By contrast, in capital markets and investment banking (CMIB), global players have been able to capture a larger share thanks to their superior product expertise, large-scale platforms, and better access to global investors.
However, currently, the biggest and fastest-growing capital market—China—remains largely beyond reach. National banks and brokers control almost 97 percent of China’s equities market and 85 percent of its trading in fixed-income, currency and commodities (FICC) products. Over the next five years, these markets will likely open up to foreign players, but only selectively.