Meet the new OTC market-makers

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It’s one of the great unknowns of derivatives market reform: will non-dealer firms use the new regime, with its all-to-all electronic trading platforms, to take on the banks that have enjoyed a decades-long stranglehold on swap market-making? 

Risk has spoken to nine firms – including hedge funds and asset managers, high-frequency traders and proprietary trading shops – that want a piece of the over-the-counter market’s $693 trillion pie (see box, Indications of interest). Most insist on anonymi

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