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Quantitative Finance · Glosarium

Apa itu Inter-dealer broker and dealer-to-client platform?

Dikenal juga sebagai: inter-dealer broker · dealer-to-client platform

Definition 4.8 Markets II: Rates, FX and Credit · Bab 4 — The Treasury Market

An inter-dealer broker operates the venue on which dealers, and increasingly non-dealers, trade with one another, anonymously: for benchmark Treasuries, a central limit order book; for off-the-run issues, mostly voice-assisted brokers. A dealer-to-client platform lets a client request quotes from several dealers at once and trade on the best (Chapter 22).

The structure of the US Treasury market. The Treasury sells to dealers and direct bidders at auction; clients buy mostly from dealers on request; dealers and principal trading firms trade with each other in the inter-dealer order books and in futures. The clearing mandate () will send more of the secondary trading through a clearing house.
Figure 4.2. The structure of the US Treasury market. The Treasury sells to dealers and direct bidders at auction; clients buy mostly from dealers on request; dealers and principal trading firms trade with each other in the inter-dealer order books and in futures. The clearing mandate (Box 4.2) will send more of the secondary trading through a clearing house.
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