Citigroup Inc. is the world’s biggest fixed-income dealer for the second consecutive year, edging out top rivals such as Deutsche Bank and JPMorgan Chase, according to a Greenwich Associates survey, which polled nearly 3,500 fixed income investors around the world.
With a market share topping 10 percent for 2016, up 40 basis points year over year, the New York-based lender had a significant lead over its next closest competitors in the survey, Greenwich Associates said in a statement on Thursday.
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Deutsche Bank, Barclays Plc, Goldman Sachs and JPMorgan also made the list of the top five global market-share leaders, according to Greenwich Associates, which didn’t provide individual rankings for the other banks.
Fixed-income trading has been supported by rising commodity prices and interest rates in 2016, although the industry still copes with rules that force banks to hold more capital against risky assets. In Q4 2016, revenues at Morgan Stanley’s fixed income, currencies and commodities business totalled $1.5 billion, nearly tripled from $550 million last year reflecting “higher results across products on improved market conditions compared with the prior year period,” as it explained.
Commenting on the survey results, Jim O’Donnell, Global Head of Investor Sales and Relationship Management at Citigroup, said: “It’s truly an honor to once again be recognized by our clients as a strategic partner and leader in the global fixed income market. Our clients remain our highest priority and we will continue to demonstrate that focus as we further invest and expand our services globally.”