Bloomberg News

Barclays, Deutsche Bank Lead in Bond Trading, Greenwich Says

December 14, 2011

Dec. 14 (Bloomberg) -- Barclays Capital had the largest share in European fixed-income trading this year, maintaining its position from 2010, Greenwich Associates said, citing interviews with investors.

The securities arm of Barclays Plc had a 13.2 percent market share, followed by Deutsche Bank AG with 11.7 percent and JPMorgan Chase & Co. with 8.7 percent, Greenwich said in a report e-mailed today. BNP Paribas SA and Morgan Stanley completed the top five, according to the statement.

“Increased capital reserve requirements are reducing dealer margins on fixed-income trading while a sovereign debt crisis is triggering sell-side losses in traditionally reliable business lines,” according to Greenwich, a research company based in Stamford, Connecticut.

Deutsche Bank had the largest share of European emerging- market fixed income with 16.6 percent, followed by HSBC Holdings Plc with 15.4 percent, the Greenwich report showed.

The survey was based on responses from 1,132 institutions and the interviews were conducted between May and July 2011, Greenwich said.

--Editors: Nicholas Reynolds, Matthew Brown

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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