WINNERS: MIDDLE EAST
Best Derivatives Provider
HSBC has become the preferred derivatives dealer in the Middle East, which endured an even more pronounced credit crunch than other regions. The bank took clients away from Standard Chartered, the only other global bank with regional strength in derivatives, thanks to consistent—and lower—pricing. "At a time of crisis, customers were stuck with two banks. They have decided to do business with HSBC because we have been consistent and we value long-term relationships," says Praveen Gupta, regional head of corporate sales for global markets for the Middle East and North Africa at HSBC in Dubai. With more than 40 people in 11 dealing centers in the region, HBSC has found fast-growing demand among auto dealers, traders, banks and pension funds that are using derivatives to manage their risks. The bank's most aggressive market share gains have been in FX and local interest-rate derivatives, which the bank provides in Islamic shariah-compliant form.