Trading Desk
PMMI September 2025
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Serge Nussbaumer
Chefredaktor
On August 31, 2025, the market making quality of issuers was slightly below the level at the end of July 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 continued to improve. For investment products, all issuers are above 90 points and three groups have formed.
Leonteq continues to confirm its leading position in leverage products. With over 99 points, Leonteq is still a good 0.7 points ahead of Julius Baer. On an annualized basis, however, Julius Baer is still ahead. This should be an incentive for all parties.
Only 0.40 points separate first-placed LUKB from fifth-placed Swissquote. This group is slowly moving closer together. The second group is “only” 1.60 points apart, followed at some distance by UBS. We can be proud of the issuers. The spreads are fair, the volume is there and it 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
