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Chicago Speed Firms Battle Wall Street for Bond Sway

  • As dealers curb risk, internalize trades, HFT sway grows
  • Windy City rivals Wall Street as destination for bond jobs
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Chicago Challenges NY As Most Important Financial Market

Corrected

Chicago is challenging New York’s long-held position at the center of what’s been called the world’s most important financial market.

When it comes to the $12.9 trillion of U.S. Treasuries outstanding, Windy City firms such as Jump Trading LLC, Citadel Securities LLC, Teza Technologies LLC, XR Trading LLC and DRW Trading Group have ridden expertise in high-frequency, computer-driven algorithms to dominate trading between dealers. Wall Street’s influence has waned in that area as rules enacted since the credit crisis to make the financial system safer led them to curb risk-taking and handle more transactions within their own walls.