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| New York, NY, USA Evolution of the
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| Executive Summary | 04 | |
| Introduction | 06 | |
| Industry Characteristics | 08 | |
| Market Growth | 08 | |
| Growth Drivers | 08 | |
| Product Mix | 10 | |
| Customers | 12 | |
| Evolution Toward an Exchange-Like Structure | 14 | |
| Product Standardization | 14 | |
| Industry Consolidation | 17 | |
| Electronification of Trading | 18 | |
| Role of Voice Brokering | 21 | |
| Implications of Trends | 26 | |
| Brief Profile of Key IDBs | 28 | |
| Key Facts | 28 | |
| Revenue | 28 | |
| Geographic Mix | 29 | |
| Product Coverage | 30 | |
| Conclusions | 32 | |
