Citigroup’s $300 Million Windfall Spotlights Swap Dispute

Competition in the interest-rate swaps market is a point of contention.
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Some Citigroup interest-rate traders are in line for some handsome bonuses this year.

A team of U.S. dollar interest-rate swaps traders generated about $300 million of revenue for the New York bank this year, Bloomberg’s Dakin Campbell reported on Thursday. The bank’s whole interest-rate group generated more than $800 million. That’s a remarkable amount when banks are increasingly just matching buyers and sellers rather than making big bets with their own money.