Deutsches Risk Rankings 2011

German derivatives dealers have been facing a tough combination of funding pressure, regulatory change and highly competitive markets for flow products over the last 12 months. That has helped the bigger names retain their edge in this year’s Deutsches Risk rankings – Deutsche Bank takes the crown, with Commerzbank and UniCredit second and third placed, respectively

Across Europe, banks and sovereigns are locked together in a weird, destructive relationship - fears that banks will require further state support are weighing on heavily indebted sovereigns, while the threat of sovereign default depresses banks. One result - despite a more credible stress-test of the continent's institutions in mid-July - is that wholesale funds providers are once again wary of bank paper, and the interbank market is also stretched.

"Based on the uncertainties in the funding