Brokers defy BlackRock over average pricing on Sefs

"We're lions, not zebras," says Icap's Paulhac

Supurna VedBrat, BlackRock: leading calls for average pricing

Broker-run swap trading platforms are resisting calls from the world's largest asset manager to offer average pricing and direct allocation capabilities for buy-side trades.

"We know what breed of animal we are – we're lions, not zebras. We're not going to become a zebra tomorrow because suddenly a new client comes along and says, ‘We like stripes'," says Laurent Paulhac, New Jersey-based chief executive of Icap's swap execution facility (Sef).

BlackRock is interested in providing liquidity on

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