波士顿咨询-2004年第一季度投资银行与资本市场报告 Overview of First Quarter 2004Global Investment-Banking LandscapeMarket Review•Corporate Finance and Advisory•Fixed-Income•Equity Trading•FX TradingData Definitions and Abbreviations BCGinvestment banking performance index climbed 40 points to a record level of 127.6 in the first quarter 2004Investment banking results were again supported by strong gains in fixed income trading while profit margins remained high•Trading revenues for the top 10 players grew by 50 percent from last quarter•Profit margins of leading banks improved slightly to 35 percent on averageBanks increased their market risk levels significantly•UBSalmost doubled its market risk from Swiss Francs 300m a quarterago to Swiss Francs 518m(1)following its announcement in December last year to increase itsacceptable Value-at-Risk(1)limits from 450m to 600m Swiss Francs “to take advantage of trading conditions”•JPMChase and Citigroup increased market risk considerably, however, the increase translated only into moderated trading revenue gains in the current quarter ......