Bulge bracket

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Bulge bracket

A tier of firms in an underwriting syndicate that have the highest participation level. See: Mezzanine bracket.

Bulge-Bracket Firm

In bracketing, an underwriting firm responsible for placing a certain amount of a new issue with investors. If a bulge bracket firm is the single largest underwriter, it may be responsible for assigning parts of the issuer to other underwriters. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.
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The decline in commission rates and growing adoption of commission sharing agreements (CSAs) to consolidate commission dollars results in a drive back into the arms of the bulge-bracket brokers.
Their efforts are supported by a wide network of research consultants, including CPAs, CFAs, former bulge-bracket analysts and financial consulting specialists.
The 451 Group has found that four bulge-bracket investment banks - Morgan Stanley, Credit Suisse, Goldman Sachs and Merrill Lynch - led in advising the fast-growing cross-Atlantic technology M&A market in the past year (as measured in total dollars).
Harte joined Sandler O'Neill in June 2002, at which time he initiated the firm's coverage of several of the largest bulge-bracket brokerage firms including Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and Charles Schwab.
Together, we are building a preeminent energy investment bank, which will deliver bulge-bracket execution with a boutique focus.
The difficult economic environment over the past two years has forced nearly every bulge-bracket firm and even the largest institutional managers to reduce the resources dedicated to equity research.
During the keynote conference session Julio Gomez, global head of research, highlighted how bulge-bracket firms are differentiating in the five key areas of electronic trading:
Together with its London affiliate, Banc of America Securities Limited, the firm delivers capital raising, financial advisory and risk management solutions, bulge-bracket trading and global distribution services, and objective research on global markets and growth sectors to corporations, institutional investors, financial institutions and government entities.
The Firm is structured as a partnership, and has assembled a team of professionals with extensive Wall Street experience from bulge-bracket and minority-owned investment banks.
Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions.
Morgan Chase won market share in corporate finance and advisory during the economic downturn, bulge-bracket investment banks recovered share in first quarter 2004.