投资银行和资本市场报告(pdf 40页)(英文版)

FIXED-INCOME TRADING FACED CHALLENGING MARKET CONDITIONS：
      Bond-trading revenues declined by 30 percent on average from the record earnings in the first quarter. We consider a ten percent decline seasonal, based on the experience of previous years, and revenues were hit by a further flattening of the yield curve
— The spread between short-term and long-term interest rates in the United States declined to merely 25 basis points
— Fixed-income trading revenues were also 6 percent lower compared with second quarter last year
       U.S. bond-trading volumes climbed to record levels, but volume increases didn’t translate into trading gains
— U.S. bond-trading activity increased by 6 percent to an average of $1.1 trillion traded daily
       In difficult market conditions, banks had to take increased levels of market risk to generate trading gains
— Average risk efficiency declined by 22 percent from $24.3 to $18.9 trading revenue per dollar fixed-income related value-at-risk
— Fixed-income results of several banks were hit by market volatility. JPMorganChaseand UBSwere the least risk efficient banks
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