Brokerages in Europe

by Anshuman Jaswal, PhD, September 23, 2010
Operations/ Benchmarking
EMEA

Abstract

Two financial centers for execution have emerged in Europe during the past decade: London and Switzerland (Geneva and Zurich). As part of this trend, most brokerages have developed pan-European capabilities centered around their London operations, and brokerage business has moved away from markets such as France and Germany.

In a new report, Brokerages in Europe, Celent looks at the brokerage industry in the leading capital markets of Europe. France, Germany, the UK, and Switzerland are the four largest markets in terms of the value of their asset management industries. This report examines some of the main characteristics of the market, along with the leading drivers of growth.

“Consolidation is expected to continue in the brokerage market,” says Anshuman Jaswal, Celent Senior Analyst and author of the report. “Regulation globally and across Europe will impact brokerages’ business models.”

This report discusses the leading retail and institutional brokerages, along with a description of the main asset classes that they cover and the revenue from their capital markets business. The brokerages are categorized on the basis of their institutional or retail coverage and their asset class coverage.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

5

Market Overview

6

 

Equity

6

 

CFDs and Financial Spread Betting

6

 

Fixed Income

7

 

Commodities and Energy

8

 

Foreign Exchange / Currency

8

 

Futures and Options

9

 

Team Structure

10

 

Drivers of Change

11

Institutional Brokerages

13

 

Generalist Brokerages

14

 

Specialist Brokerages

22

Retail Brokerages

33

 

Generalist Brokerages

33

 

Specialist Brokerages

35

Conclusion

37

Leveraging Celent’s Expertise

40

 

Support for Financial Institutions

40

 

Support for Vendors

40

Related Celent Research

41

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