STRUCTURED PRODUCTS | EUROPE Investment Banking · PDF fileinvestment banking report...

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STRUCTURED PRODUCTS | EUROPE

Investment Banking Report

2014

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S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S ET O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M | 0 2 0 7 7 7 9 8 2 01

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Investment Banking ReportS T R U C T U R E D P R O D U C T S | E U R O P E

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Investment Banking ReportSAMPLE SAM-Investment Banking ReportS T R U C T U R E D P R O D U C T S

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Introduction

© S R P 2014 S T R U C T U R E D P R O D U C T S | E U R O P E | I N V E S T M E N T B A N K I N G R E P O R T 3

Structured Retail Products Limited (SRP), part of the Euromoney group of companies, is a research � rm based in London, New York and Hong Kong, providing research and training services related to all aspects of structured products. 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 � nancial services groups, � nancial regulators, stock exchanges, index providers and professional services � rms.

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 3,500 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 � nancial regulators, index providers, investment banks, stock exchanges, retail banks, insurance companies, asset and wealth managers, consultants, lawyers and other � rms involved in the market.

C O P Y R I G H T I N F O R M AT I O N

This report is copyright © 2014 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

F U R T H E R M O R E

• 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 organisation for which it was purchased.

• It may not be distributed electronically or otherwise in a manner other than that described above.

I N D E M N I T Y

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.

A C K N O W L E D G E M E N T S

This report would not have been possible without the support of the structured products fraternity across Europe. SRP would like to thank the participants in the SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.


IntroductionSAMPLE SAM-Introduction

PLE SAMPLE PLE SAMPLE Introduction

PLE SAMPLE IntroductionStructured Retail Products Limited (SRP), part of the Euromoney group of PLE SAMPLE Structured Retail Products Limited (SRP), part of the Euromoney group of companies, is a research � rm based in London, New York and Hong Kong, PLE SAMPLE companies, is a research � rm based in London, New York and Hong Kong, providing research and training services related to all aspects of structured PLE SAMPLE providing research and training services related to all aspects of structured products. The company was founded in 2001 and our clients include hundreds PLE SAMPLE products. 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 PLE SAMPLE of blue chip companies from around the world including all of the major global

SAMPLE SAM-Structured Retail Products Limited (SRP), part of the Euromoney group of

SAMPLE SAM-Structured Retail Products Limited (SRP), part of the Euromoney group of companies, is a research � rm based in London, New York and Hong Kong,

SAMPLE SAM-companies, is a research � rm based in London, New York and Hong Kong, providing research and training services related to all aspects of structured

SAMPLE SAM-providing research and training services related to all aspects of structured products. The company was founded in 2001 and our clients include hundreds

SAMPLE SAM-products. 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

SAMPLE SAM-of blue chip companies from around the world including all of the major global � nancial services groups, � nancial regulators, stock exchanges, index providers

SAMPLE SAM-� nancial services groups, � nancial regulators, stock exchanges, index providers and professional services � rms.

SAMPLE SAM-and professional services � rms.

SRP also owns and maintains the specialist industry website StructuredSAMPLE SAM-SRP also owns and maintains the specialist industry website StructuredRetailProducts.com. The site was launched in January 2003, and has become SAMPLE SAM-RetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products SAMPLE SAM-the leading online information resource for the global retail structured products industry. With over 3,500 registered users and more than 7.2 million product SAMPLE SAM-industry. With over 3,500 registered users and more than 7.2 million product listings, the website is the primary information source for a wide range of SAMPLE SAM-listings, the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment SAMPLE SAM-businesses involved in the manufacture and distribution of structured investment

PLE SAMPLE PLE SAMPLE RetailProducts.com. The site was launched in January 2003, and has become

PLE SAMPLE RetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products

PLE SAMPLE the leading online information resource for the global retail structured products industry. With over 3,500 registered users and more than 7.2 million product

PLE SAMPLE industry. With over 3,500 registered users and more than 7.2 million product listings, the website is the primary information source for a wide range of

PLE SAMPLE listings, the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment

PLE SAMPLE businesses involved in the manufacture and distribution of structured investment products globally. The service is used by � nancial regulators, index providers,

PLE SAMPLE products globally. The service is used by � nancial regulators, index providers, investment banks, stock exchanges, retail banks, insurance companies, asset and

PLE SAMPLE investment banks, stock exchanges, retail banks, insurance companies, asset and wealth managers, consultants, lawyers and other � rms involved in the market.

PLE SAMPLE wealth managers, consultants, lawyers and other � rms involved in the market.

C O P Y R I G H T I N F O R M AT I O NPLE SAMPLE C O P Y R I G H T I N F O R M AT I O N

This report is copyright © 2014 Structured Retail Products Limited. All Rights PLE SAMPLE This report is copyright © 2014 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior PLE SAMPLE Reserved. Reproduction and distribution of this report in any form without prior

SAMPLE SAM-SAMPLE SAM-This report is copyright © 2014 Structured Retail Products Limited. All Rights

SAMPLE SAM-This report is copyright © 2014 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior

SAMPLE SAM-Reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

SAMPLE SAM-written permission is strictly prohibited.

F U R T H E R M O R ESAMPLE SAM-F U R T H E R M O R E

• SAMPLE SAM-• It may not be sold for commercial gain, either in part or in its entirety.SAMPLE SAM-

It may not be sold for commercial gain, either in part or in its entirety.

• SAMPLE SAM-• It may not be photocopied or printed for multiple use, with the exception SAMPLE SAM-

It may not be photocopied or printed for multiple use, with the exception of within the organisation for which it was purchased.SAMPLE SAM-of within the organisation for which it was purchased.

PLE SAMPLE PLE SAMPLE It may not be sold for commercial gain, either in part or in its entirety.

PLE SAMPLE 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

PLE SAMPLE It may not be photocopied or printed for multiple use, with the exception of within the organisation for which it was purchased.

PLE SAMPLE of within the organisation for which it was purchased.

•

PLE SAMPLE • It may not be distributed electronically or otherwise in a manner other than

PLE SAMPLE It may not be distributed electronically or otherwise in a manner other than that described above.

PLE SAMPLE that described above.

I N D E M N I T YPLE SAMPLE I N D E M N I T Y

The information contained herein has been obtained from sources believed to be PLE SAMPLE The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy PLE SAMPLE reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy

SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-The information contained herein has been obtained from sources believed to be

SAMPLE SAM-The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy

SAMPLE SAM-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

SAMPLE SAM-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.

SAMPLE SAM-responsibility for any problems or incidents arising from its use.

A C K N O W L E D G E M E N T SSAMPLE SAM-A C K N O W L E D G E M E N T S

This report would not have been possible without the support of the structured SAMPLE SAM-This report would not have been possible without the support of the structured products fraternity across Europe. SRP would like to thank the participants in the SAMPLE SAM-products fraternity across Europe. SRP would like to thank the participants in the SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.SAMPLE SAM-SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.

PLE SAMPLE PLE SAMPLE This report would not have been possible without the support of the structured

PLE SAMPLE This report would not have been possible without the support of the structured products fraternity across Europe. SRP would like to thank the participants in the

PLE SAMPLE products fraternity across Europe. SRP would like to thank the participants in the SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.

PLE SAMPLE SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.

SAMPLE SAMSAMPLE SAM© S R P 2014 S T R U C T U R E D P R O D U C T S

SAMPLE SAM© S R P 2014 S T R U C T U R E D P R O D U C T S

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Contents


C O N T E N T S

1.1 Introduction 3

1.2 Scope 5

1.3 Methodology 7

1.4 Management Summary 9

1.5 European Summary 20

B A N K A N A LY S I S

2.1 Bank of America Merrill Lynch 30

2.2 Barclays 34

2.3 BBVA 39

2.4 BNP Paribas 43

2.5 Citi 49

2.6 Commerzbank 54

2.7 Credit Suisse 60

2.8 Deutsche Bank 65

2.9 Goldman Sachs 70

2.10 HSBC 74

2.11 ING 79

2.12 JPMorgan 84

2.13 Morgan Stanley 89

2.14 Natixis 94

2.15 Santander 99

2.16 Société Générale 102

2.17 UBS 108

2.18 UniCredit 114

A P P E N D I C E S

3.1 Appendix 1 118

3.1 Appendix 2 119


ContentsSAMPLE SAM-Contents

PLE SAMPLE PLE SAMPLE Contents

PLE SAMPLE Contents

PLE SAMPLE C O N T E N T SPLE SAMPLE C O N T E N T S

1.1PLE SAMPLE 1.1 Introduction PLE SAMPLE

Introduction 1.2PLE SAMPLE 1.2 Scope PLE SAMPLE

Scope

SAMPLE SAM-SAMPLE SAM-3

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5

SAMPLE SAM-5

Methodology

SAMPLE SAM- Methodology 7

SAMPLE SAM-7

1.4

SAMPLE SAM-1.4 Management Summary

SAMPLE SAM- Management Summary 9

SAMPLE SAM-9

1.5

SAMPLE SAM-1.5 European Summary

SAMPLE SAM- European Summary 20

SAMPLE SAM-20

B A N K A N A LY S I SSAMPLE SAM- B A N K A N A LY S I S

2.1SAMPLE SAM-2.1 Bank of America Merrill Lynch SAMPLE SAM-

Bank of America Merrill Lynch 2.2SAMPLE SAM-2.2 Barclays SAMPLE SAM-

Barclays 2.3 SAMPLE SAM-2.3

PLE SAMPLE Bank of America Merrill Lynch

PLE SAMPLE Bank of America Merrill Lynch 30

PLE SAMPLE 30

34

PLE SAMPLE 34

BBVA

PLE SAMPLE BBVA 39

PLE SAMPLE 39

2.4

PLE SAMPLE 2.4 BNP Paribas

PLE SAMPLE BNP Paribas 43

PLE SAMPLE 43

2.5

PLE SAMPLE 2.5 Citi

PLE SAMPLE Citi 49

PLE SAMPLE 49

2.6

PLE SAMPLE 2.6 Commerzbank

PLE SAMPLE Commerzbank 54

PLE SAMPLE 54

2.7PLE SAMPLE 2.7 Credit Suisse PLE SAMPLE

Credit Suisse 60PLE SAMPLE 60

2.8PLE SAMPLE 2.8 Deutsche Bank PLE SAMPLE

Deutsche Bank 2.9PLE SAMPLE 2.9 Goldman Sachs PLE SAMPLE

Goldman Sachs 2.10PLE SAMPLE 2.10 HSBC PLE SAMPLE

HSBC 2.11PLE SAMPLE 2.11 ING PLE SAMPLE

ING 2.12PLE SAMPLE 2.12 JPMorgan PLE SAMPLE

JPMorgan

SAMPLE SAM-SAMPLE SAM-65

SAMPLE SAM-65

70

SAMPLE SAM-70

74

SAMPLE SAM-74

79

SAMPLE SAM-79

JPMorgan

SAMPLE SAM- JPMorgan 84

SAMPLE SAM-84

2.13

SAMPLE SAM-2.13 Morgan Stanley

SAMPLE SAM- Morgan Stanley 89

SAMPLE SAM-89

2.14

SAMPLE SAM-2.14 Natixis

SAMPLE SAM- Natixis 94

SAMPLE SAM-94

2.15

SAMPLE SAM-2.15 Santander

SAMPLE SAM- Santander 99

SAMPLE SAM-99

2.16SAMPLE SAM-2.16 Société Générale SAMPLE SAM-

Société Générale 102SAMPLE SAM-102

2.17SAMPLE SAM-2.17 UBS SAMPLE SAM-

UBS 2.18SAMPLE SAM-2.18 UniCredit SAMPLE SAM-

UniCredit

PLE SAMPLE PLE SAMPLE PLE SAMPLE 114

PLE SAMPLE 114

A P P E N D I C E S

PLE SAMPLE A P P E N D I C E S

3.1

PLE SAMPLE 3.1 Appendix 1

PLE SAMPLE Appendix 1 118

PLE SAMPLE 118

3.1

PLE SAMPLE 3.1 Appendix 2

PLE SAMPLE Appendix 2 119

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Scope


This report is concerned with the manufacture of structured products in all product forms – including wrappers such as funds, notes, bonds, certi� cates, deposits, life assurance – and usually linked to equities, foreign exchange, commodities, interest rates and hybrid underlyings.

This report presents detailed information on structured retail products markets across Europe. Although the term ‘structured product’ is widely used in the � nancial community, the term often means di� erent things to di� erent people.

For the purposes of this report, a structured product is an investment product providing a prede� ned return linked to the price of one or more underlying assets. These are usually � nancial 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 � nancial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use derivative-based investment strategy or computation to provide the return.

Although we exclude simple warrants, listed options and futures, and delta one products such as tracker funds, exchange-traded funds and exchange-traded notes, reference to these products may be made, where relevant.

The report is based on both quantitative and qualitative analysis. StructuredRetailProducts.com (SRP) surveyed 620 structured products distributors across Europe between August and October 2013, 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.

T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :

• A scope, methodology and management summary of the report’s key � ndings

• An introduction to the structured products market in Europe

• Separate chapters on each bank with

ο A background to the bank ο Key structuring and sales personnel ο The bank’s credit rating ο How the bank ranked in terms of overall client service ο Whether client service was above the industry average in all key service

categories

• The bank’s client breakdown:

ο Percentage of survey respondents using the bank to manufacture products ο Breakdown by business type

• The volume of business manufactured by the bank and breakdown by

ο Retail/non-retail business ο Key countries ο Key asset classes


ScopeSAMPLE SAM-Scope

PLE SAMPLE PLE SAMPLE Scope

PLE SAMPLE ScopeThis report is concerned with the manufacture of structured products in all PLE SAMPLE This report is concerned with the manufacture of structured products in all product forms – including wrappers such as funds, notes, bonds, certi� cates, PLE SAMPLE product forms – including wrappers such as funds, notes, bonds, certi� cates, deposits, life assurance – and usually linked to equities, foreign exchange, PLE SAMPLE deposits, life assurance – and usually linked to equities, foreign exchange, commodities, interest rates and hybrid underlyings. PLE SAMPLE commodities, interest rates and hybrid underlyings.

SAMPLE SAM-This report is concerned with the manufacture of structured products in all

SAMPLE SAM-This report is concerned with the manufacture of structured products in all product forms – including wrappers such as funds, notes, bonds, certi� cates,

SAMPLE SAM-product forms – including wrappers such as funds, notes, bonds, certi� cates, deposits, life assurance – and usually linked to equities, foreign exchange,

SAMPLE SAM-deposits, life assurance – and usually linked to equities, foreign exchange, commodities, interest rates and hybrid underlyings.

SAMPLE SAM-commodities, interest rates and hybrid underlyings.

This report presents detailed information on structured retail products markets

SAMPLE SAM-This report presents detailed information on structured retail products markets across Europe. Although the term ‘structured product’ is widely used in the

SAMPLE SAM-across Europe. Although the term ‘structured product’ is widely used in the � nancial community, the term often means di� erent things to di� erent people.

SAMPLE SAM-� nancial community, the term often means di� erent things to di� erent people.

For the purposes of this report, a structured product is an investment product SAMPLE SAM-For the purposes of this report, a structured product is an investment product providing a prede� ned return linked to the price of one or more underlying SAMPLE SAM-providing a prede� ned return linked to the price of one or more underlying assets. These are usually � nancial prices, rates or indices, but in rare cases can be SAMPLE SAM-assets. These are usually � nancial prices, rates or indices, but in rare cases can be sporting or other events. The product can usually be broken down into a number SAMPLE SAM-sporting or other events. The product can usually be broken down into a number of separate � nancial instruments, one of which is usually a derivative product. SAMPLE SAM-of separate � nancial instruments, one of which is usually a derivative product.

PLE SAMPLE For the purposes of this report, a structured product is an investment product

PLE SAMPLE For the purposes of this report, a structured product is an investment product providing a prede� ned return linked to the price of one or more underlying

PLE SAMPLE providing a prede� ned return linked to the price of one or more underlying assets. These are usually � nancial prices, rates or indices, but in rare cases can be

PLE SAMPLE assets. These are usually � nancial prices, rates or indices, but in rare cases can be sporting or other events. The product can usually be broken down into a number

PLE SAMPLE sporting or other events. The product can usually be broken down into a number of separate � nancial instruments, one of which is usually a derivative product.

PLE SAMPLE of separate � nancial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use derivative-based investment

PLE SAMPLE Where a derivative is not used, the product will use derivative-based investment strategy or computation to provide the return.

PLE SAMPLE strategy or computation to provide the return.

Although we exclude simple warrants, listed options and futures, and delta one PLE SAMPLE Although we exclude simple warrants, listed options and futures, and delta one products such as tracker funds, exchange-traded funds and exchange-traded PLE SAMPLE products such as tracker funds, exchange-traded funds and exchange-traded notes, reference to these products may be made, where relevant.PLE SAMPLE notes, reference to these products may be made, where relevant.

The report is based on both quantitative and qualitative analysis. StructuredPLE SAMPLE The report is based on both quantitative and qualitative analysis. StructuredRetailProducts.com (SRP) surveyed 620 structured products distributors across PLE SAMPLE RetailProducts.com (SRP) surveyed 620 structured products distributors across

SAMPLE SAM-products such as tracker funds, exchange-traded funds and exchange-traded

SAMPLE SAM-products such as tracker funds, exchange-traded funds and exchange-traded notes, reference to these products may be made, where relevant.

SAMPLE SAM-notes, reference to these products may be made, where relevant.

The report is based on both quantitative and qualitative analysis. Structured

SAMPLE SAM-The report is based on both quantitative and qualitative analysis. StructuredRetailProducts.com (SRP) surveyed 620 structured products distributors across

SAMPLE SAM-RetailProducts.com (SRP) surveyed 620 structured products distributors across Europe between August and October 2013, collecting data on structured product

SAMPLE SAM-Europe between August and October 2013, collecting data on structured product manufacturers from the point of view of their distributor clients. The results from

SAMPLE SAM-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

SAMPLE SAM-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.SAMPLE SAM-qualitative analyses are available in the Methodology section of the report.

T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :SAMPLE SAM-T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :

• SAMPLE SAM-• A scope, methodology and management summary of the report’s key � ndings SAMPLE SAM-

A scope, methodology and management summary of the report’s key � ndings

PLE SAMPLE T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :

PLE SAMPLE T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :

A scope, methodology and management summary of the report’s key � ndings

PLE SAMPLE A scope, methodology and management summary of the report’s key � ndings

•

PLE SAMPLE • An introduction to the structured products market in Europe

PLE SAMPLE An introduction to the structured products market in Europe

• PLE SAMPLE • Separate chapters on each bank withPLE SAMPLE

Separate chapters on each bank with

οPLE SAMPLE ο A background to the bankPLE SAMPLE

A background to the bankοPLE SAMPLE ο Key structuring and sales personnelPLE SAMPLE

Key structuring and sales personnelοPLE SAMPLE ο The bank’s credit ratingPLE SAMPLE

The bank’s credit ratingοPLE SAMPLE ο How the bank ranked in terms of overall client servicePLE SAMPLE

How the bank ranked in terms of overall client service

SAMPLE SAM-How the bank ranked in terms of overall client service

SAMPLE SAM-How the bank ranked in terms of overall client serviceο

SAMPLE SAM-ο Whether client service was above the industry average in all key service

SAMPLE SAM-Whether client service was above the industry average in all key service categories

SAMPLE SAM-categories

• SAMPLE SAM-• The bank’s client breakdown:SAMPLE SAM-

The bank’s client breakdown:

οSAMPLE SAM-ο Percentage of survey respondents using the bank to manufacture productsSAMPLE SAM-

Percentage of survey respondents using the bank to manufacture productsοSAMPLE SAM-ο Breakdown by business typeSAMPLE SAM-

Breakdown by business type

• SAMPLE SAM-• The volume of business manufactured by the bank and breakdown bySAMPLE SAM-

The volume of business manufactured by the bank and breakdown by

PLE SAMPLE PLE SAMPLE Percentage of survey respondents using the bank to manufacture products

PLE SAMPLE Percentage of survey respondents using the bank to manufacture products

The volume of business manufactured by the bank and breakdown by

PLE SAMPLE The volume of business manufactured by the bank and breakdown by

ο

PLE SAMPLE ο Retail/non-retail business

PLE SAMPLE Retail/non-retail business

ο

PLE SAMPLE ο Key countries

PLE SAMPLE Key countries

οPLE SAMPLE ο Key asset classesPLE SAMPLE

Key asset classes



SAMPLE SAM |

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S CO P E


• Graph of the importance of the following key service categories for the bank’s respondents:

ο Price competitiveness ο Understanding client needs ο Innovation and structuring capability ο After sales service

• Graph of the importance of the following key service factors for the bank’s respondents:

ο Secondary market pricing and trading ο Credit rating ο Response time on pre-sales queries ο Knowledge of local product/markets ο Dedicated sales people ο Accuracy in contractual documentation ο Idea generation ο Good internal communication ο Regular communication with clients ο Structuring research/analysis capability ο Willingness to unwind small positions ο Ability to deal across asset classes ο Tax and regulatory knowledge ο E� cient back o� ce processes ο Size and experience of sales team ο Good technology platforms ο Ability to handle complex structures

• Score and rank of the bank, with comparison to the industry average

ο For overall client service with a geographic breakdown ο Across the key service categories with an asset class breakdown

• The universe of respondent targets for the survey has been provided as an appendix. Names of individual respondents have been withheld in line with Data Protection legislation


• SAMPLE SAM-• Graph of the importance of the following key service categories for the bank’s SAMPLE SAM-

Graph of the importance of the following key service categories for the bank’s

PLE SAMPLE PLE SAMPLE S CO P E

PLE SAMPLE S CO P E

Graph of the importance of the following key service categories for the bank’s

PLE SAMPLE Graph of the importance of the following key service categories for the bank’s respondents:

PLE SAMPLE respondents:

ο

PLE SAMPLE ο Price competitiveness

PLE SAMPLE Price competitiveness

ο

PLE SAMPLE ο Understanding client needs

PLE SAMPLE Understanding client needs

οPLE SAMPLE ο Innovation and structuring capabilityPLE SAMPLE

Innovation and structuring capabilityοPLE SAMPLE ο After sales servicePLE SAMPLE

After sales service

• PLE SAMPLE • Graph of the importance of the following key service factors for the bank’s PLE SAMPLE

Graph of the importance of the following key service factors for the bank’s respondents:PLE SAMPLE respondents:

SAMPLE SAM-Graph of the importance of the following key service factors for the bank’s

SAMPLE SAM-Graph of the importance of the following key service factors for the bank’s

ο

SAMPLE SAM-ο Secondary market pricing and trading

SAMPLE SAM-Secondary market pricing and trading

ο

SAMPLE SAM-ο Credit rating

SAMPLE SAM-Credit rating

ο

SAMPLE SAM-ο Response time on pre-sales queries

SAMPLE SAM-Response time on pre-sales queries

οSAMPLE SAM-ο Knowledge of local product/marketsSAMPLE SAM-

Knowledge of local product/marketsοSAMPLE SAM-ο Dedicated sales peopleSAMPLE SAM-

Dedicated sales peopleοSAMPLE SAM-ο Accuracy in contractual documentationSAMPLE SAM-

Accuracy in contractual documentationοSAMPLE SAM-ο Idea generationSAMPLE SAM-

Idea generationοSAMPLE SAM-ο Good internal communicationSAMPLE SAM-

Good internal communication

PLE SAMPLE Good internal communication

PLE SAMPLE Good internal communicationRegular communication with clients

PLE SAMPLE Regular communication with clientsο

PLE SAMPLE ο Structuring research/analysis capability

PLE SAMPLE Structuring research/analysis capabilityο

PLE SAMPLE ο Willingness to unwind small positions

PLE SAMPLE Willingness to unwind small positions

ο

PLE SAMPLE ο Ability to deal across asset classes

PLE SAMPLE Ability to deal across asset classes

οPLE SAMPLE ο Tax and regulatory knowledgePLE SAMPLE

Tax and regulatory knowledgeοPLE SAMPLE ο E� cient back o� ce processesPLE SAMPLE

E� cient back o� ce processesοPLE SAMPLE ο Size and experience of sales teamPLE SAMPLE

Size and experience of sales teamοPLE SAMPLE ο Good technology platformsPLE SAMPLE

Good technology platformsοPLE SAMPLE ο Ability to handle complex structures PLE SAMPLE

Ability to handle complex structures

SAMPLE SAM-Ability to handle complex structures

SAMPLE SAM-Ability to handle complex structures

•

SAMPLE SAM-• Score and rank of the bank, with comparison to the industry average

SAMPLE SAM-Score and rank of the bank, with comparison to the industry average

ο

SAMPLE SAM-ο For overall client service with a geographic breakdown

SAMPLE SAM-For overall client service with a geographic breakdown

οSAMPLE SAM-ο Across the key service categories with an asset class breakdownSAMPLE SAM-

Across the key service categories with an asset class breakdown

• SAMPLE SAM-• The universe of respondent targets for the survey has been provided as an SAMPLE SAM-

The universe of respondent targets for the survey has been provided as an appendix. Names of individual respondents have been withheld in line with SAMPLE SAM-appendix. Names of individual respondents have been withheld in line with Data Protection legislationSAMPLE SAM-Data Protection legislation

PLE SAMPLE The universe of respondent targets for the survey has been provided as an

PLE SAMPLE The universe of respondent targets for the survey has been provided as an appendix. Names of individual respondents have been withheld in line with

PLE SAMPLE appendix. Names of individual respondents have been withheld in line with

SAMPLE SAM-




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Methodology


D E S C R I P T I O N O F T H E S U R V E Y

Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed European structured products distributors, receiving 620 responses. The survey was composed of two parts:

• PART 1 – Quantitative

We asked respondents to the survey to specify up to � ve 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.

• 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:

ο Price competitiveness ο Understanding client needs ο Innovation and structuring capability ο After sales service

• PART 3 – Data validation

Captive votes and those representing internal transaction � ows 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:

ο Providers vote for themselves ο We cannot con� rm the identity of the respondent ο A respondent votes more than once and we can’t resolve the duplication

We received 620 responses and the survey results underpinned the 2014 European Structured Products Awards, which were handed out on 6th February 2014 during the 11th Annual European Structured Products Conference in London.

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.

Each bank chapter contains graphs of the banks score for each of the key service categories above as well a comparison to the industry average, an asset class breakdown and a geographic breakdown.


MethodologySAMPLE SAM-Methodology

PLE SAMPLE PLE SAMPLE Methodology

PLE SAMPLE Methodology

PLE SAMPLE D E S C R I P T I O N O F T H E S U R V E YPLE SAMPLE D E S C R I P T I O N O F T H E S U R V E Y

Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed PLE SAMPLE Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed European structured products distributors, receiving 620 responses. The survey PLE SAMPLE European structured products distributors, receiving 620 responses. The survey was composed of two parts:PLE SAMPLE was composed of two parts:

SAMPLE SAM-SAMPLE SAM-Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed

SAMPLE SAM-Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed European structured products distributors, receiving 620 responses. The survey

SAMPLE SAM-European structured products distributors, receiving 620 responses. The survey was composed of two parts:

SAMPLE SAM-was composed of two parts:

•

SAMPLE SAM-• PART 1 – Quantitative

SAMPLE SAM-PART 1 – Quantitative

We asked respondents to the survey to specify up to � ve investment banks that SAMPLE SAM-We asked respondents to the survey to specify up to � ve investment banks that they use for hedging purposes, for each asset class in which the respondent was SAMPLE SAM-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 SAMPLE SAM-active, and specify the volume of business for that asset class and the percentage split by bank. SAMPLE SAM-split by bank.

• SAMPLE SAM-• PART 2 – QualitativeSAMPLE SAM-

PART 2 – Qualitative

PLE SAMPLE they use for hedging purposes, for each asset class in which the respondent was

PLE SAMPLE 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

PLE SAMPLE active, and specify the volume of business for that asset class and the percentage

PART 2 – Qualitative

PLE SAMPLE PART 2 – Qualitative

The respondents were then asked to rank the investment banks they dealt with

PLE SAMPLE 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 =

PLE SAMPLE 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:PLE SAMPLE above average) according to four key service categories:

οPLE SAMPLE ο Price competitivenessPLE SAMPLE

Price competitivenessοPLE SAMPLE ο Understanding client needsPLE SAMPLE

Understanding client needsοPLE SAMPLE ο Innovation and structuring capabilityPLE SAMPLE

Innovation and structuring capabilityοPLE SAMPLE ο After sales servicePLE SAMPLE

After sales service

SAMPLE SAM-Innovation and structuring capability

SAMPLE SAM-Innovation and structuring capabilityAfter sales service

SAMPLE SAM-After sales service

•

SAMPLE SAM-• PART 3 – Data validation

SAMPLE SAM-PART 3 – Data validation

Captive votes and those representing internal transaction � ows were excluded SAMPLE SAM-Captive votes and those representing internal transaction � ows were excluded from the results. This includes votes cast by distributors that are part of banking SAMPLE SAM-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 SAMPLE SAM-groups which use their parent group for 100% of their activity and internal structuring desks. Also votes were not included in the survey where: SAMPLE SAM-structuring desks. Also votes were not included in the survey where:

οSAMPLE SAM-ο Providers vote for themselves SAMPLE SAM-

Providers vote for themselves

PLE SAMPLE from the results. This includes votes cast by distributors that are part of banking

PLE SAMPLE 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

PLE SAMPLE groups which use their parent group for 100% of their activity and internal structuring desks. Also votes were not included in the survey where:

PLE SAMPLE structuring desks. Also votes were not included in the survey where:

Providers vote for themselves

PLE SAMPLE Providers vote for themselves ο

PLE SAMPLE ο We cannot con� rm the identity of the respondent

PLE SAMPLE We cannot con� rm the identity of the respondent ο

PLE SAMPLE ο A respondent votes more than once and we can’t resolve the duplication

PLE SAMPLE A respondent votes more than once and we can’t resolve the duplication

We received 620 responses and the survey results underpinned the 2014 PLE SAMPLE We received 620 responses and the survey results underpinned the 2014 European Structured Products Awards, which were handed out on 6th February PLE SAMPLE European Structured Products Awards, which were handed out on 6th February 2014 during the 11th Annual European Structured Products Conference in PLE SAMPLE 2014 during the 11th Annual European Structured Products Conference in London.PLE SAMPLE London.

For the purpose of this report, the scores for each key service category for the PLE SAMPLE For the purpose of this report, the scores for each key service category for the

SAMPLE SAM-2014 during the 11th Annual European Structured Products Conference in

SAMPLE SAM-2014 during the 11th Annual European Structured Products Conference in

For the purpose of this report, the scores for each key service category for the

SAMPLE SAM-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

SAMPLE SAM-individual banks are calculated by averaging. Service scores are therefore suggestive of the level of service that a client might expect to receive when

SAMPLE SAM-suggestive of the level of service that a client might expect to receive when working with an investment banking counterparty.

SAMPLE SAM-working with an investment banking counterparty.

Each bank chapter contains graphs of the banks score for each of the key service SAMPLE SAM-Each bank chapter contains graphs of the banks score for each of the key service categories above as well a comparison to the industry average, an asset class SAMPLE SAM-categories above as well a comparison to the industry average, an asset class breakdown and a geographic breakdown.SAMPLE SAM-breakdown and a geographic breakdown.

PLE SAMPLE PLE SAMPLE categories above as well a comparison to the industry average, an asset class

PLE SAMPLE categories above as well a comparison to the industry average, an asset class



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M E T H O D O LO G Y


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.

All of banks pro� led in this report were asked to provide a fact sheet detailing strategy, key personnel, growth areas and main markets/asset classes. This information was supplemented with further research sources such as each bank’s website and SRP’s news and product databases.

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.


Where a bank receives a low score, it may need to improve or update its SAMPLE SAM-Where a bank receives a low score, it may need to improve or update its

PLE SAMPLE PLE SAMPLE M E T H O D O LO G Y

PLE SAMPLE M E T H O D O LO G Y

Where a bank receives a low score, it may need to improve or update its

PLE SAMPLE 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

PLE SAMPLE messaging, at least among some sectors of its target client base, rather than to improve its service.

PLE SAMPLE improve its service.

All of banks pro� led in this report were asked to provide a fact sheet detailing

PLE SAMPLE All of banks pro� led in this report were asked to provide a fact sheet detailing strategy, key personnel, growth areas and main markets/asset classes. This PLE SAMPLE strategy, key personnel, growth areas and main markets/asset classes. This information was supplemented with further research sources such as each bank’s PLE SAMPLE information was supplemented with further research sources such as each bank’s website and SRP’s news and product databases.PLE SAMPLE website and SRP’s news and product databases.

In order to help banks decide their tactical direction, we have sought candid PLE SAMPLE 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 PLE SAMPLE feedback from their clients and use this to suggest areas that each bank excels in

SAMPLE SAM-information was supplemented with further research sources such as each bank’s

SAMPLE SAM-information was supplemented with further research sources such as each bank’s

In order to help banks decide their tactical direction, we have sought candid

SAMPLE SAM-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

SAMPLE SAM-feedback from their clients and use this to suggest areas that each bank excels in and where it might improve.

SAMPLE SAM-and where it might improve.

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Bank XYZ


K E Y FA C T S

• Background: Bank XYZ is headquartered in Germany. The bank established its structured products business in the 1990s, but had been active in derivatives before this

• Organisation: The bank utilises a cross-asset solutions model and has structured products hubs in both London and Frankfurt

The Structured Equity team designs innovative and tailored products with equity and commodity underlyings. The Fixed Income division has product o� erings across various asset classes, including rates and foreign exchange

• Team size: In excess of 100 people (sales, engineers and traders) with an increase of 10% compared to last year

• Main markets/asset classes: Bank XYZ o� ers securitised products across all core European markets including Germany, Switzerland, France and the UK

In terms of asset classes, equities remain key although an increase in rates and credit over the last few years has been seen, especially on the distribution side

• Growth areas:

ο Pricing and execution facilities on structured products on the primary market through an internet platform

ο The structured products team o� ers bespoke training course for advisers looking to get under the bonnet of structured products

• Distribution: The Investment Bank provides a range of products to corporate and institutional clients, plus sovereigns, government bodies, � nancial intermediaries, alternative asset managers and wealth management clients

• Strategy: Bank XYZ caters to both retail and institutional clients with dedicated teams which cover a variety of geographic markets and that include individuals responsible for sales, structuring and marketing

• Volumes: Nominal placed on the primary market through structured product notes increased by more than 15% y/y says the bank

• Key personnel:

ο Anthony Newman, MD, Global Head of Sales ο John Slatter, MD, Global Head of Engineering ο Gerald Souli, MD, Head of Structuring Group, UK ο Pierre Marque, MD Head of Cross-Asset Pricing Team Europe

• Credit ratings: S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable)

• Survey results:

ο Bank XYZ was ranked 1st for overall client service

ο Each key service category was scored above average

ο 32% of respondents said that they used the bank for structured products business


Bank XYZSAMPLE SAM-Bank XYZ

PLE SAMPLE PLE SAMPLE Bank XYZ

PLE SAMPLE Bank XYZ

PLE SAMPLE K E Y FA C T SPLE SAMPLE K E Y FA C T S

• PLE SAMPLE • Background: PLE SAMPLE

Background: Bank XYZ is headquartered in Germany. The bank established its PLE SAMPLE Bank XYZ is headquartered in Germany. The bank established its

structured products business in the 1990s, but had been active in derivatives PLE SAMPLE structured products business in the 1990s, but had been active in derivatives

SAMPLE SAM-SAMPLE SAM-Bank XYZ is headquartered in Germany. The bank established its

SAMPLE SAM-Bank XYZ is headquartered in Germany. The bank established its structured products business in the 1990s, but had been active in derivatives

SAMPLE SAM-structured products business in the 1990s, but had been active in derivatives before this

SAMPLE SAM-before this

•

SAMPLE SAM-• Organisation:

SAMPLE SAM-Organisation: The bank utilises a cross-asset solutions model and has

SAMPLE SAM-The bank utilises a cross-asset solutions model and has

structured products hubs in both London and Frankfurt

SAMPLE SAM-structured products hubs in both London and Frankfurt

The Structured Equity team designs innovative and tailored products with SAMPLE SAM-The Structured Equity team designs innovative and tailored products with equity and commodity underlyings. The Fixed Income division has product SAMPLE SAM-equity and commodity underlyings. The Fixed Income division has product o� erings across various asset classes, including rates and foreign exchangeSAMPLE SAM-o� erings across various asset classes, including rates and foreign exchange

• SAMPLE SAM-• Team size: SAMPLE SAM-

Team size:

PLE SAMPLE The Structured Equity team designs innovative and tailored products with

PLE SAMPLE The Structured Equity team designs innovative and tailored products with equity and commodity underlyings. The Fixed Income division has product

PLE SAMPLE equity and commodity underlyings. The Fixed Income division has product o� erings across various asset classes, including rates and foreign exchange

PLE SAMPLE o� erings across various asset classes, including rates and foreign exchange

Team size:

PLE SAMPLE Team size: In excess of 100 people (sales, engineers and traders) with an

PLE SAMPLE In excess of 100 people (sales, engineers and traders) with an increase of 10% compared to last year

PLE SAMPLE increase of 10% compared to last year

•

PLE SAMPLE • Main markets/asset classes:

PLE SAMPLE Main markets/asset classes: Bank XYZ o� ers securitised products across all

PLE SAMPLE Bank XYZ o� ers securitised products across all

core European markets including Germany, Switzerland, France and the UKPLE SAMPLE core European markets including Germany, Switzerland, France and the UK

In terms of asset classes, equities remain key although an increase in rates and PLE SAMPLE In terms of asset classes, equities remain key although an increase in rates and credit over the last few years has been seen, especially on the distribution side PLE SAMPLE credit over the last few years has been seen, especially on the distribution side

• PLE SAMPLE • Growth areas: PLE SAMPLE

Growth areas:

SAMPLE SAM-In terms of asset classes, equities remain key although an increase in rates and

SAMPLE SAM-In terms of asset classes, equities remain key although an increase in rates and credit over the last few years has been seen, especially on the distribution side

SAMPLE SAM-credit over the last few years has been seen, especially on the distribution side

Growth areas:

SAMPLE SAM-Growth areas:

ο

SAMPLE SAM-ο Pricing and execution facilities on structured products on the primary

SAMPLE SAM-Pricing and execution facilities on structured products on the primary market through an internet platform

SAMPLE SAM-market through an internet platform

οSAMPLE SAM-ο The structured products team o� ers bespoke training course for advisers SAMPLE SAM-

The structured products team o� ers bespoke training course for advisers looking to get under the bonnet of structured productsSAMPLE SAM-looking to get under the bonnet of structured products

• SAMPLE SAM-• Distribution:SAMPLE SAM-

Distribution: The Investment Bank provides a range of products to corporate SAMPLE SAM- The Investment Bank provides a range of products to corporate

and institutional clients, plus sovereigns, government bodies, � nancial SAMPLE SAM-and institutional clients, plus sovereigns, government bodies, � nancial intermediaries, alternative asset managers and wealth management clientsSAMPLE SAM-intermediaries, alternative asset managers and wealth management clients

PLE SAMPLE The Investment Bank provides a range of products to corporate

PLE SAMPLE The Investment Bank provides a range of products to corporate and institutional clients, plus sovereigns, government bodies, � nancial

PLE SAMPLE and institutional clients, plus sovereigns, government bodies, � nancial intermediaries, alternative asset managers and wealth management clients

PLE SAMPLE intermediaries, alternative asset managers and wealth management clients

•

PLE SAMPLE • Strategy:

PLE SAMPLE Strategy: Bank XYZ caters to both retail and institutional clients with

PLE SAMPLE Bank XYZ caters to both retail and institutional clients with

dedicated teams which cover a variety of geographic markets and that include

PLE SAMPLE dedicated teams which cover a variety of geographic markets and that include individuals responsible for sales, structuring and marketingPLE SAMPLE individuals responsible for sales, structuring and marketing

• PLE SAMPLE • Volumes: PLE SAMPLE

Volumes: Nominal placed on the primary market through structured product PLE SAMPLE Nominal placed on the primary market through structured product

notes increased by more than 15% y/y says the bankPLE SAMPLE notes increased by more than 15% y/y says the bank

• PLE SAMPLE • Key personnel:PLE SAMPLE

Key personnel:

SAMPLE SAM-Nominal placed on the primary market through structured product

SAMPLE SAM-Nominal placed on the primary market through structured product notes increased by more than 15% y/y says the bank

SAMPLE SAM-notes increased by more than 15% y/y says the bank

Key personnel:

SAMPLE SAM-Key personnel:

ο

SAMPLE SAM-ο Anthony Newman

SAMPLE SAM-Anthony Newman, MD, Global Head of Sales

SAMPLE SAM-, MD, Global Head of Sales

ο

SAMPLE SAM-ο John Slatter

SAMPLE SAM-John Slatter, MD, Global Head of Engineering

SAMPLE SAM-, MD, Global Head of EngineeringJohn Slatter, MD, Global Head of EngineeringJohn Slatter

SAMPLE SAM-John Slatter, MD, Global Head of EngineeringJohn Slatter

οSAMPLE SAM-ο Gerald SouliSAMPLE SAM-

Gerald Souli, MD, Head of Structuring Group, UK SAMPLE SAM-, MD, Head of Structuring Group, UK

οSAMPLE SAM-ο Pierre MarqueSAMPLE SAM-

Pierre Marque, MD Head of Cross-Asset Pricing Team Europe SAMPLE SAM-, MD Head of Cross-Asset Pricing Team Europe

• SAMPLE SAM-• Credit ratings: SAMPLE SAM-

Credit ratings: S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable)SAMPLE SAM-S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable)

• SAMPLE SAM-• Survey results: SAMPLE SAM-

Survey results:

PLE SAMPLE PLE SAMPLE S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable)

PLE SAMPLE S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable)

ο

PLE SAMPLE ο Bank XYZ was ranked 1st for overall client service

PLE SAMPLE Bank XYZ was ranked 1st for overall client service

οPLE SAMPLE ο Each key service category was scored above averagePLE SAMPLE

Each key service category was scored above average

οPLE SAMPLE ο 32% of respondents said that they used the bank for structured products PLE SAMPLE

32% of respondents said that they used the bank for structured products businessPLE SAMPLE business



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32% of respondents said that they used the bank for structured products

SAMPLE SAM32% of respondents said that they used the bank for structured products



B A N K X Y Z


ο The top three business types using the bank were

– Asset or fund managers (15% of bank’s respondents) – Private banks (14%) – Retail banks (13%)

ο The bank captured 1.5bn EUR of the total manufacturing volume speci� ed by survey respondents in EMEA:

– 57% of this was in manufacturing for the retail channel – 15% of this was in France - of this 20% was for retail business – 11% of this was in Germany - of this 81% was for retail business – 65% of this was in equities - of this 59% was for retail business

A N A LY S I S O F C L I E N T N E E D S

S E R V I C E C AT E G O R Y I M P O R TA N C E

Bank XYZ’s clients ranked the importance of key service categories, when choosing a counterparty, in the graph below. The industry average graph shows how these categories were ranked by all survey respondents

1.1 I M P O R TA N C E

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

After sales service

Innovation and structuring capability

Understanding client needs

Price competitiveness Most important

2nd

3rd

Least important

1. 2 I N D U S T R Y AV E R A G E

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

After sales service



Price competitiveness Most important

2nd

3rd

Least important

1. 3 S C O R E

1.0

1.5

2.0

2.5

3.0

Price competitiveness



After sales service

ING Industry average

1. 4 S C O R E ( P R E V I O U S R E P O R T )

ING Industry average

S E R V I C E C AT E G O R Y S C O R E

Bank XYZ’s clients then scored the bank’s performance in these categories Bank XYZ Industry average


οSAMPLE SAM-ο The top three business types using the bank were SAMPLE SAM-

The top three business types using the bank were

PLE SAMPLE PLE SAMPLE B A N K X Y Z

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The top three business types using the bank were

PLE SAMPLE The top three business types using the bank were

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PLE SAMPLE – Asset or fund managers (15% of bank’s respondents)

PLE SAMPLE Asset or fund managers (15% of bank’s respondents)–

PLE SAMPLE – Private banks (14%)

PLE SAMPLE Private banks (14%)

–

PLE SAMPLE – Retail banks (13%)

PLE SAMPLE Retail banks (13%)

οPLE SAMPLE ο The bank captured 1.5bn EUR of the total manufacturing volume speci� ed PLE SAMPLE

The bank captured 1.5bn EUR of the total manufacturing volume speci� ed by survey respondents in EMEA:PLE SAMPLE by survey respondents in EMEA:

–PLE SAMPLE – 57% of this was in manufacturing for the retail channelPLE SAMPLE

57% of this was in manufacturing for the retail channel

SAMPLE SAM-SAMPLE SAM-The bank captured 1.5bn EUR of the total manufacturing volume speci� ed

SAMPLE SAM-The bank captured 1.5bn EUR of the total manufacturing volume speci� ed

57% of this was in manufacturing for the retail channel

SAMPLE SAM-57% of this was in manufacturing for the retail channel15% of this was in France - of this 20% was for retail business

SAMPLE SAM-15% of this was in France - of this 20% was for retail business–

SAMPLE SAM-– 11% of this was in Germany - of this 81% was for retail business

SAMPLE SAM-11% of this was in Germany - of this 81% was for retail business

–

SAMPLE SAM-– 65% of this was in equities - of this 59% was for retail business

SAMPLE SAM-65% of this was in equities - of this 59% was for retail business

A N A LY S I S O F C L I E N T N E E D SSAMPLE SAM-A N A LY S I S O F C L I E N T N E E D SSAMPLE SAM-

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Bank XYZ’s clients ranked the importance of key service categories, when choosing a counterparty, in the graph below. The

PLE SAMPLE Bank XYZ’s clients ranked the importance of key service categories, when choosing a counterparty, in the graph below. The industry average graph shows how these categories were ranked by all survey respondents

PLE SAMPLE industry average graph shows how these categories were ranked by all survey respondents

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PLE SAMPLE Bank XYZ’s clients then scored the bank’s performance in these categories

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B A N K X Y Z


• Bank XYZ has improved its scores since the last report by o� ering a total package that focuses on speed and � exibility

• The bank excels in price competitiveness as it provides prices quickly, can do so across a variety of underlyings and keeps the prices consistent throughout the enquiry

• When it comes to after sales service, Bank XYZ needs more � exibility when it comes to product registration, passporting and providing a secondary market, especially for small tickets

1. 5 I M P O R TA N C E

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Good technology platforms

Size and experience of sales team

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Tax and regulatory knowledge

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Willingness to unwind small positions

Structuring research/analysis capability

Regular communication with clients


Idea generation

Accuracy in contractual documentation

Dedicated sales people

Knowledge of local product/markets

Response time on pre-sales queries

Credit rating

Secondary market pricing and trading Very important

Somewhat important

Not important

1. 6 I N D U S T R Y AV E R A G E

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Good technology platforms

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E�cient back o�ce processes

Tax and regulatory knowledge

Ability to deal across asset classes

Willingness to unwind small positions

Structuring research/analysis capability

Regular communication with clients


Idea generation

Accuracy in contractual documentation

Dedicated sales people

Knowledge of local product/markets

Response time on pre-sales queries

Credit rating

Secondary market pricing and trading Very important

Somewhat important

Not important

O T H E R S E R V I C E FA C T O R S

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•

PLE SAMPLE • The bank excels in price competitiveness as it provides prices quickly, can do

PLE SAMPLE The bank excels in price competitiveness as it provides prices quickly, can do so across a variety of underlyings and keeps the prices consistent throughout

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• PLE SAMPLE • When it comes to after sales service, Bank XYZ needs more � exibility when it PLE SAMPLE

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B A N K X Y Z


S E R V I C E S C O R E : A S S E T C L A S S B R E A K D O W N

1. 7 S E R V I C E S C O R E : A S S E T C L A S S B R E A K D O W N

1.0

1.5

2.0

2.5

3.0

Equity Commodity Hybrid Interest rates

Goldman Sachs Industry average

• The bank was most active manufacturing for equities in which it scored below average. The bank needs to ensure a high standard of research which re� ects in their product o� erings and their � exibility in investigating what solutions to propose

Bank XYZ are proactive, very

innovative and cover a lot of di� erent

underlyings

R E TA I L B A N K , F R A N C E

Bank XYZ Industry average

A S S E T C L A S S B R E A K D O W N F O R S E R V I C E C AT E G O R I E S

1. 8 P R I C E C O M P E T I T I V E N E S S

1.0

1.5

2.0

2.5

3.0

Equity Commodity Hybrid Interest rate Currency

Commerzbank Industry average

1. 9 U N D E R S TA N D I N G C L I E N T N E E D S

1.0

1.5

2.0

2.5

3.0

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1.10 I N N O VAT I O N A N D S T R U C T U R I N G C A PA B I L I T Y



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B A N K X Y Z


S E R V I C E S C O R E : G E O G R A P H I C B R E A K D O W N

1.12 S E R V I C E S C O R E : G E O G R A P H I C B R E A K D O W N

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C O M M E R C I A L B A N K , R U S S I A



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• PLE SAMPLE • While the bank’s overall client service was far above average in Russia, it was PLE SAMPLE

While the bank’s overall client service was far above average in Russia, it was below average in the bank’s important manufacturing market, FrancePLE SAMPLE below average in the bank’s important manufacturing market, France

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Bank XYZ has PLE SAMPLE Bank XYZ has

SAMPLE SAM-While the bank’s overall client service was far above average in Russia, it was

SAMPLE SAM-While the bank’s overall client service was far above average in Russia, it was below average in the bank’s important manufacturing market, France

SAMPLE SAM-below average in the bank’s important manufacturing market, France

While the bank provides innovative and creative solutions it can be let down

SAMPLE SAM-While the bank provides innovative and creative solutions it can be let down by its after sales service and back o� ce documentation, say clients

SAMPLE SAM-by its after sales service and back o� ce documentation, say clients

In Russia, the bank received its highest score for overall client service, due to

SAMPLE SAM-In Russia, the bank received its highest score for overall client service, due to the strength of its sales forceSAMPLE SAM-the strength of its sales force

Bank XYZ has

SAMPLE SAM-Bank XYZ has excellent sales people

SAMPLE SAM-excellent sales people which understand

SAMPLE SAM-which understand our needs and are

SAMPLE SAM-our needs and are generally very

SAMPLE SAM-generally very service minded

SAMPLE SAM-service minded

PLE SAMPLE PLE SAMPLE service minded

PLE SAMPLE service minded

C O M M E R C I A L B A N K , R U S S I A

PLE SAMPLE C O M M E R C I A L B A N K , R U S S I A

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B A N K X Y Z


E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014

We are pleased to announce that Bank XYZ won the following Manufacturing Awards:

Best House, Europe

Best House, Europe – Hybrids

Best House, Europe – Interest Rates

Best in Client Service, Europe

Best in After Sales Service, Europe

Best in Innovation and Structuring, Europe

Best in Understanding Client Needs, Europe

Best in Price Competitiveness, Europe

Best House, Benelux

Best House, Luxembourg

Best House, DACH region

Best House, Germany

Best House, France

Best House, Italy

Best House, UK


E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014SAMPLE SAM-E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014



PLE SAMPLE E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014

PLE SAMPLE E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014

We are pleased to announce that Bank XYZ won the

PLE SAMPLE We are pleased to announce that Bank XYZ won the following Manufacturing Awards:

PLE SAMPLE following Manufacturing Awards:


Best HousePLE SAMPLE Best House, Europe PLE SAMPLE

, Europe

Best HousePLE SAMPLE Best House, Europe – Hybrids PLE SAMPLE

, Europe – Hybrids PLE SAMPLE Best in Price CompetitivenessPLE SAMPLE Best in Price Competitiveness

SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-, Europe – Hybrids

SAMPLE SAM-, Europe – Hybrids

Best House

SAMPLE SAM-Best House, Europe – Interest Rates

SAMPLE SAM-, Europe – Interest Rates

Best in Client Service

SAMPLE SAM-Best in Client Service, Europe

SAMPLE SAM-, Europe

Best in After Sales ServiceSAMPLE SAM-Best in After Sales Service, Europe SAMPLE SAM-

, Europe

Best in Innovation and StructuringSAMPLE SAM-Best in Innovation and StructuringEurope SAMPLE SAM-Europe SAMPLE SAM-

SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-SAMPLE SAM-Best in Price Competitiveness

SAMPLE SAM-Best in Price Competitiveness, Europe

SAMPLE SAM-, Europe

Best House

SAMPLE SAM-Best House, Benelux

SAMPLE SAM-, Benelux

Best House

SAMPLE SAM-Best House, Luxembourg

SAMPLE SAM-, Luxembourg

Best House

SAMPLE SAM-Best House, DACH region

SAMPLE SAM-, DACH region

Best HouseSAMPLE SAM-Best House, Germany SAMPLE SAM-

, Germany

PLE SAMPLE PLE SAMPLE PLE SAMPLE Best in Understanding Client

PLE SAMPLE Best in Understanding Client Needs

PLE SAMPLE Needs, Europe

PLE SAMPLE , Europe

PLE SAMPLE PLE SAMPLE PLE SAMPLE PLE SAMPLE Best House

PLE SAMPLE Best House, France

PLE SAMPLE , France

Best House

PLE SAMPLE Best House, Italy

PLE SAMPLE , Italy

Best House

PLE SAMPLE Best House, UK

PLE SAMPLE , UK

PLE SAMPLE PLE SAMPLE PLE SAMPLE PLE SAMPLE

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STRUCTURED PRODUCTS | EUROPE Investment Banking · PDF fileinvestment banking report...

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Transcript of STRUCTURED PRODUCTS | EUROPE Investment Banking · PDF fileinvestment banking report...