These are not easy times to be an equities broker in Europe. The institutional commission pool has fallen 25% since 2009, and the market is likely to carry on shrinking. “Commissions in Europe are likely to fall another 10% to 15%,” John Colon, consultant at Greenwich Associates in Stamford, Connecticut, tells Euromoney. “So we will have a 35% to 40% drop in the commission pool since the peak.”
That is a tough environment in which to make money.
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