Interdealer broker rankings 2014: Sef questions piling up

It has been a year of bewildering change for interdealer brokers, and the sector is still trying to find out where it sits in the new market structure. Despite that, the same five firms – led by Icap – dominate the rankings. Joe Rennison reports

Shawn Bernardo, Tullett Prebon



"These last five years have been a remarkable journey, and the result is a transformed market-place," proclaimed Gary Gensler, outgoing chairman of the Commodity Futures Trading Commission (CFTC), at a conference on swap execution facilities (Sefs) in November 2013.

Transformed maybe, but probably not in the way most interdealer brokers would have liked. The launch of Sefs over the past year should have heralded a new era of transparency, equality

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