2015 Share and Quality Leaders in Emerging Markets Equity Brokerage

Equity brokers in the emerging markets are rewarded for consistency. Institutional investors like to trade with firms that provide high quality coverage of regional markets and sectors throughout the inevitable ups and downs.

As in past years, emerging market equity trading volumes this year have tended to concentrate with global bulge bracket brokers that maintain sophisticated trading platforms across global markets. Institutions often use the global firms as executing brokers for CSA transactions used to compensate providers of research.

“By comparison, the emerging market research market business is more broadly distributed, since the need for local expertise and access to local company management teams provides opportunities for local firms and regional and sector specialists,” says Greenwich Associates consultant John Colon.

2015 Greenwich Leaders: CEEMEA
Bank of America Merrill Lynch leads in commission share for institutional trading of 14.1%, followed by Citi and Deutsche Bank, which are statistically tied with shares between 11.6% and 11.9%, and Morgan Stanley and Credit Suisse, which are tied with shares of 10.0%-10.8%. These firms are the 2015 Greenwich Leaders in CEEMEA Equity Trading Share.

Bank of America Merrill Lynch and UBS are tied atop the market for Research/Advisory with commission-weighted vote shares between 12.0% and 13.1%, followed by another statistical tie between Morgan Stanley and Deutsche Bank, with market shares between 8.2% and 9.5%. These firms are the 2015 Greenwich Share Leaders in CEEMEA Equity Research/Advisory Vote Share.

Morgan Stanley and UBS are the 2015 Greenwich Quality Leaders in CEEMEA Equity Research Product & Analyst Service, and Bank of America Merrill Lynch and UBS are the 2015 Greenwich Quality Leaders in CEEMEA Equity Sales & Corporate Access.

2015 Greenwich Leaders: Latin America
Bank of America Merrill Lynch and Morgan Stanley are tied atop the market for Latin American Equity Trading with shares of 15.2%-15.9%, followed by J.P. Morgan at 12.7. These firms are the 2015 Greenwich Share Leaders in Latin American Equity Trading.

The 2015 Greenwich Share Leaders in Latin American Equity Research/Advisory Vote Share are Morgan Stanley and BTG Pactual, which are tied with shares of 12.0%-12.6%, Bank of America Merrill Lynch and J.P. Morgan, which are tied with commission-weighted vote shares between 10.7% and 11.3%, and Credit Suisse and Banco Itau, which are tied with shares of 9.3%-9.8%.

The 2015 Greenwich Quality Leaders in Latin American Research Product & Analyst Service are Banco Itau, Bank of America Merrill Lynch, BTG Pactual, J.P. Morgan, and Morgan Stanley. The 2015 Greenwich Quality Leaders in Latin American Sales & Corporate Access are Banco Itau, Bank of America Merrill Lynch and BTG Pactual.