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

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
27 September 2015
Joséphine de Chazournes


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.

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

If you are not a subscriber, register now or contact us to find out more about our subscription options.

Insight details

Capital Markets
Subscription(s) required to access this Insight:
Capital Markets
Insight Format
Geographic Focus