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And Finally...
The US legal system continues challenge many aspects of the OTC market structure, the latest being a lawsuit brought by interest rate swap trading venue provider TrueEx against a group of banks. To me, not only does the lawsuit highlight the general misconception that liquidity is an apparently valueless commodity, but it also signals - should the decision a certain way - a fundamental change in who decides what liquidity goes where...and believe me the LPs will not be the ones deciding.

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