Client list reveals HFT dominance on BrokerTec

Barclays and JP Morgan only banks on list of top interdealer firms for US Treasuries

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Risk reveals BrokerTec market participants and volumes

A confidential list of the top 10 firms by volume on BrokerTec reveals the extent of high-frequency trading (HFT) in the Icap-owned interdealer market for US Treasuries – data that is not shared with participants on the platform.

The list – obtained by Risk – shows eight of the top 10 firms ranked by volume on BrokerTec over May and June were non-banks, with a big contingent of HFT specialists. These firms racked up trades with a notional volume of almost $7 trillion during the period, or 85% of

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