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Summary
The European fixed-income market continues its transformation as banks implement new and more focused strategies aimed at maximizing profitability in a new environment featuring steeper capital charges and other changes in regulation and market functioning.

Europe’s biggest fixed-income dealers are putting in place strategies that direct new costly capital toward their best clients. The results: Intense competition for the business of a relatively small group of preferred customers, and the shedding of less profitable client relationships by many large dealers.

In this fast-changing environment, Barclays continues to lead the European fixed- income market with a market share of 11.9% of institutional trading volume, followed by Deutsche Bank at 9.7%, J.P. Morgan and Citi, which are tied with market shares of 8.6-8.9%, and HSBC at 7.1%. These dealers are the 2014 Greenwich Share Leaders in European Fixed Income.

Methodology

Between May and July 2014, Greenwich Associates conducted 1,265 interviews with senior fixed-income investment professionals at banks, fund managers/advisors, insurance companies, corporations,central banks, hedge funds and other institutions throughout Europe. Interview topics included service provider assessments, trading practices, market trend analysis, and investor compensation.

Countries where interviews were conducted include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, Malta, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and selected interviews conducted in Central & Eastern Europe and the Middle East.