The Dutch State Treasury Agency approved BGC and Icap’s BrokerTec in a move that reflects the liberalization of interdealer trading of euro government bonds.
euroMTS, which previously held a de facto monopoly on such activity, has yet to reveal details of its controversial plan to allow non-banks to trade on its platform. Liquidity has dried up on the platform as dealers withdraw capital from expensive secondary market-making commitments (see covered bond story on page 29).
In January, the Belgian debt management agency approved BrokerTec and BGC as a platform on which its primary dealers can meet their market making obligations.
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