The Research team backs up Fixed Income Markets' (FIM) sales teams in meeting clients’ requirements. The aim is to provide clients with relevant information to help them in their decision making.

"Clients can ask for our assistance when they have a decision to make about a forex operation or when they wonder about the expected distortion of a curve rate. They may also be considering a possible hedge solution against the risk of a new increase in oil prices or evaluating the prospects of an emerging market” says Hervé Goulletquer, Head of FIM Research. “They also want to know our global economic and financial scenario (common to Crédit Agricole S.A and Calyon)".

“We meet their requirements according to a supply and demand rationale. In terms of supply we send our subscribers regular publications which can be read as a continuous update of our views about interest rate, forex and commodities markets. This rests on a stringent macro-economic and macro financial analysis made jointly with Crédit Agricole S.A’s Economic Research Department. We also suggest trade ideas, i.e. recommendations to enter into or pull out from certain markets at specific price levels. We shall also provide advice on asset allocations in a few months time” underlines Hervé Goulletquer. “On the demand side, if a client requests our services on a specific question, a meeting is organized with our teams by the front office. We then present our analyses to provide a strategic answer. Regarding recurring matters, we organize group meetings such as “economic breakfasts”, road shows or seminars”. Overall 700 meetings with customers were organized in 2008.

The clients are corporates, financial institutions (banks, insurance companies or fund managers) and local authorities…They are from all over the world, with however an overrepresentation of Western Europe, Asia and Middle East/Norht Africa.

Research connected with FIM’s activities within Calyon is organized in two teams: FIM Research which lines up 30 analysts and Credit Research 10 analysts. These international teams work together but have different approaches. “In all cases a strategist, considering a given issue, makes a diagnosis and suggests applicable solutions. He/she just cannot limit him/herself to analysis. Those in FIM’s Research team have more of a macro-economic approach and credit analysts mainly a micro economic approach” specifies Hervé Goulletquer.

Research by the FIM and Credit teams is regularly acclaimed by the specialized press. For example our Research for Asia ranked 6th out of 20 in 2008 and our forex strategy has ranked at the top for four years now (in 2008, 1st out of 42 for its forecasts at one month and 5th for those at 12 months).

Calyon’s research team works closely with Crédit Agricole S.A.’s Economic Research department. Jean-Paul Betbèze, the Chief Economist and Head of the Crédit Agricole S.A. Economic Research Department, presents the organisation of this research center that aims, as well as possible, at satisfying the expectations and resolving the problems of Group clients.




How are you organised at the Economic Research department?

The 35 economists and 30 engineers making up the Economic Research department are organised by division:

• Market economics (working closely with Calyon’s Fixed Income Markets Research staff),
• Macro-economics,
• Emerging countries,
• Banking economics,
• Industrial and sector research,
• Information and organisation.

We meet on a regular basis to develop our global economic and financial scenario as a group. Initially drafted by the macro-economics team, each division adds details related to its area of competence – such as fixed income and exchange rates – and then the project is debated until we arrive at a shared vision.


What services does Economic Research department offer to clients?

We generate a certain number of publications in French and English based on the economic scenario. These publications are weekly, monthly or quarterly and are aimed at all Group clients be they private individuals, companies, institutional clients or private asset managers. As do my colleagues, I take part in conferences on a fairly regular basis in order to meet clients and provide them with our analysis of specific subjects. Lastly, clients can ask us directly to perform custom analyses of their specific issues.


In what way is Crédit Agricole S.A.’s research center different from those of other banks?

Crédit Agricole S.A. is the only bank in France to employ a significant number of engineers among its staff. The “Industrial and sector research” division is made up of engineers specialised by sector: energy, agriculture, etc. They work very closely with our economists and I cannot overemphasize the importance of their exchanges. This organisation results in the interdependence of the engineers and economists and enables them to be truly precise in their analysis, for the client’s greater satisfaction and therefore for the good of our business.

More info and access to the publications

The brokerage research presented by Bruno Renard, Head of CA Cheuvreux European Research:

"Clients ask us to assist them in their investment decisions.

Their requirements may take many different forms. Buy side analysts, whose task involves advising fund managers, call on our analysts' sectoral expertise. The managers ask us to identify the best investment opportunities either in all the markets or within the same sector or amongst a certain class of securities (e.g. mid caps). Their investment horizon or their management style is not always the same which has direct consequences on their requirements and on their queries to our analysts.

Our ambition is to meet all the requirements of our institutional customers, whatever their approach: stock picking or sectoral. Our specific approach is a multi-centre strategy which leads us to be present in most European countries within an unequalled research depth. This explains our n° 1 position in Europe for mid caps. Today we are following approximately 760 securities from all over Europe. We have analysts on 27 markets in Europe and in the Middle East which covers 28 economic sectors."

More info on brokerage research