Wed, 28/11/2007 - 12:50
Barclays Capital and Deutsche Bank have built Europe's largest fixed-income trading franchises, with each firm claiming more than 10 per cent of institutional trading volume captured across the region, and along with JPMorgan the two institutions have been named as winners of Greenwich Associates' 2007 Excellence Awards in European Fixed Income.
As part of its 2007 European Fixed-Income Investors study, Greenwich asked more than 1,400 institutional investors to name the dealers they use for their fixed-income trading business, to indicate how much of their total trading business they allocate to each dealer, and to rate the quality of service each dealer delivers.
'Our 2007 results reveal a strong correlation between the quality of service that dealers deliver to institutional clients and their ability to win market share in European fixed-income trading,' says Greenwich consultant Frank Feenstra.
'The three firms with the biggest market shares - Barclays Capital, Deutsche Bank and JPMorgan - also take home Greenwich Excellence Awards in two of the three major fixed-income product categories, rates products and credit products, while in asset-backed securities the awards go to Barclays along with Lehman Brothers.'
The 10 per cent market shares achieved by Barclays and Deutsche place the two firms well ahead of their rivals, led by JPMorgan with 8.3 per cent. 'These three firms have built strong franchises across all the major fixed-income product categories in Europe, including credit, rates and asset-backed products,' says Greenwich consultant Peter D'Amario.
Barclays Capital is the newest entrant to this group. 'Barclays has made considerable investments building out its fixed-income capabilities in Europe and around the world, and this commitment is paying off in terms of market share,' says consultant Woody Canaday.
Behind the three market leaders are Royal Bank of Scotland, which has a market share of 6.3 per cent, Citigroup and UBS. 'Royal Bank of Scotland is another bank that could soon see a significant shift in its competitive position,' says consultant Andrew Awad. 'We expect the bank to pick up a meaningful amount of market share with the integration of the ABN Amro franchise.'
The Excellence Awards in asset-backed securities reflect the importance placed by investors on service quality, Greenwich says. 'Barclays and Lehman both demonstrated considerable momentum in ABS by improving their service quality scores significantly from 2006,' D'Amario says.
The same pattern holds in individual service categories, with Barclays Capital and JPMorgan claiming the Excellence Awards in sales, Barclays, Deutsche Bank and JPMorgan in trading and Deutsche Bank and JPMorgan in fixed-income research.
Greenwich Associates is an international research-based consulting firm in institutional financial services, specialising in providing benchmark information on best practices and market intelligence on overall trends. Based in Greenwich, Connecticut, with offices in London, Toronto and Tokyo, the firm offers more than 100 research-based consulting programmes to more than 250 global financial services clients.
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