Interesting article in the FT regarding the Grenwich Associates survey:

Euro currency is changing bond market

The top-3 of Deutsche Bank, Barclays Capital and JP Morgan corresponds with my Tier-1 of European e-Trading banks in May this year.

What the article fails to mention, re: BarCap’s growth, is the very good use of e-Trading in gaing this position. It is low margin but e-Trading IS the way to gain low margin market share, if that’s what you want to do.