Financial Services Coverage – Capital Markets Sector Update 2019 Year in Review

Houlihan Lokey presents the newest installment of our annual report on deal activity and trends in the capital markets sector.

The capital markets sector is complex, rapidly evolving, and interlinked with many nodes of the global economy. Given the continued convergence of technology-based solutions with traditional securities systems, we believe more strongly than ever in covering capital markets holistically. Catalysts for consolidation in the last year have come from both external market forces and internal innovations. 2019 was particularly dynamic, with the industry adapting to interest rate swings, MiFID II, the institutionalization of blockchain technologies, and the electronification of trading in new asset classes. Upheaval in the industry is likely to intensify further in 2020, with recent events reversing a multi-year trend of relatively low volatility and gradually increasing asset prices. Resurgent volatility has spiked trading volumes in liquid and accessible asset classes, but exposed underlying issues in others, with the effects on long-term market structure still unclear.

In this report, you'll find statistics and commentary on M&A and capital-raising activity within every capital markets subvertical. We also turn the spotlight to three areas undergoing a particularly rapid transformation: middle-market investment banking, sellside investment research, and fixed-income trading. We hope this report will spark new ideas and new conversations, and we always welcome the opportunity to discuss these themes with you in more depth and incorporate your feedback into future reports.

*The file is an Adobe Acrobat PDF. If you experience difficulty opening the downloadable file, you may need to download the free Acrobat Reader.


Gagan Sawhney Managing Director
Chris Pedone Director

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