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

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: