BSDZ咨询--国际投行业与资金市场研究报告

Overview of Second Quarter 2004
Revenue Opportunities from Hedge Funds
Market Review
•Corporate Finance and Advisory
•Fixed-Income Trading
•Equity Trading
Data Definitions and Abbreviations

INVESTMENT BANKING PROFITS DECLINED SHARPLY
The Industry Faces a Tough Second Half Unless Equity Trading Bounces Back
BCG investment banking performance index declined by 29 points to 99 in the second quarter 2004
•However, second quarter results were still better than those of one year ago
•In addition, results from the first half of 2004 were strong
While revenues from fixed income decreased significantly, most of the decline was seasonal
•Revenues from fixed-income trading declined by 13.9% from previous quarter
Low market volatility hit earnings from equity trading hard
•Equity trading revenues were 19.7% lower

..............................