[용어] interdealer broker

자료 1: FT Lexicon

Definition of interdealer broker. Interdealer brokers sit between investment banks. They help find buyers and sellers of large, usually illiquid blocks of securities at other investment banks or dealers. They might conduct deals on behalf of large corporations, but the corporations generally go through the investment banks first. Interdealer brokers are used when banks want to move large illiquid assets such as interest swaps, commodities or blocks of shares. They are paid a commission for negotiatiing the deal between the buyer and the seller. Many of the deals they arrange are conducted off-exchange. 

There are five main global interdealer brokers: ICAP, Tullett Prebon, Tradition, BGC Partners and GFI Group. Many were founded in the 1980s as trading globalised and investors increasingly turned to tailored hedges such as interest rate or currency swaps to offset risk. About 70 per cent of the global business is conducted either in London or New York.

interdealer broker involvement in the Libor scandal. Interdealer brokers do not participate in the daily London interbank offered rate-setting process, although some of the products they do trade are based on it. However, their roles as intermediaries make them key conduits in the market for information for other banks.

A broker will typically have several screens of data on his desk plus more information coming through on the telephone as well as an internet-based chatroom or instant messaging system from a provider such as Bloomberg or Reuters connecting him to his main customers at the banks. Through these electronic channels flows a stream of news, market sentiment, jokes and industry gossip. It was these messages that formed the backbone of regulators' investigations and criminal charges relating to the alleged manipulation of the Libor rate.

interdealer broker in the news. The Libor scandal put the spotlight on interdealer brokers. In December 2012 the UK Financial Services Authority alleged that traders in UBS, the investment bank, had been paying interdealer brokers through wash trades – transactions that have no other purpose but to generate fees. In January 2013 it emerged that ICAP, the world's largest interdealer broker had become a focus of the FSA Libor interbank rate-rigging investigation. ( ... ... )

자료 2: What does an interdealer broker do? (The Gateway)

자료 3: 영국 ICAP社, 스마트폰 특허 포트폴리오 판매 계획 발표 (한국지식재산연구원, 2010년 6월)

"ICAP社 : 세계 최대의 매매업자간 중개회사(interdealer broker)이자 거래 후 서비스 제공사로, 영국에 기반을 두고 있음. 신용․상품․외환․신흥․주식․파생금융상품 시장의 판매자와 구매자를 연결하며, 세계 시장 정보와 국제 금융 시장 연구를 제공함 "

자료 4: 거래소 '원화IRS 자율청산', 1개월만에 자리잡아 (머니투데이, 2014년 4월)

자율청산 개시 1개월간 원화IRS 청산 실적과 참여 회원 수가 꾸준히 증가하는 등 장외파생상품 중앙청산소(CCP) 청산서비스가 안정적으로 정착되고 있다.

한국거래소는 거래소에 청산등록된 원화IRS거래가 지난 1개월 동안 청산건수 105건, 누적 청산명목대금은 2조8650억원을 기록했다고 2일 밝혔다. 1주차 4770억원이던 청산금액은 2주차 7795억원, 3주차 5105억원, 4주차 1조980억원을 각각 기록했다. 

참가회원도 증권 23개사, 은행 12개사 등 총 35개사 중 20개사(증권 13, 은행 7)로 전체 회원의 과반수 이상이 참가했다. ( ... ... ) 만기별로는 1년 이내가 전체 55.1%를 차지했고, 대부분 브로커(IDB : Interdealer Broker)를 통해 거래가 형성됐다. ( ... ... )

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