Risk interdealer rankings 2010: Brokers

This year’s survey results belie some major changes in the broker market as a result of regulation of the over-the-counter derivatives market. Many firms continue to expand into new areas of valuation, portfolio reconciliation and post-trade processing, but qualification as a swap execution facility under US regulation will prove crucial. By Alexander Campbell

industry will be watching very closely to see how US regulators decipher some of the broad principles outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law on July 21. Some things are certain – a greater proportion of the over-the-counter derivatives market will be traded through central counterparties. Other issues are murkier – who will be designated a major swap participant and so be required to clear?

At first glance, the changes might be thought to pose