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Non-Bank Liquidity Providers Expand Market Reach, Outpacing Traditional Banks
Non-Bank Liquidity Providers Expand Market Reach, Outpacing Traditional Banks
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Non-bank liquidity providers (NBLPs) generated $25.6 billion in market-making revenues across equities, fixed income, currencies, and commodities in 2023—a 22% year-over-year surge. This growth eclipsed that of global investment banks, underscoring their accelerating influence in capital markets.
Emerging in the 1990s as niche trading firms focused on futures and U.S. equities, NBLPs now operate as a dominant force across asset classes and geographies. Their rise parallels the electronification of markets, where they’ve simultaneously capitalized on and propelled the shift toward automated price discovery.
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