey, with the
bank reckoned to have a near 75% stake in the market. The US
bank also received votes for its presence in Canada, as well as,
although to a lesser extent, Brazil and Chile.
Broken down by country the picture changes slightly, with
Appendix
Overall JP Morgan received flattering results when distributors
were asked to rank the quality of the bank’s structured products
service across after sales service, innovation and structuring,
understanding client needs and price competitiveness. The
perception of the buyside in the Americas is that the US bank
is above average in all four service categories, with the highest
score being attained for understanding client needs.
20
Introduction
4.3
Morgan Stanley
Management Summary
After Sales Service
Americas Summary
1
Industry Average
Awards Results
Bank Analysis
Morgan Stanley has its global headquarters in New York City
with its Global Wealth Management based in Purchase, NY. The
bank’s structured products business makes both knowledge
and infrastructure available for clients and it has extensive
experience in servicing institutional investors. Morgan Stanley’s
service spans all asset classes: equities, interest rates, credit,
FX, commodities, real estate and hedge funds with the ability
to engineer sophisticated products, supported by a secondary
trading platform. Over recent years, the use of structured
products has grown and the range of products has increased
significantly.
The bank has a large US-based structured products business,
a small presence in Mexico but it is not currently a participant
in the Canadian structured products market. According to
SRP data Morgan Stanley sold more than $2.8bn across 523
products in the US, making it the ninth most prolific issuer and
earning it a 6% market share in 2014.
Appendix
The two best features of Morgan Stanley structured products
in the Americas in 2014 are its pricing competitiveness and
innovation and structuring capability, according to the SRP
Americas Awards Survey. While scoring above average for
structuring and innovation, understanding of client needs and
competitiveness in pricing, the US bank was less successful
in the after sales service category, where distributors in the
Americas suggested that it performs below average.
While the US stands aside as a market in which distributors
1.5
2
2.5
3
Morgan Stanley
see Morgan Stanley as providing far better than average price
competitiveness, the bank scores below average for Mexico
and Chile. The perception of the bank is far rosier in relation
to its price competitiveness, when survey respondents in the
US and Mexico score it far above the industry average, while in
Chile it is at the average.
Attributes that account for an above average rating include
an ability to provide a quick and quality response, according
to buyside respondents of the survey. Morgan Stanley is
ahead of the pack because of its ability to be in tune to what
distributors are looking for and provide the best terms with
structured products and the ability to tweak offerings terms
and structuring outside the box, according to respondents.
21
Introduction
Introduction
4.4
Top Canada Manufacturer – CIBC
Management Summary
After Sales Service
1
1.5
Industry Average
and weaknesses in all four of the categories judged in the SRP
Americas Awards Survey. Just below average for innovation
and structuring capability, the Canadian bank scored worst
for its price competitiveness. Its after sales service and
understanding of client needs were also a fair bit below the
industry average by survey respondents.
Survey respondents attributed most of the market share of the
Canadian bank in its home country. The buyside highlighted
that above average votes for service categories stem from a
positive relationship between the structured products desks
and wholesalers.
Appendix
CIBC scored below average in the perception of its strengths
CIBC
Awards Results
In 2014 in Canada, CIBC sold 746 products and was the sixth
most prolific issuer in the Canadian market, according to SRP
data. About 52% of those products were GICs, 48% were
structured notes. The products sold among several asset
classes that included: equity, fund and hybrids. After a long
absence in the US market the bank began issuing again in
2013. In 2014 in the US market the Canadian bank sold $8.8m
across four product.
3
CIBC offers structured products to both retail and institutional
clients. Products are distributed through CIBC Wood Gundy
(acquired in 1988), the wholly-owned retail broker-dealer
division of CIBC World Markets, the corporate and investment
banking arm. Additional distribution is through other nonaffiliated, and often smaller, broker-dealers. In Canada,
CIBC’s structured products platform includes both GICs and
structured notes; in the US structured notes.
2.5
Bank Analysis
Canadian Imperial Bank of Commerce (CIBC) is headquartered
in Toronto, Canada, where its Americas structured products
hub resides. It also maintains an office in New York City. The
bank established its structured products business in 1994.
The predominance of its structured products business is panCanadian, with a lesser presence in the US market. CIBC’s
financial solutions group is the unit through which the bank
distributes cross-asset solutions which include structured
products.
2
Americas Summary
22
Introduction
4.5
Top Latin America Manufacturer – BBVA
Management Summary
After Sales Service
Americas Summary
1
1.5
Industry Average
Bank Analysis
Banco Bilbao Vizcaya Argentina, (BBVA) is headquartered in
Madrid, Spain; the main Americas hub is based in Mexico City.
The bank is active in manufacturing structured products for the
following asset classes: equities and interest rates.
Awards Results
Innovation and structuring capability was a strength for
BBVA Bancomer in 2014, according to the SRP Americas
Awards Survey, with respondents perceiving that what the
bank had to offer was better than most of its peers in the
Americas. However, the survey results reveal that the bank
was far off pace in understanding client needs. BBVA also
scored below industry average in after sales service and
price competitiveness, although not to as large a degree as
understanding client needs.
Appendix
BBVA has a large presence in Mexico’s structured products
business, a small presence in Chile but is not currently a
participant in the US and Canadian structured products
markets.
According to SRP data the Spanish bank’s Latin American
structured product sales were over $3.1bn across 580
products, making it the third most prolific issuer and earning
the bank a 19% share of the Latin American market in 2014.
Distributors who ranked the bank highly in service categories
highlighted the bank’s capacity to maneuver in the complex
and ever changing regulatory environment.
Buysiders believe the bank cares about them and their
2
2.5
3
BBVA
clients’ needs and have made an effort to offer better service,
particularly in the timeliness and quality of response to
inquiries and requests.
23
Introduction
Introduction
4.6
Best Distributor USA – Credit Suisse
Management Summary
After Sales Service
1
Industry Average
According to SRP data the Swiss bank’s US structured products
sales were $5bn across 700 products, giving the bank an 11%
share of the US market.
Additionally the buyside in the US said that Credit Suisse ranks
above average for service because of their ability to provide the
best terms for structured products and because of flexibility
in tweaking offering terms according to individual needs and
structuring products outside the box.
Credit Suisse
Distributors who rated Credit Suisse below average in service
had issues settling maturities or coupon payments over the
past year.
Appendix
Respondents noted that Credit Suisse received above average
ratings for after sales service in particular for supremely
attentive service and an above industry average transparent
and consistent sales process.
3
Awards Results
Credit Suisse excelled in all service categories in 2014,
according to the SRP Americas Awards Survey, scoring
above industry average in after sales service, innovation and
structuring capability, understanding client needs and price
competitiveness, with the final category deemed to be the
Swiss bank’s greatest strength.
2.5
Credit Suisse’s Private Banking operation in the US includes
offering structured notes to clients via an open architecture
platform within equities, commodities, interest rates and FX.
2
Bank Analysis
Credit Suisse, and its former derivatives entity CS Financial
Products, have been manufacturing structured products since
the 1990s. The bank is headquartered in Zurich, Switzerland;
the hub is based in New York City and the business is organized
on a cross-asset class basis.
1.5
Americas Summary
24
Introduction
5.0
5.1
Best Index Provider – S&P Dow Jones Indices
Management Summary
Americas Summary
S&P Dow Jones Indices (S&P DJI) is the leading index provider
in the Americas according to respondents of the SRP Americas
Awards Survey. Respondents consider S&P DJI to be the best
index provider overall, the most innovative index provider and
the most responsive to client needs, with votes for the US index
provider far outpacing votes for any other: 46% of respondents
judged S&P DJI to be the best overall index provider, while
39% agreed that S&P DJI excelled in being innovative and 42%
agreed that they excelled in being responsive to client needs,
according to the survey.
Bank Analysis
S&P DJI provides a full range of indices across all asset classes,
providing investors innovative solutions to attain income
and performance in the current low interest rate economic
environment.
Service Provider
Analysis
Survey respondents provided various comments on what
index providers can do for them, ranging from reducing
annual fees, be more willing to create new indices including
providing more Mexican indices, provide education about
various products offered, and provide easier access to public
disclosure documents such as fact sheets, methodology and
prospectuses. Additionally index providers were asked to be
responsive to questions about index methodology where there
are actual or perceived ambiguities.
Awards Results
When asked how much licensing fees influence their choice of
an index for structured products, respondents of the survey
were fairly evenly divided: 38% of surveyed distributors
said that licensing fees influence their choice of an index
for structured products a little; 35% said licensing fees have
no influence on their choice of index; while 27% said that
licensing fees have a lot of influence on their choice of index
for structured products.
Appendix
When asked which indexing themes respondents expect to
grow over the next 12 months, the majority of the buyside
mentioned smart beta. Other indexing themes expected to
grow include volatility control efficient frontier models, interest
rate hedging solutions through exchange-traded funds, equity
volatility and innovative commodity indexes, and asymmetric
delta indexes.
Best Law Firm – Morrison & Foerster
Awards Results
Appendix
MoFo was founded in 1883 by Alexander Morrison in San
Francisco. In 1980 the firm opened its first international office
in London, and three years later an office in Hong Kong was
opened. Today the firm has a global network of 17 offices
located in financial centers in the United States, Asia and
Europe.
Service Provider
Analysis
MoFo provides a broad range of services in practices including
litigation, financial services, intellectual property and
technology, and transactional work, such as corporate, capital
markets and real estate finance representations. The law firm
has experience in establishing, modifying and maintaining
structured products programs, securities law compliance,
banking law compliance, executive transactions, tax analysis
and disclosure and assistance in structuring products.
Bank Analysis
Respondents have stressed that MoFo’s experience, market
knowledge, work product, turn around and pricing are superior,
especially in overall retail notes coverage. Additionally MoFo
provides a very responsive, business solutions oriented service
at a cost-effective rate. When asked what more law firms
can do for them, respondents stated that more quantitative
support could be provided, along with better direction
regarding quantitative regulatory reporting.
Americas Summary
MoFo works with most major issuers and underwriters in
connection with different types of offerings, resulting in
detailed knowledge of a wide variety of platforms and products
used in today’s market. The law firm consistently demonstrates
an understanding of current legal issues in various publications
including the Structured Thoughts newsletter, FrankNDodd,
BureauTrak, The BD/IA Regulator, Tax Talk, and KnowFATCA.
com, providing updates on developments from the Securities
& Exchange Commission and the Financial Industry Regulatory
Authority. MoFo also holds regular seminars and conferences
to educate clients about developments in structured product
regulation and taxation, among other issues.
Management Summary
Morrison & Foerster (MoFo) has again been recognized as the
top law firm for its leadership and ingenuity in the structured
products industry in the Americas, for the fourth straight year.
The firm is recognized for its importance in the structured
products industry, both for its creativity in designing new
products on behalf of clients as well as its commitment to
educating and enlightening the industry and its participants.
Introduction
5.2
25
26
Introduction
5.3
Best Technology Provider – Bloomberg
Management Summary
Bloomberg has been recognized as the leading technology
provider for leadership in innovation, pricing, e-commerce and
client interface.
Americas Summary
The Bloomberg Professional service is used by more than
320,000 subscribers, supporting all aspects of the pre- and
post-trade workflow for derivatives, including idea generation,
structuring, pricing, risk management, regulation, reporting
and operations.
The internationalization of the structured products market is
seeing investors place significant value in transparency and
having the right information and tools to spur investment
decisions.
Bank Analysis
Underlying this trend is a broad investor need for greater
efficiency and progressive solutions that can drive market
development. Bloomberg’s technology is playing a critical role
in the shift towards electronic trading. The power of data and
analytics has been transformative for the currency market,
increasing liquidity and price transparency that in turn bolsters
investor confidence and enhances market participation.
Service Provider
Analysis
Awards Results
In 2014, Bloomberg launched its Derivatives Library, DLIB<GO>,
a platform to structure, price and risk manage derivatives,
structured product and dynamic strategies. In addition,
Bloomberg released a simplified scripting language for product
creation which is universal across all asset classes, ensuring
coverage for derivatives and structured products and allowing
for creation of formula-based strategies. For electronic trading,
Bloomberg is engaging with the sell-side to leverage its DLIB
Model API to allow the creating of a multi-asset electronic
trading platform, integrating sell-side quant models to produce
trading prices. All functionalities, such as life cycle information
with full audit trail, document generation, back-testing,
pricing, various probabilities, cashflow analytics, greeks, risk,
calibration of quant models, scenario analysis, stress testing,
Excel and API are automatically supported, allowing customers
to distribute them on the Bloomberg network.
Appendix
The company has also produced AIM, or Asset and Investment
Manager, a portfolio management, trading and operations
platform is one of a number of offerings that is designed
specifically for the buyside, supporting a range of firms’ front-,
middle- and back-office needs. Used by 700 buy-side firms
globally, AIM provides institutional investors with decisionsupport and portfolio management tools such as pre-trade
analytics, post-trade matching and end-of-day compliance,
settlement, reconciliation, performance measurement,
data aggregation, and reporting capabilities. Its cross-asset
functionality, covering equities, fixed income, foreign exchange
(FX), listed equity options, futures, and over-the-counter (OTC)
derivatives, gives it a broad appeal to the global investment
management community, while its ability to route to 2,300
venues, including dark pools, makes it the integrated frontoffice platform of choice on the buy side. Confirmations are
provided through Bloomberg’s voice confirmation (VCON)
service, and through Swift and Omgeo.
27
Best Proprietary Index Provider – JP Morgan
The SEC said in a September 2014 paper that it will continue
its focus on the use of complex or proprietary indexes in
structured notes.
Appendix
In a public hearing on the reform of the benchmark legislation
at the European Parliament Committee on Economic and
Monetary Affairs (ECON), Stoxx’s chief executive, Harmut Graff
said that the root of the problem lies on market participants
that are rate submitters and at the same time are benefiting
economically from indices by trading index-linked products. A
second conflict of interest is also said to take place when asset
manager or product providers link their passive products to
self-created indices.
Awards Results
Regulation of indices has been well received by independent
index providers as a helpful and necessary step to address the
conflict of interest behind misconduct and manipulations in
indexing.
Service Provider
Analysis
In particular, the SEC is concerned that extremely complex
structured notes – including those using algorithmic formulas
or proprietary indices to underlie products – must provide
full and accurate disclosure, and that their sales be entirely
suitable to the specific retail investors buying them.
Efficiente has been used in over 700 structured products
marketed in the US market by JP Morgan, with a touch above
US$3bn of structured retail note and CD (certificate of deposit)
issuance in the US market linked to the main varieties of the
ETF Efficiente strategies since the first family index launch at
the end of 2010.
Bank Analysis
The rise of notes linked to proprietary indexes – rules-based
formulae that banks have developed in-house to give investors
exposure to a certain market or investment style in a targeted
manner – is on the US Securities & Exchange Commission (SEC)
radar. Many US banks active in the country’s retail structured
products business already have proprietary index businesses,
and will be scrutinized by the US regulator’s complex financial
instruments unit on disclosure and suitability.
Efficiente is an asset allocation strategy driven by momentum,
which is a smart beta, and was originally used by JP Morgan
on cross-asset benchmark underlyings, mainly the S&P 500,
Eurostoxx 50 and Nikkei 225.
Americas Summary
When asked whether they believe structured products with
proprietary index underlyings will grow over the next 12
months, 80% of respondents of the SRP Americas Awards
Survey said yes, while the remaining 20% believe that propriety
indexes will not grow as an underlying for structured products
in the Americas.
JP Morgan has been at the forefront of proprietary index
developments and launched earlier this year the first asset
allocation strategy based on smart beta. The Efficiente Smart
Beta Index applies the same methodology as the bank’s other
Efficiente indices and is primarily based on momentum with a
risk control allocation strategy on smart beta underlyings.
Management Summary
SRP Data shows that there were 350 structured products issued
in 2014 which were linked to proprietary indexes, accounting
for $1.3bn in sales for the year. Of that total, 250 structured
products were linked to JP Morgan’s proprietary indexes, for a
total sales volume of $955m.
Introduction
5.4
28
Introduction
6.0
Award Results
6.1 Best House and Distributor Overall Winners
Management Summary
Americas Summary
Best House
Americas
JP Morgan
Best Distributor
USA
Credit Suisse
Best House
Latin America
BBVA
Best Distributor
Canada
Desjardins Group
Best House
Canada
CIBC
Best Distributor
Mexico
Banco Monex
Best House
Mexico
BBVA
Best Distributor
Brazil
Citi Brazil
Best House
USA
JP Morgan
Best Distributor
Chile
Banchile
Bank Analysis
Best House
Commodities
Deutsche Bank
Best House
Currencies
BBVA
Best House
Equities
JP Morgan
Best House
Hybrids
JP Morgan
Awards Results
Best House
Interest Rates
JP Morgan
6.2 Best Sales and Performance
by Country
USA
Best Sales
Best Performance
JP Morgan
BNP Paribas
Canada
Best Sales
Best Performance
Desjardins Group
Desjardins Group
Mexico
Best Sales
Best Performance
Banco Monex
Banco Monex
Brazil
Best Sales
Best Performance
Citi Brazil
Citi Brazil
Chile
Best Sales
Best Performance
BBVA Chile
Banchile
Appendix
29
Introduction
6.3 Service Provider Winners, Runners-up and Shortlists
Best Educational Initiative
The Laurie Fulton Award
Desjardins Group
Best ETF Provider
Blackrock
Shortlisted
Guggenheim
JP Morgan
Best Proprietary Index Provider
JP Morgan
Shortlisted
Barclays
UBS
Shortlisted
Chicago Board Options Exchange
CME Group
Best Independent Distributor
Advisors Asset Management
Shortlisted
Incapital
Raymond James Financial
Best Single-Issuer Platform
UBS – Equity Investor
Shortlisted
JP Morgan - Nexus
BNP Paribas – Smart Derivatives
Best Hedge Fund
Eton Park
Shortlisted
Blackrock
Standard Life Investments
Best Broker Dealer
UBS Wealth Management Americas
Shortlisted
Morgan Stanley Wealth Management
Best Law Firm
Morrison & Foerster
Shortlisted
Cadwalader, Wickersham & Taft
Sidley Austin
Best Index Provider
S&P Dow Jones Indices
Shortlisted
Russell Investments
VelocityShares
Best Fund Solution
Citi
Best Private Banking Solution
Itau
Shortlisted
BNP Paribas
Citi
Best Insurance Solution
JP Morgan
Awards Results
Best Exchange
New York Stock Exchange
Shortlisted
BNP Paribas
Murex
Numerix
Thomson Reuters
Shortlisted
Deutsche Bank Securities
Goldman Sachs
Shortlisted
JP Morgan Clearing
Pershing
Bank Analysis
Best ETF Market Maker
Jane Street Capital
Best Technology Provider
Bloomberg
Americas Summary
Shortlisted
Citi
Itau
Best Clearing Firm
RBC Correspondent Services
Management Summary
Lifetime Achievement
Eric Glicksman
Appendix
30
Introduction
7.0
Appendix
Respondents by Country
Management Summary
Brazil 1%
Canada 8%
Chile 1%
Uruguay 0%
Mexico 10%
Americas Summary
Bank Analysis
USA 80%
Country
Awards Results
USA
Number of Respondents
180
Mexico
22
Canda
17
Brazil
2
Chile
2
Uruguay
1
Grand Total
224
Appendix
31
Introduction
Brazil
Market Share
JP Morgan 33%
UBS 33%
Management Summary
Americas Summary
BNP Paribas 33%
Canada
Market Share
Societe Generale 1%
BMO Financial 1%
CIBC 1%
Deutsche Bank 3%
Barclays 6%
JP Morgan 43%
Market Share
Bank of America
Merrill Lynch 31%
Chile
Bank Analysis
UBS 13 %
HSBC 9%
Awards Results
UBS 6%
Morgan Stanley 1%
Citi 1%
Appendix
JP Morgan 83%
32
Introduction
Mexico
Market Share
Management Summary
Santander 1%
BBVA 3%
Americas Summary
Monex 1%
Scotia1%
Bank Analysis
USA
Market Share
Deutsche Bank 1%
Other 1%
Citi 1%
HSBC 1%
BNP Paribas 1%
Goldman Sachs 4%
Awards Results
Societe
Generale 14%
Barclays 9%
JP Morgan 14%
Appendix
Morgan Stanley 27%
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