Of the various market segments, the list of dealers is both the easiest to draw up and the one with the most tail risk. The names selected are essentially the G-16 group of large dealers, with RBC Capital Markets replacing Crédit Agricole – plus three non-dealer futures commission merchants (FCMs).
The dealers have all booked tremendous profits from the over-the-counter market and will not give those up without a fight. Initially, at least. Over time – and depending very much on unfinished capit