Asia's domestic banks outgunned their global rivals in the region's local currency bond markets in 2009, capturing about half the market share of trading volumes, according to a report.
The development came as trading volumes shifted dramatically from bonds denominated in G3 currencies – dollars, euros or yen – and towards those in domestic currencies such as the Chinese renminbi and the Indian rupee.
“Domestic banks' extensive infrastructures and deep ties to local investors and companies give them a distinct advantage over most global banks in the competition for local currency trading business,” said Abhi Shroff of Greenwich Associates, the research house that produced the survey.
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