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Info not fearmongering. Swaps not Swiss. Dealers not Fed. The data and evidence are conclusive.

Eurodollar University

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What Are the Constraints on Dealers in Interest Rate Swaps?

Researchers at the Fed blamed regulations for the constraints on dealers. The SLR and HQLA requirements have made things a little more rigid, but they also didn't start their study until much later when those were implemented. So it can't be regulations that are responsible for swap spreads going negative for the first time in 2008. And if dealers are taking a neutral position in the interest rate swap, one of the other things that they will do is demand collateral.

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