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Coming together:
Rising stock markets and record dealmaking activity provided powerful tailwinds for equity trading desks in 2021, vindicating the expansion strategies at a number of investment banks. For continuing to take market share and grow its presence in these competitive markets, Barclays is IFR’s Equity Derivatives House of the Year.
Flowing freely
Credit markets were more sedate in 2021 after the fireworks of the previous year, inevitably triggering a slowdown for many trading desks. For building out its flow credit-default swap desk in this environment while maintaining its leading position in structured derivatives, Citigroup is IFR’s Credit Derivatives House of the Year.
Plugging in
Calmer markets provided a reality check for foreign exchange traders in 2021 after the high-volume, high-volatility environment of 2020. For growing its presence in these markets, Citigroup is IFR’s Foreign Exchange Derivatives House of the Year.
The promise of greater efficiency – and cost savings – from the automation of debt capital markets appears to be getting closer, given the rising number of platforms or applications being marketed to syndicate desks. We’re not there yet but we might just see evidence of progress this year – at least in some parts of the new issue continuum.
The true effects of Brexit on Europe’s capital markets have yet to be felt, but they will be far-reaching as divergence accelerates in 2022 and the EU takes a tough line on cross-border arrangements.
Capital markets in the US have rallied around the fight to address environmental, social and governance issues, responding to the Biden administration’s increasing emphasis on climate change.
When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but hope springs eternal and optimists are calling a turn.
The Tokyo Stock Exchange is restructuring in a process designed to rationalise its board structure, improve corporate governance and attract more investors to Japan. But do the changes go far enough?
