文档介绍：INVESTMENT BANKING AND CAPITAL MARKETS
Market Report – Second Quarter 2004 Edition
New York, Frankfurt
September 1, 2004
THE BOSTON CONSULTING GROUP
TABLE OF CONTENTS
Chapter Page
Overview of Second Quarter 2004 2
Revenue Opportunities from Hedge Funds 9
Market Review
• Corporate Finance and Advisory 17
• Fixed-e Trading 24
29
• Equity Trading
Data Definitions and Abbreviations 35
Q2 2004 Market Report-BR-TM-NYC- -1-
Overview of Second Quarter 2004
Q2 2004 Market Report-BR-TM-NYC- -2-
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 e decreased significantly, most of the decline was seasonal
• Revenues from fixed-e trading declined by % from previous quarter
Low market volatility hit earnings from equity trading hard
• Equity trading revenues were % lower than levels three months ago
Corporate finance and advisory (CF&A) revenues improved across businesses, but the increase
was not strong enough pensate for lower trading revenues, which declined by % from
the first quarter
• CF&A revenues improved by % on average
Source: Company reports, BCG analysis
Q2 2004 Market Report-BR-TM-NYC- -3-
BCG PERFORMANCE INDEX DECLINED SHARPLY IN SECOND
QUARTER 2004, BUT WAS STILL HIGHER THAN LAST YEAR’S LEVELS
BCG Investment Banking
Performance Index
Index
140

120

100

80

60

40
20 2001 2002 2003
0
1Q/01 2Q/01 3Q/01 4Q/01 1Q/02 2Q/02 3Q/02 4Q/02 1Q/03 2Q/03 3Q/03 4Q/03 1Q/04 2Q/04
Note: The BCG IB performance index is calculated based on