Announcing 2014 Greenwich Leaders for Global Fixed Income 

Deutsche Bank Leads Market Share, J.P. Morgan, Citi Lead Quality

In a time increasingly defined by the implementation and consequences of new regulations, Deutsche Bank has established itself as the leader in global fixed-income trading market share, while J.P. Morgan and Citi have distinguished themselves by providing the best quality of service to fixed-income investors.

The past several years have seen major shifts in the competitive landscape as some of the world’s largest banks shifted strategies, scaled back, and in some high-profile cases, pulled out of some specific fixed-income products entirely.

“Strategy changes and the uneven implementation schedule of the Basel III capital rules by regulators in different regions has had a huge influence on competitive positioning, market share and profitability of the world’s largest fixed-income dealers,” says Greenwich Associates consultant Frank Feenstra.

2014 Greenwich Leaders – Global Fixed Income
In this rapidly changing market, Deutsche Bank holds the position as the No. 1 fixed-income dealer with a 10.1% market share globally. Citi and Barclays are tied in the second spot with market shares of 9.6% and 9.4%, respectively, followed by J.P. Morgan at 9.1% and Goldman Sachs at 8.7%. These firms are the 2014 Greenwich Share Leaders in Overall Global Fixed Income.

Citi, Bank of America Merrill Lynch and Goldman Sachs are all gaining share, as the effects of Basel III and banks’ strategic responses to the new rules take effect.

The 2014 Greenwich Share Leaders in Global Fixed-Income Rates are led by Deutsche Bank, which has a market share of 10.5%, followed by a three-way tie between Barclays, Citi and Goldman Sachs. In credit products, J.P. Morgan is the clear leader with a 13% market share, followed by Citi (10.9%) and then, tied for the third spot, Barclays (10.2%) and Bank of America Merrill Lynch (10%). These firms are the 2014 Greenwich Share Leaders in Global Fixed-Income Credit. 

At a time when cost-cutting is having an obvious and significant negative impact on coverage intensity and quality, J.P. Morgan and Citi have distinguished themselves by delivering the industry’s best service quality. These two firms are the 2014 Greenwich Quality Leaders in Global Fixed Income.

J.P. Morgan has demonstrated a clear commitment to FICC businesses broadly. Citi has returned to form and is demonstrating strength across a wide variety of products ranging from emerging market debt to U.S. Treasuries. Citi also ranks second only to Goldman Sachs in global trading share among hedge funds.  

“Banks are moving forward with different strategies,” says Greenwich Associates consultant Woody Canaday. “Some banks are offering only certain products. Others offer everything, but only to certain clients.”