The popular image of trading in the City of London is a hassled broker staring at a screen with phones pressed to both ears.
This has largely passed into history as more trading goes electronic and becomes automated. But the clichéd image still defines the role of an interdealer broker, illustrating how this institution retains a vital role in today’s financial markets.
Brokers act as conduits in the market between banks, talking to a range of traders both by phone and electronically to determine appetite for frequently illiquid assets such as interest swaps, commodities and blocks of shares. They often use electronic screens on terminals such as Bloomberg and Thomson Reutersto provide information to banks.
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