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How US dealers flipped the script in OTC trading
Dealer Rankings 2026: Disclosures from US mutual funds and life insurers – which list all of the OTC derivatives on their books, along with the sell-side counterparty – are one of the few ways to illuminate the hidden pecking order of this lucrative, but opaque, market. In the first three editions of our annual analysis of these filings, five US banks dominated but were becoming more selective. And three big European banks seemed to be taking advantage.
That changes in the latest data, which shows JP Morgan leading the way and the big US dealers expanding across the board. European and other non-US dealers were squeezed.
The question is whether this heralds a lasting change of strategy, or was a passing opportunity brought about by last year’s waves of volatility in US assets.
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