Trading Desk
PMMI November 2025
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Serge Nussbaumer
Kapitalmarktexperte
On October 31, 2025, the market making quality of issuers was slightly higher than at the end of September for both leveraged products and investment products.
The PMMI provides a rough overview of the market making quality of the various issuers in the structured products segment. After a turbulent April, the issuers’ scores have improved significantly. All issuers of investment products scored above 90 points. Three groups have emerged.
Leonteq continues to confirm its leading position in leverage products. With over 99 points, Leonteq continues to lead Julius Baer by just under 0.7 points. On an annualized basis, however, Julius Baer is still ahead. This should be an incentive for all parties.
Only 0.50 points separate the first-placed LUKB from the fifth-placed Corner Bank. This group is slowly moving closer and closer together. The gap to 12th place, at just over 2.7 points, is also smaller than it has been for a long time. We can be proud of the issuers. The spreads are fair, the volume is there and is being used. It could always be better, but we are already at a very high level. Thank you for that.
Source of all graphics: payoff.ch
