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  5. 2015 European Fixed Income Market Sizing: The Short and Winding Road to MiFID II

2015 European Fixed Income Market Sizing: The Short and Winding Road to MiFID II

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27 September 2015
Joséphine de Chazournes

Abstract

Celent estimates that the European cash fixed income secondary trading activity has tightened, by 2.3% between 2014 and 2015, and that market conditions have changed in a staggering way since last year.

The interdealer-broker (IDB) government bond market is still dominated by MTS and BrokerTec. The dealer-to-client (D2C) government bond market is still dominated by Tradeweb and Bloomberg. The D2C nongovernment business has grown dramatically and has seen a slight increase in electronification, but also some additional voice business thanks to sales technology. The IDB nongovernment market is flat year on year, but with big market share swings. EMEA emerging economies are still attractive for D2C electronic platforms.

“In 2015 the buy and sell side alike are still heavily focused on solving the liquidity issue the nongovernment bond market is facing, and some venues are picking up market share through creative protocols,” says Joséphine de Chazournes, a senior analyst with Celent’s Securities & Investments practice and author of the report. “Interestingly some tier 2 and tier 3 banks have continued to grasp market share with their recently built global electronic capabilities, as large buy side clients now allocate their flows to a much greater number of sell side firms.”

This report provides an update of the Celent report 2014 European Fixed Income Market Sizing: Electronic Strikes Back. It gives an overview of the market and its dynamics and provides estimates for the average daily volumes (ADV) traded in the government bonds and nongovernment markets. Celent outlines the evolution of these markets, looking in particular at their share of electronic trading, both in the interdealer-broker and in the dealer-to-client segments. Finally, the report looks specifically at the competitive landscape of the various trading platforms that are used to execute these trades.

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