EXTEL RANKINGS TELL ALL – The 2018 Extel Survey results have been released and Exane BNP Paribas completely dominated, retaining their top Equity Research and Sales rankings. Exane has had a steady progression over the last five years in their mission to the top Equity Research spot. Last year Exane took first place from Morgan Stanley and this year we can see UBS upending Morgan Stanley and taking the second-place spot, pushing Morgan Stanley to third place. JP Morgan, Societe Generale and Kepler Cheuvreux all improved their standings in equity research, whilst BAML & Barclays slightly declined. Even with the issues surrounding Deutsche Bank they are still steady in the 6th position. Credit Suisse, who fell out of the top ten last year, remained absent. According to Extel fewer brokers are being recognized by investors and the decline could be seen across all types of brokers – global, regional and local. Extel also said that the smallest asset mangers participation fell because they are forgoing external research and are being cut off by brokers. MiFID II did not have much of an effect on the rankings this year, it is expected that the 2019 result will have a better reflection on the impact of MiFID II. #SpartanInternational