Risk interdealer rankings 2013: Brokers

Steeled for consolidation

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It took roughly four weeks for Dealerweb, the interdealer arm of derivatives trading platform Tradeweb, to turn the CDX index market on its head. Within a month of its launch in October last year, the venue had grabbed 90% of interdealer volume from the handful of brokers that previously dominated the market. The platform’s success was based on the liquidity commitments it was able to extract from participants: in order to see prices, dealers had to provide a minimum of $100 million in