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High-frequency traders are now dominating another huge market
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High-speed traders are dominating the US Treasury market.
High-frequency traders have moved in on the US Treasury bond market in a big way.
Risk.net just published a confidential list ranking the top 10 firms by volume traded on BrokerTec, an ICAP-owned trading platform for US Treasurys that is believed to make up 65% to 70% of interdealer market volumes.
The data is for May and June.
The top three firms alone — Jump Trading, Citadel, and Teza Technologies — accounted for about $4.2 trillion in volume, according to the report.
Eight of the top 10 firms trading on the platform were not banks, including KCG, Spire-X, XR Trading, DRW and Rigel Cove, according to the report.
The report said: "The BrokerTec client list sheds new light on the extent to which trading activity in the interdealer Treasury market is concentrated with a handful of non-bank firms."
The fresh data on the involvement of high-frequency trading in the Treasury market follows the official report on the October 15, 2014, flash crash in the Treasury market.
That report highlighted the growth in "high-speed electronic trading" and the growing involvement of principal trading firms in the Treasury markets.
Risk noted that the interdealer broker ICAP disputed the data, contending that the volume of trading was overstated.
Here are the top 10 firms:
(Risk.net)
The full article from Risk.net can be read here. A subscription is required, but there is a free trial available.
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