The interdealer broker market used to be just that – a market-place for dealers, with a broker intermediary joining the two – but times are changing. New bank capital and liquidity regulations will make certain businesses punitively expensive, while the Volcker rule – part of the Dodd-Frank Act in the US – aims to end proprietary trading by banks. This should see new firms moving into these markets, says Shaun Lynn, president of BGC Partners in London.
“Our customers are changing,” he says. “The