The Group's comprehensive approach to developing solutions for its clients integrates global expertise in research, sales, trading, origination and distribution, comprising three product lines:

• Global Credit

• Interest Rates Group

• Foreign Exchange

Fixed Income offers its clients, efficient solutions in order to increase and invest their capital, and also manage their risk exposure. Its customers are hundreds of companies, institutional investors, governments and international organizations.

Thanks to this platform, clients are provided with a full array of tailor-made services on a global scale across a broad range of markets and currencies. With headquarters in London and 5 other main trading floors in New York, Paris, Singapore, Hong Kong and Tokyo, BNP Paribas Fixed Income employs more than 1,700 professionals around the world. They are supported by regional offices based in Europe, America, Middle East and Pacific Asia.

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Awards and rankings

In Japan

- Foreign Exchange and Interest Rates
The Tokyo Branch is one of the top-ranked foreign firms in terms of trading volume on the Tokyo market, and transactions are carried out on a scale equivalent to Japan's mega banks. The Marketing Department offers structured products in addition to common instruments, including interest rate and foreign exchange swaps. Our proprietary product lines include long-term Forex option transactions, foreign currency accounts and interest rate derivative transactions.

The foreign exchange services offered by BNP Paribas in Japan are robustly supported by the BNP Paribas Group network. Thanks to the Group's global synergy, we directly access information on emerging markets and reach dealers in financial centers around the world to share invaluable information and well-grounded market analysis in real time. Japanese dealers are positioned in Tokyo, Paris, and New York, enabling us to offer round-the-clock services for projects involving yen transactions. The services are provided under our proprietary Global Yen-Link System.

- Credit Trading
The Credit Trading Department evaluates the fair value of companies and provides services that include liquidity for corporate bonds and loans, and trading of related credit derivatives.

In Japan we have the top share of this market among foreign financial institutions (as of June 2008). We develop credit derivative indicators in near real-time and provide this information through QUICK Corporation and Bloomberg.

- Commodity Derivatives
BNP Paribas has two platforms for commodity derivatives: Commodity Indexed Transaction Group (CITG), which handles over-the-counter derivatives on a global scale; and BNP Commodity Futures Inc./Ltd. (CFL/CFI), which brokers commodities futures. We have been active in Commodities Markets globally for over 20 years, and we leverage our experiences and expertise to provide Commodities Price risk hedging solutions for Crude Oil/Oil Products, Gas, Coal, Emissions, and Precious/Base Metals to the benefit of several types of corporates in Japan, including Refiners/Distributors, Power and Gas utilities, Airline companies, and Shipping companies.


- Interest Rate Group
BNP Paribas' interest rate trading business primarily engages in bidding on Japanese government bonds in issuing markets and in buying and selling government bonds in the secondary markets.

We are among the 24 primary dealers (as of January 2009) that can participate in bidding on Japanese government bonds, and we are one of the financial institutions subject to the Bank of Japan's bond operations. A major source of strength for the BNP Paribas Group in this market is the trust that we have built over the years with Japanese institutional investors.

Government bonds are also actively traded using our own accounts based on proprietary interest rate forecasts and our share of interbank transactions is amongst the highest of foreign financial institutions. BNP Paribas' credit rating of Aa1, Moody's, and AA, S&P (as of January 2009) and advanced risk management capabilities enables us to take on substantial risk in the interbank market.

Advanced numerical risk analysis and exceptional research departments make derivative transactions such as interest rate options and interest rate swaps possible. Our expertise is the backbone for delivery of first-class services in the long-term swap area and option transactions for corporations, banks and institutional investors.