Executive Summary

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Fixed-income dealers’ response to long-term challenges facing the industry could be working to the advantage of global investors. As most banks around the globe face pressure to increase profitability, they are increasingly competing among a small set of dealers, new liquidity providers and, to some extent, electronic trading platforms for a share of existing clients’ volumes and revenues. That competition is fueling innovation by banks seeking an edge over rivals and benefiting investors in the form of new and better digital products and tools.


Methodology

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

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.

Americas
Between February and May 2019, Greenwich Associates conducted in-person interviews with 106 institutional fixed-income investors in Canada, 954 in the United States and 130 in Latin America.

Asia
Between May and July 2019, Greenwich Associates conducted 721 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, Japan, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, and Thailand.

Europe
Between May and August 2019, Greenwich Associates conducted 1,018 interviews with senior fixed-income investment professionals at banks, fund managers/advisors, insurance companies, corporations, central banks, hedge funds, and other institutions across Europe. 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 select interviews conducted in Central & Eastern Europe and the Middle East.