Non-banks push direct liquidity streams in US Treasuries
Dealers could save millions in broker fees and transaction costs, non-banks claim
Non-bank market-makers are casting themselves as the unlikely saviours of banks' once-lucrative fixed-income divisions, which have been buffeted by falling margins and increased capital requirements.
The idea is simple enough: dealers can save on brokerage fees and lower bid/offer spreads on US Treasuries by as much as 75% by building bilateral streaming relationships with non-bank liquidity
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