** Recent regulatory changes proposed by the FCA and ESMAcould herald the most radical changes to the business models ofEuropean brokers in a long time, according to Greenwich.
** Making money from equities trading already harder forbanks in the post-Lehman world.
** New regulatory changes likely to eliminate CSAs.
** Greenwich estimates research-related equity commissionpayments amount to roughly 1.5 billion euros ($1.89 bln).
** Meanwhile the firm's 2014 market share leaders shows theefforts the UBS and Morgan Stanley have taken over the years tobolster their equities businesses paying off.
** Both top Greenwich's 2014 share leaders list for equityresearch & advisory with the former taking top spot in marketshare in trading and leading in electronic trading.
** UBS leads the field in algorithmic/smart-order routingand in portfolio trading, Greenwich says.
(1 US dollar = 0.7924 euro) (RM: vikram.subhedar.thomsonreuters.com@reuters.net)
Barclays (BARC)