Props stopped: non-banks struggle to crack US swaps market

risk-0816-hft-no-prop-web — "There is only one reason why the floor trader exemption rule hasn't been clarified, and that is to keep us out of the market," says one PTF head

- Robert Mackenzie Smith
- 25 Jul 2016

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With incumbent dealers under increasing pressure, the time should be ripe for proprietary trading firms (PTFs) – nimble, low-cost and technologically savvy – to steal a share of the swaps market. So far, it hasn't turned out that way.

Risk.net spoke with 10 PTFs eager to quote prices for the interdealer swaps market. At least four – HTG Capital, Teza Technologies, TransMarket Group and Virtu Financial – have already signed up to one or more Sefs, while DRW is also understood to have had some

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