3 minute read
Dealer Rankings 2022: Fluid dynamics
Most banks came out of the pandemic in surprisingly good shape, judging by their recent results. However, the range of performance reported by FICC and/ or rates businesses was probably more variable than usual across dealers, against a backdrop of rising rates, accelerating inflation and increasingly hawkish central banks. This spread of performance was arguably reflected in the latest Total Derivatives Dealer Rankings. Except perhaps in interest rate swaps, first and second places proved to be fluid and were not always occupied by the same names as last year. Respondents commented that for some products such as inflation, banks that managed to keep a stable, experienced team in place, had an advantage over desks with more churn and personnel change. The latter was also cited as a factor in the market illiquidity that was mentioned frequently to Total Derivatives by traders across products and currencies over the last few months, and confirmed by bank research flagging some persistent pricing anomalies even in the most liquid areas of rates. Lack of market depth combined with fear of tape bombs - either from the war, random corporate earnings announcements or hawkish central bankers breaking free of the pack - all added to dealers’ nervousness about warehousing risk for any longer than strictly necessary. More positively, last year’s Dealer Rankings included questions about the transition to SOFR. With a few notable exceptions, market participants and regulators generally seemed happy about the move to SOFR in swaps and cross-currency basis. The focus is now on non-linear OTC and exchange-traded products with CME announcing SOFR First for options this month. Ahead, as volumes in SOFR options start to rise above volume in Eurodollars, the CCPs are beginning to announce their plans for USD LIBOR’s funeral in 2023, after which the focus must eventually turn to transitioning away from EURIBOR.
Dealer Rankings 2022: Fluid dynamics
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Dealer Rankings 2022: Fluid dynamics
to order a bespoke version of these rankings including only a selection of the results tables with your branding added to it, please contact
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The results of the dealer rankings poll and the associated feature are protected under copyright laws. Reproduction for either internal or external distribution, is strictly prohibited without the prior written permission of Total our latest content, sign up for your free trial
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