JP Morgan, Barclays overtake Goldman, Morgan in OTC energy trade
* Goldman, Morgan cede top spots among OTC energy dealers * JP Morgan builds on US, Asia energy biz * Barclays holds Europe * Citi ranks for global metals, U.S. energy derivatives NEW YORK, April 22 (Reuters) - JP Morgan and Barclays snatched the top spots among energy derivative dealers last year, opening a commanding lead over Goldman Sachs and Morgan Stanley for the first time, according to a new survey. Wall Street giant JP Morgan and UK-based Barclays each dealt with an estimated 39 percent of all companies that used over-the-counter derivatives to hedge energy prices, according to Greenwich Associates' latest annual survey, which included responses from 276 company treasury professionals across the globe taken late last year. Goldman Sachs had a 32 percent penetration rate, down from 41 percent in the 2012 survey, when it had tied with JP Morgan and Barclays for the top spot. Morgan Stanley's rate was 30 percent in the 2013 survey, down from 37 percent a year ago. The widening gap between Wall Street's long-time leaders and the ascendant JP Morgan and Barclays highlights a trend that has become increasingly evident in recent years, with new limits on proprietary trade, higher capital requirements and tougher derivatives regulation upending the old order of things. "The landscape...is becoming far more fragmented, as few banks want to be all things to all people and more find specific segments in which they can profitably compete," Greenwich Associates consultant Andrew Awad said in the report. Goldman's slip last year had been flagged in its 2012 results, showing commodity trading revenues collapsed by more than 60 percent to just $575 million -- down nearly 90 percent from a record $4.5 billion in 2009. Morgan Stanley's revenues dropped 20 percent to an estimated $1 billion. However the bank's storied J Aron commodity unit did retain the top spot in one area: nearly 60 percent of commodity investors, such as pension funds, deal with Goldman Sachs, down from 63 percent a year ago. JP Morgan's share among investors rose to 54 percent from 51 percent in 2012. Rankings for global metals trade were little changed from a year ago, with JP Morgan maintaining a strong grip on the top spot thanks to its acquisition of RBS Sempra's metals division three years ago. Barclays retained second position. Citigroup appeared to make the most meaningful gains among second-tier commodity dealers last year, rising into the ranks of the larger U.S. energy and global metals dealers. Its share among global energy hedgers was steady at 27 percent. Global Energy Commodities 2013 2012 2011 Barclays* 39% 41% 38% JPMorgan* 39% 41% 41% Goldman Sachs* 32% 41% 39% Morgan Stanley 30% 37% 38% Citi 27% 27% n/a Deutsche Bank 27% 30% n/a U.S. Energy Commodities JPMorgan* 59% 54% 48% Barclays* 43% 46% 39% Citi 40% ** ** Goldman* ** 46% 35% European Energy Commodities Barclays 40% 48% 46% Morgan Stanley* 39% 42% 45% BNP Paribas 33% 40% 40% Deutsche Bank* ** ** ** Asia Pacific Energy Commodities JPMorgan 44% 41% ** Goldman Sachs 39% 41% 47% Barclays 36% 39% 43% Deutsche Bank* 36% ** ** Morgan Stanley* 36% 46% 41% Global Commodities Investors Goldman Sachs* 59% 63% 65% JPMorgan 54% 51% 50% Barclays 47% 55% 60% Deutsche Bank 46% 47% 40% Morgan Stanley 37% 39% 43% Global Metals Commodities JPMorgan* 55% 60% ** Barclays Capital 34% 35% ** Citi 33% ** ** Deutsche Bank 33% 28% ** Societe Generale 26% 31% ** * Service quality leader ** no data provided Energy survey: 2011: Based on responses from 309 global corporation, 124 U.S. corporations, 80 European corporations, and 68 Asia Pacific corporations that hedge exposure to commodities using OTC derivatives. 2012: Based on responses from 268 corporations that hedge exposure to energy commodities using OTC derivatives: 91 U.S. corporations, 77 European corporations, and 70 Asia Pacific corporations. 2013: Based on responses from 276 corporations that hedge exposure to energy commodities using OTC derivatives: 88 U.S. corporations, 89 European corporations, and 59 Asia Pacific corporations. Investors survey: 2011: Based on responses from 72 commodities investors using OTC derivatives. 2012: Based on responses from 71 commodities investors using OTC derivatives. 2013: Based on responses from 68 commodities investors using OTC derivatives. Metals survey: 2012: Based on responses from 97 corporations that hedge exposure to metals using OTC derivatives 2012: Based on responses from 98 corporations that hedge exposure to metals using OTC derivatives
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