The year is 2020 and the Bank of New York has won the Global Investor/ Euromoney thirty-third annual European brokers’ survey, narrowly beating State Street Bank & Trust. For SBC Warburg, Morgan Stanley and the other investment banks that dominate European equity trading, this vision of the future will seem absurd.
However, consider these other predictions. From 2011 the survey results will be based solely on execution capability. Fund managers stopped reading broker research long ago.
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