The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

E-Trading: Single-dealer platforms confront identity crisis

Lobbying intensifies over OTFs; Isda, BBA voice concern

In the race to profit from the regulatory push for transparency in over-the-counter (OTC) derivatives, electronic trading appears to be in the box seat, offering speed, volume and visibility. However, as European regulators prepare rules for the new trading venues, there is rising concern among banks that their solutions might be disregarded.

In the past year, announcements of new single-dealer platforms (SDPs) include Lloyds’ Arena, RBS’s Marketplace and BNP Paribas’ Cortex, all vying to grab order flow from incumbent operators, such as Deutsche Bank’s Autobahn and Barclays’ BarX.

In a post-financial crisis environment, in which regulators are looking to drag OTC trading into the glare of regulated markets, banks have justifiably bet on a bright future for e-commerce.

In response to the G20 mandate that all standardized derivatives are traded on exchanges or electronic trading platforms, some 88% of swaps dealers regard technology build-outs as mission critical, according to research firm Tabb Group, with top-tier firms allocating a minimum of $100 million a year to relevant technology budgets.

Mifid catches out banks

Angela Knight, British Bankers’ Association

However, when the European Commission in October published its proposals for a review of the Markets in Financial Instruments Directive (Mifid), it appeared the banks had been caught wrong-footed.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree