Crisil Coalition Greenwich Research Finds 87% of Buy-Side Investors Rank Fees as Most Important Factor in Choosing Clearing Broker

  • Increases in derivatives trading volumes fuels focus on cost and efficiency among buy-side investor
  • Market access to emerging markets and new asset classes such as crypto are the most important factors in clearing broker selection
  • Executing brokers still evaluated primarily on pricing and their ability to source liquidity

July 28, 2026 — Market volatility fueled by geopolitical conflict, trade wars and economic uncertainty has increased trading volumes in global derivatives markets, setting off fierce competition for revenues from trade execution and clearing. According to a new research report from Crisil Coalition Greenwich, Execution and clearing: What the buy side expects from derivatives brokers, that increased volume has kept cost controls at the center of the value equation for buy-side investors selecting clearing brokers. The research finds 87% of buy-side investors rank fees as the single most important factor in determining their choice of clearing firm, while executing brokers are chosen primarily for ability to source liquidity.

“Clearing brokers win by delivering scale, cost efficiency and operational reliability,” says Stephen Bruel, Research Director in Market Structure & Technology at Crisil Coalition Greenwich and author of the report. “Executing brokers win by delivering liquidity, competitive pricing and communication that help clients navigate complexity.”

Following are some of the report’s key findings:

  • Costs drive clearing broker selection: Fees are by far the top criterion used by market participants when evaluating and selecting a clearing broker. Eighty-seven percent of respondents in the recent Crisil Coalition Greenwich study stated that fee levels were important or very important to this process. After fees, selection criteria include access to markets and products, as well as the quality of execution and operational processes provided.
  • Executing brokers prioritize liquidity, pricing and insights: If clearing is primarily evaluated through the lens of cost, access and operational efficiency, execution is judged more directly by the broker’s ability to source liquidity, provide timely pricing and deliver useful market insight.
  • Fighting for a slice of a $9 billion pie: With trading volumes on the rise, the stakes are high for competing firms. After multiple years of relatively stagnant revenue pools, dealer revenues from derivatives trading increased from 2024 to 2025. For example, over that period, revenues from interest-rate swap trading (including trading fees and P&L gains from proprietary positions) increased roughly 30% to approximately $9 billion.  

“Like the clearing business, the execution business is top-heavy, with the largest dealers controlling a big part of the market,” says Stephen Bruel. “But unlike the clearing business, the same level of scale is not always required, as helping match buyers and sellers does not always require a massive balance sheet.”

This report is part of the Market Structure & Technology (MST) market intelligence service at Crisil Coalition Greenwich, delivering ongoing research and insights on the factors shaping institutional financial markets.