BUZZ-European brokers: unbundled

** Recent regulatory changes proposed by the FCA and ESMA could herald the most radical changes to the business models of European brokers in a long time, according to Greenwich.

** Making money from equities trading already harder for banks in the post-Lehman world.

** New regulatory changes likely to eliminate CSAs.

** Greenwich estimates research-related equity commission payments amount to roughly  1.5 billion euros ($1.89 bln).

** Meanwhile the firm's 2014 market share leaders shows the efforts the UBS (NYSEArca: FBGX - news) and Morgan Stanley (Xetra: 885836 - news) have taken over the years to bolster their equities businesses paying off.

** Both top Greenwich's 2014 share leaders list for equity research & advisory with the former taking top spot in market share in trading and leading in electronic trading.

** UBS leads the field in algorithmic/smart-order routing and in portfolio trading, Greenwich says.

(1 US dollar = 0.7924 euro) (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)