Risk.net has published a confidential list of the top 100 firms ranked by volume traded on BrokerTec , an ICAP - owned trading platform for US Treasuries . BrokerTec is believed to make up 65 % to 70 % of interdealer Treasury volumes and the list shows that high - frequency traders have moved in on the US Treasury bond market in a big way . They are listed on the linked article which highlights the extent to which trading activity in the interdealer Treasury market is concentrated with a handful of non - bank firms according to the BrokerTec website . The top three firms alone — Jump Trading, Citadel, and Teza Technologies — accounted for about $4.2 trillion in volume, according to the report. ICAP reportedly claims that the volume of trading is overstated .
Risk.net has published a confidential list of the top 100 firms ranked by volume traded on BrokerTec , an ICAP - owned trading platform for US Treasuries . BrokerTec is believed to make up 65 % to 70 % of interdealer Treasury volumes and the list shows that high - frequency traders have moved in on the US Treasury bond market in a big way . They are listed on the linked article which highlights the extent to which trading activity in the interdealer Treasury market is concentrated with a handful of non - bank firms according to the BrokerTec website . ICAP reportedly claims that the volume of trading is overstated .