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Summary
It’s official: The Canadian Big Six are now the Big Seven.

Desjardins Capital Markets has joined RBC Capital Markets, TD Securities, BMO Capital Markets, Scotiabank, CIBC, and National Bank Financial to gain entry into the country’s exclusive top tier of dealers.

The results of the 2014 Canadian Fixed-Income Investors Study show total fixed-income trading volume (including interest rate derivatives, structured credit derivatives and excluding money markets), decreased by approximately 7% in the past year.

Meanwhile, electronic trading continued to build momentum. Total volume executed over electronic systems — mainly through the CanDeal platform — increased 20% from 2013 to 2014, and electronically executed transactions now account for 48% of all Canadian fixed-income trading volume, up from 44% in 2013.

RBC Capital Markets maintained its commanding lead in Canadian fixed-income trading this year with a market share of 16.7%. TD Securities (13.2%) and Scotiabank (12.3%) are statistically tied for second, followed by BMO Capital Markets at 11.4% and Desjardins at 9.0%. These firms are the 2014 Greenwich Share Leaders in Canadian Fixed-Income Market Share.

RBC Capital Markets also claims the title of the 2014 Greenwich Quality Leader in Canadian Fixed-Income Sales and Trading while sharing this title with BMO Capital Markets in Canadian Fixed-Income Research.

Methodology

Between February and March 2014, Greenwich Associates conducted 125 interviews with institutional investors active in fixed income in Canada. Interview topics included trading and research activities and preferences, product and dealer use, service provider evaluations, market trend analysis, and investor compensation.

The findings reported in this document reflect solely the views reported to Greenwich Associates by the research participants. They do not represent opinions or endorsements by Greenwich Associates or its staff. Interviewees may be asked about their use of and demand for financial products and services and about investment practices in relevant financial markets. Greenwich Associates compiles the data received, conducts statistical analysis and reviews for presentation purposes in order to produce the final results.