Copying and distributing are prohibited without permission of the publisher
Fixed Income Lending Survey
05 August 2014
fixed income lending
To access the survey please click:
FIXED INCOME LENDING SURVEY.
Click to access the
EQUITY LENDING SURVEY.
The new Global Investor/ISF Fixed Income Lending Survey 2014 is
designed to identify excellence in the industry, and is
designed to complement the highly regarded and longstanding
Equity Lending Survey.
Borrowers are invited to rank their lending
Respondents are asked to rank their top counterparties in each
of the categories (see below) separately for each region.
There are three geographical regions. Global entities are asked
to rate their counterparties for every relevant region: Europe,
Middle East & Africa (Emea), the Americas and Asia
Regions are defined by where the underlying securities
originate (not where either the respondent or counterparty is
based). Therefore, global entity Borrower X is asked to rank
its top counterparties, in each category, for every region
where the fixed income securities that it trades
Overall scores are defined as ones where all the category
scores are combined (there are global overall scores and
regional overall scores)
Global scores are defined as ones where scores from all regions
are combined (there are global overall scores and global
All entities that meet the qualification criteria are included
in the appropriate tables regardless of whether the entity
actively participated in the survey (i.e. helped to circulate
the survey in the industry).
A global entity is only allowed to rank its counterparties once
for each region (i.e. two people from Borrower X cannot rank
its counterparties in the same category and same region). A
global entity can rank its top counterparties in each category,
for either one, two or all three regions.
If Global Investor/ISF receives multiple responses from the
same entity for the same region we will ask the global head of
the business to choose which should be used (Global
Investor/ISF reserves the right to make the decision after
reasonable efforts have been made).
Respondents are asked to rank seven counterparties in as many
categories as possible. However, there is no minimum number
required for the response to be valid and no categories are
Responses are not permitted if they are submitted via one of
the counterparties being ranked. IP addresses for all responses
will be checked.
WINNERS AND HIGHLY COMMENDED
In line with the objective of recognising excellence in the
industry, winners will be announced for the lenders ranked
highest by their counterparties.
In addition, a select group of firms will be declared highly
commended. These are the lenders that secured the next highest
scores after the winners.
Winners and highly commended lists will be declared for:
• Global overall
• Global categories
• Regional overall
• Regional categories
Fundamentally, winners and highly commended lists are
calculated by the total amount of points firms accumulate.
However, minimum thresholds are imposed to avoid erroneous
Winners must be ranked by more than a set minimum number of its
counterparties to be eligible for an award (or being highly
As this is the first year for a radically new
methodology, Global Investor/ISF reserves the right to amend
qualification criteria after the survey has started. However,
all changes from the below will be publically
• Regional categories: Entities must be
ranked by at least three of its counterparties for that
category in that region
• Global categories: Entities must
qualify for the category in a minimum of two regions.
• Regional overall: An entity must
qualify for a minimum of 30% of the categories in the relevant
• Global overall: An entity must qualify
in a minimum of two regions overall to qualify globally.
Respondents are asked to rank their top seven counterparties.
These rankings are then inverted to create scores.
These scores are then added together and the firm with the
highest total score is declared the winner (it does not matter
which firm is ranked number one by the most counterparts). The
counterparties with the next highest scores are declared highly
All respondents are asked to rank their top seven
counterparties for each category, in each region. The rankings
are then inverted to provide scores (i.e. a number one rank
produces a score of seven).
Weighting by importance
When combining category scores - for global overall and
regional overall - the categories are weighted by importance.
This means that an allowance made for how relatively important
each category is considered by the survey respondents (i.e.
more significant attributes are given more weight than the less
In the survey questionnaire, respondents are asked to rank the
categories according to how important they consider that
attribute to be. These ranks are combined to provide weightings
theoretically between 0 and 2 (but are likely to be much less
extreme) for each category.
For example, if relationship management is considered very
important by respondents and generates a weighting of 1.5, and
Bank X achieves a score of 25 in that category, 37.5 will be
added to the overall score (1.5 x 25 = 37.5).
These weightings are calculated on a global basis and applied
to all overall tables (even if there is a disparity between how
important attributes are between the regions).
Therefore the combined scores are calculated as follows:
• Regional categories: All scores for the
relevant category, for the relevant region, are simply added
• Global categories: All scores for the
relevant category, for every region, are added together.
• Regional overall: Regional category
scores are weighted by importance and then added together to
create an overall score for that region.
• Global overall: Global category scores
are weighted by importance and then added together to create an
overall score for the entire globe.
For the first time this year, respondents are asked to nominate
individuals for our lifetime achievement award as well as on
the two new exceptional achievement of the year categories. The
most innovative awards are calculated as in previous
• Exceptional achievement of the year award: lender. (open
• Most innovative lender of the year (open to
• Global winner: Fixed Income Lender of the Year
• Global category winners e.g. Fixed Income Lender Awards
2014: Relationship Management
• Regional winners e.g. Fixed Income Lender of the Year
• Exceptional achievement of the year (fixed
• Most innovative fixed income
lender of the year
PRACTICALITIES & DISCLAIMER
Respondents may re-enter their survey form after completion.
Even if the form is finished and submitted, the respondent may
revise their answers until the final deadline. Reactivation
codes are available from email@example.com.
All responses are strictly confidential. Lenders will never be
able to find out which counterparts ranked them.
As this is the first year of operating a completely new
methodology, Global Investor/ISF reserves the right to amend
the methodology after the survey process has begun. This will
only be done to resolve unforeseen problems calculating results
and any changes will be announced.
• Breath of supply (including market capability,
• Collateral trading ability across currencies and
• Trading connectivity and automation
• Stability of borrows (including recall frequency)
• Relationship management (including senior management
engagement, trading desk engagement, sales desk engagement,
coordination/communication between desks globally)
• Operational efficiency