Risk 25 firms of the future: Brokers

Interdealer brokers have long known the future is electronic. Many have already developed electronic platforms to sit alongside their voice-broking operations, but the onset of new regulation has made the shift a commercial imperative. The Dodd-Frank Act, for instance, requires standardised over-the-counter derivatives to trade on an exchange or swap execution facility (Sef) – defined as a platform that brings together multiple participants on each side of the market, potentially ruling out