Kevin McPartland, Head of Market Structure and Technology Research will review how the interest rate swap market has experienced a 51% increase in electronic trading in less than two years, but the top five dealers still control more than half of client volume, nearly all trading volume occurs through traditional RFQ on the incumbent platforms and dealer-to-dealer markets remain largely separate.
Kevin will be moderating a panelist discussion to address the following questions:
-Has the market reached a new equilibrium, or is more change to come?
-Will more new liquidity providers follow Citadel’s lead, and what incentive do they have to do so?
-Can other trading protocols supplement the current RFQ market?