Bank swaps headlock slips as Chicago prop firms join Sefs

HTG, Teza and TransMarket emerge as would-be providers of swap liquidity

Opening up the market: Citadel's example has inspired three more Chicago prop firms

Three more upstart Chicago trading firms have begun quoting prices for interest rate swaps on broker-run swap trading platforms – the latest indication that dealers are losing their stranglehold on swaps liquidity provision.

HTG Capital, Teza Technologies and TransMarket Group have joined Sefs operated by BGC Partners, Icap and Tradition, according to industry sources, following in the footsteps of another Chicago-based firm, Citadel Securities, which started making markets in US dollar interest

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