The shift from bilateral to centrally cleared trades will be a huge wrench for derivatives users. Many have been desperate to understand, prepare for or influence what is an unprecedented change for the market. They need their dealers to be ahead of the game. Very few dealers are.
“BlackRock is a unique organisation,” says Richard Prager, global head of fixed-income trading at the firm in New York. “We have clients who trust us to manage their money and we have another set of clients who use our