Dodd-Frank's intention to move over-the-counter swaps into an exchange-like format has taken another step towards reality, as one US firm has become the first non-bank to execute interest rate swaps within an interdealer broker's anonymous order book platform. The trades took place on ICAP's i-Swap platform two weeks ago, with market participants reporting the transacting party as Citadel Securities. While this is the broker-dealer arm of Citadel LLC and not the actual hedge fund, industry participants noted that it still represented a significant development in the evolution of derivatives market-making. Citadel and ICAP both declined to comment.
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