Executive Summary

For European fixed-income market participants, 2017 was the “year of compliance.” MiFID II has arrived and, as one of the most significant regulatory changes in the history of the financial industry, it impacts nearly every facet of the fixed-income ecosystem.

With MiFID II now official, this research examines the state of the European fixed-income market today and expectations for change going forward.


Between May and July 2017, Greenwich Associates interviewed 1,100 European institutional investors active in fixed-income. Interview topics included sales, research and trading activities and preferences, electronic trading activity, volume allocation factors, and cross-asset class relationships.