Even with the demise of Direct Match, there are signs that the market continues to change, and that banks’ dominance will still be challenged. Some market makers that aren’t banks are looking to connect directly with investors, which would strip out the dealers entirely, according to the Bank for International Settlements. Citadel, which describes itself as a global market maker, is looking to do just that.

“We are very focused on growing our U.S. Treasury dealer-to-client business,” said Paul Hamill, global head of fixed income, currencies and commodities for Citadel Securities. “We are working on some direct connections to clients right now.”

This article was provided by Bloomberg News.

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