In Capital Markets activities are broadly divided into two parts: Institutional Sales and Proprietary Trading. Institutional Sales executes orders for institutional clients as well as placing equity and bond offerings. Proprietary Trading trades for the Bank’s own account in bonds and equities on the international securities markets, and is also an active market maker. The Bank’s Research department, an independent operating unit, co-operates closely with Capital Markets. The Bank offers its clients first-class service in securities trading on international securities markets, with local know-how and expertise maximised with Group strengths.