We are aware that MTS are still looking into ways to allow Hedge Funds/Prop Houses direct access to the MTS markets.

A question for the readership. I assume the proposal is “direct”, as in they trade as Citadel, for example, rather than a Prime Brokerage arrangement where the trades take place as Bear, Goldman, Morgan Stanley etc, etc? Much as Reuters and EBS do in their FX PB offerings, including an API to plug in algo models.

I assume this because the banks could slam the door shut quite easily on a PB/Third Party model.

What is the eSpeed model in the States? Do the Hedge Funds trade in UST under their name or under their Prime Broker/s?