BrokerTec dominance ‘unhealthy’, says Nasdaq’s Shay

More clearing needed to improve US Treasury competition

John Shay

A decline in US Treasuries market share has plagued Nasdaq since it bought BGC Partners’ interdealer platform, eSpeed, in 2013 for $1.2 billion. Once the dominant trading venue, it has fallen dramatically behind its rival – Nex Group’s BrokerTec – and now accounts for roughly 20% in average daily volume.

To put the ship back on course, in October, the firm hired John Shay, who has experience at a proprietary trading firm (PTF) – the type of trading outfit that dominates US government bond tradi

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