Ten leading fixed income dealers have formed LiquidityHub, a controversial new pricing aggregator for the rate swap and bond markets.

The new company will gather together liquidity and market data from participating banks, before passing it on to financial intermediaries, electronic distribution channels and trading platforms. It is understood the dealers founded the firm to seize back control of the client-facing fixed income markets from third-party platforms. Their move coincides with the rapid growth of electronic trading volumes in the dealer-to-client market and the rise of e-platforms such as MarketAxess and TradeWeb.