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New bank capital rules, financial regulations and other fallout from the global financial crisis continues to reshape the U.S. fixed-income market, with some of the largest dealers refocusing their efforts and smaller firms once again aiming to capitalize on resulting new opportunities just as they did with varying degrees of success in the aftermath of the 2008 credit crunch.
A number of the big global fixed-income dealers have responded to new capital reserve requirements and other changes to market structure by scaling back their commitments to products in which they are not a market leader and by concentrating the capital they do deploy among a smaller and more narrowly focused group of large institutional clients.
Pull backs on the part of some of the world’s largest fixed-income dealers have also caused a flattening of the competitive landscape at the very top of the U.S. market. Four firms are now tied at the top of the market: J.P. Morgan, Credit Suisse, Citi and Deutsche Bank.
This Greenwich Awards report includes discusses sell-side coverage, trading relationships and a full list of Greenwich Share and Quality Leaders.Methodology
Between February and April 2013, Greenwich Associates conducted 1,027 interviews with institutional investors active in fixed income in the United States. Interview topics included trading and research activities and preferences, product and dealer use, service provider evaluations, market trend analysis, and investor compensation.