Often fluid. Not always liquid

Dealer Rankings 2024: On the buy side and the sell side, the make-up and depth of OTC mini-markets can change rapidly

Credit: Risk.net montage

This article is part of the Dealer Rankings 2024. You can find the overview article here, analysis of the top 10 dealers here and a detailed methodology here

Last year’s inaugural Dealer Rankings demonstrated there is no such thing as an interest rate swaps market, or a foreign exchange options market, or an index credit default swaps market. Not in the way a market is normally understood, as a place where a single group of buyers and sellers mingle. Rather, each client group – arguably each

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