In age of constraints, top dealers pick their battles

Dealer Rankings 2023: Three US banks are consistently top 10; none are consistently top five

Credit: montage

This article is part of the Dealer Rankings 2023. You can find the overview article here, analysis of the results by instrument and end-user here, and a detailed methodology here.

There was a time when dealers claimed their goal was to be a one-stop-shop, offering all things to all people. That kind of talk died away during the past decade as regulators raised the cost of big balance sheets, customer concentrations, uncollateralised trades, illiquid positions, funding mismatches, and a host of

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