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Anyone who wants to understand how OTC derivatives markets are changing should keep an eye on the 74 organisations named overleaf – our Firms of the Future . These are the dealers, buy-side firms, brokers, exchanges, technology vendors, clearing houses, regulators, infrastructure providers and trading platforms we believe will be most influential over the next five years.

Compiling this kind of list is tricky at the best of times, but when the OTC market – plus prudential regulation and the banking industry more generally – is changing so dramatically, it becomes even harder. We will undoubtedly get things wrong. Some of the names on the list may fade from view by the time Risk celebrates its 30th anniversary, and names we have ignored will surge to prominence.

Two or three years ago, some of these organisations would not have featured – without new trading, clearing and reporting rules, estab - lished companies like BNY Mellon, State Street and the Depository Trust & Clearing Corporation (DTCC) had no obvious role to play in the OTC market. As evidence, look at Citadel and CME Group, which had been knocking on the door for years – they too will now have a say. Other names did not exist at all – Eris Exchange, New York Portfolio Clearing (NYPC) and Regis-TR, for example.

Download the Congressional Testimony: Risk 25: Firms of the Future