With a market share of 13.8% of institutional trading volume, Deutsche Bank took home the title of Asia’s largest fixed-income dealer at the 2007 Greenwich Associates Fixed Income Excellence Awards ceremony on Tuesday. Citi and HSBC, each ranking second and third in terms of market share respectively, took home the awards for service quality.
As part of its 2007 Asian Fixed-Income Investors Study, Greenwich Associates asked more than 680 institutional investors to name the dealers they use for their fixed-income trading business, to indicate how much of their total trading business they allocate to each dealer and to rate the quality of service each dealer delivers. Based on the results of this research, Greenwich Associates compiled its dealer market share rankings. Award winners were determined by each firm's performance on the Greenwich Quality Index, a statistical aggregation of client ratings of dealer service quality across all fixed-income products and spanning a variety of service categories in sales, trading and research.
"The three market leaders — Deutsche Bank, Citigroup and HSBC — have amassed their current market shares by building local networks that allow them to serve the needs of most investors across most of the countries in Asia, in both local currency and G3 products," says Greenwich Associates consultant Tim Sangston.