Risk 25 firms of the future: Dealers / FCMs
Of the various market segments, the list of dealers is both the easiest to draw up and the one with the most tail risk. The names selected are essentially the G-16 group of large dealers, with RBC Capital Markets replacing Crédit Agricole – plus three non-dealer futures commission merchants (FCMs).
The dealers have all booked tremendous profits from the over-the-counter market and will not give those up without a fight. Initially, at least. Over time – and depending very much on unfinished
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