E-trading boosts mid-tier banks in rates and credit

New technology helps Natixis and Mizuho compete with major dealers in swaps and bonds

Electronification in fixed-income markets is helping smaller players compete

Natixis and Mizuho are not typically thought of as go-to names for trading an interest rate swap or a corporate bond. But the increasing electronification of rates and credit has allowed them to steal a march on their larger competitors and join the top 10 providers of liquidity in certain products.

In 2016, Natixis made €326 million ($371 million) in fixed-income revenue, compared with $15.3 billion at JP Morgan. Yet, despite the obvious size difference between the two firms, Natixis managed

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