"If you could trade with a standalone entity that is say, Wells Fargo Derivatives, or with UBS or Deutsche Bank directly, from a credit standpoint, most people would choose the [foreign] banks."

--Matt Magidson, a derivatives attorney at Lowenstein Sandler in New York, on why hedge funds may choose the five major dealers over other dealers if all sellside firms are included in the U.S. Dodd-Frank bill.