Same instrument, different market
Dealer Rankings 2023: For buy-side firms, the list of banks you can trade with depends on who you are
This article is part of the Dealer Rankings 2023. You can find the overview article here, analysis of the top 10 dealers here, and a detailed methodology here.
If a dealer is printing a stack of swaps, forwards or options trades for one client group, you might think it would be doing the same for others.
A lot of the time, you’d be wrong.
One thing that leaps out of the rankings data is how different it looks for each end-user group. Mutual funds and ETFs frequently report a distinct list of
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