JP Morgan took the top spot among foreign exchange dealers, according to a survey published last year by Greenwich Associates followed by Citigroup, UBS and Deutsche Bank.
Citi ranked first in Greenwich Associates’ annual fixed income market share rankings for 2016 in both rates and credit, followed by JP Morgan and Goldman Sachs in joint second place.
A 32 percent slump in research budgets of continental European fund managers (and a 17 percent drop in U.K. firms' outlays, according to Greenwich Associates) will hit in waves.
When it comes to the implications for pension fund investors, David Walmsley, noted Canadian plans have generally done well when it comes to solvency and funding levels.
According to Greenwich Associates, the new MiFID II rules on payments for investment research have already shrunk the market for European equity research by an annual $300 million, and the ultimate impact of the regulations likely won’t be evident...
Markus Ohlig said: “Although this debt is often unrated, it has historically shown low default rates, due to factors such as asset-backed structures or implicit government guarantees in infrastructure debt.”
Meanwhile in the ETF space, we are seeing unprecedented growth, with over $350 billion of new investment in 2015 alone (Greenwich Associates).
Morgan Stanley and Bank of America Merrill Lynch tied at the top of a ranking of last year’s Asian equity trading share, as a surge in market valuations and a rebound in activity boosted brokerages in the region, according to Greenwich Associates.
One-third of equity traders surveyed at U.S. buy-side firms say automated market-making firms exist primarily to collect incentives paid by exchanges, according to a Greenwich Associates report.
"The case for principle trading firms combining forces is only getting stronger," said Kevin McPartland.
