The value of institutional equities commissions paid to European brokers slumped by 28% in the first quarter of this year, reaching its lowest level since 2010 and pushing the relationship between brokers and their biggest clients to breaking point.

After peaking at €4.2 billion in the first quarter of 2009, equity commissions paid by institutional investors dropped 28% to €3 billion in the first quarter of 2013, according to research by Greenwich Associates.