These firms will continue to provide a broad offering with, most likely,
an even greater focus on flow business and electronic trading. They may seek
to adjust the product mix in some businesses even further toward capital-lite,
short-term products. In 2010, the top 13 global banks already accounted for 50
percent of global flow-rates revenues, a degree of consolidation that is likely to
rise. To achieve this, banks will continue to invest in technology while expanding
their client franchises among top-tier institutional investors, in particular hedge