Bank swaps headlock slips as Chicago prop firms join Sefs
Recent months have seen three more Chicago proprietary trading firms follow Citadel Securities onto broker-run swap platforms – challenging the traditional bank oligopoly. The firms have started small, but at least one aims to compete for institutional-size tickets after raising more capital
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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