Rates survey 2012: Buy side set sights on rates oligarchy

The big players continue to dominate a profitable business line. But some investors are looking to challenge their hegemony by moving into market making as well as proprietary risk taking.


	Rates Survey 2012: Results index Methodology

Rates heads at top dealers are quietly confident after the first two trading months of the year. Revenues are well ahead of budget and the trend towards greater market share consolidation by the biggest dealers remains intact. There is even cause for optimism on the regulatory front, as bankers have co-opted politicians outside the US to join them in fighting implementation of the Volcker Rule.

Beneath the surface there are threats to the rates-trading oligarchy, however.