"As expected, we've seen a significant jump in SI reported volumes and a reduction in corresponding OTC flow*. This is because volume previously transacted by brokers directly with their clients now falls under the SI regime. This cannot be broken down any further, however, and so volume that was previously lumped into the OTC category is just now in a similarly opaque bucket called SI. What will be interesting, though, is how the SI volume grows as new electronic market makers enter the SI space."
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