Global dealers could lose up to $4.5 billion in client-driven revenues a year from reforms that are pushing OTC derivatives on electronic platforms, as the new regulatory landscape for swaps continues to take its toll on one of the most profitable parts of the market.

The estimates are part of a new study from consultancy McKinsey that looks at the impact of the introduction of US venues - known as swap execution facilities, or SEFs - on broker dealers' OTC derivatives franchises.