Trading in the $12.7 trillion U.S. Treasuries market, once thedomain of Wall Street's biggest banks, is increasingly dominated byfirms most people have never heard of.

Determining which ones is largely guesswork, however, which ispeculiar in this market—the deepest, most liquid market in theworld, which sets the benchmark rates for everything from mortgagesto corporate debt. The unwelcome secrecy is also a little strangeconsidering how much more transparent the world's largest bankshave become.

This week, Risk.net published a list it obtained ranking the topinterdealer traders of Treasuries. It showed three Chicago-basedfirms, Jump Trading, Citadel Securities, and Teza Technologies,accounting for 51 percent of the volume executed by the top 10firms on BrokerTec, a popular electronic debt-trading platform.

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