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The following lists the 2010 Greenwich Leaders in Energy Commodities and Commodities Investors in terms of market penetration and service quality. Firms cited as Greenwich Quality Leaders have distinguished themselves from their competitors through client quality ratings that exceed those of competitors by a statistically significant margin.
“Over the past several years, the number of firms with competitive OTC commodity derivatives platforms has expanded as various dealers have continued to invest,” explains Greenwich Associates consultant Andrew Awad. “As a result, the competitive landscape — which was once dominated by a few firms that specialized in this business — has become flatter and more fragmented.”
With corporates that use OTC energy derivatives, the Global 2010 Greenwich Share Leaders are Goldman Sachs and J.P. Morgan, both of which were cited as counterparties by approximately 40% of large companies that employ these products to hedge energy exposures. Goldman Sachs and J.P. Morgan are also the Global 2010 Greenwich Quality Leaders among corporates — a designation earned by firms whose clients award them quality ratings that exceed those given to competitors by a statistically significant margin.
Among commodity investors, the 2010 Greenwich Share Leaders in Global OTC Commodities Derivatives are Goldman Sachs and Barclays Capital. The 2010 Greenwich
2010
2010
Greenwich Share Leader
Greenwich Quality Leader
Global Energy Commodities, Corporates — OTC Derivatives Market Penetration
Dealer Relationships
41%
Global Energy Commodities, Corporates — OTC Derivatives Service Quality
Dealer
Goldman Sachs J.P. Morgan
U.S. Energy Commodities, Corporates — OTC Derivatives Service Quality
Dealer
Goldman Sachs J.P. Morgan
European Energy Commodities, Corporates — OTC Derivatives Service Quality
Dealer
Barclays Capital Goldman Sachs Morgan Stanley
Asia Pacific Energy Commodities, Corporates — OTC Derivatives Service Quality
Dealer
Goldman Sachs
J.P. Morgan Goldman Sachs Barclays Capital 38%
Morgan Stanley
U.S. Energy Commodities, Corporates — OTC Derivatives Market Penetration
Dealer Relationships
J.P. Morgan 48% Barclays Capital 39% Morgan Stanley 35% Goldman Sachs 35%
European Energy Commodities, Corporates — OTC Derivatives Market Penetration
Dealer Relationships
Barclays Capital 46% Morgan Stanley 45% BNP Paribas 40%
39% 38%
Goldman Sachs
40%
Asia Pacific Energy Commodities, Corporates — OTC Derivatives Market Penetration
Dealer Relationships
Goldman Sachs 47% Barclays Capital 43% Morgan Stanley 41% Deutsche Bank 37%
Note: Based on responses from 309 global corporates, 124 U.S. corporates, 80 European corporates, and 68 Asia Pacific corporates that hedge exposure to commodities using OTC derivatives. Share leaders are based on top 5 dealers including ties. Quality leaders cited in alphabetical order. Source: 2010 Energy Commodities Study
GREENWICH REPORT — CONFIDENTIAL © 2011 GREENWICH ASSOCIATES2010 Greenwich Share and Quality Leaders — Investors
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ASSOCIATES
GREENWICH
ASSOCIATES
2010
2010
Greenwich Share Leader
Greenwich Quality Leader
Global Commodities Investors — OTC Derivatives Market Penetration
Dealer Relationships
Global Commodities Investors — OTC Derivatives Service Quality
Dealer
Barclays Capital Deutsche Bank Goldman Sachs
65% 60% 50%
Goldman Sachs Barclays Capital J.P. Morgan Morgan Stanley 43% Deutsche Bank 40%
Note: Based on responses from 72 commodities investors using OTC derivatives. Share leaders are based on top 5 dealers including ties. Quality leaders are cited in alphabetical order. Source: 2010 Commodities Investors Study
Quality Leaders in the investor segment are, Barclays Capital, Deutsche Bank and Goldman Sachs.
Regional Leaders in the Corporate Market: U.S., Europe and Asia-Pacific
In the United States, four firms were awarded the title of 2010 Greenwich Share Leader in U.S. Energy Commodities — OTC Derivatives: J.P. Morgan (with a market penetration score of 48%), Barclays Capital (mar- ket penetration score of 39%), Morgan Stanley (35%) and Goldman Sachs (35%). The 2010 Greenwich Quality Leaders in U.S. Energy Commodities — OTC Derivatives Service Quality are Goldman Sachs and J.P. Morgan.
In Europe, the 2010 Greenwich Share Leaders in Energy Commodities OTC Derivatives are Barclays Capital (market penetration of 46%), Morgan Stanley (45%), BNP Paribas (40%), and Goldman Sachs (40%). The 2010 Quality Leaders in this region are Goldman Sachs, Morgan Stanley and Barclays Capital.
In Asia-Pacific, the 2010 Greenwich Share Leaders in OTC Energy Derivatives are Goldman Sachs (market pen- etration 47%), Barclays Capital (43%), Morgan Stanley (41%) and Deutsche Bank (37%). The 2010 Quality Leaders in this region are Citigroup and Goldman Sachs.
Consultants Andrew Awad, Woody Canaday, Brian Jones, and Frank Feenstra advise on the commodities market globally.
Methodology
Between September and November 2010, Greenwich Associates interviewed 309 corporates that hedge exposure to commodities
using OTC derivatives and 72 commodities investors using OTC derivatives globally. Interview topics included dealer use, product use, accounting treatment, sales coverage preference, and strategic transactions.
The findings reported in this document reflect solely the views reported to Greenwich Associates by the research participants. They do not represent opinions or endorsements by Greenwich Associates or its staff. Interviewees may be asked about their use of and demand for financial products and services and about investment practices in relevant financial markets. Greenwich Associates compiles the data received, conducts statistical analysis and review for presentation purposes in order to produce the final results.
© 2011 Greenwich Associates, LLC. All rights reserved. No portion of these materials may be copied, reproduced, distributed or transmitted, electronically or otherwise, to external parties or publicly without the permission of Greenwich Associates, LLC. Greenwich Associates®, Competitive Challenges®, Greenwich Quality Index®, and Greenwich Reports® are registered marks of Greenwich Associates, LLC. Greenwich Associates may also have rights in certain other marks used in these materials.
The Greenwich Quality LeaderSM and Greenwich Share LeaderSM designations are determined entirely by the results of the interviews described above and do not represent opinions or endorsements by Greenwich Associates or its staff. Such designations are a product of numerical scores in Greenwich Associates’ proprietary studies that are generated from the study interviews and are based on a statistical significance confidence level of at least 80%. No advertising, promotional or other commercial use can be made of any name, mark or logo of Greenwich Associates without the express prior written consent of Greenwich Associates.
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