Trading Desk
PMMI October 2025
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Serge Nussbaumer
Chefredaktor
On September 30, 2025, the market making quality of issuers was slightly higher than at the end of August for both leveraged products and investment products.
The PMMI provides a rough overview of the market making quality of the various issuers in the area of structured products. 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 is a good 0.7 points ahead of Julius Baer. On an annualized basis, however, Julius Baer is ahead. This should be an incentive for all parties.
Only 0.40 points separate the first-placed bank, LUKB, from the fifth-placed bank, Banque Cantonale Vaudoise (BCV). The group is slowly moving closer together. The gap to 11th place, at just over 2.6 points, is also smaller than it has been for a long time. We can be proud of the issuers. The spreads are fair and the volume is there and is being provided. It could always be better, but we are already at a very high level. Thank you for that.
Source of all graphics: payoff.ch
