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Methodology

Interview topics included service provider assessments, trading practices, market trend analysis, and investor compensation.

Asia (ex-Japan)
Between May and July 2011, Greenwich Associates conducted 1,121 interviews with fixed-income investment professionals at domestic and foreign banks, private banks, investment managers, insurance companies, hedge funds, corporations, central banks, and other institutions throughout Asia (ex-Japan). Countries and regions where interviews were conducted include Australia/New Zealand, China/Hong Kong/Macau, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, and Thailand.

Canada
Between February and March 2011, Greenwich Associates conducted in-person interviews with 102 institutional fixed-income investors in Canada.

Europe
Between May and July 2011, Greenwich Associates conducted 1,132 interviews with senior fixed-income investment professionals at banks, fund managers/advisors, insurance companies, corporations, central banks, hedge funds and other institutions throughout Europe and the Middle East. Countries where interviews

Between June and September 2012 Greenwich Associates conducted interviews with 265 Asian equity fund managers and analysts, 114 traders and 58 users of equity derivative products at institutions based in Asia. Interview topics included overall market trends, compensation, and broker relationships. Countries where interviews were conducted include Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Israel, Italy, Jordan, Latvia, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Norway, Oman, Poland, Portugal, Qatar, Romania, the Russian Federation, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Tunisia, Turkey, the United Arab Emirates, and the United Kingdom.

Japan
Between May and July 2011, Greenwich Associates conducted 328 interviews with senior investment professionals in Japan investing in domestic fixed income and 138 interviews with senior investment professionals in Japan investing in international fixed income. Interviews were conducted with banks (regional banks, shinkin banks, agricultural banks, trust banks, and others), investment companies and insurance companies.

United States
Between February and April 2011, Greenwich Associates conducted 1,022 interviews with institutional investors active in fixed income in the United States.