Same instrument, different market

Dealer Rankings 2023: For buy-side firms, the list of banks you can trade with depends on who you are

Credit: montage

This article is part of the Dealer Rankings 2023. You can find the overview article here, analysis of the top 10 dealers here, and a detailed methodology here.

If a dealer is printing a stack of swaps, forwards or options trades for one client group, you might think it would be doing the same for others.

A lot of the time, you’d be wrong.

One thing that leaps out of the rankings data is how different it looks for each end-user group. Mutual funds and ETFs frequently report a distinct list of

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