Gottex Brokers: The allure of the illiquid
As competition in standardised products gets increasingly fierce, brokers can either slug it out, or diversify into illiquid markets. Gottex Brokers is doing both, its chief executive, Raphaël Moreno, tells Duncan Wood
An electronic trading platform for interest rate swaps, launched by an interdealer broker, and limited to dealer clients – as business propositions go, it’s hardly unique. Icap launched i-Swap in 2010, Tradition followed with Trad-X in 2011, Tullett Prebon claims to be on the verge of unveiling support for its tpSwapdeal platform, and other brokers plan to follow suit.
But they are all following in the footsteps of Gottex Brokers, which set up Swapstream in 2003, and they all face exactly the
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