Citadel and Virtu prepare for tilt at OTC market

Non-bank dealers are connecting to Sefs and conducting test trades

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Outside the office of one European bank's head of fixed income, trading floor TVs are showing the last minutes of a World Cup giant killing. Tiny Costa Rica – which has no history of footballing success on the world stage – is about to dump Italy, a traditional superpower, out of the competition.

It's a fitting backdrop for the conversation that follows – on whether Citadel, the Chicago-based hedge fund and trading firm, could rival incumbent dealers as an over-the-counter derivatives market-mak

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