“They don’t want to disturb a market’s liquidity, but they also don’t want to get gamed by people who don’t want to trade on a [swap execution facility].”
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“They don’t want to disturb a market’s liquidity, but they also don’t want to get gamed by people who don’t want to trade on a [swap execution facility].”

--James Cawley, ceo of Javelin Capital Markets in New York, in defence of the U.S. Commodity Futures Trading Commission decision to certify some interest rate swaps made available to trade on the swap execution facility.

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