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Citadel and Virtu prepare for tilt at OTC market
Non-bank dealers – including an arm of Citadel and Virtu Financial – are preparing to go up against banks as swap market-makers, but some barriers remain, including regulatory costs and the need for big, easily checked clearing limits. Joe Rennison reports
![chris-concannon-2 chris-concannon-2](/sites/default/files/styles/landscape_750_463/public/import/IMG/841/294841/chris-concannon-2.jpg.webp?h=d48d8d55&itok=gqh_otBV)
Outside the office of one European bank's head of fixed income, trading floor TVs are showing the last minutes of a World Cup giant killing. Tiny Costa Rica – which has no history of footballing success on the world stage – is about to dump Italy, a traditional superpower, out of the competition.
It's a fitting backdrop for the conversation that follows – on whether Citadel, the Chicago-based hedge fund and trading firm, could rival incumbent dealers as an over-the-counter derivatives market
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