Prop shops to rival dealer market-makers on broker Sefs

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Rules that require swap execution facilities (Sefs) to offer impartial access are set to bring years of over-the-counter market tradition to an end, by allowing hedge funds, proprietary traders and asset managers into the clubby, interdealer portion of the market. A number of these firms are now in talks to join broker-run Sefs that are currently the preserve of incumbent dealers. The firms are attracted by the liquidity available on the exchange-like order books the platforms offer, and some

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