In the race to profit from the regulatory push for transparency in over-the-counter (OTC) derivatives, electronic trading appears to be in the box seat, offering speed, volume and visibility. However, as European regulators prepare rules for the new trading venues, there is rising concern among banks that their solutions might be disregarded.
In the past year, announcements of new single-dealer platforms (SDPs) include Lloyds’ Arena, RBS’s Marketplace and BNP Paribas’ Cortex, all vying to grab order flow from incumbent operators, such as Deutsche Bank’s Autobahn and Barclays’ BarX.
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