id sid tid token lemma pos cblr-1745 1 1 chang chang PROPN cblr-1745 1 2 – – PUNCT cblr-1745 1 3 final final ADJ cblr-1745 1 4 second second ADJ cblr-1745 1 5 - - PUNCT cblr-1745 1 6 generation generation NOUN cblr-1745 1 7 monopolization monopolization NOUN cblr-1745 1 8 : : PUNCT cblr-1745 1 9 parallel parallel ADJ cblr-1745 1 10 exclusion exclusion NOUN cblr-1745 1 11 in in ADP cblr-1745 1 12 derivatives derivative NOUN cblr-1745 1 13 markets market NOUN cblr-1745 1 14 felix felix PROPN cblr-1745 1 15 b. b. PROPN cblr-1745 1 16 chang∗ chang∗ PROPN cblr-1745 1 17 the the DET cblr-1745 1 18 reluctance reluctance NOUN cblr-1745 1 19 of of ADP cblr-1745 1 20 antitrust antitrust NOUN cblr-1745 1 21 to to PART cblr-1745 1 22 condemn condemn VERB cblr-1745 1 23 parallel parallel ADJ cblr-1745 1 24 exclusion exclusion NOUN cblr-1745 1 25 permits permit VERB cblr-1745 1 26 oligopolies oligopoly NOUN cblr-1745 1 27 to to PART cblr-1745 1 28 be be AUX cblr-1745 1 29 entrenched entrench VERB cblr-1745 1 30 . . PUNCT cblr-1745 2 1 this this PRON cblr-1745 2 2 is be AUX cblr-1745 2 3 because because SCONJ cblr-1745 2 4 parallel parallel ADJ cblr-1745 2 5 exclusion exclusion NOUN cblr-1745 2 6 — — PUNCT cblr-1745 2 7 multiple multiple ADJ cblr-1745 2 8 - - PUNCT cblr-1745 2 9 firm firm ADJ cblr-1745 2 10 conduct conduct NOUN cblr-1745 2 11 that that PRON cblr-1745 2 12 inhibits inhibit VERB cblr-1745 2 13 market market NOUN cblr-1745 2 14 entrants entrant NOUN cblr-1745 2 15 — — PUNCT cblr-1745 2 16 cannot cannot VERB cblr-1745 2 17 satisfy satisfy VERB cblr-1745 2 18 the the DET cblr-1745 2 19 current current ADJ cblr-1745 2 20 strictures stricture NOUN cblr-1745 2 21 on on ADP cblr-1745 2 22 monopolization monopolization NOUN cblr-1745 2 23 , , PUNCT cblr-1745 2 24 which which PRON cblr-1745 2 25 are be AUX cblr-1745 2 26 understood understand VERB cblr-1745 2 27 to to PART cblr-1745 2 28 prohibit prohibit VERB cblr-1745 2 29 single single ADJ cblr-1745 2 30 - - PUNCT cblr-1745 2 31 firm firm NOUN cblr-1745 2 32 conduct conduct NOUN cblr-1745 2 33 . . PUNCT cblr-1745 3 1 yet yet CCONJ cblr-1745 3 2 this this PRON cblr-1745 3 3 is be AUX cblr-1745 3 4 an an DET cblr-1745 3 5 outdated outdated ADJ cblr-1745 3 6 way way NOUN cblr-1745 3 7 of of ADP cblr-1745 3 8 conceptualizing conceptualize VERB cblr-1745 3 9 monopolization monopolization NOUN cblr-1745 3 10 . . PUNCT cblr-1745 4 1 an an DET cblr-1745 4 2 expansion expansion NOUN cblr-1745 4 3 of of ADP cblr-1745 4 4 monopolization monopolization NOUN cblr-1745 4 5 — — PUNCT cblr-1745 4 6 to to PART cblr-1745 4 7 cover cover VERB cblr-1745 4 8 parallel parallel NOUN cblr-1745 4 9 , , PUNCT cblr-1745 4 10 non non ADJ cblr-1745 4 11 - - ADJ cblr-1745 4 12 collusive collusive ADJ cblr-1745 4 13 acts act NOUN cblr-1745 4 14 by by ADP cblr-1745 4 15 an an DET cblr-1745 4 16 oligopoly oligopoly NOUN cblr-1745 4 17 — — PUNCT cblr-1745 4 18 is be AUX cblr-1745 4 19 due due ADJ cblr-1745 4 20 . . PUNCT cblr-1745 5 1 to to PART cblr-1745 5 2 push push VERB cblr-1745 5 3 the the DET cblr-1745 5 4 law law NOUN cblr-1745 5 5 toward toward ADP cblr-1745 5 6 recognizing recognize VERB cblr-1745 5 7 parallel parallel ADJ cblr-1745 5 8 exclusion exclusion NOUN cblr-1745 5 9 , , PUNCT cblr-1745 5 10 this this DET cblr-1745 5 11 article article NOUN cblr-1745 5 12 examines examine VERB cblr-1745 5 13 concentration concentration NOUN cblr-1745 5 14 in in ADP cblr-1745 5 15 the the DET cblr-1745 5 16 markets market NOUN cblr-1745 5 17 for for ADP cblr-1745 5 18 financial financial ADJ cblr-1745 5 19 derivatives derivative NOUN cblr-1745 5 20 , , PUNCT cblr-1745 5 21 which which PRON cblr-1745 5 22 are be AUX cblr-1745 5 23 perennially perennially ADV cblr-1745 5 24 dominated dominate VERB cblr-1745 5 25 by by ADP cblr-1745 5 26 the the DET cblr-1745 5 27 same same ADJ cblr-1745 5 28 big big ADJ cblr-1745 5 29 banks bank NOUN cblr-1745 5 30 . . PUNCT cblr-1745 6 1 even even ADV cblr-1745 6 2 after after ADP cblr-1745 6 3 losses loss NOUN cblr-1745 6 4 under under ADP cblr-1745 6 5 first first ADJ cblr-1745 6 6 - - PUNCT cblr-1745 6 7 generation generation NOUN cblr-1745 6 8 antitrust antitrust ADJ cblr-1745 6 9 claims claim NOUN cblr-1745 6 10 , , PUNCT cblr-1745 6 11 the the DET cblr-1745 6 12 dominant dominant ADJ cblr-1745 6 13 derivatives derivative NOUN cblr-1745 6 14 dealers dealer NOUN cblr-1745 6 15 have have AUX cblr-1745 6 16 found find VERB cblr-1745 6 17 ways way NOUN cblr-1745 6 18 to to PART cblr-1745 6 19 retain retain VERB cblr-1745 6 20 market market NOUN cblr-1745 6 21 power power NOUN cblr-1745 6 22 . . PUNCT cblr-1745 7 1 this this DET cblr-1745 7 2 article article NOUN cblr-1745 7 3 therefore therefore ADV cblr-1745 7 4 delves delve VERB cblr-1745 7 5 into into ADP cblr-1745 7 6 the the DET cblr-1745 7 7 market market NOUN cblr-1745 7 8 power power NOUN cblr-1745 7 9 dynamics dynamic NOUN cblr-1745 7 10 that that PRON cblr-1745 7 11 traditional traditional ADJ cblr-1745 7 12 theories theory NOUN cblr-1745 7 13 have have AUX cblr-1745 7 14 sidestepped sidestep VERB cblr-1745 7 15 . . PUNCT cblr-1745 8 1 as as ADP cblr-1745 8 2 a a DET cblr-1745 8 3 technical technical ADJ cblr-1745 8 4 exercise exercise NOUN cblr-1745 8 5 , , PUNCT cblr-1745 8 6 this this DET cblr-1745 8 7 article article NOUN cblr-1745 8 8 illustrates illustrate VERB cblr-1745 8 9 the the DET cblr-1745 8 10 relevance relevance NOUN cblr-1745 8 11 of of ADP cblr-1745 8 12 market market NOUN cblr-1745 8 13 definition definition NOUN cblr-1745 8 14 as as ADP cblr-1745 8 15 a a DET cblr-1745 8 16 paradigm paradigm NOUN cblr-1745 8 17 — — PUNCT cblr-1745 8 18 particularly particularly ADV cblr-1745 8 19 for for ADP cblr-1745 8 20 illuminating illuminate VERB cblr-1745 8 21 blind blind ADJ cblr-1745 8 22 spots spot NOUN cblr-1745 8 23 in in ADP cblr-1745 8 24 financial financial ADJ cblr-1745 8 25 regulation regulation NOUN cblr-1745 8 26 . . PUNCT cblr-1745 9 1 as as ADP cblr-1745 9 2 a a DET cblr-1745 9 3 doctrinal doctrinal ADJ cblr-1745 9 4 endeavor endeavor NOUN cblr-1745 9 5 , , PUNCT cblr-1745 9 6 this this DET cblr-1745 9 7 article article NOUN cblr-1745 9 8 buttresses buttress VERB cblr-1745 9 9 the the DET cblr-1745 9 10 efforts effort NOUN cblr-1745 9 11 of of ADP cblr-1745 9 12 other other ADJ cblr-1745 9 13 ∗ ∗ NOUN cblr-1745 9 14 associate associate NOUN cblr-1745 9 15 professor professor NOUN cblr-1745 9 16 , , PUNCT cblr-1745 9 17 university university PROPN cblr-1745 9 18 of of ADP cblr-1745 9 19 cincinnati cincinnati PROPN cblr-1745 9 20 college college PROPN cblr-1745 9 21 of of ADP cblr-1745 9 22 law law NOUN cblr-1745 9 23 . . PUNCT cblr-1745 10 1 i i PRON cblr-1745 10 2 am be AUX cblr-1745 10 3 indebted indebted ADJ cblr-1745 10 4 to to ADP cblr-1745 10 5 tim tim PROPN cblr-1745 10 6 wu wu PROPN cblr-1745 10 7 for for ADP cblr-1745 10 8 his his PRON cblr-1745 10 9 insightful insightful ADJ cblr-1745 10 10 comments comment NOUN cblr-1745 10 11 . . PUNCT cblr-1745 11 1 thanks thank NOUN cblr-1745 11 2 , , PUNCT cblr-1745 11 3 too too ADV cblr-1745 11 4 , , PUNCT cblr-1745 11 5 to to ADP cblr-1745 11 6 tom tom PROPN cblr-1745 11 7 arthur arthur PROPN cblr-1745 11 8 , , PUNCT cblr-1745 11 9 sarah sarah PROPN cblr-1745 11 10 jane jane PROPN cblr-1745 11 11 hughes hughes PROPN cblr-1745 11 12 , , PUNCT cblr-1745 11 13 ryan ryan PROPN cblr-1745 11 14 scott scott PROPN cblr-1745 11 15 , , PUNCT cblr-1745 11 16 sandra sandra PROPN cblr-1745 11 17 sperino sperino PROPN cblr-1745 11 18 , , PUNCT cblr-1745 11 19 rick rick PROPN cblr-1745 11 20 steuer steuer PROPN cblr-1745 11 21 , , PUNCT cblr-1745 11 22 and and CCONJ cblr-1745 11 23 sasha sasha PROPN cblr-1745 11 24 volokh volokh PROPN cblr-1745 11 25 for for ADP cblr-1745 11 26 their their PRON cblr-1745 11 27 thoughts thought NOUN cblr-1745 11 28 on on ADP cblr-1745 11 29 earlier early ADJ cblr-1745 11 30 versions version NOUN cblr-1745 11 31 . . PUNCT cblr-1745 12 1 this this DET cblr-1745 12 2 article article NOUN cblr-1745 12 3 benefitted benefit VERB cblr-1745 12 4 greatly greatly ADV cblr-1745 12 5 from from ADP cblr-1745 12 6 the the DET cblr-1745 12 7 next next ADJ cblr-1745 12 8 generation generation NOUN cblr-1745 12 9 of of ADP cblr-1745 12 10 antitrust antitrust ADJ cblr-1745 12 11 scholars scholar NOUN cblr-1745 12 12 conference conference VERB cblr-1745 12 13 at at ADP cblr-1745 12 14 nyu nyu PROPN cblr-1745 12 15 , , PUNCT cblr-1745 12 16 the the DET cblr-1745 12 17 national national PROPN cblr-1745 12 18 business business PROPN cblr-1745 12 19 law law NOUN cblr-1745 12 20 scholars scholar NOUN cblr-1745 12 21 conference conference VERB cblr-1745 12 22 at at ADP cblr-1745 12 23 the the DET cblr-1745 12 24 university university NOUN cblr-1745 12 25 of of ADP cblr-1745 12 26 chicago chicago PROPN cblr-1745 12 27 , , PUNCT cblr-1745 12 28 and and CCONJ cblr-1745 12 29 presentations presentation NOUN cblr-1745 12 30 at at ADP cblr-1745 12 31 emory emory PROPN cblr-1745 12 32 and and CCONJ cblr-1745 12 33 indiana indiana PROPN cblr-1745 12 34 university university PROPN cblr-1745 12 35 maurer maurer PROPN cblr-1745 12 36 law law PROPN cblr-1745 12 37 schools school NOUN cblr-1745 12 38 . . PUNCT cblr-1745 13 1 i i PRON cblr-1745 13 2 thank thank VERB cblr-1745 13 3 vince vince NOUN cblr-1745 13 4 jabour jabour NOUN cblr-1745 13 5 for for ADP cblr-1745 13 6 research research NOUN cblr-1745 13 7 assistance assistance NOUN cblr-1745 13 8 and and CCONJ cblr-1745 13 9 joel joel PROPN cblr-1745 13 10 leogrande leogrande PROPN cblr-1745 13 11 , , PUNCT cblr-1745 13 12 george george PROPN cblr-1745 13 13 tepe tepe PROPN cblr-1745 13 14 , , PUNCT cblr-1745 13 15 erica erica PROPN cblr-1745 13 16 che che PROPN cblr-1745 13 17 , , PUNCT cblr-1745 13 18 and and CCONJ cblr-1745 13 19 the the DET cblr-1745 13 20 rest rest NOUN cblr-1745 13 21 of of ADP cblr-1745 13 22 the the DET cblr-1745 13 23 columbia columbia PROPN cblr-1745 13 24 business business PROPN cblr-1745 13 25 law law PROPN cblr-1745 13 26 review review NOUN cblr-1745 13 27 team team NOUN cblr-1745 13 28 for for ADP cblr-1745 13 29 their their PRON cblr-1745 13 30 careful careful ADJ cblr-1745 13 31 editing editing NOUN cblr-1745 13 32 . . PUNCT cblr-1745 14 1 all all DET cblr-1745 14 2 errors error NOUN cblr-1745 14 3 are be AUX cblr-1745 14 4 mine mine PRON cblr-1745 14 5 . . PUNCT cblr-1745 15 1 chang chang PROPN cblr-1745 15 2 – – PUNCT cblr-1745 15 3 final final ADJ cblr-1745 15 4 658 658 NUM cblr-1745 15 5 columbia columbia PROPN cblr-1745 15 6 business business NOUN cblr-1745 15 7 law law NOUN cblr-1745 15 8 review review NOUN cblr-1745 16 1 [ [ X cblr-1745 16 2 vol vol NOUN cblr-1745 16 3 . . NOUN cblr-1745 16 4 2016 2016 NUM cblr-1745 16 5 scholars scholar NOUN cblr-1745 16 6 to to PART cblr-1745 16 7 frame frame VERB cblr-1745 16 8 parallel parallel ADJ cblr-1745 16 9 exclusion exclusion NOUN cblr-1745 16 10 as as ADP cblr-1745 16 11 a a DET cblr-1745 16 12 form form NOUN cblr-1745 16 13 of of ADP cblr-1745 16 14 monopolization monopolization NOUN cblr-1745 16 15 . . PUNCT cblr-1745 17 1 i. i. PROPN cblr-1745 17 2     SPACE cblr-1745 17 3 introduction introduction NOUN cblr-1745 17 4 ................................................................. ................................................................. PUNCT cblr-1745 17 5 659 659 NUM cblr-1745 17 6     SPACE cblr-1745 17 7 ii ii NOUN cblr-1745 17 8 . . PUNCT cblr-1745 17 9     SPACE cblr-1745 18 1 parallel parallel ADJ cblr-1745 18 2 exclusion exclusion NOUN cblr-1745 18 3 and and CCONJ cblr-1745 18 4 the the DET cblr-1745 18 5 derivatives derivative NOUN cblr-1745 18 6 markets market NOUN cblr-1745 18 7 ..... ..... PUNCT cblr-1745 19 1 666 666 NUM cblr-1745 19 2     SPACE cblr-1745 19 3 a. a. NOUN cblr-1745 19 4     SPACE cblr-1745 19 5 parallel parallel ADJ cblr-1745 19 6 exclusion exclusion NOUN cblr-1745 19 7 ................................................. ................................................. PUNCT cblr-1745 19 8 667 667 NUM cblr-1745 19 9     SPACE cblr-1745 19 10 b. b. NOUN cblr-1745 19 11     SPACE cblr-1745 19 12 the the DET cblr-1745 19 13 derivatives derivative NOUN cblr-1745 19 14 markets market NOUN cblr-1745 19 15 ..................................... ..................................... PUNCT cblr-1745 19 16 672 672 NUM cblr-1745 19 17     SPACE cblr-1745 19 18 iii iii NOUN cblr-1745 19 19 . . PUNCT cblr-1745 19 20     SPACE cblr-1745 19 21 market market NOUN cblr-1745 19 22 power power NOUN cblr-1745 19 23 analysis analysis NOUN cblr-1745 19 24 .............................................. .............................................. PUNCT cblr-1745 19 25 679 679 NUM cblr-1745 19 26     SPACE cblr-1745 19 27 a. a. NOUN cblr-1745 19 28     SPACE cblr-1745 19 29 the the DET cblr-1745 19 30 clearing clearing NOUN cblr-1745 19 31 markets market NOUN cblr-1745 19 32 .......................................... .......................................... PUNCT cblr-1745 19 33 682 682 NUM cblr-1745 19 34     SPACE cblr-1745 19 35 1 1 NUM cblr-1745 19 36 . . PUNCT cblr-1745 19 37     SPACE cblr-1745 19 38 network network NOUN cblr-1745 19 39 effects effect NOUN cblr-1745 19 40 and and CCONJ cblr-1745 19 41 natural natural ADJ cblr-1745 19 42 monopoly monopoly NOUN cblr-1745 19 43 characteristics characteristic NOUN cblr-1745 19 44 ................................................ ................................................ PUNCT cblr-1745 19 45 682 682 NUM cblr-1745 19 46     SPACE cblr-1745 19 47 2 2 NUM cblr-1745 19 48 . . PUNCT cblr-1745 19 49     SPACE cblr-1745 19 50 defining define VERB cblr-1745 19 51 the the DET cblr-1745 19 52 market market NOUN cblr-1745 19 53 ........................................ ........................................ PUNCT cblr-1745 19 54 685 685 NUM cblr-1745 19 55     SPACE cblr-1745 19 56 i. i. NOUN cblr-1745 19 57     SPACE cblr-1745 19 58 clearing clearing NOUN cblr-1745 19 59 of of ADP cblr-1745 19 60 interest interest NOUN cblr-1745 19 61 rate rate NOUN cblr-1745 19 62 swaps swap NOUN cblr-1745 19 63 ............... ............... PUNCT cblr-1745 19 64 688 688 NUM cblr-1745 19 65     SPACE cblr-1745 19 66 ii ii NOUN cblr-1745 19 67 . . PUNCT cblr-1745 19 68     SPACE cblr-1745 19 69 clearing clearing NOUN cblr-1745 19 70 of of ADP cblr-1745 19 71 credit credit NOUN cblr-1745 19 72 default default NOUN cblr-1745 19 73 swaps swap NOUN cblr-1745 19 74 ............. ............. PUNCT cblr-1745 19 75 690 690 NUM cblr-1745 19 76     SPACE cblr-1745 19 77 3 3 NUM cblr-1745 19 78 . . PUNCT cblr-1745 19 79     SPACE cblr-1745 19 80 calculating calculate VERB cblr-1745 19 81 market market NOUN cblr-1745 19 82 shares share NOUN cblr-1745 19 83 ............................. ............................. PUNCT cblr-1745 19 84 692 692 NUM cblr-1745 19 85     SPACE cblr-1745 19 86 b. b. PROPN cblr-1745 19 87     SPACE cblr-1745 19 88 the the DET cblr-1745 19 89 dealer dealer NOUN cblr-1745 19 90 markets market NOUN cblr-1745 19 91 ............................................. ............................................. PUNCT cblr-1745 19 92 695 695 NUM cblr-1745 19 93     SPACE cblr-1745 19 94 1 1 NUM cblr-1745 19 95 . . PUNCT cblr-1745 19 96     SPACE cblr-1745 19 97 concentration concentration NOUN cblr-1745 19 98 and and CCONJ cblr-1745 19 99 oligopoly oligopoly ADJ cblr-1745 19 100 characteristics characteristic NOUN cblr-1745 19 101 ................................................ ................................................ PUNCT cblr-1745 19 102 695 695 NUM cblr-1745 19 103     SPACE cblr-1745 19 104 2 2 NUM cblr-1745 19 105 . . PUNCT cblr-1745 19 106     SPACE cblr-1745 19 107 defining define VERB cblr-1745 19 108 the the DET cblr-1745 19 109 market market NOUN cblr-1745 19 110 ........................................ ........................................ PUNCT cblr-1745 19 111 700 700 NUM cblr-1745 19 112     SPACE cblr-1745 19 113 i. i. NOUN cblr-1745 19 114     SPACE cblr-1745 19 115 the the DET cblr-1745 19 116 product product NOUN cblr-1745 19 117 market market NOUN cblr-1745 19 118 .................................. .................................. PUNCT cblr-1745 19 119 700 700 NUM cblr-1745 19 120     SPACE cblr-1745 19 121 ii ii NOUN cblr-1745 19 122 . . PUNCT cblr-1745 19 123     SPACE cblr-1745 20 1 the the DET cblr-1745 20 2 geographic geographic ADJ cblr-1745 20 3 market market NOUN cblr-1745 20 4 ............................ ............................ PUNCT cblr-1745 20 5 704 704 NUM cblr-1745 20 6     SPACE cblr-1745 20 7 3 3 NUM cblr-1745 20 8 . . PUNCT cblr-1745 20 9     SPACE cblr-1745 20 10 calculating calculate VERB cblr-1745 20 11 market market NOUN cblr-1745 20 12 shares share NOUN cblr-1745 20 13 ............................. ............................. PUNCT cblr-1745 20 14 707 707 NUM cblr-1745 20 15     SPACE cblr-1745 20 16 c. c. NOUN cblr-1745 20 17     SPACE cblr-1745 20 18 stability stability NOUN cblr-1745 20 19 of of ADP cblr-1745 20 20 the the DET cblr-1745 20 21 dealer dealer NOUN cblr-1745 20 22 oligopoly oligopoly NOUN cblr-1745 20 23 ......................... ......................... PUNCT cblr-1745 20 24 710 710 NUM cblr-1745 20 25     SPACE cblr-1745 20 26 iv iv NOUN cblr-1745 20 27 . . PUNCT cblr-1745 20 28     SPACE cblr-1745 20 29 harms harm NOUN cblr-1745 20 30 of of ADP cblr-1745 20 31 parallel parallel ADJ cblr-1745 20 32 exclusion exclusion NOUN cblr-1745 20 33 ....................................... ....................................... PUNCT cblr-1745 20 34 718 718 NUM cblr-1745 20 35     SPACE cblr-1745 20 36 a. a. NOUN cblr-1745 20 37     SPACE cblr-1745 20 38 harm harm NOUN cblr-1745 20 39 to to ADP cblr-1745 20 40 competition competition NOUN cblr-1745 20 41 ........................................... ........................................... PUNCT cblr-1745 20 42 719 719 NUM cblr-1745 20 43     SPACE cblr-1745 20 44 b. b. NOUN cblr-1745 20 45     SPACE cblr-1745 20 46 harm harm NOUN cblr-1745 20 47 to to ADP cblr-1745 20 48 consumers consumer NOUN cblr-1745 20 49 ............................................. ............................................. PUNCT cblr-1745 20 50 723 723 NUM cblr-1745 20 51     SPACE cblr-1745 20 52 c. c. NOUN cblr-1745 20 53     SPACE cblr-1745 20 54 harm harm NOUN cblr-1745 20 55 to to ADP cblr-1745 20 56 systemic systemic ADJ cblr-1745 20 57 risk risk NOUN cblr-1745 20 58 ........................................ ........................................ PUNCT cblr-1745 20 59 726 726 NUM cblr-1745 20 60     SPACE cblr-1745 20 61 v. v. ADP cblr-1745 20 62     SPACE cblr-1745 20 63 offsetting offset VERB cblr-1745 20 64 benefits benefit NOUN cblr-1745 20 65 ...................................................... ...................................................... PUNCT cblr-1745 21 1 730 730 NUM cblr-1745 21 2     SPACE cblr-1745 21 3 a. a. NOUN cblr-1745 21 4     SPACE cblr-1745 21 5 enhanced enhance VERB cblr-1745 21 6 efficiencies efficiency NOUN cblr-1745 21 7 .......................................... .......................................... PUNCT cblr-1745 21 8 730 730 NUM cblr-1745 21 9     SPACE cblr-1745 21 10 b. b. PROPN cblr-1745 21 11     SPACE cblr-1745 21 12 credit credit NOUN cblr-1745 21 13 risk risk NOUN cblr-1745 21 14 mitigation mitigation NOUN cblr-1745 21 15 ......................................... ......................................... PUNCT cblr-1745 21 16 733 733 NUM cblr-1745 21 17     SPACE cblr-1745 21 18 c. c. NOUN cblr-1745 21 19     SPACE cblr-1745 21 20 weighing weigh VERB cblr-1745 21 21 the the DET cblr-1745 21 22 harms harm NOUN cblr-1745 21 23 against against ADP cblr-1745 21 24 the the DET cblr-1745 21 25 benefits benefit NOUN cblr-1745 21 26 ......... ......... PUNCT cblr-1745 21 27 735 735 NUM cblr-1745 21 28     SPACE cblr-1745 21 29 vi vi NOUN cblr-1745 21 30 . . PUNCT cblr-1745 21 31     SPACE cblr-1745 21 32 conclusion conclusion NOUN cblr-1745 21 33 ................................................................... ................................................................... PUNCT cblr-1745 21 34 738 738 NUM cblr-1745 21 35     SPACE cblr-1745 21 36 chang chang PROPN cblr-1745 21 37 – – PUNCT cblr-1745 21 38 final final ADJ cblr-1745 21 39 no no NOUN cblr-1745 21 40 . . PUNCT cblr-1745 22 1 3:657 3:657 NUM cblr-1745 22 2 ] ] X cblr-1745 22 3 second second ADJ cblr-1745 22 4 - - PUNCT cblr-1745 22 5 generation generation NOUN cblr-1745 22 6 monopolization monopolization NOUN cblr-1745 22 7 659 659 NUM cblr-1745 22 8 i. i. NOUN cblr-1745 22 9 introduction introduction NOUN cblr-1745 22 10 imagine imagine VERB cblr-1745 22 11 if if SCONJ cblr-1745 22 12 the the DET cblr-1745 22 13 country country NOUN cblr-1745 22 14 ’s ’s PART cblr-1745 22 15 four four NUM cblr-1745 22 16 largest large ADJ cblr-1745 22 17 airlines airline NOUN cblr-1745 22 18 controlled control VERB cblr-1745 22 19 the the DET cblr-1745 22 20 primary primary ADJ cblr-1745 22 21 airport airport NOUN cblr-1745 22 22 serving serve VERB cblr-1745 22 23 los los PROPN cblr-1745 22 24 angeles angeles PROPN cblr-1745 22 25 ( ( PUNCT cblr-1745 22 26 “ " PUNCT cblr-1745 22 27 lax”).1 lax”).1 ADV cblr-1745 22 28 such such DET cblr-1745 22 29 an an DET cblr-1745 22 30 arrangement arrangement NOUN cblr-1745 22 31 likely likely ADV cblr-1745 22 32 strikes strike VERB cblr-1745 22 33 us we PRON cblr-1745 22 34 as as ADP cblr-1745 22 35 unseemly unseemly ADJ cblr-1745 22 36 , , PUNCT cblr-1745 22 37 though though SCONJ cblr-1745 22 38 the the DET cblr-1745 22 39 degree degree NOUN cblr-1745 22 40 of of ADP cblr-1745 22 41 our our PRON cblr-1745 22 42 discomfort discomfort NOUN cblr-1745 22 43 might might AUX cblr-1745 22 44 depend depend VERB cblr-1745 22 45 on on ADP cblr-1745 22 46 several several ADJ cblr-1745 22 47 factors.2 factors.2 PROPN cblr-1745 22 48 antitrust antitrust NOUN cblr-1745 22 49 categorizes categorize VERB cblr-1745 22 50 the the DET cblr-1745 22 51 potential potential ADJ cblr-1745 22 52 harms harm NOUN cblr-1745 22 53 of of ADP cblr-1745 22 54 this this DET cblr-1745 22 55 arrangement,3 arrangement,3 NOUN cblr-1745 22 56 while while SCONJ cblr-1745 22 57 devising devise VERB cblr-1745 22 58 a a DET cblr-1745 22 59 schema schema NOUN cblr-1745 22 60 for for ADP cblr-1745 22 61 when when SCONJ cblr-1745 22 62 to to PART cblr-1745 22 63 intervene intervene VERB cblr-1745 22 64 . . PUNCT cblr-1745 23 1 for for ADP cblr-1745 23 2 instance instance NOUN cblr-1745 23 3 , , PUNCT cblr-1745 23 4 collusion collusion NOUN cblr-1745 23 5 among among ADP cblr-1745 23 6 the the DET cblr-1745 23 7 large large ADJ cblr-1745 23 8 airlines airline NOUN cblr-1745 23 9 to to PART cblr-1745 23 10 shut shut VERB cblr-1745 23 11 out out ADP cblr-1745 23 12 their their PRON cblr-1745 23 13 competitors competitor NOUN cblr-1745 23 14 would would AUX cblr-1745 23 15 violate violate VERB cblr-1745 23 16 section section NOUN cblr-1745 23 17 1 1 NUM cblr-1745 23 18 of of ADP cblr-1745 23 19 the the DET cblr-1745 23 20 sherman sherman PROPN cblr-1745 23 21 act,4 act,4 PROPN cblr-1745 23 22 while while SCONJ cblr-1745 23 23 the the DET cblr-1745 23 24 purchase purchase NOUN cblr-1745 23 25 of of ADP cblr-1745 23 26 lax lax NOUN cblr-1745 23 27 by by ADP cblr-1745 23 28 the the DET cblr-1745 23 29 world world NOUN cblr-1745 23 30 ’s ’s PART cblr-1745 23 31 largest large ADJ cblr-1745 23 32 airline airline NOUN cblr-1745 23 33 may may AUX cblr-1745 23 34 run run VERB cblr-1745 23 35 afoul afoul ADV cblr-1745 23 36 of of ADP cblr-1745 23 37 section section NOUN cblr-1745 23 38 2.5 2.5 NUM cblr-1745 23 39 however however ADV cblr-1745 23 40 , , PUNCT cblr-1745 23 41 if if SCONJ cblr-1745 23 42 the the DET cblr-1745 23 43 four four NUM cblr-1745 23 44 large large ADJ cblr-1745 23 45 airlines airline NOUN cblr-1745 23 46 merely merely ADV cblr-1745 23 47 sat sit VERB cblr-1745 23 48 on on ADP cblr-1745 23 49 a a DET cblr-1745 23 50 committee committee NOUN cblr-1745 23 51 that that PRON cblr-1745 23 52 oversaw oversee VERB cblr-1745 23 53 lax lax PROPN cblr-1745 23 54 ’s ’s PART cblr-1745 23 55 safety safety NOUN cblr-1745 23 56 standards standard NOUN cblr-1745 23 57 and and CCONJ cblr-1745 23 58 advocated advocate VERB cblr-1745 23 59 for for ADP cblr-1745 23 60 blocking block VERB cblr-1745 23 61 rival rival ADJ cblr-1745 23 62 airlines airline NOUN cblr-1745 23 63 on on ADP cblr-1745 23 64 safety safety NOUN cblr-1745 23 65 grounds ground NOUN cblr-1745 23 66 , , PUNCT cblr-1745 23 67 an an DET cblr-1745 23 68 antitrust antitrust ADJ cblr-1745 23 69 violation violation NOUN cblr-1745 23 70 would would AUX cblr-1745 23 71 be be AUX cblr-1745 23 72 much much ADV cblr-1745 23 73 harder hard ADJ cblr-1745 23 74 to to PART cblr-1745 23 75 establish establish VERB cblr-1745 23 76 — — PUNCT cblr-1745 23 77 even even ADV cblr-1745 23 78 if if SCONJ cblr-1745 23 79 , , PUNCT cblr-1745 23 80 year year NOUN cblr-1745 23 81 after after ADP cblr-1745 23 82 year year NOUN cblr-1745 23 83 , , PUNCT cblr-1745 23 84 the the DET cblr-1745 23 85 same same ADJ cblr-1745 23 86 four four NUM cblr-1745 23 87 airlines airline NOUN cblr-1745 23 88 dominated dominate VERB cblr-1745 23 89 commercial commercial ADJ cblr-1745 23 90 flights flight NOUN cblr-1745 23 91 serving serve VERB cblr-1745 23 92 the the DET cblr-1745 23 93 airport airport NOUN cblr-1745 23 94 . . PUNCT cblr-1745 24 1 without without ADP cblr-1745 24 2 explicit explicit ADJ cblr-1745 24 3 agreement agreement NOUN cblr-1745 24 4 or or CCONJ cblr-1745 24 5 single single ADJ cblr-1745 24 6 - - PUNCT cblr-1745 24 7 firm firm NOUN cblr-1745 24 8 conduct conduct NOUN cblr-1745 24 9 , , PUNCT cblr-1745 24 10 current current ADJ cblr-1745 24 11 antitrust antitrust ADJ cblr-1745 24 12 doctrine doctrine NOUN cblr-1745 24 13 provides provide VERB cblr-1745 24 14 little little ADJ cblr-1745 24 15 recourse recourse NOUN cblr-1745 24 16 . . PUNCT cblr-1745 25 1 such such ADJ cblr-1745 25 2 is be AUX cblr-1745 25 3 the the DET cblr-1745 25 4 quandary quandary NOUN cblr-1745 25 5 of of ADP cblr-1745 25 6 parallel parallel ADJ cblr-1745 25 7 exclusion exclusion NOUN cblr-1745 25 8 : : PUNCT cblr-1745 25 9 “ " PUNCT cblr-1745 25 10 conduct conduct NOUN cblr-1745 25 11 , , PUNCT cblr-1745 25 12 engaged engage VERB cblr-1745 25 13 in in ADP cblr-1745 25 14 by by ADP cblr-1745 25 15 multiple multiple ADJ cblr-1745 25 16 firms firm NOUN cblr-1745 25 17 , , PUNCT cblr-1745 25 18 that that PRON cblr-1745 25 19 blocks block VERB cblr-1745 25 20 or or CCONJ cblr-1745 25 21 slows slow VERB cblr-1745 25 22 would would AUX cblr-1745 25 23 - - PUNCT cblr-1745 25 24 be be AUX cblr-1745 25 25 market market NOUN cblr-1745 25 26 entrants entrant NOUN cblr-1745 25 27 . . PUNCT cblr-1745 26 1 ”6 ”6 PUNCT cblr-1745 26 2 despite despite SCONJ cblr-1745 26 3 robust robust ADJ cblr-1745 26 4 evidence evidence NOUN cblr-1745 26 5 of of ADP cblr-1745 26 6 1 1 NUM cblr-1745 26 7 on on ADP cblr-1745 26 8 the the DET cblr-1745 26 9 collision collision NOUN cblr-1745 26 10 of of ADP cblr-1745 26 11 cultures culture NOUN cblr-1745 26 12 borne bear VERB cblr-1745 26 13 of of ADP cblr-1745 26 14 lax lax PROPN cblr-1745 26 15 ’s ’s PART cblr-1745 26 16 ( ( PUNCT cblr-1745 26 17 in)famous in)famous ADJ cblr-1745 26 18 congestion congestion NOUN cblr-1745 26 19 , , PUNCT cblr-1745 26 20 see see VERB cblr-1745 26 21 generally generally ADV cblr-1745 26 22 pico pico PROPN cblr-1745 26 23 iyer iyer PROPN cblr-1745 26 24 , , PUNCT cblr-1745 26 25 where where SCONJ cblr-1745 26 26 worlds world NOUN cblr-1745 26 27 collide collide VERB cblr-1745 26 28 : : PUNCT cblr-1745 26 29 in in ADP cblr-1745 26 30 los los PROPN cblr-1745 26 31 angeles angeles PROPN cblr-1745 26 32 international international PROPN cblr-1745 26 33 airport airport PROPN cblr-1745 26 34 , , PUNCT cblr-1745 26 35 the the DET cblr-1745 26 36 future future NOUN cblr-1745 26 37 touches touch VERB cblr-1745 26 38 down down ADP cblr-1745 26 39 , , PUNCT cblr-1745 26 40 harper harper NOUN cblr-1745 26 41 ’s ’s PART cblr-1745 26 42 mag mag PROPN cblr-1745 26 43 . . PROPN cblr-1745 26 44 , , PUNCT cblr-1745 26 45 aug aug PROPN cblr-1745 26 46 . . PROPN cblr-1745 26 47 1995 1995 NUM cblr-1745 26 48 , , PUNCT cblr-1745 26 49 at at ADP cblr-1745 26 50 50 50 NUM cblr-1745 26 51 . . NOUN cblr-1745 26 52 2 2 NUM cblr-1745 26 53 e.g. e.g. ADV cblr-1745 26 54 , , PUNCT cblr-1745 26 55 how how SCONJ cblr-1745 26 56 much much ADJ cblr-1745 26 57 of of ADP cblr-1745 26 58 the the DET cblr-1745 26 59 market market NOUN cblr-1745 26 60 do do VERB cblr-1745 26 61 the the DET cblr-1745 26 62 four four NUM cblr-1745 26 63 airlines airline NOUN cblr-1745 26 64 control control NOUN cblr-1745 26 65 ; ; PUNCT cblr-1745 26 66 how how SCONJ cblr-1745 26 67 much much ADJ cblr-1745 26 68 of of ADP cblr-1745 26 69 the the DET cblr-1745 26 70 city city NOUN cblr-1745 26 71 ’s ’s PART cblr-1745 26 72 traffic traffic NOUN cblr-1745 26 73 runs run VERB cblr-1745 26 74 through through ADP cblr-1745 26 75 lax lax NOUN cblr-1745 26 76 ; ; PUNCT cblr-1745 26 77 and and CCONJ cblr-1745 26 78 how how SCONJ cblr-1745 26 79 exactly exactly ADV cblr-1745 26 80 do do AUX cblr-1745 26 81 the the DET cblr-1745 26 82 airlines airline NOUN cblr-1745 26 83 “ " PUNCT cblr-1745 26 84 control control NOUN cblr-1745 26 85 ” " PUNCT cblr-1745 26 86 lax lax NOUN cblr-1745 26 87 ? ? NOUN cblr-1745 26 88 3 3 NUM cblr-1745 26 89 e.g. e.g. ADV cblr-1745 26 90 , , PUNCT cblr-1745 26 91 leveraging leveraging NOUN cblr-1745 26 92 , , PUNCT cblr-1745 26 93 foreclosure foreclosure NOUN cblr-1745 26 94 , , PUNCT cblr-1745 26 95 and and CCONJ cblr-1745 26 96 exclusion exclusion NOUN cblr-1745 26 97 . . PUNCT cblr-1745 27 1 see see VERB cblr-1745 27 2 patrick patrick PROPN cblr-1745 27 3 rey rey PROPN cblr-1745 27 4 & & CCONJ cblr-1745 27 5 jean jean PROPN cblr-1745 27 6 tirole tirole PROPN cblr-1745 27 7 , , PUNCT cblr-1745 27 8 a a DET cblr-1745 27 9 primer primer NOUN cblr-1745 27 10 on on ADP cblr-1745 27 11 foreclosure foreclosure NOUN cblr-1745 27 12 , , PUNCT cblr-1745 27 13 in in ADP cblr-1745 27 14 3 3 NUM cblr-1745 27 15 handbook handbook NOUN cblr-1745 27 16 of of ADP cblr-1745 27 17 indus indus PROPN cblr-1745 27 18 . . PUNCT cblr-1745 28 1 org org NOUN cblr-1745 28 2 . . PUNCT cblr-1745 29 1 2145 2145 NUM cblr-1745 29 2 ( ( PUNCT cblr-1745 29 3 mark mark PROPN cblr-1745 29 4 armstrong armstrong PROPN cblr-1745 29 5 & & CCONJ cblr-1745 29 6 rob rob PROPN cblr-1745 29 7 porter porter PROPN cblr-1745 29 8 eds eds PROPN cblr-1745 29 9 . . PROPN cblr-1745 29 10 , , PUNCT cblr-1745 29 11 2007 2007 NUM cblr-1745 29 12 ) ) PUNCT cblr-1745 29 13 ; ; PUNCT cblr-1745 30 1 jonathan jonathan PROPN cblr-1745 30 2 b. b. PROPN cblr-1745 30 3 baker baker PROPN cblr-1745 30 4 , , PUNCT cblr-1745 30 5 exclusion exclusion NOUN cblr-1745 30 6 as as ADP cblr-1745 30 7 a a DET cblr-1745 30 8 core core NOUN cblr-1745 30 9 competition competition NOUN cblr-1745 30 10 concern concern NOUN cblr-1745 30 11 , , PUNCT cblr-1745 30 12 78 78 NUM cblr-1745 30 13 antitrust antitrust ADJ cblr-1745 30 14 l.j l.j NOUN cblr-1745 30 15 . . PROPN cblr-1745 30 16 527 527 NUM cblr-1745 30 17 , , PUNCT cblr-1745 30 18 527 527 NUM cblr-1745 30 19 n.1 n.1 NOUN cblr-1745 30 20 ( ( PUNCT cblr-1745 30 21 2012 2012 NUM cblr-1745 30 22 ) ) PUNCT cblr-1745 30 23 . . PUNCT cblr-1745 31 1 4 4 NUM cblr-1745 31 2 15 15 NUM cblr-1745 31 3 u.s.c u.s.c NOUN cblr-1745 31 4 . . PUNCT cblr-1745 32 1 § § PROPN cblr-1745 32 2 1 1 NUM cblr-1745 32 3 ( ( PUNCT cblr-1745 32 4 2012 2012 NUM cblr-1745 32 5 ) ) PUNCT cblr-1745 32 6 . . PUNCT cblr-1745 33 1 5 5 NUM cblr-1745 34 1 i i PRON cblr-1745 34 2 d. d. PROPN cblr-1745 34 3 § § PROPN cblr-1745 34 4 2 2 NUM cblr-1745 34 5 . . PUNCT cblr-1745 35 1 this this PRON cblr-1745 35 2 is be AUX cblr-1745 35 3 especially especially ADV cblr-1745 35 4 true true ADJ cblr-1745 35 5 if if SCONJ cblr-1745 35 6 the the DET cblr-1745 35 7 purchasing purchase VERB cblr-1745 35 8 airline airline NOUN cblr-1745 35 9 commands command VERB cblr-1745 35 10 the the DET cblr-1745 35 11 vast vast ADJ cblr-1745 35 12 majority majority NOUN cblr-1745 35 13 of of ADP cblr-1745 35 14 its its PRON cblr-1745 35 15 relevant relevant ADJ cblr-1745 35 16 market market NOUN cblr-1745 35 17 . . PUNCT cblr-1745 36 1 6 6 NUM cblr-1745 36 2 c. c. PROPN cblr-1745 36 3 scott scott PROPN cblr-1745 36 4 hemphill hemphill PROPN cblr-1745 36 5 & & CCONJ cblr-1745 36 6 tim tim PROPN cblr-1745 36 7 wu wu PROPN cblr-1745 36 8 , , PUNCT cblr-1745 36 9 parallel parallel ADJ cblr-1745 36 10 exclusion exclusion NOUN cblr-1745 36 11 , , PUNCT cblr-1745 36 12 122 122 NUM cblr-1745 36 13 yale yale PROPN cblr-1745 36 14 l.j l.j PROPN cblr-1745 36 15 . . PROPN cblr-1745 36 16 1182 1182 NUM cblr-1745 36 17 , , PUNCT cblr-1745 36 18 1185 1185 NUM cblr-1745 36 19 ( ( PUNCT cblr-1745 36 20 2013 2013 NUM cblr-1745 36 21 ) ) PUNCT cblr-1745 36 22 . . PUNCT cblr-1745 37 1 chang chang PROPN cblr-1745 37 2 – – PUNCT cblr-1745 37 3 final final ADJ cblr-1745 37 4 660 660 NUM cblr-1745 37 5 columbia columbia PROPN cblr-1745 37 6 business business NOUN cblr-1745 37 7 law law PROPN cblr-1745 37 8 review review NOUN cblr-1745 37 9 [ [ X cblr-1745 37 10 vol vol NOUN cblr-1745 37 11 . . PUNCT cblr-1745 37 12 2016 2016 NUM cblr-1745 37 13 anticompetitive anticompetitive ADJ cblr-1745 37 14 , , PUNCT cblr-1745 37 15 self self NOUN cblr-1745 37 16 - - PUNCT cblr-1745 37 17 entrenching entrench VERB cblr-1745 37 18 conduct conduct NOUN cblr-1745 37 19 by by ADP cblr-1745 37 20 oligopolies,7 oligopolies,7 ADP cblr-1745 37 21 the the DET cblr-1745 37 22 law law NOUN cblr-1745 37 23 remains remain VERB cblr-1745 37 24 stagnant.8 stagnant.8 PROPN cblr-1745 37 25 this this DET cblr-1745 37 26 article article NOUN cblr-1745 37 27 attempts attempt VERB cblr-1745 37 28 to to PART cblr-1745 37 29 move move VERB cblr-1745 37 30 the the DET cblr-1745 37 31 law law NOUN cblr-1745 37 32 by by ADP cblr-1745 37 33 showing show VERB cblr-1745 37 34 that that SCONJ cblr-1745 37 35 parallel parallel ADJ cblr-1745 37 36 exclusion exclusion NOUN cblr-1745 37 37 suppresses suppress VERB cblr-1745 37 38 competition competition NOUN cblr-1745 37 39 in in ADP cblr-1745 37 40 the the DET cblr-1745 37 41 financial financial ADJ cblr-1745 37 42 derivatives derivative NOUN cblr-1745 37 43 markets market NOUN cblr-1745 37 44 , , PUNCT cblr-1745 37 45 causing cause VERB cblr-1745 37 46 harms harm NOUN cblr-1745 37 47 consistent consistent ADJ cblr-1745 37 48 with with ADP cblr-1745 37 49 monopolization.9 monopolization.9 PROPN cblr-1745 37 50 while while SCONJ cblr-1745 37 51 the the DET cblr-1745 37 52 air air NOUN cblr-1745 37 53 traffic traffic NOUN cblr-1745 37 54 illustration illustration NOUN cblr-1745 37 55 above above ADV cblr-1745 37 56 is be AUX cblr-1745 37 57 hypothetical hypothetical ADJ cblr-1745 37 58 , , PUNCT cblr-1745 37 59 two two NUM cblr-1745 37 60 gargantuan gargantuan ADJ cblr-1745 37 61 financial financial ADJ cblr-1745 37 62 services service NOUN cblr-1745 37 63 markets market NOUN cblr-1745 37 64 are be AUX cblr-1745 37 65 converging converge VERB cblr-1745 37 66 similarly similarly ADV cblr-1745 37 67 today today NOUN cblr-1745 37 68 . . PUNCT cblr-1745 38 1 in in ADP cblr-1745 38 2 the the DET cblr-1745 38 3 derivatives derivative NOUN cblr-1745 38 4 trading trading NOUN cblr-1745 38 5 market market NOUN cblr-1745 38 6 , , PUNCT cblr-1745 38 7 derivatives derivative NOUN cblr-1745 38 8 instruments instrument NOUN cblr-1745 38 9 are be AUX cblr-1745 38 10 bought buy VERB cblr-1745 38 11 and and CCONJ cblr-1745 38 12 sold.10 sold.10 NOUN cblr-1745 38 13 in in ADP cblr-1745 38 14 the the DET cblr-1745 38 15 derivatives derivative NOUN cblr-1745 38 16 clearing clearing NOUN cblr-1745 38 17 market market NOUN cblr-1745 38 18 , , PUNCT cblr-1745 38 19 financial financial ADJ cblr-1745 38 20 intermediaries intermediary NOUN cblr-1745 38 21 known know VERB cblr-1745 38 22 as as ADP cblr-1745 38 23 clearinghouses clearinghouse NOUN cblr-1745 38 24 process process VERB cblr-1745 38 25 derivatives derivative NOUN cblr-1745 38 26 trades.11 trades.11 ADJ cblr-1745 38 27 clearinghouses clearinghouse NOUN cblr-1745 38 28 perform perform VERB cblr-1745 38 29 “ " PUNCT cblr-1745 38 30 back back ADJ cblr-1745 38 31 office office NOUN cblr-1745 38 32 ” " PUNCT cblr-1745 38 33 functions function NOUN cblr-1745 38 34 , , PUNCT cblr-1745 38 35 such such ADJ cblr-1745 38 36 as as ADP cblr-1745 38 37 clearing clearing NOUN cblr-1745 38 38 , , PUNCT cblr-1745 38 39 settling settling NOUN cblr-1745 38 40 , , PUNCT cblr-1745 38 41 and and CCONJ cblr-1745 38 42 guaranteeing guarantee VERB cblr-1745 38 43 trades.12 trades.12 NOUN cblr-1745 38 44 since since SCONJ cblr-1745 38 45 2010 2010 NUM cblr-1745 38 46 , , PUNCT cblr-1745 38 47 financial financial ADJ cblr-1745 38 48 reform reform NOUN cblr-1745 38 49 laws law NOUN cblr-1745 38 50 have have AUX cblr-1745 38 51 required require VERB cblr-1745 38 52 most most ADJ cblr-1745 38 53 derivatives derivative NOUN cblr-1745 38 54 trades trade NOUN cblr-1745 38 55 to to PART cblr-1745 38 56 run run VERB cblr-1745 38 57 through through ADP cblr-1745 38 58 these these DET cblr-1745 38 59 intermediaries.13 intermediaries.13 NOUN cblr-1745 38 60 characterized characterize VERB cblr-1745 38 61 by by ADP cblr-1745 38 62 strong strong ADJ cblr-1745 38 63 economies economy NOUN cblr-1745 38 64 of of ADP cblr-1745 38 65 scale scale NOUN cblr-1745 38 66 , , PUNCT cblr-1745 38 67 clearinghouses clearinghouse NOUN cblr-1745 38 68 are be AUX cblr-1745 38 69 natural natural ADJ cblr-1745 38 70 7 7 NUM cblr-1745 38 71 see see VERB cblr-1745 38 72 i i PRON cblr-1745 38 73 d. d. PROPN cblr-1745 38 74 at at ADP cblr-1745 38 75 1191–95 1191–95 NUM cblr-1745 38 76 , , PUNCT cblr-1745 38 77 1202–04 1202–04 NUM cblr-1745 38 78 ( ( PUNCT cblr-1745 38 79 analyzing analyze VERB cblr-1745 38 80 parallel parallel ADJ cblr-1745 38 81 exclusion exclusion NOUN cblr-1745 38 82 in in ADP cblr-1745 38 83 the the DET cblr-1745 38 84 credit credit NOUN cblr-1745 38 85 card card NOUN cblr-1745 38 86 , , PUNCT cblr-1745 38 87 piping piping NOUN cblr-1745 38 88 , , PUNCT cblr-1745 38 89 shipping shipping NOUN cblr-1745 38 90 , , PUNCT cblr-1745 38 91 and and CCONJ cblr-1745 38 92 tobacco tobacco NOUN cblr-1745 38 93 industries industry NOUN cblr-1745 38 94 , , PUNCT cblr-1745 38 95 among among ADP cblr-1745 38 96 others other NOUN cblr-1745 38 97 ) ) PUNCT cblr-1745 38 98 . . PUNCT cblr-1745 39 1 8 8 NUM cblr-1745 39 2 see see VERB cblr-1745 39 3 infra infra NOUN cblr-1745 39 4 section section NOUN cblr-1745 39 5 ii.a ii.a PROPN cblr-1745 39 6 . . PUNCT cblr-1745 40 1 9 9 NUM cblr-1745 40 2 derivatives derivative NOUN cblr-1745 40 3 are be AUX cblr-1745 40 4 financial financial ADJ cblr-1745 40 5 instruments instrument NOUN cblr-1745 40 6 whose whose DET cblr-1745 40 7 values value NOUN cblr-1745 40 8 fluctuate fluctuate NOUN cblr-1745 40 9 on on ADP cblr-1745 40 10 the the DET cblr-1745 40 11 basis basis NOUN cblr-1745 40 12 of of ADP cblr-1745 40 13 other other ADJ cblr-1745 40 14 variables variable NOUN cblr-1745 40 15 , , PUNCT cblr-1745 40 16 such such ADJ cblr-1745 40 17 as as ADP cblr-1745 40 18 interest interest NOUN cblr-1745 40 19 rates rate NOUN cblr-1745 40 20 , , PUNCT cblr-1745 40 21 stock stock NOUN cblr-1745 40 22 prices price NOUN cblr-1745 40 23 , , PUNCT cblr-1745 40 24 and and CCONJ cblr-1745 40 25 whether whether SCONJ cblr-1745 40 26 an an DET cblr-1745 40 27 unaffiliated unaffiliated ADJ cblr-1745 40 28 party party NOUN cblr-1745 40 29 might might AUX cblr-1745 40 30 default default VERB cblr-1745 40 31 on on ADP cblr-1745 40 32 a a DET cblr-1745 40 33 loan loan NOUN cblr-1745 40 34 . . PUNCT cblr-1745 41 1 see see VERB cblr-1745 41 2 arthur arthur PROPN cblr-1745 41 3 e. e. PROPN cblr-1745 41 4 wilmarth wilmarth PROPN cblr-1745 41 5 , , PUNCT cblr-1745 41 6 jr jr PROPN cblr-1745 41 7 . . PROPN cblr-1745 41 8 , , PUNCT cblr-1745 41 9 the the DET cblr-1745 41 10 transformation transformation NOUN cblr-1745 41 11 of of ADP cblr-1745 41 12 the the DET cblr-1745 41 13 u.s u.s PROPN cblr-1745 41 14 . . PROPN cblr-1745 41 15 financial financial PROPN cblr-1745 41 16 services service NOUN cblr-1745 41 17 industry industry NOUN cblr-1745 41 18 , , PUNCT cblr-1745 41 19 1975–2000 1975–2000 NUM cblr-1745 41 20 : : PUNCT cblr-1745 41 21 competition competition NOUN cblr-1745 41 22 , , PUNCT cblr-1745 41 23 consolidation consolidation NOUN cblr-1745 41 24 , , PUNCT cblr-1745 41 25 and and CCONJ cblr-1745 41 26 increased increase VERB cblr-1745 41 27 risks risk NOUN cblr-1745 41 28 , , PUNCT cblr-1745 41 29 2002 2002 NUM cblr-1745 41 30 u. u. PROPN cblr-1745 41 31 ill ill PROPN cblr-1745 41 32 . . PUNCT cblr-1745 42 1 l. l. PROPN cblr-1745 42 2 rev rev PROPN cblr-1745 42 3 . . PROPN cblr-1745 42 4 215 215 NUM cblr-1745 42 5 , , PUNCT cblr-1745 42 6 337–73 337–73 NUM cblr-1745 42 7 ( ( PUNCT cblr-1745 42 8 2002 2002 NUM cblr-1745 42 9 ) ) PUNCT cblr-1745 42 10 . . PUNCT cblr-1745 43 1 10 10 NUM cblr-1745 43 2 see see VERB cblr-1745 43 3 bank bank NOUN cblr-1745 43 4 for for ADP cblr-1745 43 5 int’l int’l NUM cblr-1745 43 6 settlements settlement NOUN cblr-1745 43 7 , , PUNCT cblr-1745 43 8 derivatives derivative NOUN cblr-1745 43 9 statistics statistic NOUN cblr-1745 43 10 , , PUNCT cblr-1745 43 11 bis bis PROPN cblr-1745 43 12 q. q. PROPN cblr-1745 43 13 rev rev PROPN cblr-1745 43 14 . . PROPN cblr-1745 43 15 , , PUNCT cblr-1745 43 16 sept sept PROPN cblr-1745 43 17 . . PROPN cblr-1745 43 18 2014 2014 NUM cblr-1745 43 19 , , PUNCT cblr-1745 43 20 tbl.19 tbl.19 NOUN cblr-1745 43 21 , , PUNCT cblr-1745 43 22 http://www.bis.org/statistics/dt1920a.pdf http://www.bis.org/statistics/dt1920a.pdf PROPN cblr-1745 44 1 [ [ X cblr-1745 44 2 http:/ http:/ PROPN cblr-1745 44 3 /perma /perma PROPN cblr-1745 44 4 . . PUNCT cblr-1745 45 1 cc/877h cc/877h PROPN cblr-1745 45 2 - - PUNCT cblr-1745 45 3 sl8c?type sl8c?type NOUN cblr-1745 45 4 = = SYM cblr-1745 45 5 pdf pdf NOUN cblr-1745 45 6 ] ] PUNCT cblr-1745 45 7 ( ( PUNCT cblr-1745 45 8 quantifying quantify VERB cblr-1745 45 9 the the DET cblr-1745 45 10 notional notional ADJ cblr-1745 45 11 size size NOUN cblr-1745 45 12 of of ADP cblr-1745 45 13 the the DET cblr-1745 45 14 otc otc PROPN cblr-1745 45 15 derivatives derivative NOUN cblr-1745 45 16 market market NOUN cblr-1745 45 17 at at ADP cblr-1745 45 18 $ $ SYM cblr-1745 45 19 710 710 NUM cblr-1745 45 20 trillion trillion NUM cblr-1745 45 21 as as ADP cblr-1745 45 22 of of ADP cblr-1745 45 23 december december PROPN cblr-1745 45 24 2013 2013 NUM cblr-1745 45 25 ) ) PUNCT cblr-1745 45 26 . . PUNCT cblr-1745 46 1 11 11 NUM cblr-1745 46 2 see see VERB cblr-1745 46 3 john john PROPN cblr-1745 46 4 mcpartland mcpartland PROPN cblr-1745 46 5 , , PUNCT cblr-1745 46 6 clearing clearing NOUN cblr-1745 46 7 and and CCONJ cblr-1745 46 8 settlement settlement NOUN cblr-1745 46 9 demystified demystify VERB cblr-1745 46 10 , , PUNCT cblr-1745 46 11 chi chi PROPN cblr-1745 46 12 . . PUNCT cblr-1745 47 1 fed fed PROPN cblr-1745 47 2 letter letter NOUN cblr-1745 47 3 , , PUNCT cblr-1745 47 4 no no INTJ cblr-1745 47 5 . . NOUN cblr-1745 47 6 201 201 NUM cblr-1745 47 7 , , PUNCT cblr-1745 47 8 jan jan PROPN cblr-1745 47 9 . . PROPN cblr-1745 47 10 2005 2005 NUM cblr-1745 47 11 , , PUNCT cblr-1745 47 12 at at ADP cblr-1745 47 13 1 1 NUM cblr-1745 47 14 . . NUM cblr-1745 47 15 12 12 NUM cblr-1745 48 1 i i PRON cblr-1745 48 2 d. d. PROPN cblr-1745 48 3 see see VERB cblr-1745 48 4 also also ADV cblr-1745 48 5 infra infra NOUN cblr-1745 48 6 section section NOUN cblr-1745 48 7 iii.a.1 iii.a.1 NOUN cblr-1745 48 8 . . PUNCT cblr-1745 48 9 13 13 NUM cblr-1745 48 10 see see VERB cblr-1745 48 11 dodd dodd PROPN cblr-1745 48 12 - - PUNCT cblr-1745 48 13 frank frank PROPN cblr-1745 48 14 wall wall PROPN cblr-1745 48 15 street street PROPN cblr-1745 48 16 reform reform PROPN cblr-1745 48 17 and and CCONJ cblr-1745 48 18 consumer consumer NOUN cblr-1745 48 19 protection protection PROPN cblr-1745 48 20 act act PROPN cblr-1745 48 21 , , PUNCT cblr-1745 48 22 pub pub NOUN cblr-1745 48 23 . . PUNCT cblr-1745 49 1 l. l. PROPN cblr-1745 49 2 no no INTJ cblr-1745 49 3 . . PROPN cblr-1745 49 4 111 111 NUM cblr-1745 49 5 - - SYM cblr-1745 49 6 203 203 NUM cblr-1745 49 7 , , PUNCT cblr-1745 49 8 § § PROPN cblr-1745 49 9 § § PROPN cblr-1745 49 10 723 723 NUM cblr-1745 49 11 , , PUNCT cblr-1745 49 12 763 763 NUM cblr-1745 49 13 , , PUNCT cblr-1745 49 14 124 124 NUM cblr-1745 49 15 stat stat NOUN cblr-1745 49 16 . . PUNCT cblr-1745 50 1 1376 1376 NUM cblr-1745 50 2 , , PUNCT cblr-1745 50 3 1675–82 1675–82 NUM cblr-1745 50 4 , , PUNCT cblr-1745 50 5 1762–84 1762–84 NOUN cblr-1745 50 6 ( ( PUNCT cblr-1745 50 7 2010 2010 NUM cblr-1745 50 8 ) ) PUNCT cblr-1745 50 9 ( ( PUNCT cblr-1745 50 10 codified codify VERB cblr-1745 50 11 at at ADP cblr-1745 50 12 7 7 NUM cblr-1745 50 13 u.s.c u.s.c NOUN cblr-1745 50 14 . . PUNCT cblr-1745 51 1 § § PROPN cblr-1745 51 2 2 2 NUM cblr-1745 51 3 , , PUNCT cblr-1745 51 4 15 15 NUM cblr-1745 51 5 u.s.c u.s.c ADJ cblr-1745 51 6 . . PUNCT cblr-1745 52 1 § § PROPN cblr-1745 52 2 78c-3 78c-3 PROPN cblr-1745 52 3 ) ) PUNCT cblr-1745 52 4 ; ; PUNCT cblr-1745 53 1 parliament parliament NOUN cblr-1745 53 2 and and CCONJ cblr-1745 53 3 council council NOUN cblr-1745 53 4 regulation regulation NOUN cblr-1745 53 5 648/2012 648/2012 NUM cblr-1745 53 6 , , PUNCT cblr-1745 53 7 on on ADP cblr-1745 53 8 otc otc PROPN cblr-1745 53 9 derivatives derivative NOUN cblr-1745 53 10 , , PUNCT cblr-1745 53 11 central central ADJ cblr-1745 53 12 counterparties counterpartie NOUN cblr-1745 53 13 and and CCONJ cblr-1745 53 14 trade trade NOUN cblr-1745 53 15 repositories repository NOUN cblr-1745 53 16 , , PUNCT cblr-1745 53 17 art art NOUN cblr-1745 53 18 . . PUNCT cblr-1745 54 1 4 4 NUM cblr-1745 54 2 , , PUNCT cblr-1745 54 3 2012 2012 NUM cblr-1745 54 4 o.j o.j PROPN cblr-1745 54 5 . . PUNCT cblr-1745 54 6 ( ( PUNCT cblr-1745 54 7 l l NOUN cblr-1745 54 8 201 201 NUM cblr-1745 54 9 ) ) PUNCT cblr-1745 54 10 1 1 NUM cblr-1745 54 11 , , PUNCT cblr-1745 54 12 17–18 17–18 NUM cblr-1745 54 13 ( ( PUNCT cblr-1745 54 14 eu eu PROPN cblr-1745 54 15 ) ) PUNCT cblr-1745 54 16 . . PUNCT cblr-1745 55 1 chang chang PROPN cblr-1745 55 2 – – PUNCT cblr-1745 55 3 final final ADJ cblr-1745 55 4 no no NOUN cblr-1745 55 5 . . PUNCT cblr-1745 56 1 3:657 3:657 NUM cblr-1745 56 2 ] ] X cblr-1745 56 3 second second ADJ cblr-1745 56 4 - - PUNCT cblr-1745 56 5 generation generation NOUN cblr-1745 56 6 monopolization monopolization NOUN cblr-1745 56 7 661 661 NUM cblr-1745 56 8 monopolies monopoly NOUN cblr-1745 56 9 that that SCONJ cblr-1745 56 10 financial financial ADJ cblr-1745 56 11 regulations regulation NOUN cblr-1745 56 12 have have AUX cblr-1745 56 13 rendered render VERB cblr-1745 56 14 indispensable indispensable ADJ cblr-1745 56 15 to to ADP cblr-1745 56 16 trading.14 trading.14 PROPN cblr-1745 56 17 yet yet ADV cblr-1745 56 18 clearinghouses clearinghouse NOUN cblr-1745 56 19 are be AUX cblr-1745 56 20 also also ADV cblr-1745 56 21 member member NOUN cblr-1745 56 22 - - PUNCT cblr-1745 56 23 driven drive VERB cblr-1745 56 24 entities entity NOUN cblr-1745 56 25 , , PUNCT cblr-1745 56 26 whose whose DET cblr-1745 56 27 members member NOUN cblr-1745 56 28 are be AUX cblr-1745 56 29 also also ADV cblr-1745 56 30 the the DET cblr-1745 56 31 dominant dominant ADJ cblr-1745 56 32 players player NOUN cblr-1745 56 33 in in ADP cblr-1745 56 34 the the DET cblr-1745 56 35 adjacent adjacent ADJ cblr-1745 56 36 trading trading NOUN cblr-1745 56 37 ( ( PUNCT cblr-1745 56 38 or or CCONJ cblr-1745 56 39 dealer dealer NOUN cblr-1745 56 40 ) ) PUNCT cblr-1745 56 41 market.15 market.15 NOUN cblr-1745 56 42 invariably invariably ADV cblr-1745 56 43 , , PUNCT cblr-1745 56 44 these these DET cblr-1745 56 45 dominant dominant ADJ cblr-1745 56 46 dealers dealer NOUN cblr-1745 56 47 are be AUX cblr-1745 56 48 the the DET cblr-1745 56 49 largest large ADJ cblr-1745 56 50 financial financial ADJ cblr-1745 56 51 institutions institution NOUN cblr-1745 56 52 in in ADP cblr-1745 56 53 the the DET cblr-1745 56 54 world.16 world.16 NOUN cblr-1745 56 55 in in ADP cblr-1745 56 56 the the DET cblr-1745 56 57 post post ADJ cblr-1745 56 58 - - ADJ cblr-1745 56 59 financial financial ADJ cblr-1745 56 60 crisis crisis NOUN cblr-1745 56 61 derivatives derivative NOUN cblr-1745 56 62 landscape landscape NOUN cblr-1745 56 63 , , PUNCT cblr-1745 56 64 clearinghouses clearinghouse NOUN cblr-1745 56 65 function function VERB cblr-1745 56 66 as as ADP cblr-1745 56 67 bottlenecks bottleneck NOUN cblr-1745 56 68 through through ADP cblr-1745 56 69 which which PRON cblr-1745 56 70 adjacent adjacent ADJ cblr-1745 56 71 markets market NOUN cblr-1745 56 72 ’ ' PUNCT cblr-1745 56 73 activities activity NOUN cblr-1745 56 74 must must AUX cblr-1745 56 75 pass pass VERB cblr-1745 56 76 . . PUNCT cblr-1745 57 1 derivatives derivative NOUN cblr-1745 57 2 markets market NOUN cblr-1745 57 3 serve serve VERB cblr-1745 57 4 as as ADP cblr-1745 57 5 a a DET cblr-1745 57 6 compelling compelling ADJ cblr-1745 57 7 example example NOUN cblr-1745 57 8 of of ADP cblr-1745 57 9 parallel parallel ADJ cblr-1745 57 10 exclusion exclusion NOUN cblr-1745 57 11 and and CCONJ cblr-1745 57 12 its its PRON cblr-1745 57 13 harms harm NOUN cblr-1745 57 14 for for ADP cblr-1745 57 15 several several ADJ cblr-1745 57 16 reasons reason NOUN cblr-1745 57 17 . . PUNCT cblr-1745 58 1 first first ADV cblr-1745 58 2 , , PUNCT cblr-1745 58 3 the the DET cblr-1745 58 4 same same ADJ cblr-1745 58 5 four four NUM cblr-1745 58 6 or or CCONJ cblr-1745 58 7 five five NUM cblr-1745 58 8 players player NOUN cblr-1745 58 9 perpetually perpetually ADV cblr-1745 58 10 capture capture VERB cblr-1745 58 11 these these DET cblr-1745 58 12 markets market NOUN cblr-1745 58 13 , , PUNCT cblr-1745 58 14 especially especially ADV cblr-1745 58 15 for for ADP cblr-1745 58 16 over over ADP cblr-1745 58 17 - - PUNCT cblr-1745 58 18 the the DET cblr-1745 58 19 - - PUNCT cblr-1745 58 20 counter counter NOUN cblr-1745 58 21 ( ( PUNCT cblr-1745 58 22 “ " PUNCT cblr-1745 58 23 otc otc PROPN cblr-1745 58 24 ” " PUNCT cblr-1745 58 25 ) ) PUNCT cblr-1745 58 26 derivatives.17 derivatives.17 NOUN cblr-1745 58 27 these these DET cblr-1745 58 28 players player NOUN cblr-1745 58 29 preserve preserve VERB cblr-1745 58 30 the the DET cblr-1745 58 31 oligopoly oligopoly NOUN cblr-1745 58 32 despite despite SCONJ cblr-1745 58 33 market market NOUN cblr-1745 58 34 and and CCONJ cblr-1745 58 35 regulatory regulatory ADJ cblr-1745 58 36 changes change NOUN cblr-1745 58 37 . . PUNCT cblr-1745 59 1 for for ADP cblr-1745 59 2 instance instance NOUN cblr-1745 59 3 , , PUNCT cblr-1745 59 4 after after SCONJ cblr-1745 59 5 financial financial ADJ cblr-1745 59 6 reform reform NOUN cblr-1745 59 7 laws law NOUN cblr-1745 59 8 mandated mandate VERB cblr-1745 59 9 centralized centralized ADJ cblr-1745 59 10 clearing clearing NOUN cblr-1745 59 11 for for ADP cblr-1745 59 12 credit credit NOUN cblr-1745 59 13 default default NOUN cblr-1745 59 14 swaps swap NOUN cblr-1745 59 15 , , PUNCT cblr-1745 59 16 the the DET cblr-1745 59 17 top top ADJ cblr-1745 59 18 dealers dealer NOUN cblr-1745 59 19 conspired conspire VERB cblr-1745 59 20 to to PART cblr-1745 59 21 funnel funnel VERB cblr-1745 59 22 trades trade NOUN cblr-1745 59 23 into into ADP cblr-1745 59 24 the the DET cblr-1745 59 25 clearinghouse clearinghouse NOUN cblr-1745 59 26 that that SCONJ cblr-1745 59 27 they they PRON cblr-1745 59 28 controlled control VERB cblr-1745 59 29 while while SCONJ cblr-1745 59 30 denying deny VERB cblr-1745 59 31 rivals rival NOUN cblr-1745 59 32 access access NOUN cblr-1745 59 33 to to ADP cblr-1745 59 34 the the DET cblr-1745 59 35 same same ADJ cblr-1745 59 36 clearinghouse.18 clearinghouse.18 NOUN cblr-1745 59 37 even even ADV cblr-1745 59 38 after after ADP cblr-1745 59 39 settling settle VERB cblr-1745 59 40 a a DET cblr-1745 59 41 class class NOUN cblr-1745 59 42 action action NOUN cblr-1745 59 43 for for ADP cblr-1745 59 44 , , PUNCT cblr-1745 59 45 among among ADP cblr-1745 59 46 other other ADJ cblr-1745 59 47 claims claim NOUN cblr-1745 59 48 , , PUNCT cblr-1745 59 49 collusion collusion NOUN cblr-1745 59 50 and and CCONJ cblr-1745 59 51 monopolization,19 monopolization,19 NOUN cblr-1745 59 52 these these DET cblr-1745 59 53 dealers dealer NOUN cblr-1745 59 54 have have AUX cblr-1745 59 55 not not PART cblr-1745 59 56 surrendered surrender VERB cblr-1745 59 57 market market NOUN cblr-1745 59 58 14 14 NUM cblr-1745 60 1 see see NOUN cblr-1745 60 2 felix felix PROPN cblr-1745 60 3 b. b. PROPN cblr-1745 60 4 chang chang PROPN cblr-1745 60 5 , , PUNCT cblr-1745 60 6 financial financial ADJ cblr-1745 60 7 market market NOUN cblr-1745 60 8 bottlenecks bottleneck NOUN cblr-1745 60 9 and and CCONJ cblr-1745 60 10 the the DET cblr-1745 60 11 “ " PUNCT cblr-1745 60 12 openness openness NOUN cblr-1745 60 13 ” " PUNCT cblr-1745 60 14 mandate mandate NOUN cblr-1745 60 15 , , PUNCT cblr-1745 60 16 23 23 NUM cblr-1745 60 17 geo geo PROPN cblr-1745 60 18 . . PROPN cblr-1745 60 19 mason mason PROPN cblr-1745 60 20 l. l. PROPN cblr-1745 60 21 rev rev PROPN cblr-1745 60 22 . . PROPN cblr-1745 60 23 69 69 NUM cblr-1745 60 24 , , PUNCT cblr-1745 60 25 70–72 70–72 NUM cblr-1745 60 26 ( ( PUNCT cblr-1745 60 27 2015 2015 NUM cblr-1745 60 28 ) ) PUNCT cblr-1745 60 29 . . PUNCT cblr-1745 61 1 15 15 NUM cblr-1745 62 1 i i PRON cblr-1745 62 2 d. d. PROPN cblr-1745 62 3 at at ADP cblr-1745 62 4 84–87 84–87 NUM cblr-1745 62 5 . . PUNCT cblr-1745 63 1 16 16 NUM cblr-1745 63 2 see see VERB cblr-1745 63 3 infra infra NOUN cblr-1745 63 4 section section NOUN cblr-1745 63 5 iii.b iii.b PROPN cblr-1745 63 6 . . PUNCT cblr-1745 64 1 17 17 NUM cblr-1745 64 2 derivatives derivative NOUN cblr-1745 64 3 can can AUX cblr-1745 64 4 be be AUX cblr-1745 64 5 divided divide VERB cblr-1745 64 6 into into ADP cblr-1745 64 7 exchange exchange NOUN cblr-1745 64 8 - - PUNCT cblr-1745 64 9 traded trade VERB cblr-1745 64 10 and and CCONJ cblr-1745 64 11 over over ADP cblr-1745 64 12 - - PUNCT cblr-1745 64 13 thecounter thecounter NOUN cblr-1745 64 14 : : PUNCT cblr-1745 64 15 the the DET cblr-1745 64 16 first first ADJ cblr-1745 64 17 category category NOUN cblr-1745 64 18 is be AUX cblr-1745 64 19 traded trade VERB cblr-1745 64 20 on on ADP cblr-1745 64 21 open open ADJ cblr-1745 64 22 markets market NOUN cblr-1745 64 23 , , PUNCT cblr-1745 64 24 such such ADJ cblr-1745 64 25 as as ADP cblr-1745 64 26 futures future NOUN cblr-1745 64 27 and and CCONJ cblr-1745 64 28 options option NOUN cblr-1745 64 29 exchanges exchange NOUN cblr-1745 64 30 ; ; PUNCT cblr-1745 64 31 the the DET cblr-1745 64 32 second second ADJ cblr-1745 64 33 category category NOUN cblr-1745 64 34 is be AUX cblr-1745 64 35 customized customize VERB cblr-1745 64 36 between between ADP cblr-1745 64 37 the the DET cblr-1745 64 38 parties party NOUN cblr-1745 64 39 to to ADP cblr-1745 64 40 a a DET cblr-1745 64 41 trade trade NOUN cblr-1745 64 42 . . PUNCT cblr-1745 65 1 see see VERB cblr-1745 65 2 norman norman PROPN cblr-1745 65 3 menachem menachem PROPN cblr-1745 65 4 feder feder PROPN cblr-1745 65 5 , , PUNCT cblr-1745 65 6 deconstructing deconstruct VERB cblr-1745 65 7 over over ADP cblr-1745 65 8 - - PUNCT cblr-1745 65 9 the the DET cblr-1745 65 10 - - PUNCT cblr-1745 65 11 counter counter NOUN cblr-1745 65 12 derivatives derivative NOUN cblr-1745 65 13 , , PUNCT cblr-1745 65 14 2002 2002 NUM cblr-1745 65 15 colum colum NOUN cblr-1745 65 16 . . PUNCT cblr-1745 66 1 bus bus NOUN cblr-1745 66 2 . . PUNCT cblr-1745 67 1 l. l. PROPN cblr-1745 67 2 rev rev PROPN cblr-1745 67 3 . . PROPN cblr-1745 67 4 677 677 NUM cblr-1745 67 5 , , PUNCT cblr-1745 67 6 731–36 731–36 NUM cblr-1745 67 7 ( ( PUNCT cblr-1745 67 8 2002 2002 NUM cblr-1745 67 9 ) ) PUNCT cblr-1745 67 10 ; ; PUNCT cblr-1745 68 1 henry henry PROPN cblr-1745 68 2 t.c t.c PROPN cblr-1745 68 3 . . PROPN cblr-1745 68 4 hu hu PROPN cblr-1745 68 5 , , PUNCT cblr-1745 68 6 misunderstood misunderstood ADJ cblr-1745 68 7 derivatives derivative NOUN cblr-1745 68 8 : : PUNCT cblr-1745 68 9 the the DET cblr-1745 68 10 causes cause NOUN cblr-1745 68 11 of of ADP cblr-1745 68 12 informational informational ADJ cblr-1745 68 13 failure failure NOUN cblr-1745 68 14 and and CCONJ cblr-1745 68 15 the the DET cblr-1745 68 16 promise promise NOUN cblr-1745 68 17 of of ADP cblr-1745 68 18 regulatory regulatory ADJ cblr-1745 68 19 incrementalism incrementalism NOUN cblr-1745 68 20 , , PUNCT cblr-1745 68 21 102 102 NUM cblr-1745 68 22 yale yale PROPN cblr-1745 68 23 l.j l.j PROPN cblr-1745 68 24 . . PROPN cblr-1745 68 25 1457 1457 NUM cblr-1745 68 26 , , PUNCT cblr-1745 68 27 1464–65 1464–65 NUM cblr-1745 68 28 ( ( PUNCT cblr-1745 68 29 1993 1993 NUM cblr-1745 68 30 ) ) PUNCT cblr-1745 68 31 ( ( PUNCT cblr-1745 68 32 focusing focus VERB cblr-1745 68 33 on on ADP cblr-1745 68 34 the the DET cblr-1745 68 35 otc otc PROPN cblr-1745 68 36 markets market NOUN cblr-1745 68 37 ) ) PUNCT cblr-1745 68 38 . . PUNCT cblr-1745 69 1 18 18 NUM cblr-1745 69 2 see see VERB cblr-1745 69 3 in in ADP cblr-1745 69 4 re re NOUN cblr-1745 69 5 credit credit NOUN cblr-1745 69 6 default default NOUN cblr-1745 69 7 swaps swap NOUN cblr-1745 69 8 antitrust antitrust ADJ cblr-1745 69 9 litig litig NOUN cblr-1745 69 10 . . PUNCT cblr-1745 69 11 , , PUNCT cblr-1745 69 12 no no INTJ cblr-1745 69 13 . . NOUN cblr-1745 69 14 13 13 NUM cblr-1745 69 15 - - PUNCT cblr-1745 69 16 md-2476 md-2476 PROPN cblr-1745 69 17 , , PUNCT cblr-1745 69 18 2014 2014 NUM cblr-1745 69 19 wl wl NOUN cblr-1745 69 20 4379112 4379112 NUM cblr-1745 69 21 , , PUNCT cblr-1745 69 22 at at ADP cblr-1745 69 23 * * PROPN cblr-1745 69 24 4–5 4–5 X cblr-1745 69 25 ( ( PUNCT cblr-1745 69 26 s.d.n.y s.d.n.y PROPN cblr-1745 69 27 . . PUNCT cblr-1745 69 28 sept sept PROPN cblr-1745 69 29 . . PROPN cblr-1745 69 30 4 4 NUM cblr-1745 69 31 , , PUNCT cblr-1745 69 32 2014 2014 NUM cblr-1745 69 33 ) ) PUNCT cblr-1745 69 34 . . PUNCT cblr-1745 70 1 19 19 NUM cblr-1745 70 2 katy katy PROPN cblr-1745 70 3 burne burne PROPN cblr-1745 70 4 , , PUNCT cblr-1745 70 5 big big ADJ cblr-1745 70 6 banks bank NOUN cblr-1745 70 7 agree agree VERB cblr-1745 70 8 to to PART cblr-1745 70 9 settle settle VERB cblr-1745 70 10 swaps swap NOUN cblr-1745 70 11 lawsuit lawsuit NOUN cblr-1745 70 12 , , PUNCT cblr-1745 71 1 wall wall PROPN cblr-1745 71 2 st st PROPN cblr-1745 71 3 . . PROPN cblr-1745 71 4 j. j. PROPN cblr-1745 71 5 ( ( PUNCT cblr-1745 71 6 sept sept PROPN cblr-1745 71 7 . . PROPN cblr-1745 71 8 12 12 NUM cblr-1745 71 9 , , PUNCT cblr-1745 71 10 2015 2015 NUM cblr-1745 71 11 , , PUNCT cblr-1745 71 12 2:40 2:40 NUM cblr-1745 71 13 am am NOUN cblr-1745 71 14 ) ) PUNCT cblr-1745 71 15 , , PUNCT cblr-1745 71 16 http://www.wsj.com/articles/banks-wall-streetgroups-agree-to-settle-credit-swaps-antitrust-case-1441988741 http://www.wsj.com/articles/banks-wall-streetgroups-agree-to-settle-credit-swaps-antitrust-case-1441988741 X cblr-1745 71 17 [ [ X cblr-1745 71 18 https://perma.cc/4lhh-z5tq https://perma.cc/4lhh-z5tq NOUN cblr-1745 71 19 ] ] X cblr-1745 71 20 . . PUNCT cblr-1745 72 1 interestingly interestingly ADV cblr-1745 72 2 , , PUNCT cblr-1745 72 3 the the DET cblr-1745 72 4 monopolization monopolization NOUN cblr-1745 72 5 claim claim VERB cblr-1745 72 6 chang chang PROPN cblr-1745 72 7 – – PUNCT cblr-1745 73 1 final final ADJ cblr-1745 73 2 662 662 NUM cblr-1745 73 3 columbia columbia PROPN cblr-1745 73 4 business business NOUN cblr-1745 73 5 law law PROPN cblr-1745 73 6 review review NOUN cblr-1745 73 7 [ [ X cblr-1745 73 8 vol vol NOUN cblr-1745 73 9 . . 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PUNCT cblr-1745 75 1 critics critic NOUN cblr-1745 75 2 of of ADP cblr-1745 75 3 the the DET cblr-1745 75 4 link link NOUN cblr-1745 75 5 between between ADP cblr-1745 75 6 clearinghouses clearinghouse NOUN cblr-1745 75 7 and and CCONJ cblr-1745 75 8 dealers dealer NOUN cblr-1745 75 9 point point VERB cblr-1745 75 10 to to ADP cblr-1745 75 11 harms harm NOUN cblr-1745 75 12 such such ADJ cblr-1745 75 13 as as ADP cblr-1745 75 14 foreclosure foreclosure NOUN cblr-1745 75 15 and and CCONJ cblr-1745 75 16 leveraging,21 leveraging,21 VERB cblr-1745 75 17 whereby whereby SCONJ cblr-1745 75 18 a a DET cblr-1745 75 19 monopolist monopolist NOUN cblr-1745 75 20 ’s ’s PART cblr-1745 75 21 control control NOUN cblr-1745 75 22 of of ADP cblr-1745 75 23 a a DET cblr-1745 75 24 bottleneck bottleneck NOUN cblr-1745 75 25 facility facility NOUN cblr-1745 75 26 enables enable VERB cblr-1745 75 27 the the DET cblr-1745 75 28 monopolist monopolist NOUN cblr-1745 75 29 to to PART cblr-1745 75 30 exclude exclude VERB cblr-1745 75 31 rivals rival NOUN cblr-1745 75 32 from from ADP cblr-1745 75 33 the the DET cblr-1745 75 34 more more ADV cblr-1745 75 35 lucrative lucrative ADJ cblr-1745 75 36 downstream downstream ADJ cblr-1745 75 37 market.22 market.22 NOUN cblr-1745 75 38 traditionally traditionally ADV cblr-1745 75 39 , , PUNCT cblr-1745 75 40 foreclosure foreclosure NOUN cblr-1745 75 41 and and CCONJ cblr-1745 75 42 leveraging leverage VERB cblr-1745 75 43 were be AUX cblr-1745 75 44 seen see VERB cblr-1745 75 45 as as ADP cblr-1745 75 46 monopolization monopolization NOUN cblr-1745 75 47 offenses.23 offenses.23 AUX cblr-1745 75 48 yet yet ADV cblr-1745 75 49 , , PUNCT cblr-1745 75 50 tradition tradition NOUN cblr-1745 75 51 also also ADV cblr-1745 75 52 says say VERB cblr-1745 75 53 that that SCONJ cblr-1745 75 54 monopolization monopolization NOUN cblr-1745 75 55 can can AUX cblr-1745 75 56 only only ADV cblr-1745 75 57 be be AUX cblr-1745 75 58 attributed attribute VERB cblr-1745 75 59 to to ADP cblr-1745 75 60 one one NUM cblr-1745 75 61 dominant dominant ADJ cblr-1745 75 62 firm.24 firm.24 NOUN cblr-1745 75 63 in in ADP cblr-1745 75 64 their their PRON cblr-1745 75 65 seminal seminal ADJ cblr-1745 75 66 article article NOUN cblr-1745 75 67 parallel parallel ADJ cblr-1745 75 68 exclusion exclusion NOUN cblr-1745 75 69 , , PUNCT cblr-1745 75 70 professors professor NOUN cblr-1745 75 71 scott scott PROPN cblr-1745 75 72 hemphill hemphill PROPN cblr-1745 75 73 and and CCONJ cblr-1745 75 74 tim tim PROPN cblr-1745 75 75 wu wu PROPN cblr-1745 75 76 propose propose VERB cblr-1745 75 77 a a DET cblr-1745 75 78 “ " PUNCT cblr-1745 75 79 shared shared ADJ cblr-1745 75 80 monopoly monopoly NOUN cblr-1745 75 81 ” " PUNCT cblr-1745 75 82 theory theory NOUN cblr-1745 75 83 , , PUNCT cblr-1745 75 84 whereby whereby SCONJ cblr-1745 75 85 section section NOUN cblr-1745 75 86 2 2 NUM cblr-1745 75 87 of of ADP cblr-1745 75 88 the the DET cblr-1745 75 89 sherman sherman PROPN cblr-1745 75 90 act act PROPN cblr-1745 75 91 is be AUX cblr-1745 75 92 stretched stretch VERB cblr-1745 75 93 to to PART cblr-1745 75 94 encompass encompass VERB cblr-1745 75 95 monopolization monopolization NOUN cblr-1745 75 96 by by ADP cblr-1745 75 97 multiple multiple ADJ cblr-1745 75 98 firms.25 firms.25 NOUN cblr-1745 75 99 the the DET cblr-1745 75 100 mechanisms mechanism NOUN cblr-1745 75 101 of of ADP cblr-1745 75 102 exclusion exclusion NOUN cblr-1745 75 103 in in ADP cblr-1745 75 104 the the DET cblr-1745 75 105 derivatives derivative NOUN cblr-1745 75 106 markets market NOUN cblr-1745 75 107 validate validate VERB cblr-1745 75 108 could could AUX cblr-1745 75 109 not not PART cblr-1745 75 110 move move VERB cblr-1745 75 111 past past ADP cblr-1745 75 112 the the DET cblr-1745 75 113 motion motion NOUN cblr-1745 75 114 to to PART cblr-1745 75 115 dismiss dismiss VERB cblr-1745 75 116 . . 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PUNCT cblr-1745 85 1 3:657 3:657 NUM cblr-1745 85 2 ] ] X cblr-1745 85 3 second second ADJ cblr-1745 85 4 - - PUNCT cblr-1745 85 5 generation generation NOUN cblr-1745 85 6 monopolization monopolization NOUN cblr-1745 85 7 663 663 NUM cblr-1745 85 8 this this DET cblr-1745 85 9 proposal proposal NOUN cblr-1745 85 10 to to PART cblr-1745 85 11 house house VERB cblr-1745 85 12 parallel parallel ADJ cblr-1745 85 13 exclusion exclusion NOUN cblr-1745 85 14 within within ADP cblr-1745 85 15 monopolization monopolization NOUN cblr-1745 85 16 . . PUNCT cblr-1745 86 1 third third ADJ cblr-1745 86 2 , , PUNCT cblr-1745 86 3 certain certain ADJ cblr-1745 86 4 types type NOUN cblr-1745 86 5 of of ADP cblr-1745 86 6 parallel parallel ADJ cblr-1745 86 7 exclusion exclusion NOUN cblr-1745 86 8 are be AUX cblr-1745 86 9 harmful harmful ADJ cblr-1745 86 10 for for ADP cblr-1745 86 11 reasons reason NOUN cblr-1745 86 12 beyond beyond ADP cblr-1745 86 13 antitrust antitrust ADJ cblr-1745 86 14 . . 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PROPN cblr-1745 90 48 28 28 NUM cblr-1745 90 49 , , PUNCT cblr-1745 90 50 2010 2010 NUM cblr-1745 90 51 ) ) PUNCT cblr-1745 90 52 , , PUNCT cblr-1745 90 53 http://www.justice.gov/atr/com http://www.justice.gov/atr/com X cblr-1745 90 54 ments ment NOUN cblr-1745 90 55 - - PUNCT cblr-1745 90 56 proposed propose VERB cblr-1745 90 57 - - PUNCT cblr-1745 90 58 rules rule NOUN cblr-1745 90 59 - - PUNCT cblr-1745 90 60 limiting limit VERB cblr-1745 90 61 - - PUNCT cblr-1745 90 62 ownership ownership NOUN cblr-1745 90 63 - - PUNCT cblr-1745 90 64 and and CCONJ cblr-1745 90 65 - - PUNCT cblr-1745 90 66 regulating regulating NOUN cblr-1745 90 67 - - PUNCT cblr-1745 90 68 governancederivatives governancederivative NOUN cblr-1745 90 69 - - PUNCT cblr-1745 90 70 clearing clearing NOUN cblr-1745 90 71 [ [ X cblr-1745 90 72 https://perma.cc/2rfu-qjww https://perma.cc/2rfu-qjww X cblr-1745 90 73 ] ] X cblr-1745 90 74 ; ; PUNCT cblr-1745 90 75 derivatives derivative NOUN cblr-1745 90 76 clearing clearing NOUN cblr-1745 90 77 organization organization NOUN cblr-1745 90 78 general general ADJ cblr-1745 90 79 provisions provision NOUN cblr-1745 90 80 and and CCONJ cblr-1745 90 81 core core NOUN cblr-1745 90 82 principles principle NOUN cblr-1745 90 83 , , PUNCT cblr-1745 90 84 76 76 NUM cblr-1745 90 85 fed fed PROPN cblr-1745 90 86 . . PUNCT cblr-1745 91 1 reg reg PROPN cblr-1745 91 2 . . PUNCT cblr-1745 92 1 69,334 69,334 NUM cblr-1745 92 2 , , PUNCT cblr-1745 92 3 69,355 69,355 NUM cblr-1745 92 4 ( ( PUNCT cblr-1745 92 5 nov nov PROPN cblr-1745 92 6 . . PROPN cblr-1745 92 7 8 8 NUM cblr-1745 92 8 , , PUNCT cblr-1745 92 9 2011 2011 NUM cblr-1745 92 10 ) ) PUNCT cblr-1745 93 1 [ [ X cblr-1745 93 2 hereinafter hereinafter NOUN cblr-1745 93 3 cftc cftc PROPN cblr-1745 93 4 , , PUNCT cblr-1745 93 5 dco dco ADJ cblr-1745 93 6 general general ADJ cblr-1745 93 7 provisions provision NOUN cblr-1745 93 8 ] ] PUNCT cblr-1745 93 9 . . PUNCT cblr-1745 93 10 29 29 NUM cblr-1745 93 11 see see VERB cblr-1745 93 12 cftc cftc PROPN cblr-1745 93 13 , , PUNCT cblr-1745 93 14 dco dco ADJ cblr-1745 93 15 general general ADJ cblr-1745 93 16 provisions provision NOUN cblr-1745 93 17 , , PUNCT cblr-1745 93 18 supra supra PROPN cblr-1745 93 19 note note PROPN cblr-1745 93 20 28 28 NUM cblr-1745 93 21 , , PUNCT cblr-1745 93 22 at at ADP cblr-1745 93 23 69,355 69,355 NUM cblr-1745 93 24 ; ; PUNCT cblr-1745 93 25 roe roe NOUN cblr-1745 93 26 , , PUNCT cblr-1745 93 27 supra supra PROPN cblr-1745 93 28 note note PROPN cblr-1745 93 29 27 27 NUM cblr-1745 93 30 , , PUNCT cblr-1745 93 31 at at ADP cblr-1745 93 32 1690 1690 NUM cblr-1745 93 33 . . PUNCT cblr-1745 94 1 30 30 NUM cblr-1745 94 2 see see VERB cblr-1745 94 3 chang chang PROPN cblr-1745 94 4 , , PUNCT cblr-1745 94 5 supra supra PROPN cblr-1745 94 6 note note PROPN cblr-1745 94 7 14 14 NUM cblr-1745 94 8 , , PUNCT cblr-1745 94 9 at at ADP cblr-1745 94 10 94–101 94–101 PROPN cblr-1745 94 11 . . PUNCT cblr-1745 95 1 chang chang PROPN cblr-1745 95 2 – – PUNCT cblr-1745 95 3 final final ADJ cblr-1745 95 4 664 664 NUM cblr-1745 95 5 columbia columbia PROPN cblr-1745 95 6 business business NOUN cblr-1745 95 7 law law PROPN cblr-1745 95 8 review review NOUN cblr-1745 96 1 [ [ X cblr-1745 96 2 vol vol NOUN cblr-1745 96 3 . . NOUN cblr-1745 96 4 2016 2016 NUM cblr-1745 96 5 financial financial ADJ cblr-1745 96 6 system.31 system.31 NOUN cblr-1745 96 7 here here ADV cblr-1745 96 8 , , PUNCT cblr-1745 96 9 the the DET cblr-1745 96 10 inability inability NOUN cblr-1745 96 11 of of ADP cblr-1745 96 12 monopolization monopolization NOUN cblr-1745 96 13 to to PART cblr-1745 96 14 check check VERB cblr-1745 96 15 parallel parallel ADJ cblr-1745 96 16 exclusion exclusion NOUN cblr-1745 96 17 is be AUX cblr-1745 96 18 an an DET cblr-1745 96 19 immense immense ADJ cblr-1745 96 20 blind blind ADJ cblr-1745 96 21 spot spot NOUN cblr-1745 96 22 within within ADP cblr-1745 96 23 antitrust antitrust NOUN cblr-1745 96 24 , , PUNCT cblr-1745 96 25 amounting amount VERB cblr-1745 96 26 to to ADP cblr-1745 96 27 hundreds hundred NOUN cblr-1745 96 28 of of ADP cblr-1745 96 29 trillions trillion NOUN cblr-1745 96 30 of of ADP cblr-1745 96 31 dollars.32 dollars.32 ADJ cblr-1745 96 32 this this DET cblr-1745 96 33 article article NOUN cblr-1745 96 34 ultimately ultimately ADV cblr-1745 96 35 concludes conclude VERB cblr-1745 96 36 that that SCONJ cblr-1745 96 37 the the DET cblr-1745 96 38 clearing clearing NOUN cblr-1745 96 39 markets market NOUN cblr-1745 96 40 perpetuate perpetuate VERB cblr-1745 96 41 concentration concentration NOUN cblr-1745 96 42 in in ADP cblr-1745 96 43 the the DET cblr-1745 96 44 dealer dealer NOUN cblr-1745 96 45 markets market NOUN cblr-1745 96 46 and and CCONJ cblr-1745 96 47 , , PUNCT cblr-1745 96 48 hence hence ADV cblr-1745 96 49 , , PUNCT cblr-1745 96 50 exclusion exclusion NOUN cblr-1745 96 51 is be AUX cblr-1745 96 52 at at ADP cblr-1745 96 53 play play NOUN cblr-1745 96 54 . . PUNCT cblr-1745 97 1 yet yet ADV cblr-1745 97 2 , , PUNCT cblr-1745 97 3 in in ADP cblr-1745 97 4 some some DET cblr-1745 97 5 ways way NOUN cblr-1745 97 6 , , PUNCT cblr-1745 97 7 the the DET cblr-1745 97 8 conclusion conclusion NOUN cblr-1745 97 9 is be AUX cblr-1745 97 10 less less ADV cblr-1745 97 11 important important ADJ cblr-1745 97 12 than than ADP cblr-1745 97 13 the the DET cblr-1745 97 14 analysis analysis NOUN cblr-1745 97 15 . . PUNCT cblr-1745 98 1 by by ADP cblr-1745 98 2 analyzing analyze VERB cblr-1745 98 3 market market NOUN cblr-1745 98 4 power power NOUN cblr-1745 98 5 , , PUNCT cblr-1745 98 6 this this DET cblr-1745 98 7 article article NOUN cblr-1745 98 8 injects inject VERB cblr-1745 98 9 a a DET cblr-1745 98 10 modicum modicum NOUN cblr-1745 98 11 of of ADP cblr-1745 98 12 precision precision NOUN cblr-1745 98 13 into into ADP cblr-1745 98 14 the the DET cblr-1745 98 15 debate debate NOUN cblr-1745 98 16 over over ADP cblr-1745 98 17 competition competition NOUN cblr-1745 98 18 in in ADP cblr-1745 98 19 the the DET cblr-1745 98 20 derivatives derivative NOUN cblr-1745 98 21 markets.33 markets.33 VERB cblr-1745 98 22 an an DET cblr-1745 98 23 assessment assessment NOUN cblr-1745 98 24 of of ADP cblr-1745 98 25 market market NOUN cblr-1745 98 26 power power NOUN cblr-1745 98 27 is be AUX cblr-1745 98 28 the the DET cblr-1745 98 29 first first ADJ cblr-1745 98 30 step step NOUN cblr-1745 98 31 in in ADP cblr-1745 98 32 a a DET cblr-1745 98 33 fight fight NOUN cblr-1745 98 34 over over ADP cblr-1745 98 35 exclusion.34 exclusion.34 NOUN cblr-1745 98 36 before before ADP cblr-1745 98 37 proving prove VERB cblr-1745 98 38 that that SCONJ cblr-1745 98 39 clearinghouses clearinghouse NOUN cblr-1745 98 40 perpetuate perpetuate VERB cblr-1745 98 41 dealer dealer NOUN cblr-1745 98 42 dominance dominance NOUN cblr-1745 98 43 , , PUNCT cblr-1745 98 44 detractors detractor NOUN cblr-1745 98 45 must must AUX cblr-1745 98 46 work work VERB cblr-1745 98 47 through through ADP cblr-1745 98 48 several several ADJ cblr-1745 98 49 steps step NOUN cblr-1745 98 50 , , PUNCT cblr-1745 98 51 including include VERB cblr-1745 98 52 whether whether SCONJ cblr-1745 98 53 the the DET cblr-1745 98 54 scheme scheme NOUN cblr-1745 98 55 ’s ’s PART cblr-1745 98 56 anticompetitive anticompetitive ADJ cblr-1745 98 57 effects effect NOUN cblr-1745 98 58 outweigh outweigh VERB cblr-1745 98 59 the the DET cblr-1745 98 60 enhanced enhance VERB cblr-1745 98 61 efficiencies efficiency NOUN cblr-1745 98 62 . . PUNCT cblr-1745 99 1 in in ADP cblr-1745 99 2 measuring measure VERB cblr-1745 99 3 the the DET cblr-1745 99 4 market market NOUN cblr-1745 99 5 power power NOUN cblr-1745 99 6 of of ADP cblr-1745 99 7 the the DET cblr-1745 99 8 key key ADJ cblr-1745 99 9 players player NOUN cblr-1745 99 10 and and CCONJ cblr-1745 99 11 then then ADV cblr-1745 99 12 tethering tether VERB cblr-1745 99 13 the the DET cblr-1745 99 14 findings finding NOUN cblr-1745 99 15 to to ADP cblr-1745 99 16 a a DET cblr-1745 99 17 cohesive cohesive ADJ cblr-1745 99 18 framework framework NOUN cblr-1745 99 19 , , PUNCT cblr-1745 99 20 this this DET cblr-1745 99 21 article article NOUN cblr-1745 99 22 accomplishes accomplish VERB cblr-1745 99 23 a a DET cblr-1745 99 24 back back ADJ cblr-1745 99 25 - - PUNCT cblr-1745 99 26 tobasics tobasic NOUN cblr-1745 99 27 analysis analysis NOUN cblr-1745 99 28 missing miss VERB cblr-1745 99 29 from from ADP cblr-1745 99 30 the the DET cblr-1745 99 31 debate.35 debate.35 NOUN cblr-1745 99 32 31 31 NUM cblr-1745 99 33 see see NOUN cblr-1745 99 34 infra infra NOUN cblr-1745 99 35 part part NOUN cblr-1745 99 36 iv iv NUM cblr-1745 99 37 ; ; PUNCT cblr-1745 99 38 see see VERB cblr-1745 99 39 also also ADV cblr-1745 99 40 hemphill hemphill PROPN cblr-1745 99 41 & & CCONJ cblr-1745 99 42 wu wu PROPN cblr-1745 99 43 , , PUNCT cblr-1745 99 44 supra supra PROPN cblr-1745 99 45 note note PROPN cblr-1745 99 46 6 6 NUM cblr-1745 99 47 , , PUNCT cblr-1745 99 48 at at ADP cblr-1745 99 49 1213 1213 NUM cblr-1745 99 50 ( ( PUNCT cblr-1745 99 51 “ " PUNCT cblr-1745 99 52 [ [ X cblr-1745 99 53 o]nly o]nly ADV cblr-1745 99 54 some some DET cblr-1745 99 55 fraction fraction NOUN cblr-1745 99 56 of of ADP cblr-1745 99 57 parallel parallel ADJ cblr-1745 99 58 conduct conduct NOUN cblr-1745 99 59 is be AUX cblr-1745 99 60 exclusionary exclusionary ADJ cblr-1745 99 61 and and CCONJ cblr-1745 99 62 some some DET cblr-1745 99 63 fraction fraction NOUN cblr-1745 99 64 of of ADP cblr-1745 99 65 that that PRON cblr-1745 99 66 is be AUX cblr-1745 99 67 both both CCONJ cblr-1745 99 68 exclusionary exclusionary ADJ cblr-1745 99 69 and and CCONJ cblr-1745 99 70 anticompetitive anticompetitive ADJ cblr-1745 99 71 . . PUNCT cblr-1745 99 72 ” " PUNCT cblr-1745 99 73 ) ) PUNCT cblr-1745 99 74 . . PUNCT cblr-1745 100 1 32 32 NUM cblr-1745 100 2 see see VERB cblr-1745 100 3 infra infra NOUN cblr-1745 100 4 section section NOUN cblr-1745 100 5 iii.a.2 iii.a.2 PROPN cblr-1745 100 6 , , PUNCT cblr-1745 100 7 iii.b.2 iii.b.2 PUNCT cblr-1745 100 8 ( ( PUNCT cblr-1745 100 9 discussing discuss VERB cblr-1745 100 10 the the DET cblr-1745 100 11 size size NOUN cblr-1745 100 12 of of ADP cblr-1745 100 13 the the DET cblr-1745 100 14 otc otc PROPN cblr-1745 100 15 derivatives derivative NOUN cblr-1745 100 16 markets market NOUN cblr-1745 100 17 ) ) PUNCT cblr-1745 100 18 . . PUNCT cblr-1745 101 1 see see VERB cblr-1745 101 2 generally generally ADV cblr-1745 101 3 baker baker PROPN cblr-1745 101 4 , , PUNCT cblr-1745 101 5 supra supra PROPN cblr-1745 101 6 note note PROPN cblr-1745 101 7 3 3 NUM cblr-1745 101 8 , , PUNCT cblr-1745 101 9 at at ADP cblr-1745 101 10 528 528 NUM cblr-1745 101 11 ( ( PUNCT cblr-1745 101 12 discussing discuss VERB cblr-1745 101 13 antitrust antitrust NOUN cblr-1745 101 14 ’s ’s PART cblr-1745 101 15 difficulty difficulty NOUN cblr-1745 101 16 in in ADP cblr-1745 101 17 dealing deal VERB cblr-1745 101 18 with with ADP cblr-1745 101 19 exclusion exclusion NOUN cblr-1745 101 20 ) ) PUNCT cblr-1745 101 21 . . PUNCT cblr-1745 102 1 33 33 NUM cblr-1745 102 2 on on ADP cblr-1745 102 3 the the DET cblr-1745 102 4 relationship relationship NOUN cblr-1745 102 5 between between ADP cblr-1745 102 6 stability stability NOUN cblr-1745 102 7 of of ADP cblr-1745 102 8 and and CCONJ cblr-1745 102 9 competition competition NOUN cblr-1745 102 10 between between ADP cblr-1745 102 11 clearinghouses clearinghouse NOUN cblr-1745 102 12 , , PUNCT cblr-1745 102 13 compare compare VERB cblr-1745 102 14 cftc cftc PROPN cblr-1745 102 15 roundtable roundtable NOUN cblr-1745 102 16 , , PUNCT cblr-1745 102 17 supra supra PROPN cblr-1745 102 18 note note NOUN cblr-1745 102 19 22 22 NUM cblr-1745 102 20 , , PUNCT cblr-1745 102 21 at at ADP cblr-1745 102 22 67 67 NUM cblr-1745 102 23 ( ( PUNCT cblr-1745 102 24 comments comment NOUN cblr-1745 102 25 of of ADP cblr-1745 102 26 roger roger PROPN cblr-1745 102 27 liddell liddell PROPN cblr-1745 102 28 , , PUNCT cblr-1745 102 29 ceo ceo PROPN cblr-1745 102 30 , , PUNCT cblr-1745 102 31 lch lch PROPN cblr-1745 102 32 clearnet clearnet PROPN cblr-1745 102 33 group group NOUN cblr-1745 102 34 ) ) PUNCT cblr-1745 102 35 , , PUNCT cblr-1745 102 36 and and CCONJ cblr-1745 102 37 supra supra PROPN cblr-1745 102 38 note note PROPN cblr-1745 102 39 22 22 NUM cblr-1745 102 40 , , PUNCT cblr-1745 102 41 at at ADP cblr-1745 102 42 71 71 NUM cblr-1745 102 43 ( ( PUNCT cblr-1745 102 44 comments comment NOUN cblr-1745 102 45 of of ADP cblr-1745 102 46 jonathan jonathan PROPN cblr-1745 102 47 short short PROPN cblr-1745 102 48 , , PUNCT cblr-1745 102 49 ice ice NOUN cblr-1745 102 50 trust trust PROPN cblr-1745 102 51 ) ) PUNCT cblr-1745 102 52 , , PUNCT cblr-1745 102 53 with with ADP cblr-1745 102 54 supra supra PROPN cblr-1745 102 55 note note PROPN cblr-1745 102 56 22 22 NUM cblr-1745 102 57 , , PUNCT cblr-1745 102 58 at at ADP cblr-1745 102 59 47 47 NUM cblr-1745 102 60 ( ( PUNCT cblr-1745 102 61 statement statement NOUN cblr-1745 102 62 of of ADP cblr-1745 102 63 jason jason PROPN cblr-1745 102 64 kastner kastner PROPN cblr-1745 102 65 , , PUNCT cblr-1745 102 66 vice vice NOUN cblr-1745 102 67 chairman chairman NOUN cblr-1745 102 68 , , PUNCT cblr-1745 102 69 swaps swap NOUN cblr-1745 102 70 and and CCONJ cblr-1745 102 71 derivatives derivative NOUN cblr-1745 102 72 markets market NOUN cblr-1745 102 73 association association NOUN cblr-1745 102 74 . . PUNCT cblr-1745 102 75 ) ) PUNCT cblr-1745 102 76 . . PUNCT cblr-1745 103 1 34 34 NUM cblr-1745 103 2 see see VERB cblr-1745 103 3 herbert herbert PROPN cblr-1745 103 4 hovenkamp hovenkamp PROPN cblr-1745 103 5 , , PUNCT cblr-1745 103 6 federal federal ADJ cblr-1745 103 7 antitrust antitrust ADJ cblr-1745 103 8 policy policy NOUN cblr-1745 103 9 : : PUNCT cblr-1745 103 10 the the DET cblr-1745 103 11 law law NOUN cblr-1745 103 12 of of ADP cblr-1745 103 13 competition competition NOUN cblr-1745 103 14 and and CCONJ cblr-1745 103 15 its its PRON cblr-1745 103 16 practice practice NOUN cblr-1745 103 17 § § PROPN cblr-1745 103 18 6.4 6.4 NUM cblr-1745 103 19 ( ( PUNCT cblr-1745 103 20 5th 5th ADJ cblr-1745 103 21 ed ed NOUN cblr-1745 103 22 . . PROPN cblr-1745 103 23 2011 2011 NUM cblr-1745 103 24 ) ) PUNCT cblr-1745 103 25 ; ; PUNCT cblr-1745 103 26 hemphill hemphill PROPN cblr-1745 103 27 & & CCONJ cblr-1745 103 28 wu wu PROPN cblr-1745 103 29 , , PUNCT cblr-1745 103 30 supra supra PROPN cblr-1745 103 31 note note PROPN cblr-1745 103 32 6 6 NUM cblr-1745 103 33 , , PUNCT cblr-1745 103 34 at at ADP cblr-1745 103 35 1237–38 1237–38 NUM cblr-1745 103 36 . . PUNCT cblr-1745 104 1 35 35 NUM cblr-1745 104 2 prior prior ADJ cblr-1745 104 3 work work NOUN cblr-1745 104 4 has have AUX cblr-1745 104 5 been be AUX cblr-1745 104 6 done do VERB cblr-1745 104 7 on on ADP cblr-1745 104 8 the the DET cblr-1745 104 9 market market NOUN cblr-1745 104 10 shares share NOUN cblr-1745 104 11 of of ADP cblr-1745 104 12 clearinghouses clearinghouse NOUN cblr-1745 104 13 for for ADP cblr-1745 104 14 exchange exchange NOUN cblr-1745 104 15 - - PUNCT cblr-1745 104 16 traded trade VERB cblr-1745 104 17 derivatives derivative NOUN cblr-1745 104 18 . . PUNCT cblr-1745 105 1 see see VERB cblr-1745 105 2 generally generally ADV cblr-1745 105 3 tina tina PROPN cblr-1745 105 4 p. p. PROPN cblr-1745 105 5 hasenpusch hasenpusch PROPN cblr-1745 105 6 , , PUNCT cblr-1745 105 7 clearing clear VERB cblr-1745 105 8 services service NOUN cblr-1745 105 9 for for ADP cblr-1745 105 10 global global ADJ cblr-1745 105 11 markets market NOUN cblr-1745 105 12 : : PUNCT cblr-1745 105 13 a a DET cblr-1745 105 14 framework framework NOUN cblr-1745 105 15 for for ADP cblr-1745 105 16 the the DET cblr-1745 105 17 future future ADJ cblr-1745 105 18 development development NOUN cblr-1745 105 19 of of ADP cblr-1745 105 20 the the DET cblr-1745 105 21 clearing clearing NOUN cblr-1745 105 22 industry industry NOUN cblr-1745 105 23 ( ( PUNCT cblr-1745 105 24 2009 2009 NUM cblr-1745 105 25 ) ) PUNCT cblr-1745 105 26 . . PUNCT cblr-1745 106 1 clearing clear VERB cblr-1745 106 2 markets market NOUN cblr-1745 106 3 for for ADP cblr-1745 106 4 otc otc PROPN cblr-1745 106 5 derivatives derivative NOUN cblr-1745 106 6 have have AUX cblr-1745 106 7 been be AUX cblr-1745 106 8 harder hard ADJ cblr-1745 106 9 to to PART cblr-1745 106 10 assess assess VERB cblr-1745 106 11 , , PUNCT cblr-1745 106 12 due due ADP cblr-1745 106 13 to to ADP cblr-1745 106 14 the the DET cblr-1745 106 15 newness newness NOUN cblr-1745 106 16 of of ADP cblr-1745 106 17 the the DET cblr-1745 106 18 markets market NOUN cblr-1745 106 19 . . PUNCT cblr-1745 107 1 for for ADP cblr-1745 107 2 one one NUM cblr-1745 107 3 of of ADP cblr-1745 107 4 the the DET cblr-1745 107 5 few few ADJ cblr-1745 107 6 analyses analysis NOUN cblr-1745 107 7 in in ADP cblr-1745 107 8 this this DET cblr-1745 107 9 area area NOUN cblr-1745 107 10 , , PUNCT cblr-1745 107 11 see see VERB cblr-1745 107 12 generally generally ADV cblr-1745 107 13 li li PROPN cblr-1745 107 14 lin lin PROPN cblr-1745 107 15 & & CCONJ cblr-1745 107 16 jay jay PROPN cblr-1745 107 17 surti surti PROPN cblr-1745 107 18 , , PUNCT cblr-1745 107 19 capital capital NOUN cblr-1745 107 20 requirements requirement NOUN cblr-1745 107 21 for for ADP cblr-1745 107 22 over over ADP cblr-1745 107 23 - - PUNCT cblr-1745 107 24 the the DET cblr-1745 107 25 - - PUNCT cblr-1745 107 26 counter counter NOUN cblr-1745 107 27 derivatives derivative NOUN cblr-1745 107 28 central central ADJ cblr-1745 107 29 counterparties counterpartie NOUN cblr-1745 107 30 ( ( PUNCT cblr-1745 107 31 int’l int’l NUM cblr-1745 107 32 monetary monetary ADJ cblr-1745 107 33 fund fund NOUN cblr-1745 107 34 , , PUNCT cblr-1745 107 35 working working NOUN cblr-1745 107 36 paper paper NOUN cblr-1745 107 37 no no INTJ cblr-1745 107 38 . . PUNCT cblr-1745 108 1 13/3 13/3 NUM cblr-1745 108 2 , , PUNCT cblr-1745 108 3 2013 2013 NUM cblr-1745 108 4 ) ) PUNCT cblr-1745 108 5 . . PUNCT cblr-1745 109 1 on on ADP cblr-1745 109 2 chang chang PROPN cblr-1745 109 3 – – PUNCT cblr-1745 109 4 final final ADJ cblr-1745 109 5 no no NOUN cblr-1745 109 6 . . PUNCT cblr-1745 110 1 3:657 3:657 NUM cblr-1745 110 2 ] ] X cblr-1745 110 3 second second ADJ cblr-1745 110 4 - - PUNCT cblr-1745 110 5 generation generation NOUN cblr-1745 110 6 monopolization monopolization NOUN cblr-1745 110 7 665 665 NUM cblr-1745 110 8 yet yet ADV cblr-1745 110 9 market market NOUN cblr-1745 110 10 power power NOUN cblr-1745 110 11 analysis analysis NOUN cblr-1745 110 12 of of ADP cblr-1745 110 13 the the DET cblr-1745 110 14 derivatives derivative NOUN cblr-1745 110 15 markets market NOUN cblr-1745 110 16 is be AUX cblr-1745 110 17 a a DET cblr-1745 110 18 difficult difficult ADJ cblr-1745 110 19 endeavor endeavor NOUN cblr-1745 110 20 . . PUNCT cblr-1745 111 1 in in ADP cblr-1745 111 2 antitrust antitrust ADJ cblr-1745 111 3 , , PUNCT cblr-1745 111 4 the the DET cblr-1745 111 5 proper proper ADJ cblr-1745 111 6 measure measure NOUN cblr-1745 111 7 of of ADP cblr-1745 111 8 market market NOUN cblr-1745 111 9 power power NOUN cblr-1745 111 10 has have AUX cblr-1745 111 11 been be AUX cblr-1745 111 12 fraught fraught ADJ cblr-1745 111 13 with with ADP cblr-1745 111 14 controversy.36 controversy.36 VERB cblr-1745 111 15 the the DET cblr-1745 111 16 prevailing prevail VERB cblr-1745 111 17 paradigm paradigm NOUN cblr-1745 111 18 — — PUNCT cblr-1745 111 19 using use VERB cblr-1745 111 20 market market NOUN cblr-1745 111 21 share share NOUN cblr-1745 111 22 as as ADP cblr-1745 111 23 a a DET cblr-1745 111 24 proxy proxy NOUN cblr-1745 111 25 for for ADP cblr-1745 111 26 market market NOUN cblr-1745 111 27 power power NOUN cblr-1745 111 28 — — PUNCT cblr-1745 111 29 is be AUX cblr-1745 111 30 the the DET cblr-1745 111 31 target target NOUN cblr-1745 111 32 of of ADP cblr-1745 111 33 fierce fierce ADJ cblr-1745 111 34 criticism.37 criticism.37 NOUN cblr-1745 111 35 by by ADP cblr-1745 111 36 undertaking undertake VERB cblr-1745 111 37 a a DET cblr-1745 111 38 methodical methodical ADJ cblr-1745 111 39 , , PUNCT cblr-1745 111 40 if if SCONJ cblr-1745 111 41 traditional traditional ADJ cblr-1745 111 42 , , PUNCT cblr-1745 111 43 study study NOUN cblr-1745 111 44 of of ADP cblr-1745 111 45 market market NOUN cblr-1745 111 46 definition definition NOUN cblr-1745 111 47 and and CCONJ cblr-1745 111 48 market market NOUN cblr-1745 111 49 share share NOUN cblr-1745 111 50 in in ADP cblr-1745 111 51 the the DET cblr-1745 111 52 derivatives derivative NOUN cblr-1745 111 53 world world NOUN cblr-1745 111 54 , , PUNCT cblr-1745 111 55 this this DET cblr-1745 111 56 article article NOUN cblr-1745 111 57 broadly broadly ADV cblr-1745 111 58 blends blend VERB cblr-1745 111 59 antitrust antitrust ADJ cblr-1745 111 60 and and CCONJ cblr-1745 111 61 financial financial ADJ cblr-1745 111 62 reform reform NOUN cblr-1745 111 63 scholarship scholarship NOUN cblr-1745 111 64 . . PUNCT cblr-1745 112 1 this this DET cblr-1745 112 2 article article NOUN cblr-1745 112 3 validates validate VERB cblr-1745 112 4 the the DET cblr-1745 112 5 market market NOUN cblr-1745 112 6 definition definition NOUN cblr-1745 112 7 / / SYM cblr-1745 112 8 market market NOUN cblr-1745 112 9 share share NOUN cblr-1745 112 10 paradigm paradigm NOUN cblr-1745 112 11 by by ADP cblr-1745 112 12 showing show VERB cblr-1745 112 13 its its PRON cblr-1745 112 14 ability ability NOUN cblr-1745 112 15 to to PART cblr-1745 112 16 illuminate illuminate VERB cblr-1745 112 17 blind blind ADJ cblr-1745 112 18 spots spot NOUN cblr-1745 112 19 in in ADP cblr-1745 112 20 financial financial ADJ cblr-1745 112 21 regulation.38 regulation.38 NOUN cblr-1745 112 22 the the DET cblr-1745 112 23 remainder remainder NOUN cblr-1745 112 24 of of ADP cblr-1745 112 25 this this DET cblr-1745 112 26 article article NOUN cblr-1745 112 27 unfolds unfold VERB cblr-1745 112 28 as as SCONJ cblr-1745 112 29 follows follow VERB cblr-1745 112 30 : : PUNCT cblr-1745 112 31 part part NOUN cblr-1745 112 32 ii ii PROPN cblr-1745 112 33 introduces introduce VERB cblr-1745 112 34 parallel parallel ADJ cblr-1745 112 35 exclusion exclusion NOUN cblr-1745 112 36 and and CCONJ cblr-1745 112 37 the the DET cblr-1745 112 38 derivatives derivative NOUN cblr-1745 112 39 markets market NOUN cblr-1745 112 40 . . PUNCT cblr-1745 113 1 part part NOUN cblr-1745 113 2 iii iii NUM cblr-1745 113 3 delves delf NOUN cblr-1745 113 4 into into ADP cblr-1745 113 5 market market NOUN cblr-1745 113 6 power power NOUN cblr-1745 113 7 analysis analysis NOUN cblr-1745 113 8 to to PART cblr-1745 113 9 create create VERB cblr-1745 113 10 a a DET cblr-1745 113 11 fuller full ADJ cblr-1745 113 12 picture picture NOUN cblr-1745 113 13 of of ADP cblr-1745 113 14 the the DET cblr-1745 113 15 upstream upstream ADJ cblr-1745 113 16 clearing clearing NOUN cblr-1745 113 17 and and CCONJ cblr-1745 113 18 downstream downstream ADJ cblr-1745 113 19 dealer dealer NOUN cblr-1745 113 20 markets.39 markets.39 NOUN cblr-1745 113 21 part part NOUN cblr-1745 113 22 iv iv NUM cblr-1745 113 23 examines examine VERB cblr-1745 113 24 the the DET cblr-1745 113 25 harms harm NOUN cblr-1745 113 26 of of ADP cblr-1745 113 27 parallel parallel ADJ cblr-1745 113 28 exclusion exclusion NOUN cblr-1745 113 29 concentration concentration NOUN cblr-1745 113 30 in in ADP cblr-1745 113 31 the the DET cblr-1745 113 32 dealer dealer NOUN cblr-1745 113 33 markets market NOUN cblr-1745 113 34 , , PUNCT cblr-1745 113 35 see see VERB cblr-1745 113 36 office office NOUN cblr-1745 113 37 of of ADP cblr-1745 113 38 the the DET cblr-1745 113 39 comptroller comptroller NOUN cblr-1745 113 40 of of ADP cblr-1745 113 41 the the DET cblr-1745 113 42 currency currency NOUN cblr-1745 113 43 , , PUNCT cblr-1745 113 44 occ occ PROPN cblr-1745 113 45 ’s ’s PART cblr-1745 113 46 quarterly quarterly ADJ cblr-1745 113 47 report report NOUN cblr-1745 113 48 on on ADP cblr-1745 113 49 bank bank NOUN cblr-1745 113 50 trading trading NOUN cblr-1745 113 51 and and CCONJ cblr-1745 113 52 derivatives derivative NOUN cblr-1745 113 53 activities activity NOUN cblr-1745 113 54 , , PUNCT cblr-1745 114 1 first first ADJ cblr-1745 114 2 quarter quarter NOUN cblr-1745 114 3 2014 2014 NUM cblr-1745 114 4 tbl.1 tbl.1 PROPN cblr-1745 114 5 ( ( PUNCT cblr-1745 114 6 2014 2014 NUM cblr-1745 114 7 ) ) PUNCT cblr-1745 114 8 , , PUNCT cblr-1745 114 9 https://www.occ.treas.gov/topics/capital-markets/financialmarkets/derivatives/dq114.pdf https://www.occ.treas.gov/topics/capital-markets/financialmarkets/derivatives/dq114.pdf NOUN cblr-1745 114 10 [ [ X cblr-1745 114 11 https://perma.cc/2u2a-mhl5 https://perma.cc/2u2a-mhl5 X cblr-1745 114 12 ] ] X cblr-1745 114 13 [ [ X cblr-1745 114 14 hereinafter hereinafter NOUN cblr-1745 114 15 occ occ PROPN cblr-1745 114 16 , , PUNCT cblr-1745 114 17 2014 2014 NUM cblr-1745 114 18 q1 q1 PROPN cblr-1745 114 19 report report NOUN cblr-1745 114 20 ] ] PUNCT cblr-1745 114 21 and and CCONJ cblr-1745 114 22 david david PROPN cblr-1745 114 23 mengle mengle PROPN cblr-1745 114 24 , , PUNCT cblr-1745 114 25 concentration concentration NOUN cblr-1745 114 26 of of ADP cblr-1745 114 27 otc otc PROPN cblr-1745 114 28 derivatives derivative NOUN cblr-1745 114 29 among among ADP cblr-1745 114 30 major major ADJ cblr-1745 114 31 dealers dealer NOUN cblr-1745 114 32 , , PUNCT cblr-1745 114 33 isda isda PROPN cblr-1745 114 34 research research NOUN cblr-1745 114 35 notes note NOUN cblr-1745 114 36 , , PUNCT cblr-1745 114 37 no no INTJ cblr-1745 114 38 . . NOUN cblr-1745 114 39 4 4 NUM cblr-1745 114 40 , , PUNCT cblr-1745 114 41 2010 2010 NUM cblr-1745 114 42 at at ADP cblr-1745 114 43 1 1 NUM cblr-1745 114 44 ( ( PUNCT cblr-1745 114 45 nov nov PROPN cblr-1745 114 46 . . PROPN cblr-1745 114 47 1 1 NUM cblr-1745 114 48 , , PUNCT cblr-1745 114 49 2010 2010 NUM cblr-1745 114 50 ) ) PUNCT cblr-1745 114 51 . . PUNCT cblr-1745 115 1 36 36 NUM cblr-1745 115 2 debate debate NOUN cblr-1745 115 3 rages rage NOUN cblr-1745 115 4 , , PUNCT cblr-1745 115 5 for for ADP cblr-1745 115 6 instance instance NOUN cblr-1745 115 7 , , PUNCT cblr-1745 115 8 over over ADP cblr-1745 115 9 whether whether SCONJ cblr-1745 115 10 market market NOUN cblr-1745 115 11 share share NOUN cblr-1745 115 12 is be AUX cblr-1745 115 13 an an DET cblr-1745 115 14 appropriate appropriate ADJ cblr-1745 115 15 proxy proxy NOUN cblr-1745 115 16 for for ADP cblr-1745 115 17 market market NOUN cblr-1745 115 18 power power NOUN cblr-1745 115 19 . . PUNCT cblr-1745 116 1 see see VERB cblr-1745 116 2 louis louis PROPN cblr-1745 116 3 kaplow kaplow NOUN cblr-1745 116 4 , , PUNCT cblr-1745 116 5 why why SCONJ cblr-1745 116 6 ( ( PUNCT cblr-1745 116 7 ever ever ADV cblr-1745 116 8 ) ) PUNCT cblr-1745 116 9 define define VERB cblr-1745 116 10 markets market NOUN cblr-1745 116 11 ? ? PUNCT cblr-1745 116 12 , , PUNCT cblr-1745 116 13 124 124 NUM cblr-1745 116 14 harv harv NOUN cblr-1745 116 15 . . PUNCT cblr-1745 117 1 l. l. PROPN cblr-1745 117 2 rev rev PROPN cblr-1745 117 3 . . PROPN cblr-1745 117 4 437 437 NUM cblr-1745 117 5 , , PUNCT cblr-1745 117 6 440 440 NUM cblr-1745 117 7 ( ( PUNCT cblr-1745 117 8 2010 2010 NUM cblr-1745 117 9 ) ) PUNCT cblr-1745 118 1 [ [ X cblr-1745 118 2 hereinafter hereinafter NOUN cblr-1745 118 3 kaplow kaplow NOUN cblr-1745 118 4 , , PUNCT cblr-1745 118 5 why why SCONJ cblr-1745 118 6 ( ( PUNCT cblr-1745 118 7 ever ever ADV cblr-1745 118 8 ) ) PUNCT cblr-1745 118 9 define define VERB cblr-1745 118 10 markets market NOUN cblr-1745 118 11 ? ? PUNCT cblr-1745 118 12 ] ] PUNCT cblr-1745 118 13 ; ; PUNCT cblr-1745 118 14 gregory gregory PROPN cblr-1745 118 15 j. j. PROPN cblr-1745 118 16 werden werden PROPN cblr-1745 118 17 , , PUNCT cblr-1745 118 18 why why SCONJ cblr-1745 118 19 ( ( PUNCT cblr-1745 118 20 ever ever ADV cblr-1745 118 21 ) ) PUNCT cblr-1745 118 22 define define VERB cblr-1745 118 23 markets market NOUN cblr-1745 118 24 ? ? PUNCT cblr-1745 119 1 an an DET cblr-1745 119 2 answer answer NOUN cblr-1745 119 3 to to ADP cblr-1745 119 4 professor professor NOUN cblr-1745 119 5 kaplow kaplow NOUN cblr-1745 119 6 , , PUNCT cblr-1745 119 7 78 78 NUM cblr-1745 119 8 antitrust antitrust ADJ cblr-1745 119 9 l.j l.j NOUN cblr-1745 119 10 . . PROPN cblr-1745 119 11 729 729 NUM cblr-1745 119 12 , , PUNCT cblr-1745 119 13 740 740 NUM cblr-1745 119 14 ( ( PUNCT cblr-1745 119 15 2013 2013 NUM cblr-1745 119 16 ) ) PUNCT cblr-1745 119 17 . . PUNCT cblr-1745 120 1 37 37 NUM cblr-1745 120 2 see see VERB cblr-1745 120 3 , , PUNCT cblr-1745 120 4 e.g. e.g. ADV cblr-1745 120 5 , , PUNCT cblr-1745 120 6 kaplow kaplow NOUN cblr-1745 120 7 , , PUNCT cblr-1745 120 8 why why SCONJ cblr-1745 120 9 ( ( PUNCT cblr-1745 120 10 ever ever ADV cblr-1745 120 11 ) ) PUNCT cblr-1745 120 12 define define VERB cblr-1745 120 13 markets market NOUN cblr-1745 120 14 ? ? PUNCT cblr-1745 120 15 , , PUNCT cblr-1745 120 16 supra supra PROPN cblr-1745 120 17 note note PROPN cblr-1745 120 18 36 36 NUM cblr-1745 120 19 , , PUNCT cblr-1745 120 20 at at ADP cblr-1745 120 21 440 440 NUM cblr-1745 120 22 ; ; PUNCT cblr-1745 120 23 daniel daniel PROPN cblr-1745 120 24 a. a. PROPN cblr-1745 120 25 crane crane PROPN cblr-1745 120 26 , , PUNCT cblr-1745 120 27 market market NOUN cblr-1745 120 28 power power NOUN cblr-1745 120 29 without without ADP cblr-1745 120 30 market market NOUN cblr-1745 120 31 definition definition NOUN cblr-1745 120 32 , , PUNCT cblr-1745 120 33 90 90 NUM cblr-1745 120 34 notre notre PROPN cblr-1745 120 35 dame dame PROPN cblr-1745 120 36 l. l. PROPN cblr-1745 120 37 rev rev PROPN cblr-1745 120 38 . . PROPN cblr-1745 120 39 31 31 NUM cblr-1745 120 40 , , PUNCT cblr-1745 120 41 31 31 NUM cblr-1745 120 42 ( ( PUNCT cblr-1745 120 43 2014 2014 NUM cblr-1745 120 44 ) ) PUNCT cblr-1745 120 45 . . PUNCT cblr-1745 121 1 38 38 NUM cblr-1745 121 2 see see VERB cblr-1745 121 3 infra infra NOUN cblr-1745 121 4 section section NOUN cblr-1745 121 5 iii.b.2 iii.b.2 PROPN cblr-1745 121 6 . . PROPN cblr-1745 121 7 39 39 NUM cblr-1745 121 8 in in ADP cblr-1745 121 9 upstream upstream ADJ cblr-1745 121 10 ( ( PUNCT cblr-1745 121 11 wholesale wholesale ADJ cblr-1745 121 12 ) ) PUNCT cblr-1745 121 13 markets market NOUN cblr-1745 121 14 , , PUNCT cblr-1745 121 15 firms firm NOUN cblr-1745 121 16 sell sell VERB cblr-1745 121 17 to to ADP cblr-1745 121 18 other other ADJ cblr-1745 121 19 firms firm NOUN cblr-1745 121 20 ; ; PUNCT cblr-1745 121 21 in in ADP cblr-1745 121 22 downstream downstream ADJ cblr-1745 121 23 ( ( PUNCT cblr-1745 121 24 retail retail ADJ cblr-1745 121 25 ) ) PUNCT cblr-1745 121 26 markets market NOUN cblr-1745 121 27 , , PUNCT cblr-1745 121 28 firms firm NOUN cblr-1745 121 29 sell sell VERB cblr-1745 121 30 products product NOUN cblr-1745 121 31 to to ADP cblr-1745 121 32 end end NOUN cblr-1745 121 33 - - PUNCT cblr-1745 121 34 users user NOUN cblr-1745 121 35 . . PUNCT cblr-1745 122 1 see see VERB cblr-1745 122 2 generally generally ADV cblr-1745 122 3 org org ADJ cblr-1745 122 4 . . PUNCT cblr-1745 123 1 for for ADP cblr-1745 123 2 econ econ PROPN cblr-1745 123 3 . . PUNCT cblr-1745 124 1 co co NOUN cblr-1745 124 2 - - NOUN cblr-1745 124 3 operation operation NOUN cblr-1745 124 4 & & CCONJ cblr-1745 124 5 dev dev PROPN cblr-1745 124 6 . . PROPN cblr-1745 124 7 , , PUNCT cblr-1745 124 8 defining define VERB cblr-1745 124 9 the the DET cblr-1745 124 10 relevant relevant ADJ cblr-1745 124 11 market market NOUN cblr-1745 124 12 in in ADP cblr-1745 124 13 telecommunications telecommunications NOUN cblr-1745 124 14 14 14 NUM cblr-1745 124 15 ( ( PUNCT cblr-1745 124 16 2014 2014 NUM cblr-1745 124 17 ) ) PUNCT cblr-1745 124 18 . . PUNCT cblr-1745 125 1 for for ADP cblr-1745 125 2 this this DET cblr-1745 125 3 article article NOUN cblr-1745 125 4 ’s ’s PART cblr-1745 125 5 purposes purpose NOUN cblr-1745 125 6 , , PUNCT cblr-1745 125 7 the the DET cblr-1745 125 8 clearing clearing NOUN cblr-1745 125 9 market market NOUN cblr-1745 125 10 is be AUX cblr-1745 125 11 upstream upstream ADJ cblr-1745 125 12 ; ; PUNCT cblr-1745 125 13 the the DET cblr-1745 125 14 trading trading NOUN cblr-1745 125 15 ( ( PUNCT cblr-1745 125 16 or or CCONJ cblr-1745 125 17 dealer dealer NOUN cblr-1745 125 18 ) ) PUNCT cblr-1745 125 19 market market NOUN cblr-1745 125 20 is be AUX cblr-1745 125 21 downstream downstream ADJ cblr-1745 125 22 . . PUNCT cblr-1745 126 1 chang chang PROPN cblr-1745 126 2 – – PUNCT cblr-1745 126 3 final final ADJ cblr-1745 126 4 666 666 NUM cblr-1745 126 5 columbia columbia PROPN cblr-1745 126 6 business business NOUN cblr-1745 126 7 law law PROPN cblr-1745 126 8 review review NOUN cblr-1745 126 9 [ [ X cblr-1745 126 10 vol vol NOUN cblr-1745 126 11 . . NOUN cblr-1745 126 12 2016 2016 NUM cblr-1745 126 13 in in ADP cblr-1745 126 14 the the DET cblr-1745 126 15 derivatives derivative NOUN cblr-1745 126 16 markets market NOUN cblr-1745 126 17 . . PUNCT cblr-1745 127 1 finally finally ADV cblr-1745 127 2 , , PUNCT cblr-1745 127 3 part part NOUN cblr-1745 127 4 v v NOUN cblr-1745 127 5 discusses discuss VERB cblr-1745 127 6 the the DET cblr-1745 127 7 benefits benefit NOUN cblr-1745 127 8 . . PUNCT cblr-1745 128 1 ii ii PROPN cblr-1745 128 2 . . PUNCT cblr-1745 129 1 parallel parallel ADJ cblr-1745 129 2 exclusion exclusion NOUN cblr-1745 129 3 and and CCONJ cblr-1745 129 4 the the DET cblr-1745 129 5 derivatives derivative NOUN cblr-1745 129 6 markets market NOUN cblr-1745 129 7 scholars scholar NOUN cblr-1745 129 8 have have AUX cblr-1745 129 9 long long ADV cblr-1745 129 10 recognized recognize VERB cblr-1745 129 11 the the DET cblr-1745 129 12 difficulty difficulty NOUN cblr-1745 129 13 of of ADP cblr-1745 129 14 antitrust antitrust NOUN cblr-1745 129 15 in in ADP cblr-1745 129 16 coherently coherently ADV cblr-1745 129 17 dealing deal VERB cblr-1745 129 18 with with ADP cblr-1745 129 19 exclusion.40 exclusion.40 PROPN cblr-1745 129 20 broadly broadly ADV cblr-1745 129 21 construed construe VERB cblr-1745 129 22 , , PUNCT cblr-1745 129 23 exclusion exclusion NOUN cblr-1745 129 24 “ " PUNCT cblr-1745 129 25 is be AUX cblr-1745 129 26 designed design VERB cblr-1745 129 27 by by ADP cblr-1745 129 28 the the DET cblr-1745 129 29 perpetrator perpetrator NOUN cblr-1745 129 30 to to PART cblr-1745 129 31 discipline discipline VERB cblr-1745 129 32 or or CCONJ cblr-1745 129 33 exclude exclude VERB cblr-1745 129 34 rivals rival NOUN cblr-1745 129 35 so so SCONJ cblr-1745 129 36 that that SCONJ cblr-1745 129 37 it it PRON cblr-1745 129 38 can can AUX cblr-1745 129 39 attain attain VERB cblr-1745 129 40 or or CCONJ cblr-1745 129 41 maintain maintain VERB cblr-1745 129 42 monopoly monopoly NOUN cblr-1745 129 43 power power NOUN cblr-1745 129 44 . . PUNCT cblr-1745 130 1 ”41 ”41 VERB cblr-1745 130 2 such such ADJ cblr-1745 130 3 practices practice NOUN cblr-1745 130 4 include include VERB cblr-1745 130 5 monopolization monopolization NOUN cblr-1745 130 6 , , PUNCT cblr-1745 130 7 attempts attempt VERB cblr-1745 130 8 to to PART cblr-1745 130 9 monopolize monopolize VERB cblr-1745 130 10 , , PUNCT cblr-1745 130 11 predatory predatory ADJ cblr-1745 130 12 pricing pricing NOUN cblr-1745 130 13 , , PUNCT cblr-1745 130 14 tying tying NOUN cblr-1745 130 15 , , PUNCT cblr-1745 130 16 and and CCONJ cblr-1745 130 17 some some DET cblr-1745 130 18 forms form NOUN cblr-1745 130 19 of of ADP cblr-1745 130 20 vertical vertical ADJ cblr-1745 130 21 integration.42 integration.42 NOUN cblr-1745 130 22 in in ADP cblr-1745 130 23 doctrine doctrine NOUN cblr-1745 130 24 , , PUNCT cblr-1745 130 25 exclusion exclusion NOUN cblr-1745 130 26 typically typically ADV cblr-1745 130 27 surfaces surface VERB cblr-1745 130 28 as as ADP cblr-1745 130 29 a a DET cblr-1745 130 30 violation violation NOUN cblr-1745 130 31 of of ADP cblr-1745 130 32 section section NOUN cblr-1745 130 33 2 2 NUM cblr-1745 130 34 of of ADP cblr-1745 130 35 the the DET cblr-1745 130 36 sherman sherman NOUN cblr-1745 130 37 act.43 act.43 PROPN cblr-1745 130 38 in in ADP cblr-1745 130 39 practice practice NOUN cblr-1745 130 40 , , PUNCT cblr-1745 130 41 exclusion exclusion NOUN cblr-1745 130 42 often often ADV cblr-1745 130 43 implicates implicate VERB cblr-1745 130 44 two two NUM cblr-1745 130 45 markets market NOUN cblr-1745 130 46 , , PUNCT cblr-1745 130 47 whereby whereby SCONJ cblr-1745 130 48 the the DET cblr-1745 130 49 perpetrator perpetrator NOUN cblr-1745 130 50 manipulates manipulate VERB cblr-1745 130 51 one one NUM cblr-1745 130 52 market market NOUN cblr-1745 130 53 to to PART cblr-1745 130 54 foster foster VERB cblr-1745 130 55 its its PRON cblr-1745 130 56 dominance dominance NOUN cblr-1745 130 57 over over ADP cblr-1745 130 58 an an DET cblr-1745 130 59 adjacent adjacent ADJ cblr-1745 130 60 market.44 market.44 NOUN cblr-1745 130 61 this this DET cblr-1745 130 62 article article NOUN cblr-1745 130 63 explores explore VERB cblr-1745 130 64 just just ADV cblr-1745 130 65 such such DET cblr-1745 130 66 an an DET cblr-1745 130 67 arrangement arrangement NOUN cblr-1745 130 68 : : PUNCT cblr-1745 130 69 five five NUM cblr-1745 130 70 derivatives derivative NOUN cblr-1745 130 71 dealers dealer NOUN cblr-1745 130 72 controlling control VERB cblr-1745 130 73 a a DET cblr-1745 130 74 derivatives derivative NOUN cblr-1745 130 75 clearinghouse clearinghouse NOUN cblr-1745 130 76 to to PART cblr-1745 130 77 protect protect VERB cblr-1745 130 78 their their PRON cblr-1745 130 79 dominance dominance NOUN cblr-1745 130 80 over over ADP cblr-1745 130 81 the the DET cblr-1745 130 82 trading trading NOUN cblr-1745 130 83 market market NOUN cblr-1745 130 84 . . PUNCT cblr-1745 131 1 while while SCONJ cblr-1745 131 2 there there PRON cblr-1745 131 3 has have AUX cblr-1745 131 4 been be AUX cblr-1745 131 5 a a DET cblr-1745 131 6 sea sea NOUN cblr-1745 131 7 change change NOUN cblr-1745 131 8 to to PART cblr-1745 131 9 bring bring VERB cblr-1745 131 10 exclusionary exclusionary ADJ cblr-1745 131 11 concerns concern NOUN cblr-1745 131 12 to to ADP cblr-1745 131 13 the the DET cblr-1745 131 14 forefront forefront NOUN cblr-1745 131 15 of of ADP cblr-1745 131 16 competition competition NOUN cblr-1745 131 17 policy,45 policy,45 NOUN cblr-1745 131 18 the the DET cblr-1745 131 19 impulse impulse ADJ cblr-1745 131 20 40 40 NUM cblr-1745 131 21 see see VERB cblr-1745 131 22 , , PUNCT cblr-1745 131 23 e.g. e.g. ADV cblr-1745 131 24 , , PUNCT cblr-1745 131 25 baker baker PROPN cblr-1745 131 26 , , PUNCT cblr-1745 131 27 supra supra PROPN cblr-1745 131 28 note note PROPN cblr-1745 131 29 3 3 NUM cblr-1745 131 30 , , PUNCT cblr-1745 131 31 at at ADP cblr-1745 131 32 527 527 NUM cblr-1745 131 33 . . PUNCT cblr-1745 132 1 the the DET cblr-1745 132 2 difficulty difficulty NOUN cblr-1745 132 3 can can AUX cblr-1745 132 4 be be AUX cblr-1745 132 5 attributed attribute VERB cblr-1745 132 6 in in ADP cblr-1745 132 7 part part NOUN cblr-1745 132 8 to to ADP cblr-1745 132 9 the the DET cblr-1745 132 10 decades decade NOUN cblr-1745 132 11 - - PUNCT cblr-1745 132 12 long long ADJ cblr-1745 132 13 dominance dominance NOUN cblr-1745 132 14 of of ADP cblr-1745 132 15 the the DET cblr-1745 132 16 chicago chicago PROPN cblr-1745 132 17 school school NOUN cblr-1745 132 18 , , PUNCT cblr-1745 132 19 which which PRON cblr-1745 132 20 has have AUX cblr-1745 132 21 been be AUX cblr-1745 132 22 skeptical skeptical ADJ cblr-1745 132 23 of of ADP cblr-1745 132 24 the the DET cblr-1745 132 25 place place NOUN cblr-1745 132 26 of of ADP cblr-1745 132 27 exclusion exclusion NOUN cblr-1745 132 28 within within ADP cblr-1745 132 29 antitrust antitrust NOUN cblr-1745 132 30 . . PUNCT cblr-1745 133 1 see see VERB cblr-1745 133 2 i i PRON cblr-1745 133 3 d. d. PROPN cblr-1745 133 4 at at ADP cblr-1745 133 5 528 528 NUM cblr-1745 133 6 . . PUNCT cblr-1745 134 1 41 41 NUM cblr-1745 134 2 hovenkamp hovenkamp NOUN cblr-1745 134 3 , , PUNCT cblr-1745 134 4 supra supra PROPN cblr-1745 134 5 note note PROPN cblr-1745 134 6 34 34 NUM cblr-1745 134 7 , , PUNCT cblr-1745 134 8 § § PROPN cblr-1745 134 9 17.2c 17.2c NUM cblr-1745 134 10 , , PUNCT cblr-1745 134 11 at at ADP cblr-1745 134 12 715 715 NUM cblr-1745 134 13 . . PUNCT cblr-1745 135 1 42 42 NUM cblr-1745 136 1 i i PRON cblr-1745 136 2 d. d. PROPN cblr-1745 136 3 43 43 NUM cblr-1745 136 4 see see VERB cblr-1745 136 5 baker baker PROPN cblr-1745 136 6 , , PUNCT cblr-1745 136 7 supra supra PROPN cblr-1745 136 8 note note NOUN cblr-1745 136 9 3 3 NUM cblr-1745 136 10 , , PUNCT cblr-1745 136 11 at at ADP cblr-1745 136 12 533–34 533–34 NUM cblr-1745 136 13 ( ( PUNCT cblr-1745 136 14 discussing discuss VERB cblr-1745 136 15 the the DET cblr-1745 136 16 nuances nuance NOUN cblr-1745 136 17 of of ADP cblr-1745 136 18 this this DET cblr-1745 136 19 association association NOUN cblr-1745 136 20 ) ) PUNCT cblr-1745 136 21 . . PUNCT cblr-1745 137 1 44 44 NUM cblr-1745 137 2 see see VERB cblr-1745 137 3 , , PUNCT cblr-1745 137 4 e.g. e.g. ADV cblr-1745 137 5 , , PUNCT cblr-1745 137 6 verizon verizon PROPN cblr-1745 137 7 commc’ns commc’ns PROPN cblr-1745 137 8 inc inc PROPN cblr-1745 137 9 . . PROPN cblr-1745 138 1 v. v. ADP cblr-1745 138 2 law law NOUN cblr-1745 138 3 offices office NOUN cblr-1745 138 4 of of ADP cblr-1745 138 5 curtis curtis PROPN cblr-1745 138 6 v. v. PROPN cblr-1745 138 7 trinko trinko PROPN cblr-1745 138 8 , , PUNCT cblr-1745 138 9 llp llp PROPN cblr-1745 138 10 , , PUNCT cblr-1745 138 11 540 540 NUM cblr-1745 138 12 u.s u.s PROPN cblr-1745 138 13 . . PROPN cblr-1745 138 14 398 398 NUM cblr-1745 138 15 , , PUNCT cblr-1745 138 16 408 408 NUM cblr-1745 138 17 ( ( PUNCT cblr-1745 138 18 2004 2004 NUM cblr-1745 138 19 ) ) PUNCT cblr-1745 138 20 ; ; PUNCT cblr-1745 139 1 eastman eastman PROPN cblr-1745 139 2 kodak kodak PROPN cblr-1745 139 3 co. co. PROPN cblr-1745 139 4 v. v. ADP cblr-1745 139 5 image image NOUN cblr-1745 139 6 tech tech NOUN cblr-1745 139 7 . . PUNCT cblr-1745 140 1 servs servs PROPN cblr-1745 140 2 . . PROPN cblr-1745 140 3 , , PUNCT cblr-1745 140 4 inc inc PROPN cblr-1745 140 5 . . PROPN cblr-1745 140 6 , , PUNCT cblr-1745 140 7 504 504 NUM cblr-1745 140 8 u.s u.s PROPN cblr-1745 140 9 . . PROPN cblr-1745 140 10 451 451 NUM cblr-1745 140 11 ( ( PUNCT cblr-1745 140 12 1992 1992 NUM cblr-1745 140 13 ) ) PUNCT cblr-1745 140 14 ; ; PUNCT cblr-1745 140 15 united united PROPN cblr-1745 140 16 states states PROPN cblr-1745 140 17 v. v. PROPN cblr-1745 140 18 microsoft microsoft PROPN cblr-1745 140 19 corp corp PROPN cblr-1745 140 20 . . PROPN cblr-1745 140 21 , , PUNCT cblr-1745 140 22 253 253 NUM cblr-1745 140 23 f.3d f.3d NUM cblr-1745 140 24 34 34 NUM cblr-1745 140 25 ( ( PUNCT cblr-1745 140 26 d.c d.c PROPN cblr-1745 140 27 . . PROPN cblr-1745 140 28 cir cir PROPN cblr-1745 140 29 . . PROPN cblr-1745 140 30 2001 2001 NUM cblr-1745 140 31 ) ) PUNCT cblr-1745 140 32 . . PUNCT cblr-1745 141 1 45 45 NUM cblr-1745 141 2 leaders leader NOUN cblr-1745 141 3 in in ADP cblr-1745 141 4 this this DET cblr-1745 141 5 effort effort NOUN cblr-1745 141 6 include include VERB cblr-1745 141 7 the the DET cblr-1745 141 8 post post ADJ cblr-1745 141 9 - - ADJ cblr-1745 141 10 chicago chicago ADJ cblr-1745 141 11 school school NOUN cblr-1745 141 12 and and CCONJ cblr-1745 141 13 the the DET cblr-1745 141 14 nobel nobel PROPN cblr-1745 141 15 prize prize PROPN cblr-1745 141 16 - - PUNCT cblr-1745 141 17 winning win VERB cblr-1745 141 18 economist economist NOUN cblr-1745 141 19 jean jean PROPN cblr-1745 141 20 tirole tirole PROPN cblr-1745 141 21 . . PUNCT cblr-1745 142 1 for for ADP cblr-1745 142 2 excellent excellent ADJ cblr-1745 142 3 summaries summary NOUN cblr-1745 142 4 , , PUNCT cblr-1745 142 5 see see VERB cblr-1745 142 6 generally generally ADV cblr-1745 142 7 steven steven PROPN cblr-1745 142 8 c. c. PROPN cblr-1745 142 9 salop salop PROPN cblr-1745 142 10 , , PUNCT cblr-1745 142 11 economic economic ADJ cblr-1745 142 12 analysis analysis NOUN cblr-1745 142 13 of of ADP cblr-1745 142 14 exclusionary exclusionary ADJ cblr-1745 142 15 vertical vertical ADJ cblr-1745 142 16 conduct conduct NOUN cblr-1745 142 17 : : PUNCT cblr-1745 142 18 where where SCONJ cblr-1745 142 19 chicago chicago PROPN cblr-1745 142 20 has have AUX cblr-1745 142 21 overshot overshoot VERB cblr-1745 142 22 the the DET cblr-1745 142 23 mark mark NOUN cblr-1745 142 24 , , PUNCT cblr-1745 142 25 in in ADP cblr-1745 142 26 how how SCONJ cblr-1745 142 27 the the DET cblr-1745 142 28 chicago chicago PROPN cblr-1745 142 29 school school NOUN cblr-1745 142 30 overshot overshoot VERB cblr-1745 142 31 the the DET cblr-1745 142 32 mark mark NOUN cblr-1745 142 33 : : PUNCT cblr-1745 142 34 the the DET cblr-1745 142 35 effect effect NOUN cblr-1745 142 36 of of ADP cblr-1745 142 37 conservative conservative ADJ cblr-1745 142 38 economic economic ADJ cblr-1745 142 39 chang chang PROPN cblr-1745 142 40 – – PUNCT cblr-1745 142 41 final final ADJ cblr-1745 142 42 no no NOUN cblr-1745 142 43 . . PUNCT cblr-1745 143 1 3:657 3:657 NUM cblr-1745 143 2 ] ] X cblr-1745 143 3 second second ADJ cblr-1745 143 4 - - PUNCT cblr-1745 143 5 generation generation NOUN cblr-1745 143 6 monopolization monopolization NOUN cblr-1745 143 7 667 667 NUM cblr-1745 143 8 to to ADP cblr-1745 143 9 cabin cabin NOUN cblr-1745 143 10 exclusion exclusion NOUN cblr-1745 143 11 within within ADP cblr-1745 143 12 section section NOUN cblr-1745 143 13 2 2 NUM cblr-1745 143 14 of of ADP cblr-1745 143 15 the the DET cblr-1745 143 16 sherman sherman PROPN cblr-1745 143 17 act act PROPN cblr-1745 143 18 lingers linger VERB cblr-1745 143 19 on.46 on.46 NOUN cblr-1745 143 20 this this DET cblr-1745 143 21 tendency tendency NOUN cblr-1745 143 22 confines confine VERB cblr-1745 143 23 the the DET cblr-1745 143 24 prosecution prosecution NOUN cblr-1745 143 25 of of ADP cblr-1745 143 26 exclusion exclusion NOUN cblr-1745 143 27 to to ADP cblr-1745 143 28 acts act NOUN cblr-1745 143 29 by by ADP cblr-1745 143 30 a a DET cblr-1745 143 31 single single ADJ cblr-1745 143 32 perpetrator.47 perpetrator.47 NOUN cblr-1745 143 33 recently recently ADV cblr-1745 143 34 , , PUNCT cblr-1745 143 35 hemphill hemphill PROPN cblr-1745 143 36 and and CCONJ cblr-1745 143 37 wu wu PROPN cblr-1745 143 38 ’s ’s PART cblr-1745 143 39 work work NOUN cblr-1745 143 40 has have AUX cblr-1745 143 41 illuminated illuminate VERB cblr-1745 143 42 the the DET cblr-1745 143 43 gray gray ADJ cblr-1745 143 44 area area NOUN cblr-1745 143 45 where where SCONJ cblr-1745 143 46 multiple multiple ADJ cblr-1745 143 47 actors actor NOUN cblr-1745 143 48 are be AUX cblr-1745 143 49 engaging engage VERB cblr-1745 143 50 in in ADP cblr-1745 143 51 parallel parallel ADJ cblr-1745 143 52 exclusive exclusive ADJ cblr-1745 143 53 behavior behavior NOUN cblr-1745 143 54 without without ADP cblr-1745 143 55 express express ADJ cblr-1745 143 56 agreement agreement NOUN cblr-1745 143 57 . . PUNCT cblr-1745 144 1 for for ADP cblr-1745 144 2 the the DET cblr-1745 144 3 most most ADJ cblr-1745 144 4 part part NOUN cblr-1745 144 5 , , PUNCT cblr-1745 144 6 courts court NOUN cblr-1745 144 7 have have AUX cblr-1745 144 8 declined decline VERB cblr-1745 144 9 to to PART cblr-1745 144 10 recognize recognize VERB cblr-1745 144 11 parallel parallel ADJ cblr-1745 144 12 exclusion.48 exclusion.48 NOUN cblr-1745 144 13 nonetheless nonetheless ADV cblr-1745 144 14 , , PUNCT cblr-1745 144 15 antitrust antitrust NOUN cblr-1745 144 16 would would AUX cblr-1745 144 17 benefit benefit VERB cblr-1745 144 18 from from ADP cblr-1745 144 19 a a DET cblr-1745 144 20 sustained sustained ADJ cblr-1745 144 21 study study NOUN cblr-1745 144 22 of of ADP cblr-1745 144 23 one one NUM cblr-1745 144 24 industry industry NOUN cblr-1745 144 25 over over ADP cblr-1745 144 26 time time NOUN cblr-1745 144 27 , , PUNCT cblr-1745 144 28 where where SCONJ cblr-1745 144 29 an an DET cblr-1745 144 30 oligopoly oligopoly NOUN cblr-1745 144 31 has have AUX cblr-1745 144 32 engaged engage VERB cblr-1745 144 33 in in ADP cblr-1745 144 34 recidivist recidivist ADJ cblr-1745 144 35 exclusion exclusion NOUN cblr-1745 144 36 , , PUNCT cblr-1745 144 37 moving move VERB cblr-1745 144 38 from from ADP cblr-1745 144 39 one one NUM cblr-1745 144 40 scheme scheme NOUN cblr-1745 144 41 to to ADP cblr-1745 144 42 another another PRON cblr-1745 144 43 to to PART cblr-1745 144 44 maintain maintain VERB cblr-1745 144 45 market market NOUN cblr-1745 144 46 power power NOUN cblr-1745 144 47 . . PUNCT cblr-1745 145 1 to to ADP cblr-1745 145 2 that that DET cblr-1745 145 3 end end NOUN cblr-1745 145 4 , , PUNCT cblr-1745 145 5 this this DET cblr-1745 145 6 section section NOUN cblr-1745 145 7 serves serve VERB cblr-1745 145 8 as as ADP cblr-1745 145 9 a a DET cblr-1745 145 10 primer primer NOUN cblr-1745 145 11 on on ADP cblr-1745 145 12 two two NUM cblr-1745 145 13 fronts front NOUN cblr-1745 145 14 . . PUNCT cblr-1745 146 1 first first ADV cblr-1745 146 2 , , PUNCT cblr-1745 146 3 this this DET cblr-1745 146 4 section section NOUN cblr-1745 146 5 discusses discuss VERB cblr-1745 146 6 hemphill hemphill PROPN cblr-1745 146 7 and and CCONJ cblr-1745 146 8 wu wu PROPN cblr-1745 146 9 ’s ’s PART cblr-1745 146 10 work work NOUN cblr-1745 146 11 on on ADP cblr-1745 146 12 parallel parallel ADJ cblr-1745 146 13 exclusion exclusion NOUN cblr-1745 146 14 , , PUNCT cblr-1745 146 15 noting note VERB cblr-1745 146 16 in in ADP cblr-1745 146 17 particular particular ADJ cblr-1745 146 18 the the DET cblr-1745 146 19 judicial judicial ADJ cblr-1745 146 20 reception reception NOUN cblr-1745 146 21 of of ADP cblr-1745 146 22 this this DET cblr-1745 146 23 theory theory NOUN cblr-1745 146 24 . . PUNCT cblr-1745 147 1 next next ADV cblr-1745 147 2 , , PUNCT cblr-1745 147 3 this this DET cblr-1745 147 4 section section NOUN cblr-1745 147 5 introduces introduce VERB cblr-1745 147 6 the the DET cblr-1745 147 7 derivatives derivative NOUN cblr-1745 147 8 markets market NOUN cblr-1745 147 9 and and CCONJ cblr-1745 147 10 provides provide VERB cblr-1745 147 11 analysis analysis NOUN cblr-1745 147 12 that that PRON cblr-1745 147 13 corroborates corroborate VERB cblr-1745 147 14 parallel parallel ADJ cblr-1745 147 15 exclusion exclusion NOUN cblr-1745 147 16 and and CCONJ cblr-1745 147 17 its its PRON cblr-1745 147 18 harms harm NOUN cblr-1745 147 19 . . PUNCT cblr-1745 148 1 a. a. NOUN cblr-1745 148 2 parallel parallel ADJ cblr-1745 148 3 exclusion exclusion NOUN cblr-1745 148 4 parallel parallel ADJ cblr-1745 148 5 exclusion exclusion NOUN cblr-1745 148 6 is be AUX cblr-1745 148 7 “ " PUNCT cblr-1745 148 8 self self NOUN cblr-1745 148 9 - - PUNCT cblr-1745 148 10 entrenching entrench VERB cblr-1745 148 11 conduct conduct NOUN cblr-1745 148 12 , , PUNCT cblr-1745 148 13 engaged engage VERB cblr-1745 148 14 in in ADP cblr-1745 148 15 by by ADP cblr-1745 148 16 multiple multiple ADJ cblr-1745 148 17 firms firm NOUN cblr-1745 148 18 , , PUNCT cblr-1745 148 19 that that PRON cblr-1745 148 20 harms harm VERB cblr-1745 148 21 competition competition NOUN cblr-1745 148 22 by by ADP cblr-1745 148 23 limiting limit VERB cblr-1745 148 24 the the DET cblr-1745 148 25 competitive competitive ADJ cblr-1745 148 26 prospects prospect NOUN cblr-1745 148 27 of of ADP cblr-1745 148 28 an an DET cblr-1745 148 29 existing exist VERB cblr-1745 148 30 or or CCONJ cblr-1745 148 31 potential potential ADJ cblr-1745 148 32 rival rival NOUN cblr-1745 148 33 to to ADP cblr-1745 148 34 the the DET cblr-1745 148 35 excluding exclude VERB cblr-1745 148 36 firms firm NOUN cblr-1745 148 37 . . PUNCT cblr-1745 149 1 ”49 ”49 ADP cblr-1745 149 2 notably notably ADV cblr-1745 149 3 , , PUNCT cblr-1745 149 4 the the DET cblr-1745 149 5 phenomenon phenomenon NOUN cblr-1745 149 6 occurs occur VERB cblr-1745 149 7 in in ADP cblr-1745 149 8 the the DET cblr-1745 149 9 absence absence NOUN cblr-1745 149 10 of of ADP cblr-1745 149 11 explicit explicit ADJ cblr-1745 149 12 agreement,50 agreement,50 NOUN cblr-1745 149 13 which which PRON cblr-1745 149 14 makes make VERB cblr-1745 149 15 it it PRON cblr-1745 149 16 hard hard ADJ cblr-1745 149 17 to to PART cblr-1745 149 18 fit fit VERB cblr-1745 149 19 parallel parallel ADJ cblr-1745 149 20 exclusion exclusion NOUN cblr-1745 149 21 within within ADP cblr-1745 149 22 antitrust antitrust ADJ cblr-1745 149 23 ’s ’s PART cblr-1745 149 24 current current ADJ cblr-1745 149 25 framework framework NOUN cblr-1745 149 26 . . PUNCT cblr-1745 150 1 without without ADP cblr-1745 150 2 express express ADJ cblr-1745 150 3 agreement agreement NOUN cblr-1745 150 4 , , PUNCT cblr-1745 150 5 anticompetitive anticompetitive ADJ cblr-1745 150 6 behavior behavior NOUN cblr-1745 150 7 by by ADP cblr-1745 150 8 analysis analysis NOUN cblr-1745 150 9 on on ADP cblr-1745 150 10 u.s u.s PROPN cblr-1745 150 11 . . PROPN cblr-1745 150 12 antitrust antitrust ADJ cblr-1745 150 13 141 141 NUM cblr-1745 150 14 ( ( PUNCT cblr-1745 150 15 robert robert PROPN cblr-1745 150 16 pitofsky pitofsky PROPN cblr-1745 150 17 ed ed PROPN cblr-1745 150 18 . . PROPN cblr-1745 150 19 , , PUNCT cblr-1745 150 20 2008 2008 NUM cblr-1745 150 21 ) ) PUNCT cblr-1745 150 22 ; ; PUNCT cblr-1745 150 23 thomas thomas PROPN cblr-1745 150 24 g. g. PROPN cblr-1745 150 25 krattenmaker krattenmaker PROPN cblr-1745 150 26 & & CCONJ cblr-1745 150 27 steven steven PROPN cblr-1745 150 28 c. c. PROPN cblr-1745 150 29 salop salop PROPN cblr-1745 150 30 , , PUNCT cblr-1745 150 31 anticompetitive anticompetitive ADJ cblr-1745 150 32 exclusion exclusion NOUN cblr-1745 150 33 : : PUNCT cblr-1745 150 34 raising raise VERB cblr-1745 150 35 rivals rival NOUN cblr-1745 150 36 ' ' PART cblr-1745 150 37 costs cost NOUN cblr-1745 150 38 to to PART cblr-1745 150 39 achieve achieve VERB cblr-1745 150 40 power power NOUN cblr-1745 150 41 over over ADP cblr-1745 150 42 price price NOUN cblr-1745 150 43 , , PUNCT cblr-1745 150 44 96 96 NUM cblr-1745 150 45 yale yale PROPN cblr-1745 150 46 l.j l.j PROPN cblr-1745 150 47 . . PROPN cblr-1745 150 48 209 209 NUM cblr-1745 150 49 ( ( PUNCT cblr-1745 150 50 1986 1986 NUM cblr-1745 150 51 ) ) PUNCT cblr-1745 150 52 ; ; PUNCT cblr-1745 150 53 rey rey PROPN cblr-1745 150 54 & & CCONJ cblr-1745 150 55 tirole tirole PROPN cblr-1745 150 56 , , PUNCT cblr-1745 150 57 supra supra PROPN cblr-1745 150 58 note note NOUN cblr-1745 150 59 3 3 NUM cblr-1745 150 60 . . NOUN cblr-1745 150 61 46 46 NUM cblr-1745 150 62 see see VERB cblr-1745 150 63 baker baker PROPN cblr-1745 150 64 , , PUNCT cblr-1745 150 65 supra supra PROPN cblr-1745 150 66 note note NOUN cblr-1745 150 67 3 3 NUM cblr-1745 150 68 , , PUNCT cblr-1745 150 69 at at ADP cblr-1745 150 70 533–34 533–34 NUM cblr-1745 150 71 ( ( PUNCT cblr-1745 150 72 discussing discuss VERB cblr-1745 150 73 the the DET cblr-1745 150 74 nuances nuance NOUN cblr-1745 150 75 of of ADP cblr-1745 150 76 this this DET cblr-1745 150 77 association association NOUN cblr-1745 150 78 ) ) PUNCT cblr-1745 150 79 . . PUNCT cblr-1745 151 1 47 47 NUM cblr-1745 151 2 see see VERB cblr-1745 151 3 hemphill hemphill PROPN cblr-1745 151 4 & & CCONJ cblr-1745 151 5 wu wu PROPN cblr-1745 151 6 , , PUNCT cblr-1745 151 7 supra supra PROPN cblr-1745 151 8 note note PROPN cblr-1745 151 9 6 6 NUM cblr-1745 151 10 , , PUNCT cblr-1745 151 11 at at ADP cblr-1745 151 12 1188 1188 NUM cblr-1745 151 13 , , PUNCT cblr-1745 151 14 1236 1236 NUM cblr-1745 151 15 . . PUNCT cblr-1745 152 1 48 48 NUM cblr-1745 152 2 see see NOUN cblr-1745 152 3 infra infra NOUN cblr-1745 152 4 section section NOUN cblr-1745 152 5 ii.a ii.a PROPN cblr-1745 152 6 . . PROPN cblr-1745 153 1 49 49 NUM cblr-1745 153 2 hemphill hemphill PROPN cblr-1745 153 3 & & CCONJ cblr-1745 153 4 wu wu PROPN cblr-1745 153 5 , , PUNCT cblr-1745 153 6 supra supra PROPN cblr-1745 153 7 note note PROPN cblr-1745 153 8 6 6 NUM cblr-1745 153 9 , , PUNCT cblr-1745 153 10 at at ADP cblr-1745 153 11 1189 1189 NUM cblr-1745 153 12 . . PUNCT cblr-1745 154 1 50 50 NUM cblr-1745 154 2 i i PRON cblr-1745 154 3 d. d. NOUN cblr-1745 154 4 at at ADP cblr-1745 154 5 1190 1190 NUM cblr-1745 154 6 . . PUNCT cblr-1745 155 1 chang chang PROPN cblr-1745 155 2 – – PUNCT cblr-1745 155 3 final final ADJ cblr-1745 155 4 668 668 NUM cblr-1745 155 5 columbia columbia PROPN cblr-1745 155 6 business business NOUN cblr-1745 155 7 law law PROPN cblr-1745 155 8 review review NOUN cblr-1745 155 9 [ [ X cblr-1745 155 10 vol vol NOUN cblr-1745 155 11 . . PUNCT cblr-1745 155 12 2016 2016 NUM cblr-1745 155 13 multiple multiple ADJ cblr-1745 155 14 actors actor NOUN cblr-1745 155 15 does do AUX cblr-1745 155 16 not not PART cblr-1745 155 17 constitute constitute VERB cblr-1745 155 18 collusion;51 collusion;51 NOUN cblr-1745 155 19 simultaneously simultaneously ADV cblr-1745 155 20 , , PUNCT cblr-1745 155 21 the the DET cblr-1745 155 22 behavior behavior NOUN cblr-1745 155 23 can can AUX cblr-1745 155 24 not not PART cblr-1745 155 25 satisfy satisfy VERB cblr-1745 155 26 monopolization monopolization NOUN cblr-1745 155 27 , , PUNCT cblr-1745 155 28 which which PRON cblr-1745 155 29 is be AUX cblr-1745 155 30 an an DET cblr-1745 155 31 offense offense NOUN cblr-1745 155 32 committed commit VERB cblr-1745 155 33 by by ADP cblr-1745 155 34 one one NUM cblr-1745 155 35 actor.52 actor.52 NOUN cblr-1745 155 36 while while SCONJ cblr-1745 155 37 not not PART cblr-1745 155 38 all all DET cblr-1745 155 39 parallel parallel ADJ cblr-1745 155 40 conduct conduct NOUN cblr-1745 155 41 is be AUX cblr-1745 155 42 anticompetitive anticompetitive ADJ cblr-1745 155 43 or or CCONJ cblr-1745 155 44 exclusive exclusive ADJ cblr-1745 155 45 , , PUNCT cblr-1745 155 46 some some DET cblr-1745 155 47 pernicious pernicious ADJ cblr-1745 155 48 types type NOUN cblr-1745 155 49 of of ADP cblr-1745 155 50 parallel parallel ADJ cblr-1745 155 51 exclusion exclusion NOUN cblr-1745 155 52 do do AUX cblr-1745 155 53 satisfy satisfy VERB cblr-1745 155 54 both both DET cblr-1745 155 55 thresholds.53 thresholds.53 VERB cblr-1745 155 56 for for ADP cblr-1745 155 57 instance instance NOUN cblr-1745 155 58 , , PUNCT cblr-1745 155 59 it it PRON cblr-1745 155 60 is be AUX cblr-1745 155 61 common common ADJ cblr-1745 155 62 practice practice NOUN cblr-1745 155 63 for for SCONJ cblr-1745 155 64 firms firm NOUN cblr-1745 155 65 to to PART cblr-1745 155 66 mimic mimic VERB cblr-1745 155 67 a a DET cblr-1745 155 68 successful successful ADJ cblr-1745 155 69 product product NOUN cblr-1745 155 70 or or CCONJ cblr-1745 155 71 follow follow VERB cblr-1745 155 72 a a DET cblr-1745 155 73 fashion fashion NOUN cblr-1745 155 74 trend trend NOUN cblr-1745 155 75 ; ; PUNCT cblr-1745 155 76 this this PRON cblr-1745 155 77 would would AUX cblr-1745 155 78 not not PART cblr-1745 155 79 exclude exclude VERB cblr-1745 155 80 other other ADJ cblr-1745 155 81 market market NOUN cblr-1745 155 82 players player NOUN cblr-1745 155 83 or or CCONJ cblr-1745 155 84 hurt hurt VERB cblr-1745 155 85 competition.54 competition.54 PROPN cblr-1745 155 86 on on ADP cblr-1745 155 87 the the DET cblr-1745 155 88 other other ADJ cblr-1745 155 89 hand hand NOUN cblr-1745 155 90 , , PUNCT cblr-1745 155 91 four four NUM cblr-1745 155 92 major major ADJ cblr-1745 155 93 airlines airline NOUN cblr-1745 155 94 sitting sit VERB cblr-1745 155 95 on on ADP cblr-1745 155 96 a a DET cblr-1745 155 97 committee committee NOUN cblr-1745 155 98 that that PRON cblr-1745 155 99 oversees oversee VERB cblr-1745 155 100 safety safety NOUN cblr-1745 155 101 standards standard NOUN cblr-1745 155 102 for for ADP cblr-1745 155 103 lax lax ADJ cblr-1745 155 104 and and CCONJ cblr-1745 155 105 independently independently ADV cblr-1745 155 106 advocating advocate VERB cblr-1745 155 107 for for ADP cblr-1745 155 108 rigorous rigorous ADJ cblr-1745 155 109 safety safety NOUN cblr-1745 155 110 standards standard NOUN cblr-1745 155 111 may may AUX cblr-1745 155 112 indeed indeed ADV cblr-1745 155 113 exclude exclude VERB cblr-1745 155 114 the the DET cblr-1745 155 115 operators operator NOUN cblr-1745 155 116 of of ADP cblr-1745 155 117 shoddily shoddily ADV cblr-1745 155 118 maintained maintain VERB cblr-1745 155 119 aircraft aircraft NOUN cblr-1745 155 120 . . PUNCT cblr-1745 156 1 even even ADV cblr-1745 156 2 within within ADP cblr-1745 156 3 the the DET cblr-1745 156 4 realm realm NOUN cblr-1745 156 5 of of ADP cblr-1745 156 6 parallel parallel ADJ cblr-1745 156 7 exclusion exclusion NOUN cblr-1745 156 8 , , PUNCT cblr-1745 156 9 not not PART cblr-1745 156 10 all all DET cblr-1745 156 11 practices practice NOUN cblr-1745 156 12 are be AUX cblr-1745 156 13 on on ADP cblr-1745 156 14 balance balance NOUN cblr-1745 156 15 harmful harmful ADJ cblr-1745 156 16 . . PUNCT cblr-1745 157 1 in in ADP cblr-1745 157 2 the the DET cblr-1745 157 3 example example NOUN cblr-1745 157 4 above above ADP cblr-1745 157 5 , , PUNCT cblr-1745 157 6 high high ADJ cblr-1745 157 7 standards standard NOUN cblr-1745 157 8 might might AUX cblr-1745 157 9 lock lock VERB cblr-1745 157 10 out out ADP cblr-1745 157 11 some some DET cblr-1745 157 12 competitors competitor NOUN cblr-1745 157 13 of of ADP cblr-1745 157 14 the the DET cblr-1745 157 15 four four NUM cblr-1745 157 16 airlines airline NOUN cblr-1745 157 17 from from ADP cblr-1745 157 18 lax lax PROPN cblr-1745 157 19 , , PUNCT cblr-1745 157 20 but but CCONJ cblr-1745 157 21 reducing reduce VERB cblr-1745 157 22 the the DET cblr-1745 157 23 number number NOUN cblr-1745 157 24 of of ADP cblr-1745 157 25 airlines airline NOUN cblr-1745 157 26 can can AUX cblr-1745 157 27 simplify simplify VERB cblr-1745 157 28 the the DET cblr-1745 157 29 airport airport NOUN cblr-1745 157 30 ’s ’s PART cblr-1745 157 31 operations operation NOUN cblr-1745 157 32 . . PUNCT cblr-1745 158 1 additionally additionally ADV cblr-1745 158 2 , , PUNCT cblr-1745 158 3 safety safety NOUN cblr-1745 158 4 concerns concern NOUN cblr-1745 158 5 may may AUX cblr-1745 158 6 more more ADV cblr-1745 158 7 than than ADP cblr-1745 158 8 offset offset VERB cblr-1745 158 9 the the DET cblr-1745 158 10 anticompetitive anticompetitive ADJ cblr-1745 158 11 effects effect NOUN cblr-1745 158 12 . . PUNCT cblr-1745 159 1 hence hence ADV cblr-1745 159 2 , , PUNCT cblr-1745 159 3 to to PART cblr-1745 159 4 separate separate VERB cblr-1745 159 5 detrimental detrimental ADJ cblr-1745 159 6 and and CCONJ cblr-1745 159 7 benign benign ADJ cblr-1745 159 8 parallel parallel ADJ cblr-1745 159 9 exclusion exclusion NOUN cblr-1745 159 10 , , PUNCT cblr-1745 159 11 hemphill hemphill PROPN cblr-1745 159 12 and and CCONJ cblr-1745 159 13 wu wu PROPN cblr-1745 159 14 propose propose VERB cblr-1745 159 15 an an DET cblr-1745 159 16 approach approach NOUN cblr-1745 159 17 that that PRON cblr-1745 159 18 requires require VERB cblr-1745 159 19 ( ( PUNCT cblr-1745 159 20 i i NOUN cblr-1745 159 21 ) ) PUNCT cblr-1745 159 22 sufficient sufficient ADJ cblr-1745 159 23 monopoly monopoly NOUN cblr-1745 159 24 power power NOUN cblr-1745 159 25 , , PUNCT cblr-1745 159 26 ( ( PUNCT cblr-1745 159 27 ii ii NOUN cblr-1745 159 28 ) ) PUNCT cblr-1745 159 29 anticompetitive anticompetitive ADJ cblr-1745 159 30 effects effect NOUN cblr-1745 159 31 , , PUNCT cblr-1745 159 32 and and CCONJ cblr-1745 159 33 ( ( PUNCT cblr-1745 159 34 iii iii NOUN cblr-1745 159 35 ) ) PUNCT cblr-1745 159 36 lack lack NOUN cblr-1745 159 37 of of ADP cblr-1745 159 38 efficiency efficiency NOUN cblr-1745 159 39 justifications.55 justifications.55 NOUN cblr-1745 159 40 this this DET cblr-1745 159 41 weighing weighing NOUN cblr-1745 159 42 of of ADP cblr-1745 159 43 anticompetitive anticompetitive ADJ cblr-1745 159 44 effects effect NOUN cblr-1745 159 45 and and CCONJ cblr-1745 159 46 enhanced enhance VERB cblr-1745 159 47 efficiencies efficiency NOUN cblr-1745 159 48 echoes echo VERB cblr-1745 159 49 antitrust antitrust ADJ cblr-1745 159 50 ’s ’s PART cblr-1745 159 51 treatment treatment NOUN cblr-1745 159 52 of of ADP cblr-1745 159 53 exclusion exclusion NOUN cblr-1745 159 54 generally generally ADV cblr-1745 159 55 . . PUNCT cblr-1745 160 1 for for ADP cblr-1745 160 2 example example NOUN cblr-1745 160 3 , , PUNCT cblr-1745 160 4 traditionally traditionally ADV cblr-1745 160 5 antitrust antitrust ADJ cblr-1745 160 6 has have AUX cblr-1745 160 7 condemned condemn VERB cblr-1745 160 8 the the DET cblr-1745 160 9 exclusionary exclusionary ADJ cblr-1745 160 10 effects effect NOUN cblr-1745 160 11 of of ADP cblr-1745 160 12 vertical vertical ADJ cblr-1745 160 13 integration integration NOUN cblr-1745 160 14 only only ADV cblr-1745 160 15 where where SCONJ cblr-1745 160 16 ( ( PUNCT cblr-1745 160 17 i i NOUN cblr-1745 160 18 ) ) PUNCT cblr-1745 160 19 the the DET cblr-1745 160 20 firm firm NOUN cblr-1745 160 21 or or CCONJ cblr-1745 160 22 firms firm NOUN cblr-1745 160 23 involved involve VERB cblr-1745 160 24 have have VERB cblr-1745 160 25 substantial substantial ADJ cblr-1745 160 26 51 51 NUM cblr-1745 161 1 see see NOUN cblr-1745 161 2 bell bell PROPN cblr-1745 161 3 atl atl PROPN cblr-1745 161 4 . . PROPN cblr-1745 161 5 corp corp PROPN cblr-1745 161 6 . . PROPN cblr-1745 162 1 v. v. CCONJ cblr-1745 162 2 twombly twombly ADV cblr-1745 162 3 , , PUNCT cblr-1745 162 4 550 550 NUM cblr-1745 162 5 u.s u.s PROPN cblr-1745 162 6 . . PROPN cblr-1745 162 7 544 544 NUM cblr-1745 162 8 , , PUNCT cblr-1745 162 9 553 553 NUM cblr-1745 162 10 ( ( PUNCT cblr-1745 162 11 2007 2007 NUM cblr-1745 162 12 ) ) PUNCT cblr-1745 162 13 . . PUNCT cblr-1745 163 1 52 52 NUM cblr-1745 163 2 see see VERB cblr-1745 163 3 brooke brooke PROPN cblr-1745 163 4 grp grp PROPN cblr-1745 163 5 . . PROPN cblr-1745 163 6 ltd ltd PROPN cblr-1745 163 7 . . PROPN cblr-1745 164 1 v. v. ADP cblr-1745 164 2 brown brown PROPN cblr-1745 164 3 & & CCONJ cblr-1745 164 4 williamson williamson PROPN cblr-1745 164 5 tobacco tobacco PROPN cblr-1745 164 6 corp corp PROPN cblr-1745 164 7 . . PROPN cblr-1745 164 8 , , PUNCT cblr-1745 164 9 509 509 NUM cblr-1745 164 10 u.s u.s PROPN cblr-1745 164 11 . . PROPN cblr-1745 164 12 209 209 NUM cblr-1745 164 13 , , PUNCT cblr-1745 164 14 229 229 NUM cblr-1745 164 15 ( ( PUNCT cblr-1745 164 16 1993 1993 NUM cblr-1745 164 17 ) ) PUNCT cblr-1745 164 18 . . PUNCT cblr-1745 165 1 53 53 NUM cblr-1745 165 2 more more ADV cblr-1745 165 3 precisely precisely ADV cblr-1745 165 4 , , PUNCT cblr-1745 165 5 parallel parallel ADJ cblr-1745 165 6 exclusion exclusion NOUN cblr-1745 165 7 must must AUX cblr-1745 165 8 , , PUNCT cblr-1745 165 9 at at ADP cblr-1745 165 10 a a DET cblr-1745 165 11 minimum minimum NOUN cblr-1745 165 12 , , PUNCT cblr-1745 165 13 be be AUX cblr-1745 165 14 anticompetitive anticompetitive ADJ cblr-1745 165 15 to to PART cblr-1745 165 16 be be AUX cblr-1745 165 17 condemned condemn VERB cblr-1745 165 18 . . PUNCT cblr-1745 166 1 see see VERB cblr-1745 166 2 hemphill hemphill PROPN cblr-1745 166 3 & & CCONJ cblr-1745 166 4 wu wu PROPN cblr-1745 166 5 , , PUNCT cblr-1745 166 6 supra supra PROPN cblr-1745 166 7 note note PROPN cblr-1745 166 8 6 6 NUM cblr-1745 166 9 , , PUNCT cblr-1745 166 10 at at ADP cblr-1745 166 11 1186 1186 NUM cblr-1745 166 12 ( ( PUNCT cblr-1745 166 13 “ " PUNCT cblr-1745 166 14 [ [ X cblr-1745 166 15 w]e w]e NOUN cblr-1745 166 16 do do AUX cblr-1745 166 17 not not PART cblr-1745 166 18 insist insist VERB cblr-1745 166 19 that that SCONJ cblr-1745 166 20 all all DET cblr-1745 166 21 parallel parallel ADJ cblr-1745 166 22 exclusion exclusion NOUN cblr-1745 166 23 is be AUX cblr-1745 166 24 anticompetitive anticompetitive ADJ cblr-1745 166 25 , , PUNCT cblr-1745 166 26 nor nor CCONJ cblr-1745 166 27 do do AUX cblr-1745 166 28 we we PRON cblr-1745 166 29 think think VERB cblr-1745 166 30 that that SCONJ cblr-1745 166 31 most most ADJ cblr-1745 166 32 parallel parallel ADJ cblr-1745 166 33 conduct conduct NOUN cblr-1745 166 34 is be AUX cblr-1745 166 35 exclusionary exclusionary ADJ cblr-1745 166 36 . . PUNCT cblr-1745 166 37 ” " PUNCT cblr-1745 166 38 ) ) PUNCT cblr-1745 166 39 . . PUNCT cblr-1745 167 1 54 54 NUM cblr-1745 168 1 i i PRON cblr-1745 168 2 d. d. VERB cblr-1745 168 3 at at ADP cblr-1745 168 4 1214–15 1214–15 NUM cblr-1745 168 5 . . PUNCT cblr-1745 169 1 55 55 NUM cblr-1745 170 1 i i PRON cblr-1745 170 2 d. d. VERB cblr-1745 170 3 at at ADP cblr-1745 170 4 1237–38 1237–38 NUM cblr-1745 170 5 . . PUNCT cblr-1745 171 1 note note VERB cblr-1745 171 2 that that SCONJ cblr-1745 171 3 this this PRON cblr-1745 171 4 is be AUX cblr-1745 171 5 one one NUM cblr-1745 171 6 of of ADP cblr-1745 171 7 two two NUM cblr-1745 171 8 broad broad ADJ cblr-1745 171 9 approaches approach NOUN cblr-1745 171 10 — — PUNCT cblr-1745 171 11 shared share VERB cblr-1745 171 12 monopoly monopoly NOUN cblr-1745 171 13 ( ( PUNCT cblr-1745 171 14 falling fall VERB cblr-1745 171 15 under under ADP cblr-1745 171 16 section section NOUN cblr-1745 171 17 2 2 NUM cblr-1745 171 18 ) ) PUNCT cblr-1745 171 19 and and CCONJ cblr-1745 171 20 aggregation aggregation NOUN cblr-1745 171 21 of of ADP cblr-1745 171 22 contracts contract NOUN cblr-1745 171 23 ( ( PUNCT cblr-1745 171 24 falling fall VERB cblr-1745 171 25 under under ADP cblr-1745 171 26 section section NOUN cblr-1745 171 27 1 1 NUM cblr-1745 171 28 ) ) PUNCT cblr-1745 171 29 . . PUNCT cblr-1745 172 1 see see VERB cblr-1745 172 2 i i PRON cblr-1745 172 3 d. d. PROPN cblr-1745 172 4 at at ADP cblr-1745 172 5 1235–50 1235–50 NUM cblr-1745 172 6 . . PUNCT cblr-1745 173 1 chang chang PROPN cblr-1745 173 2 – – PUNCT cblr-1745 173 3 final final ADJ cblr-1745 173 4 no no NOUN cblr-1745 173 5 . . PUNCT cblr-1745 174 1 3:657 3:657 NUM cblr-1745 174 2 ] ] X cblr-1745 174 3 second second ADJ cblr-1745 174 4 - - PUNCT cblr-1745 174 5 generation generation NOUN cblr-1745 174 6 monopolization monopolization NOUN cblr-1745 174 7 669 669 NUM cblr-1745 174 8 market market NOUN cblr-1745 174 9 power power NOUN cblr-1745 174 10 , , PUNCT cblr-1745 174 11 ( ( PUNCT cblr-1745 174 12 ii ii NOUN cblr-1745 174 13 ) ) PUNCT cblr-1745 174 14 integration integration NOUN cblr-1745 174 15 results result NOUN cblr-1745 174 16 in in ADP cblr-1745 174 17 significant significant ADJ cblr-1745 174 18 foreclosure foreclosure NOUN cblr-1745 174 19 of of ADP cblr-1745 174 20 a a DET cblr-1745 174 21 vertically vertically ADV cblr-1745 174 22 related relate VERB cblr-1745 174 23 market market NOUN cblr-1745 174 24 , , PUNCT cblr-1745 174 25 and and CCONJ cblr-1745 174 26 ( ( PUNCT cblr-1745 174 27 iii iii X cblr-1745 174 28 ) ) PUNCT cblr-1745 174 29 the the DET cblr-1745 174 30 case case NOUN cblr-1745 174 31 for for ADP cblr-1745 174 32 enhanced enhanced ADJ cblr-1745 174 33 efficiencies efficiency NOUN cblr-1745 174 34 is be AUX cblr-1745 174 35 very very ADV cblr-1745 174 36 weak.56 weak.56 NOUN cblr-1745 174 37 in in ADP cblr-1745 174 38 fact fact NOUN cblr-1745 174 39 , , PUNCT cblr-1745 174 40 exclusion exclusion NOUN cblr-1745 174 41 , , PUNCT cblr-1745 174 42 vertical vertical ADJ cblr-1745 174 43 integration integration NOUN cblr-1745 174 44 , , PUNCT cblr-1745 174 45 and and CCONJ cblr-1745 174 46 monopolization monopolization NOUN cblr-1745 174 47 are be AUX cblr-1745 174 48 often often ADV cblr-1745 174 49 conflated conflate VERB cblr-1745 174 50 and and CCONJ cblr-1745 174 51 subsumed subsume VERB cblr-1745 174 52 within within ADP cblr-1745 174 53 a a DET cblr-1745 174 54 larger large ADJ cblr-1745 174 55 section section NOUN cblr-1745 174 56 2 2 NUM cblr-1745 174 57 analysis.57 analysis.57 PROPN cblr-1745 174 58 hemphill hemphill PROPN cblr-1745 174 59 and and CCONJ cblr-1745 174 60 wu wu PROPN cblr-1745 174 61 ’s ’s PART cblr-1745 174 62 decision decision NOUN cblr-1745 174 63 to to PART cblr-1745 174 64 house house VERB cblr-1745 174 65 parallel parallel ADJ cblr-1745 174 66 exclusion exclusion NOUN cblr-1745 174 67 within within ADP cblr-1745 174 68 section section NOUN cblr-1745 174 69 2 2 NUM cblr-1745 174 70 must must AUX cblr-1745 174 71 therefore therefore ADV cblr-1745 174 72 contend contend VERB cblr-1745 174 73 with with ADP cblr-1745 174 74 all all DET cblr-1745 174 75 its its PRON cblr-1745 174 76 doctrinal doctrinal ADJ cblr-1745 174 77 baggage baggage NOUN cblr-1745 174 78 . . PUNCT cblr-1745 175 1 most most ADV cblr-1745 175 2 prominently prominently ADV cblr-1745 175 3 , , PUNCT cblr-1745 175 4 section section NOUN cblr-1745 175 5 2 2 NUM cblr-1745 175 6 is be AUX cblr-1745 175 7 usually usually ADV cblr-1745 175 8 understood understand VERB cblr-1745 175 9 to to PART cblr-1745 175 10 prohibit prohibit VERB cblr-1745 175 11 only only ADV cblr-1745 175 12 single single ADJ cblr-1745 175 13 - - PUNCT cblr-1745 175 14 firm firm NOUN cblr-1745 175 15 behavior behavior NOUN cblr-1745 175 16 . . PUNCT cblr-1745 176 1 hemphill hemphill PROPN cblr-1745 176 2 and and CCONJ cblr-1745 176 3 wu wu PROPN cblr-1745 176 4 surmount surmount PROPN cblr-1745 176 5 this this DET cblr-1745 176 6 obstacle obstacle NOUN cblr-1745 176 7 by by ADP cblr-1745 176 8 exploring explore VERB cblr-1745 176 9 , , PUNCT cblr-1745 176 10 among among ADP cblr-1745 176 11 other other ADJ cblr-1745 176 12 paths path NOUN cblr-1745 176 13 , , PUNCT cblr-1745 176 14 the the DET cblr-1745 176 15 “ " PUNCT cblr-1745 176 16 shared shared ADJ cblr-1745 176 17 monopoly monopoly NOUN cblr-1745 176 18 ” " PUNCT cblr-1745 176 19 theory theory NOUN cblr-1745 176 20 of of ADP cblr-1745 176 21 monopolization monopolization NOUN cblr-1745 176 22 , , PUNCT cblr-1745 176 23 which which PRON cblr-1745 176 24 would would AUX cblr-1745 176 25 harmonize harmonize VERB cblr-1745 176 26 treatment treatment NOUN cblr-1745 176 27 of of ADP cblr-1745 176 28 parallel parallel ADJ cblr-1745 176 29 exclusionary exclusionary ADJ cblr-1745 176 30 practices practice NOUN cblr-1745 176 31 by by ADP cblr-1745 176 32 both both PRON cblr-1745 176 33 single single ADJ cblr-1745 176 34 and and CCONJ cblr-1745 176 35 multiple multiple ADJ cblr-1745 176 36 firms.58 firms.58 NOUN cblr-1745 176 37 the the DET cblr-1745 176 38 “ " PUNCT cblr-1745 176 39 shared shared ADJ cblr-1745 176 40 monopoly monopoly NOUN cblr-1745 176 41 ” " PUNCT cblr-1745 176 42 theory theory NOUN cblr-1745 176 43 , , PUNCT cblr-1745 176 44 too too ADV cblr-1745 176 45 , , PUNCT cblr-1745 176 46 must must AUX cblr-1745 176 47 overcome overcome VERB cblr-1745 176 48 its its PRON cblr-1745 176 49 set set NOUN cblr-1745 176 50 of of ADP cblr-1745 176 51 obstacles obstacle NOUN cblr-1745 176 52 , , PUNCT cblr-1745 176 53 chief chief NOUN cblr-1745 176 54 among among ADP cblr-1745 176 55 them they PRON cblr-1745 176 56 the the DET cblr-1745 176 57 supreme supreme PROPN cblr-1745 176 58 court court PROPN cblr-1745 176 59 ’s ’s PART cblr-1745 176 60 reluctance reluctance NOUN cblr-1745 176 61 to to PART cblr-1745 176 62 extend extend VERB cblr-1745 176 63 section section NOUN cblr-1745 176 64 2 2 NUM cblr-1745 176 65 to to ADP cblr-1745 176 66 multiple multiple ADJ cblr-1745 176 67 defendants defendant NOUN cblr-1745 176 68 acting act VERB cblr-1745 176 69 independently independently ADV cblr-1745 176 70 . . PUNCT cblr-1745 177 1 for for ADP cblr-1745 177 2 example example NOUN cblr-1745 177 3 , , PUNCT cblr-1745 177 4 in in ADP cblr-1745 177 5 bell bell PROPN cblr-1745 177 6 atlantic atlantic PROPN cblr-1745 177 7 corp corp PROPN cblr-1745 177 8 . . PROPN cblr-1745 178 1 v. v. ADP cblr-1745 179 1 twombly twombly ADV cblr-1745 179 2 the the DET cblr-1745 179 3 court court NOUN cblr-1745 179 4 required require VERB cblr-1745 179 5 more more ADJ cblr-1745 179 6 than than ADP cblr-1745 179 7 a a DET cblr-1745 179 8 showing showing NOUN cblr-1745 179 9 of of ADP cblr-1745 179 10 parallel parallel ADJ cblr-1745 179 11 conduct conduct NOUN cblr-1745 179 12 or or CCONJ cblr-1745 179 13 independence independence NOUN cblr-1745 179 14 to to PART cblr-1745 179 15 move move VERB cblr-1745 179 16 a a DET cblr-1745 179 17 section section NOUN cblr-1745 179 18 1 1 NUM cblr-1745 179 19 claim claim NOUN cblr-1745 179 20 past past ADP cblr-1745 179 21 pleading.59 pleading.59 PROPN cblr-1745 179 22 in in ADP cblr-1745 179 23 brooke brooke PROPN cblr-1745 179 24 group group PROPN cblr-1745 179 25 ltd ltd PROPN cblr-1745 179 26 . . PROPN cblr-1745 180 1 v. v. ADP cblr-1745 180 2 brown brown PROPN cblr-1745 180 3 & & CCONJ cblr-1745 180 4 williamson williamson PROPN cblr-1745 180 5 tobacco tobacco PROPN cblr-1745 180 6 corp corp PROPN cblr-1745 180 7 . . PROPN cblr-1745 180 8 , , PUNCT cblr-1745 180 9 the the DET cblr-1745 180 10 court court NOUN cblr-1745 180 11 cast cast VERB cblr-1745 180 12 doubt doubt NOUN cblr-1745 180 13 on on ADP cblr-1745 180 14 whether whether SCONJ cblr-1745 180 15 oligopolistic oligopolistic ADJ cblr-1745 180 16 price price NOUN cblr-1745 180 17 coordination coordination NOUN cblr-1745 180 18 or or CCONJ cblr-1745 180 19 conscious conscious ADJ cblr-1745 180 20 parallelism parallelism NOUN cblr-1745 180 21 would would AUX cblr-1745 180 22 injure injure VERB cblr-1745 180 23 consumers consumer NOUN cblr-1745 180 24 to to ADP cblr-1745 180 25 the the DET cblr-1745 180 26 same same ADJ cblr-1745 180 27 extent extent NOUN cblr-1745 180 28 as as ADP cblr-1745 180 29 monopolistic monopolistic ADJ cblr-1745 180 30 predatory predatory ADJ cblr-1745 180 31 pricing pricing NOUN cblr-1745 180 32 , , PUNCT cblr-1745 180 33 noting note VERB cblr-1745 180 34 that that SCONJ cblr-1745 180 35 the the DET cblr-1745 180 36 general general ADJ cblr-1745 180 37 occurrence occurrence NOUN cblr-1745 180 38 of of ADP cblr-1745 180 39 price price NOUN cblr-1745 180 40 coordination coordination NOUN cblr-1745 180 41 seemed seem VERB cblr-1745 180 42 unlikely.60 unlikely.60 PROPN cblr-1745 180 43 both both DET cblr-1745 180 44 cases case NOUN cblr-1745 180 45 might might AUX cblr-1745 180 46 be be AUX cblr-1745 180 47 read read VERB cblr-1745 180 48 narrowly narrowly ADV cblr-1745 180 49 — — PUNCT cblr-1745 180 50 and and CCONJ cblr-1745 180 51 hemphill hemphill PROPN cblr-1745 180 52 and and CCONJ cblr-1745 180 53 wu wu PROPN cblr-1745 180 54 certainly certainly ADV cblr-1745 180 55 do do VERB cblr-1745 180 56 so so ADV cblr-1745 180 57 , , PUNCT cblr-1745 180 58 by by ADP cblr-1745 180 59 casting cast VERB cblr-1745 180 60 both both PRON cblr-1745 180 61 as as ADP cblr-1745 180 62 cases case NOUN cblr-1745 180 63 about about ADP cblr-1745 180 64 parallel parallel ADJ cblr-1745 180 65 pricing pricing NOUN cblr-1745 180 66 or or CCONJ cblr-1745 180 67 collusion collusion NOUN cblr-1745 180 68 rather rather ADV cblr-1745 180 69 than than ADP cblr-1745 180 70 56 56 NUM cblr-1745 180 71 hovenkamp hovenkamp NOUN cblr-1745 180 72 , , PUNCT cblr-1745 180 73 supra supra PROPN cblr-1745 180 74 note note PROPN cblr-1745 180 75 34 34 NUM cblr-1745 180 76 , , PUNCT cblr-1745 180 77 § § NOUN cblr-1745 180 78 9.3a 9.3a NUM cblr-1745 180 79 , , PUNCT cblr-1745 180 80 at at ADP cblr-1745 180 81 422 422 NUM cblr-1745 180 82 ; ; PUNCT cblr-1745 180 83 see see VERB cblr-1745 180 84 also also ADV cblr-1745 180 85 i i PROPN cblr-1745 180 86 d. d. PROPN cblr-1745 180 87 § § PROPN cblr-1745 180 88 6.4a 6.4a PROPN cblr-1745 180 89 , , PUNCT cblr-1745 180 90 at at ADP cblr-1745 180 91 298 298 NUM cblr-1745 180 92 . . PUNCT cblr-1745 180 93 57 57 NUM cblr-1745 180 94 see see VERB cblr-1745 180 95 marina marina PROPN cblr-1745 180 96 lao lao PROPN cblr-1745 180 97 , , PUNCT cblr-1745 180 98 ideology ideology NOUN cblr-1745 180 99 matters matter NOUN cblr-1745 180 100 in in ADP cblr-1745 180 101 the the DET cblr-1745 180 102 antitrust antitrust ADJ cblr-1745 180 103 debate debate NOUN cblr-1745 180 104 , , PUNCT cblr-1745 180 105 79 79 NUM cblr-1745 180 106 antitrust antitrust ADJ cblr-1745 180 107 l.j l.j NOUN cblr-1745 180 108 . . PROPN cblr-1745 180 109 649 649 NUM cblr-1745 180 110 , , PUNCT cblr-1745 180 111 655–56 655–56 NUM cblr-1745 180 112 ( ( PUNCT cblr-1745 180 113 2014 2014 NUM cblr-1745 180 114 ) ) PUNCT cblr-1745 180 115 . . PUNCT cblr-1745 181 1 58 58 NUM cblr-1745 181 2 hemphill hemphill PROPN cblr-1745 181 3 & & CCONJ cblr-1745 181 4 wu wu PROPN cblr-1745 181 5 , , PUNCT cblr-1745 181 6 supra supra PROPN cblr-1745 181 7 note note PROPN cblr-1745 181 8 6 6 NUM cblr-1745 181 9 , , PUNCT cblr-1745 181 10 at at ADP cblr-1745 181 11 1236–37 1236–37 NOUN cblr-1745 181 12 . . PUNCT cblr-1745 182 1 59 59 NUM cblr-1745 182 2 550 550 NUM cblr-1745 182 3 u.s u.s PROPN cblr-1745 182 4 . . PROPN cblr-1745 182 5 544 544 NUM cblr-1745 182 6 , , PUNCT cblr-1745 182 7 553–56 553–56 NUM cblr-1745 182 8 ( ( PUNCT cblr-1745 182 9 2007 2007 NUM cblr-1745 182 10 ) ) PUNCT cblr-1745 182 11 . . PUNCT cblr-1745 183 1 60 60 NUM cblr-1745 183 2 509 509 NUM cblr-1745 183 3 u.s u.s PROPN cblr-1745 183 4 . . PROPN cblr-1745 183 5 209 209 NUM cblr-1745 183 6 , , PUNCT cblr-1745 183 7 227–29 227–29 PROPN cblr-1745 183 8 ( ( PUNCT cblr-1745 183 9 1993 1993 NUM cblr-1745 183 10 ) ) PUNCT cblr-1745 183 11 . . PUNCT cblr-1745 184 1 oligopolistic oligopolistic ADJ cblr-1745 184 2 price price NOUN cblr-1745 184 3 coordination coordination NOUN cblr-1745 184 4 or or CCONJ cblr-1745 184 5 conscious conscious ADJ cblr-1745 184 6 parallelism parallelism NOUN cblr-1745 184 7 are be AUX cblr-1745 184 8 practices practice NOUN cblr-1745 184 9 “ " PUNCT cblr-1745 184 10 by by ADP cblr-1745 184 11 which which PRON cblr-1745 184 12 firms firm NOUN cblr-1745 184 13 in in ADP cblr-1745 184 14 a a DET cblr-1745 184 15 concentrated concentrated ADJ cblr-1745 184 16 market market NOUN cblr-1745 185 1 might might AUX cblr-1745 185 2 in in ADP cblr-1745 185 3 effect effect NOUN cblr-1745 185 4 share share NOUN cblr-1745 185 5 monopoly monopoly NOUN cblr-1745 185 6 power power NOUN cblr-1745 185 7 , , PUNCT cblr-1745 185 8 setting set VERB cblr-1745 185 9 their their PRON cblr-1745 185 10 prices price NOUN cblr-1745 185 11 at at ADP cblr-1745 185 12 a a DET cblr-1745 185 13 profit profit NOUN cblr-1745 185 14 - - PUNCT cblr-1745 185 15 maximizing maximize VERB cblr-1745 185 16 , , PUNCT cblr-1745 185 17 supracompetitive supracompetitive ADJ cblr-1745 185 18 level level NOUN cblr-1745 185 19 . . PUNCT cblr-1745 185 20 ” " PUNCT cblr-1745 186 1 i i PRON cblr-1745 186 2 d. d. PROPN cblr-1745 186 3 at at ADP cblr-1745 186 4 227 227 NUM cblr-1745 186 5 . . PUNCT cblr-1745 187 1 chang chang PROPN cblr-1745 187 2 – – PUNCT cblr-1745 187 3 final final ADJ cblr-1745 187 4 670 670 NUM cblr-1745 187 5 columbia columbia PROPN cblr-1745 187 6 business business NOUN cblr-1745 187 7 law law PROPN cblr-1745 187 8 review review NOUN cblr-1745 187 9 [ [ X cblr-1745 187 10 vol vol NOUN cblr-1745 187 11 . . PUNCT cblr-1745 187 12 2016 2016 NUM cblr-1745 187 13 parallel parallel ADJ cblr-1745 187 14 exclusion.61 exclusion.61 NOUN cblr-1745 187 15 nonetheless nonetheless ADV cblr-1745 187 16 , , PUNCT cblr-1745 187 17 even even ADV cblr-1745 187 18 in in ADP cblr-1745 187 19 recent recent ADJ cblr-1745 187 20 cases case NOUN cblr-1745 187 21 where where SCONJ cblr-1745 187 22 parallel parallel ADJ cblr-1745 187 23 conduct conduct NOUN cblr-1745 187 24 was be AUX cblr-1745 187 25 the the DET cblr-1745 187 26 basis basis NOUN cblr-1745 187 27 for for ADP cblr-1745 187 28 a a DET cblr-1745 187 29 sherman sherman PROPN cblr-1745 187 30 act act PROPN cblr-1745 187 31 claim claim NOUN cblr-1745 187 32 , , PUNCT cblr-1745 187 33 the the DET cblr-1745 187 34 concept concept NOUN cblr-1745 187 35 of of ADP cblr-1745 187 36 parallel parallel ADJ cblr-1745 187 37 exclusion exclusion NOUN cblr-1745 187 38 has have AUX cblr-1745 187 39 enjoyed enjoy VERB cblr-1745 187 40 mixed mixed ADJ cblr-1745 187 41 reception reception NOUN cblr-1745 187 42 at at ADP cblr-1745 187 43 best good ADJ cblr-1745 187 44 . . PUNCT cblr-1745 188 1 one one NUM cblr-1745 188 2 recent recent ADJ cblr-1745 188 3 case case NOUN cblr-1745 188 4 is be AUX cblr-1745 188 5 in in ADP cblr-1745 188 6 re re NOUN cblr-1745 188 7 credit credit NOUN cblr-1745 188 8 default default NOUN cblr-1745 188 9 swaps swap NOUN cblr-1745 188 10 antitrust antitrust ADJ cblr-1745 188 11 litigation litigation NOUN cblr-1745 188 12 , , PUNCT cblr-1745 188 13 a a DET cblr-1745 188 14 consolidated consolidated ADJ cblr-1745 188 15 class class NOUN cblr-1745 188 16 action action NOUN cblr-1745 188 17 against against ADP cblr-1745 188 18 the the DET cblr-1745 188 19 major major ADJ cblr-1745 188 20 players player NOUN cblr-1745 188 21 in in ADP cblr-1745 188 22 the the DET cblr-1745 188 23 trading trading NOUN cblr-1745 188 24 of of ADP cblr-1745 188 25 credit credit NOUN cblr-1745 188 26 default default NOUN cblr-1745 188 27 swaps swap NOUN cblr-1745 188 28 ( ( PUNCT cblr-1745 188 29 “ " PUNCT cblr-1745 188 30 cds cd NOUN cblr-1745 188 31 ” " PUNCT cblr-1745 188 32 ) ) PUNCT cblr-1745 188 33 , , PUNCT cblr-1745 188 34 where where SCONJ cblr-1745 188 35 the the DET cblr-1745 188 36 plaintiffs plaintiff NOUN cblr-1745 188 37 alleged allege VERB cblr-1745 188 38 that that SCONJ cblr-1745 188 39 the the DET cblr-1745 188 40 defendants defendant NOUN cblr-1745 188 41 had have AUX cblr-1745 188 42 illegally illegally ADV cblr-1745 188 43 cornered corner VERB cblr-1745 188 44 the the DET cblr-1745 188 45 cds cds PROPN cblr-1745 188 46 trading trading NOUN cblr-1745 188 47 market.62 market.62 NOUN cblr-1745 188 48 the the DET cblr-1745 188 49 causes cause NOUN cblr-1745 188 50 of of ADP cblr-1745 188 51 action action NOUN cblr-1745 188 52 included include VERB cblr-1745 188 53 conspiring conspire VERB cblr-1745 188 54 to to PART cblr-1745 188 55 fix fix VERB cblr-1745 188 56 the the DET cblr-1745 188 57 bid bid NOUN cblr-1745 188 58 / / SYM cblr-1745 188 59 ask ask VERB cblr-1745 188 60 spreads spread NOUN cblr-1745 188 61 of of ADP cblr-1745 188 62 dealers dealer NOUN cblr-1745 188 63 in in ADP cblr-1745 188 64 violation violation NOUN cblr-1745 188 65 of of ADP cblr-1745 188 66 section section NOUN cblr-1745 188 67 1 1 NUM cblr-1745 188 68 of of ADP cblr-1745 188 69 the the DET cblr-1745 188 70 sherman sherman NOUN cblr-1745 188 71 act63 act63 PROPN cblr-1745 188 72 and and CCONJ cblr-1745 188 73 conspiring conspire VERB cblr-1745 188 74 to to PART cblr-1745 188 75 block block VERB cblr-1745 188 76 the the DET cblr-1745 188 77 emergence emergence NOUN cblr-1745 188 78 of of ADP cblr-1745 188 79 alternate alternate ADJ cblr-1745 188 80 trading trading NOUN cblr-1745 188 81 and and CCONJ cblr-1745 188 82 clearing clearing NOUN cblr-1745 188 83 platforms platform NOUN cblr-1745 188 84 in in ADP cblr-1745 188 85 violation violation NOUN cblr-1745 188 86 of of ADP cblr-1745 188 87 section section NOUN cblr-1745 188 88 2.64 2.64 NUM cblr-1745 188 89 conscious conscious ADJ cblr-1745 188 90 of of ADP cblr-1745 188 91 the the DET cblr-1745 188 92 vulnerability vulnerability NOUN cblr-1745 188 93 of of ADP cblr-1745 188 94 a a DET cblr-1745 188 95 shared share VERB cblr-1745 188 96 monopoly monopoly NOUN cblr-1745 188 97 theory theory NOUN cblr-1745 188 98 , , PUNCT cblr-1745 188 99 the the DET cblr-1745 188 100 plaintiffs plaintiff NOUN cblr-1745 188 101 staked stake VERB cblr-1745 188 102 their their PRON cblr-1745 188 103 section section NOUN cblr-1745 188 104 2 2 NUM cblr-1745 188 105 claim claim NOUN cblr-1745 188 106 on on ADP cblr-1745 188 107 conspiracy conspiracy NOUN cblr-1745 188 108 to to ADP cblr-1745 188 109 monopolize.65 monopolize.65 PROPN cblr-1745 188 110 61 61 NUM cblr-1745 188 111 hemphill hemphill PROPN cblr-1745 188 112 & & CCONJ cblr-1745 188 113 wu wu PROPN cblr-1745 188 114 , , PUNCT cblr-1745 188 115 supra supra PROPN cblr-1745 188 116 note note PROPN cblr-1745 188 117 6 6 NUM cblr-1745 188 118 , , PUNCT cblr-1745 188 119 at at ADP cblr-1745 188 120 1199 1199 NUM cblr-1745 188 121 , , PUNCT cblr-1745 188 122 1240–41 1240–41 NUM cblr-1745 188 123 , , PUNCT cblr-1745 188 124 1241 1241 NUM cblr-1745 188 125 n.246 n.246 NOUN cblr-1745 188 126 . . PUNCT cblr-1745 189 1 62 62 NUM cblr-1745 189 2 see see VERB cblr-1745 189 3 second second ADJ cblr-1745 189 4 amended amend VERB cblr-1745 189 5 complaint complaint NOUN cblr-1745 189 6 , , PUNCT cblr-1745 189 7 in in ADP cblr-1745 189 8 re re NOUN cblr-1745 189 9 credit credit NOUN cblr-1745 189 10 default default NOUN cblr-1745 189 11 swaps swap NOUN cblr-1745 189 12 antitrust antitrust ADJ cblr-1745 189 13 litig litig NOUN cblr-1745 189 14 . . PUNCT cblr-1745 189 15 , , PUNCT cblr-1745 189 16 no no INTJ cblr-1745 189 17 . . NOUN cblr-1745 189 18 13 13 NUM cblr-1745 189 19 - - SYM cblr-1745 189 20 md-2476 md-2476 PROPN cblr-1745 189 21 ( ( PUNCT cblr-1745 189 22 s.d.n.y s.d.n.y PROPN cblr-1745 189 23 . . PUNCT cblr-1745 189 24 apr apr PROPN cblr-1745 189 25 . . PROPN cblr-1745 189 26 11 11 NUM cblr-1745 189 27 , , PUNCT cblr-1745 189 28 2014 2014 NUM cblr-1745 189 29 ) ) PUNCT cblr-1745 189 30 , , PUNCT cblr-1745 189 31 2014 2014 NUM cblr-1745 189 32 wl wl NOUN cblr-1745 189 33 1408256 1408256 NUM cblr-1745 189 34 [ [ X cblr-1745 189 35 hereinafter hereinafter NOUN cblr-1745 189 36 cds cd NOUN cblr-1745 189 37 antitrust antitrust ADJ cblr-1745 189 38 litig litig NOUN cblr-1745 189 39 . . PUNCT cblr-1745 190 1 complaint complaint NOUN cblr-1745 190 2 ] ] PUNCT cblr-1745 190 3 . . PUNCT cblr-1745 191 1 63 63 NUM cblr-1745 191 2 the the DET cblr-1745 191 3 southern southern ADJ cblr-1745 191 4 district district NOUN cblr-1745 191 5 of of ADP cblr-1745 191 6 new new PROPN cblr-1745 191 7 york york PROPN cblr-1745 191 8 explained explain VERB cblr-1745 191 9 this this DET cblr-1745 191 10 “ " PUNCT cblr-1745 191 11 spread spread NOUN cblr-1745 191 12 ” " PUNCT cblr-1745 191 13 as as SCONJ cblr-1745 191 14 follows follow VERB cblr-1745 191 15 : : PUNCT cblr-1745 191 16 market market NOUN cblr-1745 191 17 makers maker NOUN cblr-1745 191 18 — — PUNCT cblr-1745 191 19 also also ADV cblr-1745 191 20 referred refer VERB cblr-1745 191 21 to to ADP cblr-1745 191 22 as as ADP cblr-1745 191 23 “ " PUNCT cblr-1745 191 24 dealers”—sell dealers”—sell NOUN cblr-1745 191 25 to to ADP cblr-1745 191 26 buyers buyer NOUN cblr-1745 191 27 , , PUNCT cblr-1745 191 28 buy buy VERB cblr-1745 191 29 from from ADP cblr-1745 191 30 sellers seller NOUN cblr-1745 191 31 , , PUNCT cblr-1745 191 32 and and CCONJ cblr-1745 191 33 hold hold VERB cblr-1745 191 34 inventory inventory NOUN cblr-1745 191 35 until until SCONJ cblr-1745 191 36 a a DET cblr-1745 191 37 match match NOUN cblr-1745 191 38 emerges emerge VERB cblr-1745 191 39 . . PUNCT cblr-1745 192 1 in in ADP cblr-1745 192 2 other other ADJ cblr-1745 192 3 words word NOUN cblr-1745 192 4 , , PUNCT cblr-1745 192 5 dealers dealer NOUN cblr-1745 192 6 ( ( PUNCT cblr-1745 192 7 the the DET cblr-1745 192 8 “ " PUNCT cblr-1745 192 9 sell sell NOUN cblr-1745 192 10 - - PUNCT cblr-1745 192 11 side side NOUN cblr-1745 192 12 ” " PUNCT cblr-1745 192 13 of of ADP cblr-1745 192 14 the the DET cblr-1745 192 15 market market NOUN cblr-1745 192 16 ) ) PUNCT cblr-1745 192 17 sell sell VERB cblr-1745 192 18 cds cd NOUN cblr-1745 192 19 investors investor NOUN cblr-1745 192 20 ( ( PUNCT cblr-1745 192 21 the the DET cblr-1745 192 22 “ " PUNCT cblr-1745 192 23 buy buy NOUN cblr-1745 192 24 - - PUNCT cblr-1745 192 25 side side NOUN cblr-1745 192 26 ” " PUNCT cblr-1745 192 27 of of ADP cblr-1745 192 28 the the DET cblr-1745 192 29 market market NOUN cblr-1745 192 30 ) ) PUNCT cblr-1745 192 31 liquidity liquidity NOUN cblr-1745 192 32 : : PUNCT cblr-1745 192 33 the the DET cblr-1745 192 34 ability ability NOUN cblr-1745 192 35 to to PART cblr-1745 192 36 trade trade VERB cblr-1745 192 37 without without ADP cblr-1745 192 38 having have VERB cblr-1745 192 39 to to PART cblr-1745 192 40 wait wait VERB cblr-1745 192 41 for for ADP cblr-1745 192 42 a a DET cblr-1745 192 43 counterparty counterparty NOUN cblr-1745 192 44 . . PUNCT cblr-1745 193 1 a a DET cblr-1745 193 2 dealer dealer NOUN cblr-1745 193 3 offers offer VERB cblr-1745 193 4 a a DET cblr-1745 193 5 “ " PUNCT cblr-1745 193 6 bid bid NOUN cblr-1745 193 7 ” " PUNCT cblr-1745 193 8 price price NOUN cblr-1745 193 9 at at ADP cblr-1745 193 10 which which PRON cblr-1745 193 11 the the DET cblr-1745 193 12 dealer dealer NOUN cblr-1745 193 13 will will AUX cblr-1745 193 14 purchase purchase VERB cblr-1745 193 15 and and CCONJ cblr-1745 193 16 an an DET cblr-1745 193 17 “ " PUNCT cblr-1745 193 18 ask ask NOUN cblr-1745 193 19 ” " PUNCT cblr-1745 193 20 price price NOUN cblr-1745 193 21 at at ADP cblr-1745 193 22 which which PRON cblr-1745 193 23 the the DET cblr-1745 193 24 dealer dealer NOUN cblr-1745 193 25 will will AUX cblr-1745 193 26 sell sell VERB cblr-1745 193 27 . . PUNCT cblr-1745 194 1 by by ADP cblr-1745 194 2 keeping keep VERB cblr-1745 194 3 their their PRON cblr-1745 194 4 bid bid NOUN cblr-1745 194 5 lower low ADJ cblr-1745 194 6 than than ADP cblr-1745 194 7 their their PRON cblr-1745 194 8 ask ask NOUN cblr-1745 194 9 , , PUNCT cblr-1745 194 10 dealers dealer NOUN cblr-1745 194 11 can can AUX cblr-1745 194 12 capture capture VERB cblr-1745 194 13 the the DET cblr-1745 194 14 difference difference NOUN cblr-1745 194 15 , , PUNCT cblr-1745 194 16 known know VERB cblr-1745 194 17 as as ADP cblr-1745 194 18 the the DET cblr-1745 194 19 “ " PUNCT cblr-1745 194 20 bid bid NOUN cblr-1745 194 21 / / SYM cblr-1745 194 22 ask ask NOUN cblr-1745 194 23 spread spread NOUN cblr-1745 194 24 . . PUNCT cblr-1745 194 25 ” " PUNCT cblr-1745 195 1 in in ADP cblr-1745 195 2 re re NOUN cblr-1745 195 3 credit credit NOUN cblr-1745 195 4 default default NOUN cblr-1745 195 5 swaps swap NOUN cblr-1745 195 6 antitrust antitrust ADJ cblr-1745 195 7 litig litig NOUN cblr-1745 195 8 . . PUNCT cblr-1745 195 9 , , PUNCT cblr-1745 195 10 no no INTJ cblr-1745 195 11 . . NOUN cblr-1745 195 12 13 13 NUM cblr-1745 195 13 - - PUNCT cblr-1745 195 14 md-2476 md-2476 PROPN cblr-1745 195 15 , , PUNCT cblr-1745 195 16 2014 2014 NUM cblr-1745 195 17 wl wl NOUN cblr-1745 195 18 4379112 4379112 NUM cblr-1745 195 19 , , PUNCT cblr-1745 195 20 at at ADP cblr-1745 195 21 * * NOUN cblr-1745 195 22 1 1 NUM cblr-1745 195 23 ( ( PUNCT cblr-1745 195 24 s.d.n.y s.d.n.y PROPN cblr-1745 195 25 . . PUNCT cblr-1745 195 26 sept sept PROPN cblr-1745 195 27 . . PROPN cblr-1745 195 28 4 4 NUM cblr-1745 195 29 , , PUNCT cblr-1745 195 30 2014 2014 NUM cblr-1745 195 31 ) ) PUNCT cblr-1745 195 32 . . PUNCT cblr-1745 196 1 64 64 NUM cblr-1745 196 2 cds cd NOUN cblr-1745 196 3 antitrust antitrust ADJ cblr-1745 196 4 litig litig NOUN cblr-1745 196 5 . . PUNCT cblr-1745 197 1 complaint complaint NOUN cblr-1745 197 2 , , PUNCT cblr-1745 197 3 supra supra PROPN cblr-1745 197 4 note note VERB cblr-1745 197 5 62 62 NUM cblr-1745 197 6 at at ADP cblr-1745 197 7 para para PROPN cblr-1745 197 8 . . PUNCT cblr-1745 198 1 269 269 NUM cblr-1745 198 2 , , PUNCT cblr-1745 198 3 273 273 NUM cblr-1745 198 4 – – PUNCT cblr-1745 198 5 76 76 NUM cblr-1745 198 6 . . PUNCT cblr-1745 199 1 65 65 NUM cblr-1745 199 2 see see NOUN cblr-1745 199 3 plaintiff plaintiff NOUN cblr-1745 199 4 ’s ’s PART cblr-1745 199 5 consolidated consolidated ADJ cblr-1745 199 6 opposition opposition NOUN cblr-1745 199 7 to to ADP cblr-1745 199 8 defendant defendant PROPN cblr-1745 199 9 ’s ’s PART cblr-1745 199 10 motion motion NOUN cblr-1745 199 11 to to PART cblr-1745 199 12 dismiss dismiss VERB cblr-1745 199 13 at at ADP cblr-1745 199 14 45–46 45–46 NUM cblr-1745 199 15 , , PUNCT cblr-1745 199 16 91 91 NUM cblr-1745 199 17 n.85 n.85 NOUN cblr-1745 199 18 , , PUNCT cblr-1745 199 19 in in ADP cblr-1745 199 20 re re NOUN cblr-1745 199 21 credit credit NOUN cblr-1745 199 22 default default NOUN cblr-1745 199 23 swaps swap NOUN cblr-1745 199 24 antitrust antitrust ADJ cblr-1745 199 25 litig litig NOUN cblr-1745 199 26 . . PUNCT cblr-1745 199 27 , , PUNCT cblr-1745 199 28 no no INTJ cblr-1745 199 29 . . NOUN cblr-1745 199 30 13 13 NUM cblr-1745 199 31 - - PUNCT cblr-1745 199 32 md-2476 md-2476 PROPN cblr-1745 199 33 , , PUNCT cblr-1745 199 34 2014 2014 NUM cblr-1745 199 35 wl wl X cblr-1745 199 36 4379112 4379112 NUM cblr-1745 199 37 ( ( PUNCT cblr-1745 199 38 s.d.n.y s.d.n.y PROPN cblr-1745 199 39 . . PUNCT cblr-1745 199 40 sept sept PROPN cblr-1745 199 41 . . PROPN cblr-1745 199 42 4 4 NUM cblr-1745 199 43 , , PUNCT cblr-1745 199 44 2014 2014 NUM cblr-1745 199 45 ) ) PUNCT cblr-1745 199 46 , , PUNCT cblr-1745 199 47 2014 2014 NUM cblr-1745 199 48 wl wl NOUN cblr-1745 199 49 2862222 2862222 NUM cblr-1745 199 50 , , PUNCT cblr-1745 199 51 at at ADP cblr-1745 199 52 25–26 25–26 NUM cblr-1745 199 53 , , PUNCT cblr-1745 199 54 55 55 NUM cblr-1745 199 55 n. n. NOUN cblr-1745 199 56 85 85 NUM cblr-1745 199 57 [ [ X cblr-1745 199 58 hereinafter hereinafter NOUN cblr-1745 199 59 cds cd NOUN cblr-1745 199 60 antitrust antitrust ADJ cblr-1745 199 61 litig litig NOUN cblr-1745 199 62 . . PUNCT cblr-1745 200 1 pl pl PROPN cblr-1745 200 2 . . PROPN cblr-1745 200 3 ’s ’s PART cblr-1745 200 4 consol consol NOUN cblr-1745 200 5 . . PUNCT cblr-1745 201 1 opp opp INTJ cblr-1745 201 2 . . PROPN cblr-1745 201 3 ] ] PUNCT cblr-1745 201 4 . . PUNCT cblr-1745 202 1 chang chang PROPN cblr-1745 202 2 – – PUNCT cblr-1745 202 3 final final ADJ cblr-1745 202 4 no no NOUN cblr-1745 202 5 . . PUNCT cblr-1745 203 1 3:657 3:657 NUM cblr-1745 203 2 ] ] X cblr-1745 203 3 second second ADJ cblr-1745 203 4 - - PUNCT cblr-1745 203 5 generation generation NOUN cblr-1745 203 6 monopolization monopolization NOUN cblr-1745 203 7 671 671 NUM cblr-1745 203 8 conspiracy conspiracy NOUN cblr-1745 203 9 to to PART cblr-1745 203 10 monopolize monopolize VERB cblr-1745 203 11 is be AUX cblr-1745 203 12 narrower narrow ADJ cblr-1745 203 13 than than ADP cblr-1745 203 14 shared shared ADJ cblr-1745 203 15 monopoly66 monopoly66 NOUN cblr-1745 203 16 but but CCONJ cblr-1745 203 17 rests rest NOUN cblr-1745 203 18 on on ADP cblr-1745 203 19 surer sure ADJ cblr-1745 203 20 footing.67 footing.67 NOUN cblr-1745 203 21 on on ADP cblr-1745 203 22 a a DET cblr-1745 203 23 motion motion NOUN cblr-1745 203 24 to to PART cblr-1745 203 25 dismiss dismiss VERB cblr-1745 203 26 , , PUNCT cblr-1745 203 27 the the DET cblr-1745 203 28 southern southern ADJ cblr-1745 203 29 district district NOUN cblr-1745 203 30 of of ADP cblr-1745 203 31 new new PROPN cblr-1745 203 32 york york PROPN cblr-1745 203 33 permitted permit VERB cblr-1745 203 34 the the DET cblr-1745 203 35 section section NOUN cblr-1745 203 36 1 1 NUM cblr-1745 203 37 claim claim NOUN cblr-1745 203 38 to to PART cblr-1745 203 39 proceed proceed VERB cblr-1745 203 40 but but CCONJ cblr-1745 203 41 dismissed dismiss VERB cblr-1745 203 42 the the DET cblr-1745 203 43 section section NOUN cblr-1745 203 44 2 2 NUM cblr-1745 203 45 claim.68 claim.68 PROPN cblr-1745 203 46 the the DET cblr-1745 203 47 court court NOUN cblr-1745 203 48 noted note VERB cblr-1745 203 49 that that SCONJ cblr-1745 203 50 precedent precedent NOUN cblr-1745 203 51 thwarted thwart VERB cblr-1745 203 52 the the DET cblr-1745 203 53 shared share VERB cblr-1745 203 54 monopoly monopoly NOUN cblr-1745 203 55 theory.69 theory.69 NOUN cblr-1745 203 56 further far ADV cblr-1745 203 57 , , PUNCT cblr-1745 203 58 the the DET cblr-1745 203 59 court court NOUN cblr-1745 203 60 would would AUX cblr-1745 203 61 allow allow VERB cblr-1745 203 62 the the DET cblr-1745 203 63 conspiracy conspiracy NOUN cblr-1745 203 64 to to PART cblr-1745 203 65 monopolize monopolize VERB cblr-1745 203 66 claim claim NOUN cblr-1745 203 67 only only ADV cblr-1745 203 68 if if SCONJ cblr-1745 203 69 the the DET cblr-1745 203 70 plaintiffs plaintiff NOUN cblr-1745 203 71 alleged allege VERB cblr-1745 203 72 that that SCONJ cblr-1745 203 73 the the DET cblr-1745 203 74 defendants defendant NOUN cblr-1745 203 75 conspired conspire VERB cblr-1745 203 76 to to PART cblr-1745 203 77 form form VERB cblr-1745 203 78 a a DET cblr-1745 203 79 single single ADJ cblr-1745 203 80 entity entity NOUN cblr-1745 203 81 to to ADP cblr-1745 203 82 harness harness NOUN cblr-1745 203 83 monopoly monopoly NOUN cblr-1745 204 1 power.70 power.70 NOUN cblr-1745 204 2 on on ADP cblr-1745 204 3 the the DET cblr-1745 204 4 heels heel NOUN cblr-1745 204 5 of of ADP cblr-1745 204 6 in in ADP cblr-1745 204 7 re re PROPN cblr-1745 204 8 cds cds PROPN cblr-1745 204 9 antitrust antitrust ADJ cblr-1745 204 10 litigation litigation NOUN cblr-1745 204 11 , , PUNCT cblr-1745 204 12 the the DET cblr-1745 204 13 fourth fourth ADJ cblr-1745 204 14 circuit circuit NOUN cblr-1745 204 15 reversed reverse VERB cblr-1745 204 16 a a DET cblr-1745 204 17 district district NOUN cblr-1745 204 18 court court NOUN cblr-1745 204 19 ’s ’s PART cblr-1745 204 20 dismissal dismissal NOUN cblr-1745 204 21 of of ADP cblr-1745 204 22 a a DET cblr-1745 204 23 group group NOUN cblr-1745 204 24 boycott boycott NOUN cblr-1745 204 25 claim claim NOUN cblr-1745 204 26 against against ADP cblr-1745 204 27 several several ADJ cblr-1745 204 28 table table NOUN cblr-1745 204 29 saw see VERB cblr-1745 204 30 manufacturers manufacturer NOUN cblr-1745 204 31 . . PUNCT cblr-1745 205 1 in in ADP cblr-1745 205 2 sd3 sd3 PROPN cblr-1745 205 3 , , PUNCT cblr-1745 205 4 llc llc PROPN cblr-1745 205 5 v. v. PROPN cblr-1745 205 6 black black PROPN cblr-1745 205 7 & & CCONJ cblr-1745 205 8 decker decker PROPN cblr-1745 205 9 ( ( PUNCT cblr-1745 205 10 u.s u.s PROPN cblr-1745 205 11 . . PROPN cblr-1745 205 12 ) ) PUNCT cblr-1745 205 13 inc inc PROPN cblr-1745 205 14 . . PROPN cblr-1745 205 15 , , PUNCT cblr-1745 205 16 the the DET cblr-1745 205 17 plaintiff plaintiff NOUN cblr-1745 205 18 invented invent VERB cblr-1745 205 19 and and CCONJ cblr-1745 205 20 sought seek VERB cblr-1745 205 21 to to PART cblr-1745 205 22 commercialize commercialize VERB cblr-1745 205 23 technology technology NOUN cblr-1745 205 24 to to PART cblr-1745 205 25 mitigate mitigate VERB cblr-1745 205 26 table table NOUN cblr-1745 205 27 saw see VERB cblr-1745 205 28 injuries injury NOUN cblr-1745 205 29 . . PUNCT cblr-1745 206 1 the the DET cblr-1745 206 2 defendants defendant NOUN cblr-1745 206 3 allegedly allegedly ADV cblr-1745 206 4 colluded collude VERB cblr-1745 206 5 to to PART cblr-1745 206 6 develop develop VERB cblr-1745 206 7 safety safety NOUN cblr-1745 206 8 standards standard NOUN cblr-1745 206 9 that that PRON cblr-1745 206 10 imposed impose VERB cblr-1745 206 11 unnecessary unnecessary ADJ cblr-1745 206 12 costs cost NOUN cblr-1745 206 13 on on ADP cblr-1745 206 14 the the DET cblr-1745 206 15 plaintiff plaintiff NOUN cblr-1745 206 16 and and CCONJ cblr-1745 206 17 prevented prevent VERB cblr-1745 206 18 adoption adoption NOUN cblr-1745 206 19 of of ADP cblr-1745 206 20 its its PRON cblr-1745 206 21 device.71 device.71 NOUN cblr-1745 206 22 the the DET cblr-1745 206 23 court court NOUN cblr-1745 206 24 found find VERB cblr-1745 206 25 that that SCONJ cblr-1745 206 26 the the DET cblr-1745 206 27 plaintiff plaintiff NOUN cblr-1745 206 28 had have AUX cblr-1745 206 29 adequately adequately ADV cblr-1745 206 30 pled plead VERB cblr-1745 206 31 parallel parallel ADJ cblr-1745 206 32 conduct conduct NOUN cblr-1745 206 33 and and CCONJ cblr-1745 206 34 cited cite VERB cblr-1745 206 35 to to PART cblr-1745 206 36 parallel parallel ADJ cblr-1745 206 37 exclusion exclusion NOUN cblr-1745 206 38 as as ADP cblr-1745 206 39 support support NOUN cblr-1745 206 40 for for ADP cblr-1745 206 41 the the DET cblr-1745 206 42 “ " PUNCT cblr-1745 206 43 classically classically ADV cblr-1745 206 44 anticompetitive anticompetitive ADJ cblr-1745 206 45 ” " PUNCT cblr-1745 206 46 effect effect NOUN cblr-1745 206 47 of of ADP cblr-1745 206 48 defendants defendant NOUN cblr-1745 206 49 ’ ' PUNCT cblr-1745 206 50 conduct.72 conduct.72 NOUN cblr-1745 206 51 however however ADV cblr-1745 206 52 , , PUNCT cblr-1745 206 53 the the DET cblr-1745 206 54 plaintiffs plaintiff NOUN cblr-1745 206 55 only only ADV cblr-1745 206 56 pled plead VERB cblr-1745 206 57 a a DET cblr-1745 206 58 section section NOUN cblr-1745 206 59 1 1 NUM cblr-1745 206 60 claim.73 claim.73 PROPN cblr-1745 206 61 sd3 sd3 PROPN cblr-1745 206 62 therefore therefore ADV cblr-1745 206 63 adds add VERB cblr-1745 206 64 no no DET cblr-1745 206 65 new new ADJ cblr-1745 206 66 law law NOUN cblr-1745 206 67 on on ADP cblr-1745 206 68 monopolization monopolization NOUN cblr-1745 206 69 . . PUNCT cblr-1745 207 1 66 66 NUM cblr-1745 207 2 shared share VERB cblr-1745 207 3 monopoly monopoly NOUN cblr-1745 207 4 encompasses encompass VERB cblr-1745 207 5 both both CCONJ cblr-1745 207 6 independent independent ADJ cblr-1745 207 7 and and CCONJ cblr-1745 207 8 interdependent interdependent ADJ cblr-1745 207 9 exclusion exclusion NOUN cblr-1745 207 10 , , PUNCT cblr-1745 207 11 while while SCONJ cblr-1745 207 12 conspiracy conspiracy NOUN cblr-1745 207 13 to to PART cblr-1745 207 14 monopolize monopolize VERB cblr-1745 207 15 covers cover VERB cblr-1745 207 16 only only ADV cblr-1745 207 17 the the DET cblr-1745 207 18 latter latter ADJ cblr-1745 207 19 . . PUNCT cblr-1745 208 1 see see VERB cblr-1745 208 2 hemphill hemphill PROPN cblr-1745 208 3 & & CCONJ cblr-1745 208 4 wu wu PROPN cblr-1745 208 5 , , PUNCT cblr-1745 208 6 supra supra PROPN cblr-1745 208 7 note note PROPN cblr-1745 208 8 6 6 NUM cblr-1745 208 9 , , PUNCT cblr-1745 208 10 at at ADP cblr-1745 208 11 1236 1236 NUM cblr-1745 208 12 . . PUNCT cblr-1745 209 1 67 67 NUM cblr-1745 209 2 in in ADP cblr-1745 209 3 re re NOUN cblr-1745 209 4 credit credit NOUN cblr-1745 209 5 default default NOUN cblr-1745 209 6 swaps swap NOUN cblr-1745 209 7 , , PUNCT cblr-1745 209 8 2014 2014 NUM cblr-1745 209 9 wl wl NOUN cblr-1745 209 10 4379112 4379112 NUM cblr-1745 209 11 , , PUNCT cblr-1745 209 12 at at ADP cblr-1745 209 13 * * PROPN cblr-1745 209 14 13–14 13–14 NUM cblr-1745 209 15 . . PUNCT cblr-1745 210 1 68 68 NUM cblr-1745 211 1 i i PRON cblr-1745 211 2 d. d. VERB cblr-1745 211 3 at at ADP cblr-1745 211 4 * * PROPN cblr-1745 211 5 18 18 NUM cblr-1745 211 6 . . NUM cblr-1745 211 7 69 69 NUM cblr-1745 212 1 i i PRON cblr-1745 212 2 d. d. VERB cblr-1745 212 3 at at ADP cblr-1745 212 4 * * PROPN cblr-1745 212 5 13–14 13–14 NUM cblr-1745 212 6 . . PUNCT cblr-1745 213 1 70 70 NUM cblr-1745 214 1 i i PRON cblr-1745 214 2 d. d. VERB cblr-1745 214 3 at at ADP cblr-1745 214 4 * * PROPN cblr-1745 214 5 11–12 11–12 NUM cblr-1745 214 6 . . PUNCT cblr-1745 215 1 71 71 NUM cblr-1745 215 2 sd3 sd3 PROPN cblr-1745 215 3 , , PUNCT cblr-1745 215 4 llc llc PROPN cblr-1745 215 5 v. v. PROPN cblr-1745 215 6 black black PROPN cblr-1745 215 7 & & CCONJ cblr-1745 215 8 decker decker PROPN cblr-1745 215 9 ( ( PUNCT cblr-1745 215 10 u.s u.s PROPN cblr-1745 215 11 . . PROPN cblr-1745 215 12 ) ) PUNCT cblr-1745 215 13 inc inc PROPN cblr-1745 215 14 . . PROPN cblr-1745 215 15 , , PUNCT cblr-1745 215 16 801 801 NUM cblr-1745 215 17 f.3d f.3d NUM cblr-1745 215 18 412 412 NUM cblr-1745 215 19 , , PUNCT cblr-1745 215 20 418–21 418–21 NUM cblr-1745 215 21 ( ( PUNCT cblr-1745 215 22 4th 4th ADJ cblr-1745 215 23 cir cir NOUN cblr-1745 215 24 . . PROPN cblr-1745 215 25 2015 2015 NUM cblr-1745 215 26 ) ) PUNCT cblr-1745 215 27 . . PUNCT cblr-1745 216 1 72 72 NUM cblr-1745 217 1 i i PRON cblr-1745 217 2 d. d. NOUN cblr-1745 217 3 at at ADP cblr-1745 217 4 427 427 NUM cblr-1745 217 5 . . PUNCT cblr-1745 218 1 73 73 NUM cblr-1745 218 2 arguably arguably ADV cblr-1745 218 3 , , PUNCT cblr-1745 218 4 sd3 sd3 PROPN cblr-1745 218 5 is be AUX cblr-1745 218 6 a a DET cblr-1745 218 7 boycott boycott NOUN cblr-1745 218 8 case case NOUN cblr-1745 218 9 that that PRON cblr-1745 218 10 falls fall VERB cblr-1745 218 11 into into ADP cblr-1745 218 12 the the DET cblr-1745 218 13 “ " PUNCT cblr-1745 218 14 easier easy ADJ cblr-1745 218 15 ” " PUNCT cblr-1745 218 16 camp camp NOUN cblr-1745 218 17 within within ADP cblr-1745 218 18 parallel parallel ADJ cblr-1745 218 19 exclusion exclusion NOUN cblr-1745 218 20 , , PUNCT cblr-1745 218 21 where where SCONJ cblr-1745 218 22 explicit explicit ADJ cblr-1745 218 23 agreement agreement NOUN cblr-1745 218 24 can can AUX cblr-1745 218 25 be be AUX cblr-1745 218 26 traced trace VERB cblr-1745 218 27 and and CCONJ cblr-1745 218 28 the the DET cblr-1745 218 29 oligopoly oligopoly PROPN cblr-1745 218 30 ’s ’s PART cblr-1745 218 31 stability stability NOUN cblr-1745 218 32 is be AUX cblr-1745 218 33 easy easy ADJ cblr-1745 218 34 to to PART cblr-1745 218 35 achieve achieve VERB cblr-1745 218 36 . . PUNCT cblr-1745 219 1 see see VERB cblr-1745 219 2 hemphill hemphill PROPN cblr-1745 219 3 & & CCONJ cblr-1745 219 4 wu wu PROPN cblr-1745 219 5 , , PUNCT cblr-1745 219 6 supra supra PROPN cblr-1745 219 7 note note PROPN cblr-1745 219 8 6 6 NUM cblr-1745 219 9 , , PUNCT cblr-1745 219 10 at at ADP cblr-1745 219 11 1189–90 1189–90 NUM cblr-1745 219 12 . . PUNCT cblr-1745 220 1 chang chang PROPN cblr-1745 220 2 – – PUNCT cblr-1745 220 3 final final ADJ cblr-1745 220 4 672 672 NUM cblr-1745 220 5 columbia columbia PROPN cblr-1745 220 6 business business NOUN cblr-1745 220 7 law law NOUN cblr-1745 220 8 review review NOUN cblr-1745 220 9 [ [ X cblr-1745 220 10 vol vol NOUN cblr-1745 220 11 . . NOUN cblr-1745 220 12 2016 2016 NUM cblr-1745 220 13 no no DET cblr-1745 220 14 recent recent ADJ cblr-1745 220 15 case case NOUN cblr-1745 220 16 has have AUX cblr-1745 220 17 moved move VERB cblr-1745 220 18 toward toward ADP cblr-1745 220 19 recognizing recognize VERB cblr-1745 220 20 parallel parallel ADJ cblr-1745 220 21 exclusion exclusion NOUN cblr-1745 220 22 as as ADP cblr-1745 220 23 a a DET cblr-1745 220 24 form form NOUN cblr-1745 220 25 of of ADP cblr-1745 220 26 monopolization.74 monopolization.74 VERB cblr-1745 220 27 this this DET cblr-1745 220 28 stagnancy stagnancy NOUN cblr-1745 220 29 in in ADP cblr-1745 220 30 the the DET cblr-1745 220 31 law law NOUN cblr-1745 220 32 bodes bode NOUN cblr-1745 220 33 poorly poorly ADV cblr-1745 220 34 after after ADP cblr-1745 220 35 in in ADP cblr-1745 220 36 re re ADP cblr-1745 220 37 cds cds PROPN cblr-1745 220 38 antitrust antitrust ADJ cblr-1745 220 39 litigation litigation NOUN cblr-1745 220 40 , , PUNCT cblr-1745 220 41 a a DET cblr-1745 220 42 case case NOUN cblr-1745 220 43 this this DET cblr-1745 220 44 article article NOUN cblr-1745 220 45 will will AUX cblr-1745 220 46 return return VERB cblr-1745 220 47 to to ADP cblr-1745 220 48 several several ADJ cblr-1745 220 49 more more ADJ cblr-1745 220 50 times time NOUN cblr-1745 220 51 , , PUNCT cblr-1745 220 52 because because SCONJ cblr-1745 220 53 of of ADP cblr-1745 220 54 the the DET cblr-1745 220 55 prominence prominence NOUN cblr-1745 220 56 the the DET cblr-1745 220 57 southern southern ADJ cblr-1745 220 58 district district NOUN cblr-1745 220 59 of of ADP cblr-1745 220 60 new new PROPN cblr-1745 220 61 york york PROPN cblr-1745 220 62 plays play VERB cblr-1745 220 63 in in ADP cblr-1745 220 64 finance finance NOUN cblr-1745 220 65 - - PUNCT cblr-1745 220 66 related relate VERB cblr-1745 220 67 litigation litigation NOUN cblr-1745 220 68 . . PUNCT cblr-1745 221 1 as as SCONJ cblr-1745 221 2 the the DET cblr-1745 221 3 remainder remainder NOUN cblr-1745 221 4 of of ADP cblr-1745 221 5 the the DET cblr-1745 221 6 article article NOUN cblr-1745 221 7 argues argue VERB cblr-1745 221 8 , , PUNCT cblr-1745 221 9 an an DET cblr-1745 221 10 outdated outdated ADJ cblr-1745 221 11 conception conception NOUN cblr-1745 221 12 of of ADP cblr-1745 221 13 section section NOUN cblr-1745 221 14 2 2 NUM cblr-1745 221 15 permits permit VERB cblr-1745 221 16 dominant dominant ADJ cblr-1745 221 17 players player NOUN cblr-1745 221 18 in in ADP cblr-1745 221 19 the the DET cblr-1745 221 20 derivatives derivative NOUN cblr-1745 221 21 markets market NOUN cblr-1745 221 22 to to PART cblr-1745 221 23 exclude exclude VERB cblr-1745 221 24 rivals rival NOUN cblr-1745 221 25 while while SCONJ cblr-1745 221 26 steering steer VERB cblr-1745 221 27 clear clear ADV cblr-1745 221 28 of of ADP cblr-1745 221 29 section section NOUN cblr-1745 221 30 1 1 NUM cblr-1745 221 31 ’s ’s PART cblr-1745 221 32 prescriptions prescription NOUN cblr-1745 221 33 , , PUNCT cblr-1745 221 34 with with ADP cblr-1745 221 35 profound profound ADJ cblr-1745 221 36 consequences consequence NOUN cblr-1745 221 37 for for ADP cblr-1745 221 38 competition competition NOUN cblr-1745 221 39 , , PUNCT cblr-1745 221 40 consumer consumer NOUN cblr-1745 221 41 welfare welfare NOUN cblr-1745 221 42 , , PUNCT cblr-1745 221 43 and and CCONJ cblr-1745 221 44 the the DET cblr-1745 221 45 health health NOUN cblr-1745 221 46 of of ADP cblr-1745 221 47 the the DET cblr-1745 221 48 financial financial ADJ cblr-1745 221 49 system system NOUN cblr-1745 221 50 . . PUNCT cblr-1745 222 1 b. b. PROPN cblr-1745 223 1 the the DET cblr-1745 223 2 derivatives derivative NOUN cblr-1745 223 3 markets market NOUN cblr-1745 223 4 nowhere nowhere ADV cblr-1745 223 5 is be AUX cblr-1745 223 6 concentration concentration NOUN cblr-1745 223 7 in in ADP cblr-1745 223 8 the the DET cblr-1745 223 9 derivatives derivative NOUN cblr-1745 223 10 industry industry NOUN cblr-1745 223 11 more more ADV cblr-1745 223 12 apparent apparent ADJ cblr-1745 223 13 than than ADP cblr-1745 223 14 the the DET cblr-1745 223 15 cds cds PROPN cblr-1745 223 16 trading trading NOUN cblr-1745 223 17 market market NOUN cblr-1745 223 18 , , PUNCT cblr-1745 223 19 whose whose DET cblr-1745 223 20 evolution evolution NOUN cblr-1745 223 21 exhibits exhibit VERB cblr-1745 223 22 a a DET cblr-1745 223 23 pattern pattern NOUN cblr-1745 223 24 of of ADP cblr-1745 223 25 recidivist recidivist ADJ cblr-1745 223 26 exclusion exclusion NOUN cblr-1745 223 27 by by ADP cblr-1745 223 28 the the DET cblr-1745 223 29 dominant dominant ADJ cblr-1745 223 30 dealers dealer NOUN cblr-1745 223 31 . . PUNCT cblr-1745 224 1 due due ADP cblr-1745 224 2 to to ADP cblr-1745 224 3 the the DET cblr-1745 224 4 high high ADJ cblr-1745 224 5 degree degree NOUN cblr-1745 224 6 of of ADP cblr-1745 224 7 customization customization NOUN cblr-1745 224 8 and and CCONJ cblr-1745 224 9 low low ADJ cblr-1745 224 10 degree degree NOUN cblr-1745 224 11 of of ADP cblr-1745 224 12 liquidity liquidity NOUN cblr-1745 224 13 that that PRON cblr-1745 224 14 characterize characterize VERB cblr-1745 224 15 trading trading NOUN cblr-1745 224 16 , , PUNCT cblr-1745 224 17 a a DET cblr-1745 224 18 few few ADJ cblr-1745 224 19 dealers dealer NOUN cblr-1745 224 20 — — PUNCT cblr-1745 224 21 large large ADJ cblr-1745 224 22 commercial commercial ADJ cblr-1745 224 23 and and CCONJ cblr-1745 224 24 investment investment NOUN cblr-1745 224 25 banks bank NOUN cblr-1745 224 26 — — PUNCT cblr-1745 224 27 emerged emerge VERB cblr-1745 224 28 early early ADV cblr-1745 224 29 on on ADV cblr-1745 224 30 as as ADP cblr-1745 224 31 the the DET cblr-1745 224 32 dominant dominant ADJ cblr-1745 224 33 market market NOUN cblr-1745 224 34 - - PUNCT cblr-1745 224 35 makers.75 makers.75 PROPN cblr-1745 224 36 at at ADP cblr-1745 224 37 first first ADV cblr-1745 224 38 , , PUNCT cblr-1745 224 39 these these DET cblr-1745 224 40 dealers dealer NOUN cblr-1745 224 41 were be AUX cblr-1745 224 42 the the DET cblr-1745 224 43 only only ADJ cblr-1745 224 44 institutions institution NOUN cblr-1745 224 45 capable capable ADJ cblr-1745 224 46 of of ADP cblr-1745 224 47 managing manage VERB cblr-1745 224 48 the the DET cblr-1745 224 49 74 74 NUM cblr-1745 224 50 the the DET cblr-1745 224 51 plaintiffs plaintiff NOUN cblr-1745 224 52 in in ADP cblr-1745 224 53 a a DET cblr-1745 224 54 third third ADJ cblr-1745 224 55 circuit circuit NOUN cblr-1745 224 56 case case NOUN cblr-1745 224 57 have have AUX cblr-1745 224 58 noted note VERB cblr-1745 224 59 the the DET cblr-1745 224 60 following following NOUN cblr-1745 224 61 in in ADP cblr-1745 224 62 their their PRON cblr-1745 224 63 attempt attempt NOUN cblr-1745 224 64 to to PART cblr-1745 224 65 combine combine VERB cblr-1745 224 66 the the DET cblr-1745 224 67 defendants defendant NOUN cblr-1745 224 68 ’ ' PUNCT cblr-1745 224 69 market market NOUN cblr-1745 224 70 shares share NOUN cblr-1745 224 71 under under ADP cblr-1745 224 72 section section NOUN cblr-1745 224 73 2 2 NUM cblr-1745 224 74 : : PUNCT cblr-1745 224 75 the the DET cblr-1745 224 76 economic economic ADJ cblr-1745 224 77 reality reality NOUN cblr-1745 224 78 is be AUX cblr-1745 224 79 that that SCONJ cblr-1745 224 80 the the DET cblr-1745 224 81 harm harm NOUN cblr-1745 224 82 caused cause VERB cblr-1745 224 83 by by ADP cblr-1745 224 84 defendants defendant NOUN cblr-1745 224 85 ' ' PART cblr-1745 224 86 collective collective ADJ cblr-1745 224 87 bundling bundling NOUN cblr-1745 224 88 practices practice NOUN cblr-1745 224 89 does do AUX cblr-1745 224 90 not not PART cblr-1745 224 91 hinge hinge VERB cblr-1745 224 92 on on ADP cblr-1745 224 93 the the DET cblr-1745 224 94 presence presence NOUN cblr-1745 224 95 or or CCONJ cblr-1745 224 96 absence absence NOUN cblr-1745 224 97 of of ADP cblr-1745 224 98 agreement agreement NOUN cblr-1745 224 99 : : PUNCT cblr-1745 224 100 the the DET cblr-1745 224 101 anticompetitive anticompetitive ADJ cblr-1745 224 102 outcome outcome NOUN cblr-1745 224 103 is be AUX cblr-1745 224 104 the the DET cblr-1745 224 105 same same ADJ cblr-1745 224 106 with with ADP cblr-1745 224 107 or or CCONJ cblr-1745 224 108 without without ADP cblr-1745 224 109 a a DET cblr-1745 224 110 conspiracy conspiracy NOUN cblr-1745 224 111 . . PUNCT cblr-1745 225 1 while while SCONJ cblr-1745 225 2 some some DET cblr-1745 225 3 courts court NOUN cblr-1745 225 4 have have AUX cblr-1745 225 5 declined decline VERB cblr-1745 225 6 to to PART cblr-1745 225 7 adopt adopt VERB cblr-1745 225 8 this this DET cblr-1745 225 9 view view NOUN cblr-1745 225 10 , , PUNCT cblr-1745 225 11 the the DET cblr-1745 225 12 third third ADJ cblr-1745 225 13 circuit circuit NOUN cblr-1745 225 14 has have AUX cblr-1745 225 15 never never ADV cblr-1745 225 16 addressed address VERB cblr-1745 225 17 it it PRON cblr-1745 225 18 . . PUNCT cblr-1745 226 1 plaintiff plaintiff PROPN cblr-1745 226 2 ’s ’s PART cblr-1745 226 3 memorandum memorandum NOUN cblr-1745 226 4 in in ADP cblr-1745 226 5 opposition opposition NOUN cblr-1745 226 6 to to ADP cblr-1745 226 7 defendants defendant NOUN cblr-1745 226 8 ’ ' PUNCT cblr-1745 226 9 motion motion NOUN cblr-1745 226 10 to to PART cblr-1745 226 11 dismiss dismiss VERB cblr-1745 226 12 at at ADP cblr-1745 226 13 25 25 NUM cblr-1745 226 14 n.28 n.28 NOUN cblr-1745 226 15 , , PUNCT cblr-1745 226 16 schuylkill schuylkill PROPN cblr-1745 226 17 health health PROPN cblr-1745 226 18 sys sys PROPN cblr-1745 226 19 . . PUNCT cblr-1745 227 1 v. v. ADP cblr-1745 227 2 cardinal cardinal ADJ cblr-1745 227 3 health health PROPN cblr-1745 227 4 , , PUNCT cblr-1745 227 5 inc inc PROPN cblr-1745 227 6 . . PROPN cblr-1745 227 7 , , PUNCT cblr-1745 227 8 no no INTJ cblr-1745 227 9 . . NOUN cblr-1745 227 10 12 12 NUM cblr-1745 227 11 - - PUNCT cblr-1745 227 12 cv-7065 cv-7065 NOUN cblr-1745 227 13 , , PUNCT cblr-1745 227 14 2014 2014 NUM cblr-1745 227 15 wl wl SYM cblr-1745 227 16 3746817 3746817 NUM cblr-1745 227 17 ( ( PUNCT cblr-1745 227 18 e.d e.d PROPN cblr-1745 227 19 . . PROPN cblr-1745 227 20 pa pa PROPN cblr-1745 227 21 . . PROPN cblr-1745 228 1 july july PROPN cblr-1745 228 2 30 30 NUM cblr-1745 228 3 , , PUNCT cblr-1745 228 4 2014 2014 NUM cblr-1745 228 5 ) ) PUNCT cblr-1745 228 6 , , PUNCT cblr-1745 228 7 2014 2014 NUM cblr-1745 228 8 wl wl X cblr-1745 228 9 3817671 3817671 NUM cblr-1745 228 10 at at ADP cblr-1745 228 11 18–19 18–19 NUM cblr-1745 228 12 n. n. NOUN cblr-1745 228 13 28 28 NUM cblr-1745 228 14 , , PUNCT cblr-1745 228 15 ecf ecf PROPN cblr-1745 228 16 no no INTJ cblr-1745 228 17 . . PROPN cblr-1745 228 18 57 57 NUM cblr-1745 228 19 ( ( PUNCT cblr-1745 228 20 citing cite VERB cblr-1745 228 21 c. c. PROPN cblr-1745 228 22 scott scott PROPN cblr-1745 228 23 hemphill hemphill PROPN cblr-1745 228 24 , , PUNCT cblr-1745 228 25 parallel parallel ADJ cblr-1745 228 26 exclusion exclusion NOUN cblr-1745 228 27 : : PUNCT cblr-1745 228 28 is be AUX cblr-1745 228 29 it it PRON cblr-1745 228 30 time time NOUN cblr-1745 228 31 for for ADP cblr-1745 228 32 a a DET cblr-1745 228 33 theory theory NOUN cblr-1745 228 34 of of ADP cblr-1745 228 35 shared share VERB cblr-1745 228 36 monopoly monopoly NOUN cblr-1745 228 37 ? ? PUNCT cblr-1745 228 38 , , PUNCT cblr-1745 228 39 american american PROPN cblr-1745 228 40 bar bar PROPN cblr-1745 228 41 association association NOUN cblr-1745 228 42 section section NOUN cblr-1745 228 43 of of ADP cblr-1745 228 44 antitrust antitrust ADJ cblr-1745 228 45 law law NOUN cblr-1745 228 46 panel panel NOUN cblr-1745 228 47 discussion discussion NOUN cblr-1745 228 48 ( ( PUNCT cblr-1745 228 49 sept sept PROPN cblr-1745 228 50 . . PROPN cblr-1745 228 51 18 18 NUM cblr-1745 228 52 , , PUNCT cblr-1745 228 53 2013 2013 NUM cblr-1745 228 54 ) ) PUNCT cblr-1745 228 55 ; ; PUNCT cblr-1745 228 56 hemphill hemphill PROPN cblr-1745 228 57 & & CCONJ cblr-1745 228 58 wu wu PROPN cblr-1745 228 59 , , PUNCT cblr-1745 228 60 supra supra PROPN cblr-1745 228 61 note note PROPN cblr-1745 228 62 6 6 NUM cblr-1745 228 63 ) ) PUNCT cblr-1745 228 64 . . PUNCT cblr-1745 229 1 75 75 NUM cblr-1745 229 2 see see VERB cblr-1745 229 3 in in ADP cblr-1745 229 4 re re NOUN cblr-1745 229 5 credit credit NOUN cblr-1745 229 6 default default NOUN cblr-1745 229 7 swaps swap NOUN cblr-1745 229 8 antitrust antitrust ADJ cblr-1745 229 9 litig litig NOUN cblr-1745 229 10 . . PUNCT cblr-1745 229 11 , , PUNCT cblr-1745 229 12 no no INTJ cblr-1745 229 13 . . NOUN cblr-1745 229 14 13 13 NUM cblr-1745 229 15 - - PUNCT cblr-1745 229 16 md-2476 md-2476 PROPN cblr-1745 229 17 , , PUNCT cblr-1745 229 18 2014 2014 NUM cblr-1745 229 19 wl wl NOUN cblr-1745 229 20 4379112 4379112 NUM cblr-1745 229 21 , , PUNCT cblr-1745 229 22 at at ADP cblr-1745 229 23 * * PUNCT cblr-1745 229 24 1–2 1–2 NUM cblr-1745 229 25 ( ( PUNCT cblr-1745 229 26 s.d.n.y s.d.n.y PROPN cblr-1745 229 27 . . PUNCT cblr-1745 229 28 sept sept PROPN cblr-1745 229 29 . . PROPN cblr-1745 229 30 4 4 NUM cblr-1745 229 31 , , PUNCT cblr-1745 229 32 2014 2014 NUM cblr-1745 229 33 ) ) PUNCT cblr-1745 229 34 . . PUNCT cblr-1745 230 1 chang chang PROPN cblr-1745 230 2 – – PUNCT cblr-1745 230 3 final final ADJ cblr-1745 230 4 no no NOUN cblr-1745 230 5 . . PUNCT cblr-1745 231 1 3:657 3:657 NUM cblr-1745 231 2 ] ] X cblr-1745 231 3 second second ADJ cblr-1745 231 4 - - PUNCT cblr-1745 231 5 generation generation NOUN cblr-1745 231 6 monopolization monopolization NOUN cblr-1745 231 7 673 673 NUM cblr-1745 231 8 peculiar peculiar ADJ cblr-1745 231 9 risks risk NOUN cblr-1745 231 10 of of ADP cblr-1745 231 11 the the DET cblr-1745 231 12 market market NOUN cblr-1745 231 13 , , PUNCT cblr-1745 231 14 and and CCONJ cblr-1745 231 15 they they PRON cblr-1745 231 16 profited profit VERB cblr-1745 231 17 handsomely handsomely ADV cblr-1745 231 18 for for ADP cblr-1745 231 19 it it PRON cblr-1745 231 20 . . PUNCT cblr-1745 232 1 trading trading NOUN cblr-1745 232 2 revenues revenue NOUN cblr-1745 232 3 for for ADP cblr-1745 232 4 credit credit NOUN cblr-1745 232 5 derivatives derivative NOUN cblr-1745 232 6 have have AUX cblr-1745 232 7 hovered hover VERB cblr-1745 232 8 around around ADP cblr-1745 232 9 10 10 NUM cblr-1745 232 10 % % NOUN cblr-1745 232 11 of of ADP cblr-1745 232 12 trading trading NOUN cblr-1745 232 13 revenues revenue NOUN cblr-1745 232 14 for for ADP cblr-1745 232 15 all all DET cblr-1745 232 16 derivatives derivative NOUN cblr-1745 232 17 ( ( PUNCT cblr-1745 232 18 $ $ SYM cblr-1745 232 19 530 530 NUM cblr-1745 232 20 million million NUM cblr-1745 232 21 per per ADP cblr-1745 232 22 quarter quarter NOUN cblr-1745 232 23 , , PUNCT cblr-1745 232 24 out out ADP cblr-1745 232 25 of of ADP cblr-1745 232 26 $ $ SYM cblr-1745 232 27 5.517 5.517 NUM cblr-1745 232 28 billion billion NUM cblr-1745 232 29 ) ) PUNCT cblr-1745 232 30 , , PUNCT cblr-1745 232 31 even even ADV cblr-1745 232 32 though though SCONJ cblr-1745 232 33 credit credit NOUN cblr-1745 232 34 derivatives derivative NOUN cblr-1745 232 35 comprise comprise VERB cblr-1745 232 36 only only ADV cblr-1745 232 37 4.3 4.3 NUM cblr-1745 232 38 % % NOUN cblr-1745 232 39 of of ADP cblr-1745 232 40 all all DET cblr-1745 232 41 derivatives.76 derivatives.76 PROPN cblr-1745 232 42 with with ADP cblr-1745 232 43 time time NOUN cblr-1745 232 44 , , PUNCT cblr-1745 232 45 however however ADV cblr-1745 232 46 , , PUNCT cblr-1745 232 47 innovations innovation NOUN cblr-1745 232 48 sprang spring VERB cblr-1745 232 49 up up ADP cblr-1745 232 50 to to PART cblr-1745 232 51 reduce reduce VERB cblr-1745 232 52 the the DET cblr-1745 232 53 market market NOUN cblr-1745 232 54 ’s ’s PART cblr-1745 232 55 imperfections imperfection NOUN cblr-1745 232 56 , , PUNCT cblr-1745 232 57 thus thus ADV cblr-1745 232 58 eroding erode VERB cblr-1745 232 59 dealer dealer NOUN cblr-1745 232 60 margins margin NOUN cblr-1745 232 61 . . PUNCT cblr-1745 233 1 trading trading NOUN cblr-1745 233 2 volumes volume NOUN cblr-1745 233 3 increased increase VERB cblr-1745 233 4 , , PUNCT cblr-1745 233 5 and and CCONJ cblr-1745 233 6 the the DET cblr-1745 233 7 instruments instrument NOUN cblr-1745 233 8 became become VERB cblr-1745 233 9 more more ADV cblr-1745 233 10 standardized standardized ADJ cblr-1745 233 11 , , PUNCT cblr-1745 233 12 which which PRON cblr-1745 233 13 in in ADP cblr-1745 233 14 turn turn NOUN cblr-1745 233 15 exerted exert VERB cblr-1745 233 16 pressure pressure NOUN cblr-1745 233 17 upon upon SCONJ cblr-1745 233 18 the the DET cblr-1745 233 19 market market NOUN cblr-1745 233 20 to to PART cblr-1745 233 21 become become VERB cblr-1745 233 22 more more ADV cblr-1745 233 23 transparent.77 transparent.77 ADV cblr-1745 233 24 all all ADV cblr-1745 233 25 along along ADV cblr-1745 233 26 , , PUNCT cblr-1745 233 27 opacity opacity NOUN cblr-1745 233 28 has have AUX cblr-1745 233 29 permitted permit VERB cblr-1745 233 30 the the DET cblr-1745 233 31 large large ADJ cblr-1745 233 32 dealers dealer NOUN cblr-1745 233 33 to to PART cblr-1745 233 34 mark mark VERB cblr-1745 233 35 up up ADP cblr-1745 233 36 their their PRON cblr-1745 233 37 bid bid NOUN cblr-1745 233 38 / / SYM cblr-1745 233 39 ask ask NOUN cblr-1745 233 40 spreads spread NOUN cblr-1745 233 41 , , PUNCT cblr-1745 233 42 so so SCONJ cblr-1745 233 43 these these DET cblr-1745 233 44 changes change NOUN cblr-1745 233 45 threatened threaten VERB cblr-1745 233 46 their their PRON cblr-1745 233 47 supracompetitive supracompetitive ADJ cblr-1745 233 48 pricing.78 pricing.78 NOUN cblr-1745 233 49 according accord VERB cblr-1745 233 50 to to ADP cblr-1745 233 51 the the DET cblr-1745 233 52 plaintiffs plaintiff NOUN cblr-1745 233 53 in in ADP cblr-1745 233 54 in in ADP cblr-1745 233 55 re re PROPN cblr-1745 233 56 cds cds PROPN cblr-1745 233 57 antitrust antitrust ADJ cblr-1745 233 58 litigation litigation NOUN cblr-1745 233 59 , , PUNCT cblr-1745 233 60 the the DET cblr-1745 233 61 large large ADJ cblr-1745 233 62 dealers dealer NOUN cblr-1745 233 63 responded respond VERB cblr-1745 233 64 by by ADP cblr-1745 233 65 capturing capture VERB cblr-1745 233 66 the the DET cblr-1745 233 67 intermediaries intermediary NOUN cblr-1745 233 68 and and CCONJ cblr-1745 233 69 standard standard ADJ cblr-1745 233 70 - - PUNCT cblr-1745 233 71 setting set VERB cblr-1745 233 72 bodies body NOUN cblr-1745 233 73 that that PRON cblr-1745 233 74 were be AUX cblr-1745 233 75 ushering usher VERB cblr-1745 233 76 in in ADP cblr-1745 233 77 these these DET cblr-1745 233 78 changes change NOUN cblr-1745 233 79 . . PUNCT cblr-1745 234 1 first first ADV cblr-1745 234 2 , , PUNCT cblr-1745 234 3 the the DET cblr-1745 234 4 dealers dealer NOUN cblr-1745 234 5 limited limit VERB cblr-1745 234 6 the the DET cblr-1745 234 7 dissemination dissemination NOUN cblr-1745 234 8 of of ADP cblr-1745 234 9 cds cd NOUN cblr-1745 234 10 pricing pricing NOUN cblr-1745 234 11 information.79 information.79 NOUN cblr-1745 234 12 they they PRON cblr-1745 234 13 were be AUX cblr-1745 234 14 able able ADJ cblr-1745 234 15 to to PART cblr-1745 234 16 do do VERB cblr-1745 234 17 so so ADV cblr-1745 234 18 because because SCONJ cblr-1745 234 19 their their PRON cblr-1745 234 20 representatives representative NOUN cblr-1745 234 21 sat sit VERB cblr-1745 234 22 on on ADP cblr-1745 234 23 the the DET cblr-1745 234 24 board board NOUN cblr-1745 234 25 of of ADP cblr-1745 234 26 the the DET cblr-1745 234 27 depository depository PROPN cblr-1745 234 28 trust trust PROPN cblr-1745 234 29 & & CCONJ cblr-1745 234 30 clearing clearing PROPN cblr-1745 234 31 corporation corporation NOUN cblr-1745 234 32 ( ( PUNCT cblr-1745 234 33 “ " PUNCT cblr-1745 234 34 dtcc dtcc PROPN cblr-1745 234 35 ” " PUNCT cblr-1745 234 36 ) ) PUNCT cblr-1745 234 37 , , PUNCT cblr-1745 234 38 a a DET cblr-1745 234 39 76 76 NUM cblr-1745 234 40 in in ADP cblr-1745 234 41 the the DET cblr-1745 234 42 first first ADJ cblr-1745 234 43 quarter quarter NOUN cblr-1745 234 44 of of ADP cblr-1745 234 45 2016 2016 NUM cblr-1745 234 46 , , PUNCT cblr-1745 234 47 trading trade VERB cblr-1745 234 48 in in ADP cblr-1745 234 49 credit credit NOUN cblr-1745 234 50 derivatives derivative NOUN cblr-1745 234 51 generated generate VERB cblr-1745 234 52 $ $ SYM cblr-1745 234 53 334 334 NUM cblr-1745 234 54 million million NUM cblr-1745 234 55 in in ADP cblr-1745 234 56 revenue revenue NOUN cblr-1745 234 57 for for ADP cblr-1745 234 58 banks bank NOUN cblr-1745 234 59 . . PUNCT cblr-1745 235 1 office office NOUN cblr-1745 235 2 of of ADP cblr-1745 235 3 the the DET cblr-1745 235 4 comptroller comptroller NOUN cblr-1745 235 5 of of ADP cblr-1745 235 6 the the DET cblr-1745 235 7 currency currency NOUN cblr-1745 235 8 , , PUNCT cblr-1745 235 9 quarterly quarterly ADJ cblr-1745 235 10 report report NOUN cblr-1745 235 11 on on ADP cblr-1745 235 12 bank bank NOUN cblr-1745 235 13 trading trading NOUN cblr-1745 235 14 and and CCONJ cblr-1745 235 15 derivatives derivative NOUN cblr-1745 235 16 activities activity NOUN cblr-1745 235 17 , , PUNCT cblr-1745 235 18 first first ADJ cblr-1745 235 19 quarter quarter NOUN cblr-1745 235 20 2016 2016 NUM cblr-1745 235 21 , , PUNCT cblr-1745 235 22 at at ADP cblr-1745 235 23 4 4 NUM cblr-1745 235 24 ( ( PUNCT cblr-1745 235 25 2016 2016 NUM cblr-1745 235 26 ) ) PUNCT cblr-1745 235 27 , , PUNCT cblr-1745 235 28 https://www.occ.treas.gov/top https://www.occ.treas.gov/top NOUN cblr-1745 235 29 ics ic NOUN cblr-1745 235 30 / / SYM cblr-1745 235 31 capital capital NOUN cblr-1745 235 32 - - PUNCT cblr-1745 235 33 markets market NOUN cblr-1745 235 34 / / SYM cblr-1745 235 35 financial financial ADJ cblr-1745 235 36 - - PUNCT cblr-1745 235 37 markets market NOUN cblr-1745 235 38 / / SYM cblr-1745 235 39 derivatives derivative NOUN cblr-1745 235 40 / / SYM cblr-1745 235 41 dq116.pdf dq116.pdf PROPN cblr-1745 235 42 [ [ X cblr-1745 235 43 https://perma.cc/a9np-ryex https://perma.cc/a9np-ryex X cblr-1745 235 44 ] ] X cblr-1745 236 1 [ [ X cblr-1745 236 2 hereinafter hereinafter NOUN cblr-1745 236 3 occ occ NOUN cblr-1745 236 4 , , PUNCT cblr-1745 236 5 2016 2016 NUM cblr-1745 236 6 q1 q1 PROPN cblr-1745 236 7 report report NOUN cblr-1745 236 8 ] ] PUNCT cblr-1745 236 9 . . PUNCT cblr-1745 237 1 revenue revenue NOUN cblr-1745 237 2 from from ADP cblr-1745 237 3 cds cd NOUN cblr-1745 237 4 trading trading NOUN cblr-1745 237 5 has have AUX cblr-1745 237 6 historically historically ADV cblr-1745 237 7 swung swing VERB cblr-1745 237 8 wildly wildly ADV cblr-1745 237 9 , , PUNCT cblr-1745 237 10 from from ADP cblr-1745 237 11 maximum maximum ADJ cblr-1745 237 12 quarterly quarterly ADJ cblr-1745 237 13 earnings earning NOUN cblr-1745 237 14 of of ADP cblr-1745 237 15 $ $ SYM cblr-1745 237 16 2.727 2.727 NUM cblr-1745 237 17 billion billion NUM cblr-1745 237 18 ( ( PUNCT cblr-1745 237 19 out out ADP cblr-1745 237 20 of of ADP cblr-1745 237 21 $ $ SYM cblr-1745 237 22 10.217 10.217 NUM cblr-1745 237 23 billion billion NUM cblr-1745 237 24 for for ADP cblr-1745 237 25 trading trading NOUN cblr-1745 237 26 in in ADP cblr-1745 237 27 all all DET cblr-1745 237 28 derivatives derivative NOUN cblr-1745 237 29 ) ) PUNCT cblr-1745 237 30 to to ADP cblr-1745 237 31 maximum maximum VERB cblr-1745 237 32 quarterly quarterly ADJ cblr-1745 237 33 losses loss NOUN cblr-1745 237 34 of of ADP cblr-1745 237 35 $ $ SYM cblr-1745 237 36 10.237 10.237 NUM cblr-1745 237 37 billion billion NUM cblr-1745 237 38 ( ( PUNCT cblr-1745 237 39 out out ADP cblr-1745 237 40 of of ADP cblr-1745 237 41 $ $ SYM cblr-1745 237 42 10.580 10.580 NUM cblr-1745 237 43 billion billion NUM cblr-1745 237 44 for for ADP cblr-1745 237 45 all all DET cblr-1745 237 46 derivatives derivative NOUN cblr-1745 237 47 ) ) PUNCT cblr-1745 237 48 . . PUNCT cblr-1745 238 1 see see VERB cblr-1745 238 2 i i PRON cblr-1745 238 3 d. d. PROPN cblr-1745 238 4 at at ADP cblr-1745 238 5 28 28 NUM cblr-1745 238 6 , , PUNCT cblr-1745 238 7 graph graph NOUN cblr-1745 238 8 9 9 NUM cblr-1745 238 9 . . NOUN cblr-1745 238 10 77 77 NUM cblr-1745 238 11 standardization standardization NOUN cblr-1745 238 12 came come VERB cblr-1745 238 13 about about ADP cblr-1745 238 14 because because SCONJ cblr-1745 238 15 isda isda NOUN cblr-1745 238 16 introduced introduce VERB cblr-1745 238 17 a a DET cblr-1745 238 18 master master NOUN cblr-1745 238 19 agreement agreement NOUN cblr-1745 238 20 to to PART cblr-1745 238 21 document document VERB cblr-1745 238 22 derivatives derivative NOUN cblr-1745 238 23 trades trade NOUN cblr-1745 238 24 and and CCONJ cblr-1745 238 25 also also ADV cblr-1745 238 26 because because SCONJ cblr-1745 238 27 of of ADP cblr-1745 238 28 the the DET cblr-1745 238 29 emergence emergence NOUN cblr-1745 238 30 of of ADP cblr-1745 238 31 cds cd NOUN cblr-1745 238 32 indices index NOUN cblr-1745 238 33 , , PUNCT cblr-1745 238 34 which which PRON cblr-1745 238 35 aggregate aggregate VERB cblr-1745 238 36 data datum NOUN cblr-1745 238 37 for for ADP cblr-1745 238 38 a a DET cblr-1745 238 39 group group NOUN cblr-1745 238 40 of of ADP cblr-1745 238 41 referenced referenced ADJ cblr-1745 238 42 entities entity NOUN cblr-1745 238 43 . . PUNCT cblr-1745 239 1 see see VERB cblr-1745 239 2 , , PUNCT cblr-1745 239 3 e.g. e.g. ADV cblr-1745 239 4 , , PUNCT cblr-1745 239 5 in in ADP cblr-1745 239 6 re re NOUN cblr-1745 239 7 credit credit NOUN cblr-1745 239 8 default default NOUN cblr-1745 239 9 swaps swap NOUN cblr-1745 239 10 , , PUNCT cblr-1745 239 11 2014 2014 NUM cblr-1745 239 12 wl wl NOUN cblr-1745 239 13 4379112 4379112 NUM cblr-1745 239 14 , , PUNCT cblr-1745 239 15 at at ADP cblr-1745 239 16 * * NOUN cblr-1745 239 17 2 2 NUM cblr-1745 239 18 ; ; PUNCT cblr-1745 239 19 kathryn kathryn PROPN cblr-1745 239 20 judge judge PROPN cblr-1745 239 21 , , PUNCT cblr-1745 239 22 intermediary intermediary ADJ cblr-1745 239 23 influence influence NOUN cblr-1745 239 24 , , PUNCT cblr-1745 239 25 82 82 NUM cblr-1745 239 26 u. u. PROPN cblr-1745 239 27 chi chi PROPN cblr-1745 239 28 . . PUNCT cblr-1745 240 1 l. l. PROPN cblr-1745 240 2 rev rev PROPN cblr-1745 240 3 . . PROPN cblr-1745 240 4 573 573 NUM cblr-1745 240 5 , , PUNCT cblr-1745 240 6 611–12 611–12 NUM cblr-1745 240 7 ( ( PUNCT cblr-1745 240 8 2015 2015 NUM cblr-1745 240 9 ) ) PUNCT cblr-1745 240 10 . . PUNCT cblr-1745 241 1 78 78 NUM cblr-1745 241 2 see see VERB cblr-1745 241 3 turbeville turbeville NOUN cblr-1745 241 4 , , PUNCT cblr-1745 241 5 supra supra PROPN cblr-1745 241 6 note note PROPN cblr-1745 241 7 21 21 NUM cblr-1745 241 8 , , PUNCT cblr-1745 241 9 at at ADP cblr-1745 241 10 4 4 NUM cblr-1745 241 11 ; ; PUNCT cblr-1745 241 12 in in ADP cblr-1745 241 13 re re NOUN cblr-1745 241 14 credit credit NOUN cblr-1745 241 15 default default NOUN cblr-1745 241 16 swaps swap NOUN cblr-1745 241 17 , , PUNCT cblr-1745 241 18 2014 2014 NUM cblr-1745 241 19 wl wl NOUN cblr-1745 241 20 4379112 4379112 NUM cblr-1745 241 21 , , PUNCT cblr-1745 241 22 at at ADP cblr-1745 241 23 * * PROPN cblr-1745 241 24 1–3 1–3 NOUN cblr-1745 241 25 . . PROPN cblr-1745 241 26 79 79 NUM cblr-1745 241 27 see see VERB cblr-1745 241 28 in in ADP cblr-1745 241 29 re re NOUN cblr-1745 241 30 credit credit NOUN cblr-1745 241 31 default default NOUN cblr-1745 241 32 swaps swap NOUN cblr-1745 241 33 , , PUNCT cblr-1745 241 34 2014 2014 NUM cblr-1745 241 35 wl wl NOUN cblr-1745 241 36 4379112 4379112 NUM cblr-1745 241 37 , , PUNCT cblr-1745 241 38 at at ADP cblr-1745 241 39 * * PROPN cblr-1745 241 40 2–3 2–3 PROPN cblr-1745 241 41 . . PUNCT cblr-1745 241 42 chang chang PROPN cblr-1745 241 43 – – PUNCT cblr-1745 241 44 final final ADJ cblr-1745 241 45 674 674 NUM cblr-1745 241 46 columbia columbia PROPN cblr-1745 241 47 business business NOUN cblr-1745 241 48 law law PROPN cblr-1745 241 49 review review NOUN cblr-1745 241 50 [ [ X cblr-1745 241 51 vol vol NOUN cblr-1745 241 52 . . NOUN cblr-1745 241 53 2016 2016 NUM cblr-1745 241 54 financial financial ADJ cblr-1745 241 55 services service NOUN cblr-1745 241 56 company company NOUN cblr-1745 241 57 that that PRON cblr-1745 241 58 compiles compile VERB cblr-1745 241 59 real real ADJ cblr-1745 241 60 - - PUNCT cblr-1745 241 61 time time NOUN cblr-1745 241 62 posttrade posttrade NOUN cblr-1745 241 63 data.80 data.80 PROPN cblr-1745 241 64 dtcc dtcc PROPN cblr-1745 241 65 managed manage VERB cblr-1745 241 66 to to PART cblr-1745 241 67 secure secure VERB cblr-1745 241 68 from from ADP cblr-1745 241 69 markit markit NOUN cblr-1745 241 70 , , PUNCT cblr-1745 241 71 a a DET cblr-1745 241 72 company company NOUN cblr-1745 241 73 that that PRON cblr-1745 241 74 circulates circulate VERB cblr-1745 241 75 dtcc dtcc PROPN cblr-1745 241 76 ’s ’s PART cblr-1745 241 77 data data PROPN cblr-1745 241 78 , , PUNCT cblr-1745 241 79 an an DET cblr-1745 241 80 agreement agreement NOUN cblr-1745 241 81 to to PART cblr-1745 241 82 delay delay VERB cblr-1745 241 83 dissemination dissemination NOUN cblr-1745 241 84 of of ADP cblr-1745 241 85 cds cd NOUN cblr-1745 241 86 pricing pricing NOUN cblr-1745 241 87 information information NOUN cblr-1745 241 88 to to PART cblr-1745 241 89 markit markit VERB cblr-1745 241 90 ’s ’s PART cblr-1745 241 91 subscribers subscriber NOUN cblr-1745 241 92 . . PUNCT cblr-1745 242 1 markit markit NOUN cblr-1745 242 2 was be AUX cblr-1745 242 3 a a DET cblr-1745 242 4 named name VERB cblr-1745 242 5 defendant defendant NOUN cblr-1745 242 6 in in ADP cblr-1745 242 7 in in ADP cblr-1745 242 8 re re PROPN cblr-1745 242 9 cds cds PROPN cblr-1745 242 10 antitrust antitrust ADJ cblr-1745 242 11 litigation litigation NOUN cblr-1745 242 12 , , PUNCT cblr-1745 242 13 and and CCONJ cblr-1745 242 14 the the DET cblr-1745 242 15 large large ADJ cblr-1745 242 16 dealers dealer NOUN cblr-1745 242 17 held hold VERB cblr-1745 242 18 ownership ownership NOUN cblr-1745 242 19 interests interest NOUN cblr-1745 242 20 in in ADP cblr-1745 242 21 it it PRON cblr-1745 242 22 as as ADP cblr-1745 242 23 well.81 well.81 PROPN cblr-1745 242 24 this this DET cblr-1745 242 25 agreement agreement NOUN cblr-1745 242 26 was be AUX cblr-1745 242 27 contrary contrary ADJ cblr-1745 242 28 to to ADP cblr-1745 242 29 markit markit NOUN cblr-1745 242 30 ’s ’s PART cblr-1745 242 31 own own ADJ cblr-1745 242 32 self self NOUN cblr-1745 242 33 - - PUNCT cblr-1745 242 34 interest interest NOUN cblr-1745 242 35 since since SCONJ cblr-1745 242 36 its its PRON cblr-1745 242 37 pool pool NOUN cblr-1745 242 38 of of ADP cblr-1745 242 39 subscribers subscriber NOUN cblr-1745 242 40 was be AUX cblr-1745 242 41 broader broad ADJ cblr-1745 242 42 than than ADP cblr-1745 242 43 the the DET cblr-1745 242 44 defendant defendant NOUN cblr-1745 242 45 - - PUNCT cblr-1745 242 46 dealers dealer NOUN cblr-1745 242 47 . . PUNCT cblr-1745 243 1 however however ADV cblr-1745 243 2 , , PUNCT cblr-1745 243 3 sacrificing sacrifice VERB cblr-1745 243 4 short short ADJ cblr-1745 243 5 - - PUNCT cblr-1745 243 6 term term NOUN cblr-1745 243 7 economic economic ADJ cblr-1745 243 8 self self NOUN cblr-1745 243 9 - - PUNCT cblr-1745 243 10 interest interest NOUN cblr-1745 243 11 can can AUX cblr-1745 243 12 help help VERB cblr-1745 243 13 to to PART cblr-1745 243 14 elevate elevate VERB cblr-1745 243 15 independent independent ADJ cblr-1745 243 16 parallel parallel ADJ cblr-1745 243 17 behavior behavior NOUN cblr-1745 243 18 to to PART cblr-1745 243 19 conspiracy.82 conspiracy.82 VERB cblr-1745 243 20 later later ADV cblr-1745 243 21 , , PUNCT cblr-1745 243 22 when when SCONJ cblr-1745 243 23 an an DET cblr-1745 243 24 electronic electronic ADJ cblr-1745 243 25 platform platform NOUN cblr-1745 243 26 emerged emerge VERB cblr-1745 243 27 to to ADP cblr-1745 243 28 trade trade NOUN cblr-1745 243 29 cds cd NOUN cblr-1745 243 30 , , PUNCT cblr-1745 243 31 the the DET cblr-1745 243 32 dealers dealer NOUN cblr-1745 243 33 undermined undermine VERB cblr-1745 243 34 the the DET cblr-1745 243 35 venture venture NOUN cblr-1745 243 36 by by ADP cblr-1745 243 37 collectively collectively ADV cblr-1745 243 38 directing direct VERB cblr-1745 243 39 all all DET cblr-1745 243 40 their their PRON cblr-1745 243 41 trades trade NOUN cblr-1745 243 42 to to AUX cblr-1745 243 43 ice ice NOUN cblr-1745 243 44 clear clear ADJ cblr-1745 243 45 credit credit NOUN cblr-1745 243 46 , , PUNCT cblr-1745 243 47 a a DET cblr-1745 243 48 clearinghouse clearinghouse NOUN cblr-1745 243 49 in in ADP cblr-1745 243 50 which which PRON cblr-1745 243 51 the the DET cblr-1745 243 52 dealers dealer NOUN cblr-1745 243 53 held hold VERB cblr-1745 243 54 ownership ownership NOUN cblr-1745 243 55 interests interest NOUN cblr-1745 243 56 and and CCONJ cblr-1745 243 57 whose whose DET cblr-1745 243 58 risk risk NOUN cblr-1745 243 59 committee committee NOUN cblr-1745 243 60 the the DET cblr-1745 243 61 dealers dealer NOUN cblr-1745 243 62 controlled.83 controlled.83 VERB cblr-1745 243 63 it it PRON cblr-1745 243 64 was be AUX cblr-1745 243 65 a a DET cblr-1745 243 66 creative creative ADJ cblr-1745 243 67 scheme scheme NOUN cblr-1745 243 68 of of ADP cblr-1745 243 69 exclusion exclusion NOUN cblr-1745 243 70 , , PUNCT cblr-1745 243 71 leverage leverage NOUN cblr-1745 243 72 , , PUNCT cblr-1745 243 73 and and CCONJ cblr-1745 243 74 foreclosure foreclosure NOUN cblr-1745 243 75 : : PUNCT cblr-1745 243 76 dodd dodd PROPN cblr-1745 243 77 - - PUNCT cblr-1745 243 78 frank frank PROPN cblr-1745 243 79 required require VERB cblr-1745 243 80 cds cds PROPN cblr-1745 243 81 trades trade NOUN cblr-1745 243 82 to to PART cblr-1745 243 83 be be AUX cblr-1745 243 84 centrally centrally ADV cblr-1745 243 85 cleared;84 cleared;84 VERB cblr-1745 243 86 a a DET cblr-1745 243 87 joint joint ADJ cblr-1745 243 88 venture venture NOUN cblr-1745 243 89 that that PRON cblr-1745 243 90 operated operate VERB cblr-1745 243 91 its its PRON cblr-1745 243 92 own own ADJ cblr-1745 243 93 clearinghouse clearinghouse NOUN cblr-1745 243 94 built build VERB cblr-1745 243 95 an an DET cblr-1745 243 96 alternative alternative ADJ cblr-1745 243 97 trading trading NOUN cblr-1745 243 98 platform;85 platform;85 NOUN cblr-1745 243 99 the the DET cblr-1745 243 100 dealers dealer NOUN cblr-1745 243 101 commanded command VERB cblr-1745 243 102 the the DET cblr-1745 243 103 lion lion NOUN cblr-1745 243 104 ’s ’s PART cblr-1745 243 105 share share NOUN cblr-1745 243 106 of of ADP cblr-1745 243 107 cds cd NOUN cblr-1745 243 108 80 80 NUM cblr-1745 244 1 i i PRON cblr-1745 244 2 d. d. NOUN cblr-1745 244 3 at at ADP cblr-1745 244 4 * * PROPN cblr-1745 244 5 2 2 NUM cblr-1745 244 6 . . PUNCT cblr-1745 244 7 see see VERB cblr-1745 244 8 also also ADV cblr-1745 244 9 global global ADJ cblr-1745 244 10 trade trade NOUN cblr-1745 244 11 repository repository NOUN cblr-1745 244 12 ( ( PUNCT cblr-1745 244 13 gtr gtr NOUN cblr-1745 244 14 ) ) PUNCT cblr-1745 244 15 , , PUNCT cblr-1745 244 16 dtcc dtcc PROPN cblr-1745 244 17 , , PUNCT cblr-1745 244 18 http://dtcc.com/derivatives-services/global-trade-repository http://dtcc.com/derivatives-services/global-trade-repository PROPN cblr-1745 244 19 [ [ X cblr-1745 244 20 https://perma.cc/9rzd-qxzu https://perma.cc/9rzd-qxzu X cblr-1745 244 21 ] ] PUNCT cblr-1745 244 22 . . PUNCT cblr-1745 245 1 81 81 NUM cblr-1745 245 2 see see VERB cblr-1745 245 3 in in ADP cblr-1745 245 4 re re NOUN cblr-1745 245 5 credit credit NOUN cblr-1745 245 6 default default NOUN cblr-1745 245 7 swaps swap NOUN cblr-1745 245 8 , , PUNCT cblr-1745 245 9 2014 2014 NUM cblr-1745 245 10 wl wl NOUN cblr-1745 245 11 4379112 4379112 NUM cblr-1745 245 12 , , PUNCT cblr-1745 245 13 at at ADP cblr-1745 245 14 * * PROPN cblr-1745 245 15 11 11 NUM cblr-1745 245 16 ; ; PUNCT cblr-1745 245 17 memorandum memorandum NOUN cblr-1745 245 18 in in ADP cblr-1745 245 19 support support NOUN cblr-1745 245 20 of of ADP cblr-1745 245 21 markit markit NOUN cblr-1745 245 22 ’s ’s PART cblr-1745 245 23 motion motion NOUN cblr-1745 245 24 to to PART cblr-1745 245 25 dismiss dismiss VERB cblr-1745 245 26 at at ADP cblr-1745 245 27 10 10 NUM cblr-1745 245 28 , , PUNCT cblr-1745 245 29 in in ADP cblr-1745 245 30 re re NOUN cblr-1745 245 31 credit credit NOUN cblr-1745 245 32 default default NOUN cblr-1745 245 33 swaps swap NOUN cblr-1745 245 34 antitrust antitrust ADJ cblr-1745 245 35 litig litig NOUN cblr-1745 245 36 . . 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PROPN cblr-1745 246 3 ’s ’s PART cblr-1745 246 4 consol consol NOUN cblr-1745 246 5 . . PUNCT cblr-1745 247 1 opp opp INTJ cblr-1745 247 2 . . PROPN cblr-1745 247 3 , , PUNCT cblr-1745 247 4 supra supra PROPN cblr-1745 247 5 note note PROPN cblr-1745 247 6 65 65 NUM cblr-1745 247 7 , , PUNCT cblr-1745 247 8 at at ADP cblr-1745 247 9 36–37 36–37 PROPN cblr-1745 247 10 . . PUNCT cblr-1745 248 1 82 82 NUM cblr-1745 248 2 see see VERB cblr-1745 248 3 american american PROPN cblr-1745 248 4 needle needle PROPN cblr-1745 248 5 , , PUNCT cblr-1745 248 6 inc inc PROPN cblr-1745 248 7 . . PROPN cblr-1745 249 1 v. v. PROPN cblr-1745 249 2 nat’l nat’l PROPN cblr-1745 249 3 football football NOUN cblr-1745 249 4 league league NOUN cblr-1745 249 5 , , PUNCT cblr-1745 249 6 560 560 NUM cblr-1745 249 7 u.s u.s PROPN cblr-1745 249 8 . . PROPN cblr-1745 249 9 183 183 NUM cblr-1745 249 10 , , PUNCT cblr-1745 249 11 197 197 NUM cblr-1745 249 12 ( ( PUNCT cblr-1745 249 13 2010 2010 NUM cblr-1745 249 14 ) ) PUNCT cblr-1745 249 15 ; ; PUNCT cblr-1745 249 16 in in ADP cblr-1745 249 17 re re NOUN cblr-1745 249 18 credit credit NOUN cblr-1745 249 19 default default NOUN cblr-1745 249 20 swaps swap NOUN cblr-1745 249 21 , , PUNCT cblr-1745 249 22 2014 2014 NUM cblr-1745 249 23 wl wl NOUN cblr-1745 249 24 4379112 4379112 NUM cblr-1745 249 25 , , PUNCT cblr-1745 249 26 at at ADP cblr-1745 249 27 * * PROPN cblr-1745 249 28 5 5 NUM cblr-1745 249 29 . . NOUN cblr-1745 249 30 83 83 NUM cblr-1745 249 31 in in ADP cblr-1745 249 32 re re NOUN cblr-1745 249 33 credit credit NOUN cblr-1745 249 34 default default NOUN cblr-1745 249 35 swaps swap NOUN cblr-1745 249 36 , , PUNCT cblr-1745 249 37 2014 2014 NUM cblr-1745 249 38 wl wl NOUN cblr-1745 249 39 4379112 4379112 NUM cblr-1745 249 40 , , PUNCT cblr-1745 249 41 at at ADP cblr-1745 249 42 * * PROPN cblr-1745 249 43 4–5 4–5 NUM cblr-1745 249 44 . . NOUN cblr-1745 249 45 84 84 NUM cblr-1745 249 46 dodd dodd PROPN cblr-1745 249 47 - - PUNCT cblr-1745 249 48 frank frank PROPN cblr-1745 249 49 wall wall PROPN cblr-1745 249 50 street street PROPN cblr-1745 249 51 reform reform PROPN cblr-1745 249 52 & & CCONJ cblr-1745 249 53 consumer consumer PROPN cblr-1745 249 54 protection protection PROPN cblr-1745 249 55 act act PROPN cblr-1745 249 56 , , PUNCT cblr-1745 249 57 pub pub NOUN cblr-1745 249 58 . . PUNCT cblr-1745 250 1 l. l. PROPN cblr-1745 250 2 no no INTJ cblr-1745 250 3 . . PROPN cblr-1745 250 4 111 111 NUM cblr-1745 250 5 - - SYM cblr-1745 250 6 203 203 NUM cblr-1745 251 1 § § PROPN cblr-1745 251 2 § § PROPN cblr-1745 251 3 723 723 NUM cblr-1745 251 4 , , PUNCT cblr-1745 251 5 763 763 NUM cblr-1745 251 6 , , PUNCT cblr-1745 251 7 124 124 NUM cblr-1745 251 8 stat stat NOUN cblr-1745 251 9 . . PUNCT cblr-1745 252 1 1376 1376 NUM cblr-1745 252 2 , , PUNCT cblr-1745 252 3 1675–82 1675–82 NUM cblr-1745 252 4 , , PUNCT cblr-1745 252 5 1762–84 1762–84 NOUN cblr-1745 252 6 ( ( PUNCT cblr-1745 252 7 2010 2010 NUM cblr-1745 252 8 ) ) PUNCT cblr-1745 252 9 ( ( PUNCT cblr-1745 252 10 codified codify VERB cblr-1745 252 11 at at ADP cblr-1745 252 12 7 7 NUM cblr-1745 252 13 u.s.c u.s.c NOUN cblr-1745 252 14 . . PUNCT cblr-1745 253 1 § § PROPN cblr-1745 253 2 2 2 NUM cblr-1745 253 3 , , PUNCT cblr-1745 253 4 15 15 NUM cblr-1745 253 5 u.s.c u.s.c ADJ cblr-1745 253 6 . . PUNCT cblr-1745 254 1 § § PROPN cblr-1745 254 2 78c-3 78c-3 PROPN cblr-1745 254 3 ) ) PUNCT cblr-1745 254 4 . . PUNCT cblr-1745 255 1 85 85 NUM cblr-1745 255 2 in in ADP cblr-1745 255 3 re re NOUN cblr-1745 255 4 credit credit NOUN cblr-1745 255 5 default default NOUN cblr-1745 255 6 swaps swap NOUN cblr-1745 255 7 , , PUNCT cblr-1745 255 8 2014 2014 NUM cblr-1745 255 9 wl wl NOUN cblr-1745 255 10 4379112 4379112 NUM cblr-1745 255 11 , , PUNCT cblr-1745 255 12 at at ADP cblr-1745 255 13 * * NOUN cblr-1745 255 14 3 3 NUM cblr-1745 255 15 . . PUNCT cblr-1745 256 1 on on ADP cblr-1745 256 2 the the DET cblr-1745 256 3 dominance dominance NOUN cblr-1745 256 4 of of ADP cblr-1745 256 5 one one NUM cblr-1745 256 6 of of ADP cblr-1745 256 7 the the DET cblr-1745 256 8 joint joint ADJ cblr-1745 256 9 venture venture NOUN cblr-1745 256 10 partners partner NOUN cblr-1745 256 11 , , PUNCT cblr-1745 256 12 cme cme PROPN cblr-1745 256 13 group group PROPN cblr-1745 256 14 inc inc PROPN cblr-1745 256 15 . . PROPN cblr-1745 256 16 , , PUNCT cblr-1745 256 17 in in ADP cblr-1745 256 18 the the DET cblr-1745 256 19 futures future NOUN cblr-1745 256 20 market market NOUN cblr-1745 256 21 , , PUNCT cblr-1745 256 22 see see VERB cblr-1745 256 23 neal neal PROPN cblr-1745 256 24 l. l. PROPN cblr-1745 256 25 wolkoff wolkoff PROPN cblr-1745 256 26 & & CCONJ cblr-1745 256 27 jason jason PROPN cblr-1745 256 28 b. b. PROPN cblr-1745 256 29 werner werner PROPN cblr-1745 256 30 , , PUNCT cblr-1745 256 31 the the DET cblr-1745 256 32 history history NOUN cblr-1745 256 33 of of ADP cblr-1745 256 34 regulation regulation NOUN cblr-1745 256 35 of of ADP cblr-1745 256 36 clearing clearing NOUN cblr-1745 256 37 in in ADP cblr-1745 256 38 the the DET cblr-1745 256 39 securities security NOUN cblr-1745 256 40 and and CCONJ cblr-1745 256 41 futures future NOUN cblr-1745 256 42 markets market NOUN cblr-1745 256 43 , , PUNCT cblr-1745 256 44 and and CCONJ cblr-1745 256 45 its its PRON cblr-1745 256 46 impact impact NOUN cblr-1745 256 47 on on ADP cblr-1745 256 48 competition competition NOUN cblr-1745 256 49 , , PUNCT cblr-1745 256 50 30 30 NUM cblr-1745 256 51 rev rev X cblr-1745 256 52 . . PUNCT cblr-1745 256 53 banking banking NOUN cblr-1745 256 54 & & CCONJ cblr-1745 256 55 fin fin PROPN cblr-1745 256 56 . . PUNCT cblr-1745 257 1 l. l. PROPN cblr-1745 257 2 313 313 NUM cblr-1745 257 3 , , PUNCT cblr-1745 257 4 373–75 373–75 NUM cblr-1745 257 5 ( ( PUNCT cblr-1745 257 6 2010 2010 NUM cblr-1745 257 7 ) ) PUNCT cblr-1745 257 8 . . PUNCT cblr-1745 258 1 chang chang PROPN cblr-1745 258 2 – – PUNCT cblr-1745 258 3 final final ADJ cblr-1745 258 4 no no NOUN cblr-1745 258 5 . . PUNCT cblr-1745 259 1 3:657 3:657 NUM cblr-1745 259 2 ] ] X cblr-1745 259 3 second second ADJ cblr-1745 259 4 - - PUNCT cblr-1745 259 5 generation generation NOUN cblr-1745 259 6 monopolization monopolization NOUN cblr-1745 259 7 675 675 NUM cblr-1745 259 8 trading trading NOUN cblr-1745 259 9 and and CCONJ cblr-1745 259 10 routed route VERB cblr-1745 259 11 traffic traffic NOUN cblr-1745 259 12 toward toward ADP cblr-1745 259 13 their their PRON cblr-1745 259 14 clearinghouse clearinghouse NOUN cblr-1745 259 15 ; ; PUNCT cblr-1745 259 16 without without ADP cblr-1745 259 17 this this DET cblr-1745 259 18 traffic traffic NOUN cblr-1745 259 19 , , PUNCT cblr-1745 259 20 the the DET cblr-1745 259 21 upstart upstart ADJ cblr-1745 259 22 clearinghouse clearinghouse NOUN cblr-1745 259 23 could could AUX cblr-1745 259 24 never never ADV cblr-1745 259 25 attain attain VERB cblr-1745 259 26 high high ADJ cblr-1745 259 27 volumes volume NOUN cblr-1745 259 28 , , PUNCT cblr-1745 259 29 and and CCONJ cblr-1745 259 30 the the DET cblr-1745 259 31 closely closely ADV cblr-1745 259 32 linked link VERB cblr-1745 259 33 exchange exchange NOUN cblr-1745 259 34 could could AUX cblr-1745 259 35 never never ADV cblr-1745 259 36 get get VERB cblr-1745 259 37 off off ADP cblr-1745 259 38 the the DET cblr-1745 259 39 ground.86 ground.86 NOUN cblr-1745 259 40 to to PART cblr-1745 259 41 bolster bolster VERB cblr-1745 259 42 this this DET cblr-1745 259 43 effort effort NOUN cblr-1745 259 44 , , PUNCT cblr-1745 259 45 the the DET cblr-1745 259 46 dealers dealer NOUN cblr-1745 259 47 allegedly allegedly ADV cblr-1745 259 48 convinced convince VERB cblr-1745 259 49 markit markit NOUN cblr-1745 259 50 and and CCONJ cblr-1745 259 51 the the DET cblr-1745 259 52 international international ADJ cblr-1745 259 53 swaps swap NOUN cblr-1745 259 54 and and CCONJ cblr-1745 259 55 derivatives derivative NOUN cblr-1745 259 56 association association NOUN cblr-1745 259 57 ( ( PUNCT cblr-1745 259 58 “ " PUNCT cblr-1745 259 59 isda isda NOUN cblr-1745 259 60 ” " PUNCT cblr-1745 259 61 ) ) PUNCT cblr-1745 259 62 , , PUNCT cblr-1745 259 63 a a DET cblr-1745 259 64 trade trade NOUN cblr-1745 259 65 group group NOUN cblr-1745 259 66 that that PRON cblr-1745 259 67 created create VERB cblr-1745 259 68 documentation documentation NOUN cblr-1745 259 69 for for ADP cblr-1745 259 70 derivatives derivative NOUN cblr-1745 259 71 trading trading NOUN cblr-1745 259 72 , , PUNCT cblr-1745 259 73 to to AUX cblr-1745 259 74 forego forego NOUN cblr-1745 259 75 granting grant VERB cblr-1745 259 76 licenses license NOUN cblr-1745 259 77 to to ADP cblr-1745 259 78 the the DET cblr-1745 259 79 upstart upstart ADJ cblr-1745 259 80 trading trading NOUN cblr-1745 259 81 platform.87 platform.87 VERB cblr-1745 259 82 not not PART cblr-1745 259 83 surprisingly surprisingly ADV cblr-1745 259 84 , , PUNCT cblr-1745 259 85 the the DET cblr-1745 259 86 venture venture NOUN cblr-1745 259 87 folded fold VERB cblr-1745 259 88 soon soon ADV cblr-1745 259 89 after after SCONJ cblr-1745 259 90 it it PRON cblr-1745 259 91 started.88 started.88 VERB cblr-1745 259 92 for for ADP cblr-1745 259 93 all all DET cblr-1745 259 94 its its PRON cblr-1745 259 95 intricacies intricacy NOUN cblr-1745 259 96 , , PUNCT cblr-1745 259 97 in in ADP cblr-1745 259 98 re re ADP cblr-1745 259 99 cds cds PROPN cblr-1745 259 100 antitrust antitrust ADJ cblr-1745 259 101 litigation litigation NOUN cblr-1745 259 102 was be AUX cblr-1745 259 103 a a DET cblr-1745 259 104 straightforward straightforward ADJ cblr-1745 259 105 case case NOUN cblr-1745 259 106 . . PUNCT cblr-1745 260 1 the the DET cblr-1745 260 2 defendant defendant NOUN cblr-1745 260 3 - - PUNCT cblr-1745 260 4 dealers dealer NOUN cblr-1745 260 5 had have AUX cblr-1745 260 6 allegedly allegedly ADV cblr-1745 260 7 held hold VERB cblr-1745 260 8 secret secret ADJ cblr-1745 260 9 meetings meeting NOUN cblr-1745 260 10 to to PART cblr-1745 260 11 coordinate coordinate VERB cblr-1745 260 12 amongst amongst ADP cblr-1745 260 13 each each DET cblr-1745 260 14 other other ADJ cblr-1745 260 15 and and CCONJ cblr-1745 260 16 with with ADP cblr-1745 260 17 dtcc dtcc PROPN cblr-1745 260 18 , , PUNCT cblr-1745 260 19 isda isda NOUN cblr-1745 260 20 , , PUNCT cblr-1745 260 21 and and CCONJ cblr-1745 260 22 markit markit NOUN cblr-1745 260 23 in in ADP cblr-1745 260 24 violation violation NOUN cblr-1745 260 25 of of ADP cblr-1745 260 26 section section NOUN cblr-1745 260 27 1 1 NUM cblr-1745 260 28 of of ADP cblr-1745 260 29 the the DET cblr-1745 260 30 sherman sherman NOUN cblr-1745 260 31 act.89 act.89 PROPN cblr-1745 260 32 horizontal horizontal ADJ cblr-1745 260 33 conspiracies conspiracy NOUN cblr-1745 260 34 such such ADJ cblr-1745 260 35 as as ADP cblr-1745 260 36 these these PRON cblr-1745 260 37 have have AUX cblr-1745 260 38 always always ADV cblr-1745 260 39 enjoyed enjoy VERB cblr-1745 260 40 primacy primacy NOUN cblr-1745 260 41 in in ADP cblr-1745 260 42 the the DET cblr-1745 260 43 antitrust antitrust ADJ cblr-1745 260 44 hierarchy.90 hierarchy.90 NOUN cblr-1745 260 45 given give VERB cblr-1745 260 46 the the DET cblr-1745 260 47 choice choice NOUN cblr-1745 260 48 , , PUNCT cblr-1745 260 49 plaintiffs plaintiff NOUN cblr-1745 260 50 always always ADV cblr-1745 260 51 plead plead VERB cblr-1745 260 52 collusion collusion NOUN cblr-1745 260 53 over over ADP cblr-1745 260 54 exclusion.91 exclusion.91 PROPN cblr-1745 260 55 hence hence ADV cblr-1745 260 56 , , PUNCT cblr-1745 260 57 the the DET cblr-1745 260 58 case case NOUN cblr-1745 260 59 would would AUX cblr-1745 260 60 settle settle VERB cblr-1745 260 61 — — PUNCT cblr-1745 260 62 for for ADP cblr-1745 260 63 $ $ SYM cblr-1745 260 64 1.87 1.87 NUM cblr-1745 260 65 billion billion NUM cblr-1745 260 66 — — PUNCT cblr-1745 260 67 one one NUM cblr-1745 260 68 year year NOUN cblr-1745 260 69 after after SCONJ cblr-1745 260 70 the the DET cblr-1745 260 71 southern southern ADJ cblr-1745 260 72 district district NOUN cblr-1745 260 73 of of ADP cblr-1745 260 74 new new PROPN cblr-1745 260 75 york york PROPN cblr-1745 260 76 allowed allow VERB cblr-1745 260 77 the the DET cblr-1745 260 78 section section NOUN cblr-1745 260 79 1 1 NUM cblr-1745 260 80 and and CCONJ cblr-1745 260 81 ancillary ancillary ADJ cblr-1745 260 82 claims claim NOUN cblr-1745 260 83 ( ( PUNCT cblr-1745 260 84 but but CCONJ cblr-1745 260 85 not not PART cblr-1745 260 86 the the DET cblr-1745 260 87 section section NOUN cblr-1745 260 88 2 2 NUM cblr-1745 260 89 claim claim NOUN cblr-1745 260 90 ) ) PUNCT cblr-1745 260 91 to to PART cblr-1745 260 92 go go VERB cblr-1745 260 93 forward.92 forward.92 ADV cblr-1745 260 94 86 86 NUM cblr-1745 260 95 on on ADP cblr-1745 260 96 how how SCONJ cblr-1745 260 97 this this DET cblr-1745 260 98 strategy strategy NOUN cblr-1745 260 99 has have AUX cblr-1745 260 100 been be AUX cblr-1745 260 101 deployed deploy VERB cblr-1745 260 102 elsewhere elsewhere ADV cblr-1745 260 103 , , PUNCT cblr-1745 260 104 see see VERB cblr-1745 260 105 doj doj PROPN cblr-1745 260 106 comment comment NOUN cblr-1745 260 107 , , PUNCT cblr-1745 260 108 supra supra PROPN cblr-1745 260 109 note note NOUN cblr-1745 260 110 28 28 NUM cblr-1745 260 111 , , PUNCT cblr-1745 260 112 at at ADP cblr-1745 260 113 1–2 1–2 NUM cblr-1745 260 114 . . PUNCT cblr-1745 261 1 87 87 NUM cblr-1745 261 2 see see VERB cblr-1745 261 3 in in ADP cblr-1745 261 4 re re NOUN cblr-1745 261 5 credit credit NOUN cblr-1745 261 6 default default NOUN cblr-1745 261 7 swaps swap NOUN cblr-1745 261 8 , , PUNCT cblr-1745 261 9 2014 2014 NUM cblr-1745 261 10 wl wl NOUN cblr-1745 261 11 4379112 4379112 NUM cblr-1745 261 12 , , PUNCT cblr-1745 261 13 at at ADP cblr-1745 261 14 * * PROPN cblr-1745 261 15 4–5 4–5 NUM cblr-1745 261 16 . . PUNCT cblr-1745 262 1 the the DET cblr-1745 262 2 dealers dealer NOUN cblr-1745 262 3 also also ADV cblr-1745 262 4 sat sit VERB cblr-1745 262 5 on on ADP cblr-1745 262 6 the the DET cblr-1745 262 7 boards board NOUN cblr-1745 262 8 of of ADP cblr-1745 262 9 markit markit NOUN cblr-1745 262 10 and and CCONJ cblr-1745 262 11 isda isda NOUN cblr-1745 262 12 . . PUNCT cblr-1745 263 1 i i PRON cblr-1745 263 2 d. d. PROPN cblr-1745 263 3 88 88 NUM cblr-1745 263 4 see see VERB cblr-1745 263 5 louise louise PROPN cblr-1745 263 6 story story NOUN cblr-1745 263 7 , , PUNCT cblr-1745 263 8 a a DET cblr-1745 263 9 secretive secretive ADJ cblr-1745 263 10 banking banking NOUN cblr-1745 263 11 elite elite NOUN cblr-1745 263 12 rules rule VERB cblr-1745 263 13 trading trade VERB cblr-1745 263 14 in in ADP cblr-1745 263 15 derivatives derivative NOUN cblr-1745 263 16 , , PUNCT cblr-1745 263 17 n.y n.y PROPN cblr-1745 263 18 . . PROPN cblr-1745 263 19 times times PROPN cblr-1745 263 20 ( ( PUNCT cblr-1745 263 21 dec dec PROPN cblr-1745 263 22 . . PROPN cblr-1745 263 23 11 11 NUM cblr-1745 263 24 , , PUNCT cblr-1745 263 25 2010 2010 NUM cblr-1745 263 26 ) ) PUNCT cblr-1745 263 27 , , PUNCT cblr-1745 263 28 http://www.nytimes.com/2010/12/1 http://www.nytimes.com/2010/12/1 NOUN cblr-1745 263 29 2 2 NUM cblr-1745 263 30 / / SYM cblr-1745 263 31 business/12advantage.html business/12advantage.html PROPN cblr-1745 264 1 [ [ X cblr-1745 264 2 https://perma.cc/n4nj-pzbl https://perma.cc/n4nj-pzbl X cblr-1745 264 3 ] ] X cblr-1745 264 4 . . PUNCT cblr-1745 265 1 89 89 NUM cblr-1745 265 2 see see VERB cblr-1745 265 3 in in ADP cblr-1745 265 4 re re NOUN cblr-1745 265 5 credit credit NOUN cblr-1745 265 6 default default NOUN cblr-1745 265 7 swaps swap NOUN cblr-1745 265 8 , , PUNCT cblr-1745 265 9 2014 2014 NUM cblr-1745 265 10 wl wl NOUN cblr-1745 265 11 4379112 4379112 NUM cblr-1745 265 12 , , PUNCT cblr-1745 265 13 at at ADP cblr-1745 265 14 * * PROPN cblr-1745 265 15 4–5 4–5 NUM cblr-1745 265 16 . . PROPN cblr-1745 265 17 90 90 NUM cblr-1745 265 18 see see VERB cblr-1745 265 19 thomas thomas PROPN cblr-1745 265 20 c. c. PROPN cblr-1745 265 21 arthur arthur PROPN cblr-1745 265 22 , , PUNCT cblr-1745 265 23 the the DET cblr-1745 265 24 core core NOUN cblr-1745 265 25 of of ADP cblr-1745 265 26 antitrust antitrust NOUN cblr-1745 265 27 and and CCONJ cblr-1745 265 28 the the DET cblr-1745 265 29 slow slow ADJ cblr-1745 265 30 death death NOUN cblr-1745 265 31 of of ADP cblr-1745 265 32 dr dr PROPN cblr-1745 265 33 . . PROPN cblr-1745 265 34 miles miles PROPN cblr-1745 265 35 , , PUNCT cblr-1745 265 36 62 62 NUM cblr-1745 265 37 s.m.u s.m.u NOUN cblr-1745 265 38 . . PUNCT cblr-1745 266 1 l. l. PROPN cblr-1745 266 2 rev rev PROPN cblr-1745 266 3 . . PROPN cblr-1745 266 4 437 437 NUM cblr-1745 266 5 , , PUNCT cblr-1745 266 6 437 437 NUM cblr-1745 266 7 ( ( PUNCT cblr-1745 266 8 2009 2009 NUM cblr-1745 266 9 ) ) PUNCT cblr-1745 266 10 ; ; PUNCT cblr-1745 266 11 baker baker PROPN cblr-1745 266 12 , , PUNCT cblr-1745 266 13 supra supra PROPN cblr-1745 266 14 note note NOUN cblr-1745 266 15 3 3 NUM cblr-1745 266 16 , , PUNCT cblr-1745 266 17 at at ADP cblr-1745 266 18 527 527 NUM cblr-1745 266 19 – – SYM cblr-1745 266 20 28 28 NUM cblr-1745 266 21 . . NOUN cblr-1745 266 22 91 91 NUM cblr-1745 266 23 in in ADP cblr-1745 266 24 fact fact NOUN cblr-1745 266 25 , , PUNCT cblr-1745 266 26 the the DET cblr-1745 266 27 class class NOUN cblr-1745 266 28 action action NOUN cblr-1745 266 29 complaint complaint NOUN cblr-1745 266 30 in in ADP cblr-1745 266 31 in in ADP cblr-1745 266 32 re re PROPN cblr-1745 266 33 cds cds PROPN cblr-1745 266 34 antitrust antitrust ADJ cblr-1745 266 35 litigation litigation NOUN cblr-1745 266 36 was be AUX cblr-1745 266 37 peppered pepper VERB cblr-1745 266 38 with with ADP cblr-1745 266 39 references reference NOUN cblr-1745 266 40 to to ADP cblr-1745 266 41 collusion collusion NOUN cblr-1745 266 42 . . PUNCT cblr-1745 267 1 see see VERB cblr-1745 267 2 generally generally ADV cblr-1745 267 3 cds cds VERB cblr-1745 267 4 antitrust antitrust ADJ cblr-1745 267 5 litig litig NOUN cblr-1745 267 6 . . PUNCT cblr-1745 268 1 complaint complaint NOUN cblr-1745 268 2 , , PUNCT cblr-1745 268 3 supra supra PROPN cblr-1745 268 4 note note VERB cblr-1745 268 5 62 62 NUM cblr-1745 268 6 . . PUNCT cblr-1745 269 1 92 92 NUM cblr-1745 269 2 see see VERB cblr-1745 269 3 jesse jesse PROPN cblr-1745 269 4 drucker drucker PROPN cblr-1745 269 5 & & CCONJ cblr-1745 269 6 bob bob PROPN cblr-1745 269 7 van van PROPN cblr-1745 269 8 voris voris PROPN cblr-1745 269 9 , , PUNCT cblr-1745 269 10 wall wall PROPN cblr-1745 269 11 street street PROPN cblr-1745 269 12 banks bank NOUN cblr-1745 269 13 to to PART cblr-1745 269 14 settle settle VERB cblr-1745 269 15 cds cd NOUN cblr-1745 269 16 lawsuit lawsuit NOUN cblr-1745 269 17 for for ADP cblr-1745 269 18 $ $ SYM cblr-1745 269 19 1.87 1.87 NUM cblr-1745 269 20 billion billion NUM cblr-1745 269 21 , , PUNCT cblr-1745 269 22 bloomberg bloomberg NOUN cblr-1745 269 23 bus bus NOUN cblr-1745 269 24 . . PUNCT cblr-1745 270 1 ( ( PUNCT cblr-1745 270 2 sept sept PROPN cblr-1745 270 3 . . PROPN cblr-1745 270 4 11 11 NUM cblr-1745 270 5 , , PUNCT cblr-1745 270 6 2015 2015 NUM cblr-1745 270 7 , , PUNCT cblr-1745 270 8 10:16 10:16 NUM cblr-1745 270 9 am am NOUN cblr-1745 270 10 ) ) PUNCT cblr-1745 270 11 , , PUNCT cblr-1745 270 12 http://www.bloomberg.com/news/articles/2015-09-11/wall-streetbanks-reach-settlement-on-cds-lawsuit-lawyer-says http://www.bloomberg.com/news/articles/2015-09-11/wall-streetbanks-reach-settlement-on-cds-lawsuit-lawyer-say VERB cblr-1745 271 1 [ [ X cblr-1745 271 2 https://perma.cc/4cxa-5c52 https://perma.cc/4cxa-5c52 X cblr-1745 271 3 ] ] PUNCT cblr-1745 271 4 . . PUNCT cblr-1745 272 1 chang chang PROPN cblr-1745 272 2 – – PUNCT cblr-1745 272 3 final final ADJ cblr-1745 272 4 676 676 NUM cblr-1745 272 5 columbia columbia PROPN cblr-1745 272 6 business business NOUN cblr-1745 272 7 law law NOUN cblr-1745 272 8 review review NOUN cblr-1745 272 9 [ [ X cblr-1745 272 10 vol vol NOUN cblr-1745 272 11 . . PUNCT cblr-1745 273 1 2016 2016 NUM cblr-1745 274 1 yet yet ADV cblr-1745 274 2 this this DET cblr-1745 274 3 article article NOUN cblr-1745 274 4 is be AUX cblr-1745 274 5 interested interested ADJ cblr-1745 274 6 in in ADP cblr-1745 274 7 the the DET cblr-1745 274 8 much much ADV cblr-1745 274 9 harder hard ADJ cblr-1745 274 10 scenario scenario NOUN cblr-1745 274 11 of of ADP cblr-1745 274 12 what what PRON cblr-1745 274 13 happens happen VERB cblr-1745 274 14 afterward afterward ADV cblr-1745 274 15 . . PUNCT cblr-1745 275 1 so so ADV cblr-1745 275 2 far far ADV cblr-1745 275 3 , , PUNCT cblr-1745 275 4 the the DET cblr-1745 275 5 cds cd NOUN cblr-1745 275 6 dealer dealer NOUN cblr-1745 275 7 market market NOUN cblr-1745 275 8 has have AUX cblr-1745 275 9 not not PART cblr-1745 275 10 loosened loosen VERB cblr-1745 275 11 up up ADP cblr-1745 275 12 . . PUNCT cblr-1745 276 1 large large ADJ cblr-1745 276 2 dealers dealer NOUN cblr-1745 276 3 continue continue VERB cblr-1745 276 4 to to PART cblr-1745 276 5 sit sit VERB cblr-1745 276 6 on on ADP cblr-1745 276 7 the the DET cblr-1745 276 8 risk risk NOUN cblr-1745 276 9 committee committee NOUN cblr-1745 276 10 of of ADP cblr-1745 276 11 ice ice NOUN cblr-1745 276 12 clear clear ADJ cblr-1745 276 13 credit credit NOUN cblr-1745 276 14 , , PUNCT cblr-1745 276 15 whose whose DET cblr-1745 276 16 membership membership NOUN cblr-1745 276 17 roster roster NOUN cblr-1745 276 18 has have AUX cblr-1745 276 19 not not PART cblr-1745 276 20 expanded.93 expanded.93 NOUN cblr-1745 276 21 we we PRON cblr-1745 276 22 are be AUX cblr-1745 276 23 also also ADV cblr-1745 276 24 not not PART cblr-1745 276 25 likely likely ADJ cblr-1745 276 26 to to PART cblr-1745 276 27 see see VERB cblr-1745 276 28 the the DET cblr-1745 276 29 type type NOUN cblr-1745 276 30 of of ADP cblr-1745 276 31 explosive explosive ADJ cblr-1745 276 32 evidence evidence NOUN cblr-1745 276 33 of of ADP cblr-1745 276 34 conspiracy conspiracy NOUN cblr-1745 276 35 that that PRON cblr-1745 276 36 came come VERB cblr-1745 276 37 to to ADP cblr-1745 276 38 light light NOUN cblr-1745 276 39 , , PUNCT cblr-1745 276 40 without without ADP cblr-1745 276 41 which which PRON cblr-1745 276 42 this this DET cblr-1745 276 43 case case NOUN cblr-1745 276 44 would would AUX cblr-1745 276 45 have have AUX cblr-1745 276 46 failed.94 failed.94 VERB cblr-1745 276 47 the the DET cblr-1745 276 48 stasis stasis NOUN cblr-1745 276 49 in in ADP cblr-1745 276 50 the the DET cblr-1745 276 51 market market NOUN cblr-1745 276 52 , , PUNCT cblr-1745 276 53 despite despite SCONJ cblr-1745 276 54 the the DET cblr-1745 276 55 settlement settlement NOUN cblr-1745 276 56 , , PUNCT cblr-1745 276 57 is be AUX cblr-1745 276 58 all all DET cblr-1745 276 59 the the PRON cblr-1745 276 60 more more ADV cblr-1745 276 61 intriguing intriguing ADJ cblr-1745 276 62 because because SCONJ cblr-1745 276 63 it it PRON cblr-1745 276 64 hews hew VERB cblr-1745 276 65 closely closely ADV cblr-1745 276 66 to to ADP cblr-1745 276 67 the the DET cblr-1745 276 68 reality reality NOUN cblr-1745 276 69 that that SCONJ cblr-1745 276 70 parallel parallel ADJ cblr-1745 276 71 action action NOUN cblr-1745 276 72 is be AUX cblr-1745 276 73 frequently frequently ADV cblr-1745 276 74 the the DET cblr-1745 276 75 only only ADJ cblr-1745 276 76 thing thing NOUN cblr-1745 276 77 that that PRON cblr-1745 276 78 plaintiffs plaintiff NOUN cblr-1745 276 79 can can AUX cblr-1745 276 80 point point VERB cblr-1745 276 81 toward toward ADP cblr-1745 276 82 . . PUNCT cblr-1745 277 1 evidence evidence NOUN cblr-1745 277 2 of of ADP cblr-1745 277 3 horizontal horizontal ADJ cblr-1745 277 4 conspiracy conspiracy NOUN cblr-1745 277 5 , , PUNCT cblr-1745 277 6 the the DET cblr-1745 277 7 easier easy ADJ cblr-1745 277 8 section section NOUN cblr-1745 277 9 1 1 NUM cblr-1745 277 10 claim claim NOUN cblr-1745 277 11 , , PUNCT cblr-1745 277 12 is be AUX cblr-1745 277 13 simply simply ADV cblr-1745 277 14 too too ADV cblr-1745 277 15 difficult difficult ADJ cblr-1745 277 16 to to PART cblr-1745 277 17 gather gather VERB cblr-1745 277 18 . . PUNCT cblr-1745 278 1 moreover moreover ADV cblr-1745 278 2 , , PUNCT cblr-1745 278 3 if if SCONJ cblr-1745 278 4 the the DET cblr-1745 278 5 dominant dominant ADJ cblr-1745 278 6 dealers dealer NOUN cblr-1745 278 7 divest divest VERB cblr-1745 278 8 ownership ownership NOUN cblr-1745 278 9 in in ADP cblr-1745 278 10 the the DET cblr-1745 278 11 clearinghouses clearinghouse NOUN cblr-1745 278 12 or or CCONJ cblr-1745 278 13 own own VERB cblr-1745 278 14 only only ADV cblr-1745 278 15 a a DET cblr-1745 278 16 minor minor ADJ cblr-1745 278 17 interest,95 interest,95 NOUN cblr-1745 278 18 the the DET cblr-1745 278 19 more more ADV cblr-1745 278 20 established establish VERB cblr-1745 278 21 section section NOUN cblr-1745 278 22 2 2 NUM cblr-1745 278 23 claim claim NOUN cblr-1745 278 24 of of ADP cblr-1745 278 25 vertical vertical ADJ cblr-1745 278 26 93 93 NUM cblr-1745 278 27 see see NOUN cblr-1745 278 28 infra infra NOUN cblr-1745 278 29 section section NOUN cblr-1745 278 30 iii.b iii.b PROPN cblr-1745 278 31 . . PUNCT cblr-1745 278 32 94 94 NUM cblr-1745 278 33 see see VERB cblr-1745 278 34 in in ADP cblr-1745 278 35 re re NOUN cblr-1745 278 36 credit credit NOUN cblr-1745 278 37 default default NOUN cblr-1745 278 38 swaps swap NOUN cblr-1745 278 39 antitrust antitrust ADJ cblr-1745 278 40 litig litig NOUN cblr-1745 278 41 . . PUNCT cblr-1745 278 42 , , PUNCT cblr-1745 279 1 no no INTJ cblr-1745 279 2 . . NOUN cblr-1745 279 3 13 13 NUM cblr-1745 279 4 - - PUNCT cblr-1745 279 5 md-2476 md-2476 PROPN cblr-1745 279 6 , , PUNCT cblr-1745 279 7 2014 2014 NUM cblr-1745 279 8 wl wl NOUN cblr-1745 279 9 4379112 4379112 NUM cblr-1745 279 10 , , PUNCT cblr-1745 279 11 at at ADP cblr-1745 279 12 * * NUM cblr-1745 279 13 6 6 NUM cblr-1745 279 14 ( ( PUNCT cblr-1745 279 15 s.d.n.y s.d.n.y PROPN cblr-1745 279 16 . . PUNCT cblr-1745 279 17 sept sept PROPN cblr-1745 279 18 . . PROPN cblr-1745 279 19 4 4 NUM cblr-1745 279 20 , , PUNCT cblr-1745 279 21 2014 2014 NUM cblr-1745 279 22 ) ) PUNCT cblr-1745 279 23 ( ( PUNCT cblr-1745 279 24 “ " PUNCT cblr-1745 279 25 plaintiffs plaintiff NOUN cblr-1745 279 26 could could AUX cblr-1745 279 27 not not PART cblr-1745 279 28 have have AUX cblr-1745 279 29 discovered discover VERB cblr-1745 279 30 through through ADP cblr-1745 279 31 the the DET cblr-1745 279 32 exercise exercise NOUN cblr-1745 279 33 of of ADP cblr-1745 279 34 reasonable reasonable ADJ cblr-1745 279 35 diligence diligence NOUN cblr-1745 279 36 that that SCONJ cblr-1745 279 37 they they PRON cblr-1745 279 38 were be AUX cblr-1745 279 39 injured injure VERB cblr-1745 279 40 until until ADP cblr-1745 279 41 december december PROPN cblr-1745 279 42 2010 2010 NUM cblr-1745 279 43 , , PUNCT cblr-1745 279 44 when when SCONJ cblr-1745 279 45 the the DET cblr-1745 279 46 existence existence NOUN cblr-1745 279 47 of of ADP cblr-1745 279 48 secret secret ADJ cblr-1745 279 49 meetings meeting NOUN cblr-1745 279 50 was be AUX cblr-1745 279 51 first first ADV cblr-1745 279 52 uncovered uncover VERB cblr-1745 279 53 by by ADP cblr-1745 279 54 the the DET cblr-1745 279 55 new new PROPN cblr-1745 279 56 york york PROPN cblr-1745 279 57 times times PROPN cblr-1745 279 58 . . PUNCT cblr-1745 279 59 ” " PUNCT cblr-1745 279 60 ) ) PUNCT cblr-1745 280 1 ( ( PUNCT cblr-1745 280 2 citing cite VERB cblr-1745 280 3 story story NOUN cblr-1745 280 4 , , PUNCT cblr-1745 280 5 supra supra PROPN cblr-1745 280 6 note note NOUN cblr-1745 280 7 88 88 NUM cblr-1745 280 8 ) ) PUNCT cblr-1745 280 9 . . PUNCT cblr-1745 281 1 this this PRON cblr-1745 281 2 is be AUX cblr-1745 281 3 especially especially ADV cblr-1745 281 4 true true ADJ cblr-1745 281 5 in in ADP cblr-1745 281 6 the the DET cblr-1745 281 7 aftermath aftermath NOUN cblr-1745 281 8 of of ADP cblr-1745 281 9 twombly twombly PROPN cblr-1745 281 10 . . PUNCT cblr-1745 282 1 for for ADP cblr-1745 282 2 the the DET cblr-1745 282 3 defendants defendant NOUN cblr-1745 282 4 ’ ' PUNCT cblr-1745 282 5 twombly twombly ADV cblr-1745 282 6 challenges challenge VERB cblr-1745 282 7 to to ADP cblr-1745 282 8 the the DET cblr-1745 282 9 sufficiency sufficiency NOUN cblr-1745 282 10 of of ADP cblr-1745 282 11 the the DET cblr-1745 282 12 plaintiffs plaintiff NOUN cblr-1745 282 13 ’ ' PUNCT cblr-1745 282 14 pleadings pleading NOUN cblr-1745 282 15 , , PUNCT cblr-1745 282 16 see see VERB cblr-1745 282 17 dealer dealer NOUN cblr-1745 282 18 - - PUNCT cblr-1745 282 19 defendant defendant NOUN cblr-1745 282 20 ’s ’s PART cblr-1745 282 21 memorandum memorandum NOUN cblr-1745 282 22 in in ADP cblr-1745 282 23 support support NOUN cblr-1745 282 24 of of ADP cblr-1745 282 25 their their PRON cblr-1745 282 26 joint joint ADJ cblr-1745 282 27 motion motion NOUN cblr-1745 282 28 to to PART cblr-1745 282 29 dismiss dismiss VERB cblr-1745 282 30 the the DET cblr-1745 282 31 consolidated consolidate VERB cblr-1745 282 32 amended amend VERB cblr-1745 282 33 complaint complaint NOUN cblr-1745 282 34 at at ADP cblr-1745 282 35 22–23 22–23 NUM cblr-1745 282 36 , , PUNCT cblr-1745 282 37 in in ADP cblr-1745 282 38 re re NOUN cblr-1745 282 39 credit credit NOUN cblr-1745 282 40 default default NOUN cblr-1745 282 41 swaps swap NOUN cblr-1745 282 42 antitrust antitrust ADJ cblr-1745 282 43 litig litig NOUN cblr-1745 282 44 . . PUNCT cblr-1745 283 1 , , PUNCT cblr-1745 283 2 no no INTJ cblr-1745 283 3 . . NOUN cblr-1745 283 4 13 13 NUM cblr-1745 283 5 - - PUNCT cblr-1745 283 6 md-02476 md-02476 NOUN cblr-1745 283 7 , , PUNCT cblr-1745 283 8 2014 2014 NUM cblr-1745 283 9 wl wl NOUN cblr-1745 283 10 4379112 4379112 NUM cblr-1745 283 11 ( ( PUNCT cblr-1745 283 12 s.d.n.y s.d.n.y PROPN cblr-1745 283 13 . . PUNCT cblr-1745 283 14 sept sept PROPN cblr-1745 283 15 . . PROPN cblr-1745 283 16 4 4 NUM cblr-1745 283 17 , , PUNCT cblr-1745 283 18 2014 2014 NUM cblr-1745 283 19 ) ) PUNCT cblr-1745 283 20 , , PUNCT cblr-1745 283 21 2014 2014 NUM cblr-1745 283 22 wl wl NOUN cblr-1745 283 23 996473 996473 NUM cblr-1745 283 24 , , PUNCT cblr-1745 283 25 at at ADP cblr-1745 283 26 17 17 NUM cblr-1745 283 27 [ [ SYM cblr-1745 283 28 hereinafter hereinafter NOUN cblr-1745 283 29 cds cd NOUN cblr-1745 283 30 antitrust antitrust ADJ cblr-1745 283 31 litig litig NOUN cblr-1745 283 32 . . PUNCT cblr-1745 284 1 dealer dealer NOUN cblr-1745 284 2 joint joint ADJ cblr-1745 284 3 mot mot NOUN cblr-1745 284 4 . . PUNCT cblr-1745 285 1 ] ] PUNCT cblr-1745 285 2 . . PUNCT cblr-1745 286 1 95 95 NUM cblr-1745 286 2 in in ADP cblr-1745 286 3 2008 2008 NUM cblr-1745 286 4 , , PUNCT cblr-1745 286 5 ice ice NOUN cblr-1745 286 6 dove dove NOUN cblr-1745 286 7 into into ADP cblr-1745 286 8 cds cd NOUN cblr-1745 286 9 clearing clearing NOUN cblr-1745 286 10 by by ADP cblr-1745 286 11 purchasing purchase VERB cblr-1745 286 12 the the DET cblr-1745 286 13 clearing clearing NOUN cblr-1745 286 14 corporation corporation NOUN cblr-1745 286 15 , , PUNCT cblr-1745 286 16 a a DET cblr-1745 286 17 well well ADV cblr-1745 286 18 - - PUNCT cblr-1745 286 19 established establish VERB cblr-1745 286 20 clearinghouse clearinghouse NOUN cblr-1745 286 21 , , PUNCT cblr-1745 286 22 with with ADP cblr-1745 286 23 the the DET cblr-1745 286 24 support support NOUN cblr-1745 286 25 of of ADP cblr-1745 286 26 the the DET cblr-1745 286 27 major major ADJ cblr-1745 286 28 dealers dealer NOUN cblr-1745 286 29 . . PUNCT cblr-1745 287 1 see see VERB cblr-1745 287 2 press press NOUN cblr-1745 287 3 release release NOUN cblr-1745 287 4 , , PUNCT cblr-1745 287 5 intercontinentalexchange intercontinentalexchange NOUN cblr-1745 287 6 & & CCONJ cblr-1745 287 7 the the DET cblr-1745 287 8 clearing clearing NOUN cblr-1745 287 9 corporation corporation NOUN cblr-1745 287 10 , , PUNCT cblr-1745 287 11 intercontinentalexchange intercontinentalexchange VERB cblr-1745 287 12 , , PUNCT cblr-1745 287 13 the the DET cblr-1745 287 14 clearing clearing NOUN cblr-1745 287 15 corporation corporation NOUN cblr-1745 287 16 , , PUNCT cblr-1745 287 17 and and CCONJ cblr-1745 287 18 nine nine NUM cblr-1745 287 19 major major ADJ cblr-1745 287 20 dealers dealer NOUN cblr-1745 287 21 announce announce VERB cblr-1745 287 22 new new ADJ cblr-1745 287 23 developments development NOUN cblr-1745 287 24 in in ADP cblr-1745 287 25 global global ADJ cblr-1745 287 26 cds cd NOUN cblr-1745 287 27 clearing clearing NOUN cblr-1745 287 28 solution solution NOUN cblr-1745 287 29 ( ( PUNCT cblr-1745 287 30 oct oct PROPN cblr-1745 287 31 . . PROPN cblr-1745 287 32 30 30 NUM cblr-1745 287 33 , , PUNCT cblr-1745 287 34 2008 2008 NUM cblr-1745 287 35 ) ) PUNCT cblr-1745 287 36 , , PUNCT cblr-1745 287 37 http://www.sec.gov/archives http://www.sec.gov/archive VERB cblr-1745 287 38 /edgar /edgar NOUN cblr-1745 287 39 / / SYM cblr-1745 287 40 data/1174746/000095014408007998 data/1174746/000095014408007998 NOUN cblr-1745 287 41 / / SYM cblr-1745 287 42 g16353exv99w1.htm g16353exv99w1.htm PROPN cblr-1745 288 1 [ [ X cblr-1745 288 2 https://pe https://pe X cblr-1745 288 3 rma.cc/vk73-aycf rma.cc/vk73-aycf NOUN cblr-1745 288 4 ] ] X cblr-1745 288 5 . . PUNCT cblr-1745 289 1 as as ADP cblr-1745 289 2 for for ADP cblr-1745 289 3 markit markit NOUN cblr-1745 289 4 , , PUNCT cblr-1745 289 5 the the DET cblr-1745 289 6 extent extent NOUN cblr-1745 289 7 and and CCONJ cblr-1745 289 8 effect effect NOUN cblr-1745 289 9 of of ADP cblr-1745 289 10 the the DET cblr-1745 289 11 dealers dealer NOUN cblr-1745 289 12 ’ ’ PART cblr-1745 289 13 ownership ownership NOUN cblr-1745 289 14 in in ADP cblr-1745 289 15 the the DET cblr-1745 289 16 company company NOUN cblr-1745 289 17 was be AUX cblr-1745 289 18 a a DET cblr-1745 289 19 contested contested ADJ cblr-1745 289 20 issue issue NOUN cblr-1745 289 21 in in ADP cblr-1745 289 22 the the DET cblr-1745 289 23 case case NOUN cblr-1745 289 24 . . PUNCT cblr-1745 290 1 see see VERB cblr-1745 290 2 memorandum memorandum NOUN cblr-1745 290 3 in in ADP cblr-1745 290 4 support support NOUN cblr-1745 290 5 of of ADP cblr-1745 290 6 markit markit NOUN cblr-1745 290 7 ’s ’s PART cblr-1745 290 8 motion motion NOUN cblr-1745 290 9 to to PART cblr-1745 290 10 dismiss dismiss VERB cblr-1745 290 11 the the DET cblr-1745 290 12 second second ADJ cblr-1745 290 13 amended amend VERB cblr-1745 290 14 consolidated consolidated ADJ cblr-1745 290 15 class class NOUN cblr-1745 290 16 action action NOUN cblr-1745 290 17 complaint complaint NOUN cblr-1745 290 18 at at ADP cblr-1745 290 19 7 7 NUM cblr-1745 290 20 , , PUNCT cblr-1745 290 21 in in ADP cblr-1745 290 22 re re NOUN cblr-1745 290 23 credit credit NOUN cblr-1745 290 24 default default NOUN cblr-1745 290 25 swaps swap NOUN cblr-1745 290 26 antitrust antitrust ADJ cblr-1745 290 27 litig litig NOUN cblr-1745 290 28 . . PUNCT cblr-1745 291 1 , , PUNCT cblr-1745 291 2 no no INTJ cblr-1745 291 3 . . NOUN cblr-1745 291 4 13 13 NUM cblr-1745 291 5 - - PUNCT cblr-1745 291 6 md-2476 md-2476 PROPN cblr-1745 291 7 , , PUNCT cblr-1745 291 8 2014 2014 NUM cblr-1745 291 9 wl wl NOUN cblr-1745 291 10 4379112 4379112 NUM cblr-1745 291 11 , , PUNCT cblr-1745 291 12 ( ( PUNCT cblr-1745 291 13 s.d.n.y s.d.n.y PROPN cblr-1745 291 14 . . PUNCT cblr-1745 292 1 may may AUX cblr-1745 292 2 chang chang PROPN cblr-1745 292 3 – – PUNCT cblr-1745 292 4 final final ADJ cblr-1745 292 5 no no NOUN cblr-1745 292 6 . . PUNCT cblr-1745 293 1 3:657 3:657 NUM cblr-1745 293 2 ] ] X cblr-1745 293 3 second second ADJ cblr-1745 293 4 - - PUNCT cblr-1745 293 5 generation generation NOUN cblr-1745 293 6 monopolization monopolization NOUN cblr-1745 293 7 677 677 NUM cblr-1745 293 8 integration integration NOUN cblr-1745 293 9 is be AUX cblr-1745 293 10 not not PART cblr-1745 293 11 available available ADJ cblr-1745 293 12 . . PUNCT cblr-1745 294 1 in in ADP cblr-1745 294 2 in in ADP cblr-1745 294 3 re re PROPN cblr-1745 294 4 cds cds PROPN cblr-1745 294 5 antitrust antitrust ADJ cblr-1745 294 6 litigation litigation NOUN cblr-1745 294 7 , , PUNCT cblr-1745 294 8 the the DET cblr-1745 294 9 defendants defendant NOUN cblr-1745 294 10 repeatedly repeatedly ADV cblr-1745 294 11 pounced pounce VERB cblr-1745 294 12 on on ADP cblr-1745 294 13 the the DET cblr-1745 294 14 dubious dubious ADJ cblr-1745 294 15 status status NOUN cblr-1745 294 16 of of ADP cblr-1745 294 17 shared share VERB cblr-1745 294 18 monopoly monopoly NOUN cblr-1745 294 19 and and CCONJ cblr-1745 294 20 parallel parallel ADJ cblr-1745 294 21 conduct conduct NOUN cblr-1745 294 22 in in ADP cblr-1745 294 23 antitrust.96 antitrust.96 NOUN cblr-1745 294 24 the the DET cblr-1745 294 25 southern southern ADJ cblr-1745 294 26 district district NOUN cblr-1745 294 27 of of ADP cblr-1745 294 28 new new PROPN cblr-1745 294 29 york york PROPN cblr-1745 294 30 ascribed ascribe VERB cblr-1745 294 31 to to ADP cblr-1745 294 32 this this DET cblr-1745 294 33 view view NOUN cblr-1745 294 34 . . PUNCT cblr-1745 295 1 in in ADP cblr-1745 295 2 dismissing dismiss VERB cblr-1745 295 3 the the DET cblr-1745 295 4 section section NOUN cblr-1745 295 5 2 2 NUM cblr-1745 295 6 claim claim NOUN cblr-1745 295 7 , , PUNCT cblr-1745 295 8 the the DET cblr-1745 295 9 court court NOUN cblr-1745 295 10 appeared appear VERB cblr-1745 295 11 to to PART cblr-1745 295 12 endorse endorse VERB cblr-1745 295 13 conspiracy conspiracy NOUN cblr-1745 295 14 to to PART cblr-1745 295 15 monopolize monopolize VERB cblr-1745 295 16 only only ADV cblr-1745 295 17 under under ADP cblr-1745 295 18 very very ADV cblr-1745 295 19 narrow narrow ADJ cblr-1745 295 20 circumstances circumstance NOUN cblr-1745 295 21 — — PUNCT cblr-1745 295 22 where where SCONJ cblr-1745 295 23 the the DET cblr-1745 295 24 plaintiffs plaintiff NOUN cblr-1745 295 25 allege allege VERB cblr-1745 295 26 that that SCONJ cblr-1745 295 27 the the DET cblr-1745 295 28 defendants defendant NOUN cblr-1745 295 29 conspired conspire VERB cblr-1745 295 30 to to ADP cblr-1745 295 31 either either CCONJ cblr-1745 295 32 form form VERB cblr-1745 295 33 a a DET cblr-1745 295 34 single single ADJ cblr-1745 295 35 entity entity NOUN cblr-1745 295 36 to to PART cblr-1745 295 37 possess possess VERB cblr-1745 295 38 monopoly monopoly NOUN cblr-1745 295 39 power power NOUN cblr-1745 295 40 or or CCONJ cblr-1745 295 41 seek seek VERB cblr-1745 295 42 to to PART cblr-1745 295 43 allocate allocate VERB cblr-1745 295 44 a a DET cblr-1745 295 45 market.97 market.97 NOUN cblr-1745 295 46 under under ADP cblr-1745 295 47 these these DET cblr-1745 295 48 first first ADJ cblr-1745 295 49 - - PUNCT cblr-1745 295 50 generation generation NOUN cblr-1745 295 51 proscriptions proscription NOUN cblr-1745 295 52 of of ADP cblr-1745 295 53 monopolization monopolization NOUN cblr-1745 295 54 , , PUNCT cblr-1745 295 55 antitrust antitrust ADJ cblr-1745 295 56 law law NOUN cblr-1745 295 57 can can AUX cblr-1745 295 58 not not PART cblr-1745 295 59 catch catch VERB cblr-1745 295 60 up up ADP cblr-1745 295 61 to to ADP cblr-1745 295 62 economic economic ADJ cblr-1745 295 63 realities reality NOUN cblr-1745 295 64 . . PUNCT cblr-1745 296 1 thus thus ADV cblr-1745 296 2 , , PUNCT cblr-1745 296 3 to to PART cblr-1745 296 4 nudge nudge VERB cblr-1745 296 5 antitrust antitrust ADJ cblr-1745 296 6 toward toward ADP cblr-1745 296 7 a a DET cblr-1745 296 8 more more ADV cblr-1745 296 9 expansive expansive ADJ cblr-1745 296 10 , , PUNCT cblr-1745 296 11 second second ADJ cblr-1745 296 12 - - PUNCT cblr-1745 296 13 generation generation NOUN cblr-1745 296 14 vision vision NOUN cblr-1745 296 15 of of ADP cblr-1745 296 16 monopolization monopolization NOUN cblr-1745 296 17 , , PUNCT cblr-1745 296 18 the the DET cblr-1745 296 19 rest rest NOUN cblr-1745 296 20 of of ADP cblr-1745 296 21 this this DET cblr-1745 296 22 article article NOUN cblr-1745 296 23 shall shall AUX cblr-1745 296 24 labor labor NOUN cblr-1745 296 25 through through ADP cblr-1745 296 26 the the DET cblr-1745 296 27 mechanics mechanic NOUN cblr-1745 296 28 of of ADP cblr-1745 296 29 parallel parallel ADJ cblr-1745 296 30 exclusion exclusion NOUN cblr-1745 296 31 in in ADP cblr-1745 296 32 the the DET cblr-1745 296 33 otc otc PROPN cblr-1745 296 34 derivatives derivative NOUN cblr-1745 296 35 markets market NOUN cblr-1745 296 36 . . PUNCT cblr-1745 297 1 before before ADP cblr-1745 297 2 moving move VERB cblr-1745 297 3 on on ADP cblr-1745 297 4 , , PUNCT cblr-1745 297 5 however however ADV cblr-1745 297 6 , , PUNCT cblr-1745 297 7 this this DET cblr-1745 297 8 subsection subsection NOUN cblr-1745 297 9 shall shall AUX cblr-1745 297 10 linger linger VERB cblr-1745 297 11 on on ADP cblr-1745 297 12 two two NUM cblr-1745 297 13 additional additional ADJ cblr-1745 297 14 points point NOUN cblr-1745 297 15 . . PUNCT cblr-1745 298 1 first first ADV cblr-1745 298 2 , , PUNCT cblr-1745 298 3 in in ADP cblr-1745 298 4 re re ADP cblr-1745 298 5 cds cds PROPN cblr-1745 298 6 antitrust antitrust ADJ cblr-1745 298 7 litigation litigation NOUN cblr-1745 298 8 should should AUX cblr-1745 298 9 be be AUX cblr-1745 298 10 read read VERB cblr-1745 298 11 as as ADP cblr-1745 298 12 one one NUM cblr-1745 298 13 in in ADP cblr-1745 298 14 a a DET cblr-1745 298 15 line line NOUN cblr-1745 298 16 of of ADP cblr-1745 298 17 cases case NOUN cblr-1745 298 18 demonstrating demonstrate VERB cblr-1745 298 19 the the DET cblr-1745 298 20 resilience resilience NOUN cblr-1745 298 21 of of ADP cblr-1745 298 22 the the DET cblr-1745 298 23 dominant dominant ADJ cblr-1745 298 24 dealers dealer NOUN cblr-1745 298 25 at at ADP cblr-1745 298 26 retaining retain VERB cblr-1745 298 27 market market NOUN cblr-1745 298 28 power power NOUN cblr-1745 298 29 . . PUNCT cblr-1745 299 1 this this DET cblr-1745 299 2 line line NOUN cblr-1745 299 3 includes include VERB cblr-1745 299 4 a a DET cblr-1745 299 5 2011 2011 NUM cblr-1745 299 6 investigation investigation NOUN cblr-1745 299 7 by by ADP cblr-1745 299 8 the the DET cblr-1745 299 9 european european PROPN cblr-1745 299 10 commission commission PROPN cblr-1745 299 11 into into ADP cblr-1745 299 12 tactics tactic NOUN cblr-1745 299 13 by by ADP cblr-1745 299 14 the the DET cblr-1745 299 15 dominant dominant ADJ cblr-1745 299 16 dealers dealer NOUN cblr-1745 299 17 to to PART cblr-1745 299 18 maintain maintain VERB cblr-1745 299 19 their their PRON cblr-1745 299 20 stronghold stronghold NOUN cblr-1745 299 21 over over ADP cblr-1745 299 22 the the DET cblr-1745 299 23 cds cd NOUN cblr-1745 299 24 market,98 market,98 NOUN cblr-1745 299 25 as as ADV cblr-1745 299 26 well well ADV cblr-1745 299 27 as as ADP cblr-1745 299 28 private private ADJ cblr-1745 299 29 actions action NOUN cblr-1745 299 30 by by ADP cblr-1745 299 31 pension pension NOUN cblr-1745 299 32 funds fund NOUN cblr-1745 299 33 23 23 NUM cblr-1745 299 34 , , PUNCT cblr-1745 299 35 2014 2014 NUM cblr-1745 299 36 ) ) PUNCT cblr-1745 299 37 , , PUNCT cblr-1745 299 38 2014 2014 NUM cblr-1745 299 39 wl wl SYM cblr-1745 299 40 2142262 2142262 NUM cblr-1745 299 41 , , PUNCT cblr-1745 299 42 at at ADP cblr-1745 299 43 6 6 NUM cblr-1745 299 44 [ [ SYM cblr-1745 299 45 hereinafter hereinafter NOUN cblr-1745 299 46 cds cd NOUN cblr-1745 299 47 antitrust antitrust ADJ cblr-1745 299 48 litig litig NOUN cblr-1745 299 49 . . PUNCT cblr-1745 300 1 markit markit VERB cblr-1745 300 2 mem mem ADJ cblr-1745 300 3 . . PUNCT cblr-1745 300 4 ] ] PUNCT cblr-1745 300 5 . . PUNCT cblr-1745 301 1 96 96 NUM cblr-1745 301 2 see see VERB cblr-1745 301 3 cds cd NOUN cblr-1745 301 4 antitrust antitrust ADJ cblr-1745 301 5 litig litig NOUN cblr-1745 301 6 . . PUNCT cblr-1745 302 1 dealer dealer NOUN cblr-1745 302 2 joint joint ADJ cblr-1745 302 3 mot mot NOUN cblr-1745 302 4 . . PUNCT cblr-1745 302 5 , , PUNCT cblr-1745 302 6 supra supra PROPN cblr-1745 302 7 note note VERB cblr-1745 302 8 94 94 NUM cblr-1745 302 9 . . PUNCT cblr-1745 303 1 97 97 NUM cblr-1745 303 2 see see VERB cblr-1745 303 3 in in ADP cblr-1745 303 4 re re NOUN cblr-1745 303 5 credit credit NOUN cblr-1745 303 6 default default NOUN cblr-1745 303 7 swaps swap NOUN cblr-1745 303 8 , , PUNCT cblr-1745 303 9 2014 2014 NUM cblr-1745 303 10 wl wl NOUN cblr-1745 303 11 4379112 4379112 NUM cblr-1745 303 12 , , PUNCT cblr-1745 303 13 at at ADP cblr-1745 303 14 * * DET cblr-1745 303 15 13–14 13–14 NUM cblr-1745 303 16 ( ( PUNCT cblr-1745 303 17 citing cite VERB cblr-1745 303 18 arista arista PROPN cblr-1745 303 19 records record VERB cblr-1745 303 20 llc llc PROPN cblr-1745 303 21 v. v. PROPN cblr-1745 303 22 lime lime PROPN cblr-1745 303 23 grp grp PROPN cblr-1745 303 24 . . PROPN cblr-1745 303 25 llc llc PROPN cblr-1745 303 26 , , PUNCT cblr-1745 303 27 532 532 NUM cblr-1745 303 28 f. f. PROPN cblr-1745 303 29 supp supp PROPN cblr-1745 303 30 . . PUNCT cblr-1745 304 1 2d 2d PROPN cblr-1745 304 2 556 556 NUM cblr-1745 304 3 , , PUNCT cblr-1745 304 4 580 580 NUM cblr-1745 304 5 ( ( PUNCT cblr-1745 304 6 s.d.n.y s.d.n.y PROPN cblr-1745 304 7 . . PROPN cblr-1745 304 8 2007 2007 NUM cblr-1745 304 9 ) ) PUNCT cblr-1745 304 10 ) ) PUNCT cblr-1745 304 11 . . PUNCT cblr-1745 305 1 98 98 NUM cblr-1745 305 2 see see VERB cblr-1745 305 3 press press NOUN cblr-1745 305 4 release release NOUN cblr-1745 305 5 , , PUNCT cblr-1745 305 6 european european ADJ cblr-1745 305 7 comm’n comm’n X cblr-1745 305 8 , , PUNCT cblr-1745 305 9 antitrust antitrust ADJ cblr-1745 305 10 : : PUNCT cblr-1745 305 11 commission commission NOUN cblr-1745 305 12 probes probe VERB cblr-1745 305 13 credit credit NOUN cblr-1745 305 14 default default NOUN cblr-1745 305 15 swaps swap NOUN cblr-1745 305 16 market market NOUN cblr-1745 305 17 ( ( PUNCT cblr-1745 305 18 apr apr PROPN cblr-1745 305 19 . . PROPN cblr-1745 305 20 29 29 NUM cblr-1745 305 21 , , PUNCT cblr-1745 305 22 2011 2011 NUM cblr-1745 305 23 ) ) PUNCT cblr-1745 305 24 , , PUNCT cblr-1745 305 25 http://europa.eu/rapid/press-release_ip-11-509_en.htm http://europa.eu/rapid/press-release_ip-11-509_en.htm X cblr-1745 306 1 [ [ X cblr-1745 306 2 https://perma.cc/e42g-thd2 https://perma.cc/e42g-thd2 PROPN cblr-1745 306 3 ] ] PUNCT cblr-1745 306 4 . . PUNCT cblr-1745 307 1 interestingly interestingly ADV cblr-1745 307 2 , , PUNCT cblr-1745 307 3 the the DET cblr-1745 307 4 european european PROPN cblr-1745 307 5 commission commission PROPN cblr-1745 307 6 was be AUX cblr-1745 307 7 investigating investigate VERB cblr-1745 307 8 whether whether SCONJ cblr-1745 307 9 the the DET cblr-1745 307 10 dealers dealer NOUN cblr-1745 307 11 ’ ’ PART cblr-1745 307 12 use use NOUN cblr-1745 307 13 of of ADP cblr-1745 307 14 markit markit NOUN cblr-1745 307 15 and and CCONJ cblr-1745 307 16 ice ice NOUN cblr-1745 307 17 clear clear ADJ cblr-1745 307 18 europe europe PROPN cblr-1745 307 19 , , PUNCT cblr-1745 307 20 the the DET cblr-1745 307 21 dominant dominant ADJ cblr-1745 307 22 cds cds PROPN cblr-1745 307 23 clearinghouse clearinghouse NOUN cblr-1745 307 24 in in ADP cblr-1745 307 25 europe europe PROPN cblr-1745 307 26 , , PUNCT cblr-1745 307 27 constituted constitute VERB cblr-1745 307 28 “ " PUNCT cblr-1745 307 29 collusion collusion NOUN cblr-1745 307 30 [ [ X cblr-1745 307 31 analogous analogous ADJ cblr-1745 307 32 to to ADP cblr-1745 307 33 sherman sherman PROPN cblr-1745 307 34 act act PROPN cblr-1745 307 35 section section PROPN cblr-1745 307 36 1 1 NUM cblr-1745 307 37 ] ] PUNCT cblr-1745 307 38 between between ADP cblr-1745 307 39 them they PRON cblr-1745 307 40 or or CCONJ cblr-1745 307 41 an an DET cblr-1745 307 42 abuse abuse NOUN cblr-1745 307 43 of of ADP cblr-1745 307 44 a a DET cblr-1745 307 45 possible possible ADJ cblr-1745 307 46 collective collective ADJ cblr-1745 307 47 dominance dominance NOUN cblr-1745 308 1 [ [ X cblr-1745 308 2 analogous analogous ADJ cblr-1745 308 3 to to ADP cblr-1745 308 4 shared share VERB cblr-1745 308 5 monopoly monopoly NOUN cblr-1745 308 6 under under ADP cblr-1745 308 7 sherman sherman PROPN cblr-1745 308 8 act act PROPN cblr-1745 308 9 section section PROPN cblr-1745 308 10 2 2 NUM cblr-1745 308 11 ] ] PUNCT cblr-1745 308 12 . . PUNCT cblr-1745 308 13 ” " PUNCT cblr-1745 309 1 i i PRON cblr-1745 309 2 d. d. PROPN cblr-1745 309 3 chang chang PROPN cblr-1745 309 4 – – PUNCT cblr-1745 309 5 final final ADJ cblr-1745 309 6 678 678 NUM cblr-1745 309 7 columbia columbia PROPN cblr-1745 309 8 business business NOUN cblr-1745 309 9 law law PROPN cblr-1745 309 10 review review NOUN cblr-1745 310 1 [ [ X cblr-1745 310 2 vol vol NOUN cblr-1745 310 3 . . NOUN cblr-1745 310 4 2016 2016 NUM cblr-1745 310 5 and and CCONJ cblr-1745 310 6 investment investment NOUN cblr-1745 310 7 banks bank NOUN cblr-1745 310 8 against against ADP cblr-1745 310 9 the the DET cblr-1745 310 10 large large ADJ cblr-1745 310 11 dealers dealer NOUN cblr-1745 310 12 , , PUNCT cblr-1745 310 13 isda isda NOUN cblr-1745 310 14 , , PUNCT cblr-1745 310 15 and and CCONJ cblr-1745 310 16 markit markit NOUN cblr-1745 310 17 for for ADP cblr-1745 310 18 illegally illegally ADV cblr-1745 310 19 cornering corner VERB cblr-1745 310 20 the the DET cblr-1745 310 21 market.99 market.99 NOUN cblr-1745 310 22 however however ADV cblr-1745 310 23 it it PRON cblr-1745 310 24 is be AUX cblr-1745 310 25 framed,100 framed,100 PROPN cblr-1745 310 26 this this DET cblr-1745 310 27 impulse impulse ADJ cblr-1745 310 28 to to PART cblr-1745 310 29 exclude exclude VERB cblr-1745 310 30 has have AUX cblr-1745 310 31 characterized characterize VERB cblr-1745 310 32 the the DET cblr-1745 310 33 dominant dominant ADJ cblr-1745 310 34 dealers dealer NOUN cblr-1745 310 35 ’ ’ PART cblr-1745 310 36 behavior behavior NOUN cblr-1745 310 37 for for ADP cblr-1745 310 38 decades decade NOUN cblr-1745 310 39 , , PUNCT cblr-1745 310 40 regardless regardless ADV cblr-1745 310 41 of of ADP cblr-1745 310 42 whether whether SCONJ cblr-1745 310 43 competitors competitor NOUN cblr-1745 310 44 , , PUNCT cblr-1745 310 45 consumers consumer NOUN cblr-1745 310 46 , , PUNCT cblr-1745 310 47 and and CCONJ cblr-1745 310 48 enforcement enforcement NOUN cblr-1745 310 49 agencies agency NOUN cblr-1745 310 50 have have AUX cblr-1745 310 51 prevailed.101 prevailed.101 VERB cblr-1745 310 52 second second ADJ cblr-1745 310 53 , , PUNCT cblr-1745 310 54 the the DET cblr-1745 310 55 cds cds NOUN cblr-1745 310 56 market market NOUN cblr-1745 310 57 might might AUX cblr-1745 310 58 be be AUX cblr-1745 310 59 the the DET cblr-1745 310 60 poster poster NOUN cblr-1745 310 61 child child NOUN cblr-1745 310 62 of of ADP cblr-1745 310 63 recidivist recidivist ADJ cblr-1745 310 64 parallel parallel ADJ cblr-1745 310 65 exclusion exclusion NOUN cblr-1745 310 66 , , PUNCT cblr-1745 310 67 but but CCONJ cblr-1745 310 68 not not PART cblr-1745 310 69 all all DET cblr-1745 310 70 markets market NOUN cblr-1745 310 71 behave behave VERB cblr-1745 310 72 the the DET cblr-1745 310 73 same same ADJ cblr-1745 310 74 way.102 way.102 NOUN cblr-1745 310 75 some some DET cblr-1745 310 76 markets market NOUN cblr-1745 310 77 enable enable VERB cblr-1745 310 78 dominant dominant ADJ cblr-1745 310 79 firms firm NOUN cblr-1745 310 80 to to PART cblr-1745 310 81 realize realize VERB cblr-1745 310 82 their their PRON cblr-1745 310 83 dreams dream NOUN cblr-1745 310 84 of of ADP cblr-1745 310 85 perpetual perpetual ADJ cblr-1745 310 86 dominance dominance NOUN cblr-1745 310 87 because because SCONJ cblr-1745 310 88 certain certain ADJ cblr-1745 310 89 imperfections imperfection NOUN cblr-1745 310 90 ( ( PUNCT cblr-1745 310 91 including include VERB cblr-1745 310 92 perverse perverse ADJ cblr-1745 310 93 consequences consequence NOUN cblr-1745 310 94 of of ADP cblr-1745 310 95 regulation regulation NOUN cblr-1745 310 96 ) ) PUNCT cblr-1745 310 97 create create VERB cblr-1745 310 98 the the DET cblr-1745 310 99 opportunities opportunity NOUN cblr-1745 310 100 to to PART cblr-1745 310 101 do do AUX cblr-1745 310 102 so so ADV cblr-1745 310 103 . . PUNCT cblr-1745 311 1 other other ADJ cblr-1745 311 2 markets market NOUN cblr-1745 311 3 are be AUX cblr-1745 311 4 perfectly perfectly ADV cblr-1745 311 5 capable capable ADJ cblr-1745 311 6 of of ADP cblr-1745 311 7 disciplining discipline VERB cblr-1745 311 8 these these DET cblr-1745 311 9 impulses impulse NOUN cblr-1745 311 10 through through ADP cblr-1745 311 11 well well ADV cblr-1745 311 12 - - PUNCT cblr-1745 311 13 functioning function VERB cblr-1745 311 14 competition competition NOUN cblr-1745 311 15 . . PUNCT cblr-1745 312 1 thus thus ADV cblr-1745 312 2 , , PUNCT cblr-1745 312 3 while while SCONJ cblr-1745 312 4 this this DET cblr-1745 312 5 article article NOUN cblr-1745 312 6 looks look VERB cblr-1745 312 7 to to ADP cblr-1745 312 8 the the DET cblr-1745 312 9 otc otc PROPN cblr-1745 312 10 derivatives derivative NOUN cblr-1745 312 11 markets market NOUN cblr-1745 312 12 to to PART cblr-1745 312 13 substantiate substantiate VERB cblr-1745 312 14 parallel parallel ADJ cblr-1745 312 15 exclusion exclusion NOUN cblr-1745 312 16 , , PUNCT cblr-1745 312 17 it it PRON cblr-1745 312 18 is be AUX cblr-1745 312 19 careful careful ADJ cblr-1745 312 20 to to PART cblr-1745 312 21 distinguish distinguish VERB cblr-1745 312 22 among among ADP cblr-1745 312 23 the the DET cblr-1745 312 24 markets market NOUN cblr-1745 312 25 for for ADP cblr-1745 312 26 99 99 NUM cblr-1745 312 27 see see NOUN cblr-1745 312 28 , , PUNCT cblr-1745 312 29 e.g. e.g. ADV cblr-1745 312 30 , , PUNCT cblr-1745 312 31 class class NOUN cblr-1745 312 32 action action NOUN cblr-1745 312 33 complaint complaint NOUN cblr-1745 312 34 , , PUNCT cblr-1745 312 35 mf mf X cblr-1745 312 36 glob glob NOUN cblr-1745 312 37 . . PUNCT cblr-1745 313 1 capital capital PROPN cblr-1745 313 2 llc llc PROPN cblr-1745 313 3 v. v. CCONJ cblr-1745 313 4 bank bank PROPN cblr-1745 313 5 of of ADP cblr-1745 313 6 am am PROPN cblr-1745 313 7 . . PUNCT cblr-1745 313 8 corp corp PROPN cblr-1745 313 9 . . PROPN cblr-1745 313 10 , , PUNCT cblr-1745 313 11 no no INTJ cblr-1745 313 12 . . NOUN cblr-1745 314 1 13 13 NUM cblr-1745 314 2 - - PUNCT cblr-1745 314 3 cv-05417 cv-05417 NOUN cblr-1745 314 4 , , PUNCT cblr-1745 314 5 2013 2013 NUM cblr-1745 314 6 wl wl NOUN cblr-1745 314 7 7210066 7210066 NUM cblr-1745 314 8 ( ( PUNCT cblr-1745 314 9 n.d n.d PROPN cblr-1745 314 10 . . PROPN cblr-1745 314 11 ill ill PROPN cblr-1745 314 12 . . PUNCT cblr-1745 315 1 july july PROPN cblr-1745 315 2 29 29 NUM cblr-1745 315 3 , , PUNCT cblr-1745 315 4 2013 2013 NUM cblr-1745 315 5 ) ) PUNCT cblr-1745 315 6 . . PUNCT cblr-1745 316 1 100 100 NUM cblr-1745 316 2 that that PRON cblr-1745 316 3 is be AUX cblr-1745 316 4 , , PUNCT cblr-1745 316 5 whether whether SCONJ cblr-1745 316 6 it it PRON cblr-1745 316 7 is be AUX cblr-1745 316 8 the the DET cblr-1745 316 9 proclivity proclivity NOUN cblr-1745 316 10 of of ADP cblr-1745 316 11 intermediaries intermediary NOUN cblr-1745 316 12 to to PART cblr-1745 316 13 suppress suppress VERB cblr-1745 316 14 efficiencies efficiency NOUN cblr-1745 316 15 , , PUNCT cblr-1745 316 16 see see VERB cblr-1745 316 17 judge judge NOUN cblr-1745 316 18 , , PUNCT cblr-1745 316 19 supra supra PROPN cblr-1745 316 20 note note PROPN cblr-1745 316 21 77 77 NUM cblr-1745 316 22 , , PUNCT cblr-1745 316 23 or or CCONJ cblr-1745 316 24 simply simply ADV cblr-1745 316 25 inevitable inevitable ADJ cblr-1745 316 26 business business NOUN cblr-1745 316 27 practices practice NOUN cblr-1745 316 28 . . PUNCT cblr-1745 317 1 101 101 NUM cblr-1745 317 2 in in ADP cblr-1745 317 3 early early ADJ cblr-1745 317 4 2015 2015 NUM cblr-1745 317 5 , , PUNCT cblr-1745 317 6 the the DET cblr-1745 317 7 european european PROPN cblr-1745 317 8 commission commission PROPN cblr-1745 317 9 closed close VERB cblr-1745 317 10 its its PRON cblr-1745 317 11 proceedings proceeding NOUN cblr-1745 317 12 against against ADP cblr-1745 317 13 thirteen thirteen NUM cblr-1745 317 14 banks bank NOUN cblr-1745 317 15 in in ADP cblr-1745 317 16 the the DET cblr-1745 317 17 cds cds PROPN cblr-1745 317 18 investigation investigation NOUN cblr-1745 317 19 . . PUNCT cblr-1745 318 1 see see VERB cblr-1745 318 2 press press NOUN cblr-1745 318 3 release release NOUN cblr-1745 318 4 , , PUNCT cblr-1745 318 5 european european ADJ cblr-1745 318 6 comm’n comm’n X cblr-1745 318 7 , , PUNCT cblr-1745 318 8 antitrust antitrust ADJ cblr-1745 318 9 : : PUNCT cblr-1745 318 10 commission commission NOUN cblr-1745 318 11 closes close VERB cblr-1745 318 12 proceedings proceeding NOUN cblr-1745 318 13 against against ADP cblr-1745 318 14 13 13 NUM cblr-1745 318 15 investment investment NOUN cblr-1745 318 16 banks bank NOUN cblr-1745 318 17 in in ADP cblr-1745 318 18 credit credit NOUN cblr-1745 318 19 default default NOUN cblr-1745 318 20 swaps swap NOUN cblr-1745 318 21 case case NOUN cblr-1745 318 22 ( ( PUNCT cblr-1745 318 23 apr apr NOUN cblr-1745 318 24 . . PROPN cblr-1745 318 25 12 12 NUM cblr-1745 318 26 , , PUNCT cblr-1745 318 27 2015 2015 NUM cblr-1745 318 28 ) ) PUNCT cblr-1745 318 29 , , PUNCT cblr-1745 318 30 http://europa.eu/rapid/press-release_mex-15-6254_en.htm http://europa.eu/rapid/press-release_mex-15-6254_en.htm X cblr-1745 318 31 [ [ X cblr-1745 318 32 https://perma.cc/56lq-afn4 https://perma.cc/56lq-afn4 X cblr-1745 318 33 ] ] X cblr-1745 318 34 . . PUNCT cblr-1745 319 1 in in ADP cblr-1745 319 2 july july PROPN cblr-1745 319 3 2016 2016 NUM cblr-1745 319 4 , , PUNCT cblr-1745 319 5 the the DET cblr-1745 319 6 european european PROPN cblr-1745 319 7 commission commission PROPN cblr-1745 319 8 closed close VERB cblr-1745 319 9 its its PRON cblr-1745 319 10 investigation investigation NOUN cblr-1745 319 11 into into ADP cblr-1745 319 12 markit markit NOUN cblr-1745 319 13 and and CCONJ cblr-1745 319 14 isda isda NOUN cblr-1745 319 15 after after ADP cblr-1745 319 16 receiving receive VERB cblr-1745 319 17 legally legally ADV cblr-1745 319 18 binding bind VERB cblr-1745 319 19 commitments commitment NOUN cblr-1745 319 20 from from ADP cblr-1745 319 21 markit markit NOUN cblr-1745 319 22 and and CCONJ cblr-1745 319 23 isda isda NOUN cblr-1745 319 24 that that SCONJ cblr-1745 319 25 they they PRON cblr-1745 319 26 would would AUX cblr-1745 319 27 license license VERB cblr-1745 319 28 data datum NOUN cblr-1745 319 29 relating relate VERB cblr-1745 319 30 to to ADP cblr-1745 319 31 cds cd NOUN cblr-1745 319 32 “ " PUNCT cblr-1745 319 33 on on ADP cblr-1745 319 34 fair fair ADJ cblr-1745 319 35 , , PUNCT cblr-1745 319 36 reasonable reasonable ADJ cblr-1745 319 37 and and CCONJ cblr-1745 319 38 non non ADJ cblr-1745 319 39 - - ADJ cblr-1745 319 40 discriminatory discriminatory ADJ cblr-1745 319 41 ( ( PUNCT cblr-1745 319 42 frand frand NOUN cblr-1745 319 43 ) ) PUNCT cblr-1745 319 44 terms term NOUN cblr-1745 319 45 . . PUNCT cblr-1745 319 46 ” " PUNCT cblr-1745 320 1 see see VERB cblr-1745 320 2 press press NOUN cblr-1745 320 3 release release NOUN cblr-1745 320 4 , , PUNCT cblr-1745 320 5 european european ADJ cblr-1745 320 6 comm’n comm’n X cblr-1745 320 7 , , PUNCT cblr-1745 320 8 antitrust antitrust ADJ cblr-1745 320 9 : : PUNCT cblr-1745 320 10 commission commission NOUN cblr-1745 320 11 accepts accept VERB cblr-1745 320 12 commitments commitment NOUN cblr-1745 320 13 by by ADP cblr-1745 320 14 isda isda NOUN cblr-1745 320 15 and and CCONJ cblr-1745 320 16 markit markit NOUN cblr-1745 320 17 on on ADP cblr-1745 320 18 credit credit NOUN cblr-1745 320 19 default default NOUN cblr-1745 320 20 swaps swap NOUN cblr-1745 320 21 ( ( PUNCT cblr-1745 320 22 july july PROPN cblr-1745 320 23 20 20 NUM cblr-1745 320 24 , , PUNCT cblr-1745 320 25 2016 2016 NUM cblr-1745 320 26 ) ) PUNCT cblr-1745 320 27 , , PUNCT cblr-1745 320 28 http://europa.eu/rapid/press-release_ip-16-2586_en.htm http://europa.eu/rapid/press-release_ip-16-2586_en.htm PROPN cblr-1745 321 1 [ [ X cblr-1745 321 2 https://perma.cc/wmq2-atul https://perma.cc/wmq2-atul X cblr-1745 321 3 ] ] PUNCT cblr-1745 321 4 . . PUNCT cblr-1745 322 1 102 102 NUM cblr-1745 322 2 thus thus ADV cblr-1745 322 3 , , PUNCT cblr-1745 322 4 it it PRON cblr-1745 322 5 can can AUX cblr-1745 322 6 not not PART cblr-1745 322 7 be be AUX cblr-1745 322 8 said say VERB cblr-1745 322 9 that that SCONJ cblr-1745 322 10 “ " PUNCT cblr-1745 322 11 a a DET cblr-1745 322 12 market market NOUN cblr-1745 322 13 is be AUX cblr-1745 322 14 a a DET cblr-1745 322 15 market market NOUN cblr-1745 322 16 is be AUX cblr-1745 322 17 a a DET cblr-1745 322 18 market market NOUN cblr-1745 322 19 ” " PUNCT cblr-1745 322 20 any any PRON cblr-1745 322 21 more more ADJ cblr-1745 322 22 than than SCONJ cblr-1745 322 23 “ " PUNCT cblr-1745 322 24 a a DET cblr-1745 322 25 swap swap NOUN cblr-1745 322 26 is be AUX cblr-1745 322 27 a a DET cblr-1745 322 28 swap swap NOUN cblr-1745 322 29 is be AUX cblr-1745 322 30 a a DET cblr-1745 322 31 swap swap NOUN cblr-1745 322 32 . . PUNCT cblr-1745 322 33 ” " PUNCT cblr-1745 323 1 see see VERB cblr-1745 323 2 gertrude gertrude PROPN cblr-1745 323 3 stein stein PROPN cblr-1745 323 4 , , PUNCT cblr-1745 323 5 sacred sacred ADJ cblr-1745 323 6 emily emily PROPN cblr-1745 323 7 , , PUNCT cblr-1745 323 8 in in ADP cblr-1745 323 9 geography geography NOUN cblr-1745 323 10 & & CCONJ cblr-1745 323 11 plays play VERB cblr-1745 323 12 178 178 NUM cblr-1745 323 13 , , PUNCT cblr-1745 323 14 187 187 NUM cblr-1745 323 15 ( ( PUNCT cblr-1745 323 16 univ univ PROPN cblr-1745 323 17 . . PROPN cblr-1745 323 18 of of ADP cblr-1745 323 19 wisc wisc PROPN cblr-1745 323 20 . . PUNCT cblr-1745 324 1 press press NOUN cblr-1745 324 2 2012 2012 NUM cblr-1745 324 3 ) ) PUNCT cblr-1745 324 4 ( ( PUNCT cblr-1745 324 5 1922 1922 NUM cblr-1745 324 6 ) ) PUNCT cblr-1745 324 7 ( ( PUNCT cblr-1745 324 8 “ " PUNCT cblr-1745 324 9 rose rise VERB cblr-1745 324 10 is be AUX cblr-1745 324 11 a a DET cblr-1745 324 12 rose rose NOUN cblr-1745 324 13 is be AUX cblr-1745 324 14 a a DET cblr-1745 324 15 rose rose NOUN cblr-1745 324 16 is be AUX cblr-1745 324 17 a a DET cblr-1745 324 18 rose rose NOUN cblr-1745 324 19 . . PUNCT cblr-1745 324 20 ” " PUNCT cblr-1745 324 21 ) ) PUNCT cblr-1745 324 22 . . PUNCT cblr-1745 325 1 chang chang PROPN cblr-1745 325 2 – – PUNCT cblr-1745 325 3 final final ADJ cblr-1745 325 4 no no NOUN cblr-1745 325 5 . . PUNCT cblr-1745 326 1 3:657 3:657 NUM cblr-1745 326 2 ] ] X cblr-1745 326 3 second second ADJ cblr-1745 326 4 - - PUNCT cblr-1745 326 5 generation generation NOUN cblr-1745 326 6 monopolization monopolization NOUN cblr-1745 326 7 679 679 NUM cblr-1745 326 8 different different ADJ cblr-1745 326 9 derivatives derivative NOUN cblr-1745 326 10 and and CCONJ cblr-1745 326 11 to to PART cblr-1745 326 12 highlight highlight VERB cblr-1745 326 13 where where SCONJ cblr-1745 326 14 the the DET cblr-1745 326 15 challenges challenge NOUN cblr-1745 326 16 are be AUX cblr-1745 326 17 most most ADV cblr-1745 326 18 pronounced pronounce VERB cblr-1745 326 19 . . PUNCT cblr-1745 327 1 iii iii X cblr-1745 327 2 . . PUNCT cblr-1745 327 3 market market NOUN cblr-1745 327 4 power power NOUN cblr-1745 327 5 analysis analysis NOUN cblr-1745 327 6 if if SCONJ cblr-1745 327 7 the the DET cblr-1745 327 8 four four NUM cblr-1745 327 9 major major ADJ cblr-1745 327 10 airlines airline NOUN cblr-1745 327 11 were be AUX cblr-1745 327 12 to to PART cblr-1745 327 13 control control VERB cblr-1745 327 14 lax lax PROPN cblr-1745 327 15 , , PUNCT cblr-1745 327 16 we we PRON cblr-1745 327 17 would would AUX cblr-1745 327 18 have have VERB cblr-1745 327 19 to to PART cblr-1745 327 20 pursue pursue VERB cblr-1745 327 21 three three NUM cblr-1745 327 22 lines line NOUN cblr-1745 327 23 of of ADP cblr-1745 327 24 inquiry inquiry NOUN cblr-1745 327 25 before before ADP cblr-1745 327 26 condemning condemn VERB cblr-1745 327 27 the the DET cblr-1745 327 28 arrangement.103 arrangement.103 NOUN cblr-1745 327 29 first first ADV cblr-1745 327 30 , , PUNCT cblr-1745 327 31 what what PRON cblr-1745 327 32 is be AUX cblr-1745 327 33 the the DET cblr-1745 327 34 nature nature NOUN cblr-1745 327 35 of of ADP cblr-1745 327 36 this this DET cblr-1745 327 37 “ " PUNCT cblr-1745 327 38 control control NOUN cblr-1745 327 39 ” " PUNCT cblr-1745 327 40 ? ? PUNCT cblr-1745 328 1 second second ADJ cblr-1745 328 2 , , PUNCT cblr-1745 328 3 what what PRON cblr-1745 328 4 are be AUX cblr-1745 328 5 its its PRON cblr-1745 328 6 harmful harmful ADJ cblr-1745 328 7 effects effect NOUN cblr-1745 328 8 ? ? PUNCT cblr-1745 329 1 finally finally ADV cblr-1745 329 2 , , PUNCT cblr-1745 329 3 what what PRON cblr-1745 329 4 are be AUX cblr-1745 329 5 its its PRON cblr-1745 329 6 benefits benefit NOUN cblr-1745 329 7 ? ? PUNCT cblr-1745 330 1 the the DET cblr-1745 330 2 first first ADJ cblr-1745 330 3 question question NOUN cblr-1745 330 4 determines determine VERB cblr-1745 330 5 whether whether SCONJ cblr-1745 330 6 there there PRON cblr-1745 330 7 might might AUX cblr-1745 330 8 be be AUX cblr-1745 330 9 parallel parallel ADJ cblr-1745 330 10 exclusion exclusion NOUN cblr-1745 330 11 , , PUNCT cblr-1745 330 12 which which PRON cblr-1745 330 13 this this DET cblr-1745 330 14 section section NOUN cblr-1745 330 15 attempts attempt VERB cblr-1745 330 16 to to PART cblr-1745 330 17 do do VERB cblr-1745 330 18 for for ADP cblr-1745 330 19 the the DET cblr-1745 330 20 derivatives derivative NOUN cblr-1745 330 21 markets market NOUN cblr-1745 330 22 . . PUNCT cblr-1745 331 1 the the DET cblr-1745 331 2 remaining remain VERB cblr-1745 331 3 two two NUM cblr-1745 331 4 questions question NOUN cblr-1745 331 5 , , PUNCT cblr-1745 331 6 which which PRON cblr-1745 331 7 will will AUX cblr-1745 331 8 be be AUX cblr-1745 331 9 taken take VERB cblr-1745 331 10 up up ADP cblr-1745 331 11 in in ADP cblr-1745 331 12 sections section NOUN cblr-1745 331 13 iv iv ADP cblr-1745 331 14 and and CCONJ cblr-1745 331 15 v v NOUN cblr-1745 331 16 , , PUNCT cblr-1745 331 17 separate separate ADJ cblr-1745 331 18 harmful harmful ADJ cblr-1745 331 19 from from ADP cblr-1745 331 20 benign benign ADJ cblr-1745 331 21 forms form NOUN cblr-1745 331 22 of of ADP cblr-1745 331 23 parallel parallel ADJ cblr-1745 331 24 exclusion exclusion NOUN cblr-1745 331 25 . . PUNCT cblr-1745 332 1 no no DET cblr-1745 332 2 examination examination NOUN cblr-1745 332 3 of of ADP cblr-1745 332 4 exclusion exclusion NOUN cblr-1745 332 5 is be AUX cblr-1745 332 6 complete complete ADJ cblr-1745 332 7 without without ADP cblr-1745 332 8 market market NOUN cblr-1745 332 9 power power NOUN cblr-1745 332 10 analysis analysis NOUN cblr-1745 332 11 of of ADP cblr-1745 332 12 the the DET cblr-1745 332 13 constituent constituent NOUN cblr-1745 332 14 markets.104 markets.104 PROPN cblr-1745 332 15 for for ADP cblr-1745 332 16 otc otc PROPN cblr-1745 332 17 derivatives derivative NOUN cblr-1745 332 18 , , PUNCT cblr-1745 332 19 economies economy NOUN cblr-1745 332 20 of of ADP cblr-1745 332 21 scale scale NOUN cblr-1745 332 22 and and CCONJ cblr-1745 332 23 network network NOUN cblr-1745 332 24 effects effect NOUN cblr-1745 332 25 work work VERB cblr-1745 332 26 in in ADP cblr-1745 332 27 tandem tandem NOUN cblr-1745 332 28 to to PART cblr-1745 332 29 turn turn VERB cblr-1745 332 30 providers provider NOUN cblr-1745 332 31 of of ADP cblr-1745 332 32 clearing clear VERB cblr-1745 332 33 services service NOUN cblr-1745 332 34 into into ADP cblr-1745 332 35 natural natural ADJ cblr-1745 332 36 monopolies monopoly NOUN cblr-1745 332 37 with with ADP cblr-1745 332 38 significant significant ADJ cblr-1745 332 39 market market NOUN cblr-1745 332 40 power power NOUN cblr-1745 332 41 . . PUNCT cblr-1745 333 1 however however ADV cblr-1745 333 2 , , PUNCT cblr-1745 333 3 the the DET cblr-1745 333 4 downstream downstream ADJ cblr-1745 333 5 dealer dealer NOUN cblr-1745 333 6 markets market NOUN cblr-1745 333 7 are be AUX cblr-1745 333 8 where where SCONJ cblr-1745 333 9 the the DET cblr-1745 333 10 real real ADJ cblr-1745 333 11 profits profit NOUN cblr-1745 333 12 lie lie VERB cblr-1745 333 13 ; ; PUNCT cblr-1745 333 14 these these DET cblr-1745 333 15 markets market NOUN cblr-1745 333 16 are be AUX cblr-1745 333 17 also also ADV cblr-1745 333 18 concentrated concentrate VERB cblr-1745 333 19 , , PUNCT cblr-1745 333 20 with with ADP cblr-1745 333 21 virtually virtually ADV cblr-1745 333 22 the the DET cblr-1745 333 23 same same ADJ cblr-1745 333 24 big big ADJ cblr-1745 333 25 banks bank NOUN cblr-1745 333 26 controlling control VERB cblr-1745 333 27 market market NOUN cblr-1745 333 28 activity activity NOUN cblr-1745 333 29 year year NOUN cblr-1745 333 30 after after ADP cblr-1745 333 31 year year NOUN cblr-1745 333 32 . . PUNCT cblr-1745 334 1 if if SCONJ cblr-1745 334 2 the the DET cblr-1745 334 3 clearing clearing NOUN cblr-1745 334 4 and and CCONJ cblr-1745 334 5 dealer dealer NOUN cblr-1745 334 6 markets market NOUN cblr-1745 334 7 are be AUX cblr-1745 334 8 working work VERB cblr-1745 334 9 together together ADV cblr-1745 334 10 , , PUNCT cblr-1745 334 11 then then ADV cblr-1745 334 12 there there PRON cblr-1745 334 13 is be VERB cblr-1745 334 14 a a DET cblr-1745 334 15 danger danger NOUN cblr-1745 334 16 that that SCONJ cblr-1745 334 17 the the DET cblr-1745 334 18 bottlenecks bottleneck NOUN cblr-1745 334 19 operating operate VERB cblr-1745 334 20 at at ADP cblr-1745 334 21 thin thin ADJ cblr-1745 334 22 margins margin NOUN cblr-1745 334 23 ( ( PUNCT cblr-1745 334 24 clearinghouses clearinghouse NOUN cblr-1745 334 25 ) ) PUNCT cblr-1745 334 26 are be AUX cblr-1745 334 27 being be AUX cblr-1745 334 28 deployed deploy VERB cblr-1745 334 29 to to PART cblr-1745 334 30 maintain maintain VERB cblr-1745 334 31 the the DET cblr-1745 334 32 dominance dominance NOUN cblr-1745 334 33 of of ADP cblr-1745 334 34 the the DET cblr-1745 334 35 dealers dealer NOUN cblr-1745 334 36 in in ADP cblr-1745 334 37 the the DET cblr-1745 334 38 adjacent adjacent ADJ cblr-1745 334 39 dealer dealer NOUN cblr-1745 334 40 markets market NOUN cblr-1745 334 41 . . PUNCT cblr-1745 335 1 103 103 NUM cblr-1745 335 2 this this DET cblr-1745 335 3 article article NOUN cblr-1745 335 4 adopts adopt VERB cblr-1745 335 5 hemphill hemphill PROPN cblr-1745 335 6 and and CCONJ cblr-1745 335 7 wu wu PROPN cblr-1745 335 8 ’s ’s PART cblr-1745 335 9 three three NUM cblr-1745 335 10 - - PUNCT cblr-1745 335 11 part part NOUN cblr-1745 335 12 approach approach NOUN cblr-1745 335 13 . . PUNCT cblr-1745 336 1 see see VERB cblr-1745 336 2 hemphill hemphill PROPN cblr-1745 336 3 & & CCONJ cblr-1745 336 4 wu wu PROPN cblr-1745 336 5 , , PUNCT cblr-1745 336 6 supra supra PROPN cblr-1745 336 7 note note PROPN cblr-1745 336 8 6 6 NUM cblr-1745 336 9 , , PUNCT cblr-1745 336 10 at at ADP cblr-1745 336 11 1237–38 1237–38 NUM cblr-1745 336 12 ( ( PUNCT cblr-1745 336 13 citing cite VERB cblr-1745 336 14 united united PROPN cblr-1745 336 15 states states PROPN cblr-1745 336 16 v. v. PROPN cblr-1745 336 17 grinnell grinnell PROPN cblr-1745 336 18 corp corp PROPN cblr-1745 336 19 . . PROPN cblr-1745 336 20 , , PUNCT cblr-1745 336 21 384 384 NUM cblr-1745 336 22 u.s u.s PROPN cblr-1745 336 23 . . PROPN cblr-1745 336 24 563 563 NUM cblr-1745 336 25 , , PUNCT cblr-1745 336 26 570–71 570–71 NOUN cblr-1745 336 27 ( ( PUNCT cblr-1745 336 28 1966 1966 NUM cblr-1745 336 29 ) ) PUNCT cblr-1745 336 30 ; ; PUNCT cblr-1745 336 31 united united PROPN cblr-1745 336 32 states states PROPN cblr-1745 336 33 v. v. PROPN cblr-1745 336 34 microsoft microsoft PROPN cblr-1745 336 35 corp corp PROPN cblr-1745 336 36 . . PROPN cblr-1745 336 37 , , PUNCT cblr-1745 336 38 253 253 NUM cblr-1745 336 39 f.3d f.3d NUM cblr-1745 336 40 34 34 NUM cblr-1745 336 41 , , PUNCT cblr-1745 336 42 51 51 NUM cblr-1745 336 43 ( ( PUNCT cblr-1745 336 44 d.c d.c PROPN cblr-1745 336 45 . . PROPN cblr-1745 336 46 cir cir PROPN cblr-1745 336 47 . . 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PUNCT cblr-1745 338 1 see see VERB cblr-1745 338 2 also also ADV cblr-1745 338 3 hovenkamp hovenkamp NOUN cblr-1745 338 4 , , PUNCT cblr-1745 338 5 supra supra PROPN cblr-1745 338 6 note note PROPN cblr-1745 338 7 34 34 NUM cblr-1745 338 8 , , PUNCT cblr-1745 338 9 § § NOUN cblr-1745 338 10 9.3a 9.3a NUM cblr-1745 338 11 , , PUNCT cblr-1745 338 12 at at ADP cblr-1745 338 13 422 422 NUM cblr-1745 338 14 ( ( PUNCT cblr-1745 338 15 vertical vertical ADJ cblr-1745 338 16 integration integration NOUN cblr-1745 338 17 ) ) PUNCT cblr-1745 338 18 . . PUNCT cblr-1745 339 1 104 104 NUM cblr-1745 339 2 see see VERB cblr-1745 339 3 , , PUNCT cblr-1745 339 4 e.g. e.g. ADV cblr-1745 339 5 , , PUNCT cblr-1745 339 6 u.s u.s PROPN cblr-1745 339 7 . . PROPN cblr-1745 339 8 dep’t dep’t NOUN cblr-1745 339 9 of of ADP cblr-1745 339 10 justice justice PROPN cblr-1745 339 11 , , PUNCT cblr-1745 339 12 non non ADJ cblr-1745 339 13 - - ADJ cblr-1745 339 14 horizontal horizontal ADJ cblr-1745 339 15 merger merger NOUN cblr-1745 339 16 guidelines guideline NOUN cblr-1745 339 17 § § PROPN cblr-1745 339 18 4.2 4.2 NUM cblr-1745 339 19 ( ( PUNCT cblr-1745 339 20 1984 1984 NUM cblr-1745 339 21 ) ) PUNCT cblr-1745 339 22 , , PUNCT cblr-1745 339 23 https://www.justice.gov/sites/default/files/atr/lega https://www.justice.gov/sites/default/files/atr/lega PROPN cblr-1745 339 24 cy/2006/05/18/2614.pdf cy/2006/05/18/2614.pdf PROPN cblr-1745 339 25 [ [ X cblr-1745 339 26 https://perma.cc/mu4x-3b4s https://perma.cc/mu4x-3b4 NOUN cblr-1745 339 27 ] ] PUNCT cblr-1745 339 28 ( ( PUNCT cblr-1745 339 29 stating state VERB cblr-1745 339 30 , , PUNCT cblr-1745 339 31 as as ADP cblr-1745 339 32 the the DET cblr-1745 339 33 first first ADJ cblr-1745 339 34 prong prong NOUN cblr-1745 339 35 of of ADP cblr-1745 339 36 assessing assess VERB cblr-1745 339 37 anticompetitive anticompetitive ADJ cblr-1745 339 38 vertical vertical ADJ cblr-1745 339 39 mergers merger NOUN cblr-1745 339 40 , , PUNCT cblr-1745 339 41 a a DET cblr-1745 339 42 finding finding NOUN cblr-1745 339 43 that that SCONJ cblr-1745 339 44 the the DET cblr-1745 339 45 degree degree NOUN cblr-1745 339 46 of of ADP cblr-1745 339 47 vertical vertical ADJ cblr-1745 339 48 integration integration NOUN cblr-1745 339 49 is be AUX cblr-1745 339 50 so so ADV cblr-1745 339 51 extensive extensive ADJ cblr-1745 339 52 that that SCONJ cblr-1745 339 53 entrants entrant NOUN cblr-1745 339 54 to to ADP cblr-1745 339 55 one one NUM cblr-1745 339 56 market market NOUN cblr-1745 339 57 would would AUX cblr-1745 339 58 also also ADV cblr-1745 339 59 have have VERB cblr-1745 339 60 to to PART cblr-1745 339 61 enter enter VERB cblr-1745 339 62 the the DET cblr-1745 339 63 second second ADJ cblr-1745 339 64 market market NOUN cblr-1745 339 65 simultaneously simultaneously ADV cblr-1745 339 66 ) ) PUNCT cblr-1745 339 67 . . PUNCT cblr-1745 340 1 chang chang PROPN cblr-1745 340 2 – – PUNCT cblr-1745 340 3 final final ADJ cblr-1745 340 4 680 680 NUM cblr-1745 340 5 columbia columbia PROPN cblr-1745 340 6 business business NOUN cblr-1745 340 7 law law NOUN cblr-1745 340 8 review review NOUN cblr-1745 340 9 [ [ X cblr-1745 340 10 vol vol NOUN cblr-1745 340 11 . . NOUN cblr-1745 340 12 2016 2016 NUM cblr-1745 340 13 this this DET cblr-1745 340 14 section section NOUN cblr-1745 340 15 dissects dissect VERB cblr-1745 340 16 the the DET cblr-1745 340 17 intricacies intricacy NOUN cblr-1745 340 18 of of ADP cblr-1745 340 19 market market NOUN cblr-1745 340 20 power power NOUN cblr-1745 340 21 in in ADP cblr-1745 340 22 both both CCONJ cblr-1745 340 23 upstream upstream ADJ cblr-1745 340 24 and and CCONJ cblr-1745 340 25 downstream downstream ADJ cblr-1745 340 26 markets market NOUN cblr-1745 340 27 to to PART cblr-1745 340 28 assess assess VERB cblr-1745 340 29 the the DET cblr-1745 340 30 validity validity NOUN cblr-1745 340 31 of of ADP cblr-1745 340 32 the the DET cblr-1745 340 33 charge charge NOUN cblr-1745 340 34 that that SCONJ cblr-1745 340 35 the the DET cblr-1745 340 36 clearing clearing NOUN cblr-1745 340 37 markets market NOUN cblr-1745 340 38 are be AUX cblr-1745 340 39 the the DET cblr-1745 340 40 instruments instrument NOUN cblr-1745 340 41 of of ADP cblr-1745 340 42 dealer dealer NOUN cblr-1745 340 43 exclusion.105 exclusion.105 PROPN cblr-1745 340 44 section section NOUN cblr-1745 340 45 ii.a ii.a PROPN cblr-1745 340 46 examines examine VERB cblr-1745 340 47 the the DET cblr-1745 340 48 market market NOUN cblr-1745 340 49 power power NOUN cblr-1745 340 50 of of ADP cblr-1745 340 51 derivatives derivative NOUN cblr-1745 340 52 clearinghouses clearinghouse NOUN cblr-1745 340 53 , , PUNCT cblr-1745 340 54 focusing focus VERB cblr-1745 340 55 in in ADP cblr-1745 340 56 particular particular ADJ cblr-1745 340 57 on on ADP cblr-1745 340 58 clearinghouses clearinghouse NOUN cblr-1745 340 59 for for ADP cblr-1745 340 60 interest interest NOUN cblr-1745 340 61 rate rate NOUN cblr-1745 340 62 swaps swap NOUN cblr-1745 340 63 ( ( PUNCT cblr-1745 340 64 “ " PUNCT cblr-1745 340 65 irs irs PROPN cblr-1745 340 66 ” " PUNCT cblr-1745 340 67 ) ) PUNCT cblr-1745 340 68 and and CCONJ cblr-1745 340 69 credit credit NOUN cblr-1745 340 70 default default NOUN cblr-1745 340 71 swaps swap NOUN cblr-1745 340 72 ( ( PUNCT cblr-1745 340 73 “ " PUNCT cblr-1745 340 74 cds cd NOUN cblr-1745 340 75 ” " PUNCT cblr-1745 340 76 ) ) PUNCT cblr-1745 340 77 , , PUNCT cblr-1745 340 78 two two NUM cblr-1745 340 79 products product NOUN cblr-1745 340 80 that that PRON cblr-1745 340 81 , , PUNCT cblr-1745 340 82 prior prior ADV cblr-1745 340 83 to to ADP cblr-1745 340 84 financial financial ADJ cblr-1745 340 85 reform reform NOUN cblr-1745 340 86 legislation legislation NOUN cblr-1745 340 87 , , PUNCT cblr-1745 340 88 had have AUX cblr-1745 340 89 largely largely ADV cblr-1745 340 90 been be AUX cblr-1745 340 91 cleared clear VERB cblr-1745 340 92 on on ADP cblr-1745 340 93 bilateral bilateral ADJ cblr-1745 340 94 bases.106 bases.106 PROPN cblr-1745 340 95 section section NOUN cblr-1745 340 96 ii.b ii.b NOUN cblr-1745 340 97 examines examine VERB cblr-1745 340 98 the the DET cblr-1745 340 99 market market NOUN cblr-1745 340 100 power power NOUN cblr-1745 340 101 of of ADP cblr-1745 340 102 derivatives derivative NOUN cblr-1745 340 103 dealers dealer NOUN cblr-1745 340 104 , , PUNCT cblr-1745 340 105 wading wade VERB cblr-1745 340 106 into into ADP cblr-1745 340 107 a a DET cblr-1745 340 108 longstanding longstanding ADJ cblr-1745 340 109 debate debate NOUN cblr-1745 340 110 over over ADP cblr-1745 340 111 whether whether SCONJ cblr-1745 340 112 this this DET cblr-1745 340 113 market market NOUN cblr-1745 340 114 is be AUX cblr-1745 340 115 concentrated concentrate VERB cblr-1745 340 116 or or CCONJ cblr-1745 340 117 not not PART cblr-1745 340 118 . . PUNCT cblr-1745 341 1 section section NOUN cblr-1745 341 2 ii.c ii.c VERB cblr-1745 341 3 examines examine VERB cblr-1745 341 4 the the DET cblr-1745 341 5 mechanisms mechanism NOUN cblr-1745 341 6 by by ADP cblr-1745 341 7 which which PRON cblr-1745 341 8 the the DET cblr-1745 341 9 dominant dominant ADJ cblr-1745 341 10 dealers dealer NOUN cblr-1745 341 11 control control VERB cblr-1745 341 12 the the DET cblr-1745 341 13 clearinghouses clearinghouse NOUN cblr-1745 341 14 . . PUNCT cblr-1745 342 1 in in ADP cblr-1745 342 2 many many ADJ cblr-1745 342 3 ways way NOUN cblr-1745 342 4 , , PUNCT cblr-1745 342 5 market market NOUN cblr-1745 342 6 power power NOUN cblr-1745 342 7 has have AUX cblr-1745 342 8 never never ADV cblr-1745 342 9 been be AUX cblr-1745 342 10 more more ADV cblr-1745 342 11 important important ADJ cblr-1745 342 12 . . PUNCT cblr-1745 343 1 the the DET cblr-1745 343 2 recent recent ADJ cblr-1745 343 3 work work NOUN cblr-1745 343 4 of of ADP cblr-1745 343 5 economists economist NOUN cblr-1745 343 6 and and CCONJ cblr-1745 343 7 legal legal ADJ cblr-1745 343 8 scholars scholar NOUN cblr-1745 343 9 has have AUX cblr-1745 343 10 produced produce VERB cblr-1745 343 11 keen keen ADJ cblr-1745 343 12 insights insight NOUN cblr-1745 343 13 into into ADP cblr-1745 343 14 how how SCONJ cblr-1745 343 15 firms firm NOUN cblr-1745 343 16 with with ADP cblr-1745 343 17 market market NOUN cblr-1745 343 18 power power NOUN cblr-1745 343 19 behave.107 behave.107 NOUN cblr-1745 343 20 simultaneously simultaneously ADV cblr-1745 343 21 , , PUNCT cblr-1745 343 22 however however ADV cblr-1745 343 23 , , PUNCT cblr-1745 343 24 the the DET cblr-1745 343 25 traditional traditional ADJ cblr-1745 343 26 measurement measurement NOUN cblr-1745 343 27 of of ADP cblr-1745 343 28 market market NOUN cblr-1745 343 29 power power NOUN cblr-1745 343 30 — — PUNCT cblr-1745 343 31 that that ADV cblr-1745 343 32 is is ADV cblr-1745 343 33 , , PUNCT cblr-1745 343 34 the the DET cblr-1745 343 35 market market NOUN cblr-1745 343 36 definition definition NOUN cblr-1745 343 37 / / SYM cblr-1745 343 38 market market NOUN cblr-1745 343 39 share share NOUN cblr-1745 343 40 paradigm paradigm NOUN cblr-1745 343 41 — — PUNCT cblr-1745 343 42 has have AUX cblr-1745 343 43 come come VERB cblr-1745 343 44 under under ADP cblr-1745 343 45 intensifying intensify VERB cblr-1745 343 46 assault.108 assault.108 NOUN cblr-1745 343 47 therefore therefore ADV cblr-1745 343 48 , , PUNCT cblr-1745 343 49 any any DET cblr-1745 343 50 discourse discourse NOUN cblr-1745 343 51 on on ADP cblr-1745 343 52 market market NOUN cblr-1745 343 53 105 105 NUM cblr-1745 343 54 see see NOUN cblr-1745 343 55 , , PUNCT cblr-1745 343 56 e.g. e.g. ADV cblr-1745 343 57 , , PUNCT cblr-1745 343 58 chang chang PROPN cblr-1745 343 59 , , PUNCT cblr-1745 343 60 supra supra PROPN cblr-1745 343 61 note note PROPN cblr-1745 343 62 14 14 NUM cblr-1745 343 63 ; ; PUNCT cblr-1745 343 64 greenberger greenberger NOUN cblr-1745 343 65 , , PUNCT cblr-1745 343 66 supra supra PROPN cblr-1745 343 67 note note PROPN cblr-1745 343 68 21 21 NUM cblr-1745 343 69 ; ; PUNCT cblr-1745 343 70 turbeville turbeville NOUN cblr-1745 343 71 , , PUNCT cblr-1745 343 72 supra supra PROPN cblr-1745 343 73 note note PROPN cblr-1745 343 74 21 21 NUM cblr-1745 343 75 . . NOUN cblr-1745 343 76 106 106 NUM cblr-1745 343 77 before before ADP cblr-1745 343 78 the the DET cblr-1745 343 79 financial financial ADJ cblr-1745 343 80 crisis crisis NOUN cblr-1745 343 81 , , PUNCT cblr-1745 343 82 clearing clearing NOUN cblr-1745 343 83 was be AUX cblr-1745 343 84 performed perform VERB cblr-1745 343 85 bilaterally bilaterally ADV cblr-1745 343 86 , , PUNCT cblr-1745 343 87 by by ADP cblr-1745 343 88 the the DET cblr-1745 343 89 counterparties counterpartie NOUN cblr-1745 343 90 to to ADP cblr-1745 343 91 a a DET cblr-1745 343 92 trade trade NOUN cblr-1745 343 93 . . PUNCT cblr-1745 344 1 in in ADP cblr-1745 344 2 2009 2009 NUM cblr-1745 344 3 , , PUNCT cblr-1745 344 4 the the DET cblr-1745 344 5 group group NOUN cblr-1745 344 6 of of ADP cblr-1745 344 7 twenty twenty NUM cblr-1745 344 8 nations nation NOUN cblr-1745 344 9 made make VERB cblr-1745 344 10 centralized centralized ADJ cblr-1745 344 11 clearing clearing NOUN cblr-1745 344 12 a a DET cblr-1745 344 13 centerpiece centerpiece NOUN cblr-1745 344 14 of of ADP cblr-1745 344 15 financial financial ADJ cblr-1745 344 16 reform reform NOUN cblr-1745 344 17 . . PUNCT cblr-1745 345 1 with with ADP cblr-1745 345 2 that that DET cblr-1745 345 3 push push NOUN cblr-1745 345 4 , , PUNCT cblr-1745 345 5 both both CCONJ cblr-1745 345 6 the the DET cblr-1745 345 7 united united PROPN cblr-1745 345 8 states states PROPN cblr-1745 345 9 and and CCONJ cblr-1745 345 10 european european PROPN cblr-1745 345 11 union union PROPN cblr-1745 345 12 now now ADV cblr-1745 345 13 require require VERB cblr-1745 345 14 clearinghouses clearinghouse NOUN cblr-1745 345 15 to to PART cblr-1745 345 16 be be AUX cblr-1745 345 17 interposed interpose VERB cblr-1745 345 18 into into ADP cblr-1745 345 19 derivatives derivative NOUN cblr-1745 345 20 trades trade NOUN cblr-1745 345 21 . . PUNCT cblr-1745 346 1 see see VERB cblr-1745 346 2 dodd dodd PROPN cblr-1745 346 3 - - PUNCT cblr-1745 346 4 frank frank PROPN cblr-1745 346 5 wall wall PROPN cblr-1745 346 6 street street PROPN cblr-1745 346 7 reform reform PROPN cblr-1745 346 8 & & CCONJ cblr-1745 346 9 consumer consumer PROPN cblr-1745 346 10 protection protection PROPN cblr-1745 346 11 act act PROPN cblr-1745 346 12 , , PUNCT cblr-1745 346 13 pub pub NOUN cblr-1745 346 14 . . PUNCT cblr-1745 347 1 l. l. PROPN cblr-1745 347 2 no no INTJ cblr-1745 347 3 . . PROPN cblr-1745 347 4 111 111 NUM cblr-1745 347 5 - - SYM cblr-1745 347 6 203 203 NUM cblr-1745 348 1 § § PROPN cblr-1745 348 2 § § PROPN cblr-1745 348 3 723 723 NUM cblr-1745 348 4 , , PUNCT cblr-1745 348 5 763 763 NUM cblr-1745 348 6 , , PUNCT cblr-1745 348 7 124 124 NUM cblr-1745 348 8 stat stat NOUN cblr-1745 348 9 . . PUNCT cblr-1745 349 1 1376 1376 NUM cblr-1745 349 2 , , PUNCT cblr-1745 349 3 1675–82 1675–82 NUM cblr-1745 349 4 , , PUNCT cblr-1745 349 5 1762–84 1762–84 NOUN cblr-1745 349 6 ( ( PUNCT cblr-1745 349 7 2010 2010 NUM cblr-1745 349 8 ) ) PUNCT cblr-1745 349 9 ( ( PUNCT cblr-1745 349 10 codified codify VERB cblr-1745 349 11 at at ADP cblr-1745 349 12 7 7 NUM cblr-1745 349 13 u.s.c u.s.c NOUN cblr-1745 349 14 . . PUNCT cblr-1745 350 1 § § PROPN cblr-1745 350 2 2 2 NUM cblr-1745 350 3 , , PUNCT cblr-1745 350 4 15 15 NUM cblr-1745 350 5 u.s.c u.s.c ADJ cblr-1745 350 6 . . PUNCT cblr-1745 351 1 § § PROPN cblr-1745 351 2 78c-3 78c-3 PROPN cblr-1745 351 3 ) ) PUNCT cblr-1745 351 4 ; ; PUNCT cblr-1745 352 1 parliament parliament NOUN cblr-1745 352 2 and and CCONJ cblr-1745 352 3 council council NOUN cblr-1745 352 4 regulation regulation NOUN cblr-1745 352 5 648/2012 648/2012 NUM cblr-1745 352 6 , , PUNCT cblr-1745 352 7 on on ADP cblr-1745 352 8 otc otc PROPN cblr-1745 352 9 derivatives derivative NOUN cblr-1745 352 10 , , PUNCT cblr-1745 352 11 central central ADJ cblr-1745 352 12 counterparties counterpartie NOUN cblr-1745 352 13 and and CCONJ cblr-1745 352 14 trade trade NOUN cblr-1745 352 15 repositories repository NOUN cblr-1745 352 16 , , PUNCT cblr-1745 352 17 art art NOUN cblr-1745 352 18 . . PUNCT cblr-1745 353 1 4 4 NUM cblr-1745 353 2 , , PUNCT cblr-1745 353 3 2012 2012 NUM cblr-1745 353 4 o.j o.j PROPN cblr-1745 353 5 . . PUNCT cblr-1745 353 6 ( ( PUNCT cblr-1745 353 7 l l NOUN cblr-1745 353 8 201 201 NUM cblr-1745 353 9 ) ) PUNCT cblr-1745 353 10 1 1 NUM cblr-1745 353 11 , , PUNCT cblr-1745 353 12 17–18 17–18 NUM cblr-1745 353 13 ( ( PUNCT cblr-1745 353 14 eu eu PROPN cblr-1745 353 15 ) ) PUNCT cblr-1745 353 16 . . PUNCT cblr-1745 354 1 107 107 NUM cblr-1745 354 2 see see VERB cblr-1745 354 3 , , PUNCT cblr-1745 354 4 e.g. e.g. ADV cblr-1745 354 5 , , PUNCT cblr-1745 354 6 royal royal ADJ cblr-1745 354 7 swedish swedish PROPN cblr-1745 354 8 acad acad PROPN cblr-1745 354 9 . . PUNCT cblr-1745 354 10 of of ADP cblr-1745 354 11 scis scis PROPN cblr-1745 354 12 . . PROPN cblr-1745 354 13 , , PUNCT cblr-1745 354 14 jean jean PROPN cblr-1745 354 15 tirole tirole PROPN cblr-1745 354 16 : : PUNCT cblr-1745 354 17 market market NOUN cblr-1745 354 18 power power NOUN cblr-1745 354 19 and and CCONJ cblr-1745 354 20 regulation regulation NOUN cblr-1745 354 21 2 2 NUM cblr-1745 354 22 , , PUNCT cblr-1745 354 23 18 18 NUM cblr-1745 354 24 , , PUNCT cblr-1745 354 25 28 28 NUM cblr-1745 354 26 ( ( PUNCT cblr-1745 354 27 2014 2014 NUM cblr-1745 354 28 ) ) PUNCT cblr-1745 354 29 ; ; PUNCT cblr-1745 354 30 see see VERB cblr-1745 354 31 also also ADV cblr-1745 354 32 supra supra PROPN cblr-1745 354 33 note note PROPN cblr-1745 354 34 45 45 NUM cblr-1745 354 35 . . SYM cblr-1745 354 36 108 108 NUM cblr-1745 354 37 see see VERB cblr-1745 354 38 , , PUNCT cblr-1745 354 39 e.g. e.g. ADV cblr-1745 354 40 , , PUNCT cblr-1745 354 41 kaplow kaplow NOUN cblr-1745 354 42 , , PUNCT cblr-1745 354 43 why why SCONJ cblr-1745 354 44 ( ( PUNCT cblr-1745 354 45 ever ever ADV cblr-1745 354 46 ) ) PUNCT cblr-1745 354 47 define define VERB cblr-1745 354 48 markets market NOUN cblr-1745 354 49 , , PUNCT cblr-1745 354 50 supra supra PROPN cblr-1745 354 51 note note PROPN cblr-1745 354 52 36 36 NUM cblr-1745 354 53 ; ; PUNCT cblr-1745 354 54 herbert herbert PROPN cblr-1745 354 55 hovenkamp hovenkamp PROPN cblr-1745 354 56 , , PUNCT cblr-1745 354 57 markets market NOUN cblr-1745 354 58 in in ADP cblr-1745 354 59 merger merger NOUN cblr-1745 354 60 analysis analysis NOUN cblr-1745 354 61 , , PUNCT cblr-1745 354 62 57 57 NUM cblr-1745 354 63 antitrust antitrust ADJ cblr-1745 354 64 bull bull NOUN cblr-1745 354 65 . . PUNCT cblr-1745 355 1 887 887 NUM cblr-1745 355 2 , , PUNCT cblr-1745 355 3 891 891 NUM cblr-1745 355 4 , , PUNCT cblr-1745 355 5 894–95 894–95 NUM cblr-1745 355 6 ( ( PUNCT cblr-1745 355 7 2012 2012 NUM cblr-1745 355 8 ) ) PUNCT cblr-1745 355 9 ; ; PUNCT cblr-1745 355 10 william william PROPN cblr-1745 355 11 m. m. PROPN cblr-1745 355 12 landes landes PROPN cblr-1745 355 13 & & CCONJ cblr-1745 355 14 richard richard PROPN cblr-1745 355 15 a. a. PROPN cblr-1745 355 16 posner posner PROPN cblr-1745 355 17 , , PUNCT cblr-1745 355 18 market market NOUN cblr-1745 355 19 power power NOUN cblr-1745 355 20 in in ADP cblr-1745 355 21 antitrust antitrust ADJ cblr-1745 355 22 cases case NOUN cblr-1745 355 23 , , PUNCT cblr-1745 355 24 94 94 NUM cblr-1745 355 25 harv harv NOUN cblr-1745 355 26 . . PUNCT cblr-1745 356 1 l. l. PROPN cblr-1745 356 2 rev rev PROPN cblr-1745 356 3 . . PROPN cblr-1745 356 4 937 937 NUM cblr-1745 356 5 , , PUNCT cblr-1745 356 6 947 947 NUM cblr-1745 356 7 ( ( PUNCT cblr-1745 356 8 1981 1981 NUM cblr-1745 356 9 ) ) PUNCT cblr-1745 356 10 ; ; PUNCT cblr-1745 356 11 joseph joseph PROPN cblr-1745 356 12 farrell farrell PROPN cblr-1745 356 13 chang chang PROPN cblr-1745 356 14 – – PUNCT cblr-1745 356 15 final final ADJ cblr-1745 356 16 no no NOUN cblr-1745 356 17 . . PUNCT cblr-1745 357 1 3:657 3:657 NUM cblr-1745 357 2 ] ] X cblr-1745 357 3 second second ADJ cblr-1745 357 4 - - PUNCT cblr-1745 357 5 generation generation NOUN cblr-1745 357 6 monopolization monopolization NOUN cblr-1745 357 7 681 681 NUM cblr-1745 357 8 power power NOUN cblr-1745 357 9 must must AUX cblr-1745 357 10 also also ADV cblr-1745 357 11 thoughtfully thoughtfully ADV cblr-1745 357 12 defend defend VERB cblr-1745 357 13 its its PRON cblr-1745 357 14 methodology methodology NOUN cblr-1745 357 15 for for ADP cblr-1745 357 16 assessment assessment NOUN cblr-1745 357 17 . . PUNCT cblr-1745 358 1 at at ADP cblr-1745 358 2 the the DET cblr-1745 358 3 risk risk NOUN cblr-1745 358 4 of of ADP cblr-1745 358 5 hitching hitch VERB cblr-1745 358 6 itself itself PRON cblr-1745 358 7 to to ADP cblr-1745 358 8 a a DET cblr-1745 358 9 methodology methodology NOUN cblr-1745 358 10 that that PRON cblr-1745 358 11 is be AUX cblr-1745 358 12 slowly slowly ADV cblr-1745 358 13 growing grow VERB cblr-1745 358 14 obsolete obsolete ADJ cblr-1745 358 15 , , PUNCT cblr-1745 358 16 this this DET cblr-1745 358 17 article article NOUN cblr-1745 358 18 will will AUX cblr-1745 358 19 utilize utilize VERB cblr-1745 358 20 the the DET cblr-1745 358 21 market market NOUN cblr-1745 358 22 definition definition NOUN cblr-1745 358 23 / / SYM cblr-1745 358 24 market market NOUN cblr-1745 358 25 share share NOUN cblr-1745 358 26 paradigm paradigm NOUN cblr-1745 358 27 , , PUNCT cblr-1745 358 28 both both CCONJ cblr-1745 358 29 because because SCONJ cblr-1745 358 30 of of ADP cblr-1745 358 31 its its PRON cblr-1745 358 32 lasting last VERB cblr-1745 358 33 influence influence NOUN cblr-1745 358 34 on on ADP cblr-1745 358 35 the the DET cblr-1745 358 36 courts109 courts109 PROPN cblr-1745 358 37 and and CCONJ cblr-1745 358 38 because because SCONJ cblr-1745 358 39 of of ADP cblr-1745 358 40 its its PRON cblr-1745 358 41 capacity capacity NOUN cblr-1745 358 42 to to PART cblr-1745 358 43 uncover uncover VERB cblr-1745 358 44 subtle subtle ADJ cblr-1745 358 45 trends trend NOUN cblr-1745 358 46 in in ADP cblr-1745 358 47 the the DET cblr-1745 358 48 derivatives derivative NOUN cblr-1745 358 49 markets.110 markets.110 NOUN cblr-1745 358 50 specifically specifically ADV cblr-1745 358 51 , , PUNCT cblr-1745 358 52 the the DET cblr-1745 358 53 market market NOUN cblr-1745 358 54 definition definition NOUN cblr-1745 358 55 / / SYM cblr-1745 358 56 market market NOUN cblr-1745 358 57 share share NOUN cblr-1745 358 58 paradigm paradigm NOUN cblr-1745 358 59 produces produce VERB cblr-1745 358 60 the the DET cblr-1745 358 61 following follow VERB cblr-1745 358 62 observations observation NOUN cblr-1745 358 63 . . PUNCT cblr-1745 359 1 first first ADV cblr-1745 359 2 , , PUNCT cblr-1745 359 3 derivatives derivative NOUN cblr-1745 359 4 trading trading NOUN cblr-1745 359 5 is be AUX cblr-1745 359 6 comprised comprise VERB cblr-1745 359 7 of of ADP cblr-1745 359 8 distinct distinct ADJ cblr-1745 359 9 geographic geographic ADJ cblr-1745 359 10 markets market NOUN cblr-1745 359 11 , , PUNCT cblr-1745 359 12 the the DET cblr-1745 359 13 largest large ADJ cblr-1745 359 14 being be AUX cblr-1745 359 15 the the DET cblr-1745 359 16 united united PROPN cblr-1745 359 17 states states PROPN cblr-1745 359 18 and and CCONJ cblr-1745 359 19 europe europe PROPN cblr-1745 359 20 , , PUNCT cblr-1745 359 21 each each PRON cblr-1745 359 22 dominated dominate VERB cblr-1745 359 23 by by ADP cblr-1745 359 24 a a DET cblr-1745 359 25 small small ADJ cblr-1745 359 26 oligopoly oligopoly NOUN cblr-1745 359 27 of of ADP cblr-1745 359 28 approximately approximately ADV cblr-1745 359 29 five five NUM cblr-1745 359 30 dealers.111 dealers.111 PROPN cblr-1745 359 31 these these DET cblr-1745 359 32 large large ADJ cblr-1745 359 33 dealers dealer NOUN cblr-1745 359 34 compete compete VERB cblr-1745 359 35 fiercely fiercely ADV cblr-1745 359 36 against against ADP cblr-1745 359 37 each each DET cblr-1745 359 38 other other ADJ cblr-1745 359 39 within within ADP cblr-1745 359 40 the the DET cblr-1745 359 41 oligopoly oligopoly NOUN cblr-1745 359 42 . . PUNCT cblr-1745 360 1 however however ADV cblr-1745 360 2 , , PUNCT cblr-1745 360 3 as as ADP cblr-1745 360 4 a a DET cblr-1745 360 5 block block NOUN cblr-1745 360 6 , , PUNCT cblr-1745 360 7 they they PRON cblr-1745 360 8 adopt adopt VERB cblr-1745 360 9 actions action NOUN cblr-1745 360 10 that that PRON cblr-1745 360 11 exclude exclude VERB cblr-1745 360 12 smaller small ADJ cblr-1745 360 13 competitors competitor NOUN cblr-1745 360 14 from from ADP cblr-1745 360 15 breaking break VERB cblr-1745 360 16 into into ADP cblr-1745 360 17 the the DET cblr-1745 360 18 oligopoly oligopoly NOUN cblr-1745 360 19 . . PUNCT cblr-1745 361 1 second second ADJ cblr-1745 361 2 , , PUNCT cblr-1745 361 3 derivatives derivative NOUN cblr-1745 361 4 clearing clearing NOUN cblr-1745 361 5 does do AUX cblr-1745 361 6 not not PART cblr-1745 361 7 necessarily necessarily ADV cblr-1745 361 8 reflect reflect VERB cblr-1745 361 9 the the DET cblr-1745 361 10 same same ADJ cblr-1745 361 11 geographic geographic ADJ cblr-1745 361 12 fragmentation fragmentation NOUN cblr-1745 361 13 , , PUNCT cblr-1745 361 14 since since SCONJ cblr-1745 361 15 one one NUM cblr-1745 361 16 producer producer NOUN cblr-1745 361 17 dominates dominate VERB cblr-1745 361 18 the the DET cblr-1745 361 19 clearing clearing NOUN cblr-1745 361 20 of of ADP cblr-1745 361 21 irs irs PROPN cblr-1745 361 22 while while SCONJ cblr-1745 361 23 two two NUM cblr-1745 361 24 producers producer NOUN cblr-1745 361 25 appear appear VERB cblr-1745 361 26 to to PART cblr-1745 361 27 dominate dominate VERB cblr-1745 361 28 the the DET cblr-1745 361 29 clearing clearing NOUN cblr-1745 361 30 of of ADP cblr-1745 361 31 cds.112 cds.112 PROPN cblr-1745 361 32 third third PROPN cblr-1745 361 33 , , PUNCT cblr-1745 361 34 in in ADP cblr-1745 361 35 the the DET cblr-1745 361 36 u.s u.s PROPN cblr-1745 361 37 . . PROPN cblr-1745 361 38 trading trading NOUN cblr-1745 361 39 market market NOUN cblr-1745 361 40 , , PUNCT cblr-1745 361 41 activity activity NOUN cblr-1745 361 42 should should AUX cblr-1745 361 43 be be AUX cblr-1745 361 44 tracked track VERB cblr-1745 361 45 at at ADP cblr-1745 361 46 the the DET cblr-1745 361 47 bank bank NOUN cblr-1745 361 48 holding hold VERB cblr-1745 361 49 company company NOUN cblr-1745 361 50 level level NOUN cblr-1745 361 51 , , PUNCT cblr-1745 361 52 rather rather ADV cblr-1745 361 53 than than ADP cblr-1745 361 54 the the DET cblr-1745 361 55 commercial commercial ADJ cblr-1745 361 56 bank bank PROPN cblr-1745 361 57 level.113 level.113 PROPN cblr-1745 361 58 doing do VERB cblr-1745 361 59 so so ADV cblr-1745 361 60 broadens broaden VERB cblr-1745 361 61 the the DET cblr-1745 361 62 tunnel tunnel NOUN cblr-1745 361 63 vision vision NOUN cblr-1745 361 64 of of ADP cblr-1745 361 65 banking banking NOUN cblr-1745 361 66 regulators regulator NOUN cblr-1745 361 67 , , PUNCT cblr-1745 361 68 who who PRON cblr-1745 361 69 tend tend VERB cblr-1745 361 70 to to PART cblr-1745 361 71 focus focus VERB cblr-1745 361 72 on on ADP cblr-1745 361 73 lending lending NOUN cblr-1745 361 74 and and CCONJ cblr-1745 361 75 ancillary ancillary ADJ cblr-1745 361 76 activities.114 activities.114 NOUN cblr-1745 361 77 fourth fourth ADJ cblr-1745 361 78 , , PUNCT cblr-1745 361 79 understanding understand VERB cblr-1745 361 80 the the DET cblr-1745 361 81 delineation delineation NOUN cblr-1745 361 82 between between ADP cblr-1745 361 83 commercial commercial ADJ cblr-1745 361 84 bank bank NOUN cblr-1745 361 85 dealers dealer NOUN cblr-1745 361 86 and and CCONJ cblr-1745 361 87 investment investment NOUN cblr-1745 361 88 bank bank NOUN cblr-1745 361 89 dealers dealer NOUN cblr-1745 361 90 helps help VERB cblr-1745 361 91 to to PART cblr-1745 361 92 parse parse VERB cblr-1745 361 93 the the DET cblr-1745 361 94 sales sale NOUN cblr-1745 361 95 strategies strategy NOUN cblr-1745 361 96 of of ADP cblr-1745 361 97 the the DET cblr-1745 361 98 major major ADJ cblr-1745 361 99 dealers dealer NOUN cblr-1745 361 100 — — PUNCT cblr-1745 361 101 in in ADP cblr-1745 361 102 & & CCONJ cblr-1745 361 103 carl carl PROPN cblr-1745 361 104 shapiro shapiro PROPN cblr-1745 361 105 , , PUNCT cblr-1745 361 106 antitrust antitrust ADJ cblr-1745 361 107 evaluation evaluation NOUN cblr-1745 361 108 of of ADP cblr-1745 361 109 horizontal horizontal ADJ cblr-1745 361 110 mergers merger NOUN cblr-1745 361 111 : : PUNCT cblr-1745 361 112 an an DET cblr-1745 361 113 economic economic ADJ cblr-1745 361 114 alternative alternative NOUN cblr-1745 361 115 to to ADP cblr-1745 361 116 market market NOUN cblr-1745 361 117 definition definition NOUN cblr-1745 361 118 , , PUNCT cblr-1745 361 119 10 10 NUM cblr-1745 361 120 b.e b.e PROPN cblr-1745 361 121 . . PUNCT cblr-1745 362 1 j. j. PROPN cblr-1745 362 2 theoretical theoretical PROPN cblr-1745 362 3 econ econ PROPN cblr-1745 362 4 . . PUNCT cblr-1745 363 1 1 1 NUM cblr-1745 363 2 , , PUNCT cblr-1745 363 3 1 1 NUM cblr-1745 363 4 ( ( PUNCT cblr-1745 363 5 2010 2010 NUM cblr-1745 363 6 ) ) PUNCT cblr-1745 363 7 . . PUNCT cblr-1745 364 1 109 109 NUM cblr-1745 364 2 see see NOUN cblr-1745 364 3 , , PUNCT cblr-1745 364 4 e.g. e.g. ADV cblr-1745 364 5 , , PUNCT cblr-1745 364 6 christy christy PROPN cblr-1745 364 7 sports sports PROPN cblr-1745 364 8 , , PUNCT cblr-1745 364 9 llc llc PROPN cblr-1745 364 10 v. v. PROPN cblr-1745 364 11 deer deer PROPN cblr-1745 364 12 valley valley PROPN cblr-1745 364 13 resort resort PROPN cblr-1745 364 14 co. co. PROPN cblr-1745 364 15 , , PUNCT cblr-1745 364 16 555 555 NUM cblr-1745 364 17 f.3d f.3d NUM cblr-1745 364 18 1188 1188 NUM cblr-1745 364 19 , , PUNCT cblr-1745 364 20 1198–99 1198–99 PROPN cblr-1745 364 21 ( ( PUNCT cblr-1745 364 22 10th 10th ADJ cblr-1745 364 23 cir cir NOUN cblr-1745 364 24 . . PUNCT cblr-1745 364 25 2009 2009 NUM cblr-1745 364 26 ) ) PUNCT cblr-1745 364 27 . . PUNCT cblr-1745 365 1 110 110 NUM cblr-1745 365 2 see see VERB cblr-1745 365 3 infra infra NOUN cblr-1745 365 4 section section NOUN cblr-1745 365 5 iii.a.2 iii.a.2 PROPN cblr-1745 365 6 , , PUNCT cblr-1745 365 7 iii.b.2 iii.b.2 PROPN cblr-1745 365 8 . . NOUN cblr-1745 365 9 111 111 NUM cblr-1745 365 10 see see NOUN cblr-1745 365 11 infra infra NOUN cblr-1745 365 12 notes note VERB cblr-1745 365 13 214–215 214–215 NUM cblr-1745 365 14 and and CCONJ cblr-1745 365 15 accompanying accompany VERB cblr-1745 365 16 text text NOUN cblr-1745 365 17 and and CCONJ cblr-1745 365 18 section section NOUN cblr-1745 365 19 iii.b.3 iii.b.3 PROPN cblr-1745 365 20 . . PROPN cblr-1745 365 21 112 112 NUM cblr-1745 365 22 see see VERB cblr-1745 365 23 infra infra NOUN cblr-1745 365 24 notes note VERB cblr-1745 365 25 158–159 158–159 NUM cblr-1745 365 26 and and CCONJ cblr-1745 365 27 163–164 163–164 NUM cblr-1745 365 28 and and CCONJ cblr-1745 365 29 accompanying accompany VERB cblr-1745 365 30 text text NOUN cblr-1745 365 31 . . PUNCT cblr-1745 366 1 113 113 NUM cblr-1745 366 2 see see VERB cblr-1745 366 3 infra infra NOUN cblr-1745 366 4 notes note VERB cblr-1745 366 5 210–213 210–213 NUM cblr-1745 366 6 and and CCONJ cblr-1745 366 7 accompanying accompany VERB cblr-1745 366 8 text text NOUN cblr-1745 366 9 . . PUNCT cblr-1745 367 1 114 114 NUM cblr-1745 367 2 see see VERB cblr-1745 367 3 infra infra NOUN cblr-1745 367 4 notes note VERB cblr-1745 367 5 205 205 NUM cblr-1745 367 6 and and CCONJ cblr-1745 367 7 211–213 211–213 NUM cblr-1745 367 8 and and CCONJ cblr-1745 367 9 accompanying accompany VERB cblr-1745 367 10 text text NOUN cblr-1745 367 11 . . PUNCT cblr-1745 368 1 chang chang PROPN cblr-1745 368 2 – – PUNCT cblr-1745 368 3 final final ADJ cblr-1745 368 4 682 682 NUM cblr-1745 368 5 columbia columbia PROPN cblr-1745 368 6 business business NOUN cblr-1745 368 7 law law NOUN cblr-1745 368 8 review review NOUN cblr-1745 369 1 [ [ X cblr-1745 369 2 vol vol NOUN cblr-1745 369 3 . . 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PUNCT cblr-1745 370 1 network network NOUN cblr-1745 370 2 effects effect NOUN cblr-1745 370 3 and and CCONJ cblr-1745 370 4 natural natural ADJ cblr-1745 370 5 monopoly monopoly NOUN cblr-1745 370 6 characteristics characteristic NOUN cblr-1745 370 7 the the DET cblr-1745 370 8 producers producer NOUN cblr-1745 370 9 in in ADP cblr-1745 370 10 the the DET cblr-1745 370 11 upstream upstream ADJ cblr-1745 370 12 clearing clearing NOUN cblr-1745 370 13 markets market NOUN cblr-1745 370 14 are be AUX cblr-1745 370 15 derivatives derivative NOUN cblr-1745 370 16 clearinghouses clearinghouse NOUN cblr-1745 370 17 , , PUNCT cblr-1745 370 18 a a DET cblr-1745 370 19 type type NOUN cblr-1745 370 20 of of ADP cblr-1745 370 21 financial financial ADJ cblr-1745 370 22 market market NOUN cblr-1745 370 23 infrastructure infrastructure NOUN cblr-1745 370 24 ( ( PUNCT cblr-1745 370 25 “ " PUNCT cblr-1745 370 26 fmi fmi PROPN cblr-1745 370 27 ” " PUNCT cblr-1745 370 28 ) ) PUNCT cblr-1745 370 29 which which PRON cblr-1745 370 30 guarantees guarantee VERB cblr-1745 370 31 the the DET cblr-1745 370 32 trades trade NOUN cblr-1745 370 33 of of ADP cblr-1745 370 34 its its PRON cblr-1745 370 35 members.116 members.116 NOUN cblr-1745 370 36 if if SCONJ cblr-1745 370 37 a a DET cblr-1745 370 38 member member NOUN cblr-1745 370 39 is be AUX cblr-1745 370 40 unable unable ADJ cblr-1745 370 41 to to PART cblr-1745 370 42 fulfill fulfill VERB cblr-1745 370 43 its its PRON cblr-1745 370 44 obligations obligation NOUN cblr-1745 370 45 under under ADP cblr-1745 370 46 a a DET cblr-1745 370 47 trade trade NOUN cblr-1745 370 48 , , PUNCT cblr-1745 370 49 the the DET cblr-1745 370 50 clearinghouse clearinghouse NOUN cblr-1745 370 51 will will AUX cblr-1745 370 52 step step VERB cblr-1745 370 53 in in ADV cblr-1745 370 54 . . PUNCT cblr-1745 371 1 membership membership NOUN cblr-1745 371 2 is be AUX cblr-1745 371 3 determined determine VERB cblr-1745 371 4 by by ADP cblr-1745 371 5 complicated complicated ADJ cblr-1745 371 6 criteria criterion NOUN cblr-1745 371 7 subject subject ADJ cblr-1745 371 8 to to ADP cblr-1745 371 9 regulatory regulatory ADJ cblr-1745 371 10 constraint.117 constraint.117 NOUN cblr-1745 371 11 by by ADP cblr-1745 371 12 their their PRON cblr-1745 371 13 very very ADJ cblr-1745 371 14 design design NOUN cblr-1745 371 15 , , PUNCT cblr-1745 371 16 clearinghouses clearinghouse NOUN cblr-1745 371 17 exhibit exhibit VERB cblr-1745 371 18 strong strong ADJ cblr-1745 371 19 economies economy NOUN cblr-1745 371 20 of of ADP cblr-1745 371 21 scale scale NOUN cblr-1745 371 22 — — PUNCT cblr-1745 371 23 so so ADV cblr-1745 371 24 strong strong ADJ cblr-1745 371 25 , , PUNCT cblr-1745 371 26 in in ADP cblr-1745 371 27 fact fact NOUN cblr-1745 371 28 , , PUNCT cblr-1745 371 29 that that SCONJ cblr-1745 371 30 clearinghouses clearinghouse NOUN cblr-1745 371 31 can can AUX cblr-1745 371 32 be be AUX cblr-1745 371 33 classified classify VERB cblr-1745 371 34 as as ADP cblr-1745 371 35 natural natural ADJ cblr-1745 371 36 monopolies.118 monopolies.118 VERB cblr-1745 371 37 a a DET cblr-1745 371 38 natural natural ADJ cblr-1745 371 39 115 115 NUM cblr-1745 371 40 see see NOUN cblr-1745 371 41 infra infra NOUN cblr-1745 371 42 notes note VERB cblr-1745 371 43 192–194 192–194 NUM cblr-1745 371 44 and and CCONJ cblr-1745 371 45 accompanying accompany VERB cblr-1745 371 46 text text NOUN cblr-1745 371 47 . . PUNCT cblr-1745 372 1 116 116 NUM cblr-1745 372 2 on on ADP cblr-1745 372 3 fmis fmi NOUN cblr-1745 372 4 , , PUNCT cblr-1745 372 5 see see VERB cblr-1745 372 6 generally generally ADV cblr-1745 372 7 bank bank NOUN cblr-1745 372 8 for for ADP cblr-1745 372 9 int’l int’l NUM cblr-1745 372 10 settlements settlement NOUN cblr-1745 372 11 & & CCONJ cblr-1745 372 12 int’l int’l NOUN cblr-1745 372 13 org org PROPN cblr-1745 372 14 . . PUNCT cblr-1745 373 1 of of ADP cblr-1745 373 2 sec sec PROPN cblr-1745 373 3 . . PROPN cblr-1745 373 4 comm’rs comm’rs PROPN cblr-1745 373 5 , , PUNCT cblr-1745 373 6 principles principle NOUN cblr-1745 373 7 for for ADP cblr-1745 373 8 financial financial ADJ cblr-1745 373 9 market market NOUN cblr-1745 373 10 infrastructures infrastructure NOUN cblr-1745 373 11 ( ( PUNCT cblr-1745 373 12 2012 2012 NUM cblr-1745 373 13 ) ) PUNCT cblr-1745 374 1 , , PUNCT cblr-1745 374 2 http://www.bis.org/cpmi/publ/d101a.pdf http://www.bis.org/cpmi/publ/d101a.pdf PROPN cblr-1745 375 1 [ [ X cblr-1745 375 2 https://perma.cc/z2dbjpwp https://perma.cc/z2dbjpwp X cblr-1745 375 3 ] ] X cblr-1745 375 4 ; ; PUNCT cblr-1745 375 5 supervision supervision NOUN cblr-1745 375 6 and and CCONJ cblr-1745 375 7 oversight oversight NOUN cblr-1745 375 8 of of ADP cblr-1745 375 9 financial financial ADJ cblr-1745 375 10 market market NOUN cblr-1745 375 11 infrastructures infrastructure NOUN cblr-1745 375 12 : : PUNCT cblr-1745 375 13 about about ADP cblr-1745 375 14 , , PUNCT cblr-1745 375 15 board board NOUN cblr-1745 375 16 governors governor NOUN cblr-1745 375 17 fed feed VERB cblr-1745 375 18 . . PUNCT cblr-1745 376 1 res re NOUN cblr-1745 376 2 . . PUNCT cblr-1745 377 1 sys sys PROPN cblr-1745 377 2 . . PUNCT cblr-1745 378 1 ( ( PUNCT cblr-1745 378 2 last last ADJ cblr-1745 378 3 updated update VERB cblr-1745 378 4 sept sept PROPN cblr-1745 378 5 . . PROPN cblr-1745 378 6 2 2 NUM cblr-1745 378 7 , , PUNCT cblr-1745 378 8 2009 2009 NUM cblr-1745 378 9 ) ) PUNCT cblr-1745 378 10 , , PUNCT cblr-1745 378 11 http://www.federalreserve.gov/paymentsystems/over_about.htm http://www.federalreserve.gov/paymentsystems/over_about.htm PROPN cblr-1745 379 1 [ [ X cblr-1745 379 2 https://perma.cc/utw9-ts5x https://perma.cc/utw9-ts5x X cblr-1745 379 3 ] ] X cblr-1745 379 4 . . 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PUNCT cblr-1745 381 1 see see VERB cblr-1745 381 2 supervision supervision NOUN cblr-1745 381 3 and and CCONJ cblr-1745 381 4 oversight oversight NOUN cblr-1745 381 5 of of ADP cblr-1745 381 6 financial financial ADJ cblr-1745 381 7 market market NOUN cblr-1745 381 8 infrastructures infrastructure NOUN cblr-1745 381 9 : : PUNCT cblr-1745 381 10 privatesector privatesector NOUN cblr-1745 381 11 systems system NOUN cblr-1745 381 12 , , PUNCT cblr-1745 381 13 board board NOUN cblr-1745 381 14 governors governor NOUN cblr-1745 381 15 fed feed VERB cblr-1745 381 16 . . PUNCT cblr-1745 382 1 res re NOUN cblr-1745 382 2 . . PUNCT cblr-1745 383 1 sys sys PROPN cblr-1745 383 2 . . PUNCT cblr-1745 384 1 ( ( PUNCT cblr-1745 384 2 last last ADJ cblr-1745 384 3 updated update VERB cblr-1745 384 4 jan jan PROPN cblr-1745 384 5 . . PROPN cblr-1745 384 6 29 29 NUM cblr-1745 384 7 , , PUNCT cblr-1745 384 8 2015 2015 NUM cblr-1745 384 9 ) ) PUNCT cblr-1745 384 10 , , PUNCT cblr-1745 384 11 https://www.federalreserve.gov/paymentsystems/over_pssystems.ht https://www.federalreserve.gov/paymentsystems/over_pssystems.ht PRON cblr-1745 384 12 m m VERB cblr-1745 384 13 [ [ X cblr-1745 384 14 https://perma.cc/qk52-6 https://perma.cc/qk52-6 X cblr-1745 384 15 kmh kmh NOUN cblr-1745 384 16 ] ] X cblr-1745 384 17 . . PUNCT cblr-1745 385 1 117 117 NUM cblr-1745 385 2 such such ADJ cblr-1745 385 3 constraints constraint NOUN cblr-1745 385 4 include include VERB cblr-1745 385 5 an an DET cblr-1745 385 6 open open ADJ cblr-1745 385 7 access access NOUN cblr-1745 385 8 mandate mandate NOUN cblr-1745 385 9 . . PUNCT cblr-1745 386 1 see see VERB cblr-1745 386 2 17 17 NUM cblr-1745 386 3 c.f.r c.f.r NOUN cblr-1745 386 4 . . PUNCT cblr-1745 387 1 § § PROPN cblr-1745 387 2 39.12(a)(1 39.12(a)(1 NUM cblr-1745 387 3 ) ) PUNCT cblr-1745 387 4 ( ( PUNCT cblr-1745 387 5 2016 2016 NUM cblr-1745 387 6 ) ) PUNCT cblr-1745 387 7 . . PUNCT cblr-1745 388 1 for for ADP cblr-1745 388 2 limitations limitation NOUN cblr-1745 388 3 on on ADP cblr-1745 388 4 capital capital NOUN cblr-1745 388 5 requirements requirement NOUN cblr-1745 388 6 for for ADP cblr-1745 388 7 membership membership NOUN cblr-1745 388 8 , , PUNCT cblr-1745 388 9 see see VERB cblr-1745 388 10 17 17 NUM cblr-1745 388 11 c.f.r c.f.r NOUN cblr-1745 388 12 . . PUNCT cblr-1745 389 1 § § PROPN cblr-1745 389 2 39.12(a)(2)(iii 39.12(a)(2)(iii NUM cblr-1745 389 3 ) ) PUNCT cblr-1745 389 4 ( ( PUNCT cblr-1745 389 5 2016 2016 NUM cblr-1745 389 6 ) ) PUNCT cblr-1745 389 7 . . PUNCT cblr-1745 390 1 118 118 NUM cblr-1745 390 2 the the DET cblr-1745 390 3 notion notion NOUN cblr-1745 390 4 that that SCONJ cblr-1745 390 5 clearinghouses clearinghouse NOUN cblr-1745 390 6 are be AUX cblr-1745 390 7 natural natural ADJ cblr-1745 390 8 monopolies monopoly NOUN cblr-1745 390 9 is be AUX cblr-1745 390 10 not not PART cblr-1745 390 11 universally universally ADV cblr-1745 390 12 accepted accept VERB cblr-1745 390 13 . . PUNCT cblr-1745 391 1 compare compare PROPN cblr-1745 391 2 chang chang PROPN cblr-1745 391 3 , , PUNCT cblr-1745 391 4 supra supra PROPN cblr-1745 391 5 note note PROPN cblr-1745 391 6 14 14 NUM cblr-1745 391 7 , , PUNCT cblr-1745 391 8 with with ADP cblr-1745 391 9 hasenpusch hasenpusch PROPN cblr-1745 391 10 , , PUNCT cblr-1745 391 11 supra supra PROPN cblr-1745 391 12 note note PROPN cblr-1745 391 13 35 35 NUM cblr-1745 391 14 , , PUNCT cblr-1745 391 15 at at ADP cblr-1745 391 16 50 50 NUM cblr-1745 391 17 . . 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PUNCT cblr-1745 393 1 chang chang PROPN cblr-1745 393 2 – – PUNCT cblr-1745 393 3 final final ADJ cblr-1745 393 4 no no NOUN cblr-1745 393 5 . . PUNCT cblr-1745 394 1 3:657 3:657 NUM cblr-1745 394 2 ] ] X cblr-1745 394 3 second second ADJ cblr-1745 394 4 - - PUNCT cblr-1745 394 5 generation generation NOUN cblr-1745 394 6 monopolization monopolization NOUN cblr-1745 394 7 683 683 NUM cblr-1745 394 8 monopoly monopoly NOUN cblr-1745 394 9 arises arise VERB cblr-1745 394 10 when when SCONJ cblr-1745 394 11 a a DET cblr-1745 394 12 market market NOUN cblr-1745 394 13 is be AUX cblr-1745 394 14 more more ADV cblr-1745 394 15 efficiently efficiently ADV cblr-1745 394 16 serviced service VERB cblr-1745 394 17 by by ADP cblr-1745 394 18 one one NUM cblr-1745 394 19 producer producer NOUN cblr-1745 394 20 than than ADP cblr-1745 394 21 multiple multiple ADJ cblr-1745 394 22 ones.119 ones.119 NOUN cblr-1745 394 23 common common ADJ cblr-1745 394 24 examples example NOUN cblr-1745 394 25 of of ADP cblr-1745 394 26 natural natural ADJ cblr-1745 394 27 monopoly monopoly NOUN cblr-1745 394 28 occur occur VERB cblr-1745 394 29 in in ADP cblr-1745 394 30 industries industry NOUN cblr-1745 394 31 such such ADJ cblr-1745 394 32 as as ADP cblr-1745 394 33 utilities utility NOUN cblr-1745 394 34 and and CCONJ cblr-1745 394 35 telecommunications telecommunication NOUN cblr-1745 394 36 , , PUNCT cblr-1745 394 37 which which PRON cblr-1745 394 38 rely rely VERB cblr-1745 394 39 heavily heavily ADV cblr-1745 394 40 on on ADP cblr-1745 394 41 infrastructure infrastructure NOUN cblr-1745 394 42 . . PUNCT cblr-1745 395 1 commentators commentator NOUN cblr-1745 395 2 have have AUX cblr-1745 395 3 also also ADV cblr-1745 395 4 observed observe VERB cblr-1745 395 5 fmis fmis ADV cblr-1745 395 6 , , PUNCT cblr-1745 395 7 as as SCONJ cblr-1745 395 8 infrastructures infrastructure NOUN cblr-1745 395 9 themselves themselves PRON cblr-1745 395 10 , , PUNCT cblr-1745 395 11 to to PART cblr-1745 395 12 be be AUX cblr-1745 395 13 natural natural ADJ cblr-1745 395 14 monopolies.120 monopolies.120 ADJ cblr-1745 395 15 for for ADP cblr-1745 395 16 clearinghouses clearinghouse NOUN cblr-1745 395 17 in in ADP cblr-1745 395 18 particular particular ADJ cblr-1745 395 19 , , PUNCT cblr-1745 395 20 marginal marginal ADJ cblr-1745 395 21 costs cost NOUN cblr-1745 395 22 decrease decrease VERB cblr-1745 395 23 when when SCONJ cblr-1745 395 24 the the DET cblr-1745 395 25 intermediary intermediary NOUN cblr-1745 395 26 grows grow VERB cblr-1745 395 27 , , PUNCT cblr-1745 395 28 due due ADP cblr-1745 395 29 to to ADP cblr-1745 395 30 its its PRON cblr-1745 395 31 ability ability NOUN cblr-1745 395 32 to to PART cblr-1745 395 33 perform perform VERB cblr-1745 395 34 two two NUM cblr-1745 395 35 significant significant ADJ cblr-1745 395 36 trading trading NOUN cblr-1745 395 37 functions function NOUN cblr-1745 395 38 : : PUNCT cblr-1745 395 39 netting net VERB cblr-1745 395 40 and and CCONJ cblr-1745 395 41 compression compression NOUN cblr-1745 395 42 . . PUNCT cblr-1745 396 1 netting net VERB cblr-1745 396 2 occurs occur VERB cblr-1745 396 3 when when SCONJ cblr-1745 396 4 a a DET cblr-1745 396 5 clearinghouse clearinghouse NOUN cblr-1745 396 6 offsets offset NOUN cblr-1745 396 7 member member NOUN cblr-1745 396 8 positions position NOUN cblr-1745 396 9 . . PUNCT cblr-1745 397 1 if if SCONJ cblr-1745 397 2 , , PUNCT cblr-1745 397 3 for for ADP cblr-1745 397 4 instance instance NOUN cblr-1745 397 5 , , PUNCT cblr-1745 397 6 member member NOUN cblr-1745 397 7 a a DET cblr-1745 397 8 owes owe NOUN cblr-1745 397 9 member member NOUN cblr-1745 397 10 b b PROPN cblr-1745 397 11 $ $ SYM cblr-1745 397 12 1 1 NUM cblr-1745 397 13 million million NUM cblr-1745 397 14 on on ADP cblr-1745 397 15 a a DET cblr-1745 397 16 trade trade NOUN cblr-1745 397 17 , , PUNCT cblr-1745 397 18 member member NOUN cblr-1745 397 19 b b PROPN cblr-1745 397 20 owes owe VERB cblr-1745 397 21 member member NOUN cblr-1745 397 22 c c NOUN cblr-1745 397 23 $ $ SYM cblr-1745 397 24 1 1 NUM cblr-1745 397 25 million million NUM cblr-1745 397 26 on on ADP cblr-1745 397 27 another another DET cblr-1745 397 28 trade trade NOUN cblr-1745 397 29 , , PUNCT cblr-1745 397 30 and and CCONJ cblr-1745 397 31 member member NOUN cblr-1745 397 32 c c PROPN cblr-1745 397 33 owes owe VERB cblr-1745 397 34 member member NOUN cblr-1745 397 35 a a DET cblr-1745 397 36 $ $ SYM cblr-1745 397 37 2 2 NUM cblr-1745 397 38 million million NUM cblr-1745 397 39 on on ADP cblr-1745 397 40 a a DET cblr-1745 397 41 third third ADJ cblr-1745 397 42 trade trade NOUN cblr-1745 397 43 , , PUNCT cblr-1745 397 44 a a DET cblr-1745 397 45 clearinghouse clearinghouse NOUN cblr-1745 397 46 can can AUX cblr-1745 397 47 net net VERB cblr-1745 397 48 all all DET cblr-1745 397 49 three three NUM cblr-1745 397 50 trades trade NOUN cblr-1745 397 51 into into ADP cblr-1745 397 52 one one NUM cblr-1745 397 53 clean clean ADJ cblr-1745 397 54 result result NOUN cblr-1745 397 55 : : PUNCT cblr-1745 397 56 member member NOUN cblr-1745 397 57 c c PROPN cblr-1745 397 58 owes owe VERB cblr-1745 397 59 member member NOUN cblr-1745 397 60 a a DET cblr-1745 397 61 $ $ SYM cblr-1745 397 62 1 1 NUM cblr-1745 397 63 million million NUM cblr-1745 397 64 . . PUNCT cblr-1745 398 1 accordingly accordingly ADV cblr-1745 398 2 , , PUNCT cblr-1745 398 3 member member NOUN cblr-1745 398 4 a a NOUN cblr-1745 398 5 and and CCONJ cblr-1745 398 6 member member PROPN cblr-1745 398 7 b b PROPN cblr-1745 398 8 may may AUX cblr-1745 398 9 not not PART cblr-1745 398 10 have have VERB cblr-1745 398 11 to to PART cblr-1745 398 12 post post VERB cblr-1745 398 13 additional additional ADJ cblr-1745 398 14 margin margin NOUN cblr-1745 398 15 , , PUNCT cblr-1745 398 16 or or CCONJ cblr-1745 398 17 collateral collateral NOUN cblr-1745 398 18 , , PUNCT cblr-1745 398 19 on on ADP cblr-1745 398 20 these these DET cblr-1745 398 21 trades trade NOUN cblr-1745 398 22 . . PUNCT cblr-1745 399 1 overall overall ADV cblr-1745 399 2 , , PUNCT cblr-1745 399 3 the the DET cblr-1745 399 4 margin margin NOUN cblr-1745 399 5 that that PRON cblr-1745 399 6 members member NOUN cblr-1745 399 7 must must AUX cblr-1745 399 8 post post VERB cblr-1745 399 9 to to ADP cblr-1745 399 10 trade trade NOUN cblr-1745 399 11 diminishes diminish VERB cblr-1745 399 12 , , PUNCT cblr-1745 399 13 since since SCONJ cblr-1745 399 14 the the DET cblr-1745 399 15 clearinghouse clearinghouse NOUN cblr-1745 399 16 can can AUX cblr-1745 399 17 tap tap VERB cblr-1745 399 18 more more ADJ cblr-1745 399 19 positions position NOUN cblr-1745 399 20 to to PART cblr-1745 399 21 offset offset VERB cblr-1745 399 22 against against ADP cblr-1745 399 23 one one NUM cblr-1745 399 24 another.121 another.121 NOUN cblr-1745 399 25 compression compression NOUN cblr-1745 399 26 , , PUNCT cblr-1745 399 27 also also ADV cblr-1745 399 28 known know VERB cblr-1745 399 29 as as ADP cblr-1745 399 30 trade trade NOUN cblr-1745 399 31 “ " PUNCT cblr-1745 399 32 tear tear ADJ cblr-1745 399 33 ups up NOUN cblr-1745 399 34 , , PUNCT cblr-1745 399 35 ” " PUNCT cblr-1745 399 36 is be AUX cblr-1745 399 37 the the DET cblr-1745 399 38 replacement replacement NOUN cblr-1745 399 39 of of ADP cblr-1745 399 40 a a DET cblr-1745 399 41 large large ADJ cblr-1745 399 42 trade trade NOUN cblr-1745 399 43 with with ADP cblr-1745 399 44 a a DET cblr-1745 399 45 set set NOUN cblr-1745 399 46 of of ADP cblr-1745 399 47 smaller small ADJ cblr-1745 399 48 trades.122 trades.122 NOUN cblr-1745 399 49 the the DET cblr-1745 399 50 fundamental fundamental ADJ cblr-1745 399 51 benchmark benchmark NOUN cblr-1745 399 52 of of ADP cblr-1745 399 53 a a DET cblr-1745 399 54 derivatives derivative NOUN cblr-1745 399 55 trade trade NOUN cblr-1745 399 56 is be AUX cblr-1745 399 57 its its PRON cblr-1745 399 58 notional notional ADJ cblr-1745 399 59 amount amount NOUN cblr-1745 399 60 — — PUNCT cblr-1745 399 61 or or CCONJ cblr-1745 399 62 the the DET cblr-1745 399 63 face face NOUN cblr-1745 399 64 amount amount NOUN cblr-1745 399 65 of of ADP cblr-1745 399 66 the the DET cblr-1745 399 67 contract contract NOUN cblr-1745 399 68 which which PRON cblr-1745 399 69 acts act VERB cblr-1745 399 70 as as ADP cblr-1745 399 71 the the DET cblr-1745 399 72 basis basis NOUN cblr-1745 399 73 for for ADP cblr-1745 399 74 exchange exchange NOUN cblr-1745 399 75 of of ADP cblr-1745 399 76 payments payment NOUN cblr-1745 399 77 . . PUNCT cblr-1745 400 1 by by ADP cblr-1745 400 2 way way NOUN cblr-1745 400 3 of of ADP cblr-1745 400 4 illustration illustration NOUN cblr-1745 400 5 , , PUNCT cblr-1745 400 6 if if SCONJ cblr-1745 400 7 the the DET cblr-1745 400 8 counterparties counterpartie NOUN cblr-1745 400 9 to to ADP cblr-1745 400 10 a a DET cblr-1745 400 11 $ $ SYM cblr-1745 400 12 5 5 NUM cblr-1745 400 13 million million NUM cblr-1745 400 14 ( ( PUNCT cblr-1745 400 15 notional notional ADJ cblr-1745 400 16 ) ) PUNCT cblr-1745 400 17 trade trade NOUN cblr-1745 400 18 have have VERB cblr-1745 400 19 offsetting offset VERB cblr-1745 400 20 positions position NOUN cblr-1745 400 21 , , PUNCT cblr-1745 400 22 a a DET cblr-1745 400 23 clearinghouse clearinghouse NOUN cblr-1745 400 24 can can AUX cblr-1745 400 25 compress compress VERB cblr-1745 400 26 the the DET cblr-1745 400 27 trade trade NOUN cblr-1745 400 28 by by ADP cblr-1745 400 29 replacing replace VERB cblr-1745 400 30 it it PRON cblr-1745 400 31 with with ADP cblr-1745 400 32 a a DET cblr-1745 400 33 trade trade NOUN cblr-1745 400 34 whose whose DET cblr-1745 400 35 notional notional ADJ cblr-1745 400 36 is be AUX cblr-1745 400 37 $ $ SYM cblr-1745 400 38 1 1 NUM cblr-1745 400 39 119 119 NUM cblr-1745 400 40 alfred alfred PROPN cblr-1745 400 41 e. e. PROPN cblr-1745 400 42 kahn kahn PROPN cblr-1745 400 43 , , PUNCT cblr-1745 400 44 the the DET cblr-1745 400 45 economics economic NOUN cblr-1745 400 46 of of ADP cblr-1745 400 47 regulation regulation NOUN cblr-1745 400 48 : : PUNCT cblr-1745 400 49 principles principle NOUN cblr-1745 400 50 and and CCONJ cblr-1745 400 51 institutions institution NOUN cblr-1745 400 52 123–24 123–24 NUM cblr-1745 400 53 ( ( PUNCT cblr-1745 400 54 the the DET cblr-1745 400 55 mit mit PROPN cblr-1745 400 56 press press NOUN cblr-1745 400 57 1988 1988 NUM cblr-1745 400 58 ) ) PUNCT cblr-1745 400 59 ( ( PUNCT cblr-1745 400 60 1971 1971 NUM cblr-1745 400 61 ) ) PUNCT cblr-1745 400 62 . . PUNCT cblr-1745 401 1 120 120 NUM cblr-1745 401 2 see see VERB cblr-1745 401 3 , , PUNCT cblr-1745 401 4 e.g. e.g. ADV cblr-1745 401 5 , , PUNCT cblr-1745 401 6 thanh thanh PROPN cblr-1745 401 7 tu tu PROPN cblr-1745 401 8 nguyen nguyen PROPN cblr-1745 401 9 , , PUNCT cblr-1745 401 10 ec ec PROPN cblr-1745 401 11 antitrust antitrust ADJ cblr-1745 401 12 law law NOUN cblr-1745 401 13 in in ADP cblr-1745 401 14 payment payment NOUN cblr-1745 401 15 card card NOUN cblr-1745 401 16 systems system NOUN cblr-1745 401 17 13–14 13–14 NUM cblr-1745 401 18 ( ( PUNCT cblr-1745 401 19 mar mar PROPN cblr-1745 401 20 . . 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X cblr-1745 403 21 122 122 NUM cblr-1745 403 22 see see VERB cblr-1745 403 23 int’l int’l NOUN cblr-1745 403 24 swaps swap NOUN cblr-1745 403 25 & & CCONJ cblr-1745 403 26 derivatives derivative NOUN cblr-1745 403 27 ass’n ass’n VERB cblr-1745 403 28 , , PUNCT cblr-1745 403 29 interest interest NOUN cblr-1745 403 30 rate rate NOUN cblr-1745 403 31 swaps swap NOUN cblr-1745 403 32 compression compression NOUN cblr-1745 403 33 : : PUNCT cblr-1745 403 34 a a DET cblr-1745 403 35 progress progress NOUN cblr-1745 403 36 report report NOUN cblr-1745 403 37 2 2 NUM cblr-1745 403 38 ( ( PUNCT cblr-1745 403 39 2012 2012 NUM cblr-1745 403 40 ) ) PUNCT cblr-1745 403 41 . . PUNCT cblr-1745 404 1 chang chang PROPN cblr-1745 404 2 – – PUNCT cblr-1745 404 3 final final ADJ cblr-1745 404 4 684 684 NUM cblr-1745 404 5 columbia columbia PROPN cblr-1745 404 6 business business NOUN cblr-1745 404 7 law law PROPN cblr-1745 404 8 review review NOUN cblr-1745 404 9 [ [ X cblr-1745 404 10 vol vol NOUN cblr-1745 404 11 . . 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PUNCT cblr-1745 405 1 regulators regulator NOUN cblr-1745 405 2 favor favor VERB cblr-1745 405 3 compression compression NOUN cblr-1745 405 4 because because SCONJ cblr-1745 405 5 it it PRON cblr-1745 405 6 lowers lower VERB cblr-1745 405 7 the the DET cblr-1745 405 8 notional notional ADJ cblr-1745 405 9 amounts amount NOUN cblr-1745 405 10 floating float VERB cblr-1745 405 11 in in ADP cblr-1745 405 12 the the DET cblr-1745 405 13 derivatives derivative NOUN cblr-1745 405 14 markets market NOUN cblr-1745 405 15 , , PUNCT cblr-1745 405 16 thereby thereby ADV cblr-1745 405 17 lowering lower VERB cblr-1745 405 18 the the DET cblr-1745 405 19 exposure exposure NOUN cblr-1745 405 20 of of ADP cblr-1745 405 21 trading trading NOUN cblr-1745 405 22 counterparties.124 counterparties.124 VERB cblr-1745 405 23 due due ADP cblr-1745 405 24 to to ADP cblr-1745 405 25 the the DET cblr-1745 405 26 network network NOUN cblr-1745 405 27 effects effect NOUN cblr-1745 405 28 of of ADP cblr-1745 405 29 established establish VERB cblr-1745 405 30 clearinghouses clearinghouse NOUN cblr-1745 405 31 , , PUNCT cblr-1745 405 32 potential potential ADJ cblr-1745 405 33 competitors competitor NOUN cblr-1745 405 34 find find VERB cblr-1745 405 35 it it PRON cblr-1745 405 36 very very ADV cblr-1745 405 37 difficult difficult ADJ cblr-1745 405 38 to to PART cblr-1745 405 39 penetrate penetrate VERB cblr-1745 405 40 the the DET cblr-1745 405 41 clearing clearing NOUN cblr-1745 405 42 markets market NOUN cblr-1745 405 43 . . PUNCT cblr-1745 406 1 this this DET cblr-1745 406 2 pattern pattern NOUN cblr-1745 406 3 has have AUX cblr-1745 406 4 been be AUX cblr-1745 406 5 seen see VERB cblr-1745 406 6 with with ADP cblr-1745 406 7 other other ADJ cblr-1745 406 8 fmis fmi NOUN cblr-1745 406 9 ; ; PUNCT cblr-1745 406 10 indeed indeed ADV cblr-1745 406 11 , , PUNCT cblr-1745 406 12 the the DET cblr-1745 406 13 history history NOUN cblr-1745 406 14 of of ADP cblr-1745 406 15 payment payment NOUN cblr-1745 406 16 systems system NOUN cblr-1745 406 17 reveals reveal VERB cblr-1745 406 18 that that SCONJ cblr-1745 406 19 network network NOUN cblr-1745 406 20 effects effect NOUN cblr-1745 406 21 can can AUX cblr-1745 406 22 quickly quickly ADV cblr-1745 406 23 propel propel VERB cblr-1745 406 24 an an DET cblr-1745 406 25 early early ADJ cblr-1745 406 26 - - PUNCT cblr-1745 406 27 mover mover NOUN cblr-1745 406 28 fmi fmi NOUN cblr-1745 406 29 into into ADP cblr-1745 406 30 a a DET cblr-1745 406 31 dominant dominant ADJ cblr-1745 406 32 one.125 one.125 NOUN cblr-1745 406 33 as as ADP cblr-1745 406 34 an an DET cblr-1745 406 35 established establish VERB cblr-1745 406 36 fmi fmi PROPN cblr-1745 406 37 grows grow VERB cblr-1745 406 38 , , PUNCT cblr-1745 406 39 it it PRON cblr-1745 406 40 becomes become VERB cblr-1745 406 41 increasingly increasingly ADV cblr-1745 406 42 cheaper cheap ADJ cblr-1745 406 43 for for SCONJ cblr-1745 406 44 the the DET cblr-1745 406 45 fmi fmi PROPN cblr-1745 406 46 to to PART cblr-1745 406 47 serve serve VERB cblr-1745 406 48 existing exist VERB cblr-1745 406 49 customers customer NOUN cblr-1745 406 50 and and CCONJ cblr-1745 406 51 attract attract VERB cblr-1745 406 52 new new ADJ cblr-1745 406 53 ones one NOUN cblr-1745 406 54 . . PUNCT cblr-1745 407 1 marginal marginal ADJ cblr-1745 407 2 cost cost NOUN cblr-1745 407 3 decreases decrease NOUN cblr-1745 407 4 because because SCONJ cblr-1745 407 5 the the DET cblr-1745 407 6 network network NOUN cblr-1745 407 7 attracts attract VERB cblr-1745 407 8 customers.126 customers.126 NOUN cblr-1745 407 9 this this DET cblr-1745 407 10 trait trait NOUN cblr-1745 407 11 is be AUX cblr-1745 407 12 even even ADV cblr-1745 407 13 more more ADV cblr-1745 407 14 pronounced pronounce VERB cblr-1745 407 15 with with ADP cblr-1745 407 16 nontraditional nontraditional ADJ cblr-1745 407 17 infrastructures infrastructure NOUN cblr-1745 407 18 such such ADJ cblr-1745 407 19 as as ADP cblr-1745 407 20 a a DET cblr-1745 407 21 clearinghouse clearinghouse NOUN cblr-1745 407 22 ; ; PUNCT cblr-1745 407 23 hard hard ADJ cblr-1745 407 24 infrastructures infrastructure NOUN cblr-1745 407 25 , , PUNCT cblr-1745 407 26 such such ADJ cblr-1745 407 27 as as ADP cblr-1745 407 28 roads road NOUN cblr-1745 407 29 and and CCONJ cblr-1745 407 30 123 123 NUM cblr-1745 407 31 see see VERB cblr-1745 407 32 i i PRON cblr-1745 407 33 d. d. 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PUNCT cblr-1745 408 1 125 125 NUM cblr-1745 408 2 see see VERB cblr-1745 408 3 , , PUNCT cblr-1745 408 4 e.g. e.g. ADV cblr-1745 408 5 , , PUNCT cblr-1745 408 6 wolkoff wolkoff PROPN cblr-1745 408 7 & & CCONJ cblr-1745 408 8 werner werner PROPN cblr-1745 408 9 , , PUNCT cblr-1745 408 10 supra supra PROPN cblr-1745 408 11 note note PROPN cblr-1745 408 12 85 85 NUM cblr-1745 408 13 , , PUNCT cblr-1745 408 14 at at ADP cblr-1745 408 15 313–14 313–14 NUM cblr-1745 408 16 ( ( PUNCT cblr-1745 408 17 futures future NOUN cblr-1745 408 18 clearinghouses clearinghouse NOUN cblr-1745 408 19 ) ) PUNCT cblr-1745 408 20 ; ; PUNCT cblr-1745 408 21 doj doj PROPN cblr-1745 408 22 comment comment NOUN cblr-1745 408 23 , , PUNCT cblr-1745 408 24 supra supra PROPN cblr-1745 408 25 note note NOUN cblr-1745 408 26 28 28 NUM cblr-1745 408 27 at at ADP cblr-1745 408 28 10 10 NUM cblr-1745 408 29 ( ( PUNCT cblr-1745 408 30 futures future NOUN cblr-1745 408 31 clearinghouses clearinghouse NOUN cblr-1745 408 32 ) ) PUNCT cblr-1745 408 33 ; ; PUNCT cblr-1745 408 34 nandini nandini PROPN cblr-1745 408 35 sukumar sukumar PROPN cblr-1745 408 36 & & CCONJ cblr-1745 408 37 matthew matthew PROPN cblr-1745 408 38 leising leising PROPN cblr-1745 408 39 , , PUNCT cblr-1745 408 40 lch.clearnet lch.clearnet NOUN cblr-1745 408 41 in in ADP cblr-1745 408 42 talks talk NOUN cblr-1745 408 43 to to PART cblr-1745 408 44 buy buy VERB cblr-1745 408 45 nasdaq nasdaq PROPN cblr-1745 408 46 ’s ’s PART cblr-1745 408 47 rate rate NOUN cblr-1745 408 48 clearinghouse clearinghouse PROPN cblr-1745 408 49 , , PUNCT cblr-1745 408 50 bloomberg bloomberg PROPN cblr-1745 408 51 news news PROPN cblr-1745 408 52 ( ( PUNCT cblr-1745 408 53 apr apr PROPN cblr-1745 408 54 . . 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X cblr-1745 416 3 defining define VERB cblr-1745 416 4 the the DET cblr-1745 416 5 market market NOUN cblr-1745 416 6 this this DET cblr-1745 416 7 subsection subsection NOUN cblr-1745 416 8 defines define VERB cblr-1745 416 9 the the DET cblr-1745 416 10 upstream upstream ADJ cblr-1745 416 11 clearing clearing NOUN cblr-1745 416 12 markets market NOUN cblr-1745 416 13 for for ADP cblr-1745 416 14 two two NUM cblr-1745 416 15 types type NOUN cblr-1745 416 16 of of ADP cblr-1745 416 17 otc otc PROPN cblr-1745 416 18 derivatives derivative NOUN cblr-1745 416 19 — — PUNCT cblr-1745 416 20 irs128 irs128 NOUN cblr-1745 416 21 and and CCONJ cblr-1745 416 22 cds.129 cds.129 NOUN cblr-1745 416 23 they they PRON cblr-1745 416 24 are be AUX cblr-1745 416 25 the the DET cblr-1745 416 26 paradigmatic paradigmatic ADJ cblr-1745 416 27 otc otc PROPN cblr-1745 416 28 derivatives derivative NOUN cblr-1745 416 29 , , PUNCT cblr-1745 416 30 traded trade VERB cblr-1745 416 31 in in ADP cblr-1745 416 32 sophisticated sophisticated ADJ cblr-1745 416 33 markets market NOUN cblr-1745 416 34 directly directly ADV cblr-1745 416 35 affected affect VERB cblr-1745 416 36 by by ADP cblr-1745 416 37 the the DET cblr-1745 416 38 dodd dodd PROPN cblr-1745 416 39 - - PUNCT cblr-1745 416 40 frank frank ADJ cblr-1745 416 41 central central ADJ cblr-1745 416 42 clearing clearing NOUN cblr-1745 416 43 mandate.130 mandate.130 NOUN cblr-1745 416 44 during during ADP cblr-1745 416 45 the the DET cblr-1745 416 46 second second ADJ cblr-1745 416 47 half half NOUN cblr-1745 416 48 of of ADP cblr-1745 416 49 2015 2015 NUM cblr-1745 416 50 , , PUNCT cblr-1745 416 51 irs irs PROPN cblr-1745 416 52 comprised comprise VERB cblr-1745 416 53 roughly roughly ADV cblr-1745 416 54 58.6 58.6 NUM cblr-1745 416 55 % % NOUN cblr-1745 416 56 of of ADP cblr-1745 416 57 all all DET cblr-1745 416 58 otc otc PROPN cblr-1745 416 59 derivatives derivative NOUN cblr-1745 416 60 ; ; PUNCT cblr-1745 416 61 irs irs PROPN cblr-1745 416 62 are be AUX cblr-1745 416 63 the the DET cblr-1745 416 64 largest large ADJ cblr-1745 416 65 subset subset NOUN cblr-1745 416 66 of of ADP cblr-1745 416 67 interest interest NOUN cblr-1745 416 68 rate rate NOUN cblr-1745 416 69 derivatives derivative NOUN cblr-1745 416 70 , , PUNCT cblr-1745 416 71 which which PRON cblr-1745 416 72 occupy occupy VERB cblr-1745 416 73 80.0 80.0 NUM cblr-1745 416 74 % % NOUN cblr-1745 416 75 of of ADP cblr-1745 416 76 the the DET cblr-1745 416 77 otc otc PROPN cblr-1745 416 78 derivatives derivative NOUN cblr-1745 416 79 market.131 market.131 PROPN cblr-1745 416 80 cds cd NOUN cblr-1745 416 81 occupy occupy VERB cblr-1745 416 82 roughly roughly ADV cblr-1745 416 83 2.3 2.3 NUM cblr-1745 416 84 % % NOUN cblr-1745 416 85 of of ADP cblr-1745 416 86 the the DET cblr-1745 416 87 otc otc PROPN cblr-1745 416 88 derivatives derivative NOUN cblr-1745 416 89 market.132 market.132 VERB cblr-1745 416 90 127 127 NUM cblr-1745 416 91 see see VERB cblr-1745 416 92 brett brett PROPN cblr-1745 416 93 m. m. 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PUNCT cblr-1745 428 1 d5 d5 NOUN cblr-1745 428 2 ( ( PUNCT cblr-1745 428 3 2016 2016 NUM cblr-1745 428 4 ) ) PUNCT cblr-1745 428 5 , , PUNCT cblr-1745 428 6 http://www.bis.org/statistics/derstats.htm http://www.bis.org/statistics/derstats.htm X cblr-1745 428 7 chang chang PROPN cblr-1745 428 8 – – PUNCT cblr-1745 428 9 final final ADJ cblr-1745 428 10 686 686 NUM cblr-1745 428 11 columbia columbia PROPN cblr-1745 428 12 business business NOUN cblr-1745 428 13 law law NOUN cblr-1745 428 14 review review NOUN cblr-1745 428 15 [ [ X cblr-1745 428 16 vol vol NOUN cblr-1745 428 17 . . NOUN cblr-1745 428 18 2016 2016 NUM cblr-1745 428 19 traditionally traditionally ADV cblr-1745 428 20 , , PUNCT cblr-1745 428 21 market market NOUN cblr-1745 428 22 power power NOUN cblr-1745 428 23 analysis analysis NOUN cblr-1745 428 24 begins begin VERB cblr-1745 428 25 with with ADP cblr-1745 428 26 market market NOUN cblr-1745 428 27 definition definition NOUN cblr-1745 428 28 . . PUNCT cblr-1745 429 1 it it PRON cblr-1745 429 2 is be AUX cblr-1745 429 3 axiomatic axiomatic ADJ cblr-1745 429 4 that that SCONJ cblr-1745 429 5 market market NOUN cblr-1745 429 6 power power NOUN cblr-1745 429 7 is be AUX cblr-1745 429 8 a a DET cblr-1745 429 9 firm firm NOUN cblr-1745 429 10 ’s ’s PART cblr-1745 429 11 ability ability NOUN cblr-1745 429 12 to to PART cblr-1745 429 13 increase increase VERB cblr-1745 429 14 profits profit NOUN cblr-1745 429 15 by by ADP cblr-1745 429 16 reducing reduce VERB cblr-1745 429 17 output output NOUN cblr-1745 429 18 and and CCONJ cblr-1745 429 19 charging charge VERB cblr-1745 429 20 a a DET cblr-1745 429 21 supracompetitive supracompetitive ADJ cblr-1745 429 22 price price NOUN cblr-1745 429 23 for for ADP cblr-1745 429 24 its its PRON cblr-1745 429 25 products.133 products.133 NOUN cblr-1745 429 26 mathematically mathematically ADV cblr-1745 429 27 , , PUNCT cblr-1745 429 28 market market NOUN cblr-1745 429 29 power power NOUN cblr-1745 429 30 can can AUX cblr-1745 429 31 be be AUX cblr-1745 429 32 expressed express VERB cblr-1745 429 33 as as ADP cblr-1745 429 34 a a DET cblr-1745 429 35 relationship relationship NOUN cblr-1745 429 36 between between ADP cblr-1745 429 37 price price NOUN cblr-1745 429 38 and and CCONJ cblr-1745 429 39 marginal marginal ADJ cblr-1745 429 40 cost cost NOUN cblr-1745 429 41 , , PUNCT cblr-1745 429 42 where where SCONJ cblr-1745 429 43 the the DET cblr-1745 429 44 larger large ADJ cblr-1745 429 45 the the DET cblr-1745 429 46 markup markup NOUN cblr-1745 429 47 of of ADP cblr-1745 429 48 price price NOUN cblr-1745 429 49 over over ADP cblr-1745 429 50 marginal marginal ADJ cblr-1745 429 51 cost cost NOUN cblr-1745 429 52 , , PUNCT cblr-1745 429 53 the the PRON cblr-1745 429 54 greater great ADJ cblr-1745 429 55 the the DET cblr-1745 429 56 firm firm NOUN cblr-1745 429 57 ’s ’s PART cblr-1745 429 58 market market NOUN cblr-1745 429 59 power.134 power.134 NOUN cblr-1745 429 60 alternatively alternatively ADV cblr-1745 429 61 , , PUNCT cblr-1745 429 62 market market NOUN cblr-1745 429 63 power power NOUN cblr-1745 429 64 can can AUX cblr-1745 429 65 be be AUX cblr-1745 429 66 expressed express VERB cblr-1745 429 67 as as ADP cblr-1745 429 68 an an DET cblr-1745 429 69 inverse inverse NOUN cblr-1745 429 70 relationship relationship NOUN cblr-1745 429 71 with with ADP cblr-1745 429 72 the the DET cblr-1745 429 73 firm firm NOUN cblr-1745 429 74 ’s ’s PART cblr-1745 429 75 elasticity elasticity NOUN cblr-1745 429 76 of of ADP cblr-1745 429 77 demand.135 demand.135 NOUN cblr-1745 429 78 however however ADV cblr-1745 429 79 , , PUNCT cblr-1745 429 80 marginal marginal ADJ cblr-1745 429 81 cost cost NOUN cblr-1745 429 82 and and CCONJ cblr-1745 429 83 elasticity elasticity NOUN cblr-1745 429 84 of of ADP cblr-1745 429 85 demand demand NOUN cblr-1745 429 86 are be AUX cblr-1745 429 87 notoriously notoriously ADV cblr-1745 429 88 difficult difficult ADJ cblr-1745 429 89 to to PART cblr-1745 429 90 pin pin VERB cblr-1745 429 91 down down ADP cblr-1745 429 92 , , PUNCT cblr-1745 429 93 so so ADV cblr-1745 429 94 quantifying quantify VERB cblr-1745 429 95 market market NOUN cblr-1745 429 96 power power NOUN cblr-1745 429 97 usually usually ADV cblr-1745 429 98 defaults default VERB cblr-1745 429 99 to to ADP cblr-1745 429 100 the the DET cblr-1745 429 101 surrogate surrogate NOUN cblr-1745 429 102 of of ADP cblr-1745 429 103 ( ( PUNCT cblr-1745 429 104 i i NOUN cblr-1745 429 105 ) ) PUNCT cblr-1745 429 106 defining define VERB cblr-1745 429 107 the the DET cblr-1745 429 108 relevant relevant ADJ cblr-1745 429 109 market market NOUN cblr-1745 429 110 and and CCONJ cblr-1745 429 111 then then ADV cblr-1745 429 112 ( ( PUNCT cblr-1745 429 113 ii ii NOUN cblr-1745 429 114 ) ) PUNCT cblr-1745 429 115 measuring measure VERB cblr-1745 429 116 the the DET cblr-1745 429 117 market market NOUN cblr-1745 429 118 share share NOUN cblr-1745 429 119 of of ADP cblr-1745 429 120 the the DET cblr-1745 429 121 scrutinized scrutinize VERB cblr-1745 429 122 firms.136 firms.136 NOUN cblr-1745 429 123 customarily customarily ADV cblr-1745 429 124 , , PUNCT cblr-1745 429 125 market market NOUN cblr-1745 429 126 definition definition NOUN cblr-1745 429 127 unfolds unfold VERB cblr-1745 429 128 in in ADP cblr-1745 429 129 two two NUM cblr-1745 429 130 parts part NOUN cblr-1745 429 131 : : PUNCT cblr-1745 429 132 the the DET cblr-1745 429 133 relevant relevant ADJ cblr-1745 429 134 product product NOUN cblr-1745 429 135 market market NOUN cblr-1745 429 136 and and CCONJ cblr-1745 429 137 the the DET cblr-1745 429 138 relevant relevant ADJ cblr-1745 429 139 geographical geographical ADJ cblr-1745 429 140 market.137 market.137 PRON cblr-1745 429 141 the the DET cblr-1745 429 142 product product NOUN cblr-1745 429 143 market market NOUN cblr-1745 429 144 is be AUX cblr-1745 429 145 calibrated calibrate VERB cblr-1745 429 146 to to ADP cblr-1745 429 147 the the DET cblr-1745 429 148 smallest small ADJ cblr-1745 429 149 grouping grouping NOUN cblr-1745 429 150 of of ADP cblr-1745 429 151 sales sale NOUN cblr-1745 429 152 where where SCONJ cblr-1745 429 153 the the DET cblr-1745 429 154 elasticities elasticity NOUN cblr-1745 429 155 of of ADP cblr-1745 429 156 demand demand NOUN cblr-1745 429 157 and and CCONJ cblr-1745 429 158 supply supply NOUN cblr-1745 429 159 are be AUX cblr-1745 429 160 low low ADJ cblr-1745 429 161 enough enough ADV cblr-1745 429 162 that that SCONJ cblr-1745 429 163 a a DET cblr-1745 429 164 monopolist monopolist NOUN cblr-1745 429 165 controlling control VERB cblr-1745 429 166 the the DET cblr-1745 429 167 grouping grouping NOUN cblr-1745 429 168 could could AUX cblr-1745 429 169 reduce reduce VERB cblr-1745 429 170 output output NOUN cblr-1745 429 171 and and CCONJ cblr-1745 429 172 increase increase VERB cblr-1745 429 173 price price NOUN cblr-1745 430 1 [ [ X cblr-1745 430 2 https://perma.cc/q7rb-sw3j https://perma.cc/q7rb-sw3j X cblr-1745 430 3 ] ] X cblr-1745 430 4 ( ( PUNCT cblr-1745 430 5 follow follow NOUN cblr-1745 430 6 link link NOUN cblr-1745 430 7 to to ADP cblr-1745 430 8 “ " PUNCT cblr-1745 430 9 foreign foreign ADJ cblr-1745 430 10 exchange exchange NOUN cblr-1745 430 11 , , PUNCT cblr-1745 430 12 interest interest NOUN cblr-1745 430 13 rate rate NOUN cblr-1745 430 14 , , PUNCT cblr-1745 430 15 equity equity NOUN cblr-1745 430 16 linked link VERB cblr-1745 430 17 contracts contract NOUN cblr-1745 430 18 ” " PUNCT cblr-1745 430 19 for for ADP cblr-1745 430 20 the the DET cblr-1745 430 21 “ " PUNCT cblr-1745 430 22 h2 h2 NOUN cblr-1745 430 23 2015 2015 NUM cblr-1745 430 24 ” " PUNCT cblr-1745 430 25 statistics statistic NOUN cblr-1745 430 26 ) ) PUNCT cblr-1745 430 27 . . PUNCT cblr-1745 431 1 irs irs PROPN cblr-1745 431 2 are be AUX cblr-1745 431 3 the the DET cblr-1745 431 4 bulk bulk NOUN cblr-1745 431 5 of of ADP cblr-1745 431 6 interest interest NOUN cblr-1745 431 7 rate rate NOUN cblr-1745 431 8 derivatives derivative NOUN cblr-1745 431 9 ( ( PUNCT cblr-1745 431 10 75.2 75.2 NUM cblr-1745 431 11 % % NOUN cblr-1745 431 12 ) ) PUNCT cblr-1745 431 13 . . PUNCT cblr-1745 432 1 other other ADJ cblr-1745 432 2 types type NOUN cblr-1745 432 3 of of ADP cblr-1745 432 4 interest interest NOUN cblr-1745 432 5 rate rate NOUN cblr-1745 432 6 derivatives derivative NOUN cblr-1745 432 7 include include VERB cblr-1745 432 8 forward forward ADJ cblr-1745 432 9 rate rate NOUN cblr-1745 432 10 agreements agreement NOUN cblr-1745 432 11 and and CCONJ cblr-1745 432 12 options option NOUN cblr-1745 432 13 . . PUNCT cblr-1745 433 1 see see VERB cblr-1745 433 2 i i PRON cblr-1745 433 3 d. d. PROPN cblr-1745 433 4 132 132 NUM cblr-1745 433 5 see see VERB cblr-1745 433 6 i i PROPN cblr-1745 433 7 d. d. PROPN cblr-1745 433 8 ( ( PUNCT cblr-1745 433 9 follow follow VERB cblr-1745 433 10 link link NOUN cblr-1745 433 11 to to ADP cblr-1745 433 12 “ " PUNCT cblr-1745 433 13 commodity commodity NOUN cblr-1745 433 14 contracts contract NOUN cblr-1745 433 15 , , PUNCT cblr-1745 433 16 credit credit NOUN cblr-1745 433 17 default default NOUN cblr-1745 433 18 swaps swap NOUN cblr-1745 433 19 ” " PUNCT cblr-1745 433 20 for for ADP cblr-1745 433 21 the the DET cblr-1745 433 22 “ " PUNCT cblr-1745 433 23 h2 h2 NOUN cblr-1745 433 24 2015 2015 NUM cblr-1745 433 25 ” " PUNCT cblr-1745 433 26 statistics statistic NOUN cblr-1745 433 27 ) ) PUNCT cblr-1745 434 1 [ [ X cblr-1745 434 2 https://perma.cc/q5jm-yv5p https://perma.cc/q5jm-yv5p X cblr-1745 434 3 ] ] X cblr-1745 434 4 . . PUNCT cblr-1745 435 1 133 133 NUM cblr-1745 435 2 hovenkamp hovenkamp NOUN cblr-1745 435 3 , , PUNCT cblr-1745 435 4 supra supra PROPN cblr-1745 435 5 note note PROPN cblr-1745 435 6 34 34 NUM cblr-1745 435 7 , , PUNCT cblr-1745 435 8 § § PROPN cblr-1745 435 9 3.1 3.1 NUM cblr-1745 435 10 . . PUNCT cblr-1745 435 11 134 134 NUM cblr-1745 436 1 this this PRON cblr-1745 436 2 is be AUX cblr-1745 436 3 the the DET cblr-1745 436 4 lerner lerner PROPN cblr-1745 436 5 index index PROPN cblr-1745 436 6 : : PUNCT cblr-1745 436 7 l l X cblr-1745 436 8 = = PUNCT cblr-1745 436 9 ( ( PUNCT cblr-1745 436 10 p p X cblr-1745 436 11 – – PUNCT cblr-1745 436 12 mc)/p mc)/p NOUN cblr-1745 436 13 , , PUNCT cblr-1745 436 14 where where SCONJ cblr-1745 436 15 p p NOUN cblr-1745 436 16 denotes denote VERB cblr-1745 436 17 price price NOUN cblr-1745 436 18 and and CCONJ cblr-1745 436 19 mc mc PROPN cblr-1745 436 20 marginal marginal ADJ cblr-1745 436 21 cost cost NOUN cblr-1745 436 22 . . PUNCT cblr-1745 437 1 see see VERB cblr-1745 437 2 landes lande NOUN cblr-1745 437 3 & & CCONJ cblr-1745 437 4 posner posner PROPN cblr-1745 437 5 , , PUNCT cblr-1745 437 6 supra supra PROPN cblr-1745 437 7 note note PROPN cblr-1745 437 8 108 108 NUM cblr-1745 437 9 , , PUNCT cblr-1745 437 10 at at ADP cblr-1745 437 11 939–41 939–41 NUM cblr-1745 437 12 ; ; PUNCT cblr-1745 437 13 kaplow kaplow NOUN cblr-1745 437 14 , , PUNCT cblr-1745 437 15 why why SCONJ cblr-1745 437 16 ( ( PUNCT cblr-1745 437 17 ever ever ADV cblr-1745 437 18 ) ) PUNCT cblr-1745 437 19 define define VERB cblr-1745 437 20 markets market NOUN cblr-1745 437 21 ? ? PUNCT cblr-1745 437 22 , , PUNCT cblr-1745 437 23 supra supra PROPN cblr-1745 437 24 note note PROPN cblr-1745 437 25 36 36 NUM cblr-1745 437 26 , , PUNCT cblr-1745 437 27 at at ADP cblr-1745 437 28 445–46 445–46 NUM cblr-1745 437 29 . . PUNCT cblr-1745 438 1 135 135 NUM cblr-1745 438 2 l l NOUN cblr-1745 438 3 = = PUNCT cblr-1745 438 4 – – PUNCT cblr-1745 438 5 1 1 NUM cblr-1745 438 6 / / SYM cblr-1745 438 7 ed ed NOUN cblr-1745 438 8 , , PUNCT cblr-1745 438 9 where where SCONJ cblr-1745 438 10 ed ed NOUN cblr-1745 438 11 is be AUX cblr-1745 438 12 the the DET cblr-1745 438 13 firm firm NOUN cblr-1745 438 14 ’s ’s PART cblr-1745 438 15 demand demand NOUN cblr-1745 438 16 curve curve NOUN cblr-1745 438 17 . . PUNCT cblr-1745 439 1 kaplow kaplow NOUN cblr-1745 439 2 , , PUNCT cblr-1745 439 3 why why SCONJ cblr-1745 439 4 ( ( PUNCT cblr-1745 439 5 ever ever ADV cblr-1745 439 6 ) ) PUNCT cblr-1745 439 7 define define VERB cblr-1745 439 8 markets market NOUN cblr-1745 439 9 ? ? PUNCT cblr-1745 439 10 , , PUNCT cblr-1745 439 11 supra supra PROPN cblr-1745 439 12 note note PROPN cblr-1745 439 13 36 36 NUM cblr-1745 439 14 , , PUNCT cblr-1745 439 15 at at ADP cblr-1745 439 16 446 446 NUM cblr-1745 439 17 . . PUNCT cblr-1745 439 18 136 136 NUM cblr-1745 439 19 see see VERB cblr-1745 439 20 i i PRON cblr-1745 439 21 d. d. PROPN cblr-1745 439 22 at at ADP cblr-1745 439 23 446–48 446–48 NUM cblr-1745 439 24 . . PUNCT cblr-1745 440 1 of of ADP cblr-1745 440 2 course course NOUN cblr-1745 440 3 , , PUNCT cblr-1745 440 4 measuring measure VERB cblr-1745 440 5 market market NOUN cblr-1745 440 6 share share NOUN cblr-1745 440 7 is be AUX cblr-1745 440 8 a a DET cblr-1745 440 9 tricky tricky ADJ cblr-1745 440 10 endeavor endeavor NOUN cblr-1745 440 11 . . PUNCT cblr-1745 441 1 its its PRON cblr-1745 441 2 predicate predicate ADJ cblr-1745 441 3 step step NOUN cblr-1745 441 4 of of ADP cblr-1745 441 5 market market NOUN cblr-1745 441 6 definition definition NOUN cblr-1745 441 7 is be AUX cblr-1745 441 8 prone prone ADJ cblr-1745 441 9 to to ADP cblr-1745 441 10 ambiguity ambiguity NOUN cblr-1745 441 11 , , PUNCT cblr-1745 441 12 and and CCONJ cblr-1745 441 13 its its PRON cblr-1745 441 14 value value NOUN cblr-1745 441 15 as as ADP cblr-1745 441 16 an an DET cblr-1745 441 17 approximation approximation NOUN cblr-1745 441 18 for for ADP cblr-1745 441 19 market market NOUN cblr-1745 441 20 power power NOUN cblr-1745 441 21 has have AUX cblr-1745 441 22 come come VERB cblr-1745 441 23 under under ADP cblr-1745 441 24 fire fire NOUN cblr-1745 441 25 time time NOUN cblr-1745 441 26 after after ADP cblr-1745 441 27 time time NOUN cblr-1745 441 28 . . PUNCT cblr-1745 442 1 see see VERB cblr-1745 442 2 supra supra PROPN cblr-1745 442 3 note note PROPN cblr-1745 442 4 108 108 NUM cblr-1745 442 5 . . PUNCT cblr-1745 442 6 137 137 NUM cblr-1745 442 7 see see VERB cblr-1745 442 8 hovenkamp hovenkamp NOUN cblr-1745 442 9 , , PUNCT cblr-1745 442 10 supra supra PROPN cblr-1745 442 11 note note PROPN cblr-1745 442 12 34 34 NUM cblr-1745 442 13 , , PUNCT cblr-1745 442 14 § § PROPN cblr-1745 442 15 3.1d 3.1d NUM cblr-1745 442 16 , , PUNCT cblr-1745 442 17 at at ADP cblr-1745 442 18 92 92 NUM cblr-1745 442 19 . . PUNCT cblr-1745 443 1 chang chang PROPN cblr-1745 443 2 – – PUNCT cblr-1745 443 3 final final ADJ cblr-1745 443 4 no no NOUN cblr-1745 443 5 . . PUNCT cblr-1745 444 1 3:657 3:657 NUM cblr-1745 444 2 ] ] X cblr-1745 444 3 second second ADJ cblr-1745 444 4 - - PUNCT cblr-1745 444 5 generation generation NOUN cblr-1745 444 6 monopolization monopolization NOUN cblr-1745 444 7 687 687 NUM cblr-1745 444 8 substantially substantially ADV cblr-1745 444 9 above above ADP cblr-1745 444 10 marginal marginal ADJ cblr-1745 444 11 cost.138 cost.138 NOUN cblr-1745 444 12 the the DET cblr-1745 444 13 definition definition NOUN cblr-1745 444 14 of of ADP cblr-1745 444 15 the the DET cblr-1745 444 16 relevant relevant ADJ cblr-1745 444 17 geographical geographical ADJ cblr-1745 444 18 market market NOUN cblr-1745 444 19 unfolds unfold VERB cblr-1745 444 20 along along ADP cblr-1745 444 21 similar similar ADJ cblr-1745 444 22 lines.139 lines.139 ADJ cblr-1745 444 23 derivatives derivative NOUN cblr-1745 444 24 markets market NOUN cblr-1745 444 25 complicate complicate VERB cblr-1745 444 26 market market NOUN cblr-1745 444 27 definition definition NOUN cblr-1745 444 28 in in ADP cblr-1745 444 29 several several ADJ cblr-1745 444 30 ways way NOUN cblr-1745 444 31 . . PUNCT cblr-1745 445 1 first first ADV cblr-1745 445 2 , , PUNCT cblr-1745 445 3 clearing clearing NOUN cblr-1745 445 4 markets market NOUN cblr-1745 445 5 tend tend VERB cblr-1745 445 6 toward toward ADP cblr-1745 445 7 amalgamation amalgamation NOUN cblr-1745 445 8 , , PUNCT cblr-1745 445 9 while while SCONJ cblr-1745 445 10 the the DET cblr-1745 445 11 underlying underlie VERB cblr-1745 445 12 products product NOUN cblr-1745 445 13 remain remain VERB cblr-1745 445 14 nonfungible nonfungible ADJ cblr-1745 445 15 . . PUNCT cblr-1745 446 1 this this DET cblr-1745 446 2 tension tension NOUN cblr-1745 446 3 is be AUX cblr-1745 446 4 one one NUM cblr-1745 446 5 of of ADP cblr-1745 446 6 the the DET cblr-1745 446 7 fundamental fundamental ADJ cblr-1745 446 8 challenges challenge NOUN cblr-1745 446 9 to to ADP cblr-1745 446 10 the the DET cblr-1745 446 11 central central ADJ cblr-1745 446 12 clearing clearing NOUN cblr-1745 446 13 mandate mandate NOUN cblr-1745 446 14 because because SCONJ cblr-1745 446 15 non non ADJ cblr-1745 446 16 - - ADJ cblr-1745 446 17 fungible fungible ADJ cblr-1745 446 18 products product NOUN cblr-1745 446 19 are be AUX cblr-1745 446 20 difficult difficult ADJ cblr-1745 446 21 to to PART cblr-1745 446 22 clear.140 clear.140 VERB cblr-1745 446 23 second second ADJ cblr-1745 446 24 , , PUNCT cblr-1745 446 25 evidence evidence NOUN cblr-1745 446 26 suggests suggest VERB cblr-1745 446 27 that that SCONJ cblr-1745 446 28 the the DET cblr-1745 446 29 irs irs PROPN cblr-1745 446 30 and and CCONJ cblr-1745 446 31 cds cd NOUN cblr-1745 446 32 markets market NOUN cblr-1745 446 33 are be AUX cblr-1745 446 34 fragmenting fragment VERB cblr-1745 446 35 along along ADP cblr-1745 446 36 geographic geographic ADJ cblr-1745 446 37 lines.141 lines.141 NOUN cblr-1745 446 38 the the DET cblr-1745 446 39 implications implication NOUN cblr-1745 446 40 of of ADP cblr-1745 446 41 these these DET cblr-1745 446 42 two two NUM cblr-1745 446 43 trends trend NOUN cblr-1745 446 44 will will AUX cblr-1745 446 45 be be AUX cblr-1745 446 46 discussed discuss VERB cblr-1745 446 47 in in ADP cblr-1745 446 48 turn turn NOUN cblr-1745 446 49 . . PUNCT cblr-1745 447 1 by by ADP cblr-1745 447 2 nature nature NOUN cblr-1745 447 3 , , PUNCT cblr-1745 447 4 clearing clear VERB cblr-1745 447 5 markets market NOUN cblr-1745 447 6 gravitate gravitate VERB cblr-1745 447 7 toward toward ADP cblr-1745 447 8 one one NUM cblr-1745 447 9 naturally naturally ADV cblr-1745 447 10 monopolistic monopolistic ADJ cblr-1745 447 11 provider provider NOUN cblr-1745 447 12 . . PUNCT cblr-1745 448 1 for for ADP cblr-1745 448 2 example example NOUN cblr-1745 448 3 , , PUNCT cblr-1745 448 4 a a DET cblr-1745 448 5 dominant dominant ADJ cblr-1745 448 6 clearinghouse clearinghouse NOUN cblr-1745 448 7 of of ADP cblr-1745 448 8 irs irs PROPN cblr-1745 448 9 can can AUX cblr-1745 448 10 harness harness VERB cblr-1745 448 11 its its PRON cblr-1745 448 12 network network NOUN cblr-1745 448 13 effects effect NOUN cblr-1745 448 14 to to PART cblr-1745 448 15 maintain maintain VERB cblr-1745 448 16 dominance dominance NOUN cblr-1745 448 17 over over ADP cblr-1745 448 18 the the DET cblr-1745 448 19 market.142 market.142 NOUN cblr-1745 448 20 by by ADP cblr-1745 448 21 contrast contrast NOUN cblr-1745 448 22 , , PUNCT cblr-1745 448 23 the the DET cblr-1745 448 24 underlying underlie VERB cblr-1745 448 25 products product NOUN cblr-1745 448 26 — — PUNCT cblr-1745 448 27 the the DET cblr-1745 448 28 derivatives derivative NOUN cblr-1745 448 29 themselves themselves PRON cblr-1745 448 30 — — PUNCT cblr-1745 448 31 might might AUX cblr-1745 448 32 be be AUX cblr-1745 448 33 highly highly ADV cblr-1745 448 34 customized customize VERB cblr-1745 448 35 . . PUNCT cblr-1745 449 1 derivatives derivative NOUN cblr-1745 449 2 are be AUX cblr-1745 449 3 often often ADV cblr-1745 449 4 designed design VERB cblr-1745 449 5 and and CCONJ cblr-1745 449 6 sold sell VERB cblr-1745 449 7 as as ADP cblr-1745 449 8 customized customize VERB cblr-1745 449 9 products product NOUN cblr-1745 449 10 ; ; PUNCT cblr-1745 449 11 buyers buyer NOUN cblr-1745 449 12 of of ADP cblr-1745 449 13 derivatives derivative NOUN cblr-1745 449 14 for for ADP cblr-1745 449 15 hedging hedging NOUN cblr-1745 449 16 purposes purpose NOUN cblr-1745 449 17 want want VERB cblr-1745 449 18 products product NOUN cblr-1745 449 19 tailored tailor VERB cblr-1745 449 20 to to ADP cblr-1745 449 21 a a DET cblr-1745 449 22 narrow narrow ADJ cblr-1745 449 23 risk risk NOUN cblr-1745 449 24 profile profile NOUN cblr-1745 449 25 , , PUNCT cblr-1745 449 26 while while SCONJ cblr-1745 449 27 buyers buyer NOUN cblr-1745 449 28 for for ADP cblr-1745 449 29 speculative speculative ADJ cblr-1745 449 30 purposes purpose NOUN cblr-1745 449 31 want want VERB cblr-1745 449 32 to to PART cblr-1745 449 33 bet bet VERB cblr-1745 449 34 on on ADP cblr-1745 449 35 a a DET cblr-1745 449 36 narrow narrow ADJ cblr-1745 449 37 set set NOUN cblr-1745 449 38 of of ADP cblr-1745 449 39 circumstances.143 circumstances.143 ADP cblr-1745 449 40 either either DET cblr-1745 449 41 way way NOUN cblr-1745 449 42 , , PUNCT cblr-1745 449 43 these these DET cblr-1745 449 44 138 138 NUM cblr-1745 449 45 i i PRON cblr-1745 449 46 d. d. PROPN cblr-1745 449 47 at at ADP cblr-1745 449 48 § § PROPN cblr-1745 449 49 3.2 3.2 NUM cblr-1745 449 50 , , PUNCT cblr-1745 449 51 at at ADP cblr-1745 449 52 92 92 NUM cblr-1745 449 53 . . PUNCT cblr-1745 450 1 over over ADP cblr-1745 450 2 time time NOUN cblr-1745 450 3 , , PUNCT cblr-1745 450 4 this this DET cblr-1745 450 5 grouping grouping NOUN cblr-1745 450 6 has have AUX cblr-1745 450 7 acquired acquire VERB cblr-1745 450 8 the the DET cblr-1745 450 9 shorthand shorthand NOUN cblr-1745 450 10 ssnip ssnip VERB cblr-1745 450 11 : : PUNCT cblr-1745 450 12 “ " PUNCT cblr-1745 450 13 small small ADJ cblr-1745 450 14 but but CCONJ cblr-1745 450 15 significant significant ADJ cblr-1745 450 16 and and CCONJ cblr-1745 450 17 nontransitory nontransitory ADJ cblr-1745 450 18 increase increase NOUN cblr-1745 450 19 in in ADP cblr-1745 450 20 price price NOUN cblr-1745 450 21 . . PUNCT cblr-1745 450 22 ” " PUNCT cblr-1745 451 1 i i PRON cblr-1745 451 2 d. d. PROPN cblr-1745 451 3 at at ADP cblr-1745 451 4 § § PROPN cblr-1745 451 5 3.2 3.2 NUM cblr-1745 451 6 , , PUNCT cblr-1745 451 7 at at ADP cblr-1745 451 8 93 93 NUM cblr-1745 451 9 n.2 n.2 NOUN cblr-1745 451 10 . . NOUN cblr-1745 452 1 139 139 NUM cblr-1745 452 2 market market NOUN cblr-1745 452 3 definition definition NOUN cblr-1745 452 4 arguably arguably ADV cblr-1745 452 5 accounts account VERB cblr-1745 452 6 for for ADP cblr-1745 452 7 the the DET cblr-1745 452 8 geographical geographical ADJ cblr-1745 452 9 market market NOUN cblr-1745 452 10 in in ADP cblr-1745 452 11 a a DET cblr-1745 452 12 much much ADV cblr-1745 452 13 more more ADV cblr-1745 452 14 rigorous rigorous ADJ cblr-1745 452 15 way way NOUN cblr-1745 452 16 than than SCONJ cblr-1745 452 17 do do VERB cblr-1745 452 18 alternative alternative ADJ cblr-1745 452 19 theories theory NOUN cblr-1745 452 20 . . PUNCT cblr-1745 453 1 see see VERB cblr-1745 453 2 louis louis PROPN cblr-1745 453 3 kaplow kaplow PROPN cblr-1745 453 4 , , PUNCT cblr-1745 453 5 the the DET cblr-1745 453 6 accuracy accuracy NOUN cblr-1745 453 7 of of ADP cblr-1745 453 8 traditional traditional ADJ cblr-1745 453 9 market market NOUN cblr-1745 453 10 power power NOUN cblr-1745 453 11 analysis analysis NOUN cblr-1745 453 12 and and CCONJ cblr-1745 453 13 a a DET cblr-1745 453 14 direct direct ADJ cblr-1745 453 15 adjustment adjustment NOUN cblr-1745 453 16 alternative alternative NOUN cblr-1745 453 17 , , PUNCT cblr-1745 453 18 95 95 NUM cblr-1745 453 19 harv harv NOUN cblr-1745 453 20 . . PUNCT cblr-1745 454 1 l. l. PROPN cblr-1745 454 2 rev rev PROPN cblr-1745 454 3 . . PROPN cblr-1745 454 4 1817 1817 NUM cblr-1745 454 5 , , PUNCT cblr-1745 454 6 1835–45 1835–45 NUM cblr-1745 454 7 ( ( PUNCT cblr-1745 454 8 1982 1982 NUM cblr-1745 454 9 ) ) PUNCT cblr-1745 454 10 ; ; PUNCT cblr-1745 454 11 landes lande NOUN cblr-1745 454 12 & & CCONJ cblr-1745 454 13 posner posner PROPN cblr-1745 454 14 , , PUNCT cblr-1745 454 15 supra supra PROPN cblr-1745 454 16 note note PROPN cblr-1745 454 17 108 108 NUM cblr-1745 454 18 , , PUNCT cblr-1745 454 19 at at ADP cblr-1745 454 20 963–71 963–71 NOUN cblr-1745 454 21 . . PUNCT cblr-1745 455 1 140 140 NUM cblr-1745 455 2 see see VERB cblr-1745 455 3 cftc cftc PROPN cblr-1745 455 4 roundtable roundtable PROPN cblr-1745 455 5 , , PUNCT cblr-1745 455 6 supra supra PROPN cblr-1745 455 7 note note NOUN cblr-1745 455 8 22 22 NUM cblr-1745 455 9 , , PUNCT cblr-1745 455 10 at at ADP cblr-1745 455 11 49 49 NUM cblr-1745 455 12 ( ( PUNCT cblr-1745 455 13 statement statement NOUN cblr-1745 455 14 of of ADP cblr-1745 455 15 bill bill PROPN cblr-1745 455 16 hill hill PROPN cblr-1745 455 17 , , PUNCT cblr-1745 455 18 morgan morgan PROPN cblr-1745 455 19 stanley stanley PROPN cblr-1745 455 20 ) ) PUNCT cblr-1745 455 21 ( ( PUNCT cblr-1745 455 22 distinguishing distinguish VERB cblr-1745 455 23 between between ADP cblr-1745 455 24 the the DET cblr-1745 455 25 clearing clearing NOUN cblr-1745 455 26 of of ADP cblr-1745 455 27 a a DET cblr-1745 455 28 liquid liquid NOUN cblr-1745 455 29 , , PUNCT cblr-1745 455 30 easy easy ADJ cblr-1745 455 31 - - PUNCT cblr-1745 455 32 tovalue tovalue NOUN cblr-1745 455 33 single single ADJ cblr-1745 455 34 - - PUNCT cblr-1745 455 35 name name NOUN cblr-1745 455 36 cds cd NOUN cblr-1745 455 37 based base VERB cblr-1745 455 38 on on ADP cblr-1745 455 39 a a DET cblr-1745 455 40 corporate corporate ADJ cblr-1745 455 41 obligation obligation NOUN cblr-1745 455 42 versus versus ADP cblr-1745 455 43 the the DET cblr-1745 455 44 clearing clearing NOUN cblr-1745 455 45 of of ADP cblr-1745 455 46 an an DET cblr-1745 455 47 illiquid illiquid NOUN cblr-1745 455 48 , , PUNCT cblr-1745 455 49 difficult difficult ADJ cblr-1745 455 50 - - PUNCT cblr-1745 455 51 to to ADP cblr-1745 455 52 - - PUNCT cblr-1745 455 53 value value NOUN cblr-1745 455 54 single single ADJ cblr-1745 455 55 - - PUNCT cblr-1745 455 56 name name NOUN cblr-1745 455 57 cds cd NOUN cblr-1745 455 58 based base VERB cblr-1745 455 59 on on ADP cblr-1745 455 60 sovereign sovereign ADJ cblr-1745 455 61 debt debt NOUN cblr-1745 455 62 ) ) PUNCT cblr-1745 455 63 . . PUNCT cblr-1745 456 1 141 141 NUM cblr-1745 456 2 see see NOUN cblr-1745 456 3 infra infra NOUN cblr-1745 456 4 note note VERB cblr-1745 456 5 154 154 NUM cblr-1745 456 6 and and CCONJ cblr-1745 456 7 accompanying accompany VERB cblr-1745 456 8 text text NOUN cblr-1745 456 9 . . PUNCT cblr-1745 457 1 142 142 NUM cblr-1745 457 2 see see VERB cblr-1745 457 3 supra supra PROPN cblr-1745 457 4 note note PROPN cblr-1745 457 5 120 120 NUM cblr-1745 457 6 and and CCONJ cblr-1745 457 7 accompanying accompany VERB cblr-1745 457 8 text text NOUN cblr-1745 457 9 ; ; PUNCT cblr-1745 457 10 see see VERB cblr-1745 457 11 also also ADV cblr-1745 457 12 darrell darrell PROPN cblr-1745 457 13 duffie duffie PROPN cblr-1745 457 14 & & CCONJ cblr-1745 457 15 haoxiang haoxiang PROPN cblr-1745 457 16 zhu zhu PROPN cblr-1745 457 17 , , PUNCT cblr-1745 457 18 does do AUX cblr-1745 457 19 a a DET cblr-1745 457 20 central central ADJ cblr-1745 457 21 clearing clearing NOUN cblr-1745 457 22 counterparty counterparty NOUN cblr-1745 457 23 reduce reduce VERB cblr-1745 457 24 counterparty counterparty NOUN cblr-1745 457 25 risk risk NOUN cblr-1745 457 26 ? ? PUNCT cblr-1745 457 27 , , PUNCT cblr-1745 457 28 1 1 NUM cblr-1745 457 29 rev rev X cblr-1745 457 30 . . PUNCT cblr-1745 457 31 asset asset NOUN cblr-1745 457 32 pricing pricing NOUN cblr-1745 457 33 stud stud NOUN cblr-1745 457 34 . . PUNCT cblr-1745 458 1 74 74 NUM cblr-1745 458 2 , , PUNCT cblr-1745 458 3 76 76 NUM cblr-1745 458 4 ( ( PUNCT cblr-1745 458 5 2011 2011 NUM cblr-1745 458 6 ) ) PUNCT cblr-1745 458 7 . . PUNCT cblr-1745 459 1 143 143 NUM cblr-1745 459 2 for for ADP cblr-1745 459 3 instance instance NOUN cblr-1745 459 4 , , PUNCT cblr-1745 459 5 the the DET cblr-1745 459 6 referent referent NOUN cblr-1745 459 7 in in ADP cblr-1745 459 8 a a DET cblr-1745 459 9 cds cd NOUN cblr-1745 459 10 might might AUX cblr-1745 459 11 be be AUX cblr-1745 459 12 whether whether SCONJ cblr-1745 459 13 a a DET cblr-1745 459 14 certain certain ADJ cblr-1745 459 15 entity entity NOUN cblr-1745 459 16 ( ( PUNCT cblr-1745 459 17 e.g. e.g. ADV cblr-1745 459 18 , , PUNCT cblr-1745 459 19 a a DET cblr-1745 459 20 sovereign sovereign ADJ cblr-1745 459 21 country country NOUN cblr-1745 459 22 or or CCONJ cblr-1745 459 23 a a DET cblr-1745 459 24 large large ADJ cblr-1745 459 25 corporation corporation NOUN cblr-1745 459 26 ) ) PUNCT cblr-1745 459 27 defaults default NOUN cblr-1745 459 28 on on ADP cblr-1745 459 29 an an DET cblr-1745 459 30 chang chang PROPN cblr-1745 459 31 – – PUNCT cblr-1745 460 1 final final ADJ cblr-1745 460 2 688 688 NUM cblr-1745 460 3 columbia columbia PROPN cblr-1745 460 4 business business NOUN cblr-1745 460 5 law law NOUN cblr-1745 460 6 review review NOUN cblr-1745 460 7 [ [ X cblr-1745 460 8 vol vol NOUN cblr-1745 460 9 . . NOUN cblr-1745 460 10 2016 2016 NUM cblr-1745 460 11 transactions transaction NOUN cblr-1745 460 12 are be AUX cblr-1745 460 13 intricately intricately ADV cblr-1745 460 14 customized customize VERB cblr-1745 460 15 and and CCONJ cblr-1745 460 16 inimitable inimitable ADJ cblr-1745 460 17 trades trade NOUN cblr-1745 460 18 . . PUNCT cblr-1745 461 1 the the DET cblr-1745 461 2 customization customization NOUN cblr-1745 461 3 of of ADP cblr-1745 461 4 derivatives derivative NOUN cblr-1745 461 5 products product NOUN cblr-1745 461 6 is be AUX cblr-1745 461 7 salient salient ADJ cblr-1745 461 8 not not PART cblr-1745 461 9 just just ADV cblr-1745 461 10 for for ADP cblr-1745 461 11 the the DET cblr-1745 461 12 trading trading NOUN cblr-1745 461 13 market market NOUN cblr-1745 461 14 , , PUNCT cblr-1745 461 15 where where SCONJ cblr-1745 461 16 these these DET cblr-1745 461 17 products product NOUN cblr-1745 461 18 are be AUX cblr-1745 461 19 sold sell VERB cblr-1745 461 20 ; ; PUNCT cblr-1745 461 21 the the DET cblr-1745 461 22 consequences consequence NOUN cblr-1745 461 23 of of ADP cblr-1745 461 24 customization customization NOUN cblr-1745 461 25 also also ADV cblr-1745 461 26 spill spill VERB cblr-1745 461 27 over over ADP cblr-1745 461 28 to to ADP cblr-1745 461 29 the the DET cblr-1745 461 30 adjacent adjacent ADJ cblr-1745 461 31 clearing clearing NOUN cblr-1745 461 32 market market NOUN cblr-1745 461 33 . . PUNCT cblr-1745 462 1 some some DET cblr-1745 462 2 irs irs PROPN cblr-1745 462 3 and and CCONJ cblr-1745 462 4 cds cd NOUN cblr-1745 462 5 are be AUX cblr-1745 462 6 simply simply ADV cblr-1745 462 7 too too ADV cblr-1745 462 8 unique unique ADJ cblr-1745 462 9 to to PART cblr-1745 462 10 be be AUX cblr-1745 462 11 cleared.144 cleared.144 ADJ cblr-1745 462 12 hence hence ADV cblr-1745 462 13 , , PUNCT cblr-1745 462 14 in in ADP cblr-1745 462 15 circumscribing circumscribe VERB cblr-1745 462 16 a a DET cblr-1745 462 17 relevant relevant ADJ cblr-1745 462 18 product product NOUN cblr-1745 462 19 market market NOUN cblr-1745 462 20 , , PUNCT cblr-1745 462 21 we we PRON cblr-1745 462 22 must must AUX cblr-1745 462 23 exclude exclude VERB cblr-1745 462 24 unclearable unclearable ADJ cblr-1745 462 25 derivatives derivative NOUN cblr-1745 462 26 . . PUNCT cblr-1745 463 1 other other ADJ cblr-1745 463 2 types type NOUN cblr-1745 463 3 of of ADP cblr-1745 463 4 uncleared uncleared ADJ cblr-1745 463 5 derivatives derivative NOUN cblr-1745 463 6 , , PUNCT cblr-1745 463 7 too too ADV cblr-1745 463 8 , , PUNCT cblr-1745 463 9 should should AUX cblr-1745 463 10 be be AUX cblr-1745 463 11 excluded.145 excluded.145 PROPN cblr-1745 463 12 i. i. PROPN cblr-1745 463 13 clearing clearing PROPN cblr-1745 463 14 of of ADP cblr-1745 463 15 interest interest NOUN cblr-1745 463 16 rate rate NOUN cblr-1745 463 17 swaps swap NOUN cblr-1745 463 18 for for ADP cblr-1745 463 19 irs irs PROPN cblr-1745 463 20 clearing clearing NOUN cblr-1745 463 21 , , PUNCT cblr-1745 463 22 the the DET cblr-1745 463 23 relevant relevant ADJ cblr-1745 463 24 product product NOUN cblr-1745 463 25 market market NOUN cblr-1745 463 26 is be AUX cblr-1745 463 27 most most ADV cblr-1745 463 28 appropriately appropriately ADV cblr-1745 463 29 defined define VERB cblr-1745 463 30 as as ADP cblr-1745 463 31 the the DET cblr-1745 463 32 entire entire ADJ cblr-1745 463 33 worldwide worldwide ADJ cblr-1745 463 34 market market NOUN cblr-1745 463 35 for for ADP cblr-1745 463 36 cleared clear VERB cblr-1745 463 37 irs irs PROPN cblr-1745 463 38 . . PUNCT cblr-1745 464 1 unclearable unclearable ADJ cblr-1745 464 2 irs irs PROPN cblr-1745 464 3 , , PUNCT cblr-1745 464 4 as as ADV cblr-1745 464 5 well well ADV cblr-1745 464 6 as as ADP cblr-1745 464 7 irs irs PROPN cblr-1745 464 8 trades trade NOUN cblr-1745 464 9 exempt exempt ADJ cblr-1745 464 10 from from ADP cblr-1745 464 11 the the DET cblr-1745 464 12 clearing clearing NOUN cblr-1745 464 13 mandate mandate NOUN cblr-1745 464 14 , , PUNCT cblr-1745 464 15 are be AUX cblr-1745 464 16 therefore therefore ADV cblr-1745 464 17 excluded exclude VERB cblr-1745 464 18 . . PUNCT cblr-1745 465 1 an an DET cblr-1745 465 2 alternative alternative NOUN cblr-1745 465 3 that that PRON cblr-1745 465 4 defines define VERB cblr-1745 465 5 the the DET cblr-1745 465 6 product product NOUN cblr-1745 465 7 market market NOUN cblr-1745 465 8 as as ADP cblr-1745 465 9 all all PRON cblr-1745 465 10 cleared clear VERB cblr-1745 465 11 irs irs PROPN cblr-1745 465 12 is be AUX cblr-1745 465 13 too too ADV cblr-1745 465 14 broad broad ADJ cblr-1745 465 15 , , PUNCT cblr-1745 465 16 since since SCONJ cblr-1745 465 17 a a DET cblr-1745 465 18 clearinghouse clearinghouse NOUN cblr-1745 465 19 can can AUX cblr-1745 465 20 not not PART cblr-1745 465 21 functionally functionally ADV cblr-1745 465 22 guarantee guarantee VERB cblr-1745 465 23 trades trade NOUN cblr-1745 465 24 in in ADP cblr-1745 465 25 unclearable unclearable ADJ cblr-1745 465 26 products product NOUN cblr-1745 465 27 and and CCONJ cblr-1745 465 28 need need AUX cblr-1745 465 29 not not PART cblr-1745 465 30 guarantee guarantee VERB cblr-1745 465 31 trades trade NOUN cblr-1745 465 32 between between ADP cblr-1745 465 33 counterparties counterpartie NOUN cblr-1745 465 34 exempt exempt ADJ cblr-1745 465 35 from from ADP cblr-1745 465 36 the the DET cblr-1745 465 37 obligation obligation NOUN cblr-1745 465 38 . . PUNCT cblr-1745 466 1 this this PRON cblr-1745 466 2 would would AUX cblr-1745 466 3 be be AUX cblr-1745 466 4 a a DET cblr-1745 466 5 “ " PUNCT cblr-1745 466 6 single single ADJ cblr-1745 466 7 - - PUNCT cblr-1745 466 8 name name NOUN cblr-1745 466 9 ” " PUNCT cblr-1745 466 10 cds cd NOUN cblr-1745 466 11 . . PUNCT cblr-1745 467 1 alternatively alternatively ADV cblr-1745 467 2 , , PUNCT cblr-1745 467 3 the the DET cblr-1745 467 4 referent referent NOUN cblr-1745 467 5 might might AUX cblr-1745 467 6 be be AUX cblr-1745 467 7 whether whether SCONJ cblr-1745 467 8 a a DET cblr-1745 467 9 group group NOUN cblr-1745 467 10 of of ADP cblr-1745 467 11 entities entity NOUN cblr-1745 467 12 defaults default NOUN cblr-1745 467 13 on on ADP cblr-1745 467 14 an an DET cblr-1745 467 15 obligation obligation NOUN cblr-1745 467 16 ( ( PUNCT cblr-1745 467 17 a a DET cblr-1745 467 18 “ " PUNCT cblr-1745 467 19 multiplename multiplename ADJ cblr-1745 467 20 ” " PUNCT cblr-1745 467 21 cds cd NOUN cblr-1745 467 22 ) ) PUNCT cblr-1745 467 23 . . PUNCT cblr-1745 468 1 144 144 NUM cblr-1745 468 2 see see VERB cblr-1745 468 3 int’l int’l NUM cblr-1745 468 4 swaps swap NOUN cblr-1745 468 5 & & CCONJ cblr-1745 468 6 derivatives derivative NOUN cblr-1745 468 7 ass’n ass’n VERB cblr-1745 468 8 , , PUNCT cblr-1745 468 9 interest interest NOUN cblr-1745 468 10 rate rate NOUN cblr-1745 468 11 swaps swap NOUN cblr-1745 468 12 derivatives derivative NOUN cblr-1745 468 13 : : PUNCT cblr-1745 468 14 a a DET cblr-1745 468 15 progress progress NOUN cblr-1745 468 16 report report NOUN cblr-1745 468 17 on on ADP cblr-1745 468 18 clearing clearing NOUN cblr-1745 468 19 and and CCONJ cblr-1745 468 20 compression compression NOUN cblr-1745 468 21 ( ( PUNCT cblr-1745 468 22 2014 2014 NUM cblr-1745 468 23 ) ) PUNCT cblr-1745 469 1 [ [ X cblr-1745 469 2 hereinafter hereinafter NOUN cblr-1745 469 3 isda isda NOUN cblr-1745 469 4 , , PUNCT cblr-1745 469 5 interest interest NOUN cblr-1745 469 6 rate rate NOUN cblr-1745 469 7 derivatives derivative NOUN cblr-1745 469 8 ] ] PUNCT cblr-1745 469 9 ; ; PUNCT cblr-1745 469 10 isda isda NOUN cblr-1745 469 11 , , PUNCT cblr-1745 469 12 2014 2014 NUM cblr-1745 469 13 year year NOUN cblr-1745 469 14 in in ADP cblr-1745 469 15 review review NOUN cblr-1745 469 16 , , PUNCT cblr-1745 469 17 supra supra PROPN cblr-1745 469 18 note note NOUN cblr-1745 469 19 130 130 NUM cblr-1745 469 20 . . PUNCT cblr-1745 470 1 this this PRON cblr-1745 470 2 is be AUX cblr-1745 470 3 despite despite SCONJ cblr-1745 470 4 the the DET cblr-1745 470 5 fact fact NOUN cblr-1745 470 6 that that SCONJ cblr-1745 470 7 clearinghouses clearinghouse NOUN cblr-1745 470 8 are be AUX cblr-1745 470 9 a a DET cblr-1745 470 10 standardizing standardize VERB cblr-1745 470 11 force force NOUN cblr-1745 470 12 on on ADP cblr-1745 470 13 the the DET cblr-1745 470 14 derivatives derivative NOUN cblr-1745 470 15 markets market NOUN cblr-1745 470 16 . . PUNCT cblr-1745 471 1 the the DET cblr-1745 471 2 clearing clearing NOUN cblr-1745 471 3 functionality functionality NOUN cblr-1745 471 4 demands demand VERB cblr-1745 471 5 fungibility fungibility NOUN cblr-1745 471 6 in in ADP cblr-1745 471 7 derivatives derivative NOUN cblr-1745 471 8 instruments instrument NOUN cblr-1745 471 9 . . PUNCT cblr-1745 472 1 if if SCONJ cblr-1745 472 2 a a DET cblr-1745 472 3 member member NOUN cblr-1745 472 4 defaults default VERB cblr-1745 472 5 on on ADP cblr-1745 472 6 a a DET cblr-1745 472 7 trade trade NOUN cblr-1745 472 8 , , PUNCT cblr-1745 472 9 the the DET cblr-1745 472 10 clearinghouse clearinghouse NOUN cblr-1745 472 11 auctions auction NOUN cblr-1745 472 12 off off ADP cblr-1745 472 13 that that DET cblr-1745 472 14 member member NOUN cblr-1745 472 15 ’s ’s PART cblr-1745 472 16 positions position NOUN cblr-1745 472 17 ; ; PUNCT cblr-1745 472 18 “ " PUNCT cblr-1745 472 19 unwinding unwind VERB cblr-1745 472 20 ” " PUNCT cblr-1745 472 21 the the DET cblr-1745 472 22 trade trade NOUN cblr-1745 472 23 substitutes substitute VERB cblr-1745 472 24 the the DET cblr-1745 472 25 defaulting default VERB cblr-1745 472 26 counterparty counterparty NOUN cblr-1745 472 27 with with ADP cblr-1745 472 28 an an DET cblr-1745 472 29 altogether altogether ADV cblr-1745 472 30 unaffiliated unaffiliated ADJ cblr-1745 472 31 party party NOUN cblr-1745 472 32 . . PUNCT cblr-1745 473 1 see see VERB cblr-1745 473 2 cftc cftc PROPN cblr-1745 473 3 roundtable roundtable PROPN cblr-1745 473 4 , , PUNCT cblr-1745 473 5 supra supra PROPN cblr-1745 473 6 note note NOUN cblr-1745 473 7 22 22 NUM cblr-1745 473 8 , , PUNCT cblr-1745 473 9 at at ADP cblr-1745 473 10 44 44 NUM cblr-1745 473 11 ( ( PUNCT cblr-1745 473 12 statement statement NOUN cblr-1745 473 13 of of ADP cblr-1745 473 14 bill bill PROPN cblr-1745 473 15 hill hill PROPN cblr-1745 473 16 , , PUNCT cblr-1745 473 17 morgan morgan PROPN cblr-1745 473 18 stanley stanley PROPN cblr-1745 473 19 ) ) PUNCT cblr-1745 473 20 . . PUNCT cblr-1745 474 1 145 145 NUM cblr-1745 474 2 “ " PUNCT cblr-1745 474 3 unclearable unclearable NOUN cblr-1745 474 4 ” " PUNCT cblr-1745 474 5 is be AUX cblr-1745 474 6 not not PART cblr-1745 474 7 the the DET cblr-1745 474 8 same same ADJ cblr-1745 474 9 as as ADP cblr-1745 474 10 “ " PUNCT cblr-1745 474 11 uncleared uncleared ADJ cblr-1745 474 12 . . PUNCT cblr-1745 474 13 ” " PUNCT cblr-1745 475 1 unclearable unclearable ADJ cblr-1745 475 2 trades trade NOUN cblr-1745 475 3 can can AUX cblr-1745 475 4 not not PART cblr-1745 475 5 be be AUX cblr-1745 475 6 handled handle VERB cblr-1745 475 7 by by ADP cblr-1745 475 8 clearinghouses clearinghouse NOUN cblr-1745 475 9 , , PUNCT cblr-1745 475 10 while while SCONJ cblr-1745 475 11 uncleared uncleared ADJ cblr-1745 475 12 trades trade NOUN cblr-1745 475 13 might might AUX cblr-1745 475 14 be be AUX cblr-1745 475 15 clearable clearable ADJ cblr-1745 475 16 but but CCONJ cblr-1745 475 17 for for ADP cblr-1745 475 18 some some DET cblr-1745 475 19 reason reason NOUN cblr-1745 475 20 are be AUX cblr-1745 475 21 not not PART cblr-1745 475 22 cleared clear VERB cblr-1745 475 23 — — PUNCT cblr-1745 475 24 for for ADP cblr-1745 475 25 instance instance NOUN cblr-1745 475 26 , , PUNCT cblr-1745 475 27 trades trade NOUN cblr-1745 475 28 that that PRON cblr-1745 475 29 are be AUX cblr-1745 475 30 exempt exempt ADJ cblr-1745 475 31 from from ADP cblr-1745 475 32 the the DET cblr-1745 475 33 central central ADJ cblr-1745 475 34 clearing clearing NOUN cblr-1745 475 35 mandate mandate NOUN cblr-1745 475 36 . . PUNCT cblr-1745 476 1 organizations organization NOUN cblr-1745 476 2 that that PRON cblr-1745 476 3 tabulate tabulate VERB cblr-1745 476 4 clearing clearing NOUN cblr-1745 476 5 volumes volume NOUN cblr-1745 476 6 often often ADV cblr-1745 476 7 switch switch VERB cblr-1745 476 8 between between ADP cblr-1745 476 9 the the DET cblr-1745 476 10 two two NUM cblr-1745 476 11 terms term NOUN cblr-1745 476 12 . . PUNCT cblr-1745 477 1 chang chang PROPN cblr-1745 477 2 – – PUNCT cblr-1745 477 3 final final ADJ cblr-1745 477 4 no no NOUN cblr-1745 477 5 . . PUNCT cblr-1745 478 1 3:657 3:657 NUM cblr-1745 478 2 ] ] X cblr-1745 478 3 second second ADJ cblr-1745 478 4 - - PUNCT cblr-1745 478 5 generation generation NOUN cblr-1745 478 6 monopolization monopolization NOUN cblr-1745 478 7 689 689 NUM cblr-1745 478 8 clearing clearing NOUN cblr-1745 478 9 mandate mandate NOUN cblr-1745 478 10 . . PUNCT cblr-1745 479 1 similarly similarly ADV cblr-1745 479 2 , , PUNCT cblr-1745 479 3 defining define VERB cblr-1745 479 4 the the DET cblr-1745 479 5 market market NOUN cblr-1745 479 6 as as ADP cblr-1745 479 7 the the DET cblr-1745 479 8 clearing clearing NOUN cblr-1745 479 9 of of ADP cblr-1745 479 10 one one NUM cblr-1745 479 11 specific specific ADJ cblr-1745 479 12 type type NOUN cblr-1745 479 13 of of ADP cblr-1745 479 14 irs irs PROPN cblr-1745 479 15 is be AUX cblr-1745 479 16 too too ADV cblr-1745 479 17 narrow narrow ADJ cblr-1745 479 18 . . PUNCT cblr-1745 480 1 the the DET cblr-1745 480 2 worldwide worldwide ADJ cblr-1745 480 3 market market NOUN cblr-1745 480 4 definition definition NOUN cblr-1745 480 5 should should AUX cblr-1745 480 6 be be AUX cblr-1745 480 7 fairly fairly ADV cblr-1745 480 8 uncontroversial uncontroversial ADJ cblr-1745 480 9 ; ; PUNCT cblr-1745 480 10 it it PRON cblr-1745 480 11 has have AUX cblr-1745 480 12 been be AUX cblr-1745 480 13 adopted adopt VERB cblr-1745 480 14 by by ADP cblr-1745 480 15 the the DET cblr-1745 480 16 few few ADJ cblr-1745 480 17 academics academic NOUN cblr-1745 480 18 and and CCONJ cblr-1745 480 19 industry industry NOUN cblr-1745 480 20 groups group NOUN cblr-1745 480 21 that that PRON cblr-1745 480 22 have have AUX cblr-1745 480 23 sifted sift VERB cblr-1745 480 24 through through ADP cblr-1745 480 25 the the DET cblr-1745 480 26 data datum NOUN cblr-1745 480 27 necessary necessary ADJ cblr-1745 480 28 to to PART cblr-1745 480 29 calculate calculate VERB cblr-1745 480 30 market market NOUN cblr-1745 480 31 shares.146 shares.146 NOUN cblr-1745 480 32 however however ADV cblr-1745 480 33 , , PUNCT cblr-1745 480 34 several several ADJ cblr-1745 480 35 factors factor NOUN cblr-1745 480 36 can can AUX cblr-1745 480 37 complicate complicate VERB cblr-1745 480 38 data datum NOUN cblr-1745 480 39 analysis analysis NOUN cblr-1745 480 40 . . PUNCT cblr-1745 481 1 organizations organization NOUN cblr-1745 481 2 compile compile VERB cblr-1745 481 3 data datum NOUN cblr-1745 481 4 to to ADP cblr-1745 481 5 varying vary VERB cblr-1745 481 6 levels level NOUN cblr-1745 481 7 of of ADP cblr-1745 481 8 granularity.147 granularity.147 PROPN cblr-1745 481 9 further far ADV cblr-1745 481 10 , , PUNCT cblr-1745 481 11 some some DET cblr-1745 481 12 organizations organization NOUN cblr-1745 481 13 , , PUNCT cblr-1745 481 14 such such ADJ cblr-1745 481 15 as as ADP cblr-1745 481 16 the the DET cblr-1745 481 17 bank bank NOUN cblr-1745 481 18 for for ADP cblr-1745 481 19 international international ADJ cblr-1745 481 20 settlements settlement NOUN cblr-1745 481 21 ( ( PUNCT cblr-1745 481 22 “ " PUNCT cblr-1745 481 23 bis bis ADJ cblr-1745 481 24 ” " PUNCT cblr-1745 481 25 ) ) PUNCT cblr-1745 481 26 , , PUNCT cblr-1745 481 27 will will AUX cblr-1745 481 28 double double ADJ cblr-1745 481 29 - - PUNCT cblr-1745 481 30 count count NOUN cblr-1745 481 31 cleared clear VERB cblr-1745 481 32 derivatives.148 derivatives.148 NOUN cblr-1745 481 33 in in ADP cblr-1745 481 34 other other ADJ cblr-1745 481 35 words word NOUN cblr-1745 481 36 , , PUNCT cblr-1745 481 37 bis bis PROPN cblr-1745 481 38 counts count VERB cblr-1745 481 39 a a DET cblr-1745 481 40 trade trade NOUN cblr-1745 481 41 between between ADP cblr-1745 481 42 clearinghouse clearinghouse NOUN cblr-1745 481 43 members member NOUN cblr-1745 481 44 a a PRON cblr-1745 481 45 and and CCONJ cblr-1745 481 46 b b NOUN cblr-1745 481 47 as as ADP cblr-1745 481 48 ( ( PUNCT cblr-1745 481 49 i i NOUN cblr-1745 481 50 ) ) PUNCT cblr-1745 481 51 one one NUM cblr-1745 481 52 trade trade NOUN cblr-1745 481 53 between between ADP cblr-1745 481 54 party party PROPN cblr-1745 481 55 a a PRON cblr-1745 481 56 and and CCONJ cblr-1745 481 57 the the DET cblr-1745 481 58 clearinghouse clearinghouse NOUN cblr-1745 481 59 - - PUNCT cblr-1745 481 60 guarantor guarantor NOUN cblr-1745 481 61 and and CCONJ cblr-1745 481 62 , , PUNCT cblr-1745 481 63 separately separately ADV cblr-1745 481 64 , , PUNCT cblr-1745 481 65 ( ( PUNCT cblr-1745 481 66 ii ii NOUN cblr-1745 481 67 ) ) PUNCT cblr-1745 481 68 one one NUM cblr-1745 481 69 trade trade NOUN cblr-1745 481 70 between between ADP cblr-1745 481 71 party party PROPN cblr-1745 481 72 b b PROPN cblr-1745 481 73 and and CCONJ cblr-1745 481 74 the the DET cblr-1745 481 75 clearinghouse clearinghouse NOUN cblr-1745 481 76 - - PUNCT cblr-1745 481 77 guarantor guarantor NOUN cblr-1745 481 78 ( ( PUNCT cblr-1745 481 79 see see VERB cblr-1745 481 80 figure figure NOUN cblr-1745 481 81 1 1 NUM cblr-1745 481 82 ) ) PUNCT cblr-1745 481 83 . . PUNCT cblr-1745 482 1 given give VERB cblr-1745 482 2 these these DET cblr-1745 482 3 parameters parameter NOUN cblr-1745 482 4 , , PUNCT cblr-1745 482 5 another another DET cblr-1745 482 6 approach approach NOUN cblr-1745 482 7 is be AUX cblr-1745 482 8 to to PART cblr-1745 482 9 focus focus VERB cblr-1745 482 10 on on ADP cblr-1745 482 11 the the DET cblr-1745 482 12 statistics statistic NOUN cblr-1745 482 13 compiled compile VERB cblr-1745 482 14 by by ADP cblr-1745 482 15 one one NUM cblr-1745 482 16 organization organization NOUN cblr-1745 482 17 while while SCONJ cblr-1745 482 18 noting note VERB cblr-1745 482 19 its its PRON cblr-1745 482 20 methodological methodological ADJ cblr-1745 482 21 limitations limitation NOUN cblr-1745 482 22 . . PUNCT cblr-1745 483 1 in in ADP cblr-1745 483 2 2014 2014 NUM cblr-1745 483 3 , , PUNCT cblr-1745 483 4 isda isda PROPN cblr-1745 483 5 undertook undertake VERB cblr-1745 483 6 an an DET cblr-1745 483 7 analysis analysis NOUN cblr-1745 483 8 of of ADP cblr-1745 483 9 the the DET cblr-1745 483 10 interest interest NOUN cblr-1745 483 11 rate rate NOUN cblr-1745 483 12 derivatives derivative NOUN cblr-1745 483 13 clearing clear VERB cblr-1745 483 14 market market NOUN cblr-1745 483 15 that that PRON cblr-1745 483 16 accounted account VERB cblr-1745 483 17 for for ADP cblr-1745 483 18 trade trade NOUN cblr-1745 483 19 compression compression NOUN cblr-1745 483 20 and and CCONJ cblr-1745 483 21 uncleared uncleared ADJ cblr-1745 483 22 and and CCONJ cblr-1745 483 23 unclearable unclearable ADJ cblr-1745 483 24 products.149 products.149 NOUN cblr-1745 483 25 according accord VERB cblr-1745 483 26 to to ADP cblr-1745 483 27 isda isda PROPN cblr-1745 483 28 ’s ’s PART cblr-1745 483 29 calculations calculation NOUN cblr-1745 483 30 , , PUNCT cblr-1745 483 31 the the DET cblr-1745 483 32 resulting result VERB cblr-1745 483 33 upstream upstream ADJ cblr-1745 483 34 clearing clearing NOUN cblr-1745 483 35 market market NOUN cblr-1745 483 36 for for ADP cblr-1745 483 37 interest interest NOUN cblr-1745 483 38 rate rate NOUN cblr-1745 483 39 derivatives derivative NOUN cblr-1745 483 40 was be AUX cblr-1745 483 41 146 146 NUM cblr-1745 483 42 see see NOUN cblr-1745 483 43 isda isda NOUN cblr-1745 483 44 , , PUNCT cblr-1745 483 45 interest interest NOUN cblr-1745 483 46 rate rate NOUN cblr-1745 483 47 derivatives derivative NOUN cblr-1745 483 48 , , PUNCT cblr-1745 483 49 supra supra PROPN cblr-1745 483 50 note note NOUN cblr-1745 483 51 144 144 NUM cblr-1745 483 52 , , PUNCT cblr-1745 483 53 at at ADP cblr-1745 483 54 2 2 NUM cblr-1745 483 55 ; ; PUNCT cblr-1745 483 56 lin lin PROPN cblr-1745 483 57 & & CCONJ cblr-1745 483 58 surti surti PROPN cblr-1745 483 59 , , PUNCT cblr-1745 483 60 supra supra PROPN cblr-1745 483 61 note note PROPN cblr-1745 483 62 35 35 NUM cblr-1745 483 63 , , PUNCT cblr-1745 483 64 at at ADP cblr-1745 483 65 37–39 37–39 NUM cblr-1745 483 66 . . PUNCT cblr-1745 484 1 isda isda PROPN cblr-1745 484 2 and and CCONJ cblr-1745 484 3 lin lin PROPN cblr-1745 484 4 & & CCONJ cblr-1745 484 5 surti surti PROPN cblr-1745 484 6 have have AUX cblr-1745 484 7 combed comb VERB cblr-1745 484 8 through through ADP cblr-1745 484 9 data datum NOUN cblr-1745 484 10 compiled compile VERB cblr-1745 484 11 by by ADP cblr-1745 484 12 dtcc dtcc PROPN cblr-1745 484 13 , , PUNCT cblr-1745 484 14 markit markit NOUN cblr-1745 484 15 , , PUNCT cblr-1745 484 16 trioptima trioptima NOUN cblr-1745 484 17 , , PUNCT cblr-1745 484 18 and and CCONJ cblr-1745 484 19 bis bis ADJ cblr-1745 484 20 , , PUNCT cblr-1745 484 21 all all PRON cblr-1745 484 22 of of ADP cblr-1745 484 23 which which PRON cblr-1745 484 24 track track VERB cblr-1745 484 25 notionals notional NOUN cblr-1745 484 26 slightly slightly ADV cblr-1745 484 27 differently differently ADV cblr-1745 484 28 . . PUNCT cblr-1745 485 1 147 147 NUM cblr-1745 485 2 see see VERB cblr-1745 485 3 isda isda NOUN cblr-1745 485 4 , , PUNCT cblr-1745 485 5 interest interest NOUN cblr-1745 485 6 rate rate NOUN cblr-1745 485 7 derivatives derivative NOUN cblr-1745 485 8 , , PUNCT cblr-1745 485 9 supra supra PROPN cblr-1745 485 10 note note NOUN cblr-1745 485 11 144 144 NUM cblr-1745 485 12 , , PUNCT cblr-1745 485 13 at at ADP cblr-1745 485 14 3 3 NUM cblr-1745 485 15 n.1 n.1 NOUN cblr-1745 485 16 ( ( PUNCT cblr-1745 485 17 discussing discuss VERB cblr-1745 485 18 its its PRON cblr-1745 485 19 methodology methodology NOUN cblr-1745 485 20 , , PUNCT cblr-1745 485 21 as as ADV cblr-1745 485 22 well well ADV cblr-1745 485 23 as as ADP cblr-1745 485 24 the the DET cblr-1745 485 25 approaches approach NOUN cblr-1745 485 26 of of ADP cblr-1745 485 27 bis bis PROPN cblr-1745 485 28 and and CCONJ cblr-1745 485 29 dtcc dtcc PROPN cblr-1745 485 30 ) ) PUNCT cblr-1745 485 31 . . PUNCT cblr-1745 486 1 148 148 NUM cblr-1745 486 2 see see VERB cblr-1745 486 3 monetary monetary PROPN cblr-1745 486 4 & & CCONJ cblr-1745 486 5 econ econ PROPN cblr-1745 486 6 . . PUNCT cblr-1745 487 1 dep’t dep’t PROPN cblr-1745 487 2 , , PUNCT cblr-1745 487 3 bank bank NOUN cblr-1745 487 4 for for ADP cblr-1745 487 5 int’l int’l NUM cblr-1745 487 6 settlements settlement NOUN cblr-1745 487 7 , , PUNCT cblr-1745 487 8 otc otc PROPN cblr-1745 487 9 derivatives derivative NOUN cblr-1745 487 10 statistics statistic NOUN cblr-1745 487 11 at at ADP cblr-1745 487 12 end end NOUN cblr-1745 487 13 - - PUNCT cblr-1745 487 14 december december PROPN cblr-1745 487 15 2014 2014 NUM cblr-1745 487 16 , , PUNCT cblr-1745 487 17 11 11 NUM cblr-1745 487 18 , , PUNCT cblr-1745 487 19 18 18 NUM cblr-1745 487 20 tbl.4 tbl.4 NUM cblr-1745 487 21 n.1 n.1 PROPN cblr-1745 487 22 ( ( PUNCT cblr-1745 487 23 2015 2015 NUM cblr-1745 487 24 ) ) PUNCT cblr-1745 487 25 , , PUNCT cblr-1745 487 26 http://www.bis.org/publ/otc_hy1504.pdf http://www.bis.org/publ/otc_hy1504.pdf X cblr-1745 488 1 [ [ X cblr-1745 488 2 https://perma.cc/k74u-8th4 https://perma.cc/k74u-8th4 X cblr-1745 488 3 ] ] X cblr-1745 488 4 [ [ X cblr-1745 488 5 hereinafter hereinafter NOUN cblr-1745 488 6 bis bis PROPN cblr-1745 488 7 , , PUNCT cblr-1745 488 8 2014 2014 NUM cblr-1745 488 9 otc otc PROPN cblr-1745 488 10 derivatives derivative NOUN cblr-1745 488 11 statistics statistic NOUN cblr-1745 488 12 ] ] PUNCT cblr-1745 488 13 . . PUNCT cblr-1745 489 1 149 149 NUM cblr-1745 489 2 see see VERB cblr-1745 489 3 isda isda NOUN cblr-1745 489 4 , , PUNCT cblr-1745 489 5 interest interest NOUN cblr-1745 489 6 rate rate NOUN cblr-1745 489 7 derivatives derivative NOUN cblr-1745 489 8 , , PUNCT cblr-1745 489 9 supra supra PROPN cblr-1745 489 10 note note NOUN cblr-1745 489 11 144 144 NUM cblr-1745 489 12 , , PUNCT cblr-1745 489 13 at at ADP cblr-1745 489 14 2–5 2–5 PROPN cblr-1745 489 15 . . PUNCT cblr-1745 489 16 to to PART cblr-1745 489 17 be be AUX cblr-1745 489 18 precise precise ADJ cblr-1745 489 19 , , PUNCT cblr-1745 489 20 however however ADV cblr-1745 489 21 , , PUNCT cblr-1745 489 22 it it PRON cblr-1745 489 23 must must AUX cblr-1745 489 24 be be AUX cblr-1745 489 25 noted note VERB cblr-1745 489 26 that that SCONJ cblr-1745 489 27 isda isda NOUN cblr-1745 489 28 assessed assess VERB cblr-1745 489 29 the the DET cblr-1745 489 30 market market NOUN cblr-1745 489 31 for for ADP cblr-1745 489 32 interest interest NOUN cblr-1745 489 33 rate rate NOUN cblr-1745 489 34 derivatives derivative NOUN cblr-1745 489 35 , , PUNCT cblr-1745 489 36 which which PRON cblr-1745 489 37 are be AUX cblr-1745 489 38 primarily primarily ADV cblr-1745 489 39 ( ( PUNCT cblr-1745 489 40 but but CCONJ cblr-1745 489 41 not not PART cblr-1745 489 42 entirely entirely ADV cblr-1745 489 43 ) ) PUNCT cblr-1745 489 44 comprised comprise VERB cblr-1745 489 45 of of ADP cblr-1745 489 46 irs irs PROPN cblr-1745 489 47 . . 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NOUN cblr-1745 491 4 2016 2016 NUM cblr-1745 491 5 approximately approximately ADV cblr-1745 491 6 $ $ SYM cblr-1745 491 7 404 404 NUM cblr-1745 491 8 trillion trillion NUM cblr-1745 491 9 in in ADP cblr-1745 491 10 size size NOUN cblr-1745 491 11 as as ADP cblr-1745 491 12 of of ADP cblr-1745 491 13 june june PROPN cblr-1745 491 14 30 30 NUM cblr-1745 491 15 , , PUNCT cblr-1745 491 16 2013.150 2013.150 NUM cblr-1745 491 17 adjusted adjust VERB cblr-1745 491 18 for for ADP cblr-1745 491 19 double double ADJ cblr-1745 491 20 - - PUNCT cblr-1745 491 21 counting counting NOUN cblr-1745 491 22 , , PUNCT cblr-1745 491 23 the the DET cblr-1745 491 24 size size NOUN cblr-1745 491 25 of of ADP cblr-1745 491 26 the the DET cblr-1745 491 27 cleared clear VERB cblr-1745 491 28 irs irs PROPN cblr-1745 491 29 market market NOUN cblr-1745 491 30 becomes become VERB cblr-1745 491 31 $ $ SYM cblr-1745 491 32 202 202 NUM cblr-1745 491 33 trillion.151 trillion.151 NUM cblr-1745 491 34 figure figure NOUN cblr-1745 491 35 1 1 NUM cblr-1745 491 36 : : PUNCT cblr-1745 491 37 double double ADJ cblr-1745 491 38 - - PUNCT cblr-1745 491 39 counting counting NOUN cblr-1745 491 40 of of ADP cblr-1745 491 41 cleared clear VERB cblr-1745 491 42 trades trade NOUN cblr-1745 491 43 left leave VERB cblr-1745 491 44 : : PUNCT cblr-1745 491 45 one one NUM cblr-1745 491 46 trade trade NOUN cblr-1745 491 47 between between ADP cblr-1745 491 48 two two NUM cblr-1745 491 49 clearinghouse clearinghouse NOUN cblr-1745 491 50 members member NOUN cblr-1745 491 51 . . PUNCT cblr-1745 492 1 right right ADV cblr-1745 492 2 : : PUNCT cblr-1745 492 3 the the DET cblr-1745 492 4 same same ADJ cblr-1745 492 5 trade trade NOUN cblr-1745 492 6 novated novate VERB cblr-1745 492 7 to to ADP cblr-1745 492 8 the the DET cblr-1745 492 9 clearinghouse clearinghouse NOUN cblr-1745 492 10 and and CCONJ cblr-1745 492 11 then then ADV cblr-1745 492 12 booked book VERB cblr-1745 492 13 as as ADP cblr-1745 492 14 two two NUM cblr-1745 492 15 trades trade NOUN cblr-1745 492 16 . . PUNCT cblr-1745 493 1 ii ii X cblr-1745 493 2 . . PUNCT cblr-1745 494 1 clearing clearing NOUN cblr-1745 494 2 of of ADP cblr-1745 494 3 credit credit NOUN cblr-1745 494 4 default default NOUN cblr-1745 494 5 swaps swap NOUN cblr-1745 494 6 for for ADP cblr-1745 494 7 cds cd NOUN cblr-1745 494 8 clearing clearing NOUN cblr-1745 494 9 , , PUNCT cblr-1745 494 10 market market NOUN cblr-1745 494 11 definition definition NOUN cblr-1745 494 12 is be AUX cblr-1745 494 13 more more ADV cblr-1745 494 14 protean protean ADJ cblr-1745 494 15 . . PUNCT cblr-1745 495 1 in in ADP cblr-1745 495 2 the the DET cblr-1745 495 3 adjacent adjacent ADJ cblr-1745 495 4 trading trading NOUN cblr-1745 495 5 market market NOUN cblr-1745 495 6 , , PUNCT cblr-1745 495 7 liquidity liquidity NOUN cblr-1745 495 8 pools pool NOUN cblr-1745 495 9 — — PUNCT cblr-1745 495 10 i.e. i.e. X cblr-1745 495 11 , , PUNCT cblr-1745 495 12 trading trading NOUN cblr-1745 495 13 activity activity NOUN cblr-1745 495 14 — — PUNCT cblr-1745 495 15 for for ADP cblr-1745 495 16 most most ADJ cblr-1745 495 17 derivatives derivative NOUN cblr-1745 495 18 have have AUX cblr-1745 495 19 been be AUX cblr-1745 495 20 fracturing fracture VERB cblr-1745 495 21 for for ADP cblr-1745 495 22 some some DET cblr-1745 495 23 time time NOUN cblr-1745 495 24 , , PUNCT cblr-1745 495 25 so so SCONJ cblr-1745 495 26 instruments instrument NOUN cblr-1745 495 27 based base VERB cblr-1745 495 28 on on ADP cblr-1745 495 29 u.s u.s PROPN cblr-1745 495 30 . . PROPN cblr-1745 495 31 referents referent NOUN cblr-1745 495 32 are be AUX cblr-1745 495 33 traded trade VERB cblr-1745 495 34 primarily primarily ADV cblr-1745 495 35 among among ADP cblr-1745 495 36 u.s u.s PROPN cblr-1745 495 37 . . PROPN cblr-1745 495 38 dealers dealer NOUN cblr-1745 495 39 , , PUNCT cblr-1745 495 40 and and CCONJ cblr-1745 495 41 instruments instrument NOUN cblr-1745 495 42 based base VERB cblr-1745 495 43 on on ADP cblr-1745 495 44 european european ADJ cblr-1745 495 45 referents referent NOUN cblr-1745 495 46 are be AUX cblr-1745 495 47 traded trade VERB cblr-1745 495 48 primarily primarily ADV cblr-1745 495 49 among among ADP cblr-1745 495 50 european european ADJ cblr-1745 495 51 dealers dealer NOUN cblr-1745 495 52 . . PUNCT cblr-1745 496 1 this this DET cblr-1745 496 2 trend trend NOUN cblr-1745 496 3 is be AUX cblr-1745 496 4 most most ADV cblr-1745 496 5 pronounced pronounce VERB cblr-1745 496 6 in in ADP cblr-1745 496 7 the the DET cblr-1745 496 8 irs irs PROPN cblr-1745 496 9 markets market NOUN cblr-1745 496 10 , , PUNCT cblr-1745 496 11 where where SCONJ cblr-1745 496 12 in in ADP cblr-1745 496 13 fourth fourth ADJ cblr-1745 496 14 quarter quarter NOUN cblr-1745 496 15 2014 2014 NUM cblr-1745 496 16 , , PUNCT cblr-1745 496 17 87.7 87.7 NUM cblr-1745 496 18 % % NOUN cblr-1745 496 19 of of ADP cblr-1745 496 20 euro euro PROPN cblr-1745 496 21 irs irs PROPN cblr-1745 496 22 transactions transaction NOUN cblr-1745 496 23 occurred occur VERB cblr-1745 496 24 exclusively exclusively ADV cblr-1745 496 25 between between ADP cblr-1745 496 26 european european PROPN cblr-1745 496 27 dealers.152 dealers.152 PROPN cblr-1745 496 28 no no DET cblr-1745 496 29 comparable comparable ADJ cblr-1745 496 30 studies study NOUN cblr-1745 496 31 of of ADP cblr-1745 496 32 market market NOUN cblr-1745 496 33 fragmentation fragmentation NOUN cblr-1745 496 34 150 150 NUM cblr-1745 496 35 as as ADP cblr-1745 496 36 of of ADP cblr-1745 496 37 june june PROPN cblr-1745 496 38 30 30 NUM cblr-1745 496 39 , , PUNCT cblr-1745 496 40 2013 2013 NUM cblr-1745 496 41 , , PUNCT cblr-1745 496 42 clearinghouses clearinghouse NOUN cblr-1745 496 43 were be AUX cblr-1745 496 44 handling handle VERB cblr-1745 496 45 approximately approximately ADV cblr-1745 496 46 $ $ SYM cblr-1745 496 47 404 404 NUM cblr-1745 496 48 trillion trillion NUM cblr-1745 496 49 in in ADP cblr-1745 496 50 interest interest NOUN cblr-1745 496 51 rate rate NOUN cblr-1745 496 52 derivatives derivative NOUN cblr-1745 496 53 . . PUNCT cblr-1745 497 1 i i PRON cblr-1745 497 2 d. d. PROPN cblr-1745 497 3 at at ADP cblr-1745 497 4 3 3 NUM cblr-1745 497 5 . . PUNCT cblr-1745 497 6 trade trade NOUN cblr-1745 497 7 compression compression NOUN cblr-1745 497 8 eliminated eliminate VERB cblr-1745 497 9 $ $ SYM cblr-1745 497 10 239 239 NUM cblr-1745 497 11 trillion trillion NUM cblr-1745 497 12 in in ADP cblr-1745 497 13 notionals notional NOUN cblr-1745 497 14 , , PUNCT cblr-1745 497 15 resulting result VERB cblr-1745 497 16 in in ADP cblr-1745 497 17 $ $ SYM cblr-1745 497 18 144–157 144–157 NUM cblr-1745 497 19 trillion trillion NUM cblr-1745 497 20 in in ADP cblr-1745 497 21 uncleared uncleared ADJ cblr-1745 497 22 products product NOUN cblr-1745 497 23 , , PUNCT cblr-1745 497 24 comprised comprise VERB cblr-1745 497 25 of of ADP cblr-1745 497 26 unclearable unclearable ADJ cblr-1745 497 27 derivatives derivative NOUN cblr-1745 497 28 ( ( PUNCT cblr-1745 497 29 $ $ SYM cblr-1745 497 30 65 65 NUM cblr-1745 497 31 trillion trillion NUM cblr-1745 497 32 ) ) PUNCT cblr-1745 497 33 , , PUNCT cblr-1745 497 34 derivatives derivative NOUN cblr-1745 497 35 products product NOUN cblr-1745 497 36 denominated denominate VERB cblr-1745 497 37 in in ADP cblr-1745 497 38 currencies currency NOUN cblr-1745 497 39 that that PRON cblr-1745 497 40 can can AUX cblr-1745 497 41 not not PART cblr-1745 497 42 be be AUX cblr-1745 497 43 cleared clear VERB cblr-1745 497 44 ( ( PUNCT cblr-1745 497 45 $ $ SYM cblr-1745 497 46 10 10 NUM cblr-1745 497 47 trillion trillion NUM cblr-1745 497 48 ) ) PUNCT cblr-1745 497 49 , , PUNCT cblr-1745 497 50 and and CCONJ cblr-1745 497 51 transactions transaction NOUN cblr-1745 497 52 between between ADP cblr-1745 497 53 entities entity NOUN cblr-1745 497 54 exempt exempt ADJ cblr-1745 497 55 from from ADP cblr-1745 497 56 the the DET cblr-1745 497 57 clearing clearing NOUN cblr-1745 497 58 mandates mandate NOUN cblr-1745 497 59 ( ( PUNCT cblr-1745 497 60 $ $ SYM cblr-1745 497 61 36 36 NUM cblr-1745 497 62 trillion trillion NUM cblr-1745 497 63 ) ) PUNCT cblr-1745 497 64 . . PUNCT cblr-1745 498 1 i i PRON cblr-1745 498 2 d. d. PROPN cblr-1745 498 3 at at ADP cblr-1745 498 4 3–4 3–4 NUM cblr-1745 498 5 . . NOUN cblr-1745 498 6 151 151 NUM cblr-1745 499 1 i i PRON cblr-1745 499 2 d. d. VERB cblr-1745 499 3 at at ADP cblr-1745 499 4 3 3 NUM cblr-1745 499 5 . . NOUN cblr-1745 499 6 152 152 NUM cblr-1745 499 7 see see VERB cblr-1745 499 8 int’l int’l NUM cblr-1745 499 9 swaps swap NOUN cblr-1745 499 10 & & CCONJ cblr-1745 499 11 derivatives derivative NOUN cblr-1745 499 12 ass’n ass’n VERB cblr-1745 499 13 , , PUNCT cblr-1745 499 14 cross cross ADJ cblr-1745 499 15 - - ADJ cblr-1745 499 16 border border ADJ cblr-1745 499 17 fragmentation fragmentation NOUN cblr-1745 499 18 of of ADP cblr-1745 499 19 global global ADJ cblr-1745 499 20 derivatives derivative NOUN cblr-1745 499 21 : : PUNCT cblr-1745 499 22 end end NOUN cblr-1745 499 23 - - PUNCT cblr-1745 499 24 year year NOUN cblr-1745 499 25 2014 2014 NUM cblr-1745 499 26 update update NOUN cblr-1745 499 27 2–3 2–3 NUM cblr-1745 499 28 chang chang PROPN cblr-1745 499 29 – – PUNCT cblr-1745 499 30 final final ADJ cblr-1745 499 31 no no NOUN cblr-1745 499 32 . . PUNCT cblr-1745 500 1 3:657 3:657 NUM cblr-1745 500 2 ] ] X cblr-1745 500 3 second second ADJ cblr-1745 500 4 - - PUNCT cblr-1745 500 5 generation generation NOUN cblr-1745 500 6 monopolization monopolization NOUN cblr-1745 500 7 691 691 NUM cblr-1745 500 8 have have AUX cblr-1745 500 9 been be AUX cblr-1745 500 10 undertaken undertake VERB cblr-1745 500 11 for for ADP cblr-1745 500 12 the the DET cblr-1745 500 13 cds cd NOUN cblr-1745 500 14 markets market NOUN cblr-1745 500 15 ; ; PUNCT cblr-1745 500 16 however however ADV cblr-1745 500 17 , , PUNCT cblr-1745 500 18 at at ADP cblr-1745 500 19 present present ADJ cblr-1745 500 20 , , PUNCT cblr-1745 500 21 there there PRON cblr-1745 500 22 are be VERB cblr-1745 500 23 two two NUM cblr-1745 500 24 major major ADJ cblr-1745 500 25 clearinghouses clearinghouse NOUN cblr-1745 500 26 for for ADP cblr-1745 500 27 cds cd NOUN cblr-1745 500 28 , , PUNCT cblr-1745 500 29 both both PRON cblr-1745 500 30 operated operate VERB cblr-1745 500 31 by by ADP cblr-1745 500 32 the the DET cblr-1745 500 33 intercontinental intercontinental ADJ cblr-1745 500 34 exchange exchange NOUN cblr-1745 500 35 ( ( PUNCT cblr-1745 500 36 “ " PUNCT cblr-1745 500 37 ice”)—ice ice”)—ice NOUN cblr-1745 500 38 clear clear ADJ cblr-1745 500 39 credit credit NOUN cblr-1745 500 40 , , PUNCT cblr-1745 500 41 “ " PUNCT cblr-1745 500 42 the the DET cblr-1745 500 43 world world NOUN cblr-1745 500 44 ’s ’s PART cblr-1745 500 45 first first ADV cblr-1745 500 46 dedicated dedicate VERB cblr-1745 500 47 cds cds PROPN cblr-1745 500 48 clearing clearing NOUN cblr-1745 500 49 house house NOUN cblr-1745 500 50 , , PUNCT cblr-1745 500 51 ” " PUNCT cblr-1745 500 52 and and CCONJ cblr-1745 500 53 ice ice NOUN cblr-1745 500 54 clear clear PROPN cblr-1745 500 55 europe europe PROPN cblr-1745 500 56 , , PUNCT cblr-1745 500 57 which which PRON cblr-1745 500 58 serves serve VERB cblr-1745 500 59 the the DET cblr-1745 500 60 european european ADJ cblr-1745 500 61 cds cd NOUN cblr-1745 500 62 market.153 market.153 VERB cblr-1745 500 63 fragmentation fragmentation NOUN cblr-1745 500 64 of of ADP cblr-1745 500 65 the the DET cblr-1745 500 66 downstream downstream ADJ cblr-1745 500 67 trading trading NOUN cblr-1745 500 68 market market NOUN cblr-1745 500 69 has have AUX cblr-1745 500 70 not not PART cblr-1745 500 71 affected affect VERB cblr-1745 500 72 the the DET cblr-1745 500 73 upstream upstream ADJ cblr-1745 500 74 clearing clearing NOUN cblr-1745 500 75 of of ADP cblr-1745 500 76 irs irs PROPN cblr-1745 500 77 . . PUNCT cblr-1745 501 1 as as ADP cblr-1745 501 2 the the DET cblr-1745 501 3 next next ADJ cblr-1745 501 4 subsection subsection NOUN cblr-1745 501 5 shows show NOUN cblr-1745 501 6 , , PUNCT cblr-1745 501 7 one one NUM cblr-1745 501 8 giant giant ADJ cblr-1745 501 9 clearinghouse clearinghouse NOUN cblr-1745 501 10 , , PUNCT cblr-1745 501 11 swapclear swapclear NOUN cblr-1745 501 12 , , PUNCT cblr-1745 501 13 provides provide VERB cblr-1745 501 14 the the DET cblr-1745 501 15 lion lion NOUN cblr-1745 501 16 ’s ’s PART cblr-1745 501 17 share share NOUN cblr-1745 501 18 of of ADP cblr-1745 501 19 clearing clearing NOUN cblr-1745 501 20 services service NOUN cblr-1745 501 21 for for ADP cblr-1745 501 22 the the DET cblr-1745 501 23 world world NOUN cblr-1745 501 24 ’s ’s PART cblr-1745 501 25 irs irs PROPN cblr-1745 501 26 trades trade NOUN cblr-1745 501 27 . . PUNCT cblr-1745 502 1 yet yet CCONJ cblr-1745 502 2 the the DET cblr-1745 502 3 cds cds PROPN cblr-1745 502 4 clearing clearing NOUN cblr-1745 502 5 markets market NOUN cblr-1745 502 6 are be AUX cblr-1745 502 7 serviced service VERB cblr-1745 502 8 by by ADP cblr-1745 502 9 two two NUM cblr-1745 502 10 dominant dominant ADJ cblr-1745 502 11 providers provider NOUN cblr-1745 502 12 , , PUNCT cblr-1745 502 13 whose whose DET cblr-1745 502 14 footprints footprint NOUN cblr-1745 502 15 are be AUX cblr-1745 502 16 beginning begin VERB cblr-1745 502 17 to to PART cblr-1745 502 18 splinter splinter VERB cblr-1745 502 19 along along ADP cblr-1745 502 20 geographic geographic ADJ cblr-1745 502 21 lines.154 lines.154 NOUN cblr-1745 502 22 for for ADP cblr-1745 502 23 now now ADV cblr-1745 502 24 , , PUNCT cblr-1745 502 25 there there PRON cblr-1745 502 26 is be VERB cblr-1745 502 27 still still ADV cblr-1745 502 28 geographic geographic ADJ cblr-1745 502 29 overlap overlap NOUN cblr-1745 502 30 between between ADP cblr-1745 502 31 the the DET cblr-1745 502 32 two two NUM cblr-1745 502 33 ice ice NOUN cblr-1745 502 34 clearinghouses clearinghouse NOUN cblr-1745 502 35 . . PUNCT cblr-1745 503 1 thus thus ADV cblr-1745 503 2 , , PUNCT cblr-1745 503 3 this this DET cblr-1745 503 4 article article NOUN cblr-1745 503 5 treats treat VERB cblr-1745 503 6 the the DET cblr-1745 503 7 global global ADJ cblr-1745 503 8 market market NOUN cblr-1745 503 9 for for ADP cblr-1745 503 10 cds cd NOUN cblr-1745 503 11 clearing clearing NOUN cblr-1745 503 12 as as ADP cblr-1745 503 13 one one NUM cblr-1745 503 14 market market NOUN cblr-1745 503 15 rather rather ADV cblr-1745 503 16 than than ADP cblr-1745 503 17 partitioning partition VERB cblr-1745 503 18 it it PRON cblr-1745 503 19 into into ADP cblr-1745 503 20 a a DET cblr-1745 503 21 u.s u.s PROPN cblr-1745 503 22 . . PROPN cblr-1745 503 23 market market NOUN cblr-1745 503 24 and and CCONJ cblr-1745 503 25 a a DET cblr-1745 503 26 european european ADJ cblr-1745 503 27 market.155 market.155 NOUN cblr-1745 503 28 this this DET cblr-1745 503 29 approach approach NOUN cblr-1745 503 30 yields yield VERB cblr-1745 503 31 a a DET cblr-1745 503 32 market market NOUN cblr-1745 503 33 that that SCONJ cblr-1745 503 34 , , PUNCT cblr-1745 503 35 in in ADP cblr-1745 503 36 second second ADJ cblr-1745 503 37 quarter quarter NOUN cblr-1745 503 38 2013 2013 NUM cblr-1745 503 39 , , PUNCT cblr-1745 503 40 ( ( PUNCT cblr-1745 503 41 2015 2015 NUM cblr-1745 503 42 ) ) PUNCT cblr-1745 503 43 . . PUNCT cblr-1745 504 1 as as ADP cblr-1745 504 2 a a DET cblr-1745 504 3 counterpoint counterpoint NOUN cblr-1745 504 4 , , PUNCT cblr-1745 504 5 however however ADV cblr-1745 504 6 , , PUNCT cblr-1745 504 7 fragmentation fragmentation NOUN cblr-1745 504 8 in in ADP cblr-1745 504 9 the the DET cblr-1745 504 10 u.s u.s PROPN cblr-1745 504 11 . . PROPN cblr-1745 504 12 dollar dollar PROPN cblr-1745 504 13 irs irs PROPN cblr-1745 504 14 market market NOUN cblr-1745 504 15 is be AUX cblr-1745 504 16 subtler subtle ADJ cblr-1745 504 17 . . PUNCT cblr-1745 505 1 see see VERB cblr-1745 505 2 i i PRON cblr-1745 505 3 d. d. PROPN cblr-1745 505 4 at at ADP cblr-1745 505 5 9–10 9–10 PROPN cblr-1745 505 6 . . PUNCT cblr-1745 506 1 153 153 NUM cblr-1745 506 2 credit credit NOUN cblr-1745 506 3 derivatives derivative NOUN cblr-1745 506 4 , , PUNCT cblr-1745 506 5 intercontinental intercontinental ADJ cblr-1745 506 6 exch exch PROPN cblr-1745 506 7 . . PROPN cblr-1745 506 8 , , PUNCT cblr-1745 506 9 https://www.theice https://www.theice PROPN cblr-1745 506 10 .com .com PROPN cblr-1745 506 11 / / SYM cblr-1745 506 12 credit credit NOUN cblr-1745 506 13 - - PUNCT cblr-1745 506 14 derivatives derivative NOUN cblr-1745 506 15 [ [ X cblr-1745 506 16 https://perma.cc/d46c-37uh https://perma.cc/d46c-37uh X cblr-1745 506 17 ] ] X cblr-1745 506 18 ( ( PUNCT cblr-1745 506 19 last last ADV cblr-1745 506 20 visited visit VERB cblr-1745 506 21 dec dec PROPN cblr-1745 506 22 . . PROPN cblr-1745 506 23 31 31 NUM cblr-1745 506 24 , , PUNCT cblr-1745 506 25 2016 2016 NUM cblr-1745 506 26 ) ) PUNCT cblr-1745 506 27 . . PUNCT cblr-1745 507 1 154 154 NUM cblr-1745 507 2 for for ADP cblr-1745 507 3 products product NOUN cblr-1745 507 4 cleared clear VERB cblr-1745 507 5 by by ADP cblr-1745 507 6 each each DET cblr-1745 507 7 entity entity NOUN cblr-1745 507 8 , , PUNCT cblr-1745 507 9 see see VERB cblr-1745 507 10 ice ice NOUN cblr-1745 507 11 clear clear ADJ cblr-1745 507 12 credit credit NOUN cblr-1745 507 13 , , PUNCT cblr-1745 507 14 intercontinental intercontinental ADJ cblr-1745 507 15 exch exch PROPN cblr-1745 507 16 . . PROPN cblr-1745 507 17 , , PUNCT cblr-1745 507 18 https://www.theice.com/clear-credit https://www.theice.com/clear-credit PROPN cblr-1745 508 1 [ [ X cblr-1745 508 2 https://pe https://pe X cblr-1745 508 3 rmacc/7fuj-527w rmacc/7fuj-527w NOUN cblr-1745 508 4 ] ] X cblr-1745 508 5 ( ( PUNCT cblr-1745 508 6 last last ADV cblr-1745 508 7 visited visit VERB cblr-1745 508 8 dec dec PROPN cblr-1745 508 9 . . PROPN cblr-1745 508 10 31 31 NUM cblr-1745 508 11 , , PUNCT cblr-1745 508 12 2016 2016 NUM cblr-1745 508 13 ) ) PUNCT cblr-1745 508 14 ( ( PUNCT cblr-1745 508 15 follow follow VERB cblr-1745 508 16 the the DET cblr-1745 508 17 link link NOUN cblr-1745 508 18 to to ADP cblr-1745 508 19 “ " PUNCT cblr-1745 508 20 cds cds PROPN cblr-1745 508 21 cleared clear VERB cblr-1745 508 22 contracts contract NOUN cblr-1745 508 23 ” " PUNCT cblr-1745 508 24 ) ) PUNCT cblr-1745 508 25 ; ; PUNCT cblr-1745 509 1 ice ice NOUN cblr-1745 509 2 clear clear ADJ cblr-1745 509 3 europe europe PROPN cblr-1745 509 4 cds cds PROPN cblr-1745 509 5 , , PUNCT cblr-1745 509 6 intercontinental intercontinental ADJ cblr-1745 509 7 exch exch PROPN cblr-1745 509 8 . . PROPN cblr-1745 509 9 , , PUNCT cblr-1745 509 10 https://www.theice.com/clear-europe/cds https://www.theice.com/clear-europe/cds X cblr-1745 510 1 [ [ X cblr-1745 510 2 https://perma.cc/m72w-gmcw https://perma.cc/m72w-gmcw X cblr-1745 510 3 ] ] X cblr-1745 510 4 ( ( PUNCT cblr-1745 510 5 last last ADV cblr-1745 510 6 visited visit VERB cblr-1745 510 7 dec dec PROPN cblr-1745 510 8 . . PROPN cblr-1745 510 9 31 31 NUM cblr-1745 510 10 , , PUNCT cblr-1745 510 11 2016 2016 NUM cblr-1745 510 12 ) ) PUNCT cblr-1745 510 13 ( ( PUNCT cblr-1745 510 14 follow follow VERB cblr-1745 510 15 the the DET cblr-1745 510 16 link link NOUN cblr-1745 510 17 to to ADP cblr-1745 510 18 “ " PUNCT cblr-1745 510 19 cds cds PROPN cblr-1745 510 20 cleared clear VERB cblr-1745 510 21 contracts contract NOUN cblr-1745 510 22 ” " PUNCT cblr-1745 510 23 ) ) PUNCT cblr-1745 510 24 . . PUNCT cblr-1745 511 1 155 155 NUM cblr-1745 511 2 this this PRON cblr-1745 511 3 is be AUX cblr-1745 511 4 the the DET cblr-1745 511 5 approach approach NOUN cblr-1745 511 6 of of ADP cblr-1745 511 7 lin lin PROPN cblr-1745 511 8 & & CCONJ cblr-1745 511 9 surti surti PROPN cblr-1745 511 10 , , PUNCT cblr-1745 511 11 supra supra PROPN cblr-1745 511 12 note note PROPN cblr-1745 511 13 35 35 NUM cblr-1745 511 14 , , PUNCT cblr-1745 511 15 at at ADP cblr-1745 511 16 8 8 NUM cblr-1745 511 17 . . PUNCT cblr-1745 512 1 nonetheless nonetheless ADV cblr-1745 512 2 , , PUNCT cblr-1745 512 3 there there PRON cblr-1745 512 4 are be VERB cblr-1745 512 5 two two NUM cblr-1745 512 6 other other ADJ cblr-1745 512 7 possibilities possibility NOUN cblr-1745 512 8 : : PUNCT cblr-1745 512 9 ( ( PUNCT cblr-1745 512 10 i i NOUN cblr-1745 512 11 ) ) PUNCT cblr-1745 512 12 defining define VERB cblr-1745 512 13 two two NUM cblr-1745 512 14 clearing clearing NOUN cblr-1745 512 15 markets market NOUN cblr-1745 512 16 , , PUNCT cblr-1745 512 17 corresponding correspond VERB cblr-1745 512 18 to to ADP cblr-1745 512 19 cds cd NOUN cblr-1745 512 20 based base VERB cblr-1745 512 21 on on ADP cblr-1745 512 22 u.s u.s PROPN cblr-1745 512 23 . . PROPN cblr-1745 512 24 versus versus ADP cblr-1745 512 25 european european ADJ cblr-1745 512 26 referents referent NOUN cblr-1745 512 27 , , PUNCT cblr-1745 512 28 and and CCONJ cblr-1745 512 29 ( ( PUNCT cblr-1745 512 30 ii ii NOUN cblr-1745 512 31 ) ) PUNCT cblr-1745 512 32 defining define VERB cblr-1745 512 33 a a DET cblr-1745 512 34 submarket submarket NOUN cblr-1745 512 35 for for ADP cblr-1745 512 36 european european ADJ cblr-1745 512 37 - - PUNCT cblr-1745 512 38 based base VERB cblr-1745 512 39 cds cd NOUN cblr-1745 512 40 within within ADP cblr-1745 512 41 the the DET cblr-1745 512 42 broader broad ADJ cblr-1745 512 43 market market NOUN cblr-1745 512 44 for for ADP cblr-1745 512 45 all all DET cblr-1745 512 46 cleared clear VERB cblr-1745 512 47 cds cd NOUN cblr-1745 512 48 . . PUNCT cblr-1745 513 1 either either CCONJ cblr-1745 513 2 alternative alternative ADJ cblr-1745 513 3 risks risk NOUN cblr-1745 513 4 being be AUX cblr-1745 513 5 criticized criticize VERB cblr-1745 513 6 for for ADP cblr-1745 513 7 prejudicing prejudice VERB cblr-1745 513 8 the the DET cblr-1745 513 9 ice ice NOUN cblr-1745 513 10 clearinghouses clearinghouse NOUN cblr-1745 513 11 by by ADP cblr-1745 513 12 rendering render VERB cblr-1745 513 13 a a DET cblr-1745 513 14 finding finding NOUN cblr-1745 513 15 of of ADP cblr-1745 513 16 high high ADJ cblr-1745 513 17 market market NOUN cblr-1745 513 18 share share NOUN cblr-1745 513 19 ( ( PUNCT cblr-1745 513 20 and and CCONJ cblr-1745 513 21 , , PUNCT cblr-1745 513 22 therefore therefore ADV cblr-1745 513 23 , , PUNCT cblr-1745 513 24 market market NOUN cblr-1745 513 25 power power NOUN cblr-1745 513 26 ) ) PUNCT cblr-1745 513 27 inevitable inevitable ADJ cblr-1745 513 28 . . PUNCT cblr-1745 514 1 see see VERB cblr-1745 514 2 kaplow kaplow NOUN cblr-1745 514 3 , , PUNCT cblr-1745 514 4 why why SCONJ cblr-1745 514 5 ( ( PUNCT cblr-1745 514 6 ever ever ADV cblr-1745 514 7 ) ) PUNCT cblr-1745 514 8 define define VERB cblr-1745 514 9 markets market NOUN cblr-1745 514 10 ? ? PUNCT cblr-1745 514 11 , , PUNCT cblr-1745 514 12 supra supra PROPN cblr-1745 514 13 note note PROPN cblr-1745 514 14 36 36 NUM cblr-1745 514 15 , , PUNCT cblr-1745 514 16 at at ADP cblr-1745 514 17 440 440 NUM cblr-1745 514 18 . . PUNCT cblr-1745 515 1 chang chang PROPN cblr-1745 515 2 – – PUNCT cblr-1745 515 3 final final ADJ cblr-1745 515 4 692 692 NUM cblr-1745 515 5 columbia columbia PROPN cblr-1745 515 6 business business NOUN cblr-1745 515 7 law law PROPN cblr-1745 515 8 review review NOUN cblr-1745 515 9 [ [ X cblr-1745 515 10 vol vol NOUN cblr-1745 515 11 . . NOUN cblr-1745 515 12 2016 2016 NUM cblr-1745 515 13 was be AUX cblr-1745 515 14 $ $ SYM cblr-1745 515 15 5.171 5.171 NUM cblr-1745 515 16 trillion trillion NUM cblr-1745 515 17 in in ADP cblr-1745 515 18 size.156 size.156 PROPN cblr-1745 515 19 not not PART cblr-1745 515 20 adjusted adjust VERB cblr-1745 515 21 for for ADP cblr-1745 515 22 double double ADJ cblr-1745 515 23 counting counting NOUN cblr-1745 515 24 , , PUNCT cblr-1745 515 25 the the DET cblr-1745 515 26 figure figure NOUN cblr-1745 515 27 becomes become VERB cblr-1745 515 28 $ $ SYM cblr-1745 515 29 10.342 10.342 NUM cblr-1745 515 30 trillion.157 trillion.157 NUM cblr-1745 515 31 3 3 NUM cblr-1745 515 32 . . PUNCT cblr-1745 515 33 calculating calculate VERB cblr-1745 515 34 market market NOUN cblr-1745 515 35 shares share NOUN cblr-1745 515 36 in in ADP cblr-1745 515 37 the the DET cblr-1745 515 38 irs irs PROPN cblr-1745 515 39 clearing clearing NOUN cblr-1745 515 40 market market NOUN cblr-1745 515 41 , , PUNCT cblr-1745 515 42 one one NUM cblr-1745 515 43 entity entity NOUN cblr-1745 515 44 towers tower NOUN cblr-1745 515 45 above above ADP cblr-1745 515 46 all all PRON cblr-1745 515 47 else else ADV cblr-1745 515 48 : : PUNCT cblr-1745 515 49 swapclear swapclear PROPN cblr-1745 515 50 , , PUNCT cblr-1745 515 51 the the DET cblr-1745 515 52 irs irs PROPN cblr-1745 515 53 clearinghouse clearinghouse NOUN cblr-1745 515 54 owned own VERB cblr-1745 515 55 by by ADP cblr-1745 515 56 lch.clearnet.158 lch.clearnet.158 PROPN cblr-1745 515 57 in in ADP cblr-1745 515 58 2013 2013 NUM cblr-1745 515 59 , , PUNCT cblr-1745 515 60 swapclear swapclear NOUN cblr-1745 515 61 processed process VERB cblr-1745 515 62 $ $ SYM cblr-1745 515 63 391 391 NUM cblr-1745 515 64 trillion trillion NUM cblr-1745 515 65 of of ADP cblr-1745 515 66 the the DET cblr-1745 515 67 $ $ SYM cblr-1745 515 68 404 404 NUM cblr-1745 515 69 trillion trillion NUM cblr-1745 515 70 irs irs PROPN cblr-1745 515 71 clearing clearing NOUN cblr-1745 515 72 market market NOUN cblr-1745 515 73 ( ( PUNCT cblr-1745 515 74 96.8 96.8 NUM cblr-1745 515 75 % % NOUN cblr-1745 515 76 ) ) PUNCT cblr-1745 515 77 ( ( PUNCT cblr-1745 515 78 see see VERB cblr-1745 515 79 table table NOUN cblr-1745 515 80 1).159 1).159 NUM cblr-1745 515 81 by by ADP cblr-1745 515 82 contrast contrast NOUN cblr-1745 515 83 , , PUNCT cblr-1745 515 84 cme cme PROPN cblr-1745 515 85 group group NOUN cblr-1745 515 86 cleared clear VERB cblr-1745 515 87 $ $ SYM cblr-1745 515 88 6 6 NUM cblr-1745 515 89 trillion trillion NUM cblr-1745 515 90 ( ( PUNCT cblr-1745 515 91 1.49 1.49 NUM cblr-1745 515 92 % % NOUN cblr-1745 515 93 ) ) PUNCT cblr-1745 515 94 , , PUNCT cblr-1745 515 95 and and CCONJ cblr-1745 515 96 the the DET cblr-1745 515 97 japan japan PROPN cblr-1745 515 98 securities securities PROPN cblr-1745 515 99 clearing clearing NOUN cblr-1745 515 100 corporation corporation NOUN cblr-1745 515 101 ( ( PUNCT cblr-1745 515 102 “ " PUNCT cblr-1745 515 103 jscc jscc PROPN cblr-1745 515 104 ” " PUNCT cblr-1745 515 105 ) ) PUNCT cblr-1745 515 106 cleared clear VERB cblr-1745 515 107 $ $ SYM cblr-1745 515 108 6.6 6.6 NUM cblr-1745 515 109 trillion trillion NUM cblr-1745 515 110 ( ( PUNCT cblr-1745 515 111 1.63%).160 1.63%).160 NUM cblr-1745 515 112 156 156 NUM cblr-1745 515 113 robust robust ADJ cblr-1745 515 114 analysis analysis NOUN cblr-1745 515 115 of of ADP cblr-1745 515 116 the the DET cblr-1745 515 117 cds cds PROPN cblr-1745 515 118 clearing clearing NOUN cblr-1745 515 119 market market NOUN cblr-1745 515 120 was be AUX cblr-1745 515 121 , , PUNCT cblr-1745 515 122 until until SCONJ cblr-1745 515 123 recently recently ADV cblr-1745 515 124 , , PUNCT cblr-1745 515 125 fairly fairly ADV cblr-1745 515 126 difficult difficult ADJ cblr-1745 515 127 to to PART cblr-1745 515 128 come come VERB cblr-1745 515 129 by by ADP cblr-1745 515 130 . . PUNCT cblr-1745 516 1 for for ADP cblr-1745 516 2 one one NUM cblr-1745 516 3 study study NOUN cblr-1745 516 4 breaking break VERB cblr-1745 516 5 down down ADP cblr-1745 516 6 the the DET cblr-1745 516 7 cds cds PROPN cblr-1745 516 8 market market NOUN cblr-1745 516 9 into into ADP cblr-1745 516 10 cleared clear VERB cblr-1745 516 11 and and CCONJ cblr-1745 516 12 uncleared uncleared ADJ cblr-1745 516 13 segments segment NOUN cblr-1745 516 14 , , PUNCT cblr-1745 516 15 see see VERB cblr-1745 516 16 depository depository NOUN cblr-1745 516 17 tr tr VERB cblr-1745 516 18 . . PROPN cblr-1745 516 19 & & CCONJ cblr-1745 516 20 clearing clearing PROPN cblr-1745 516 21 corp corp PROPN cblr-1745 516 22 . . PROPN cblr-1745 516 23 , , PUNCT cblr-1745 516 24 centrally centrally ADV cblr-1745 516 25 cleared clear VERB cblr-1745 516 26 credit credit NOUN cblr-1745 516 27 trade trade NOUN cblr-1745 516 28 analysis analysis NOUN cblr-1745 516 29 ( ( PUNCT cblr-1745 516 30 2013 2013 NUM cblr-1745 516 31 ) ) PUNCT cblr-1745 516 32 , , PUNCT cblr-1745 516 33 http://www.dtcc.com/repository-otc-data http://www.dtcc.com/repository-otc-data X cblr-1745 516 34 ( ( PUNCT cblr-1745 516 35 follow follow VERB cblr-1745 516 36 link link NOUN cblr-1745 516 37 to to PART cblr-1745 516 38 “ " PUNCT cblr-1745 516 39 centrally centrally ADV cblr-1745 516 40 cleared clear VERB cblr-1745 516 41 credit credit NOUN cblr-1745 516 42 trade trade NOUN cblr-1745 516 43 analysis analysis NOUN cblr-1745 516 44 ” " PUNCT cblr-1745 516 45 ) ) PUNCT cblr-1745 517 1 [ [ X cblr-1745 517 2 https://perma.cc/wjr3-m83h https://perma.cc/wjr3-m83h X cblr-1745 517 3 ] ] X cblr-1745 517 4 ( ( PUNCT cblr-1745 517 5 calculating calculate VERB cblr-1745 517 6 new new ADJ cblr-1745 517 7 cleared clear VERB cblr-1745 517 8 trades trade NOUN cblr-1745 517 9 at at ADP cblr-1745 517 10 $ $ SYM cblr-1745 517 11 5.171 5.171 NUM cblr-1745 517 12 trillion trillion NUM cblr-1745 517 13 , , PUNCT cblr-1745 517 14 or or CCONJ cblr-1745 517 15 27.38 27.38 NUM cblr-1745 517 16 % % NOUN cblr-1745 517 17 , , PUNCT cblr-1745 517 18 out out ADP cblr-1745 517 19 of of ADP cblr-1745 517 20 a a DET cblr-1745 517 21 total total ADJ cblr-1745 517 22 gross gross ADJ cblr-1745 517 23 notional notional NOUN cblr-1745 517 24 of of ADP cblr-1745 517 25 $ $ SYM cblr-1745 517 26 18.88 18.88 NUM cblr-1745 517 27 trillion trillion NUM cblr-1745 517 28 ) ) PUNCT cblr-1745 517 29 . . PUNCT cblr-1745 518 1 more more ADV cblr-1745 518 2 recently recently ADV cblr-1745 518 3 , , PUNCT cblr-1745 518 4 the the DET cblr-1745 518 5 cftc cftc PROPN cblr-1745 518 6 and and CCONJ cblr-1745 518 7 occ occ PROPN cblr-1745 518 8 have have AUX cblr-1745 518 9 begun begin VERB cblr-1745 518 10 to to PART cblr-1745 518 11 break break VERB cblr-1745 518 12 down down ADP cblr-1745 518 13 the the DET cblr-1745 518 14 statistics statistic NOUN cblr-1745 518 15 for for ADP cblr-1745 518 16 cleared clear VERB cblr-1745 518 17 and and CCONJ cblr-1745 518 18 uncleared uncleared ADJ cblr-1745 518 19 cds cd NOUN cblr-1745 518 20 . . PUNCT cblr-1745 519 1 however however ADV cblr-1745 519 2 , , PUNCT cblr-1745 519 3 the the DET cblr-1745 519 4 cftc cftc PROPN cblr-1745 519 5 ’s ’s PART cblr-1745 519 6 data datum NOUN cblr-1745 519 7 are be AUX cblr-1745 519 8 compiled compile VERB cblr-1745 519 9 from from ADP cblr-1745 519 10 reports report NOUN cblr-1745 519 11 by by ADP cblr-1745 519 12 four four NUM cblr-1745 519 13 cftc cftc PROPN cblr-1745 519 14 - - PUNCT cblr-1745 519 15 registered register VERB cblr-1745 519 16 swap swap NOUN cblr-1745 519 17 data datum NOUN cblr-1745 519 18 repositories repository NOUN cblr-1745 519 19 ( ( PUNCT cblr-1745 519 20 “ " PUNCT cblr-1745 519 21 sdrs sdrs PROPN cblr-1745 519 22 ” " PUNCT cblr-1745 519 23 ) ) PUNCT cblr-1745 519 24 that that SCONJ cblr-1745 519 25 , , PUNCT cblr-1745 519 26 though though SCONJ cblr-1745 519 27 large large ADJ cblr-1745 519 28 , , PUNCT cblr-1745 519 29 do do AUX cblr-1745 519 30 not not PART cblr-1745 519 31 account account VERB cblr-1745 519 32 for for ADP cblr-1745 519 33 all all DET cblr-1745 519 34 the the DET cblr-1745 519 35 sdrs sdr NOUN cblr-1745 519 36 in in ADP cblr-1745 519 37 existence existence NOUN cblr-1745 519 38 . . PUNCT cblr-1745 520 1 see see VERB cblr-1745 520 2 weekly weekly ADJ cblr-1745 520 3 swaps swap NOUN cblr-1745 520 4 report report NOUN cblr-1745 520 5 : : PUNCT cblr-1745 520 6 explanatory explanatory ADJ cblr-1745 520 7 notes note NOUN cblr-1745 520 8 , , PUNCT cblr-1745 520 9 cftc cftc PROPN cblr-1745 520 10 , , PUNCT cblr-1745 520 11 http://www.cftc.gov/marketreports/swapsreports/explanatorynotes/index http://www.cftc.gov/marketreports/swapsreports/explanatorynotes/index PROPN cblr-1745 520 12 .htm .htm PUNCT cblr-1745 521 1 [ [ X cblr-1745 521 2 https://perma.cc/mzq7-thp4 https://perma.cc/mzq7-thp4 X cblr-1745 521 3 ] ] X cblr-1745 521 4 . . PUNCT cblr-1745 522 1 the the DET cblr-1745 522 2 occ occ PROPN cblr-1745 522 3 ’s ’s PART cblr-1745 522 4 data datum NOUN cblr-1745 522 5 are be AUX cblr-1745 522 6 compiled compile VERB cblr-1745 522 7 primarily primarily ADV cblr-1745 522 8 from from ADP cblr-1745 522 9 call call NOUN cblr-1745 522 10 reports report NOUN cblr-1745 522 11 filed file VERB cblr-1745 522 12 by by ADP cblr-1745 522 13 u.s u.s PROPN cblr-1745 522 14 . . PROPN cblr-1745 522 15 banks bank NOUN cblr-1745 522 16 , , PUNCT cblr-1745 522 17 savings saving NOUN cblr-1745 522 18 associations association NOUN cblr-1745 522 19 , , PUNCT cblr-1745 522 20 and and CCONJ cblr-1745 522 21 financial financial ADJ cblr-1745 522 22 holding hold VERB cblr-1745 522 23 companies company NOUN cblr-1745 522 24 . . PUNCT cblr-1745 523 1 see see VERB cblr-1745 523 2 occ occ PROPN cblr-1745 523 3 , , PUNCT cblr-1745 523 4 2016 2016 NUM cblr-1745 523 5 q1 q1 PROPN cblr-1745 523 6 report report NOUN cblr-1745 523 7 , , PUNCT cblr-1745 523 8 supra supra PROPN cblr-1745 523 9 note note NOUN cblr-1745 523 10 76 76 NUM cblr-1745 523 11 , , PUNCT cblr-1745 523 12 at at ADP cblr-1745 523 13 3 3 NUM cblr-1745 523 14 . . PUNCT cblr-1745 523 15 for for ADP cblr-1745 523 16 consistency consistency NOUN cblr-1745 523 17 with with ADP cblr-1745 523 18 the the DET cblr-1745 523 19 irs irs PROPN cblr-1745 523 20 clearing clearing NOUN cblr-1745 523 21 market market NOUN cblr-1745 523 22 analysis analysis NOUN cblr-1745 523 23 , , PUNCT cblr-1745 523 24 this this DET cblr-1745 523 25 subsection subsection NOUN cblr-1745 523 26 examines examine VERB cblr-1745 523 27 2013 2013 NUM cblr-1745 523 28 figures figure NOUN cblr-1745 523 29 for for ADP cblr-1745 523 30 the the DET cblr-1745 523 31 cds cds PROPN cblr-1745 523 32 clearing clearing NOUN cblr-1745 523 33 market market NOUN cblr-1745 523 34 . . PUNCT cblr-1745 524 1 157 157 NUM cblr-1745 524 2 dtcc dtcc NOUN cblr-1745 524 3 adjusts adjust VERB cblr-1745 524 4 for for ADP cblr-1745 524 5 double double ADJ cblr-1745 524 6 counting counting NOUN cblr-1745 524 7 . . PUNCT cblr-1745 525 1 see see VERB cblr-1745 525 2 depository depository NOUN cblr-1745 525 3 tr tr VERB cblr-1745 525 4 . . PROPN cblr-1745 525 5 & & CCONJ cblr-1745 525 6 clearing clearing PROPN cblr-1745 525 7 corp corp PROPN cblr-1745 525 8 . . PROPN cblr-1745 525 9 , , PUNCT cblr-1745 525 10 centrally centrally ADV cblr-1745 525 11 cleared clear VERB cblr-1745 525 12 credit credit NOUN cblr-1745 525 13 trade trade NOUN cblr-1745 525 14 analysis analysis NOUN cblr-1745 525 15 ( ( PUNCT cblr-1745 525 16 2013 2013 NUM cblr-1745 525 17 ) ) PUNCT cblr-1745 525 18 , , PUNCT cblr-1745 525 19 http://www.dtcc.com/repository-otc-data http://www.dtcc.com/repository-otc-data X cblr-1745 525 20 ( ( PUNCT cblr-1745 525 21 follow follow VERB cblr-1745 525 22 link link NOUN cblr-1745 525 23 to to ADP cblr-1745 525 24 “ " PUNCT cblr-1745 525 25 explanation explanation VERB cblr-1745 525 26 of of ADP cblr-1745 525 27 centrally centrally ADV cblr-1745 525 28 cleared clear VERB cblr-1745 525 29 trade trade NOUN cblr-1745 525 30 analysis analysis NOUN cblr-1745 525 31 ” " PUNCT cblr-1745 525 32 ) ) PUNCT cblr-1745 526 1 [ [ X cblr-1745 526 2 https://perma.cc/lfy9-56h4 https://perma.cc/lfy9-56h4 X cblr-1745 526 3 ] ] X cblr-1745 526 4 . . PUNCT cblr-1745 527 1 158 158 NUM cblr-1745 527 2 for for ADP cblr-1745 527 3 a a DET cblr-1745 527 4 description description NOUN cblr-1745 527 5 of of ADP cblr-1745 527 6 swapclear swapclear NOUN cblr-1745 527 7 ’s ’s PART cblr-1745 527 8 rise rise NOUN cblr-1745 527 9 to to ADP cblr-1745 527 10 prominence prominence NOUN cblr-1745 527 11 , , PUNCT cblr-1745 527 12 see see VERB cblr-1745 527 13 natasha natasha PROPN cblr-1745 527 14 de de PROPN cblr-1745 527 15 terán terán PROPN cblr-1745 527 16 , , PUNCT cblr-1745 527 17 how how SCONJ cblr-1745 527 18 the the DET cblr-1745 527 19 world world NOUN cblr-1745 527 20 ’s ’s PART cblr-1745 527 21 largest large ADJ cblr-1745 527 22 default default NOUN cblr-1745 527 23 was be AUX cblr-1745 527 24 unravelled unravel VERB cblr-1745 527 25 , , PUNCT cblr-1745 527 26 fin fin NOUN cblr-1745 527 27 . . PUNCT cblr-1745 528 1 news news PROPN cblr-1745 528 2 ( ( PUNCT cblr-1745 528 3 oct oct PROPN cblr-1745 528 4 . . PROPN cblr-1745 528 5 13 13 NUM cblr-1745 528 6 , , PUNCT cblr-1745 528 7 2008 2008 NUM cblr-1745 528 8 ) ) PUNCT cblr-1745 528 9 , , PUNCT cblr-1745 528 10 http://www.efinancialnews.com/story/2008-10-13/how-thelargest-default-was-unravelled http://www.efinancialnews.com/story/2008-10-13/how-thelargest-default-was-unravelle VERB cblr-1745 529 1 [ [ X cblr-1745 529 2 http://perma.cc/jb66-52tv http://perma.cc/jb66-52tv X cblr-1745 529 3 ] ] X cblr-1745 529 4 . . PUNCT cblr-1745 530 1 159 159 NUM cblr-1745 530 2 isda isda NOUN cblr-1745 530 3 , , PUNCT cblr-1745 530 4 interest interest NOUN cblr-1745 530 5 rate rate NOUN cblr-1745 530 6 derivatives derivative NOUN cblr-1745 530 7 , , PUNCT cblr-1745 530 8 supra supra PROPN cblr-1745 530 9 note note NOUN cblr-1745 530 10 144 144 NUM cblr-1745 530 11 , , PUNCT cblr-1745 530 12 at at ADP cblr-1745 530 13 3 3 NUM cblr-1745 530 14 ; ; PUNCT cblr-1745 530 15 lin lin PROPN cblr-1745 530 16 & & CCONJ cblr-1745 530 17 surti surti PROPN cblr-1745 530 18 , , PUNCT cblr-1745 530 19 supra supra PROPN cblr-1745 530 20 note note PROPN cblr-1745 530 21 35 35 NUM cblr-1745 530 22 , , PUNCT cblr-1745 530 23 at at ADP cblr-1745 530 24 8 8 NUM cblr-1745 530 25 . . NOUN cblr-1745 530 26 160 160 NUM cblr-1745 530 27 isda isda NOUN cblr-1745 530 28 , , PUNCT cblr-1745 530 29 interest interest NOUN cblr-1745 530 30 rate rate NOUN cblr-1745 530 31 derivatives derivative NOUN cblr-1745 530 32 , , PUNCT cblr-1745 530 33 supra supra PROPN cblr-1745 530 34 note note NOUN cblr-1745 530 35 144 144 NUM cblr-1745 530 36 , , PUNCT cblr-1745 530 37 at at ADP cblr-1745 530 38 3 3 NUM cblr-1745 530 39 . . PUNCT cblr-1745 531 1 chang chang PROPN cblr-1745 531 2 – – PUNCT cblr-1745 531 3 final final ADJ cblr-1745 531 4 no no NOUN cblr-1745 531 5 . . PUNCT cblr-1745 532 1 3:657 3:657 NUM cblr-1745 532 2 ] ] X cblr-1745 532 3 second second ADJ cblr-1745 532 4 - - PUNCT cblr-1745 532 5 generation generation NOUN cblr-1745 532 6 monopolization monopolization NOUN cblr-1745 532 7 693 693 NUM cblr-1745 532 8 in in ADP cblr-1745 532 9 the the DET cblr-1745 532 10 cds cds NOUN cblr-1745 532 11 clearing clearing NOUN cblr-1745 532 12 market market NOUN cblr-1745 532 13 , , PUNCT cblr-1745 532 14 ice ice NOUN cblr-1745 532 15 clear clear ADJ cblr-1745 532 16 credit credit NOUN cblr-1745 532 17 and and CCONJ cblr-1745 532 18 ice ice NOUN cblr-1745 532 19 clear clear ADJ cblr-1745 532 20 europe europe PROPN cblr-1745 532 21 are be AUX cblr-1745 532 22 the the DET cblr-1745 532 23 largest large ADJ cblr-1745 532 24 clearinghouses clearinghouse NOUN cblr-1745 532 25 . . PUNCT cblr-1745 533 1 ice ice NOUN cblr-1745 533 2 reported report VERB cblr-1745 533 3 that that SCONJ cblr-1745 533 4 these these DET cblr-1745 533 5 two two NUM cblr-1745 533 6 clearinghouses clearinghouse NOUN cblr-1745 533 7 cleared clear VERB cblr-1745 533 8 a a DET cblr-1745 533 9 combined combine VERB cblr-1745 533 10 $ $ SYM cblr-1745 533 11 10.2 10.2 NUM cblr-1745 533 12 trillion trillion NUM cblr-1745 533 13 in in ADP cblr-1745 533 14 cds cd NOUN cblr-1745 533 15 trades trade NOUN cblr-1745 533 16 in in ADP cblr-1745 533 17 2012 2012 NUM cblr-1745 533 18 and and CCONJ cblr-1745 533 19 $ $ SYM cblr-1745 533 20 10.7 10.7 NUM cblr-1745 533 21 trillion trillion NUM cblr-1745 533 22 in in ADP cblr-1745 533 23 2013.161 2013.161 NUM cblr-1745 533 24 this this DET cblr-1745 533 25 comports comport VERB cblr-1745 533 26 with with ADP cblr-1745 533 27 the the DET cblr-1745 533 28 growth growth NOUN cblr-1745 533 29 of of ADP cblr-1745 533 30 the the DET cblr-1745 533 31 overall overall ADJ cblr-1745 533 32 cds cd NOUN cblr-1745 533 33 trading trading NOUN cblr-1745 533 34 and and CCONJ cblr-1745 533 35 clearing clearing NOUN cblr-1745 533 36 markets market NOUN cblr-1745 533 37 from from ADP cblr-1745 533 38 2012 2012 NUM cblr-1745 533 39 to to ADP cblr-1745 533 40 2013.162 2013.162 NUM cblr-1745 533 41 if if SCONJ cblr-1745 533 42 we we PRON cblr-1745 533 43 assume assume VERB cblr-1745 533 44 that that SCONJ cblr-1745 533 45 , , PUNCT cblr-1745 533 46 in in ADP cblr-1745 533 47 second second ADJ cblr-1745 533 48 quarter quarter NOUN cblr-1745 533 49 2013 2013 NUM cblr-1745 533 50 , , PUNCT cblr-1745 533 51 the the DET cblr-1745 533 52 two two NUM cblr-1745 533 53 ice ice NOUN cblr-1745 533 54 clearinghouses clearinghouse NOUN cblr-1745 533 55 handled handle VERB cblr-1745 533 56 approximately approximately ADV cblr-1745 533 57 $ $ SYM cblr-1745 533 58 10.2 10.2 NUM cblr-1745 533 59 trillion trillion NUM cblr-1745 533 60 in in ADP cblr-1745 533 61 cds cd NOUN cblr-1745 534 1 trades,163 trades,163 PROPN cblr-1745 534 2 then then ADV cblr-1745 534 3 it it PRON cblr-1745 534 4 becomes become VERB cblr-1745 534 5 clear clear ADJ cblr-1745 534 6 that that SCONJ cblr-1745 534 7 these these DET cblr-1745 534 8 two two NUM cblr-1745 534 9 entities entity NOUN cblr-1745 534 10 are be AUX cblr-1745 534 11 the the DET cblr-1745 534 12 dominant dominant ADJ cblr-1745 534 13 providers provider NOUN cblr-1745 534 14 , , PUNCT cblr-1745 534 15 handling handle VERB cblr-1745 534 16 98.6 98.6 NUM cblr-1745 534 17 % % NOUN cblr-1745 534 18 of of ADP cblr-1745 534 19 centrally centrally ADV cblr-1745 534 20 cleared clear VERB cblr-1745 534 21 cds cds PROPN cblr-1745 534 22 trades trade NOUN cblr-1745 534 23 ( ( PUNCT cblr-1745 534 24 $ $ SYM cblr-1745 534 25 10.342 10.342 NUM cblr-1745 534 26 trillion).164 trillion).164 NOUN cblr-1745 534 27 compared compare VERB cblr-1745 534 28 to to ADP cblr-1745 534 29 the the DET cblr-1745 534 30 ice ice NOUN cblr-1745 534 31 clearinghouses clearinghouse NOUN cblr-1745 534 32 , , PUNCT cblr-1745 534 33 the the DET cblr-1745 534 34 other other ADJ cblr-1745 534 35 providers provider NOUN cblr-1745 534 36 — — PUNCT cblr-1745 534 37 cme cme PROPN cblr-1745 534 38 cmdx cmdx NOUN cblr-1745 534 39 in in ADP cblr-1745 534 40 north north PROPN cblr-1745 534 41 america america PROPN cblr-1745 534 42 , , PUNCT cblr-1745 534 43 eurex eurex ADJ cblr-1745 534 44 credit credit NOUN cblr-1745 534 45 clear clear ADJ cblr-1745 534 46 and and CCONJ cblr-1745 534 47 lch.clearnet lch.clearnet PROPN cblr-1745 534 48 sa sa PROPN cblr-1745 534 49 in in ADP cblr-1745 534 50 europe europe PROPN cblr-1745 534 51 , , PUNCT cblr-1745 534 52 and and CCONJ cblr-1745 535 1 jscc jscc NOUN cblr-1745 535 2 and and CCONJ cblr-1745 535 3 tokyo tokyo PROPN cblr-1745 535 4 financial financial ADJ cblr-1745 535 5 exchange exchange NOUN cblr-1745 535 6 in in ADP cblr-1745 535 7 japan japan PROPN cblr-1745 535 8 — — PUNCT cblr-1745 535 9 are be AUX cblr-1745 535 10 much much ADV cblr-1745 535 11 smaller.165 smaller.165 VERB cblr-1745 535 12 161 161 NUM cblr-1745 535 13 intercontinental intercontinental ADJ cblr-1745 535 14 exch exch NOUN cblr-1745 535 15 . . PROPN cblr-1745 535 16 , , PUNCT cblr-1745 535 17 2014 2014 NUM cblr-1745 535 18 annual annual ADJ cblr-1745 535 19 report report NOUN cblr-1745 535 20 48 48 NUM cblr-1745 535 21 ( ( PUNCT cblr-1745 535 22 2015 2015 NUM cblr-1745 535 23 ) ) PUNCT cblr-1745 535 24 , , PUNCT cblr-1745 536 1 http://ir.theice.com/~/media/files/i/ice-ir/annual-reports/2014/ice-annualreport-2014.pdf http://ir.theice.com/~/media/files/i/ice-ir/annual-reports/2014/ice-annualreport-2014.pdf PROPN cblr-1745 536 2 [ [ X cblr-1745 536 3 https://perma.cc/k9za-xed4 https://perma.cc/k9za-xed4 X cblr-1745 536 4 ] ] X cblr-1745 536 5 . . PUNCT cblr-1745 537 1 162 162 NUM cblr-1745 537 2 see see VERB cblr-1745 537 3 int’l int’l NUM cblr-1745 537 4 swaps swap NOUN cblr-1745 537 5 & & CCONJ cblr-1745 537 6 derivatives derivative NOUN cblr-1745 537 7 ass’n ass’n VERB cblr-1745 537 8 , , PUNCT cblr-1745 537 9 cds cd NOUN cblr-1745 537 10 market market NOUN cblr-1745 537 11 summary summary NOUN cblr-1745 537 12 : : PUNCT cblr-1745 537 13 market market NOUN cblr-1745 537 14 risk risk NOUN cblr-1745 537 15 transaction transaction NOUN cblr-1745 537 16 activity activity NOUN cblr-1745 537 17 3 3 NUM cblr-1745 537 18 chart chart NOUN cblr-1745 537 19 3 3 NUM cblr-1745 537 20 ( ( PUNCT cblr-1745 537 21 2013 2013 NUM cblr-1745 537 22 ) ) PUNCT cblr-1745 537 23 ( ( PUNCT cblr-1745 537 24 tracing trace VERB cblr-1745 537 25 the the DET cblr-1745 537 26 growth growth NOUN cblr-1745 537 27 of of ADP cblr-1745 537 28 cds cd NOUN cblr-1745 537 29 new new ADJ cblr-1745 537 30 market market NOUN cblr-1745 537 31 activity activity NOUN cblr-1745 537 32 from from ADP cblr-1745 537 33 $ $ SYM cblr-1745 537 34 15.0 15.0 NUM cblr-1745 537 35 trillion trillion NUM cblr-1745 537 36 in in ADP cblr-1745 537 37 2012 2012 NUM cblr-1745 537 38 to to ADP cblr-1745 537 39 $ $ SYM cblr-1745 537 40 17.3 17.3 NUM cblr-1745 537 41 trillion trillion NUM cblr-1745 537 42 in in ADP cblr-1745 537 43 2013 2013 NUM cblr-1745 537 44 ) ) PUNCT cblr-1745 537 45 . . PUNCT cblr-1745 538 1 163 163 NUM cblr-1745 538 2 trading trading NOUN cblr-1745 538 3 in in ADP cblr-1745 538 4 derivatives derivative NOUN cblr-1745 538 5 instruments instrument NOUN cblr-1745 538 6 fluctuates fluctuate VERB cblr-1745 538 7 wildly wildly ADV cblr-1745 538 8 . . PUNCT cblr-1745 539 1 see see VERB cblr-1745 539 2 todd todd PROPN cblr-1745 539 3 skarecky skarecky PROPN cblr-1745 539 4 , , PUNCT cblr-1745 539 5 cds cds PROPN cblr-1745 539 6 clearing clearing NOUN cblr-1745 539 7 data datum NOUN cblr-1745 539 8 , , PUNCT cblr-1745 539 9 clarus clarus PROPN cblr-1745 539 10 fin fin PROPN cblr-1745 539 11 . . PUNCT cblr-1745 540 1 tech tech NOUN cblr-1745 540 2 . . PUNCT cblr-1745 541 1 ( ( PUNCT cblr-1745 541 2 apr apr NOUN cblr-1745 541 3 . . PROPN cblr-1745 541 4 14 14 NUM cblr-1745 541 5 , , PUNCT cblr-1745 541 6 2015 2015 NUM cblr-1745 541 7 ) ) PUNCT cblr-1745 541 8 , , PUNCT cblr-1745 542 1 http://www.clarusft.com/cds-clearing-data http://www.clarusft.com/cds-clearing-data PROPN cblr-1745 543 1 [ [ X cblr-1745 543 2 https://perma.cc/pl8r-c7x5 https://perma.cc/pl8r-c7x5 PROPN cblr-1745 543 3 ] ] X cblr-1745 543 4 . . PUNCT cblr-1745 544 1 data datum NOUN cblr-1745 544 2 on on ADP cblr-1745 544 3 cds cd NOUN cblr-1745 544 4 trading trading NOUN cblr-1745 544 5 and and CCONJ cblr-1745 544 6 clearing clearing NOUN cblr-1745 544 7 , , PUNCT cblr-1745 544 8 therefore therefore ADV cblr-1745 544 9 , , PUNCT cblr-1745 544 10 can can AUX cblr-1745 544 11 get get VERB cblr-1745 544 12 murky murky ADJ cblr-1745 544 13 at at ADP cblr-1745 544 14 times time NOUN cblr-1745 544 15 , , PUNCT cblr-1745 544 16 depending depend VERB cblr-1745 544 17 on on ADP cblr-1745 544 18 the the DET cblr-1745 544 19 time time NOUN cblr-1745 544 20 period period NOUN cblr-1745 544 21 analyzed analyze VERB cblr-1745 544 22 . . PUNCT cblr-1745 545 1 another another DET cblr-1745 545 2 variable variable NOUN cblr-1745 545 3 is be AUX cblr-1745 545 4 the the DET cblr-1745 545 5 extent extent NOUN cblr-1745 545 6 to to PART cblr-1745 545 7 which which PRON cblr-1745 545 8 ice ice NOUN cblr-1745 545 9 ’s ’s PART cblr-1745 545 10 figures figure NOUN cblr-1745 545 11 double double ADJ cblr-1745 545 12 - - PUNCT cblr-1745 545 13 count count NOUN cblr-1745 545 14 the the DET cblr-1745 545 15 cds cd NOUN cblr-1745 545 16 based base VERB cblr-1745 545 17 on on ADP cblr-1745 545 18 european european ADJ cblr-1745 545 19 referents referent NOUN cblr-1745 545 20 which which PRON cblr-1745 545 21 are be AUX cblr-1745 545 22 cleared clear VERB cblr-1745 545 23 at at ADP cblr-1745 545 24 both both PRON cblr-1745 545 25 ice ice VERB cblr-1745 545 26 clear clear ADJ cblr-1745 545 27 credit credit NOUN cblr-1745 545 28 and and CCONJ cblr-1745 545 29 ice ice NOUN cblr-1745 545 30 clear clear ADJ cblr-1745 545 31 europe europe PROPN cblr-1745 545 32 . . PUNCT cblr-1745 546 1 164 164 NUM cblr-1745 546 2 see see VERB cblr-1745 546 3 supra supra PROPN cblr-1745 546 4 note note PROPN cblr-1745 546 5 153 153 NUM cblr-1745 546 6 and and CCONJ cblr-1745 546 7 accompanying accompany VERB cblr-1745 546 8 text text NOUN cblr-1745 546 9 ; ; PUNCT cblr-1745 546 10 lin lin PROPN cblr-1745 546 11 & & CCONJ cblr-1745 546 12 surti surti PROPN cblr-1745 546 13 , , PUNCT cblr-1745 546 14 supra supra PROPN cblr-1745 546 15 note note PROPN cblr-1745 546 16 35 35 NUM cblr-1745 546 17 , , PUNCT cblr-1745 546 18 at at ADP cblr-1745 546 19 8 8 NUM cblr-1745 546 20 ( ( PUNCT cblr-1745 546 21 “ " PUNCT cblr-1745 546 22 [ [ X cblr-1745 546 23 swapclear swapclear NOUN cblr-1745 546 24 and and CCONJ cblr-1745 546 25 the the DET cblr-1745 546 26 two two NUM cblr-1745 546 27 ice ice NOUN cblr-1745 546 28 clearinghouses clearinghouse NOUN cblr-1745 546 29 ] ] PUNCT cblr-1745 546 30 novate novate VERB cblr-1745 546 31 closeto-100 closeto-100 ADJ cblr-1745 546 32 percent percent NOUN cblr-1745 546 33 of of ADP cblr-1745 546 34 centrally centrally ADV cblr-1745 546 35 cleared clear VERB cblr-1745 546 36 derivatives derivative NOUN cblr-1745 546 37 trades trade NOUN cblr-1745 546 38 in in ADP cblr-1745 546 39 their their PRON cblr-1745 546 40 respective respective ADJ cblr-1745 546 41 markets market NOUN cblr-1745 546 42 . . PUNCT cblr-1745 546 43 ” " PUNCT cblr-1745 546 44 ) ) PUNCT cblr-1745 546 45 . . PUNCT cblr-1745 547 1 165 165 NUM cblr-1745 547 2 bis bis ADJ cblr-1745 547 3 , , PUNCT cblr-1745 547 4 2014 2014 NUM cblr-1745 547 5 otc otc PROPN cblr-1745 547 6 derivatives derivative NOUN cblr-1745 547 7 statistics statistic NOUN cblr-1745 547 8 , , PUNCT cblr-1745 547 9 supra supra PROPN cblr-1745 547 10 note note NOUN cblr-1745 547 11 148 148 NUM cblr-1745 547 12 , , PUNCT cblr-1745 547 13 at at ADP cblr-1745 547 14 11 11 NUM cblr-1745 547 15 n.6 n.6 NOUN cblr-1745 547 16 . . PUNCT cblr-1745 548 1 chang chang PROPN cblr-1745 548 2 – – PUNCT cblr-1745 548 3 final final ADJ cblr-1745 548 4 694 694 NUM cblr-1745 548 5 columbia columbia PROPN cblr-1745 548 6 business business NOUN cblr-1745 548 7 law law PROPN cblr-1745 548 8 review review NOUN cblr-1745 548 9 [ [ X cblr-1745 548 10 vol vol NOUN cblr-1745 548 11 . . NOUN cblr-1745 548 12 2016 2016 NUM cblr-1745 548 13 table table NOUN cblr-1745 548 14 1 1 NUM cblr-1745 548 15 : : PUNCT cblr-1745 548 16 market market NOUN cblr-1745 548 17 shares share NOUN cblr-1745 548 18 for for ADP cblr-1745 548 19 the the DET cblr-1745 548 20 dominant dominant ADJ cblr-1745 548 21 irs irs PROPN cblr-1745 548 22 and and CCONJ cblr-1745 548 23 cds cd NOUN cblr-1745 548 24 clearinghouses clearinghouse NOUN cblr-1745 548 25 ( ( PUNCT cblr-1745 548 26 “ " PUNCT cblr-1745 548 27 chs chs X cblr-1745 548 28 ” " PUNCT cblr-1745 548 29 ) ) PUNCT cblr-1745 548 30 clearing clear VERB cblr-1745 548 31 market market NOUN cblr-1745 548 32 notionals notional NOUN cblr-1745 548 33 : : PUNCT cblr-1745 548 34 all all PRON cblr-1745 548 35 cleared clear VERB cblr-1745 548 36 trades trade NOUN cblr-1745 548 37 dominant dominant ADJ cblr-1745 548 38 ch ch NOUN cblr-1745 548 39 ( ( PUNCT cblr-1745 548 40 “ " PUNCT cblr-1745 548 41 dch dch PROPN cblr-1745 548 42 ” " PUNCT cblr-1745 548 43 ) ) PUNCT cblr-1745 548 44 notionals notional NOUN cblr-1745 548 45 cleared clear VERB cblr-1745 548 46 in in ADP cblr-1745 548 47 dch dch PROPN cblr-1745 548 48 market market NOUN cblr-1745 548 49 share share NOUN cblr-1745 548 50 of of ADP cblr-1745 548 51 dch dch PROPN cblr-1745 548 52 irs irs PROPN cblr-1745 548 53 $ $ SYM cblr-1745 548 54 404 404 NUM cblr-1745 548 55 trillion trillion NUM cblr-1745 548 56 swapclear swapclear NOUN cblr-1745 548 57 $ $ SYM cblr-1745 548 58 391 391 NUM cblr-1745 548 59 trillion trillion NUM cblr-1745 548 60 96.8 96.8 NUM cblr-1745 548 61 % % NOUN cblr-1745 548 62 cds cds PROPN cblr-1745 548 63 $ $ SYM cblr-1745 548 64 10.342 10.342 NUM cblr-1745 548 65 trillion trillion NUM cblr-1745 548 66 ice ice NOUN cblr-1745 548 67 clear clear ADJ cblr-1745 548 68 credit credit NOUN cblr-1745 548 69 & & CCONJ cblr-1745 548 70 ice ice PROPN cblr-1745 548 71 clear clear PROPN cblr-1745 548 72 europe europe PROPN cblr-1745 548 73 $ $ SYM cblr-1745 548 74 10.2 10.2 NUM cblr-1745 548 75 trillion trillion NUM cblr-1745 548 76 98.6 98.6 NUM cblr-1745 548 77 % % NOUN cblr-1745 548 78 the the DET cblr-1745 548 79 dominance dominance NOUN cblr-1745 548 80 of of ADP cblr-1745 548 81 swapclear swapclear NOUN cblr-1745 548 82 , , PUNCT cblr-1745 548 83 ice ice NOUN cblr-1745 548 84 clear clear ADJ cblr-1745 548 85 credit credit NOUN cblr-1745 548 86 , , PUNCT cblr-1745 548 87 and and CCONJ cblr-1745 548 88 ice ice NOUN cblr-1745 548 89 clear clear ADJ cblr-1745 548 90 europe europe PROPN cblr-1745 548 91 corroborates corroborate VERB cblr-1745 548 92 the the DET cblr-1745 548 93 hypothesis hypothesis NOUN cblr-1745 548 94 that that SCONJ cblr-1745 548 95 clearinghouses clearinghouse NOUN cblr-1745 548 96 are be AUX cblr-1745 548 97 natural natural ADJ cblr-1745 548 98 monopolies monopoly NOUN cblr-1745 548 99 . . PUNCT cblr-1745 549 1 by by ADP cblr-1745 549 2 all all DET cblr-1745 549 3 estimates estimate NOUN cblr-1745 549 4 , , PUNCT cblr-1745 549 5 the the DET cblr-1745 549 6 clearing clearing NOUN cblr-1745 549 7 markets market NOUN cblr-1745 549 8 for for ADP cblr-1745 549 9 otc otc PROPN cblr-1745 549 10 derivatives derivative NOUN cblr-1745 549 11 are be AUX cblr-1745 549 12 poised poise VERB cblr-1745 549 13 to to PART cblr-1745 549 14 grow grow VERB cblr-1745 549 15 as as ADP cblr-1745 549 16 more more ADJ cblr-1745 549 17 trades trade NOUN cblr-1745 549 18 fall fall VERB cblr-1745 549 19 into into ADP cblr-1745 549 20 the the DET cblr-1745 549 21 scope scope NOUN cblr-1745 549 22 of of ADP cblr-1745 549 23 the the DET cblr-1745 549 24 central central ADJ cblr-1745 549 25 clearing clearing NOUN cblr-1745 549 26 mandate.166 mandate.166 NOUN cblr-1745 549 27 this this DET cblr-1745 549 28 trend trend NOUN cblr-1745 549 29 will will AUX cblr-1745 549 30 only only ADV cblr-1745 549 31 strengthen strengthen VERB cblr-1745 549 32 the the DET cblr-1745 549 33 lock lock NOUN cblr-1745 549 34 of of ADP cblr-1745 549 35 swapclear swapclear NOUN cblr-1745 549 36 and and CCONJ cblr-1745 549 37 ice ice NOUN cblr-1745 549 38 on on ADP cblr-1745 549 39 market market NOUN cblr-1745 549 40 share share NOUN cblr-1745 549 41 ; ; PUNCT cblr-1745 549 42 with with ADP cblr-1745 549 43 time time NOUN cblr-1745 549 44 , , PUNCT cblr-1745 549 45 these these DET cblr-1745 549 46 entities entity NOUN cblr-1745 549 47 will will AUX cblr-1745 549 48 enjoy enjoy VERB cblr-1745 549 49 greater great ADJ cblr-1745 549 50 revenue revenue NOUN cblr-1745 549 51 and and CCONJ cblr-1745 549 52 be be AUX cblr-1745 549 53 able able ADJ cblr-1745 549 54 to to PART cblr-1745 549 55 net net VERB cblr-1745 549 56 even even ADV cblr-1745 549 57 more more ADJ cblr-1745 549 58 trades trade NOUN cblr-1745 549 59 . . PUNCT cblr-1745 550 1 however however ADV cblr-1745 550 2 , , PUNCT cblr-1745 550 3 for for ADP cblr-1745 550 4 a a DET cblr-1745 550 5 conclusion conclusion NOUN cblr-1745 550 6 of of ADP cblr-1745 550 7 high high ADJ cblr-1745 550 8 market market NOUN cblr-1745 550 9 power power NOUN cblr-1745 550 10 , , PUNCT cblr-1745 550 11 two two NUM cblr-1745 550 12 other other ADJ cblr-1745 550 13 variables variable NOUN cblr-1745 550 14 are be AUX cblr-1745 550 15 relevant relevant ADJ cblr-1745 550 16 : : PUNCT cblr-1745 550 17 the the DET cblr-1745 550 18 elasticity elasticity NOUN cblr-1745 550 19 of of ADP cblr-1745 550 20 consumer consumer NOUN cblr-1745 550 21 demand demand NOUN cblr-1745 550 22 and and CCONJ cblr-1745 550 23 the the DET cblr-1745 550 24 elasticity elasticity NOUN cblr-1745 550 25 of of ADP cblr-1745 550 26 rivals rival NOUN cblr-1745 550 27 ’ ' PUNCT cblr-1745 550 28 supply.167 supply.167 ADJ cblr-1745 550 29 consideration consideration NOUN cblr-1745 550 30 of of ADP cblr-1745 550 31 these these DET cblr-1745 550 32 two two NUM cblr-1745 550 33 factors factor NOUN cblr-1745 550 34 shows show VERB cblr-1745 550 35 that that SCONJ cblr-1745 550 36 the the DET cblr-1745 550 37 relationship relationship NOUN cblr-1745 550 38 between between ADP cblr-1745 550 39 market market NOUN cblr-1745 550 40 share share NOUN cblr-1745 550 41 and and CCONJ cblr-1745 550 42 market market NOUN cblr-1745 550 43 power power NOUN cblr-1745 550 44 is be AUX cblr-1745 550 45 more more ADV cblr-1745 550 46 nuanced nuanced ADJ cblr-1745 550 47 than than ADP cblr-1745 550 48 a a DET cblr-1745 550 49 straightforward straightforward ADJ cblr-1745 550 50 tautology tautology NOUN cblr-1745 550 51 . . PUNCT cblr-1745 551 1 although although SCONJ cblr-1745 551 2 difficult difficult ADJ cblr-1745 551 3 to to PART cblr-1745 551 4 measure measure VERB cblr-1745 551 5 directly directly ADV cblr-1745 551 6 , , PUNCT cblr-1745 551 7 both both DET cblr-1745 551 8 sets set NOUN cblr-1745 551 9 of of ADP cblr-1745 551 10 demand demand NOUN cblr-1745 551 11 can can AUX cblr-1745 551 12 be be AUX cblr-1745 551 13 easily easily ADV cblr-1745 551 14 estimated estimate VERB cblr-1745 551 15 as as ADP cblr-1745 551 16 fairly fairly ADV cblr-1745 551 17 inelastic inelastic ADJ cblr-1745 551 18 . . PUNCT cblr-1745 552 1 in in ADP cblr-1745 552 2 the the DET cblr-1745 552 3 clearing clearing NOUN cblr-1745 552 4 markets market NOUN cblr-1745 552 5 , , PUNCT cblr-1745 552 6 consumers consumer NOUN cblr-1745 552 7 ( ( PUNCT cblr-1745 552 8 i.e. i.e. X cblr-1745 552 9 , , PUNCT cblr-1745 552 10 traders trader NOUN cblr-1745 552 11 ) ) PUNCT cblr-1745 552 12 must must AUX cblr-1745 552 13 have have VERB cblr-1745 552 14 their their PRON cblr-1745 552 15 trading trading NOUN cblr-1745 552 16 activities activity NOUN cblr-1745 552 17 centrally centrally ADV cblr-1745 552 18 cleared clear VERB cblr-1745 552 19 , , PUNCT cblr-1745 552 20 with with SCONJ cblr-1745 552 21 few few ADJ cblr-1745 552 22 exceptions.168 exceptions.168 NOUN cblr-1745 552 23 consumers consumer NOUN cblr-1745 552 24 can can AUX cblr-1745 552 25 not not PART cblr-1745 552 26 seamlessly seamlessly ADV cblr-1745 552 27 switch switch VERB cblr-1745 552 28 between between ADP cblr-1745 552 29 clearinghouses clearinghouse NOUN cblr-1745 552 30 because because SCONJ cblr-1745 552 31 network network NOUN cblr-1745 552 32 effects effect NOUN cblr-1745 552 33 make make VERB cblr-1745 552 34 it it PRON cblr-1745 552 35 166 166 NUM cblr-1745 552 36 see see VERB cblr-1745 552 37 , , PUNCT cblr-1745 552 38 e.g. e.g. ADV cblr-1745 552 39 , , PUNCT cblr-1745 552 40 isda isda NOUN cblr-1745 552 41 , , PUNCT cblr-1745 552 42 2014 2014 NUM cblr-1745 552 43 year year NOUN cblr-1745 552 44 in in ADP cblr-1745 552 45 review review NOUN cblr-1745 552 46 , , PUNCT cblr-1745 552 47 supra supra PROPN cblr-1745 552 48 note note PROPN cblr-1745 552 49 130 130 NUM cblr-1745 552 50 , , PUNCT cblr-1745 552 51 at at ADP cblr-1745 552 52 3 3 NUM cblr-1745 552 53 , , PUNCT cblr-1745 552 54 12 12 NUM cblr-1745 552 55 . . PUNCT cblr-1745 552 56 167 167 NUM cblr-1745 552 57 see see VERB cblr-1745 552 58 landes lande NOUN cblr-1745 552 59 & & CCONJ cblr-1745 552 60 posner posner PROPN cblr-1745 552 61 , , PUNCT cblr-1745 552 62 supra supra PROPN cblr-1745 552 63 note note PROPN cblr-1745 552 64 108 108 NUM cblr-1745 552 65 , , PUNCT cblr-1745 552 66 at at ADP cblr-1745 552 67 939–47 939–47 NOUN cblr-1745 552 68 . . NOUN cblr-1745 552 69 168 168 NUM cblr-1745 552 70 dodd dodd PROPN cblr-1745 552 71 - - PUNCT cblr-1745 552 72 frank frank PROPN cblr-1745 552 73 includes include VERB cblr-1745 552 74 exceptions exception NOUN cblr-1745 552 75 for for ADP cblr-1745 552 76 some some DET cblr-1745 552 77 end end NOUN cblr-1745 552 78 - - PUNCT cblr-1745 552 79 users user NOUN cblr-1745 552 80 as as ADV cblr-1745 552 81 well well ADV cblr-1745 552 82 as as ADP cblr-1745 552 83 hedging hedge VERB cblr-1745 552 84 purposes purpose NOUN cblr-1745 552 85 . . PUNCT cblr-1745 553 1 critics critic NOUN cblr-1745 553 2 have have AUX cblr-1745 553 3 charged charge VERB cblr-1745 553 4 that that SCONJ cblr-1745 553 5 these these DET cblr-1745 553 6 exceptions exception NOUN cblr-1745 553 7 are be AUX cblr-1745 553 8 large large ADJ cblr-1745 553 9 enough enough ADV cblr-1745 553 10 to to PART cblr-1745 553 11 frustrate frustrate VERB cblr-1745 553 12 the the DET cblr-1745 553 13 spirit spirit NOUN cblr-1745 553 14 behind behind ADP cblr-1745 553 15 the the DET cblr-1745 553 16 law law NOUN cblr-1745 553 17 . . PUNCT cblr-1745 554 1 see see VERB cblr-1745 554 2 gina gina PROPN cblr-1745 554 3 - - PUNCT cblr-1745 554 4 gail gail PROPN cblr-1745 554 5 s. s. PROPN cblr-1745 554 6 fletcher fletcher PROPN cblr-1745 554 7 , , PUNCT cblr-1745 554 8 hazardous hazardous ADJ cblr-1745 554 9 hedging hedging NOUN cblr-1745 554 10 : : PUNCT cblr-1745 554 11 the the DET cblr-1745 554 12 ( ( PUNCT cblr-1745 554 13 unacknowledged unacknowledged ADJ cblr-1745 554 14 ) ) PUNCT cblr-1745 554 15 risks risk NOUN cblr-1745 554 16 of of ADP cblr-1745 554 17 hedging hedge VERB cblr-1745 554 18 with with ADP cblr-1745 554 19 credit credit NOUN cblr-1745 554 20 derivatives derivative NOUN cblr-1745 554 21 , , PUNCT cblr-1745 554 22 33 33 NUM cblr-1745 554 23 rev rev X cblr-1745 554 24 . . PUNCT cblr-1745 554 25 banking banking NOUN cblr-1745 554 26 & & CCONJ cblr-1745 554 27 fin fin PROPN cblr-1745 554 28 . . PUNCT cblr-1745 555 1 l. l. PROPN cblr-1745 555 2 813 813 NUM cblr-1745 555 3 , , PUNCT cblr-1745 555 4 855 855 NUM cblr-1745 555 5 , , PUNCT cblr-1745 555 6 875–76 875–76 NOUN cblr-1745 555 7 ( ( PUNCT cblr-1745 555 8 2014 2014 NUM cblr-1745 555 9 ) ) PUNCT cblr-1745 555 10 ; ; PUNCT cblr-1745 555 11 william william PROPN cblr-1745 555 12 f. f. PROPN cblr-1745 555 13 kroener kroener PROPN cblr-1745 555 14 iii iii PROPN cblr-1745 555 15 , , PUNCT cblr-1745 555 16 dodd dodd PROPN cblr-1745 555 17 - - PUNCT cblr-1745 555 18 frank frank ADJ cblr-1745 555 19 financial financial ADJ cblr-1745 555 20 reform reform NOUN cblr-1745 555 21 and and CCONJ cblr-1745 555 22 its its PRON cblr-1745 555 23 impact impact NOUN cblr-1745 555 24 on on ADP cblr-1745 555 25 the the DET cblr-1745 555 26 banking banking NOUN cblr-1745 555 27 industry industry NOUN cblr-1745 555 28 , , PUNCT cblr-1745 555 29 ss038 ss038 PROPN cblr-1745 555 30 ali ali PROPN cblr-1745 555 31 - - PROPN cblr-1745 555 32 aba aba PROPN cblr-1745 555 33 247 247 NUM cblr-1745 555 34 , , PUNCT cblr-1745 555 35 260 260 NUM cblr-1745 555 36 ( ( PUNCT cblr-1745 555 37 2010 2010 NUM cblr-1745 555 38 ) ) PUNCT cblr-1745 555 39 . . PUNCT cblr-1745 556 1 chang chang PROPN cblr-1745 556 2 – – PUNCT cblr-1745 556 3 final final ADJ cblr-1745 556 4 no no NOUN cblr-1745 556 5 . . PUNCT cblr-1745 557 1 3:657 3:657 NUM cblr-1745 557 2 ] ] X cblr-1745 557 3 second second ADJ cblr-1745 557 4 - - PUNCT cblr-1745 557 5 generation generation NOUN cblr-1745 557 6 monopolization monopolization NOUN cblr-1745 557 7 695 695 NUM cblr-1745 557 8 expensive expensive ADJ cblr-1745 557 9 to to PART cblr-1745 557 10 choose choose VERB cblr-1745 557 11 smaller small ADJ cblr-1745 557 12 providers provider NOUN cblr-1745 557 13 . . PUNCT cblr-1745 558 1 thus thus ADV cblr-1745 558 2 , , PUNCT cblr-1745 558 3 the the DET cblr-1745 558 4 elasticity elasticity NOUN cblr-1745 558 5 of of ADP cblr-1745 558 6 demand demand NOUN cblr-1745 558 7 is be AUX cblr-1745 558 8 low low ADJ cblr-1745 558 9 . . PUNCT cblr-1745 559 1 antitrust antitrust NOUN cblr-1745 559 2 sometimes sometimes ADV cblr-1745 559 3 takes take VERB cblr-1745 559 4 comfort comfort NOUN cblr-1745 559 5 in in ADP cblr-1745 559 6 competition competition NOUN cblr-1745 559 7 for for ADP cblr-1745 559 8 a a DET cblr-1745 559 9 market market NOUN cblr-1745 559 10 , , PUNCT cblr-1745 559 11 even even ADV cblr-1745 559 12 if if SCONJ cblr-1745 559 13 there there PRON cblr-1745 559 14 is be VERB cblr-1745 559 15 little little ADJ cblr-1745 559 16 competition competition NOUN cblr-1745 559 17 within within ADP cblr-1745 559 18 a a DET cblr-1745 559 19 market.169 market.169 NOUN cblr-1745 559 20 but but CCONJ cblr-1745 559 21 regulation regulation NOUN cblr-1745 559 22 erects erect VERB cblr-1745 559 23 such such ADJ cblr-1745 559 24 high high ADJ cblr-1745 559 25 barriers barrier NOUN cblr-1745 559 26 to to ADP cblr-1745 559 27 entry entry NOUN cblr-1745 559 28 that that SCONJ cblr-1745 559 29 the the DET cblr-1745 559 30 few few ADJ cblr-1745 559 31 insurgent insurgent NOUN cblr-1745 559 32 firms firm NOUN cblr-1745 559 33 managing manage VERB cblr-1745 559 34 to to PART cblr-1745 559 35 register register VERB cblr-1745 559 36 as as SCONJ cblr-1745 559 37 clearing clearing NOUN cblr-1745 559 38 organizations organization NOUN cblr-1745 559 39 will will AUX cblr-1745 559 40 have have AUX cblr-1745 559 41 a a DET cblr-1745 559 42 difficult difficult ADJ cblr-1745 559 43 time time NOUN cblr-1745 559 44 wrenching wrench VERB cblr-1745 559 45 away away ADV cblr-1745 559 46 market market NOUN cblr-1745 559 47 share share NOUN cblr-1745 559 48 from from ADP cblr-1745 559 49 incumbents.170 incumbents.170 NOUN cblr-1745 559 50 hence hence ADV cblr-1745 559 51 , , PUNCT cblr-1745 559 52 the the DET cblr-1745 559 53 elasticity elasticity NOUN cblr-1745 559 54 of of ADP cblr-1745 559 55 supply supply NOUN cblr-1745 559 56 is be AUX cblr-1745 559 57 low low ADJ cblr-1745 559 58 . . PUNCT cblr-1745 560 1 these these DET cblr-1745 560 2 patterns pattern NOUN cblr-1745 560 3 are be AUX cblr-1745 560 4 consistent consistent ADJ cblr-1745 560 5 with with ADP cblr-1745 560 6 our our PRON cblr-1745 560 7 observations observation NOUN cblr-1745 560 8 that that SCONJ cblr-1745 560 9 the the DET cblr-1745 560 10 clearing clearing NOUN cblr-1745 560 11 markets market NOUN cblr-1745 560 12 are be AUX cblr-1745 560 13 dominated dominate VERB cblr-1745 560 14 by by ADP cblr-1745 560 15 natural natural ADJ cblr-1745 560 16 monopolies monopoly NOUN cblr-1745 560 17 . . PUNCT cblr-1745 561 1 b. b. PROPN cblr-1745 562 1 the the DET cblr-1745 562 2 dealer dealer NOUN cblr-1745 562 3 markets market VERB cblr-1745 562 4 1 1 NUM cblr-1745 562 5 . . PUNCT cblr-1745 562 6 concentration concentration NOUN cblr-1745 562 7 and and CCONJ cblr-1745 562 8 oligopoly oligopoly ADJ cblr-1745 562 9 characteristics characteristic NOUN cblr-1745 562 10 the the DET cblr-1745 562 11 downstream downstream ADJ cblr-1745 562 12 dealer dealer NOUN cblr-1745 562 13 market market NOUN cblr-1745 562 14 is be AUX cblr-1745 562 15 characterized characterize VERB cblr-1745 562 16 by by ADP cblr-1745 562 17 a a DET cblr-1745 562 18 high high ADJ cblr-1745 562 19 degree degree NOUN cblr-1745 562 20 of of ADP cblr-1745 562 21 concentration concentration NOUN cblr-1745 562 22 among among ADP cblr-1745 562 23 an an DET cblr-1745 562 24 oligopoly oligopoly NOUN cblr-1745 562 25 of of ADP cblr-1745 562 26 four four NUM cblr-1745 562 27 or or CCONJ cblr-1745 562 28 five five NUM cblr-1745 562 29 large large ADJ cblr-1745 562 30 dealers dealer NOUN cblr-1745 562 31 — — PUNCT cblr-1745 562 32 who who PRON cblr-1745 562 33 , , PUNCT cblr-1745 562 34 incidentally incidentally ADV cblr-1745 562 35 , , PUNCT cblr-1745 562 36 happen happen VERB cblr-1745 562 37 to to PART cblr-1745 562 38 be be AUX cblr-1745 562 39 highly highly ADV cblr-1745 562 40 regulated regulate VERB cblr-1745 562 41 banks bank NOUN cblr-1745 562 42 and and CCONJ cblr-1745 562 43 bank bank NOUN cblr-1745 562 44 holding hold VERB cblr-1745 562 45 companies company NOUN cblr-1745 562 46 . . PUNCT cblr-1745 563 1 in in ADP cblr-1745 563 2 the the DET cblr-1745 563 3 united united PROPN cblr-1745 563 4 states states PROPN cblr-1745 563 5 , , PUNCT cblr-1745 563 6 the the DET cblr-1745 563 7 office office NOUN cblr-1745 563 8 of of ADP cblr-1745 563 9 the the DET cblr-1745 563 10 comptroller comptroller NOUN cblr-1745 563 11 of of ADP cblr-1745 563 12 the the DET cblr-1745 563 13 currency currency NOUN cblr-1745 563 14 ( ( PUNCT cblr-1745 563 15 “ " PUNCT cblr-1745 563 16 occ occ X cblr-1745 563 17 ” " PUNCT cblr-1745 563 18 ) ) PUNCT cblr-1745 563 19 publishes publish VERB cblr-1745 563 20 quarterly quarterly ADJ cblr-1745 563 21 reports report NOUN cblr-1745 563 22 on on ADP cblr-1745 563 23 bank bank NOUN cblr-1745 563 24 derivatives derivative NOUN cblr-1745 563 25 positions.171 positions.171 VERB cblr-1745 563 26 these these DET cblr-1745 563 27 reports report NOUN cblr-1745 563 28 reveal reveal VERB cblr-1745 563 29 that that SCONJ cblr-1745 563 30 the the DET cblr-1745 563 31 same same ADJ cblr-1745 563 32 institutions institution NOUN cblr-1745 563 33 always always ADV cblr-1745 563 34 top top VERB cblr-1745 563 35 the the DET cblr-1745 563 36 list list NOUN cblr-1745 563 37 : : PUNCT cblr-1745 563 38 since since SCONJ cblr-1745 563 39 2000 2000 NUM cblr-1745 563 40 , , PUNCT cblr-1745 563 41 jpmorgan jpmorgan PROPN cblr-1745 563 42 chase chase PROPN cblr-1745 563 43 bank bank PROPN cblr-1745 563 44 , , PUNCT cblr-1745 563 45 citibank citibank PROPN cblr-1745 563 46 , , PUNCT cblr-1745 563 47 and and CCONJ cblr-1745 563 48 bank bank PROPN cblr-1745 563 49 of of ADP cblr-1745 563 50 america america PROPN cblr-1745 563 51 ( ( PUNCT cblr-1745 563 52 or or CCONJ cblr-1745 563 53 their their PRON cblr-1745 563 54 predecessors predecessor NOUN cblr-1745 563 55 ) ) PUNCT cblr-1745 563 56 have have AUX cblr-1745 563 57 ranked rank VERB cblr-1745 563 58 among among ADP cblr-1745 563 59 the the DET cblr-1745 563 60 largest large ADJ cblr-1745 563 61 five five NUM cblr-1745 563 62 dealers.172 dealers.172 NOUN cblr-1745 563 63 goldman goldman NOUN cblr-1745 563 64 sachs sachs PROPN cblr-1745 563 65 bank bank PROPN cblr-1745 563 66 joined join VERB cblr-1745 563 67 that that SCONJ cblr-1745 563 68 169 169 NUM cblr-1745 563 69 see see VERB cblr-1745 563 70 hovenkamp hovenkamp NOUN cblr-1745 563 71 , , PUNCT cblr-1745 563 72 supra supra PROPN cblr-1745 563 73 note note PROPN cblr-1745 563 74 34 34 NUM cblr-1745 563 75 , , PUNCT cblr-1745 563 76 § § PROPN cblr-1745 563 77 1.4b 1.4b NUM cblr-1745 563 78 , , PUNCT cblr-1745 563 79 at at ADP cblr-1745 563 80 34 34 NUM cblr-1745 563 81 . . NOUN cblr-1745 563 82 170 170 NUM cblr-1745 563 83 for for ADP cblr-1745 563 84 the the DET cblr-1745 563 85 compliance compliance NOUN cblr-1745 563 86 obligations obligation NOUN cblr-1745 563 87 of of ADP cblr-1745 563 88 derivatives derivative NOUN cblr-1745 563 89 clearing clearing NOUN cblr-1745 563 90 organizations organization NOUN cblr-1745 563 91 , , PUNCT cblr-1745 563 92 see see VERB cblr-1745 563 93 dodd dodd PROPN cblr-1745 563 94 - - PUNCT cblr-1745 563 95 frank frank PROPN cblr-1745 563 96 wall wall PROPN cblr-1745 563 97 street street PROPN cblr-1745 563 98 reform reform PROPN cblr-1745 563 99 & & CCONJ cblr-1745 563 100 consumer consumer PROPN cblr-1745 563 101 protection protection PROPN cblr-1745 563 102 act act PROPN cblr-1745 563 103 title title NOUN cblr-1745 563 104 viii viii NOUN cblr-1745 563 105 , , PUNCT cblr-1745 563 106 12 12 NUM cblr-1745 563 107 u.s.c u.s.c NOUN cblr-1745 563 108 . . PUNCT cblr-1745 564 1 § § PROPN cblr-1745 564 2 5461 5461 NUM cblr-1745 564 3 et et NOUN cblr-1745 564 4 seq seq PROPN cblr-1745 564 5 . . PUNCT cblr-1745 565 1 ( ( PUNCT cblr-1745 565 2 2015 2015 NUM cblr-1745 565 3 ) ) PUNCT cblr-1745 565 4 . . PUNCT cblr-1745 566 1 but but CCONJ cblr-1745 566 2 see see VERB cblr-1745 566 3 crane crane NOUN cblr-1745 566 4 , , PUNCT cblr-1745 566 5 supra supra PROPN cblr-1745 566 6 note note PROPN cblr-1745 566 7 37 37 NUM cblr-1745 566 8 , , PUNCT cblr-1745 566 9 at at ADP cblr-1745 566 10 34 34 NUM cblr-1745 566 11 ( ( PUNCT cblr-1745 566 12 arguing argue VERB cblr-1745 566 13 that that DET cblr-1745 566 14 exclusion exclusion NOUN cblr-1745 566 15 is be AUX cblr-1745 566 16 most most ADV cblr-1745 566 17 concerning concern VERB cblr-1745 566 18 not not PART cblr-1745 566 19 where where SCONJ cblr-1745 566 20 entry entry NOUN cblr-1745 566 21 barriers barrier NOUN cblr-1745 566 22 are be AUX cblr-1745 566 23 high high ADJ cblr-1745 566 24 , , PUNCT cblr-1745 566 25 but but CCONJ cblr-1745 566 26 in in ADP cblr-1745 566 27 a a DET cblr-1745 566 28 zone zone NOUN cblr-1745 566 29 of of ADP cblr-1745 566 30 middling middling ADJ cblr-1745 566 31 power power NOUN cblr-1745 566 32 where where SCONJ cblr-1745 566 33 entry entry NOUN cblr-1745 566 34 barriers barrier NOUN cblr-1745 566 35 are be AUX cblr-1745 566 36 surmountable surmountable ADJ cblr-1745 566 37 absent absent ADJ cblr-1745 566 38 anticompetitive anticompetitive ADJ cblr-1745 566 39 conduct conduct NOUN cblr-1745 566 40 ) ) PUNCT cblr-1745 566 41 . . 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NOUN cblr-1745 598 12 2016 2016 NUM cblr-1745 599 1 the the DET cblr-1745 599 2 membership membership NOUN cblr-1745 599 3 profile profile NOUN cblr-1745 599 4 of of ADP cblr-1745 599 5 the the DET cblr-1745 599 6 dominant dominant ADJ cblr-1745 599 7 irs irs PROPN cblr-1745 599 8 and and CCONJ cblr-1745 599 9 cds cd NOUN cblr-1745 599 10 clearinghouses clearinghouse NOUN cblr-1745 599 11 has have AUX cblr-1745 599 12 remained remain VERB cblr-1745 599 13 unchanged unchanged ADJ cblr-1745 599 14 from from ADP cblr-1745 599 15 year year NOUN cblr-1745 599 16 to to ADP cblr-1745 599 17 year.180 year.180 PROPN cblr-1745 599 18 it it PRON cblr-1745 599 19 would would AUX cblr-1745 599 20 be be AUX cblr-1745 599 21 as as ADP cblr-1745 599 22 if if SCONJ cblr-1745 599 23 , , PUNCT cblr-1745 599 24 returning return VERB cblr-1745 599 25 to to ADP cblr-1745 599 26 our our PRON cblr-1745 599 27 prior prior ADJ cblr-1745 599 28 analogy analogy NOUN cblr-1745 599 29 , , PUNCT cblr-1745 599 30 the the DET cblr-1745 599 31 four four NUM cblr-1745 599 32 dominant dominant ADJ cblr-1745 599 33 airlines airline NOUN cblr-1745 599 34 set set VERB cblr-1745 599 35 the the DET cblr-1745 599 36 access access NOUN cblr-1745 599 37 criteria criterion NOUN cblr-1745 599 38 for for ADP cblr-1745 599 39 lax lax ADJ cblr-1745 599 40 so so ADV cblr-1745 599 41 high high ADJ cblr-1745 599 42 as as SCONJ cblr-1745 599 43 to to PART cblr-1745 599 44 exclude exclude VERB cblr-1745 599 45 smaller small ADJ cblr-1745 599 46 airlines.181 airlines.181 PROPN cblr-1745 599 47 lax lax PROPN cblr-1745 599 48 is be AUX cblr-1745 599 49 a a DET cblr-1745 599 50 labyrinthine labyrinthine ADJ cblr-1745 599 51 infrastructure infrastructure NOUN cblr-1745 599 52 run run VERB cblr-1745 599 53 nearly nearly ADV cblr-1745 599 54 at at ADP cblr-1745 599 55 cost cost NOUN cblr-1745 599 56 by by ADP cblr-1745 599 57 the the DET cblr-1745 599 58 issuance issuance NOUN cblr-1745 599 59 of of ADP cblr-1745 599 60 bonds bond NOUN cblr-1745 599 61 subject subject ADJ cblr-1745 599 62 to to ADP cblr-1745 599 63 voluminous voluminous ADJ cblr-1745 599 64 disclosures.182 disclosures.182 NOUN cblr-1745 599 65 yet yet ADV cblr-1745 599 66 , , PUNCT cblr-1745 599 67 it it PRON cblr-1745 599 68 is be AUX cblr-1745 599 69 also also ADV cblr-1745 599 70 a a DET cblr-1745 599 71 bottleneck bottleneck NOUN cblr-1745 599 72 for for ADP cblr-1745 599 73 air air NOUN cblr-1745 599 74 traffic traffic NOUN cblr-1745 599 75 into into ADP cblr-1745 599 76 los los PROPN cblr-1745 599 77 angeles angeles PROPN cblr-1745 599 78 and and CCONJ cblr-1745 599 79 can can AUX cblr-1745 599 80 be be AUX cblr-1745 599 81 manipulated manipulate VERB cblr-1745 599 82 to to PART cblr-1745 599 83 suppress suppress VERB cblr-1745 599 84 competition competition NOUN cblr-1745 599 85 in in ADP cblr-1745 599 86 the the DET cblr-1745 599 87 airlines airline NOUN cblr-1745 599 88 market market NOUN cblr-1745 599 89 , , PUNCT cblr-1745 599 90 where where SCONJ cblr-1745 599 91 the the DET cblr-1745 599 92 real real ADJ cblr-1745 599 93 revenues revenue NOUN cblr-1745 599 94 lie.183 lie.183 NOUN cblr-1745 599 95 before before SCONJ cblr-1745 599 96 charges charge NOUN cblr-1745 599 97 of of ADP cblr-1745 599 98 exclusion exclusion NOUN cblr-1745 599 99 can can AUX cblr-1745 599 100 be be AUX cblr-1745 599 101 leveled level VERB cblr-1745 599 102 , , PUNCT cblr-1745 599 103 though though ADV cblr-1745 599 104 , , PUNCT cblr-1745 599 105 market market NOUN cblr-1745 599 106 power power NOUN cblr-1745 599 107 must must AUX cblr-1745 599 108 be be AUX cblr-1745 599 109 assessed assess VERB cblr-1745 599 110 . . PUNCT cblr-1745 600 1 it it PRON cblr-1745 600 2 turns turn VERB cblr-1745 600 3 out out ADP cblr-1745 600 4 that that SCONJ cblr-1745 600 5 market market NOUN cblr-1745 600 6 definition definition NOUN cblr-1745 600 7 and and CCONJ cblr-1745 600 8 the the DET cblr-1745 600 9 calculation calculation NOUN cblr-1745 600 10 of of ADP cblr-1745 600 11 market market NOUN cblr-1745 600 12 shares share NOUN cblr-1745 600 13 are be AUX cblr-1745 600 14 even even ADV cblr-1745 600 15 trickier tricky ADJ cblr-1745 600 16 for for ADP cblr-1745 600 17 the the DET cblr-1745 600 18 downstream downstream ADJ cblr-1745 600 19 dealer dealer NOUN cblr-1745 600 20 markets market NOUN cblr-1745 600 21 than than ADP cblr-1745 600 22 for for ADP cblr-1745 600 23 the the DET cblr-1745 600 24 upstream upstream ADJ cblr-1745 600 25 clearing clearing NOUN cblr-1745 600 26 markets market NOUN cblr-1745 600 27 . . PUNCT cblr-1745 601 1 there there PRON cblr-1745 601 2 are be VERB cblr-1745 601 3 strong strong ADJ cblr-1745 601 4 disagreements disagreement NOUN cblr-1745 601 5 over over ADP cblr-1745 601 6 whether whether SCONJ cblr-1745 601 7 the the DET cblr-1745 601 8 dealer dealer NOUN cblr-1745 601 9 markets market NOUN cblr-1745 601 10 truly truly ADV cblr-1745 601 11 are be AUX cblr-1745 601 12 concentrated concentrate VERB cblr-1745 601 13 . . PUNCT cblr-1745 602 1 from from ADP cblr-1745 602 2 the the DET cblr-1745 602 3 occ occ NOUN cblr-1745 602 4 ’s ’s PART cblr-1745 602 5 viewpoint viewpoint NOUN cblr-1745 602 6 , , PUNCT cblr-1745 602 7 a a DET cblr-1745 602 8 perennial perennial ADJ cblr-1745 602 9 four four NUM cblr-1745 602 10 - - PUNCT cblr-1745 602 11 firm firm NOUN cblr-1745 602 12 oligopoly oligopoly NOUN cblr-1745 602 13 cornering corner VERB cblr-1745 602 14 over over ADP cblr-1745 602 15 90 90 NUM cblr-1745 602 16 % % NOUN cblr-1745 602 17 of of ADP cblr-1745 602 18 the the DET cblr-1745 602 19 trading trading NOUN cblr-1745 602 20 market market NOUN cblr-1745 602 21 means mean VERB cblr-1745 602 22 that that SCONJ cblr-1745 602 23 the the DET cblr-1745 602 24 market market NOUN cblr-1745 602 25 is be AUX cblr-1745 602 26 concentrated.184 concentrated.184 VERB cblr-1745 602 27 however however ADV cblr-1745 602 28 , , PUNCT cblr-1745 602 29 isda isda NOUN cblr-1745 602 30 , , PUNCT cblr-1745 602 31 the the DET cblr-1745 602 32 derivatives derivative NOUN cblr-1745 602 33 dealer dealer NOUN cblr-1745 602 34 trade trade NOUN cblr-1745 602 35 group group NOUN cblr-1745 602 36 , , PUNCT cblr-1745 602 37 maintains maintain VERB cblr-1745 602 38 that that SCONJ cblr-1745 602 39 trading trading NOUN cblr-1745 602 40 is be AUX cblr-1745 602 41 a a DET cblr-1745 602 42 global global ADJ cblr-1745 602 43 market market NOUN cblr-1745 602 44 , , PUNCT cblr-1745 602 45 and and CCONJ cblr-1745 602 46 when when SCONJ cblr-1745 602 47 dealer dealer NOUN cblr-1745 602 48 notionals notional NOUN cblr-1745 602 49 are be AUX cblr-1745 602 50 evaluated evaluate VERB cblr-1745 602 51 from from ADP cblr-1745 602 52 a a DET cblr-1745 602 53 global global ADJ cblr-1745 602 54 perspective perspective NOUN cblr-1745 602 55 , , PUNCT cblr-1745 602 56 concentration concentration NOUN cblr-1745 602 57 diminishes.185 diminishes.185 NOUN cblr-1745 602 58 at at ADP cblr-1745 602 59 the the DET cblr-1745 602 60 other other ADJ cblr-1745 602 61 end end NOUN cblr-1745 602 62 , , PUNCT cblr-1745 602 63 the the DET cblr-1745 602 64 bis bis PROPN cblr-1745 602 65 gauges gauge VERB cblr-1745 602 66 dealer dealer NOUN cblr-1745 602 67 concentration concentration NOUN cblr-1745 602 68 by by ADP cblr-1745 602 69 slicing slice VERB cblr-1745 602 70 the the DET cblr-1745 602 71 market market NOUN cblr-1745 602 72 into into ADP cblr-1745 602 73 discrete discrete ADJ cblr-1745 602 74 products product NOUN cblr-1745 602 75 — — PUNCT cblr-1745 602 76 for for ADP cblr-1745 602 77 example example NOUN cblr-1745 602 78 , , PUNCT cblr-1745 602 79 irs irs PROPN cblr-1745 602 80 based base VERB cblr-1745 602 81 on on ADP cblr-1745 602 82 the the DET cblr-1745 602 83 u.s u.s PROPN cblr-1745 602 84 . . PROPN cblr-1745 602 85 dollar dollar NOUN cblr-1745 602 86 , , PUNCT cblr-1745 602 87 canadian canadian ADJ cblr-1745 602 88 dollar dollar NOUN cblr-1745 602 89 , , PUNCT cblr-1745 602 90 euro euro PROPN cblr-1745 602 91 , , PUNCT cblr-1745 602 92 swiss swiss ADJ cblr-1745 602 93 franc franc NOUN cblr-1745 602 94 , , PUNCT cblr-1745 602 95 sterling sterling NOUN cblr-1745 602 96 , , PUNCT cblr-1745 602 97 180 180 NUM cblr-1745 602 98 see see NOUN cblr-1745 602 99 infra infra NOUN cblr-1745 602 100 section section NOUN cblr-1745 602 101 iv.a iv.a VERB cblr-1745 602 102 . . PUNCT cblr-1745 603 1 181 181 NUM cblr-1745 603 2 coincidentally coincidentally ADV cblr-1745 603 3 , , PUNCT cblr-1745 603 4 air air NOUN cblr-1745 603 5 traffic traffic NOUN cblr-1745 603 6 through through ADP cblr-1745 603 7 lax lax PROPN cblr-1745 603 8 is be AUX cblr-1745 603 9 dominated dominate VERB cblr-1745 603 10 by by ADP cblr-1745 603 11 four four NUM cblr-1745 603 12 carriers carrier NOUN cblr-1745 603 13 . . PUNCT cblr-1745 604 1 see see VERB cblr-1745 604 2 los los PROPN cblr-1745 604 3 angeles angeles PROPN cblr-1745 604 4 international international PROPN cblr-1745 604 5 airport airport PROPN cblr-1745 604 6 top top ADJ cblr-1745 604 7 10 10 NUM cblr-1745 604 8 carriers carrier NOUN cblr-1745 604 9 , , PUNCT cblr-1745 604 10 january january PROPN cblr-1745 604 11 2015 2015 NUM cblr-1745 604 12 through through ADP cblr-1745 604 13 august august PROPN cblr-1745 604 14 2015 2015 NUM cblr-1745 604 15 , , PUNCT cblr-1745 604 16 l.a l.a PROPN cblr-1745 604 17 . . PROPN cblr-1745 604 18 world world NOUN cblr-1745 604 19 airports airport NOUN cblr-1745 604 20 , , PUNCT cblr-1745 604 21 http://www.lawa.org/uploadedfiles/lax/statistics/aircarrier-2015.pdf http://www.lawa.org/uploadedfiles/lax/statistics/aircarrier-2015.pdf PROPN cblr-1745 605 1 [ [ X cblr-1745 605 2 https://perma.cc/r3jy-g8h3 https://perma.cc/r3jy-g8h3 X cblr-1745 605 3 ] ] X cblr-1745 605 4 . . PUNCT cblr-1745 606 1 182 182 NUM cblr-1745 606 2 see see VERB cblr-1745 606 3 airport airport NOUN cblr-1745 606 4 basics basic NOUN cblr-1745 606 5 , , PUNCT cblr-1745 606 6 l.a l.a PROPN cblr-1745 606 7 . . PROPN cblr-1745 606 8 world world NOUN cblr-1745 606 9 airports airport NOUN cblr-1745 606 10 , , PUNCT cblr-1745 606 11 http://www.lawa.org/our http://www.lawa.org/our PRON cblr-1745 606 12 lax lax PROPN cblr-1745 606 13 / / SYM cblr-1745 606 14 ourlax.aspx?id=9143 ourlax.aspx?id=9143 NOUN cblr-1745 606 15 [ [ X cblr-1745 606 16 https://perma.cc/jg5j-ver2 https://perma.cc/jg5j-ver2 X cblr-1745 606 17 ] ] X cblr-1745 606 18 ( ( PUNCT cblr-1745 606 19 last last ADV cblr-1745 606 20 visited visit VERB cblr-1745 606 21 dec dec PROPN cblr-1745 606 22 . . PROPN cblr-1745 606 23 31 31 NUM cblr-1745 606 24 , , PUNCT cblr-1745 606 25 2016 2016 NUM cblr-1745 606 26 ) ) PUNCT cblr-1745 606 27 . . PUNCT cblr-1745 607 1 183 183 NUM cblr-1745 607 2 cf cf NOUN cblr-1745 607 3 . . PUNCT cblr-1745 608 1 cftc cftc PROPN cblr-1745 608 2 roundtable roundtable PROPN cblr-1745 608 3 , , PUNCT cblr-1745 608 4 supra supra PROPN cblr-1745 608 5 note note NOUN cblr-1745 608 6 22 22 NUM cblr-1745 608 7 , , PUNCT cblr-1745 608 8 at at ADP cblr-1745 608 9 47 47 NUM cblr-1745 608 10 ( ( PUNCT cblr-1745 608 11 statement statement NOUN cblr-1745 608 12 of of ADP cblr-1745 608 13 jason jason PROPN cblr-1745 608 14 kastner kastner PROPN cblr-1745 608 15 , , PUNCT cblr-1745 608 16 vice vice NOUN cblr-1745 608 17 chairman chairman NOUN cblr-1745 608 18 , , PUNCT cblr-1745 608 19 swaps swap NOUN cblr-1745 608 20 and and CCONJ cblr-1745 608 21 derivatives derivative NOUN cblr-1745 608 22 markets market NOUN cblr-1745 608 23 association association NOUN cblr-1745 608 24 ) ) PUNCT cblr-1745 608 25 . . PUNCT cblr-1745 609 1 184 184 NUM cblr-1745 609 2 see see VERB cblr-1745 609 3 supra supra PROPN cblr-1745 609 4 notes note NOUN cblr-1745 609 5 170 170 NUM cblr-1745 609 6 , , PUNCT cblr-1745 609 7 172 172 NUM cblr-1745 609 8 , , PUNCT cblr-1745 609 9 174 174 NUM cblr-1745 609 10 . . PUNCT cblr-1745 609 11 185 185 NUM cblr-1745 609 12 see see NOUN cblr-1745 609 13 mengle mengle NOUN cblr-1745 609 14 , , PUNCT cblr-1745 609 15 supra supra PROPN cblr-1745 609 16 note note NOUN cblr-1745 609 17 35 35 NUM cblr-1745 609 18 , , PUNCT cblr-1745 609 19 at at ADP cblr-1745 609 20 1–3 1–3 NUM cblr-1745 609 21 , , PUNCT cblr-1745 609 22 5 5 NUM cblr-1745 609 23 . . X cblr-1745 610 1 chang chang PROPN cblr-1745 610 2 – – PUNCT cblr-1745 610 3 final final ADJ cblr-1745 610 4 no no NOUN cblr-1745 610 5 . . PUNCT cblr-1745 611 1 3:657 3:657 NUM cblr-1745 611 2 ] ] X cblr-1745 611 3 second second ADJ cblr-1745 611 4 - - PUNCT cblr-1745 611 5 generation generation NOUN cblr-1745 611 6 monopolization monopolization NOUN cblr-1745 611 7 699 699 NUM cblr-1745 611 8 swedish swedish ADJ cblr-1745 611 9 krona krona NOUN cblr-1745 611 10 , , PUNCT cblr-1745 611 11 and and CCONJ cblr-1745 611 12 japanese japanese PROPN cblr-1745 611 13 yen.186 yen.186 VERB cblr-1745 611 14 the the DET cblr-1745 611 15 result result NOUN cblr-1745 611 16 , , PUNCT cblr-1745 611 17 counterintuitively counterintuitively ADV cblr-1745 611 18 , , PUNCT cblr-1745 611 19 is be AUX cblr-1745 611 20 that that DET cblr-1745 611 21 concentration concentration NOUN cblr-1745 611 22 is be AUX cblr-1745 611 23 rather rather ADV cblr-1745 611 24 low.187 low.187 ADV cblr-1745 611 25 consistent consistent ADJ cblr-1745 611 26 with with ADP cblr-1745 611 27 professor professor NOUN cblr-1745 611 28 kaplow kaplow PROPN cblr-1745 611 29 ’s ’s PART cblr-1745 611 30 analysis analysis NOUN cblr-1745 611 31 , , PUNCT cblr-1745 611 32 both both DET cblr-1745 611 33 sides side NOUN cblr-1745 611 34 of of ADP cblr-1745 611 35 the the DET cblr-1745 611 36 debate debate NOUN cblr-1745 611 37 define define VERB cblr-1745 611 38 the the DET cblr-1745 611 39 market market NOUN cblr-1745 611 40 in in ADP cblr-1745 611 41 the the DET cblr-1745 611 42 way way NOUN cblr-1745 611 43 that that PRON cblr-1745 611 44 best good ADJ cblr-1745 611 45 supports support VERB cblr-1745 611 46 their their PRON cblr-1745 611 47 respective respective ADJ cblr-1745 611 48 arguments.188 arguments.188 NOUN cblr-1745 611 49 even even ADV cblr-1745 611 50 if if SCONJ cblr-1745 611 51 the the DET cblr-1745 611 52 market market NOUN cblr-1745 611 53 is be AUX cblr-1745 611 54 concentrated concentrate VERB cblr-1745 611 55 , , PUNCT cblr-1745 611 56 explanations explanation NOUN cblr-1745 611 57 for for ADP cblr-1745 611 58 this this DET cblr-1745 611 59 result result NOUN cblr-1745 611 60 might might AUX cblr-1745 611 61 vary vary VERB cblr-1745 611 62 . . PUNCT cblr-1745 612 1 first first ADV cblr-1745 612 2 , , PUNCT cblr-1745 612 3 cds cd NOUN cblr-1745 612 4 dealers dealer NOUN cblr-1745 612 5 have have AUX cblr-1745 612 6 historically historically ADV cblr-1745 612 7 been be AUX cblr-1745 612 8 large large ADJ cblr-1745 612 9 , , PUNCT cblr-1745 612 10 well well ADV cblr-1745 612 11 - - PUNCT cblr-1745 612 12 capitalized capitalize VERB cblr-1745 612 13 financial financial ADJ cblr-1745 612 14 institutions institution NOUN cblr-1745 612 15 because because SCONJ cblr-1745 612 16 default default NOUN cblr-1745 612 17 on on ADP cblr-1745 612 18 an an DET cblr-1745 612 19 underlying underlie VERB cblr-1745 612 20 obligation obligation NOUN cblr-1745 612 21 can can AUX cblr-1745 612 22 require require VERB cblr-1745 612 23 the the DET cblr-1745 612 24 dealer dealer NOUN cblr-1745 612 25 to to PART cblr-1745 612 26 pay pay VERB cblr-1745 612 27 a a DET cblr-1745 612 28 substantial substantial ADJ cblr-1745 612 29 amount amount NOUN cblr-1745 612 30 to to PART cblr-1745 612 31 close close VERB cblr-1745 612 32 out out ADP cblr-1745 612 33 the the DET cblr-1745 612 34 position.189 position.189 PROPN cblr-1745 612 35 dealers dealer NOUN cblr-1745 612 36 hedge hedge VERB cblr-1745 612 37 their their PRON cblr-1745 612 38 positions position NOUN cblr-1745 612 39 by by ADP cblr-1745 612 40 entering enter VERB cblr-1745 612 41 into into ADP cblr-1745 612 42 offsetting offset VERB cblr-1745 612 43 swaps swap NOUN cblr-1745 612 44 with with ADP cblr-1745 612 45 other other ADJ cblr-1745 612 46 large large ADJ cblr-1745 612 47 , , PUNCT cblr-1745 612 48 well well ADV cblr-1745 612 49 - - PUNCT cblr-1745 612 50 capitalized capitalize VERB cblr-1745 612 51 financial financial ADJ cblr-1745 612 52 institutions institution NOUN cblr-1745 612 53 — — PUNCT cblr-1745 612 54 thereby thereby ADV cblr-1745 612 55 consolidating consolidate VERB cblr-1745 612 56 the the DET cblr-1745 612 57 notionals notional NOUN cblr-1745 612 58 , , PUNCT cblr-1745 612 59 as as ADV cblr-1745 612 60 well well ADV cblr-1745 612 61 as as ADP cblr-1745 612 62 the the DET cblr-1745 612 63 risks risk NOUN cblr-1745 612 64 , , PUNCT cblr-1745 612 65 within within ADP cblr-1745 612 66 a a DET cblr-1745 612 67 small small ADJ cblr-1745 612 68 circle circle NOUN cblr-1745 612 69 of of ADP cblr-1745 612 70 big big ADJ cblr-1745 612 71 banks.190 banks.190 NOUN cblr-1745 612 72 second second ADJ cblr-1745 612 73 , , PUNCT cblr-1745 612 74 derivatives derivative NOUN cblr-1745 612 75 products product NOUN cblr-1745 612 76 , , PUNCT cblr-1745 612 77 in in ADP cblr-1745 612 78 particular particular ADJ cblr-1745 612 79 irs irs PROPN cblr-1745 612 80 , , PUNCT cblr-1745 612 81 may may AUX cblr-1745 612 82 be be AUX cblr-1745 612 83 purchased purchase VERB cblr-1745 612 84 as as ADP cblr-1745 612 85 a a DET cblr-1745 612 86 condition condition NOUN cblr-1745 612 87 for for ADP cblr-1745 612 88 obtaining obtain VERB cblr-1745 612 89 a a DET cblr-1745 612 90 loan.191 loan.191 NOUN cblr-1745 612 91 in in ADP cblr-1745 612 92 lending lending NOUN cblr-1745 612 93 to to ADP cblr-1745 612 94 a a DET cblr-1745 612 95 borrower borrower NOUN cblr-1745 612 96 at at ADP cblr-1745 612 97 a a DET cblr-1745 612 98 variable variable ADJ cblr-1745 612 99 rate rate NOUN cblr-1745 612 100 , , PUNCT cblr-1745 612 101 a a DET cblr-1745 612 102 bank bank NOUN cblr-1745 612 103 might might AUX cblr-1745 612 104 ask ask VERB cblr-1745 612 105 that that SCONJ cblr-1745 612 106 the the DET cblr-1745 612 107 borrower borrower NOUN cblr-1745 612 108 take take VERB cblr-1745 612 109 out out ADP cblr-1745 612 110 an an DET cblr-1745 612 111 irs irs PROPN cblr-1745 612 112 so so SCONJ cblr-1745 612 113 as as SCONJ cblr-1745 612 114 to to PART cblr-1745 612 115 mitigate mitigate VERB cblr-1745 612 116 the the DET cblr-1745 612 117 volatility volatility NOUN cblr-1745 612 118 of of ADP cblr-1745 612 119 fluctuating fluctuate VERB cblr-1745 612 120 rates rate NOUN cblr-1745 612 121 and and CCONJ cblr-1745 612 122 protect protect VERB cblr-1745 612 123 the the DET cblr-1745 612 124 bank bank NOUN cblr-1745 612 125 ’s ’s PART cblr-1745 612 126 interest interest NOUN cblr-1745 612 127 in in ADP cblr-1745 612 128 the the DET cblr-1745 612 129 186 186 NUM cblr-1745 612 130 see see NOUN cblr-1745 612 131 bis bis PROPN cblr-1745 612 132 , , PUNCT cblr-1745 612 133 2014 2014 NUM cblr-1745 612 134 otc otc PROPN cblr-1745 612 135 derivatives derivative NOUN cblr-1745 612 136 statistics statistic NOUN cblr-1745 612 137 , , PUNCT cblr-1745 612 138 supra supra PROPN cblr-1745 612 139 note note NOUN cblr-1745 612 140 148 148 NUM cblr-1745 612 141 , , PUNCT cblr-1745 612 142 at at ADP cblr-1745 612 143 23 23 NUM cblr-1745 612 144 tbl.9a tbl.9a NOUN cblr-1745 612 145 . . PUNCT cblr-1745 613 1 187 187 NUM cblr-1745 613 2 see see VERB cblr-1745 613 3 i i PRON cblr-1745 613 4 d. d. PROPN cblr-1745 613 5 188 188 NUM cblr-1745 613 6 see see VERB cblr-1745 613 7 kaplow kaplow NOUN cblr-1745 613 8 , , PUNCT cblr-1745 613 9 why why SCONJ cblr-1745 613 10 ( ( PUNCT cblr-1745 613 11 ever ever ADV cblr-1745 613 12 ) ) PUNCT cblr-1745 613 13 define define VERB cblr-1745 613 14 markets market NOUN cblr-1745 613 15 ? ? PUNCT cblr-1745 613 16 , , PUNCT cblr-1745 613 17 supra supra PROPN cblr-1745 613 18 note note PROPN cblr-1745 613 19 36 36 NUM cblr-1745 613 20 , , PUNCT cblr-1745 613 21 at at ADP cblr-1745 613 22 470–74 470–74 PROPN cblr-1745 613 23 . . PUNCT cblr-1745 614 1 189 189 NUM cblr-1745 614 2 robert robert PROPN cblr-1745 614 3 e. e. PROPN cblr-1745 614 4 litan litan PROPN cblr-1745 614 5 , , PUNCT cblr-1745 614 6 initiative initiative NOUN cblr-1745 614 7 on on ADP cblr-1745 614 8 bus bus NOUN cblr-1745 614 9 . . PUNCT cblr-1745 614 10 & & CCONJ cblr-1745 614 11 pub pub NOUN cblr-1745 614 12 . . PUNCT cblr-1745 615 1 policy policy NOUN cblr-1745 615 2 at at ADP cblr-1745 615 3 brookings brookings PROPN cblr-1745 615 4 , , PUNCT cblr-1745 615 5 the the DET cblr-1745 615 6 derivatives derivative NOUN cblr-1745 615 7 dealers dealer NOUN cblr-1745 615 8 ’ ’ PART cblr-1745 615 9 club club NOUN cblr-1745 615 10 and and CCONJ cblr-1745 615 11 derivatives derivative NOUN cblr-1745 615 12 markets market NOUN cblr-1745 615 13 reform reform NOUN cblr-1745 615 14 : : PUNCT cblr-1745 615 15 a a DET cblr-1745 615 16 guide guide NOUN cblr-1745 615 17 for for ADP cblr-1745 615 18 policy policy NOUN cblr-1745 615 19 makers maker NOUN cblr-1745 615 20 , , PUNCT cblr-1745 615 21 citizens citizen NOUN cblr-1745 615 22 and and CCONJ cblr-1745 615 23 other other ADJ cblr-1745 615 24 interested interested ADJ cblr-1745 615 25 parties party NOUN cblr-1745 615 26 28 28 NUM cblr-1745 615 27 ( ( PUNCT cblr-1745 615 28 2010 2010 NUM cblr-1745 615 29 ) ) PUNCT cblr-1745 615 30 , , PUNCT cblr-1745 615 31 https://www.brookings.edu/wp-content/uploads/2016/06/0407_deriv https://www.brookings.edu/wp-content/uploads/2016/06/0407_deriv X cblr-1745 615 32 atives_litan.pdf atives_litan.pdf VERB cblr-1745 615 33 [ [ X cblr-1745 615 34 https://perma.cc/v8p6-xl8w https://perma.cc/v8p6-xl8w X cblr-1745 615 35 ] ] X cblr-1745 615 36 . . PUNCT cblr-1745 616 1 see see VERB cblr-1745 616 2 also also ADV cblr-1745 616 3 cds cd VERB cblr-1745 616 4 antitrust antitrust ADJ cblr-1745 616 5 litig litig NOUN cblr-1745 616 6 . . PUNCT cblr-1745 617 1 markit markit VERB cblr-1745 617 2 mem mem ADJ cblr-1745 617 3 . . PROPN cblr-1745 617 4 , , PUNCT cblr-1745 617 5 supra supra PROPN cblr-1745 617 6 note note NOUN cblr-1745 617 7 95 95 NUM cblr-1745 617 8 , , PUNCT cblr-1745 617 9 at at ADP cblr-1745 617 10 5 5 NUM cblr-1745 617 11 ( ( PUNCT cblr-1745 617 12 describing describe VERB cblr-1745 617 13 the the DET cblr-1745 617 14 “ " PUNCT cblr-1745 617 15 cliff cliff NOUN cblr-1745 617 16 risks risk NOUN cblr-1745 617 17 ” " PUNCT cblr-1745 617 18 of of ADP cblr-1745 617 19 cds cd NOUN cblr-1745 617 20 ) ) PUNCT cblr-1745 617 21 . . PUNCT cblr-1745 618 1 190 190 NUM cblr-1745 618 2 litan litan ADJ cblr-1745 618 3 , , PUNCT cblr-1745 618 4 supra supra PROPN cblr-1745 618 5 note note NOUN cblr-1745 618 6 189 189 NUM cblr-1745 618 7 , , PUNCT cblr-1745 618 8 at at ADP cblr-1745 618 9 28 28 NUM cblr-1745 618 10 . . PUNCT cblr-1745 618 11 191 191 NUM cblr-1745 618 12 for for ADP cblr-1745 618 13 empirical empirical ADJ cblr-1745 618 14 evidence evidence NOUN cblr-1745 618 15 on on ADP cblr-1745 618 16 the the DET cblr-1745 618 17 prevalence prevalence NOUN cblr-1745 618 18 of of ADP cblr-1745 618 19 tying tying NOUN cblr-1745 618 20 , , PUNCT cblr-1745 618 21 see see VERB cblr-1745 618 22 generally generally ADV cblr-1745 618 23 ass’n ass’n NOUN cblr-1745 618 24 of of ADP cblr-1745 618 25 fin fin NOUN cblr-1745 618 26 . . PUNCT cblr-1745 619 1 prof’ls prof’ls PROPN cblr-1745 619 2 , , PUNCT cblr-1745 619 3 2004 2004 NUM cblr-1745 619 4 credit credit NOUN cblr-1745 619 5 access access NOUN cblr-1745 619 6 survey survey NOUN cblr-1745 619 7 : : PUNCT cblr-1745 619 8 linking link VERB cblr-1745 619 9 corporate corporate ADJ cblr-1745 619 10 credit credit NOUN cblr-1745 619 11 to to ADP cblr-1745 619 12 the the DET cblr-1745 619 13 awarding awarding NOUN cblr-1745 619 14 of of ADP cblr-1745 619 15 other other ADJ cblr-1745 619 16 financial financial ADJ cblr-1745 619 17 services service NOUN cblr-1745 619 18 4 4 NUM cblr-1745 619 19 ( ( PUNCT cblr-1745 619 20 june june PROPN cblr-1745 619 21 2004 2004 NUM cblr-1745 619 22 ) ) PUNCT cblr-1745 619 23 ; ; PUNCT cblr-1745 619 24 ctr ctr PROPN cblr-1745 619 25 . . PROPN cblr-1745 620 1 for for ADP cblr-1745 620 2 european european ADJ cblr-1745 620 3 policy policy NOUN cblr-1745 620 4 studies study NOUN cblr-1745 620 5 , , PUNCT cblr-1745 620 6 tying tying NOUN cblr-1745 620 7 and and CCONJ cblr-1745 620 8 other other ADJ cblr-1745 620 9 potentially potentially ADV cblr-1745 620 10 unfair unfair ADJ cblr-1745 620 11 commercial commercial ADJ cblr-1745 620 12 practices practice NOUN cblr-1745 620 13 in in ADP cblr-1745 620 14 the the DET cblr-1745 620 15 retail retail ADJ cblr-1745 620 16 financial financial ADJ cblr-1745 620 17 service service NOUN cblr-1745 620 18 sector sector NOUN cblr-1745 620 19 12 12 NUM cblr-1745 620 20 , , PUNCT cblr-1745 620 21 14–16 14–16 NUM cblr-1745 620 22 ( ( PUNCT cblr-1745 620 23 2009 2009 NUM cblr-1745 620 24 ) ) PUNCT cblr-1745 620 25 , , PUNCT cblr-1745 620 26 http://ec.europa.eu/finance/consultations/2010/tying/docs/ http://ec.europa.eu/finance/consultations/2010/tying/docs/ PROPN cblr-1745 620 27 report_en.pdf report_en.pdf PROPN cblr-1745 621 1 [ [ X cblr-1745 621 2 https://perma.cc/yy87-3njt https://perma.cc/yy87-3njt PROPN cblr-1745 621 3 ] ] PUNCT cblr-1745 621 4 . . PUNCT cblr-1745 622 1 chang chang PROPN cblr-1745 622 2 – – PUNCT cblr-1745 622 3 final final ADJ cblr-1745 622 4 700 700 NUM cblr-1745 622 5 columbia columbia PROPN cblr-1745 622 6 business business NOUN cblr-1745 622 7 law law NOUN cblr-1745 622 8 review review NOUN cblr-1745 623 1 [ [ X cblr-1745 623 2 vol vol NOUN cblr-1745 623 3 . . PUNCT cblr-1745 623 4 2016 2016 NUM cblr-1745 623 5 underlying underlie VERB cblr-1745 623 6 credit.192 credit.192 NOUN cblr-1745 623 7 coincidentally coincidentally ADV cblr-1745 623 8 , , PUNCT cblr-1745 623 9 three three NUM cblr-1745 623 10 of of ADP cblr-1745 623 11 the the DET cblr-1745 623 12 top top ADJ cblr-1745 623 13 derivatives derivative NOUN cblr-1745 623 14 dealers dealer NOUN cblr-1745 623 15 are be AUX cblr-1745 623 16 also also ADV cblr-1745 623 17 the the DET cblr-1745 623 18 nation nation NOUN cblr-1745 623 19 ’s ’s PART cblr-1745 623 20 largest large ADJ cblr-1745 623 21 commercial commercial ADJ cblr-1745 623 22 banks bank NOUN cblr-1745 623 23 : : PUNCT cblr-1745 623 24 jpmorgan jpmorgan PROPN cblr-1745 623 25 chase chase PROPN cblr-1745 623 26 , , PUNCT cblr-1745 623 27 bank bank PROPN cblr-1745 623 28 of of ADP cblr-1745 623 29 america america PROPN cblr-1745 623 30 , , PUNCT cblr-1745 623 31 and and CCONJ cblr-1745 623 32 citibank.193 citibank.193 NOUN cblr-1745 623 33 this this DET cblr-1745 623 34 coincidence coincidence NOUN cblr-1745 623 35 might might AUX cblr-1745 623 36 be be AUX cblr-1745 623 37 the the DET cblr-1745 623 38 result result NOUN cblr-1745 623 39 of of ADP cblr-1745 623 40 decisions decision NOUN cblr-1745 623 41 by by ADP cblr-1745 623 42 borrowers borrower NOUN cblr-1745 623 43 to to PART cblr-1745 623 44 purchase purchase VERB cblr-1745 623 45 swaps swap NOUN cblr-1745 623 46 from from ADP cblr-1745 623 47 well well ADV cblr-1745 623 48 - - PUNCT cblr-1745 623 49 capitalized capitalize VERB cblr-1745 623 50 dealers dealer NOUN cblr-1745 623 51 , , PUNCT cblr-1745 623 52 or or CCONJ cblr-1745 623 53 it it PRON cblr-1745 623 54 might might AUX cblr-1745 623 55 be be AUX cblr-1745 623 56 attributed attribute VERB cblr-1745 623 57 to to ADP cblr-1745 623 58 the the DET cblr-1745 623 59 tying tying NOUN cblr-1745 623 60 of of ADP cblr-1745 623 61 swaps swap NOUN cblr-1745 623 62 to to ADP cblr-1745 623 63 loans loan NOUN cblr-1745 623 64 — — PUNCT cblr-1745 623 65 a a DET cblr-1745 623 66 requirement requirement NOUN cblr-1745 623 67 that that SCONJ cblr-1745 623 68 the the DET cblr-1745 623 69 lender lender NOUN cblr-1745 623 70 imposes impose VERB cblr-1745 623 71 upon upon SCONJ cblr-1745 623 72 the the DET cblr-1745 623 73 borrower borrower NOUN cblr-1745 623 74 to to PART cblr-1745 623 75 buy buy VERB cblr-1745 623 76 swaps swap NOUN cblr-1745 623 77 from from ADP cblr-1745 623 78 an an DET cblr-1745 623 79 affiliate affiliate NOUN cblr-1745 623 80 of of ADP cblr-1745 623 81 the the DET cblr-1745 623 82 lender.194 lender.194 NOUN cblr-1745 623 83 for for ADP cblr-1745 623 84 our our PRON cblr-1745 623 85 purposes purpose NOUN cblr-1745 623 86 , , PUNCT cblr-1745 623 87 the the DET cblr-1745 623 88 above above ADJ cblr-1745 623 89 details detail NOUN cblr-1745 623 90 affect affect VERB cblr-1745 623 91 how how SCONJ cblr-1745 623 92 the the DET cblr-1745 623 93 market market NOUN cblr-1745 623 94 is be AUX cblr-1745 623 95 defined define VERB cblr-1745 623 96 to to ADP cblr-1745 623 97 either either CCONJ cblr-1745 623 98 validate validate VERB cblr-1745 623 99 or or CCONJ cblr-1745 623 100 dispel dispel NOUN cblr-1745 623 101 claims claim NOUN cblr-1745 623 102 of of ADP cblr-1745 623 103 concentration concentration NOUN cblr-1745 623 104 . . 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PUNCT cblr-1745 625 1 so so ADV cblr-1745 625 2 , , PUNCT cblr-1745 625 3 too too ADV cblr-1745 625 4 , , PUNCT cblr-1745 625 5 does do VERB cblr-1745 625 6 how how SCONJ cblr-1745 625 7 we we PRON cblr-1745 625 8 account account VERB cblr-1745 625 9 for for ADP cblr-1745 625 10 the the DET cblr-1745 625 11 market market NOUN cblr-1745 625 12 shares share NOUN cblr-1745 625 13 of of ADP cblr-1745 625 14 ( ( PUNCT cblr-1745 625 15 i i NOUN cblr-1745 625 16 ) ) PUNCT cblr-1745 625 17 large large ADJ cblr-1745 625 18 lending lending NOUN cblr-1745 625 19 institutions institution NOUN cblr-1745 625 20 that that PRON cblr-1745 625 21 are be AUX cblr-1745 625 22 smaller small ADJ cblr-1745 625 23 participants participant NOUN cblr-1745 625 24 in in ADP cblr-1745 625 25 the the DET cblr-1745 625 26 derivatives derivative NOUN cblr-1745 625 27 trading trading NOUN cblr-1745 625 28 market market NOUN cblr-1745 625 29 and and CCONJ cblr-1745 625 30 , , PUNCT cblr-1745 625 31 conversely conversely ADV cblr-1745 625 32 , , PUNCT cblr-1745 625 33 ( ( PUNCT cblr-1745 625 34 ii ii NOUN cblr-1745 625 35 ) ) PUNCT cblr-1745 625 36 large large ADJ cblr-1745 625 37 derivatives derivative NOUN cblr-1745 625 38 dealers dealer NOUN cblr-1745 625 39 that that PRON cblr-1745 625 40 are be AUX cblr-1745 625 41 smaller small ADJ cblr-1745 625 42 participants participant NOUN cblr-1745 625 43 in in ADP cblr-1745 625 44 the the DET cblr-1745 625 45 lending lending NOUN cblr-1745 625 46 market market NOUN cblr-1745 625 47 . . PUNCT cblr-1745 626 1 in in ADP cblr-1745 626 2 defining define VERB cblr-1745 626 3 the the DET cblr-1745 626 4 dealer dealer NOUN cblr-1745 626 5 market market NOUN cblr-1745 626 6 and and CCONJ cblr-1745 626 7 then then ADV cblr-1745 626 8 calculating calculate VERB cblr-1745 626 9 the the DET cblr-1745 626 10 market market NOUN cblr-1745 626 11 shares share NOUN cblr-1745 626 12 , , PUNCT cblr-1745 626 13 the the DET cblr-1745 626 14 remainder remainder NOUN cblr-1745 626 15 of of ADP cblr-1745 626 16 this this DET cblr-1745 626 17 subsection subsection NOUN cblr-1745 626 18 addresses address VERB cblr-1745 626 19 these these DET cblr-1745 626 20 considerations consideration NOUN cblr-1745 626 21 . . PUNCT cblr-1745 627 1 2 2 X cblr-1745 627 2 . . X cblr-1745 627 3 defining define VERB cblr-1745 627 4 the the DET cblr-1745 627 5 market market NOUN cblr-1745 627 6 i. i. NOUN cblr-1745 627 7 the the DET cblr-1745 627 8 product product NOUN cblr-1745 627 9 market market NOUN cblr-1745 627 10 the the DET cblr-1745 627 11 easiest easy ADJ cblr-1745 627 12 way way NOUN cblr-1745 627 13 to to PART cblr-1745 627 14 define define VERB cblr-1745 627 15 the the DET cblr-1745 627 16 byzantine byzantine ADJ cblr-1745 627 17 dealer dealer NOUN cblr-1745 627 18 market market NOUN cblr-1745 627 19 is be AUX cblr-1745 627 20 to to PART cblr-1745 627 21 proceed proceed VERB cblr-1745 627 22 , , PUNCT cblr-1745 627 23 as as ADP cblr-1745 627 24 above above ADV cblr-1745 627 25 , , PUNCT cblr-1745 627 26 with with ADP cblr-1745 627 27 a a DET cblr-1745 627 28 straightforward straightforward ADJ cblr-1745 627 29 analysis analysis NOUN cblr-1745 627 30 of of ADP cblr-1745 627 31 the the DET cblr-1745 627 32 192 192 NUM cblr-1745 627 33 see see NOUN cblr-1745 627 34 anti anti ADJ cblr-1745 627 35 - - ADJ cblr-1745 627 36 tying tying ADJ cblr-1745 627 37 restrictions restriction NOUN cblr-1745 627 38 of of ADP cblr-1745 627 39 section section NOUN cblr-1745 627 40 106 106 NUM cblr-1745 627 41 of of ADP cblr-1745 627 42 the the DET cblr-1745 627 43 bank bank NOUN cblr-1745 627 44 holding hold VERB cblr-1745 627 45 company company NOUN cblr-1745 627 46 act act VERB cblr-1745 627 47 amendments amendment NOUN cblr-1745 627 48 of of ADP cblr-1745 627 49 1970 1970 NUM cblr-1745 627 50 , , PUNCT cblr-1745 627 51 68 68 NUM cblr-1745 627 52 fed feed VERB cblr-1745 627 53 . . PUNCT cblr-1745 628 1 reg reg PROPN cblr-1745 628 2 . . PROPN cblr-1745 629 1 52,024 52,024 NUM cblr-1745 629 2 , , PUNCT cblr-1745 629 3 52,032 52,032 NUM cblr-1745 629 4 ( ( PUNCT cblr-1745 629 5 aug aug PROPN cblr-1745 629 6 . . PROPN cblr-1745 629 7 29 29 NUM cblr-1745 629 8 , , PUNCT cblr-1745 629 9 2003 2003 NUM cblr-1745 629 10 ) ) PUNCT cblr-1745 629 11 . . PUNCT cblr-1745 630 1 193 193 NUM cblr-1745 630 2 see see VERB cblr-1745 630 3 statistical statistical ADJ cblr-1745 630 4 release release NOUN cblr-1745 630 5 , , PUNCT cblr-1745 630 6 fed fed PROPN cblr-1745 630 7 . . PUNCT cblr-1745 630 8 reserve reserve PROPN cblr-1745 630 9 bd bd PROPN cblr-1745 630 10 . . PROPN cblr-1745 630 11 , , PUNCT cblr-1745 630 12 insured insure VERB cblr-1745 630 13 u.s.chartered u.s.chartered ADJ cblr-1745 630 14 commercial commercial ADJ cblr-1745 630 15 banks bank NOUN cblr-1745 630 16 that that PRON cblr-1745 630 17 have have VERB cblr-1745 630 18 consolidated consolidate VERB cblr-1745 630 19 assets asset NOUN cblr-1745 630 20 of of ADP cblr-1745 630 21 $ $ SYM cblr-1745 630 22 300 300 NUM cblr-1745 630 23 million million NUM cblr-1745 630 24 or or CCONJ cblr-1745 630 25 more more ADJ cblr-1745 630 26 , , PUNCT cblr-1745 630 27 ranked rank VERB cblr-1745 630 28 by by ADP cblr-1745 630 29 consolidated consolidated ADJ cblr-1745 630 30 assets asset NOUN cblr-1745 630 31 , , PUNCT cblr-1745 630 32 as as ADP cblr-1745 630 33 of of ADP cblr-1745 630 34 june june PROPN cblr-1745 630 35 30 30 NUM cblr-1745 630 36 , , PUNCT cblr-1745 630 37 2015 2015 NUM cblr-1745 630 38 ( ( PUNCT cblr-1745 630 39 2015 2015 NUM cblr-1745 630 40 ) ) PUNCT cblr-1745 630 41 , , PUNCT cblr-1745 630 42 http://www.federalreserve.gov/releases/lbr/20150630/lrg_bnk_lst.pd http://www.federalreserve.gov/releases/lbr/20150630/lrg_bnk_lst.pd X cblr-1745 630 43 f f PROPN cblr-1745 631 1 [ [ X cblr-1745 631 2 https://perma.cc/68wr-q2mp https://perma.cc/68wr-q2mp X cblr-1745 631 3 ] ] X cblr-1745 631 4 . . PUNCT cblr-1745 632 1 194 194 NUM cblr-1745 633 1 if if SCONJ cblr-1745 633 2 so so ADV cblr-1745 633 3 , , PUNCT cblr-1745 633 4 then then ADV cblr-1745 633 5 commercial commercial ADJ cblr-1745 633 6 banks bank NOUN cblr-1745 633 7 are be AUX cblr-1745 633 8 leveraging leverage VERB cblr-1745 633 9 their their PRON cblr-1745 633 10 dominance dominance NOUN cblr-1745 633 11 in in ADP cblr-1745 633 12 the the DET cblr-1745 633 13 lending lending NOUN cblr-1745 633 14 market market NOUN cblr-1745 633 15 ( ( PUNCT cblr-1745 633 16 where where SCONJ cblr-1745 633 17 , , PUNCT cblr-1745 633 18 these these DET cblr-1745 633 19 days day NOUN cblr-1745 633 20 , , PUNCT cblr-1745 633 21 low low ADJ cblr-1745 633 22 interest interest NOUN cblr-1745 633 23 rates rate NOUN cblr-1745 633 24 constrict constrict VERB cblr-1745 633 25 return return NOUN cblr-1745 633 26 on on ADP cblr-1745 633 27 investment investment NOUN cblr-1745 633 28 ) ) PUNCT cblr-1745 633 29 into into ADP cblr-1745 633 30 dominance dominance NOUN cblr-1745 633 31 in in ADP cblr-1745 633 32 the the DET cblr-1745 633 33 dealer dealer NOUN cblr-1745 633 34 market market NOUN cblr-1745 633 35 ( ( PUNCT cblr-1745 633 36 where where SCONJ cblr-1745 633 37 the the DET cblr-1745 633 38 profits profit NOUN cblr-1745 633 39 are be AUX cblr-1745 633 40 much much ADV cblr-1745 633 41 greater great ADJ cblr-1745 633 42 ) ) PUNCT cblr-1745 633 43 . . PUNCT cblr-1745 634 1 see see VERB cblr-1745 634 2 felix felix PROPN cblr-1745 634 3 b. b. PROPN cblr-1745 634 4 chang chang PROPN cblr-1745 634 5 , , PUNCT cblr-1745 634 6 death death NOUN cblr-1745 634 7 to to PART cblr-1745 634 8 credit credit NOUN cblr-1745 634 9 as as ADP cblr-1745 634 10 leverage leverage NOUN cblr-1745 634 11 : : PUNCT cblr-1745 634 12 using use VERB cblr-1745 634 13 the the DET cblr-1745 634 14 bank bank NOUN cblr-1745 634 15 anti anti ADJ cblr-1745 634 16 - - ADJ cblr-1745 634 17 tying tying ADJ cblr-1745 634 18 provision provision NOUN cblr-1745 634 19 to to PART cblr-1745 634 20 curb curb VERB cblr-1745 634 21 financial financial ADJ cblr-1745 634 22 risk risk NOUN cblr-1745 634 23 , , PUNCT cblr-1745 634 24 9 9 NUM cblr-1745 634 25 nyu nyu PROPN cblr-1745 634 26 j. j. PROPN cblr-1745 634 27 l. l. PROPN cblr-1745 634 28 & & CCONJ cblr-1745 634 29 bus bus PROPN cblr-1745 634 30 . . PUNCT cblr-1745 634 31 851 851 NUM cblr-1745 634 32 , , PUNCT cblr-1745 634 33 903–05 903–05 NUM cblr-1745 634 34 ( ( PUNCT cblr-1745 634 35 2013 2013 NUM cblr-1745 634 36 ) ) PUNCT cblr-1745 634 37 . . PUNCT cblr-1745 635 1 chang chang PROPN cblr-1745 635 2 – – PUNCT cblr-1745 635 3 final final ADJ cblr-1745 635 4 no no NOUN cblr-1745 635 5 . . PUNCT cblr-1745 636 1 3:657 3:657 NUM cblr-1745 636 2 ] ] X cblr-1745 636 3 second second ADJ cblr-1745 636 4 - - PUNCT cblr-1745 636 5 generation generation NOUN cblr-1745 636 6 monopolization monopolization NOUN cblr-1745 636 7 701 701 NUM cblr-1745 636 8 relevant relevant ADJ cblr-1745 636 9 product product NOUN cblr-1745 636 10 and and CCONJ cblr-1745 636 11 geographic geographic ADJ cblr-1745 636 12 markets.195 markets.195 PROPN cblr-1745 636 13 the the DET cblr-1745 636 14 central central ADJ cblr-1745 636 15 question question NOUN cblr-1745 636 16 in in ADP cblr-1745 636 17 defining define VERB cblr-1745 636 18 the the DET cblr-1745 636 19 product product NOUN cblr-1745 636 20 market market NOUN cblr-1745 636 21 is be AUX cblr-1745 636 22 whether whether SCONJ cblr-1745 636 23 we we PRON cblr-1745 636 24 look look VERB cblr-1745 636 25 at at ADP cblr-1745 636 26 the the DET cblr-1745 636 27 dealer dealer NOUN cblr-1745 636 28 market market NOUN cblr-1745 636 29 for for ADP cblr-1745 636 30 all all DET cblr-1745 636 31 derivatives derivative NOUN cblr-1745 636 32 or or CCONJ cblr-1745 636 33 whether whether SCONJ cblr-1745 636 34 we we PRON cblr-1745 636 35 define define VERB cblr-1745 636 36 the the DET cblr-1745 636 37 market market NOUN cblr-1745 636 38 around around ADP cblr-1745 636 39 specific specific ADJ cblr-1745 636 40 products product NOUN cblr-1745 636 41 . . PUNCT cblr-1745 637 1 the the DET cblr-1745 637 2 occ occ PROPN cblr-1745 637 3 examines examine VERB cblr-1745 637 4 notional notional ADJ cblr-1745 637 5 amounts amount NOUN cblr-1745 637 6 for for ADP cblr-1745 637 7 all all DET cblr-1745 637 8 derivatives derivative NOUN cblr-1745 637 9 , , PUNCT cblr-1745 637 10 as as ADV cblr-1745 637 11 well well ADV cblr-1745 637 12 as as ADP cblr-1745 637 13 futures future NOUN cblr-1745 637 14 ( ( PUNCT cblr-1745 637 15 exchange exchange NOUN cblr-1745 637 16 - - PUNCT cblr-1745 637 17 traded),196 traded),196 ADJ cblr-1745 637 18 options option NOUN cblr-1745 637 19 ( ( PUNCT cblr-1745 637 20 otc otc PROPN cblr-1745 637 21 and and CCONJ cblr-1745 637 22 exchange exchange PROPN cblr-1745 637 23 - - PUNCT cblr-1745 637 24 traded),197 traded),197 PROPN cblr-1745 637 25 forwards forward NOUN cblr-1745 637 26 ( ( PUNCT cblr-1745 637 27 otc),198 otc),198 NOUN cblr-1745 637 28 spot spot NOUN cblr-1745 637 29 foreign foreign ADJ cblr-1745 637 30 exchange,199 exchange,199 NOUN cblr-1745 637 31 swaps swap NOUN cblr-1745 637 32 ( ( PUNCT cblr-1745 637 33 otc otc PROPN cblr-1745 637 34 ) ) PUNCT cblr-1745 637 35 , , PUNCT cblr-1745 637 36 and and CCONJ cblr-1745 637 37 credit credit NOUN cblr-1745 637 38 derivatives derivative NOUN cblr-1745 637 39 ( ( PUNCT cblr-1745 637 40 otc).200 otc).200 NOUN cblr-1745 637 41 bis bis ADJ cblr-1745 637 42 breaks break VERB cblr-1745 637 43 down down ADP cblr-1745 637 44 the the DET cblr-1745 637 45 markets market NOUN cblr-1745 637 46 into into ADP cblr-1745 637 47 even even ADV cblr-1745 637 48 smaller small ADJ cblr-1745 637 49 slivers sliver NOUN cblr-1745 637 50 — — PUNCT cblr-1745 637 51 e.g. e.g. ADV cblr-1745 637 52 , , PUNCT cblr-1745 637 53 irs irs PROPN cblr-1745 637 54 by by ADP cblr-1745 637 55 referent referent NOUN cblr-1745 637 56 currency.201 currency.201 VERB cblr-1745 637 57 this this DET cblr-1745 637 58 article article NOUN cblr-1745 637 59 opts opt VERB cblr-1745 637 60 to to PART cblr-1745 637 61 combine combine VERB cblr-1745 637 62 all all DET cblr-1745 637 63 irs irs PROPN cblr-1745 637 64 into into ADP cblr-1745 637 65 one one NUM cblr-1745 637 66 market market NOUN cblr-1745 637 67 and and CCONJ cblr-1745 637 68 all all DET cblr-1745 637 69 cds cd NOUN cblr-1745 637 70 into into ADP cblr-1745 637 71 another another DET cblr-1745 637 72 market market NOUN cblr-1745 637 73 so so SCONJ cblr-1745 637 74 as as SCONJ cblr-1745 637 75 to to PART cblr-1745 637 76 align align VERB cblr-1745 637 77 with with ADP cblr-1745 637 78 the the DET cblr-1745 637 79 product product NOUN cblr-1745 637 80 market market NOUN cblr-1745 637 81 definition definition NOUN cblr-1745 637 82 for for ADP cblr-1745 637 83 clearing clearing NOUN cblr-1745 637 84 services service NOUN cblr-1745 637 85 . . PUNCT cblr-1745 638 1 in in ADP cblr-1745 638 2 doing do VERB cblr-1745 638 3 so so ADV cblr-1745 638 4 , , PUNCT cblr-1745 638 5 this this DET cblr-1745 638 6 article article NOUN cblr-1745 638 7 uses use VERB cblr-1745 638 8 occ occ NOUN cblr-1745 638 9 data datum NOUN cblr-1745 638 10 on on ADP cblr-1745 638 11 notional notional ADJ cblr-1745 638 12 amounts amount NOUN cblr-1745 638 13 for for ADP cblr-1745 638 14 the the DET cblr-1745 638 15 “ " PUNCT cblr-1745 638 16 swaps swap NOUN cblr-1745 638 17 ” " PUNCT cblr-1745 638 18 and and CCONJ cblr-1745 638 19 “ " PUNCT cblr-1745 638 20 credit credit NOUN cblr-1745 638 21 derivatives derivative NOUN cblr-1745 638 22 ” " PUNCT cblr-1745 638 23 categories category NOUN cblr-1745 638 24 , , PUNCT cblr-1745 638 25 which which PRON cblr-1745 638 26 correspond correspond VERB cblr-1745 638 27 closely closely ADV cblr-1745 638 28 ( ( PUNCT cblr-1745 638 29 but but CCONJ cblr-1745 638 30 not not PART cblr-1745 638 31 perfectly perfectly ADV cblr-1745 638 32 ) ) PUNCT cblr-1745 638 33 to to ADP cblr-1745 638 34 irs irs PROPN cblr-1745 638 35 and and CCONJ cblr-1745 638 36 cds.202 cds.202 NOUN cblr-1745 638 37 for for ADP cblr-1745 638 38 the the DET cblr-1745 638 39 largest large ADJ cblr-1745 638 40 dealers dealer NOUN cblr-1745 638 41 , , PUNCT cblr-1745 638 42 195 195 NUM cblr-1745 638 43 see see NOUN cblr-1745 638 44 supra supra PROPN cblr-1745 638 45 section section PROPN cblr-1745 638 46 iii.a.2 iii.a.2 PROPN cblr-1745 638 47 . . PUNCT cblr-1745 639 1 196 196 NUM cblr-1745 639 2 a a DET cblr-1745 639 3 future future NOUN cblr-1745 639 4 is be AUX cblr-1745 639 5 the the DET cblr-1745 639 6 obligation obligation NOUN cblr-1745 639 7 to to PART cblr-1745 639 8 buy buy VERB cblr-1745 639 9 or or CCONJ cblr-1745 639 10 sell sell VERB cblr-1745 639 11 a a DET cblr-1745 639 12 position position NOUN cblr-1745 639 13 at at ADP cblr-1745 639 14 a a DET cblr-1745 639 15 predetermined predetermine VERB cblr-1745 639 16 price price NOUN cblr-1745 639 17 ( ( PUNCT cblr-1745 639 18 the the DET cblr-1745 639 19 “ " PUNCT cblr-1745 639 20 strike strike NOUN cblr-1745 639 21 ” " PUNCT cblr-1745 639 22 price price NOUN cblr-1745 639 23 ) ) PUNCT cblr-1745 639 24 . . PUNCT cblr-1745 640 1 197 197 NUM cblr-1745 640 2 an an DET cblr-1745 640 3 option option NOUN cblr-1745 640 4 is be AUX cblr-1745 640 5 the the DET cblr-1745 640 6 right right NOUN cblr-1745 640 7 to to PART cblr-1745 640 8 buy buy VERB cblr-1745 640 9 or or CCONJ cblr-1745 640 10 sell sell VERB cblr-1745 640 11 a a DET cblr-1745 640 12 position position NOUN cblr-1745 640 13 when when SCONJ cblr-1745 640 14 the the DET cblr-1745 640 15 value value NOUN cblr-1745 640 16 of of ADP cblr-1745 640 17 that that DET cblr-1745 640 18 position position NOUN cblr-1745 640 19 attains attain VERB cblr-1745 640 20 the the DET cblr-1745 640 21 strike strike NOUN cblr-1745 640 22 price price NOUN cblr-1745 640 23 . . PUNCT cblr-1745 641 1 options option NOUN cblr-1745 641 2 can can AUX cblr-1745 641 3 either either CCONJ cblr-1745 641 4 be be AUX cblr-1745 641 5 exchangetraded exchangetrade VERB cblr-1745 641 6 or or CCONJ cblr-1745 641 7 otc otc PROPN cblr-1745 641 8 . . PROPN cblr-1745 641 9 198 198 NUM cblr-1745 642 1 like like ADP cblr-1745 642 2 futures future NOUN cblr-1745 642 3 , , PUNCT cblr-1745 642 4 a a DET cblr-1745 642 5 forward forward NOUN cblr-1745 642 6 is be AUX cblr-1745 642 7 the the DET cblr-1745 642 8 obligation obligation NOUN cblr-1745 642 9 to to PART cblr-1745 642 10 buy buy VERB cblr-1745 642 11 or or CCONJ cblr-1745 642 12 sell sell VERB cblr-1745 642 13 at at ADP cblr-1745 642 14 a a DET cblr-1745 642 15 preordained preordain VERB cblr-1745 642 16 strike strike NOUN cblr-1745 642 17 price price NOUN cblr-1745 642 18 ; ; PUNCT cblr-1745 642 19 however however ADV cblr-1745 642 20 , , PUNCT cblr-1745 642 21 forwards forward NOUN cblr-1745 642 22 are be AUX cblr-1745 642 23 customized customize VERB cblr-1745 642 24 and and CCONJ cblr-1745 642 25 traded trade VERB cblr-1745 642 26 over over ADP cblr-1745 642 27 - - PUNCT cblr-1745 642 28 the the DET cblr-1745 642 29 - - PUNCT cblr-1745 642 30 counter counter NOUN cblr-1745 642 31 , , PUNCT cblr-1745 642 32 rather rather ADV cblr-1745 642 33 than than ADP cblr-1745 642 34 on on ADP cblr-1745 642 35 exchanges exchange NOUN cblr-1745 642 36 . . PUNCT cblr-1745 643 1 199 199 NUM cblr-1745 643 2 a a DET cblr-1745 643 3 spot spot ADJ cblr-1745 643 4 foreign foreign ADJ cblr-1745 643 5 exchange exchange NOUN cblr-1745 643 6 is be AUX cblr-1745 643 7 a a DET cblr-1745 643 8 one one NUM cblr-1745 643 9 - - PUNCT cblr-1745 643 10 time time NOUN cblr-1745 643 11 foreign foreign ADJ cblr-1745 643 12 exchange exchange NOUN cblr-1745 643 13 ( ( PUNCT cblr-1745 643 14 i.e. i.e. X cblr-1745 643 15 , , PUNCT cblr-1745 643 16 currency currency NOUN cblr-1745 643 17 exchange exchange NOUN cblr-1745 643 18 ) ) PUNCT cblr-1745 643 19 transaction transaction NOUN cblr-1745 643 20 between between ADP cblr-1745 643 21 two two NUM cblr-1745 643 22 parties party NOUN cblr-1745 643 23 . . PUNCT cblr-1745 644 1 200 200 NUM cblr-1745 644 2 occ occ NOUN cblr-1745 644 3 , , PUNCT cblr-1745 644 4 2016 2016 NUM cblr-1745 644 5 q1 q1 PROPN cblr-1745 644 6 report report NOUN cblr-1745 644 7 , , PUNCT cblr-1745 644 8 supra supra PROPN cblr-1745 644 9 note note NOUN cblr-1745 644 10 76 76 NUM cblr-1745 644 11 , , PUNCT cblr-1745 644 12 at at ADP cblr-1745 644 13 tbl.1 tbl.1 ADV cblr-1745 644 14 . . PUNCT cblr-1745 645 1 201 201 NUM cblr-1745 645 2 see see VERB cblr-1745 645 3 bis bis PROPN cblr-1745 645 4 , , PUNCT cblr-1745 645 5 2014 2014 NUM cblr-1745 645 6 otc otc PROPN cblr-1745 645 7 derivatives derivative NOUN cblr-1745 645 8 statistics statistic NOUN cblr-1745 645 9 , , PUNCT cblr-1745 645 10 supra supra PROPN cblr-1745 645 11 note note NOUN cblr-1745 645 12 148 148 NUM cblr-1745 645 13 , , PUNCT cblr-1745 645 14 at at ADP cblr-1745 645 15 tbl.9a tbl.9a NOUN cblr-1745 645 16 . . PUNCT cblr-1745 646 1 202 202 NUM cblr-1745 646 2 the the DET cblr-1745 646 3 correspondence correspondence NOUN cblr-1745 646 4 is be AUX cblr-1745 646 5 imperfect imperfect ADJ cblr-1745 646 6 because because SCONJ cblr-1745 646 7 “ " PUNCT cblr-1745 646 8 swaps swap NOUN cblr-1745 646 9 , , PUNCT cblr-1745 646 10 ” " PUNCT cblr-1745 646 11 as as SCONJ cblr-1745 646 12 used use VERB cblr-1745 646 13 by by ADP cblr-1745 646 14 the the DET cblr-1745 646 15 occ occ NOUN cblr-1745 646 16 , , PUNCT cblr-1745 646 17 is be AUX cblr-1745 646 18 slightly slightly ADV cblr-1745 646 19 broader broad ADJ cblr-1745 646 20 than than ADP cblr-1745 646 21 irs irs PROPN cblr-1745 646 22 . . PUNCT cblr-1745 647 1 the the DET cblr-1745 647 2 occ occ PROPN cblr-1745 647 3 ’s ’s PART cblr-1745 647 4 figures figure NOUN cblr-1745 647 5 for for ADP cblr-1745 647 6 swaps swap NOUN cblr-1745 647 7 are be AUX cblr-1745 647 8 taken take VERB cblr-1745 647 9 from from ADP cblr-1745 647 10 call call NOUN cblr-1745 647 11 reports report NOUN cblr-1745 647 12 that that SCONJ cblr-1745 647 13 group group NOUN cblr-1745 647 14 the the DET cblr-1745 647 15 figures figure NOUN cblr-1745 647 16 for for ADP cblr-1745 647 17 interest interest NOUN cblr-1745 647 18 rate rate NOUN cblr-1745 647 19 , , PUNCT cblr-1745 647 20 foreign foreign ADJ cblr-1745 647 21 exchange exchange NOUN cblr-1745 647 22 , , PUNCT cblr-1745 647 23 equity equity NOUN cblr-1745 647 24 , , PUNCT cblr-1745 647 25 commodity commodity NOUN cblr-1745 647 26 , , PUNCT cblr-1745 647 27 and and CCONJ cblr-1745 647 28 other other ADJ cblr-1745 647 29 swaps swap NOUN cblr-1745 647 30 together together ADV cblr-1745 647 31 . . PUNCT cblr-1745 648 1 see see VERB cblr-1745 648 2 fed fed PROPN cblr-1745 648 3 . . PUNCT cblr-1745 649 1 fin fin NOUN cblr-1745 649 2 . . PUNCT cblr-1745 650 1 insts inst NOUN cblr-1745 650 2 . . PUNCT cblr-1745 651 1 examination examination NOUN cblr-1745 651 2 council council PROPN cblr-1745 651 3 , , PUNCT cblr-1745 651 4 instructions instruction NOUN cblr-1745 651 5 for for ADP cblr-1745 651 6 preparation preparation NOUN cblr-1745 651 7 of of ADP cblr-1745 651 8 consolidated consolidated ADJ cblr-1745 651 9 reports report NOUN cblr-1745 651 10 of of ADP cblr-1745 651 11 condition condition NOUN cblr-1745 651 12 and and CCONJ cblr-1745 651 13 income income NOUN cblr-1745 651 14 , , PUNCT cblr-1745 651 15 item item NOUN cblr-1745 651 16 14.e 14.e NUM cblr-1745 651 17 , , PUNCT cblr-1745 651 18 at at ADP cblr-1745 651 19 rc rc PROPN cblr-1745 651 20 - - PUNCT cblr-1745 651 21 l-17 l-17 PROPN cblr-1745 651 22 , , PUNCT cblr-1745 651 23 http://www.ffie http://www.ffie PROPN cblr-1745 651 24 c.gov/pdf/ffiec_forms/ffiec031_034inst_200006.pdf c.gov/pdf/ffiec_forms/ffiec031_034inst_200006.pdf NOUN cblr-1745 651 25 [ [ X cblr-1745 651 26 https://perma.cc/93jhhlbe https://perma.cc/93jhhlbe X cblr-1745 651 27 ] ] PUNCT cblr-1745 651 28 . . PUNCT cblr-1745 652 1 see see VERB cblr-1745 652 2 also also ADV cblr-1745 652 3 occ occ PROPN cblr-1745 652 4 , , PUNCT cblr-1745 652 5 2016 2016 NUM cblr-1745 652 6 q1 q1 PROPN cblr-1745 652 7 report report PROPN cblr-1745 652 8 supra supra PROPN cblr-1745 652 9 note note PROPN cblr-1745 652 10 76 76 NUM cblr-1745 652 11 , , PUNCT cblr-1745 652 12 at at ADP cblr-1745 652 13 13–14 13–14 NUM cblr-1745 652 14 . . PUNCT cblr-1745 653 1 chang chang PROPN cblr-1745 653 2 – – PUNCT cblr-1745 653 3 final final ADJ cblr-1745 653 4 702 702 NUM cblr-1745 653 5 columbia columbia PROPN cblr-1745 653 6 business business NOUN cblr-1745 653 7 law law NOUN cblr-1745 653 8 review review NOUN cblr-1745 653 9 [ [ X cblr-1745 653 10 vol vol NOUN cblr-1745 653 11 . . NOUN cblr-1745 653 12 2016 2016 NUM cblr-1745 653 13 irs irs PROPN cblr-1745 653 14 constitute constitute VERB cblr-1745 653 15 77.2–93.5 77.2–93.5 NUM cblr-1745 653 16 % % NOUN cblr-1745 653 17 of of ADP cblr-1745 653 18 swap swap NOUN cblr-1745 653 19 notionals.203 notionals.203 PROPN cblr-1745 653 20 cds cd NOUN cblr-1745 653 21 make make VERB cblr-1745 653 22 up up ADP cblr-1745 653 23 95.0 95.0 NUM cblr-1745 653 24 % % NOUN cblr-1745 653 25 of of ADP cblr-1745 653 26 all all DET cblr-1745 653 27 credit credit NOUN cblr-1745 653 28 derivative derivative NOUN cblr-1745 653 29 notionals.204 notionals.204 PROPN cblr-1745 653 30 beyond beyond ADP cblr-1745 653 31 antitrust antitrust NOUN cblr-1745 653 32 , , PUNCT cblr-1745 653 33 the the DET cblr-1745 653 34 tendency tendency NOUN cblr-1745 653 35 of of ADP cblr-1745 653 36 financial financial ADJ cblr-1745 653 37 regulators regulator NOUN cblr-1745 653 38 is be AUX cblr-1745 653 39 to to PART cblr-1745 653 40 aggregate aggregate VERB cblr-1745 653 41 notionals notional NOUN cblr-1745 653 42 for for ADP cblr-1745 653 43 all all DET cblr-1745 653 44 derivatives derivative NOUN cblr-1745 653 45 products product NOUN cblr-1745 653 46 ( ( PUNCT cblr-1745 653 47 exchangetraded exchangetrade VERB cblr-1745 653 48 and and CCONJ cblr-1745 653 49 otc otc ADJ cblr-1745 653 50 ) ) PUNCT cblr-1745 653 51 in in ADP cblr-1745 653 52 order order NOUN cblr-1745 653 53 to to PART cblr-1745 653 54 generate generate VERB cblr-1745 653 55 an an DET cblr-1745 653 56 easy easy ADJ cblr-1745 653 57 snapshot snapshot NOUN cblr-1745 653 58 of of ADP cblr-1745 653 59 derivatives derivative NOUN cblr-1745 653 60 notionals notional NOUN cblr-1745 653 61 as as ADP cblr-1745 653 62 compared compare VERB cblr-1745 653 63 to to ADP cblr-1745 653 64 assets asset NOUN cblr-1745 653 65 held hold VERB cblr-1745 653 66 . . PUNCT cblr-1745 654 1 this this DET cblr-1745 654 2 snapshot snapshot NOUN cblr-1745 654 3 helps help VERB cblr-1745 654 4 regulators regulator NOUN cblr-1745 654 5 gauge gauge VERB cblr-1745 654 6 the the DET cblr-1745 654 7 extent extent NOUN cblr-1745 654 8 of of ADP cblr-1745 654 9 leverage.205 leverage.205 PROPN cblr-1745 654 10 yet yet CCONJ cblr-1745 654 11 this this PRON cblr-1745 654 12 is be AUX cblr-1745 654 13 too too ADV cblr-1745 654 14 broad broad ADJ cblr-1745 654 15 a a DET cblr-1745 654 16 perspective perspective NOUN cblr-1745 654 17 for for ADP cblr-1745 654 18 our our PRON cblr-1745 654 19 purposes.206 purposes.206 NOUN cblr-1745 654 20 alternatively alternatively ADV cblr-1745 654 21 , , PUNCT cblr-1745 654 22 it it PRON cblr-1745 654 23 might might AUX cblr-1745 654 24 make make VERB cblr-1745 654 25 sense sense NOUN cblr-1745 654 26 to to PART cblr-1745 654 27 define define VERB cblr-1745 654 28 the the DET cblr-1745 654 29 product product NOUN cblr-1745 654 30 market market NOUN cblr-1745 654 31 around around ADP cblr-1745 654 32 all all DET cblr-1745 654 33 otc otc PROPN cblr-1745 654 34 derivatives derivative NOUN cblr-1745 654 35 , , PUNCT cblr-1745 654 36 since since SCONJ cblr-1745 654 37 the the DET cblr-1745 654 38 dealers dealer NOUN cblr-1745 654 39 that that PRON cblr-1745 654 40 dominate dominate VERB cblr-1745 654 41 the the DET cblr-1745 654 42 irs irs PROPN cblr-1745 654 43 and and CCONJ cblr-1745 654 44 cds cd NOUN cblr-1745 654 45 markets market NOUN cblr-1745 654 46 also also ADV cblr-1745 654 47 dominate dominate VERB cblr-1745 654 48 the the DET cblr-1745 654 49 otc otc PROPN cblr-1745 654 50 forwards forward NOUN cblr-1745 654 51 and and CCONJ cblr-1745 654 52 options option NOUN cblr-1745 654 53 markets.207 markets.207 NOUN cblr-1745 654 54 because because SCONJ cblr-1745 654 55 clearinghouses clearinghouse NOUN cblr-1745 654 56 have have VERB cblr-1745 654 57 the the DET cblr-1745 654 58 capacity capacity NOUN cblr-1745 654 59 to to PART cblr-1745 654 60 net net VERB cblr-1745 654 61 across across ADP cblr-1745 654 62 different different ADJ cblr-1745 654 63 instruments instrument NOUN cblr-1745 654 64 — — PUNCT cblr-1745 654 65 and and CCONJ cblr-1745 654 66 will will AUX cblr-1745 654 67 likely likely ADV cblr-1745 654 68 do do VERB cblr-1745 654 69 so so ADV cblr-1745 654 70 in in ADP cblr-1745 654 71 the the DET cblr-1745 654 72 future future NOUN cblr-1745 654 73 — — PUNCT cblr-1745 654 74 amalgamating amalgamate VERB cblr-1745 654 75 all all DET cblr-1745 654 76 otc otc PROPN cblr-1745 654 77 derivatives derivative NOUN cblr-1745 654 78 into into ADP cblr-1745 654 79 one one NUM cblr-1745 654 80 market market NOUN cblr-1745 654 81 anticipates anticipate VERB cblr-1745 654 82 that that DET cblr-1745 654 83 shift shift NOUN cblr-1745 654 84 in in ADP cblr-1745 654 85 the the DET cblr-1745 654 86 upstream upstream ADJ cblr-1745 654 87 market.208 market.208 NOUN cblr-1745 654 88 203 203 NUM cblr-1745 654 89 see see NOUN cblr-1745 654 90 citibank citibank PROPN cblr-1745 654 91 , , PUNCT cblr-1745 654 92 n.a n.a PROPN cblr-1745 654 93 . . PROPN cblr-1745 654 94 , , PUNCT cblr-1745 654 95 consolidated consolidated ADJ cblr-1745 654 96 reports report NOUN cblr-1745 654 97 of of ADP cblr-1745 654 98 condition condition NOUN cblr-1745 654 99 and and CCONJ cblr-1745 654 100 income income NOUN cblr-1745 654 101 for for ADP cblr-1745 654 102 a a DET cblr-1745 654 103 bank bank NOUN cblr-1745 654 104 with with ADP cblr-1745 654 105 domestic domestic ADJ cblr-1745 654 106 and and CCONJ cblr-1745 654 107 foreign foreign ADJ cblr-1745 654 108 offices office NOUN cblr-1745 654 109 — — PUNCT cblr-1745 654 110 ffiec ffiec NOUN cblr-1745 654 111 031 031 NUM cblr-1745 654 112 44 44 NUM cblr-1745 654 113 ( ( PUNCT cblr-1745 654 114 june june PROPN cblr-1745 654 115 30 30 NUM cblr-1745 654 116 , , PUNCT cblr-1745 654 117 2016 2016 NUM cblr-1745 654 118 ) ) PUNCT cblr-1745 654 119 ( ( PUNCT cblr-1745 654 120 item item NOUN cblr-1745 654 121 13 13 NUM cblr-1745 654 122 , , PUNCT cblr-1745 654 123 schedule schedule NOUN cblr-1745 654 124 rc rc PROPN cblr-1745 654 125 - - PROPN cblr-1745 654 126 l l NOUN cblr-1745 654 127 ) ) PUNCT cblr-1745 654 128 ; ; PUNCT cblr-1745 654 129 jpmorgan jpmorgan PROPN cblr-1745 654 130 chase chase PROPN cblr-1745 654 131 bank bank PROPN cblr-1745 654 132 , , PUNCT cblr-1745 654 133 n.a n.a PROPN cblr-1745 654 134 . . PROPN cblr-1745 654 135 , , PUNCT cblr-1745 654 136 consolidated consolidated ADJ cblr-1745 654 137 reports report NOUN cblr-1745 654 138 of of ADP cblr-1745 654 139 condition condition NOUN cblr-1745 654 140 and and CCONJ cblr-1745 654 141 income income NOUN cblr-1745 654 142 for for ADP cblr-1745 654 143 a a DET cblr-1745 654 144 bank bank NOUN cblr-1745 654 145 with with ADP cblr-1745 654 146 domestic domestic ADJ cblr-1745 654 147 and and CCONJ cblr-1745 654 148 foreign foreign ADJ cblr-1745 654 149 offices office NOUN cblr-1745 654 150 — — PUNCT cblr-1745 654 151 ffiec ffiec NOUN cblr-1745 654 152 031 031 NUM cblr-1745 654 153 44 44 NUM cblr-1745 654 154 ( ( PUNCT cblr-1745 654 155 june june PROPN cblr-1745 654 156 30 30 NUM cblr-1745 654 157 , , PUNCT cblr-1745 654 158 2016 2016 NUM cblr-1745 654 159 ) ) PUNCT cblr-1745 654 160 ( ( PUNCT cblr-1745 654 161 item item NOUN cblr-1745 654 162 13 13 NUM cblr-1745 654 163 , , PUNCT cblr-1745 654 164 schedule schedule NOUN cblr-1745 654 165 rc rc PROPN cblr-1745 654 166 - - PROPN cblr-1745 654 167 l l NOUN cblr-1745 654 168 ) ) PUNCT cblr-1745 654 169 ; ; PUNCT cblr-1745 654 170 bank bank PROPN cblr-1745 654 171 of of ADP cblr-1745 654 172 america america PROPN cblr-1745 654 173 , , PUNCT cblr-1745 654 174 n.a n.a PROPN cblr-1745 654 175 . . PROPN cblr-1745 654 176 , , PUNCT cblr-1745 654 177 consolidated consolidated ADJ cblr-1745 654 178 reports report NOUN cblr-1745 654 179 of of ADP cblr-1745 654 180 condition condition NOUN cblr-1745 654 181 and and CCONJ cblr-1745 654 182 income income NOUN cblr-1745 654 183 for for ADP cblr-1745 654 184 a a DET cblr-1745 654 185 bank bank NOUN cblr-1745 654 186 with with ADP cblr-1745 654 187 domestic domestic ADJ cblr-1745 654 188 and and CCONJ cblr-1745 654 189 foreign foreign ADJ cblr-1745 654 190 offices office NOUN cblr-1745 654 191 — — PUNCT cblr-1745 654 192 ffiec ffiec NOUN cblr-1745 654 193 031 031 NUM cblr-1745 654 194 44 44 NUM cblr-1745 654 195 ( ( PUNCT cblr-1745 654 196 june june PROPN cblr-1745 654 197 30 30 NUM cblr-1745 654 198 , , PUNCT cblr-1745 654 199 2016 2016 NUM cblr-1745 654 200 ) ) PUNCT cblr-1745 654 201 ( ( PUNCT cblr-1745 654 202 item item NOUN cblr-1745 654 203 13 13 NUM cblr-1745 654 204 , , PUNCT cblr-1745 654 205 schedule schedule NOUN cblr-1745 654 206 rc rc PROPN cblr-1745 654 207 - - PROPN cblr-1745 654 208 l l NOUN cblr-1745 654 209 ) ) PUNCT cblr-1745 654 210 ; ; PUNCT cblr-1745 654 211 goldman goldman PROPN cblr-1745 654 212 sachs sachs PROPN cblr-1745 654 213 bank bank PROPN cblr-1745 654 214 usa usa PROPN cblr-1745 654 215 , , PUNCT cblr-1745 654 216 consolidated consolidated ADJ cblr-1745 654 217 reports report NOUN cblr-1745 654 218 of of ADP cblr-1745 654 219 condition condition NOUN cblr-1745 654 220 and and CCONJ cblr-1745 654 221 income income NOUN cblr-1745 654 222 for for ADP cblr-1745 654 223 a a DET cblr-1745 654 224 bank bank NOUN cblr-1745 654 225 with with ADP cblr-1745 654 226 domestic domestic ADJ cblr-1745 654 227 and and CCONJ cblr-1745 654 228 foreign foreign ADJ cblr-1745 654 229 offices office NOUN cblr-1745 654 230 — — PUNCT cblr-1745 654 231 ffiec ffiec NOUN cblr-1745 654 232 031 031 NUM cblr-1745 654 233 44 44 NUM cblr-1745 654 234 ( ( PUNCT cblr-1745 654 235 june june PROPN cblr-1745 654 236 30 30 NUM cblr-1745 654 237 , , PUNCT cblr-1745 654 238 2016 2016 NUM cblr-1745 654 239 ) ) PUNCT cblr-1745 654 240 ( ( PUNCT cblr-1745 654 241 item item NOUN cblr-1745 654 242 13 13 NUM cblr-1745 654 243 , , PUNCT cblr-1745 654 244 schedule schedule NOUN cblr-1745 654 245 rc rc PROPN cblr-1745 654 246 - - PROPN cblr-1745 654 247 l l NOUN cblr-1745 654 248 ) ) PUNCT cblr-1745 654 249 ( ( PUNCT cblr-1745 654 250 all all DET cblr-1745 654 251 reports report NOUN cblr-1745 654 252 available available ADJ cblr-1745 654 253 at at ADP cblr-1745 654 254 https://cdr.ffiec.gov/publi https://cdr.ffiec.gov/publi X cblr-1745 654 255 c c X cblr-1745 654 256 / / SYM cblr-1745 654 257 managefacsimiles.aspx managefacsimiles.aspx NUM cblr-1745 654 258 ) ) PUNCT cblr-1745 654 259 . . PUNCT cblr-1745 655 1 note note VERB cblr-1745 655 2 that that SCONJ cblr-1745 655 3 these these DET cblr-1745 655 4 figures figure NOUN cblr-1745 655 5 are be AUX cblr-1745 655 6 taken take VERB cblr-1745 655 7 from from ADP cblr-1745 655 8 the the DET cblr-1745 655 9 call call NOUN cblr-1745 655 10 reports report NOUN cblr-1745 655 11 for for ADP cblr-1745 655 12 the the DET cblr-1745 655 13 large large ADJ cblr-1745 655 14 commercial commercial ADJ cblr-1745 655 15 banks bank NOUN cblr-1745 655 16 rather rather ADV cblr-1745 655 17 than than ADP cblr-1745 655 18 bank bank NOUN cblr-1745 655 19 holding hold VERB cblr-1745 655 20 companies company NOUN cblr-1745 655 21 . . PUNCT cblr-1745 656 1 for for ADP cblr-1745 656 2 the the DET cblr-1745 656 3 significance significance NOUN cblr-1745 656 4 of of ADP cblr-1745 656 5 the the DET cblr-1745 656 6 distinction distinction NOUN cblr-1745 656 7 between between ADP cblr-1745 656 8 these these DET cblr-1745 656 9 two two NUM cblr-1745 656 10 types type NOUN cblr-1745 656 11 of of ADP cblr-1745 656 12 financial financial ADJ cblr-1745 656 13 institutions institution NOUN cblr-1745 656 14 , , PUNCT cblr-1745 656 15 see see VERB cblr-1745 656 16 infra infra NOUN cblr-1745 656 17 notes note VERB cblr-1745 656 18 210–213 210–213 NUM cblr-1745 656 19 and and CCONJ cblr-1745 656 20 accompanying accompany VERB cblr-1745 656 21 text text NOUN cblr-1745 656 22 . . PUNCT cblr-1745 657 1 204 204 NUM cblr-1745 657 2 occ occ NOUN cblr-1745 657 3 , , PUNCT cblr-1745 657 4 2016 2016 NUM cblr-1745 657 5 q1 q1 PROPN cblr-1745 657 6 report report NOUN cblr-1745 657 7 , , PUNCT cblr-1745 657 8 supra supra PROPN cblr-1745 657 9 note note NOUN cblr-1745 657 10 76 76 NUM cblr-1745 657 11 , , PUNCT cblr-1745 657 12 at at ADP cblr-1745 657 13 13 13 NUM cblr-1745 657 14 . . PUNCT cblr-1745 658 1 for for ADP cblr-1745 658 2 a a DET cblr-1745 658 3 breakdown breakdown NOUN cblr-1745 658 4 by by ADP cblr-1745 658 5 bank bank NOUN cblr-1745 658 6 , , PUNCT cblr-1745 658 7 see see VERB cblr-1745 658 8 also also ADV cblr-1745 658 9 i i PROPN cblr-1745 658 10 d. d. PROPN cblr-1745 658 11 at at ADP cblr-1745 658 12 tbl.12 tbl.12 NOUN cblr-1745 658 13 . . PROPN cblr-1745 658 14 205 205 NUM cblr-1745 658 15 see see VERB cblr-1745 658 16 , , PUNCT cblr-1745 658 17 e.g. e.g. ADV cblr-1745 658 18 , , PUNCT cblr-1745 658 19 i i PRON cblr-1745 658 20 d. d. VERB cblr-1745 658 21 at at ADP cblr-1745 658 22 tbl.1 tbl.1 ADV cblr-1745 658 23 . . PUNCT cblr-1745 659 1 206 206 NUM cblr-1745 659 2 on on ADP cblr-1745 659 3 the the DET cblr-1745 659 4 other other ADJ cblr-1745 659 5 hand hand NOUN cblr-1745 660 1 , , PUNCT cblr-1745 660 2 bis bis PROPN cblr-1745 660 3 defines define VERB cblr-1745 660 4 the the DET cblr-1745 660 5 market market NOUN cblr-1745 660 6 too too ADV cblr-1745 660 7 narrowly narrowly ADV cblr-1745 660 8 , , PUNCT cblr-1745 660 9 by by ADP cblr-1745 660 10 carving carve VERB cblr-1745 660 11 up up ADP cblr-1745 660 12 irs irs PROPN cblr-1745 660 13 into into ADP cblr-1745 660 14 referent referent NOUN cblr-1745 660 15 products product NOUN cblr-1745 660 16 . . PUNCT cblr-1745 661 1 see see VERB cblr-1745 661 2 supra supra PROPN cblr-1745 661 3 notes note VERB cblr-1745 661 4 186–187 186–187 NUM cblr-1745 661 5 and and CCONJ cblr-1745 661 6 accompanying accompany VERB cblr-1745 661 7 text text NOUN cblr-1745 661 8 . . PUNCT cblr-1745 662 1 207 207 NUM cblr-1745 662 2 see see VERB cblr-1745 662 3 occ occ PROPN cblr-1745 662 4 , , PUNCT cblr-1745 662 5 2016 2016 NUM cblr-1745 662 6 q1 q1 PROPN cblr-1745 662 7 report report NOUN cblr-1745 662 8 , , PUNCT cblr-1745 662 9 supra supra PROPN cblr-1745 662 10 note note NOUN cblr-1745 662 11 76 76 NUM cblr-1745 662 12 , , PUNCT cblr-1745 662 13 at at ADP cblr-1745 662 14 tbl.1 tbl.1 ADV cblr-1745 662 15 . . PUNCT cblr-1745 663 1 208 208 NUM cblr-1745 663 2 see see VERB cblr-1745 663 3 , , PUNCT cblr-1745 663 4 e.g. e.g. ADV cblr-1745 663 5 , , PUNCT cblr-1745 663 6 duffie duffie PROPN cblr-1745 663 7 & & CCONJ cblr-1745 663 8 zhu zhu PROPN cblr-1745 663 9 , , PUNCT cblr-1745 663 10 supra supra PROPN cblr-1745 663 11 note note VERB cblr-1745 663 12 142 142 NUM cblr-1745 663 13 , , PUNCT cblr-1745 663 14 at at ADP cblr-1745 663 15 90 90 NUM cblr-1745 663 16 ( ( PUNCT cblr-1745 663 17 arguing argue VERB cblr-1745 663 18 that that SCONJ cblr-1745 663 19 a a DET cblr-1745 663 20 universal universal ADJ cblr-1745 663 21 clearinghouse clearinghouse NOUN cblr-1745 663 22 which which PRON cblr-1745 663 23 can can AUX cblr-1745 663 24 net net VERB cblr-1745 663 25 across across ADP cblr-1745 663 26 assets asset NOUN cblr-1745 663 27 maximizes maximize NOUN cblr-1745 663 28 netting net VERB cblr-1745 663 29 chang chang PROPN cblr-1745 663 30 – – PUNCT cblr-1745 663 31 final final ADJ cblr-1745 663 32 no no NOUN cblr-1745 663 33 . . PUNCT cblr-1745 664 1 3:657 3:657 NUM cblr-1745 664 2 ] ] X cblr-1745 664 3 second second ADJ cblr-1745 664 4 - - PUNCT cblr-1745 664 5 generation generation NOUN cblr-1745 664 6 monopolization monopolization NOUN cblr-1745 664 7 703 703 NUM cblr-1745 664 8 an an DET cblr-1745 664 9 ancillary ancillary ADJ cblr-1745 664 10 question question NOUN cblr-1745 664 11 is be AUX cblr-1745 664 12 whether whether SCONJ cblr-1745 664 13 the the DET cblr-1745 664 14 product product NOUN cblr-1745 664 15 market market NOUN cblr-1745 664 16 should should AUX cblr-1745 664 17 track track VERB cblr-1745 664 18 dealers dealer NOUN cblr-1745 664 19 which which PRON cblr-1745 664 20 are be AUX cblr-1745 664 21 commercial commercial ADJ cblr-1745 664 22 banks bank NOUN cblr-1745 664 23 . . PUNCT cblr-1745 665 1 given give VERB cblr-1745 665 2 that that SCONJ cblr-1745 665 3 irs irs PROPN cblr-1745 665 4 and and CCONJ cblr-1745 665 5 cds cd NOUN cblr-1745 665 6 might might AUX cblr-1745 665 7 be be AUX cblr-1745 665 8 tied tie VERB cblr-1745 665 9 to to PART cblr-1745 665 10 loans,209 loans,209 VERB cblr-1745 665 11 trading trading NOUN cblr-1745 665 12 at at ADP cblr-1745 665 13 the the DET cblr-1745 665 14 commercial commercial ADJ cblr-1745 665 15 banks bank NOUN cblr-1745 665 16 would would AUX cblr-1745 665 17 seem seem AUX cblr-1745 665 18 the the DET cblr-1745 665 19 appropriate appropriate ADJ cblr-1745 665 20 benchmark benchmark NOUN cblr-1745 665 21 . . PUNCT cblr-1745 666 1 however however ADV cblr-1745 666 2 , , PUNCT cblr-1745 666 3 this this DET cblr-1745 666 4 article article NOUN cblr-1745 666 5 argues argue VERB cblr-1745 666 6 that that SCONJ cblr-1745 666 7 the the DET cblr-1745 666 8 market market NOUN cblr-1745 666 9 should should AUX cblr-1745 666 10 be be AUX cblr-1745 666 11 defined define VERB cblr-1745 666 12 around around ADP cblr-1745 666 13 the the DET cblr-1745 666 14 trading trading NOUN cblr-1745 666 15 activities activity NOUN cblr-1745 666 16 of of ADP cblr-1745 666 17 bank bank NOUN cblr-1745 666 18 holding hold VERB cblr-1745 666 19 companies company NOUN cblr-1745 666 20 ( ( PUNCT cblr-1745 666 21 “ " PUNCT cblr-1745 666 22 bhcs bhcs NOUN cblr-1745 666 23 ” " PUNCT cblr-1745 666 24 ) ) PUNCT cblr-1745 666 25 . . PUNCT cblr-1745 667 1 a a DET cblr-1745 667 2 bhc bhc NOUN cblr-1745 667 3 is be AUX cblr-1745 667 4 a a DET cblr-1745 667 5 company company NOUN cblr-1745 667 6 that that PRON cblr-1745 667 7 owns own VERB cblr-1745 667 8 or or CCONJ cblr-1745 667 9 controls control VERB cblr-1745 667 10 one one NUM cblr-1745 667 11 or or CCONJ cblr-1745 667 12 more more ADJ cblr-1745 667 13 banks;210 banks;210 NOUN cblr-1745 667 14 the the DET cblr-1745 667 15 subsidiaries subsidiary NOUN cblr-1745 667 16 might might AUX cblr-1745 667 17 be be AUX cblr-1745 667 18 engaged engage VERB cblr-1745 667 19 in in ADP cblr-1745 667 20 commercial commercial ADJ cblr-1745 667 21 lending lending NOUN cblr-1745 667 22 , , PUNCT cblr-1745 667 23 or or CCONJ cblr-1745 667 24 they they PRON cblr-1745 667 25 might might AUX cblr-1745 667 26 be be AUX cblr-1745 667 27 engaged engage VERB cblr-1745 667 28 in in ADP cblr-1745 667 29 other other ADJ cblr-1745 667 30 activities activity NOUN cblr-1745 667 31 , , PUNCT cblr-1745 667 32 such such ADJ cblr-1745 667 33 as as ADP cblr-1745 667 34 investing invest VERB cblr-1745 667 35 or or CCONJ cblr-1745 667 36 selling sell VERB cblr-1745 667 37 insurance insurance NOUN cblr-1745 667 38 . . PUNCT cblr-1745 668 1 today today NOUN cblr-1745 668 2 , , PUNCT cblr-1745 668 3 with with ADP cblr-1745 668 4 tighter tight ADJ cblr-1745 668 5 capital capital NOUN cblr-1745 668 6 adequacy adequacy NOUN cblr-1745 668 7 requirements requirement NOUN cblr-1745 668 8 for for ADP cblr-1745 668 9 banks,211 banks,211 PROPN cblr-1745 668 10 derivatives derivative NOUN cblr-1745 668 11 trading trading NOUN cblr-1745 668 12 activity activity NOUN cblr-1745 668 13 has have AUX cblr-1745 668 14 migrated migrate VERB cblr-1745 668 15 away away ADV cblr-1745 668 16 from from ADP cblr-1745 668 17 commercial commercial ADJ cblr-1745 668 18 banks bank NOUN cblr-1745 668 19 and and CCONJ cblr-1745 668 20 into into ADP cblr-1745 668 21 the the DET cblr-1745 668 22 realm realm NOUN cblr-1745 668 23 of of ADP cblr-1745 668 24 other other ADJ cblr-1745 668 25 affiliates.212 affiliates.212 ADJ cblr-1745 668 26 notional notional ADJ cblr-1745 668 27 amounts amount NOUN cblr-1745 668 28 at at ADP cblr-1745 668 29 the the DET cblr-1745 668 30 bhc bhc NOUN cblr-1745 668 31 level level NOUN cblr-1745 668 32 illustrate illustrate VERB cblr-1745 668 33 this this DET cblr-1745 668 34 movement.213 movement.213 NOUN cblr-1745 668 35 although although SCONJ cblr-1745 668 36 trading trading NOUN cblr-1745 668 37 figures figure NOUN cblr-1745 668 38 for for ADP cblr-1745 668 39 commercial commercial ADJ cblr-1745 668 40 banks bank NOUN cblr-1745 668 41 create create VERB cblr-1745 668 42 the the DET cblr-1745 668 43 impression impression NOUN cblr-1745 668 44 of of ADP cblr-1745 668 45 a a DET cblr-1745 668 46 four four NUM cblr-1745 668 47 - - PUNCT cblr-1745 668 48 firm firm NOUN cblr-1745 668 49 oligopoly,214 oligopoly,214 NOUN cblr-1745 668 50 the the DET cblr-1745 668 51 figures figure NOUN cblr-1745 668 52 for for ADP cblr-1745 668 53 bhcs bhcs NOUN cblr-1745 668 54 reveal reveal VERB cblr-1745 668 55 instead instead ADV cblr-1745 668 56 that that SCONJ cblr-1745 668 57 five five NUM cblr-1745 668 58 firms firm NOUN cblr-1745 668 59 have have AUX cblr-1745 668 60 cornered corner VERB cblr-1745 668 61 the the DET cblr-1745 668 62 dealer dealer NOUN cblr-1745 668 63 market market NOUN cblr-1745 668 64 : : PUNCT cblr-1745 668 65 jpmorgan jpmorgan PROPN cblr-1745 668 66 chase chase PROPN cblr-1745 668 67 , , PUNCT cblr-1745 668 68 citigroup citigroup PROPN cblr-1745 668 69 , , PUNCT cblr-1745 668 70 goldman goldman NOUN cblr-1745 668 71 sachs sachs PROPN cblr-1745 668 72 , , PUNCT cblr-1745 668 73 bank bank PROPN cblr-1745 668 74 of of ADP cblr-1745 668 75 america america PROPN cblr-1745 668 76 , , PUNCT cblr-1745 668 77 and and CCONJ cblr-1745 668 78 morgan morgan PROPN cblr-1745 668 79 stanley.215 stanley.215 VERB cblr-1745 668 80 a a DET cblr-1745 668 81 five five NUM cblr-1745 668 82 - - PUNCT cblr-1745 668 83 firm firm NOUN cblr-1745 668 84 oligopoly oligopoly NOUN cblr-1745 668 85 is be AUX cblr-1745 668 86 more more ADV cblr-1745 668 87 difficult difficult ADJ cblr-1745 668 88 to to PART cblr-1745 668 89 condemn condemn VERB cblr-1745 668 90 than than ADP cblr-1745 668 91 a a DET cblr-1745 668 92 four four NUM cblr-1745 668 93 - - PUNCT cblr-1745 668 94 firm firm NOUN cblr-1745 668 95 one one NOUN cblr-1745 668 96 since since SCONJ cblr-1745 668 97 efficiency efficiency NOUN cblr-1745 668 98 ) ) PUNCT cblr-1745 668 99 . . PUNCT cblr-1745 669 1 at at ADP cblr-1745 669 2 the the DET cblr-1745 669 3 very very ADV cblr-1745 669 4 least least ADJ cblr-1745 669 5 , , PUNCT cblr-1745 669 6 however however ADV cblr-1745 669 7 , , PUNCT cblr-1745 669 8 the the DET cblr-1745 669 9 demarcation demarcation NOUN cblr-1745 669 10 between between ADP cblr-1745 669 11 exchangetraded exchangetrade VERB cblr-1745 669 12 and and CCONJ cblr-1745 669 13 otc otc PROPN cblr-1745 669 14 derivatives derivative NOUN cblr-1745 669 15 should should AUX cblr-1745 669 16 be be AUX cblr-1745 669 17 preserved preserve VERB cblr-1745 669 18 because because SCONJ cblr-1745 669 19 the the DET cblr-1745 669 20 clearing clearing NOUN cblr-1745 669 21 and and CCONJ cblr-1745 669 22 trading trading NOUN cblr-1745 669 23 of of ADP cblr-1745 669 24 exchange exchange NOUN cblr-1745 669 25 - - PUNCT cblr-1745 669 26 traded trade VERB cblr-1745 669 27 products product NOUN cblr-1745 669 28 is be AUX cblr-1745 669 29 quite quite ADV cblr-1745 669 30 different different ADJ cblr-1745 669 31 . . 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PROPN cblr-1745 678 5 at at ADP cblr-1745 678 6 5 5 NUM cblr-1745 678 7 fig.1 fig.1 PROPN cblr-1745 678 8 . . PUNCT cblr-1745 679 1 214 214 NUM cblr-1745 679 2 see see VERB cblr-1745 679 3 i i PRON cblr-1745 679 4 d. d. PROPN cblr-1745 679 5 at at ADP cblr-1745 679 6 tbl.1 tbl.1 ADV cblr-1745 679 7 . . PUNCT cblr-1745 680 1 215 215 NUM cblr-1745 680 2 see see VERB cblr-1745 680 3 i i PRON cblr-1745 680 4 d. d. PROPN cblr-1745 680 5 at at ADP cblr-1745 680 6 tbl.2 tbl.2 PROPN cblr-1745 680 7 . . PUNCT cblr-1745 681 1 chang chang PROPN cblr-1745 681 2 – – PUNCT cblr-1745 681 3 final final ADJ cblr-1745 681 4 704 704 NUM cblr-1745 681 5 columbia columbia PROPN cblr-1745 681 6 business business NOUN cblr-1745 681 7 law law PROPN cblr-1745 681 8 review review NOUN cblr-1745 681 9 [ [ X cblr-1745 681 10 vol vol NOUN cblr-1745 681 11 . . PUNCT cblr-1745 681 12 2016 2016 NUM cblr-1745 681 13 exclusionary exclusionary ADJ cblr-1745 681 14 schemes scheme NOUN cblr-1745 681 15 will will AUX cblr-1745 681 16 be be AUX cblr-1745 681 17 harder hard ADJ cblr-1745 681 18 to to PART cblr-1745 681 19 create create VERB cblr-1745 681 20 and and CCONJ cblr-1745 681 21 enforce enforce VERB cblr-1745 681 22 among among ADP cblr-1745 681 23 five five NUM cblr-1745 681 24 players player NOUN cblr-1745 681 25 compared compare VERB cblr-1745 681 26 to to ADP cblr-1745 681 27 four.216 four.216 NOUN cblr-1745 681 28 nonetheless nonetheless ADV cblr-1745 681 29 , , PUNCT cblr-1745 681 30 this this PRON cblr-1745 681 31 is be AUX cblr-1745 681 32 the the DET cblr-1745 681 33 more more ADV cblr-1745 681 34 accurate accurate ADJ cblr-1745 681 35 approach approach NOUN cblr-1745 681 36 ; ; PUNCT cblr-1745 681 37 as as SCONJ cblr-1745 681 38 section section NOUN cblr-1745 681 39 iii.c iii.c PROPN cblr-1745 681 40 demonstrates demonstrate VERB cblr-1745 681 41 , , PUNCT cblr-1745 681 42 clearinghouse clearinghouse NOUN cblr-1745 681 43 membership membership NOUN cblr-1745 681 44 rosters roster NOUN cblr-1745 681 45 always always ADV cblr-1745 681 46 include include VERB cblr-1745 681 47 morgan morgan PROPN cblr-1745 681 48 stanley stanley PROPN cblr-1745 681 49 , , PUNCT cblr-1745 681 50 in in ADP cblr-1745 681 51 addition addition NOUN cblr-1745 681 52 to to ADP cblr-1745 681 53 affiliates affiliate NOUN cblr-1745 681 54 of of ADP cblr-1745 681 55 the the DET cblr-1745 681 56 large large ADJ cblr-1745 681 57 commercial commercial ADJ cblr-1745 681 58 banks bank NOUN cblr-1745 681 59 . . 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PUNCT cblr-1745 687 1 today today NOUN cblr-1745 687 2 , , PUNCT cblr-1745 687 3 goldman goldman PROPN cblr-1745 687 4 sachs sachs PROPN cblr-1745 687 5 and and CCONJ cblr-1745 687 6 morgan morgan PROPN cblr-1745 687 7 stanley stanley PROPN cblr-1745 687 8 have have AUX cblr-1745 687 9 diverged diverge VERB cblr-1745 687 10 slightly slightly ADV cblr-1745 687 11 in in ADP cblr-1745 687 12 that that PRON cblr-1745 687 13 most most ADJ cblr-1745 687 14 of of ADP cblr-1745 687 15 goldman goldman PROPN cblr-1745 687 16 sachs sachs PROPN cblr-1745 687 17 ’ ' PUNCT cblr-1745 687 18 trading trading NOUN cblr-1745 687 19 activities activity NOUN cblr-1745 687 20 are be AUX cblr-1745 687 21 undertaken undertake VERB cblr-1745 687 22 at at ADP cblr-1745 687 23 the the DET cblr-1745 687 24 commercial commercial ADJ cblr-1745 687 25 bank bank NOUN cblr-1745 687 26 level level NOUN cblr-1745 687 27 , , PUNCT cblr-1745 687 28 while while SCONJ cblr-1745 687 29 most most ADJ cblr-1745 687 30 of of ADP cblr-1745 687 31 morgan morgan PROPN cblr-1745 687 32 stanley stanley PROPN cblr-1745 687 33 ’s ’s PART cblr-1745 687 34 trading trading NOUN cblr-1745 687 35 activities activity NOUN cblr-1745 687 36 are be AUX cblr-1745 687 37 conducted conduct VERB cblr-1745 687 38 outside outside ADP cblr-1745 687 39 the the DET cblr-1745 687 40 commercial commercial ADJ cblr-1745 687 41 bank bank NOUN cblr-1745 687 42 . . 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PUNCT cblr-1745 690 1 218 218 NUM cblr-1745 690 2 clearing clearing NOUN cblr-1745 690 3 markets market NOUN cblr-1745 690 4 , , PUNCT cblr-1745 690 5 by by ADP cblr-1745 690 6 contrast contrast NOUN cblr-1745 690 7 , , PUNCT cblr-1745 690 8 are be AUX cblr-1745 690 9 global global ADJ cblr-1745 690 10 because because SCONJ cblr-1745 690 11 netting net VERB cblr-1745 690 12 can can AUX cblr-1745 690 13 be be AUX cblr-1745 690 14 performed perform VERB cblr-1745 690 15 rather rather ADV cblr-1745 690 16 effortlessly effortlessly ADV cblr-1745 690 17 across across ADP cblr-1745 690 18 borders border NOUN cblr-1745 690 19 ; ; PUNCT cblr-1745 690 20 clearinghouses clearinghouse NOUN cblr-1745 690 21 also also ADV cblr-1745 690 22 draw draw VERB cblr-1745 690 23 members member NOUN cblr-1745 690 24 from from ADP cblr-1745 690 25 large large ADJ cblr-1745 690 26 financial financial ADJ cblr-1745 690 27 institutions institution NOUN cblr-1745 690 28 around around ADP cblr-1745 690 29 the the DET cblr-1745 690 30 world world NOUN cblr-1745 690 31 . . 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PUNCT cblr-1745 691 6 219 219 NUM cblr-1745 691 7 for for ADP cblr-1745 691 8 instance instance NOUN cblr-1745 691 9 , , PUNCT cblr-1745 691 10 a a DET cblr-1745 691 11 dallas dallas PROPN cblr-1745 691 12 - - PUNCT cblr-1745 691 13 based base VERB cblr-1745 691 14 airline airline NOUN cblr-1745 691 15 might might AUX cblr-1745 691 16 purchase purchase VERB cblr-1745 691 17 an an DET cblr-1745 691 18 oil oil NOUN cblr-1745 691 19 swap swap NOUN cblr-1745 691 20 from from ADP cblr-1745 691 21 a a DET cblr-1745 691 22 houstonor houstonor ADJ cblr-1745 691 23 chicago chicago PROPN cblr-1745 691 24 - - PUNCT cblr-1745 691 25 based base VERB cblr-1745 691 26 dealer dealer NOUN cblr-1745 691 27 ; ; PUNCT cblr-1745 691 28 the the DET cblr-1745 691 29 dealer dealer NOUN cblr-1745 691 30 itself itself PRON cblr-1745 691 31 will will AUX cblr-1745 691 32 hedge hedge VERB cblr-1745 691 33 its its PRON cblr-1745 691 34 exposure exposure NOUN cblr-1745 691 35 with with ADP cblr-1745 691 36 one one NUM cblr-1745 691 37 of of ADP cblr-1745 691 38 the the DET cblr-1745 691 39 dominant dominant ADJ cblr-1745 691 40 u.s.-based u.s.-based ADJ cblr-1745 691 41 dealers dealer NOUN cblr-1745 691 42 . . PUNCT cblr-1745 692 1 chang chang PROPN cblr-1745 692 2 – – PUNCT cblr-1745 692 3 final final ADJ cblr-1745 692 4 no no NOUN cblr-1745 692 5 . . PUNCT cblr-1745 693 1 3:657 3:657 NUM cblr-1745 693 2 ] ] X cblr-1745 693 3 second second ADJ cblr-1745 693 4 - - PUNCT cblr-1745 693 5 generation generation NOUN cblr-1745 693 6 monopolization monopolization NOUN cblr-1745 693 7 705 705 NUM cblr-1745 693 8 occ.220 occ.220 NOUN cblr-1745 693 9 while while SCONJ cblr-1745 693 10 hsbc hsbc PROPN cblr-1745 693 11 is be AUX cblr-1745 693 12 a a DET cblr-1745 693 13 global global ADJ cblr-1745 693 14 player player NOUN cblr-1745 693 15 in in ADP cblr-1745 693 16 the the DET cblr-1745 693 17 financial financial ADJ cblr-1745 693 18 markets market NOUN cblr-1745 693 19 , , PUNCT cblr-1745 693 20 especially especially ADV cblr-1745 693 21 in in ADP cblr-1745 693 22 europe europe PROPN cblr-1745 693 23 and and CCONJ cblr-1745 693 24 asia asia PROPN cblr-1745 693 25 , , PUNCT cblr-1745 693 26 its its PRON cblr-1745 693 27 position position NOUN cblr-1745 693 28 is be AUX cblr-1745 693 29 far far ADV cblr-1745 693 30 weaker weak ADJ cblr-1745 693 31 in in ADP cblr-1745 693 32 the the DET cblr-1745 693 33 united united PROPN cblr-1745 693 34 states states PROPN cblr-1745 693 35 . . PUNCT cblr-1745 694 1 indeed indeed ADV cblr-1745 694 2 , , PUNCT cblr-1745 694 3 affiliates affiliate NOUN cblr-1745 694 4 of of ADP cblr-1745 694 5 hsbc hsbc PROPN cblr-1745 694 6 are be AUX cblr-1745 694 7 members member NOUN cblr-1745 694 8 of of ADP cblr-1745 694 9 every every DET cblr-1745 694 10 major major ADJ cblr-1745 694 11 clearinghouse,221 clearinghouse,221 NOUN cblr-1745 694 12 but but CCONJ cblr-1745 694 13 their their PRON cblr-1745 694 14 market market NOUN cblr-1745 694 15 share share NOUN cblr-1745 694 16 within within ADP cblr-1745 694 17 the the DET cblr-1745 694 18 united united PROPN cblr-1745 694 19 states states PROPN cblr-1745 694 20 can can AUX cblr-1745 694 21 not not PART cblr-1745 694 22 compare compare VERB cblr-1745 694 23 with with ADP cblr-1745 694 24 the the DET cblr-1745 694 25 shares share NOUN cblr-1745 694 26 of of ADP cblr-1745 694 27 the the DET cblr-1745 694 28 large large ADJ cblr-1745 694 29 u.s u.s PROPN cblr-1745 694 30 . . PROPN cblr-1745 694 31 dealers.222 dealers.222 PROPN cblr-1745 694 32 thus thus ADV cblr-1745 694 33 , , PUNCT cblr-1745 694 34 the the DET cblr-1745 694 35 dealer dealer NOUN cblr-1745 694 36 markets market NOUN cblr-1745 694 37 are be AUX cblr-1745 694 38 most most ADV cblr-1745 694 39 appropriately appropriately ADV cblr-1745 694 40 defined define VERB cblr-1745 694 41 as as ADP cblr-1745 694 42 the the DET cblr-1745 694 43 overall overall ADJ cblr-1745 694 44 market market NOUN cblr-1745 694 45 for for ADP cblr-1745 694 46 irs irs PROPN cblr-1745 694 47 and and CCONJ cblr-1745 694 48 the the DET cblr-1745 694 49 overall overall ADJ cblr-1745 694 50 market market NOUN cblr-1745 694 51 for for ADP cblr-1745 694 52 cds cd NOUN cblr-1745 694 53 — — PUNCT cblr-1745 694 54 or or CCONJ cblr-1745 694 55 , , PUNCT cblr-1745 694 56 alternatively alternatively ADV cblr-1745 694 57 , , PUNCT cblr-1745 694 58 all all DET cblr-1745 694 59 otc otc PROPN cblr-1745 694 60 derivatives derivative NOUN cblr-1745 694 61 — — PUNCT cblr-1745 694 62 sold sell VERB cblr-1745 694 63 in in ADP cblr-1745 694 64 the the DET cblr-1745 694 65 united united PROPN cblr-1745 694 66 states states PROPN cblr-1745 694 67 . . PUNCT cblr-1745 695 1 currently currently ADV cblr-1745 695 2 , , PUNCT cblr-1745 695 3 the the DET cblr-1745 695 4 occ occ NOUN cblr-1745 695 5 ’s ’s PART cblr-1745 695 6 quarterly quarterly ADJ cblr-1745 695 7 reports report NOUN cblr-1745 695 8 are be AUX cblr-1745 695 9 the the DET cblr-1745 695 10 best good ADJ cblr-1745 695 11 source source NOUN cblr-1745 695 12 on on ADP cblr-1745 695 13 the the DET cblr-1745 695 14 size size NOUN cblr-1745 695 15 of of ADP cblr-1745 695 16 dealer dealer NOUN cblr-1745 695 17 markets market NOUN cblr-1745 695 18 . . PUNCT cblr-1745 696 1 relying rely VERB cblr-1745 696 2 on on ADP cblr-1745 696 3 the the DET cblr-1745 696 4 occ occ NOUN cblr-1745 696 5 ’s ’s PART cblr-1745 696 6 methodology methodology NOUN cblr-1745 696 7 , , PUNCT cblr-1745 696 8 however however ADV cblr-1745 696 9 , , PUNCT cblr-1745 696 10 is be AUX cblr-1745 696 11 vulnerable vulnerable ADJ cblr-1745 696 12 to to ADP cblr-1745 696 13 criticism criticism NOUN cblr-1745 696 14 because because SCONJ cblr-1745 696 15 the the DET cblr-1745 696 16 occ occ NOUN cblr-1745 696 17 ’s ’s PART cblr-1745 696 18 methodology methodology NOUN cblr-1745 696 19 factors factor NOUN cblr-1745 696 20 in in ADP cblr-1745 696 21 the the DET cblr-1745 696 22 global global ADJ cblr-1745 696 23 trading trading NOUN cblr-1745 696 24 activity activity NOUN cblr-1745 696 25 of of ADP cblr-1745 696 26 u.s u.s PROPN cblr-1745 696 27 . . PROPN cblr-1745 696 28 dealers dealer NOUN cblr-1745 696 29 and and CCONJ cblr-1745 696 30 it it PRON cblr-1745 696 31 fails fail VERB cblr-1745 696 32 to to PART cblr-1745 696 33 account account VERB cblr-1745 696 34 for for ADP cblr-1745 696 35 the the DET cblr-1745 696 36 u.s u.s PROPN cblr-1745 696 37 . . PROPN cblr-1745 696 38 trading trading NOUN cblr-1745 696 39 activity activity NOUN cblr-1745 696 40 of of ADP cblr-1745 696 41 dealers dealer NOUN cblr-1745 696 42 domiciled domicile VERB cblr-1745 696 43 outside outside ADP cblr-1745 696 44 the the DET cblr-1745 696 45 united united ADJ cblr-1745 696 46 states.223 states.223 PROPN cblr-1745 696 47 in in ADP cblr-1745 696 48 the the DET cblr-1745 696 49 absence absence NOUN cblr-1745 696 50 of of ADP cblr-1745 696 51 data datum NOUN cblr-1745 696 52 focusing focus VERB cblr-1745 696 53 solely solely ADV cblr-1745 696 54 on on ADP cblr-1745 696 55 activity activity NOUN cblr-1745 696 56 in in ADP cblr-1745 696 57 the the DET cblr-1745 696 58 u.s u.s PROPN cblr-1745 696 59 . . PROPN cblr-1745 696 60 geographic geographic ADJ cblr-1745 696 61 market market NOUN cblr-1745 696 62 , , PUNCT cblr-1745 696 63 we we PRON cblr-1745 696 64 must must AUX cblr-1745 696 65 contend contend VERB cblr-1745 696 66 with with ADP cblr-1745 696 67 the the DET cblr-1745 696 68 occ occ NOUN cblr-1745 696 69 ’s ’s PART cblr-1745 696 70 numbers number NOUN cblr-1745 696 71 , , PUNCT cblr-1745 696 72 along along ADP cblr-1745 696 73 with with ADP cblr-1745 696 74 all all DET cblr-1745 696 75 its its PRON cblr-1745 696 76 drawbacks drawback NOUN cblr-1745 696 77 . . PUNCT cblr-1745 697 1 regarding regard VERB cblr-1745 697 2 the the DET cblr-1745 697 3 role role NOUN cblr-1745 697 4 of of ADP cblr-1745 697 5 non non ADJ cblr-1745 697 6 - - ADJ cblr-1745 697 7 u.s u.s PROPN cblr-1745 697 8 . . PROPN cblr-1745 697 9 dealers dealer NOUN cblr-1745 697 10 , , PUNCT cblr-1745 697 11 that that DET cblr-1745 697 12 concern concern NOUN cblr-1745 697 13 is be AUX cblr-1745 697 14 less less ADV cblr-1745 697 15 powerful powerful ADJ cblr-1745 697 16 — — PUNCT cblr-1745 697 17 consumers consumer NOUN cblr-1745 697 18 of of ADP cblr-1745 697 19 derivatives derivative NOUN cblr-1745 697 20 products product NOUN cblr-1745 697 21 purchase purchase NOUN cblr-1745 697 22 from from ADP cblr-1745 697 23 the the DET cblr-1745 697 24 providers provider NOUN cblr-1745 697 25 in in ADP cblr-1745 697 26 their their PRON cblr-1745 697 27 local local ADJ cblr-1745 697 28 or or CCONJ cblr-1745 697 29 national national ADJ cblr-1745 697 30 market market NOUN cblr-1745 697 31 . . PUNCT cblr-1745 698 1 further far ADV cblr-1745 698 2 , , PUNCT cblr-1745 698 3 if if SCONJ cblr-1745 698 4 the the DET cblr-1745 698 5 tying tying NOUN cblr-1745 698 6 of of ADP cblr-1745 698 7 swaps swap NOUN cblr-1745 698 8 to to ADP cblr-1745 698 9 loans loan NOUN cblr-1745 698 10 is be AUX cblr-1745 698 11 prevalent,224 prevalent,224 NOUN cblr-1745 698 12 then then ADV cblr-1745 698 13 it it PRON cblr-1745 698 14 is be AUX cblr-1745 698 15 all all DET cblr-1745 698 16 the the PRON cblr-1745 698 17 more more ADV cblr-1745 698 18 likely likely ADJ cblr-1745 698 19 that that SCONJ cblr-1745 698 20 derivatives derivative NOUN cblr-1745 698 21 are be AUX cblr-1745 698 22 sold sell VERB cblr-1745 698 23 by by ADP cblr-1745 698 24 affiliates affiliate NOUN cblr-1745 698 25 of of ADP cblr-1745 698 26 the the DET cblr-1745 698 27 local local ADJ cblr-1745 698 28 or or CCONJ cblr-1745 698 29 national national ADJ cblr-1745 698 30 lender.225 lender.225 NOUN cblr-1745 698 31 from from ADP cblr-1745 698 32 the the DET cblr-1745 698 33 occ occ NOUN cblr-1745 698 34 ’s ’s PART cblr-1745 698 35 numbers number NOUN cblr-1745 698 36 , , PUNCT cblr-1745 698 37 we we PRON cblr-1745 698 38 can can AUX cblr-1745 698 39 calculate calculate VERB cblr-1745 698 40 the the DET cblr-1745 698 41 sizes size NOUN cblr-1745 698 42 of of ADP cblr-1745 698 43 the the DET cblr-1745 698 44 dealer dealer NOUN cblr-1745 698 45 markets market NOUN cblr-1745 698 46 as as ADP cblr-1745 698 47 approximately approximately ADV cblr-1745 698 48 $ $ SYM cblr-1745 698 49 139.603 139.603 NUM cblr-1745 698 50 trillion trillion NUM cblr-1745 698 51 for for ADP cblr-1745 698 52 220 220 NUM cblr-1745 698 53 occ occ NOUN cblr-1745 698 54 , , PUNCT cblr-1745 698 55 2016 2016 NUM cblr-1745 698 56 q1 q1 PROPN cblr-1745 698 57 report report NOUN cblr-1745 698 58 , , PUNCT cblr-1745 698 59 supra supra PROPN cblr-1745 698 60 note note NOUN cblr-1745 698 61 76 76 NUM cblr-1745 698 62 , , PUNCT cblr-1745 698 63 at at ADP cblr-1745 698 64 tbl.2 tbl.2 PROPN cblr-1745 698 65 . . PUNCT cblr-1745 699 1 hsbc hsbc PROPN cblr-1745 699 2 ’s ’s PART cblr-1745 699 3 swaps swap NOUN cblr-1745 699 4 notionals notional NOUN cblr-1745 699 5 total total VERB cblr-1745 699 6 $ $ SYM cblr-1745 699 7 5.733 5.733 NUM cblr-1745 699 8 trillion trillion NUM cblr-1745 699 9 , , PUNCT cblr-1745 699 10 compared compare VERB cblr-1745 699 11 with with ADP cblr-1745 699 12 $ $ SYM cblr-1745 699 13 15.899 15.899 NUM cblr-1745 699 14 trillion trillion NUM cblr-1745 699 15 for for ADP cblr-1745 699 16 fifthranked fifthranke VERB cblr-1745 699 17 morgan morgan PROPN cblr-1745 699 18 stanley stanley PROPN cblr-1745 699 19 , , PUNCT cblr-1745 699 20 and and CCONJ cblr-1745 699 21 hsbc hsbc PROPN cblr-1745 699 22 ’s ’s PART cblr-1745 699 23 credit credit NOUN cblr-1745 699 24 derivatives derivative NOUN cblr-1745 699 25 total total VERB cblr-1745 699 26 $ $ SYM cblr-1745 699 27 185 185 NUM cblr-1745 699 28 billion billion NUM cblr-1745 699 29 , , PUNCT cblr-1745 699 30 compared compare VERB cblr-1745 699 31 with with ADP cblr-1745 699 32 $ $ SYM cblr-1745 699 33 1.412 1.412 NUM cblr-1745 699 34 trillion trillion NUM cblr-1745 699 35 for for ADP cblr-1745 699 36 fifth fifth ADV cblr-1745 699 37 - - PUNCT cblr-1745 699 38 ranked rank VERB cblr-1745 699 39 morgan morgan PROPN cblr-1745 699 40 stanley stanley PROPN cblr-1745 699 41 . . PUNCT cblr-1745 700 1 i i PRON cblr-1745 700 2 d. d. PROPN cblr-1745 700 3 221 221 NUM cblr-1745 700 4 see see VERB cblr-1745 700 5 infra infra NOUN cblr-1745 700 6 section section NOUN cblr-1745 700 7 iii.c iii.c PROPN cblr-1745 700 8 . . PUNCT cblr-1745 701 1 222 222 NUM cblr-1745 701 2 see see VERB cblr-1745 701 3 occ occ PROPN cblr-1745 701 4 , , PUNCT cblr-1745 701 5 2016 2016 NUM cblr-1745 701 6 q1 q1 PROPN cblr-1745 701 7 report report NOUN cblr-1745 701 8 , , PUNCT cblr-1745 701 9 supra supra PROPN cblr-1745 701 10 note note NOUN cblr-1745 701 11 76 76 NUM cblr-1745 701 12 , , PUNCT cblr-1745 701 13 at at ADP cblr-1745 701 14 tbls.1 tbls.1 PROPN cblr-1745 701 15 & & CCONJ cblr-1745 701 16 2 2 NUM cblr-1745 701 17 . . NOUN cblr-1745 701 18 223 223 NUM cblr-1745 701 19 mengle mengle NOUN cblr-1745 701 20 , , PUNCT cblr-1745 701 21 supra supra PROPN cblr-1745 701 22 note note NOUN cblr-1745 701 23 35 35 NUM cblr-1745 701 24 , , PUNCT cblr-1745 701 25 at at ADP cblr-1745 701 26 1–2 1–2 NUM cblr-1745 701 27 . . PUNCT cblr-1745 702 1 224 224 NUM cblr-1745 702 2 see see VERB cblr-1745 702 3 supra supra PROPN cblr-1745 702 4 notes note NOUN cblr-1745 702 5 191–194 191–194 NUM cblr-1745 702 6 and and CCONJ cblr-1745 702 7 accompanying accompany VERB cblr-1745 702 8 text text NOUN cblr-1745 702 9 . . PUNCT cblr-1745 703 1 225 225 NUM cblr-1745 704 1 but but CCONJ cblr-1745 704 2 see see VERB cblr-1745 704 3 saule saule PROPN cblr-1745 704 4 t. t. PROPN cblr-1745 704 5 omarova omarova PROPN cblr-1745 704 6 , , PUNCT cblr-1745 704 7 the the DET cblr-1745 704 8 quiet quiet ADJ cblr-1745 704 9 metamorphosis metamorphosis NOUN cblr-1745 704 10 : : PUNCT cblr-1745 704 11 how how SCONJ cblr-1745 704 12 derivatives derivative NOUN cblr-1745 704 13 changed change VERB cblr-1745 704 14 the the DET cblr-1745 704 15 “ " PUNCT cblr-1745 704 16 business business NOUN cblr-1745 704 17 of of ADP cblr-1745 704 18 banking banking NOUN cblr-1745 704 19 ” " PUNCT cblr-1745 704 20 , , PUNCT cblr-1745 704 21 63 63 NUM cblr-1745 704 22 u. u. PROPN cblr-1745 704 23 miami miami PROPN cblr-1745 704 24 l. l. PROPN cblr-1745 704 25 rev rev PROPN cblr-1745 704 26 . . PROPN cblr-1745 704 27 1041 1041 NUM cblr-1745 704 28 , , PUNCT cblr-1745 704 29 1041–42 1041–42 NUM cblr-1745 704 30 ( ( PUNCT cblr-1745 704 31 2009 2009 NUM cblr-1745 704 32 ) ) PUNCT cblr-1745 704 33 ( ( PUNCT cblr-1745 704 34 chronicling chronicle VERB cblr-1745 704 35 how how SCONJ cblr-1745 704 36 the the DET cblr-1745 704 37 occ occ NOUN cblr-1745 704 38 broadened broaden VERB cblr-1745 704 39 the the DET cblr-1745 704 40 business business NOUN cblr-1745 704 41 of of ADP cblr-1745 704 42 banking banking NOUN cblr-1745 704 43 concept concept NOUN cblr-1745 704 44 to to PART cblr-1745 704 45 cover cover VERB cblr-1745 704 46 dealing deal VERB cblr-1745 704 47 in in ADP cblr-1745 704 48 financial financial ADJ cblr-1745 704 49 risk risk NOUN cblr-1745 704 50 ) ) PUNCT cblr-1745 704 51 . . 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NOUN cblr-1745 705 12 2016 2016 NUM cblr-1745 705 13 swaps swap NOUN cblr-1745 705 14 ( ( PUNCT cblr-1745 705 15 i.e. i.e. X cblr-1745 705 16 , , PUNCT cblr-1745 705 17 irs irs PROPN cblr-1745 705 18 ) ) PUNCT cblr-1745 705 19 , , PUNCT cblr-1745 705 20 $ $ SYM cblr-1745 705 21 10.820 10.820 NUM cblr-1745 705 22 trillion trillion NUM cblr-1745 705 23 for for ADP cblr-1745 705 24 credit credit NOUN cblr-1745 705 25 derivatives derivative NOUN cblr-1745 705 26 ( ( PUNCT cblr-1745 705 27 i.e. i.e. X cblr-1745 705 28 , , PUNCT cblr-1745 705 29 cds cd NOUN cblr-1745 705 30 ) ) PUNCT cblr-1745 705 31 , , PUNCT cblr-1745 705 32 and and CCONJ cblr-1745 705 33 $ $ SYM cblr-1745 705 34 225.316 225.316 NUM cblr-1745 705 35 trillion trillion NUM cblr-1745 705 36 for for ADP cblr-1745 705 37 all all DET cblr-1745 705 38 otc otc PROPN cblr-1745 705 39 derivatives derivative NOUN cblr-1745 705 40 ( ( PUNCT cblr-1745 705 41 see see VERB cblr-1745 705 42 table table NOUN cblr-1745 705 43 2).226 2).226 NUM cblr-1745 705 44 table table NOUN cblr-1745 705 45 2 2 NUM cblr-1745 705 46 : : PUNCT cblr-1745 705 47 assets asset NOUN cblr-1745 705 48 and and CCONJ cblr-1745 705 49 notional notional ADJ cblr-1745 705 50 amounts amount NOUN cblr-1745 705 51 ( ( PUNCT cblr-1745 705 52 in in ADP cblr-1745 705 53 millions million NOUN cblr-1745 705 54 of of ADP cblr-1745 705 55 dollars dollar NOUN cblr-1745 705 56 ) ) PUNCT cblr-1745 705 57 for for ADP cblr-1745 705 58 selected select VERB cblr-1745 705 59 u.s u.s PROPN cblr-1745 705 60 . . PROPN cblr-1745 705 61 bank bank NOUN cblr-1745 705 62 holding hold VERB cblr-1745 705 63 companies company NOUN cblr-1745 705 64 ( ( PUNCT cblr-1745 705 65 “ " PUNCT cblr-1745 705 66 bhc bhc NOUN cblr-1745 705 67 ” " PUNCT cblr-1745 705 68 ) ) PUNCT cblr-1745 705 69 in in ADP cblr-1745 705 70 descending descend VERB cblr-1745 705 71 order order NOUN cblr-1745 705 72 of of ADP cblr-1745 705 73 rank227 rank227 PROPN cblr-1745 705 74 bhc bhc PROPN cblr-1745 705 75 total total ADJ cblr-1745 705 76 assets asset NOUN cblr-1745 705 77 total total ADJ cblr-1745 705 78 derivatives derivative NOUN cblr-1745 705 79 otc otc PROPN cblr-1745 705 80 swaps swap NOUN cblr-1745 705 81 otc otc PROPN cblr-1745 705 82 credit credit NOUN cblr-1745 705 83 derivatives derivative NOUN cblr-1745 705 84 all all PRON cblr-1745 705 85 otc otc PROPN cblr-1745 705 86 derivatives derivative NOUN cblr-1745 705 87 1 1 NUM cblr-1745 705 88 . . PUNCT cblr-1745 705 89 citigroup citigroup NOUN cblr-1745 705 90 1,800,967 1,800,967 NUM cblr-1745 705 91 55,624,082 55,624,082 NUM cblr-1745 705 92 30,518,526 30,518,526 NUM cblr-1745 705 93 2,081,895 2,081,895 NUM cblr-1745 705 94 47,833,660 47,833,660 NUM cblr-1745 705 95 2 2 NUM cblr-1745 705 96 . . PUNCT cblr-1745 706 1 jpmorgan jpmorgan PROPN cblr-1745 706 2 chase chase PROPN cblr-1745 706 3 2,423,808 2,423,808 NUM cblr-1745 706 4 52,352,138 52,352,138 NUM cblr-1745 706 5 29,019,815 29,019,815 NUM cblr-1745 706 6 3,136,988 3,136,988 NUM cblr-1745 706 7 49,946,925 49,946,925 NUM cblr-1745 706 8 3 3 NUM cblr-1745 706 9 . . PUNCT cblr-1745 707 1 goldman goldman NOUN cblr-1745 707 2 sachs sach VERB cblr-1745 707 3 878,102 878,102 NUM cblr-1745 707 4 52,257,748 52,257,748 NUM cblr-1745 707 5 28,818,811 28,818,811 NUM cblr-1745 707 6 1,979,810 1,979,810 NUM cblr-1745 707 7 45,682,587 45,682,587 NUM cblr-1745 707 8 4 4 NUM cblr-1745 707 9 . . PUNCT cblr-1745 707 10 bank bank PROPN cblr-1745 707 11 of of ADP cblr-1745 707 12 america america PROPN cblr-1745 707 13 2,188,633 2,188,633 NUM cblr-1745 707 14 42,998,807 42,998,807 NUM cblr-1745 707 15 23,890,121 23,890,121 NUM cblr-1745 707 16 1,964,913 1,964,913 NUM cblr-1745 707 17 39,381,707 39,381,707 NUM cblr-1745 707 18 5 5 NUM cblr-1745 707 19 . . PUNCT cblr-1745 708 1 morgan morgan PROPN cblr-1745 708 2 stanley stanley PROPN cblr-1745 708 3 807,497 807,497 NUM cblr-1745 708 4 28,281,106 28,281,106 NUM cblr-1745 708 5 15,899,169 15,899,169 NUM cblr-1745 708 6 1,412,322 1,412,322 NUM cblr-1745 708 7 25,456,239 25,456,239 NUM cblr-1745 708 8 6 6 NUM cblr-1745 708 9 . . PUNCT cblr-1745 709 1 hsbc hsbc PROPN cblr-1745 709 2 na na NOUN cblr-1745 709 3 289,057 289,057 NUM cblr-1745 709 4 7,611,043 7,611,043 NUM cblr-1745 709 5 5,773,336 5,773,336 NUM cblr-1745 709 6 184,616 184,616 NUM cblr-1745 709 7 6,863,887 6,863,887 NUM cblr-1745 709 8 7 7 NUM cblr-1745 709 9 . . PUNCT cblr-1745 710 1 wells wells PROPN cblr-1745 710 2 fargo fargo PROPN cblr-1745 710 3 1,849,182 1,849,182 NUM cblr-1745 710 4 5,908,234 5,908,234 NUM cblr-1745 710 5 4,012,949 4,012,949 NUM cblr-1745 710 6 29,207 29,207 NUM cblr-1745 710 7 5,548,936 5,548,936 NUM cblr-1745 710 8 8 8 NUM cblr-1745 710 9 . . PUNCT cblr-1745 711 1 state state PROPN cblr-1745 711 2 street street NOUN cblr-1745 711 3 243,685 243,685 NUM cblr-1745 711 4 1,341,462 1,341,462 NUM cblr-1745 711 5 11,505 11,505 NUM cblr-1745 711 6 37 37 NUM cblr-1745 711 7 1,328,140 1,328,140 NUM cblr-1745 711 8 9 9 NUM cblr-1745 711 9 . . PUNCT cblr-1745 711 10 bny bny PROPN cblr-1745 711 11 mellon mellon PROPN cblr-1745 711 12 372,870 372,870 NUM cblr-1745 711 13 1,032,454 1,032,454 NUM cblr-1745 711 14 352,635 352,635 NUM cblr-1745 711 15 405 405 NUM cblr-1745 711 16 996,003 996,003 NUM cblr-1745 711 17 top top ADJ cblr-1745 711 18 25 25 NUM cblr-1745 711 19 bhcs bhcs NOUN cblr-1745 711 20 combined combine VERB cblr-1745 711 21 14,116,151 14,116,151 NUM cblr-1745 711 22 250,182,837 250,182,837 NUM cblr-1745 711 23 139,602,766 139,602,766 NUM cblr-1745 711 24 10,819,542 10,819,542 NUM cblr-1745 711 25 225,316,150 225,316,150 NUM cblr-1745 711 26 226 226 NUM cblr-1745 711 27 occ occ NOUN cblr-1745 711 28 , , PUNCT cblr-1745 711 29 2016 2016 NUM cblr-1745 711 30 q1 q1 PROPN cblr-1745 711 31 report report NOUN cblr-1745 711 32 , , PUNCT cblr-1745 711 33 supra supra PROPN cblr-1745 711 34 note note NOUN cblr-1745 711 35 76 76 NUM cblr-1745 711 36 , , PUNCT cblr-1745 711 37 at at ADP cblr-1745 711 38 tbl.2 tbl.2 PROPN cblr-1745 711 39 . . PUNCT cblr-1745 712 1 importantly importantly ADV cblr-1745 712 2 , , PUNCT cblr-1745 712 3 these these DET cblr-1745 712 4 figures figure NOUN cblr-1745 712 5 are be AUX cblr-1745 712 6 not not PART cblr-1745 712 7 adjusted adjust VERB cblr-1745 712 8 for for ADP cblr-1745 712 9 double double ADJ cblr-1745 712 10 - - PUNCT cblr-1745 712 11 counting counting NOUN cblr-1745 712 12 from from ADP cblr-1745 712 13 inter inter ADJ cblr-1745 712 14 - - ADJ cblr-1745 712 15 dealer dealer NOUN cblr-1745 712 16 transactions transaction NOUN cblr-1745 712 17 . . PUNCT cblr-1745 713 1 see see VERB cblr-1745 713 2 mengle mengle NOUN cblr-1745 713 3 , , PUNCT cblr-1745 713 4 supra supra PROPN cblr-1745 713 5 note note NOUN cblr-1745 713 6 35 35 NUM cblr-1745 713 7 , , PUNCT cblr-1745 713 8 at at ADP cblr-1745 713 9 1 1 NUM cblr-1745 713 10 . . PUNCT cblr-1745 714 1 the the DET cblr-1745 714 2 occ occ NOUN cblr-1745 714 3 pulls pull VERB cblr-1745 714 4 these these DET cblr-1745 714 5 numbers number NOUN cblr-1745 714 6 from from ADP cblr-1745 714 7 the the DET cblr-1745 714 8 call call NOUN cblr-1745 714 9 reports report NOUN cblr-1745 714 10 filed file VERB cblr-1745 714 11 by by ADP cblr-1745 714 12 banks bank NOUN cblr-1745 714 13 and and CCONJ cblr-1745 714 14 bhcs bhcs NOUN cblr-1745 714 15 . . PUNCT cblr-1745 715 1 therefore therefore ADV cblr-1745 715 2 , , PUNCT cblr-1745 715 3 if if SCONJ cblr-1745 715 4 goldman goldman PROPN cblr-1745 715 5 sachs sachs PROPN cblr-1745 715 6 and and CCONJ cblr-1745 715 7 jpmorgan jpmorgan PROPN cblr-1745 715 8 chase chase PROPN cblr-1745 715 9 have have AUX cblr-1745 715 10 entered enter VERB cblr-1745 715 11 into into ADP cblr-1745 715 12 a a DET cblr-1745 715 13 $ $ SYM cblr-1745 715 14 10 10 NUM cblr-1745 715 15 million million NUM cblr-1745 715 16 trade trade NOUN cblr-1745 715 17 , , PUNCT cblr-1745 715 18 the the DET cblr-1745 715 19 trade trade NOUN cblr-1745 715 20 will will AUX cblr-1745 715 21 be be AUX cblr-1745 715 22 reported report VERB cblr-1745 715 23 by by ADP cblr-1745 715 24 both both DET cblr-1745 715 25 parties party NOUN cblr-1745 715 26 in in ADP cblr-1745 715 27 their their PRON cblr-1745 715 28 call call NOUN cblr-1745 715 29 reports report NOUN cblr-1745 715 30 , , PUNCT cblr-1745 715 31 for for ADP cblr-1745 715 32 a a DET cblr-1745 715 33 total total NOUN cblr-1745 715 34 of of ADP cblr-1745 715 35 $ $ SYM cblr-1745 715 36 20 20 NUM cblr-1745 715 37 million million NUM cblr-1745 715 38 . . PUNCT cblr-1745 716 1 227 227 NUM cblr-1745 716 2 the the DET cblr-1745 716 3 figures figure NOUN cblr-1745 716 4 are be AUX cblr-1745 716 5 taken take VERB cblr-1745 716 6 from from ADP cblr-1745 716 7 occ occ PROPN cblr-1745 716 8 , , PUNCT cblr-1745 716 9 2016 2016 NUM cblr-1745 716 10 q1 q1 PROPN cblr-1745 716 11 report report NOUN cblr-1745 716 12 , , PUNCT cblr-1745 716 13 supra supra PROPN cblr-1745 716 14 note note NOUN cblr-1745 716 15 76 76 NUM cblr-1745 716 16 , , PUNCT cblr-1745 716 17 at at ADP cblr-1745 716 18 tbl.2 tbl.2 PROPN cblr-1745 716 19 . . PUNCT cblr-1745 717 1 dealers dealer NOUN cblr-1745 717 2 ranked rank VERB cblr-1745 717 3 6–9 6–9 NUM cblr-1745 717 4 are be AUX cblr-1745 717 5 included include VERB cblr-1745 717 6 for for ADP cblr-1745 717 7 comparative comparative ADJ cblr-1745 717 8 purposes purpose NOUN cblr-1745 717 9 . . PUNCT cblr-1745 718 1 chang chang PROPN cblr-1745 718 2 – – PUNCT cblr-1745 718 3 final final ADJ cblr-1745 718 4 no no NOUN cblr-1745 718 5 . . PUNCT cblr-1745 719 1 3:657 3:657 NUM cblr-1745 719 2 ] ] X cblr-1745 719 3 second second ADJ cblr-1745 719 4 - - PUNCT cblr-1745 719 5 generation generation NOUN cblr-1745 719 6 monopolization monopolization NOUN cblr-1745 719 7 707 707 NUM cblr-1745 719 8 3 3 NUM cblr-1745 719 9 . . PUNCT cblr-1745 719 10 calculating calculate VERB cblr-1745 719 11 market market NOUN cblr-1745 719 12 shares share NOUN cblr-1745 719 13 market market NOUN cblr-1745 719 14 shares share NOUN cblr-1745 719 15 at at ADP cblr-1745 719 16 the the DET cblr-1745 719 17 bhc bhc NOUN cblr-1745 719 18 level level NOUN cblr-1745 719 19 show show VERB cblr-1745 719 20 that that SCONJ cblr-1745 719 21 a a DET cblr-1745 719 22 five five NUM cblr-1745 719 23 - - PUNCT cblr-1745 719 24 firm firm NOUN cblr-1745 719 25 oligopoly oligopoly NOUN cblr-1745 719 26 has have AUX cblr-1745 719 27 cornered corner VERB cblr-1745 719 28 well well ADV cblr-1745 719 29 over over ADP cblr-1745 719 30 91 91 NUM cblr-1745 719 31 % % NOUN cblr-1745 719 32 of of ADP cblr-1745 719 33 the the DET cblr-1745 719 34 relevant relevant ADJ cblr-1745 719 35 markets market NOUN cblr-1745 719 36 ( ( PUNCT cblr-1745 719 37 see see VERB cblr-1745 719 38 table table NOUN cblr-1745 719 39 3).228 3).228 NUM cblr-1745 719 40 table table NOUN cblr-1745 719 41 3 3 NUM cblr-1745 719 42 : : PUNCT cblr-1745 719 43 market market NOUN cblr-1745 719 44 shares share NOUN cblr-1745 719 45 for for ADP cblr-1745 719 46 the the DET cblr-1745 719 47 dominant dominant ADJ cblr-1745 719 48 u.s u.s PROPN cblr-1745 719 49 . . PROPN cblr-1745 719 50 dealers dealer NOUN cblr-1745 719 51 bhc bhc PROPN cblr-1745 719 52 ( ( PUNCT cblr-1745 719 53 top top NOUN cblr-1745 719 54 5 5 NUM cblr-1745 719 55 ) ) PUNCT cblr-1745 719 56 otc otc PROPN cblr-1745 719 57 swaps swap NOUN cblr-1745 719 58 otc otc PROPN cblr-1745 719 59 credit credit NOUN cblr-1745 719 60 derivatives derivative NOUN cblr-1745 719 61 all all PRON cblr-1745 719 62 otc otc PROPN cblr-1745 719 63 derivatives derivative NOUN cblr-1745 719 64 1 1 NUM cblr-1745 719 65 . . PUNCT cblr-1745 720 1 citigroup citigroup NOUN cblr-1745 720 2 21.86 21.86 NUM cblr-1745 720 3 % % NOUN cblr-1745 720 4 19.24 19.24 NUM cblr-1745 720 5 % % NOUN cblr-1745 720 6 21.23 21.23 NUM cblr-1745 720 7 % % NOUN cblr-1745 720 8 2 2 NUM cblr-1745 720 9 . . PUNCT cblr-1745 721 1 jpmorgan jpmorgan PROPN cblr-1745 721 2 chase chase PROPN cblr-1745 721 3 20.79 20.79 NUM cblr-1745 721 4 % % NOUN cblr-1745 721 5 28.99 28.99 NUM cblr-1745 721 6 % % NOUN cblr-1745 721 7 22.17 22.17 NUM cblr-1745 721 8 % % NOUN cblr-1745 721 9 3 3 NUM cblr-1745 721 10 . . PUNCT cblr-1745 722 1 goldman goldman NOUN cblr-1745 722 2 sachs sach VERB cblr-1745 722 3 20.64 20.64 NUM cblr-1745 722 4 % % NOUN cblr-1745 722 5 18.30 18.30 NUM cblr-1745 722 6 % % NOUN cblr-1745 722 7 20.27 20.27 NUM cblr-1745 722 8 % % NOUN cblr-1745 722 9 4 4 NUM cblr-1745 722 10 . . X cblr-1745 722 11 bank bank PROPN cblr-1745 722 12 of of ADP cblr-1745 722 13 america america PROPN cblr-1745 722 14 17.11 17.11 NUM cblr-1745 722 15 % % NOUN cblr-1745 722 16 18.16 18.16 NUM cblr-1745 722 17 % % NOUN cblr-1745 722 18 17.48 17.48 NUM cblr-1745 722 19 % % NOUN cblr-1745 722 20 5 5 NUM cblr-1745 722 21 . . PUNCT cblr-1745 722 22 morgan morgan PROPN cblr-1745 722 23 stanley stanley PROPN cblr-1745 722 24 11.39 11.39 NUM cblr-1745 722 25 % % NOUN cblr-1745 722 26 13.05 13.05 NUM cblr-1745 722 27 % % NOUN cblr-1745 722 28 11.30 11.30 NUM cblr-1745 722 29 % % NOUN cblr-1745 722 30 but but CCONJ cblr-1745 722 31 what what PRON cblr-1745 722 32 do do AUX cblr-1745 722 33 these these DET cblr-1745 722 34 market market NOUN cblr-1745 722 35 shares share NOUN cblr-1745 722 36 mean mean VERB cblr-1745 722 37 ? ? PUNCT cblr-1745 723 1 asked ask VERB cblr-1745 723 2 another another DET cblr-1745 723 3 way way NOUN cblr-1745 723 4 , , PUNCT cblr-1745 723 5 what what DET cblr-1745 723 6 insights insight NOUN cblr-1745 723 7 can can AUX cblr-1745 723 8 we we PRON cblr-1745 723 9 glean glean VERB cblr-1745 723 10 about about ADP cblr-1745 723 11 market market NOUN cblr-1745 723 12 power power NOUN cblr-1745 723 13 from from ADP cblr-1745 723 14 the the DET cblr-1745 723 15 fact fact NOUN cblr-1745 723 16 that that SCONJ cblr-1745 723 17 this this DET cblr-1745 723 18 much much ADJ cblr-1745 723 19 of of ADP cblr-1745 723 20 the the DET cblr-1745 723 21 market market NOUN cblr-1745 723 22 belongs belong VERB cblr-1745 723 23 to to ADP cblr-1745 723 24 the the DET cblr-1745 723 25 top top ADJ cblr-1745 723 26 five five NUM cblr-1745 723 27 dealers dealer NOUN cblr-1745 723 28 ? ? PUNCT cblr-1745 724 1 without without ADP cblr-1745 724 2 some some DET cblr-1745 724 3 archetype archetype NOUN cblr-1745 724 4 for for ADP cblr-1745 724 5 appropriate appropriate ADJ cblr-1745 724 6 market market NOUN cblr-1745 724 7 concentration concentration NOUN cblr-1745 724 8 , , PUNCT cblr-1745 724 9 these these DET cblr-1745 724 10 numbers number NOUN cblr-1745 724 11 are be AUX cblr-1745 724 12 meaningless.229 meaningless.229 NUM cblr-1745 724 13 fortunately fortunately ADV cblr-1745 724 14 , , PUNCT cblr-1745 724 15 market market NOUN cblr-1745 724 16 share share NOUN cblr-1745 724 17 need need AUX cblr-1745 724 18 not not PART cblr-1745 724 19 be be AUX cblr-1745 724 20 assessed assess VERB cblr-1745 724 21 in in ADP cblr-1745 724 22 a a DET cblr-1745 724 23 vacuum vacuum NOUN cblr-1745 724 24 . . PUNCT cblr-1745 725 1 other other ADJ cblr-1745 725 2 factors factor NOUN cblr-1745 725 3 demonstrate demonstrate VERB cblr-1745 725 4 the the DET cblr-1745 725 5 market market NOUN cblr-1745 725 6 power power NOUN cblr-1745 725 7 that that PRON cblr-1745 725 8 these these DET cblr-1745 725 9 five five NUM cblr-1745 725 10 firms firm NOUN cblr-1745 725 11 exercise.230 exercise.230 NUM cblr-1745 725 12 as as SCONJ cblr-1745 725 13 we we PRON cblr-1745 725 14 shall shall AUX cblr-1745 725 15 see see VERB cblr-1745 725 16 , , PUNCT cblr-1745 725 17 there there PRON cblr-1745 725 18 might might AUX cblr-1745 725 19 be be AUX cblr-1745 725 20 intense intense ADJ cblr-1745 725 21 competition competition NOUN cblr-1745 725 22 within within ADP cblr-1745 725 23 the the DET cblr-1745 725 24 five five NUM cblr-1745 725 25 - - PUNCT cblr-1745 725 26 member member NOUN cblr-1745 725 27 oligopoly,231 oligopoly,231 PROPN cblr-1745 725 28 but but CCONJ cblr-1745 725 29 228 228 NUM cblr-1745 725 30 i i PROPN cblr-1745 725 31 d. d. PROPN cblr-1745 725 32 229 229 NUM cblr-1745 726 1 this this PRON cblr-1745 726 2 is be AUX cblr-1745 726 3 one one NUM cblr-1745 726 4 of of ADP cblr-1745 726 5 professor professor NOUN cblr-1745 726 6 kaplow kaplow PROPN cblr-1745 726 7 ’s ’s PART cblr-1745 726 8 most most ADV cblr-1745 726 9 emphatic emphatic ADJ cblr-1745 726 10 critiques critique NOUN cblr-1745 726 11 of of ADP cblr-1745 726 12 the the DET cblr-1745 726 13 market market NOUN cblr-1745 726 14 definition definition NOUN cblr-1745 726 15 / / SYM cblr-1745 726 16 market market NOUN cblr-1745 726 17 share share NOUN cblr-1745 726 18 paradigm paradigm NOUN cblr-1745 726 19 . . PUNCT cblr-1745 727 1 see see VERB cblr-1745 727 2 kaplow kaplow NOUN cblr-1745 727 3 , , PUNCT cblr-1745 727 4 why why SCONJ cblr-1745 727 5 ( ( PUNCT cblr-1745 727 6 ever ever ADV cblr-1745 727 7 ) ) PUNCT cblr-1745 727 8 define define VERB cblr-1745 727 9 markets market NOUN cblr-1745 727 10 ? ? PUNCT cblr-1745 727 11 , , PUNCT cblr-1745 727 12 supra supra PROPN cblr-1745 727 13 note note PROPN cblr-1745 727 14 36 36 NUM cblr-1745 727 15 , , PUNCT cblr-1745 727 16 at at ADP cblr-1745 727 17 459–62 459–62 NUM cblr-1745 727 18 ; ; PUNCT cblr-1745 727 19 see see VERB cblr-1745 727 20 also also ADV cblr-1745 727 21 crane crane NOUN cblr-1745 727 22 , , PUNCT cblr-1745 727 23 supra supra PROPN cblr-1745 727 24 note note PROPN cblr-1745 727 25 37 37 NUM cblr-1745 727 26 , , PUNCT cblr-1745 727 27 at at ADP cblr-1745 727 28 35 35 NUM cblr-1745 727 29 – – SYM cblr-1745 727 30 39 39 NUM cblr-1745 727 31 . . PUNCT cblr-1745 728 1 230 230 NUM cblr-1745 728 2 context context NOUN cblr-1745 728 3 is be AUX cblr-1745 728 4 important important ADJ cblr-1745 728 5 ; ; PUNCT cblr-1745 728 6 a a DET cblr-1745 728 7 five five NUM cblr-1745 728 8 - - PUNCT cblr-1745 728 9 firm firm NOUN cblr-1745 728 10 oligopoly oligopoly NOUN cblr-1745 728 11 in in ADP cblr-1745 728 12 derivatives derivative NOUN cblr-1745 728 13 trading trading NOUN cblr-1745 728 14 reflects reflect VERB cblr-1745 728 15 different different ADJ cblr-1745 728 16 dynamics dynamic NOUN cblr-1745 728 17 than than ADP cblr-1745 728 18 a a DET cblr-1745 728 19 five five NUM cblr-1745 728 20 - - PUNCT cblr-1745 728 21 firm firm NOUN cblr-1745 728 22 oligopoly oligopoly NOUN cblr-1745 728 23 in in ADP cblr-1745 728 24 other other ADJ cblr-1745 728 25 industries industry NOUN cblr-1745 728 26 . . PUNCT cblr-1745 729 1 antitrust antitrust ADJ cblr-1745 729 2 devises devise NOUN cblr-1745 729 3 tools tool NOUN cblr-1745 729 4 such such ADJ cblr-1745 729 5 as as ADP cblr-1745 729 6 anticompetitive anticompetitive ADJ cblr-1745 729 7 effects effect NOUN cblr-1745 729 8 and and CCONJ cblr-1745 729 9 procompetitive procompetitive ADJ cblr-1745 729 10 justifications justification NOUN cblr-1745 729 11 that that PRON cblr-1745 729 12 inform inform VERB cblr-1745 729 13 this this DET cblr-1745 729 14 context context NOUN cblr-1745 729 15 . . PUNCT cblr-1745 730 1 231 231 NUM cblr-1745 730 2 see see VERB cblr-1745 730 3 cds cd NOUN cblr-1745 730 4 antitrust antitrust ADJ cblr-1745 730 5 litig litig NOUN cblr-1745 730 6 . . PUNCT cblr-1745 731 1 dealer dealer NOUN cblr-1745 731 2 joint joint ADJ cblr-1745 731 3 mot mot NOUN cblr-1745 731 4 . . PUNCT cblr-1745 731 5 , , PUNCT cblr-1745 731 6 supra supra PROPN cblr-1745 731 7 note note VERB cblr-1745 731 8 94 94 NUM cblr-1745 731 9 , , PUNCT cblr-1745 731 10 at at ADP cblr-1745 731 11 28 28 NUM cblr-1745 731 12 ( ( PUNCT cblr-1745 731 13 “ " PUNCT cblr-1745 731 14 [ [ X cblr-1745 731 15 t]here t]here NOUN cblr-1745 731 16 are be AUX cblr-1745 731 17 no no DET cblr-1745 731 18 factual factual ADJ cblr-1745 731 19 allegations allegation NOUN cblr-1745 731 20 that that SCONJ cblr-1745 731 21 the the DET cblr-1745 731 22 twelve twelve NUM cblr-1745 731 23 dealer dealer NOUN cblr-1745 731 24 - - PUNCT cblr-1745 731 25 defendants defendant NOUN cblr-1745 731 26 failed fail VERB cblr-1745 731 27 to to PART cblr-1745 731 28 compete compete VERB cblr-1745 731 29 with with ADP cblr-1745 731 30 each each DET cblr-1745 731 31 other other ADJ cblr-1745 731 32 in in ADP cblr-1745 731 33 their their PRON cblr-1745 731 34 otc otc PROPN cblr-1745 731 35 trading trading NOUN cblr-1745 731 36 of of ADP cblr-1745 731 37 cds cd NOUN cblr-1745 731 38 ( ( PUNCT cblr-1745 731 39 to to ADP cblr-1745 731 40 the the DET cblr-1745 731 41 contrary contrary NOUN cblr-1745 731 42 , , PUNCT cblr-1745 731 43 they they PRON cblr-1745 731 44 compete compete VERB cblr-1745 731 45 fiercely fiercely ADV cblr-1745 731 46 ) ) PUNCT cblr-1745 731 47 . . PUNCT cblr-1745 731 48 ” " PUNCT cblr-1745 731 49 ) ) PUNCT cblr-1745 731 50 . . PUNCT cblr-1745 732 1 chang chang PROPN cblr-1745 732 2 – – PUNCT cblr-1745 732 3 final final ADJ cblr-1745 732 4 708 708 NUM cblr-1745 732 5 columbia columbia PROPN cblr-1745 732 6 business business NOUN cblr-1745 732 7 law law PROPN cblr-1745 732 8 review review NOUN cblr-1745 732 9 [ [ X cblr-1745 732 10 vol vol NOUN cblr-1745 732 11 . . NOUN cblr-1745 732 12 2016 2016 NUM cblr-1745 733 1 the the DET cblr-1745 733 2 oligopoly oligopoly NOUN cblr-1745 733 3 might might AUX cblr-1745 733 4 nonetheless nonetheless ADV cblr-1745 733 5 stifle stifle VERB cblr-1745 733 6 competition competition NOUN cblr-1745 733 7 from from ADP cblr-1745 733 8 smaller small ADJ cblr-1745 733 9 dealers dealer NOUN cblr-1745 733 10 . . PUNCT cblr-1745 734 1 an an DET cblr-1745 734 2 analysis analysis NOUN cblr-1745 734 3 of of ADP cblr-1745 734 4 market market NOUN cblr-1745 734 5 concentration concentration NOUN cblr-1745 734 6 can can AUX cblr-1745 734 7 forecast forecast VERB cblr-1745 734 8 the the DET cblr-1745 734 9 behavior behavior NOUN cblr-1745 734 10 of of ADP cblr-1745 734 11 the the DET cblr-1745 734 12 five five NUM cblr-1745 734 13 dealers dealer NOUN cblr-1745 734 14 . . PUNCT cblr-1745 735 1 decades decade NOUN cblr-1745 735 2 ago ago ADV cblr-1745 735 3 , , PUNCT cblr-1745 735 4 the the DET cblr-1745 735 5 prevailing prevail VERB cblr-1745 735 6 measure measure NOUN cblr-1745 735 7 of of ADP cblr-1745 735 8 concentration concentration NOUN cblr-1745 735 9 was be AUX cblr-1745 735 10 the the DET cblr-1745 735 11 four four NUM cblr-1745 735 12 - - PUNCT cblr-1745 735 13 firm firm NOUN cblr-1745 735 14 concentration concentration NOUN cblr-1745 735 15 ratio ratio NOUN cblr-1745 735 16 ( ( PUNCT cblr-1745 735 17 “ " PUNCT cblr-1745 735 18 cr4”).232 cr4”).232 PROPN cblr-1745 735 19 measured measure VERB cblr-1745 735 20 at at ADP cblr-1745 735 21 the the DET cblr-1745 735 22 bhc bhc NOUN cblr-1745 735 23 level level NOUN cblr-1745 735 24 , , PUNCT cblr-1745 735 25 the the DET cblr-1745 735 26 cr4 cr4 PROPN cblr-1745 735 27 is be AUX cblr-1745 735 28 80.40 80.40 NUM cblr-1745 735 29 % % NOUN cblr-1745 735 30 for for ADP cblr-1745 735 31 irs irs PROPN cblr-1745 735 32 , , PUNCT cblr-1745 735 33 84.69 84.69 NUM cblr-1745 735 34 % % NOUN cblr-1745 735 35 for for ADP cblr-1745 735 36 cds cd NOUN cblr-1745 735 37 , , PUNCT cblr-1745 735 38 and and CCONJ cblr-1745 735 39 81.15 81.15 NUM cblr-1745 735 40 % % NOUN cblr-1745 735 41 for for ADP cblr-1745 735 42 all all DET cblr-1745 735 43 otc otc PROPN cblr-1745 735 44 derivatives.233 derivatives.233 NOUN cblr-1745 735 45 these these DET cblr-1745 735 46 cr4s cr4 NOUN cblr-1745 735 47 surpass surpass VERB cblr-1745 735 48 the the DET cblr-1745 735 49 thresholds threshold NOUN cblr-1745 735 50 at at ADP cblr-1745 735 51 which which PRON cblr-1745 735 52 exacting exact VERB cblr-1745 735 53 scrutiny scrutiny NOUN cblr-1745 735 54 of of ADP cblr-1745 735 55 mergers merger NOUN cblr-1745 735 56 is be AUX cblr-1745 735 57 triggered trigger VERB cblr-1745 735 58 . . PUNCT cblr-1745 736 1 a a DET cblr-1745 736 2 cr4 cr4 NOUN cblr-1745 736 3 greater great ADJ cblr-1745 736 4 than than ADP cblr-1745 736 5 75 75 NUM cblr-1745 736 6 % % NOUN cblr-1745 736 7 is be AUX cblr-1745 736 8 ostensibly ostensibly ADV cblr-1745 736 9 so so ADV cblr-1745 736 10 high high ADJ cblr-1745 736 11 that that SCONJ cblr-1745 736 12 a a DET cblr-1745 736 13 market market NOUN cblr-1745 736 14 is be AUX cblr-1745 736 15 presumed presume VERB cblr-1745 736 16 to to PART cblr-1745 736 17 be be AUX cblr-1745 736 18 conducive conducive ADJ cblr-1745 736 19 to to ADP cblr-1745 736 20 coercion.234 coercion.234 NOUN cblr-1745 736 21 the the DET cblr-1745 736 22 contemporary contemporary ADJ cblr-1745 736 23 approach approach NOUN cblr-1745 736 24 to to ADP cblr-1745 736 25 market market NOUN cblr-1745 736 26 concentration concentration NOUN cblr-1745 736 27 is be AUX cblr-1745 736 28 the the DET cblr-1745 736 29 herfindahl herfindahl NOUN cblr-1745 736 30 - - PUNCT cblr-1745 736 31 hirschman hirschman NOUN cblr-1745 736 32 index index NOUN cblr-1745 736 33 ( ( PUNCT cblr-1745 736 34 “ " PUNCT cblr-1745 736 35 hhi hhi NOUN cblr-1745 736 36 ” " PUNCT cblr-1745 736 37 ) ) PUNCT cblr-1745 736 38 , , PUNCT cblr-1745 736 39 which which PRON cblr-1745 736 40 is be AUX cblr-1745 736 41 the the DET cblr-1745 736 42 sum sum NOUN cblr-1745 736 43 of of ADP cblr-1745 736 44 the the DET cblr-1745 736 45 squares square NOUN cblr-1745 736 46 of of ADP cblr-1745 736 47 the the DET cblr-1745 736 48 market market NOUN cblr-1745 736 49 shares share NOUN cblr-1745 736 50 of of ADP cblr-1745 736 51 all all DET cblr-1745 736 52 firms firm NOUN cblr-1745 736 53 within within ADP cblr-1745 736 54 a a DET cblr-1745 736 55 market market NOUN cblr-1745 736 56 . . PUNCT cblr-1745 737 1 this this DET cblr-1745 737 2 measure measure NOUN cblr-1745 737 3 accounts account VERB cblr-1745 737 4 for for ADP cblr-1745 737 5 “ " PUNCT cblr-1745 737 6 both both CCONJ cblr-1745 737 7 the the DET cblr-1745 737 8 distribution distribution NOUN cblr-1745 737 9 of of ADP cblr-1745 737 10 the the DET cblr-1745 737 11 market market NOUN cblr-1745 737 12 shares share NOUN cblr-1745 737 13 of of ADP cblr-1745 737 14 the the DET cblr-1745 737 15 top top ADJ cblr-1745 737 16 four four NUM cblr-1745 737 17 firms firm NOUN cblr-1745 737 18 and and CCONJ cblr-1745 737 19 the the DET cblr-1745 737 20 composition composition NOUN cblr-1745 737 21 of of ADP cblr-1745 737 22 the the DET cblr-1745 737 23 market market NOUN cblr-1745 737 24 outside outside ADP cblr-1745 737 25 the the DET cblr-1745 737 26 top top ADJ cblr-1745 737 27 four four NUM cblr-1745 737 28 firms firm NOUN cblr-1745 737 29 . . PUNCT cblr-1745 738 1 ”235 ”235 PUNCT cblr-1745 738 2 for for ADP cblr-1745 738 3 the the DET cblr-1745 738 4 relevant relevant ADJ cblr-1745 738 5 dealer dealer NOUN cblr-1745 738 6 markets market NOUN cblr-1745 738 7 , , PUNCT cblr-1745 738 8 the the DET cblr-1745 738 9 approximate approximate ADJ cblr-1745 738 10 hhis hhis PROPN cblr-1745 738 11 are be AUX cblr-1745 738 12 as as SCONJ cblr-1745 738 13 follows follow VERB cblr-1745 738 14 : : PUNCT cblr-1745 738 15 1785 1785 NUM cblr-1745 738 16 for for ADP cblr-1745 738 17 irs irs PROPN cblr-1745 738 18 , , PUNCT cblr-1745 738 19 2049 2049 NUM cblr-1745 738 20 for for ADP cblr-1745 738 21 cds cd NOUN cblr-1745 738 22 , , PUNCT cblr-1745 738 23 and and CCONJ cblr-1745 738 24 1803 1803 NUM cblr-1745 738 25 for for ADP cblr-1745 738 26 all all DET cblr-1745 738 27 otc otc NOUN cblr-1745 738 28 derivatives.236 derivatives.236 VERB cblr-1745 738 29 these these DET cblr-1745 738 30 numbers number NOUN cblr-1745 738 31 fall fall VERB cblr-1745 738 32 into into ADP cblr-1745 738 33 the the DET cblr-1745 738 34 “ " PUNCT cblr-1745 738 35 moderately moderately ADV cblr-1745 738 36 concentrated concentrated ADJ cblr-1745 738 37 ” " PUNCT cblr-1745 738 38 range range NOUN cblr-1745 738 39 232 232 NUM cblr-1745 738 40 hovenkamp hovenkamp NOUN cblr-1745 738 41 , , PUNCT cblr-1745 738 42 supra supra PROPN cblr-1745 738 43 note note PROPN cblr-1745 738 44 34 34 NUM cblr-1745 738 45 , , PUNCT cblr-1745 738 46 § § PROPN cblr-1745 738 47 12.4a1 12.4a1 NUM cblr-1745 738 48 , , PUNCT cblr-1745 738 49 at at ADP cblr-1745 738 50 697–98 697–98 NUM cblr-1745 738 51 . . PUNCT cblr-1745 739 1 233 233 NUM cblr-1745 739 2 see see VERB cblr-1745 739 3 supra supra ADJ cblr-1745 739 4 table table NOUN cblr-1745 739 5 3 3 NUM cblr-1745 739 6 . . SYM cblr-1745 739 7 234 234 NUM cblr-1745 739 8 see see NOUN cblr-1745 739 9 hovenkamp hovenkamp NOUN cblr-1745 739 10 , , PUNCT cblr-1745 739 11 supra supra PROPN cblr-1745 739 12 note note NOUN cblr-1745 739 13 34 34 NUM cblr-1745 739 14 , , PUNCT cblr-1745 739 15 at at ADP cblr-1745 739 16 698 698 NUM cblr-1745 739 17 ( ( PUNCT cblr-1745 739 18 noting note VERB cblr-1745 739 19 that that SCONJ cblr-1745 739 20 a a DET cblr-1745 739 21 vague vague ADJ cblr-1745 739 22 consensus consensus NOUN cblr-1745 739 23 emerged emerge VERB cblr-1745 739 24 that that SCONJ cblr-1745 739 25 a a DET cblr-1745 739 26 cr4 cr4 NOUN cblr-1745 739 27 exceeding exceed VERB cblr-1745 739 28 75 75 NUM cblr-1745 739 29 % % NOUN cblr-1745 739 30 was be AUX cblr-1745 739 31 conducive conducive ADJ cblr-1745 739 32 to to ADP cblr-1745 739 33 coercion coercion NOUN cblr-1745 739 34 ) ) PUNCT cblr-1745 739 35 . . PUNCT cblr-1745 740 1 on on ADP cblr-1745 740 2 the the DET cblr-1745 740 3 other other ADJ cblr-1745 740 4 side side NOUN cblr-1745 740 5 , , PUNCT cblr-1745 740 6 isda isda PROPN cblr-1745 740 7 has have AUX cblr-1745 740 8 measured measure VERB cblr-1745 740 9 the the DET cblr-1745 740 10 cr4 cr4 NOUN cblr-1745 740 11 at at ADP cblr-1745 740 12 40.0 40.0 NUM cblr-1745 740 13 % % NOUN cblr-1745 740 14 for for ADP cblr-1745 740 15 interest interest NOUN cblr-1745 740 16 rate rate NOUN cblr-1745 740 17 derivatives derivative NOUN cblr-1745 740 18 , , PUNCT cblr-1745 740 19 40.8 40.8 NUM cblr-1745 740 20 % % NOUN cblr-1745 740 21 for for ADP cblr-1745 740 22 credit credit NOUN cblr-1745 740 23 derivatives derivative NOUN cblr-1745 740 24 , , PUNCT cblr-1745 740 25 and and CCONJ cblr-1745 740 26 39.5 39.5 NUM cblr-1745 740 27 % % NOUN cblr-1745 740 28 for for ADP cblr-1745 740 29 all all DET cblr-1745 740 30 derivatives derivative NOUN cblr-1745 740 31 . . PUNCT cblr-1745 741 1 see see VERB cblr-1745 741 2 mengle mengle NOUN cblr-1745 741 3 , , PUNCT cblr-1745 741 4 supra supra PROPN cblr-1745 741 5 note note NOUN cblr-1745 741 6 35 35 NUM cblr-1745 741 7 , , PUNCT cblr-1745 741 8 at at ADP cblr-1745 741 9 3 3 NUM cblr-1745 741 10 . . PUNCT cblr-1745 742 1 this this PRON cblr-1745 742 2 is be AUX cblr-1745 742 3 because because SCONJ cblr-1745 742 4 isda isda NOUN cblr-1745 742 5 insists insist VERB cblr-1745 742 6 that that SCONJ cblr-1745 742 7 derivatives derivative NOUN cblr-1745 742 8 activity activity NOUN cblr-1745 742 9 is be AUX cblr-1745 742 10 global global ADJ cblr-1745 742 11 in in ADP cblr-1745 742 12 nature nature NOUN cblr-1745 742 13 and and CCONJ cblr-1745 742 14 , , PUNCT cblr-1745 742 15 thus thus ADV cblr-1745 742 16 , , PUNCT cblr-1745 742 17 the the DET cblr-1745 742 18 market market NOUN cblr-1745 742 19 should should AUX cblr-1745 742 20 be be AUX cblr-1745 742 21 defined define VERB cblr-1745 742 22 globally globally ADV cblr-1745 742 23 . . PUNCT cblr-1745 743 1 see see VERB cblr-1745 743 2 i i PRON cblr-1745 743 3 d. d. PROPN cblr-1745 743 4 at at ADP cblr-1745 743 5 1–2 1–2 NUM cblr-1745 743 6 . . PUNCT cblr-1745 744 1 in in ADP cblr-1745 744 2 doing do VERB cblr-1745 744 3 so so ADV cblr-1745 744 4 , , PUNCT cblr-1745 744 5 global global ADJ cblr-1745 744 6 notionals notional NOUN cblr-1745 744 7 are be AUX cblr-1745 744 8 divided divide VERB cblr-1745 744 9 among among ADP cblr-1745 744 10 roughly roughly ADV cblr-1745 744 11 14 14 NUM cblr-1745 744 12 dealers dealer NOUN cblr-1745 744 13 rather rather ADV cblr-1745 744 14 than than ADP cblr-1745 744 15 five five NUM cblr-1745 744 16 . . PUNCT cblr-1745 745 1 i i PRON cblr-1745 745 2 d. d. VERB cblr-1745 745 3 at at ADP cblr-1745 745 4 n.2 n.2 PROPN cblr-1745 745 5 . . PROPN cblr-1745 745 6 235 235 NUM cblr-1745 745 7 u.s u.s PROPN cblr-1745 745 8 . . PROPN cblr-1745 745 9 dep’t dep’t PROPN cblr-1745 745 10 of of ADP cblr-1745 745 11 justice justice PROPN cblr-1745 745 12 & & CCONJ cblr-1745 745 13 fed fed PROPN cblr-1745 745 14 . . PUNCT cblr-1745 746 1 trade trade PROPN cblr-1745 746 2 comm’n comm’n NOUN cblr-1745 746 3 , , PUNCT cblr-1745 746 4 horizontal horizontal ADJ cblr-1745 746 5 merger merger NOUN cblr-1745 746 6 guidelines guideline VERB cblr-1745 746 7 § § PROPN cblr-1745 746 8 1.5 1.5 NUM cblr-1745 746 9 ( ( PUNCT cblr-1745 746 10 1992 1992 NUM cblr-1745 746 11 , , PUNCT cblr-1745 746 12 rev rev VERB cblr-1745 746 13 1997 1997 NUM cblr-1745 746 14 ) ) PUNCT cblr-1745 746 15 , , PUNCT cblr-1745 746 16 https://www.ftc.gov/sites/default/files/at https://www.ftc.gov/sites/default/files/at ADV cblr-1745 746 17 tachments tachment NOUN cblr-1745 746 18 / / SYM cblr-1745 746 19 merger merger NOUN cblr-1745 746 20 - - PUNCT cblr-1745 746 21 review review NOUN cblr-1745 746 22 / / SYM cblr-1745 746 23 hmg.pdf hmg.pdf PART cblr-1745 746 24 [ [ X cblr-1745 746 25 https://perma.cc/6frh-2mam https://perma.cc/6frh-2mam X cblr-1745 746 26 ] ] X cblr-1745 747 1 [ [ X cblr-1745 747 2 hereinafter hereinafter NOUN cblr-1745 747 3 doj doj PROPN cblr-1745 747 4 , , PUNCT cblr-1745 747 5 1992 1992 NUM cblr-1745 747 6 horizontal horizontal ADJ cblr-1745 747 7 merger merger NOUN cblr-1745 747 8 guidelines guideline NOUN cblr-1745 747 9 ] ] PUNCT cblr-1745 747 10 . . PUNCT cblr-1745 747 11 236 236 NUM cblr-1745 747 12 see see VERB cblr-1745 747 13 occ occ PROPN cblr-1745 747 14 , , PUNCT cblr-1745 747 15 2016 2016 NUM cblr-1745 747 16 q1 q1 PROPN cblr-1745 747 17 report report NOUN cblr-1745 747 18 , , PUNCT cblr-1745 747 19 supra supra PROPN cblr-1745 747 20 note note NOUN cblr-1745 747 21 76 76 NUM cblr-1745 747 22 , , PUNCT cblr-1745 747 23 at at ADP cblr-1745 747 24 tbl.2 tbl.2 PROPN cblr-1745 747 25 . . PUNCT cblr-1745 748 1 note note VERB cblr-1745 748 2 again again ADV cblr-1745 748 3 that that SCONJ cblr-1745 748 4 bis bis PROPN cblr-1745 748 5 has have AUX cblr-1745 748 6 calculated calculate VERB cblr-1745 748 7 much much ADV cblr-1745 748 8 smaller small ADJ cblr-1745 748 9 numbers number NOUN cblr-1745 748 10 , , PUNCT cblr-1745 748 11 due due ADP cblr-1745 748 12 to to ADP cblr-1745 748 13 its its PRON cblr-1745 748 14 definition definition NOUN cblr-1745 748 15 of of ADP cblr-1745 748 16 the the DET cblr-1745 748 17 dealer dealer NOUN cblr-1745 748 18 market market NOUN cblr-1745 748 19 as as ADP cblr-1745 748 20 global global ADJ cblr-1745 748 21 . . PUNCT cblr-1745 749 1 chang chang PROPN cblr-1745 749 2 – – PUNCT cblr-1745 749 3 final final ADJ cblr-1745 749 4 no no NOUN cblr-1745 749 5 . . PUNCT cblr-1745 750 1 3:657 3:657 NUM cblr-1745 750 2 ] ] X cblr-1745 750 3 second second ADJ cblr-1745 750 4 - - PUNCT cblr-1745 750 5 generation generation NOUN cblr-1745 750 6 monopolization monopolization NOUN cblr-1745 750 7 709 709 NUM cblr-1745 750 8 under under ADP cblr-1745 750 9 today today NOUN cblr-1745 750 10 ’s ’s PART cblr-1745 750 11 department department PROPN cblr-1745 750 12 of of ADP cblr-1745 750 13 justice justice PROPN cblr-1745 750 14 ( ( PUNCT cblr-1745 750 15 “ " PUNCT cblr-1745 750 16 doj doj PROPN cblr-1745 750 17 ” " PUNCT cblr-1745 750 18 ) ) PUNCT cblr-1745 750 19 merger merger NOUN cblr-1745 750 20 guidelines.237 guidelines.237 PROPN cblr-1745 751 1 it it PRON cblr-1745 751 2 is be AUX cblr-1745 751 3 difficult difficult ADJ cblr-1745 751 4 to to PART cblr-1745 751 5 determine determine VERB cblr-1745 751 6 whether whether SCONJ cblr-1745 751 7 the the DET cblr-1745 751 8 hhi hhi NOUN cblr-1745 751 9 or or CCONJ cblr-1745 751 10 the the DET cblr-1745 751 11 cr4 cr4 PROPN cblr-1745 751 12 is be AUX cblr-1745 751 13 the the DET cblr-1745 751 14 better well ADJ cblr-1745 751 15 benchmark benchmark NOUN cblr-1745 751 16 in in ADP cblr-1745 751 17 this this DET cblr-1745 751 18 industry industry NOUN cblr-1745 751 19 . . PUNCT cblr-1745 752 1 the the DET cblr-1745 752 2 cr4 cr4 PROPN cblr-1745 752 3 is be AUX cblr-1745 752 4 a a DET cblr-1745 752 5 better well ADJ cblr-1745 752 6 predictor predictor NOUN cblr-1745 752 7 of of ADP cblr-1745 752 8 collusion collusion NOUN cblr-1745 752 9 where where SCONJ cblr-1745 752 10 the the DET cblr-1745 752 11 major major ADJ cblr-1745 752 12 players player NOUN cblr-1745 752 13 are be AUX cblr-1745 752 14 similar similar ADJ cblr-1745 752 15 in in ADP cblr-1745 752 16 size size NOUN cblr-1745 752 17 , , PUNCT cblr-1745 752 18 while while SCONJ cblr-1745 752 19 the the DET cblr-1745 752 20 hhi hhi NOUN cblr-1745 752 21 better well ADV cblr-1745 752 22 depicts depict VERB cblr-1745 752 23 a a DET cblr-1745 752 24 non non ADJ cblr-1745 752 25 - - ADJ cblr-1745 752 26 cooperative cooperative ADJ cblr-1745 752 27 oligopoly oligopoly NOUN cblr-1745 752 28 where where SCONJ cblr-1745 752 29 the the DET cblr-1745 752 30 major major ADJ cblr-1745 752 31 players player NOUN cblr-1745 752 32 differ differ VERB cblr-1745 752 33 in in ADP cblr-1745 752 34 size.238 size.238 PROPN cblr-1745 752 35 the the DET cblr-1745 752 36 derivatives derivative NOUN cblr-1745 752 37 dealer dealer NOUN cblr-1745 752 38 market market NOUN cblr-1745 752 39 is be AUX cblr-1745 752 40 somewhere somewhere ADV cblr-1745 752 41 in in ADP cblr-1745 752 42 between between ADP cblr-1745 752 43 : : PUNCT cblr-1745 752 44 the the DET cblr-1745 752 45 largest large ADJ cblr-1745 752 46 five five NUM cblr-1745 752 47 dealers dealer NOUN cblr-1745 752 48 are be AUX cblr-1745 752 49 similar similar ADJ cblr-1745 752 50 , , PUNCT cblr-1745 752 51 but but CCONJ cblr-1745 752 52 not not PART cblr-1745 752 53 identical identical ADJ cblr-1745 752 54 in in ADP cblr-1745 752 55 size size NOUN cblr-1745 752 56 , , PUNCT cblr-1745 752 57 and and CCONJ cblr-1745 752 58 each each PRON cblr-1745 752 59 of of ADP cblr-1745 752 60 the the DET cblr-1745 752 61 five five NUM cblr-1745 752 62 is be AUX cblr-1745 752 63 several several ADJ cblr-1745 752 64 times time NOUN cblr-1745 752 65 larger large ADJ cblr-1745 752 66 than than ADP cblr-1745 752 67 all all DET cblr-1745 752 68 dealers dealer NOUN cblr-1745 752 69 outside outside ADP cblr-1745 752 70 the the DET cblr-1745 752 71 oligopoly oligopoly NOUN cblr-1745 752 72 . . PUNCT cblr-1745 753 1 the the DET cblr-1745 753 2 slight slight ADJ cblr-1745 753 3 differences difference NOUN cblr-1745 753 4 within within ADP cblr-1745 753 5 the the DET cblr-1745 753 6 group group NOUN cblr-1745 753 7 of of ADP cblr-1745 753 8 five five NUM cblr-1745 753 9 are be AUX cblr-1745 753 10 likely likely ADJ cblr-1745 753 11 not not PART cblr-1745 753 12 significant significant ADJ cblr-1745 753 13 enough enough ADV cblr-1745 753 14 that that SCONJ cblr-1745 753 15 any any DET cblr-1745 753 16 single single ADJ cblr-1745 753 17 dealer dealer NOUN cblr-1745 753 18 is be AUX cblr-1745 753 19 the the DET cblr-1745 753 20 price price NOUN cblr-1745 753 21 leader leader NOUN cblr-1745 753 22 ; ; PUNCT cblr-1745 753 23 in in ADP cblr-1745 753 24 fact fact NOUN cblr-1745 753 25 , , PUNCT cblr-1745 753 26 the the DET cblr-1745 753 27 order order NOUN cblr-1745 753 28 of of ADP cblr-1745 753 29 the the DET cblr-1745 753 30 top top ADJ cblr-1745 753 31 four four NUM cblr-1745 753 32 dealers dealer NOUN cblr-1745 753 33 has have AUX cblr-1745 753 34 shifted shift VERB cblr-1745 753 35 from from ADP cblr-1745 753 36 quarter quarter NOUN cblr-1745 753 37 to to PART cblr-1745 753 38 quarter.239 quarter.239 VERB cblr-1745 753 39 neither neither CCONJ cblr-1745 753 40 the the DET cblr-1745 753 41 hhi hhi NOUN cblr-1745 753 42 nor nor CCONJ cblr-1745 753 43 the the DET cblr-1745 753 44 cr4 cr4 NOUN cblr-1745 753 45 alone alone ADV cblr-1745 753 46 fully fully ADV cblr-1745 753 47 portrays portray VERB cblr-1745 753 48 the the DET cblr-1745 753 49 dynamics dynamic NOUN cblr-1745 753 50 of of ADP cblr-1745 753 51 the the DET cblr-1745 753 52 dealer dealer NOUN cblr-1745 753 53 market market NOUN cblr-1745 753 54 , , PUNCT cblr-1745 753 55 especially especially ADV cblr-1745 753 56 since since SCONJ cblr-1745 753 57 each each DET cblr-1745 753 58 measure measure NOUN cblr-1745 753 59 entails entail VERB cblr-1745 753 60 its its PRON cblr-1745 753 61 own own ADJ cblr-1745 753 62 narrative narrative NOUN cblr-1745 753 63 — — PUNCT cblr-1745 753 64 collusion collusion NOUN cblr-1745 753 65 for for ADP cblr-1745 753 66 cr4 cr4 PROPN cblr-1745 753 67 and and CCONJ cblr-1745 753 68 non non ADJ cblr-1745 753 69 - - ADJ cblr-1745 753 70 cooperative cooperative ADJ cblr-1745 753 71 oligopoly oligopoly NOUN cblr-1745 753 72 for for ADP cblr-1745 753 73 hhi hhi NOUN cblr-1745 753 74 . . PUNCT cblr-1745 754 1 on on ADP cblr-1745 754 2 balance balance NOUN cblr-1745 754 3 , , PUNCT cblr-1745 754 4 though though ADV cblr-1745 754 5 , , PUNCT cblr-1745 754 6 because because SCONJ cblr-1745 754 7 this this DET cblr-1745 754 8 article article NOUN cblr-1745 754 9 focuses focus VERB cblr-1745 754 10 on on ADP cblr-1745 754 11 parallel parallel NOUN cblr-1745 754 12 ( ( PUNCT cblr-1745 754 13 that that PRON cblr-1745 754 14 is be AUX cblr-1745 754 15 , , PUNCT cblr-1745 754 16 independent independent ADJ cblr-1745 754 17 ) ) PUNCT cblr-1745 754 18 exclusion exclusion NOUN cblr-1745 754 19 , , PUNCT cblr-1745 754 20 the the DET cblr-1745 754 21 hhi hhi NOUN cblr-1745 754 22 narrative narrative NOUN cblr-1745 754 23 is be AUX cblr-1745 754 24 more more ADV cblr-1745 754 25 fitting fitting ADJ cblr-1745 754 26 . . PUNCT cblr-1745 755 1 however however ADV cblr-1745 755 2 , , PUNCT cblr-1745 755 3 in in ADP cblr-1745 755 4 re re ADP cblr-1745 755 5 cds cds PROPN cblr-1745 755 6 antitrust antitrust ADJ cblr-1745 755 7 litigation litigation NOUN cblr-1745 755 8 shows show VERB cblr-1745 755 9 that that SCONJ cblr-1745 755 10 collusion collusion NOUN cblr-1745 755 11 is be AUX cblr-1745 755 12 hardly hardly ADV cblr-1745 755 13 beyond beyond ADP cblr-1745 755 14 the the DET cblr-1745 755 15 pale pale NOUN cblr-1745 755 16 for for ADP cblr-1745 755 17 the the DET cblr-1745 755 18 large large ADJ cblr-1745 755 19 dealers dealer NOUN cblr-1745 755 20 . . PUNCT cblr-1745 756 1 an an DET cblr-1745 756 2 analysis analysis NOUN cblr-1745 756 3 of of ADP cblr-1745 756 4 entry entry NOUN cblr-1745 756 5 barriers barrier NOUN cblr-1745 756 6 also also ADV cblr-1745 756 7 clarifies clarify VERB cblr-1745 756 8 market market NOUN cblr-1745 756 9 share share NOUN cblr-1745 756 10 calculations calculation NOUN cblr-1745 756 11 . . PUNCT cblr-1745 757 1 unlike unlike ADP cblr-1745 757 2 the the DET cblr-1745 757 3 clearing clearing NOUN cblr-1745 757 4 markets market NOUN cblr-1745 757 5 , , PUNCT cblr-1745 757 6 the the DET cblr-1745 757 7 downstream downstream ADJ cblr-1745 757 8 dealer dealer NOUN cblr-1745 757 9 markets market NOUN cblr-1745 757 10 are be AUX cblr-1745 757 11 not not PART cblr-1745 757 12 beset beset VERB cblr-1745 757 13 by by ADP cblr-1745 757 14 large large ADJ cblr-1745 757 15 sunk sunk ADJ cblr-1745 757 16 costs cost NOUN cblr-1745 757 17 and and CCONJ cblr-1745 757 18 high high ADJ cblr-1745 757 19 regulatory regulatory ADJ cblr-1745 757 20 barriers barrier NOUN cblr-1745 757 21 . . PUNCT cblr-1745 758 1 indeed indeed ADV cblr-1745 758 2 , , PUNCT cblr-1745 758 3 the the DET cblr-1745 758 4 occ occ NOUN cblr-1745 758 5 ’s ’s PART cblr-1745 758 6 quarterly quarterly ADJ cblr-1745 758 7 reports report NOUN cblr-1745 758 8 show show VERB cblr-1745 758 9 that that SCONJ cblr-1745 758 10 a a DET cblr-1745 758 11 number number NOUN cblr-1745 758 12 of of ADP cblr-1745 758 13 firms firm NOUN cblr-1745 758 14 are be AUX cblr-1745 758 15 active active ADJ cblr-1745 758 16 in in ADP cblr-1745 758 17 the the DET cblr-1745 758 18 derivatives derivative NOUN cblr-1745 758 19 237 237 NUM cblr-1745 758 20 in in ADP cblr-1745 758 21 prior prior ADJ cblr-1745 758 22 years year NOUN cblr-1745 758 23 , , PUNCT cblr-1745 758 24 the the DET cblr-1745 758 25 threshold threshold NOUN cblr-1745 758 26 for for ADP cblr-1745 758 27 high high ADJ cblr-1745 758 28 concentration concentration NOUN cblr-1745 758 29 was be AUX cblr-1745 758 30 lower low ADJ cblr-1745 758 31 . . PUNCT cblr-1745 759 1 compare compare VERB cblr-1745 759 2 u.s u.s PROPN cblr-1745 759 3 . . PROPN cblr-1745 759 4 dep’t dep’t PROPN cblr-1745 759 5 of of ADP cblr-1745 759 6 justice justice PROPN cblr-1745 759 7 & & CCONJ cblr-1745 759 8 fed fed PROPN cblr-1745 759 9 . . PUNCT cblr-1745 760 1 trade trade PROPN cblr-1745 760 2 comm’n comm’n NOUN cblr-1745 760 3 , , PUNCT cblr-1745 760 4 horizontal horizontal ADJ cblr-1745 760 5 merger merger NOUN cblr-1745 760 6 guidelines guideline NOUN cblr-1745 760 7 , , PUNCT cblr-1745 760 8 § § PROPN cblr-1745 760 9 5.3 5.3 NUM cblr-1745 760 10 ( ( PUNCT cblr-1745 760 11 2010 2010 NUM cblr-1745 760 12 ) ) PUNCT cblr-1745 760 13 , , PUNCT cblr-1745 760 14 with with ADP cblr-1745 760 15 doj doj PROPN cblr-1745 760 16 , , PUNCT cblr-1745 760 17 1992 1992 NUM cblr-1745 760 18 horizontal horizontal ADJ cblr-1745 760 19 merger merger NOUN cblr-1745 760 20 guidelines guideline NOUN cblr-1745 760 21 , , PUNCT cblr-1745 760 22 supra supra PROPN cblr-1745 760 23 note note PROPN cblr-1745 760 24 235 235 NUM cblr-1745 760 25 , , PUNCT cblr-1745 760 26 § § NOUN cblr-1745 760 27 1.5 1.5 NUM cblr-1745 760 28 . . PUNCT cblr-1745 761 1 238 238 NUM cblr-1745 761 2 hovenkamp hovenkamp NOUN cblr-1745 761 3 , , PUNCT cblr-1745 761 4 supra supra PROPN cblr-1745 761 5 note note NOUN cblr-1745 761 6 34 34 NUM cblr-1745 761 7 , , PUNCT cblr-1745 761 8 at at ADP cblr-1745 761 9 698–704 698–704 NUM cblr-1745 761 10 . . PUNCT cblr-1745 762 1 239 239 NUM cblr-1745 762 2 see see VERB cblr-1745 762 3 , , PUNCT cblr-1745 762 4 e.g. e.g. ADV cblr-1745 762 5 , , PUNCT cblr-1745 762 6 occ occ NOUN cblr-1745 762 7 , , PUNCT cblr-1745 762 8 2014 2014 NUM cblr-1745 762 9 q1 q1 PROPN cblr-1745 762 10 report report NOUN cblr-1745 762 11 , , PUNCT cblr-1745 762 12 supra supra PROPN cblr-1745 762 13 note note PROPN cblr-1745 762 14 35 35 NUM cblr-1745 762 15 , , PUNCT cblr-1745 762 16 at at ADP cblr-1745 762 17 tbl.1 tbl.1 ADV cblr-1745 762 18 ; ; PUNCT cblr-1745 762 19 occ occ X cblr-1745 762 20 , , PUNCT cblr-1745 762 21 2013 2013 NUM cblr-1745 762 22 q1 q1 PROPN cblr-1745 762 23 report report NOUN cblr-1745 762 24 , , PUNCT cblr-1745 762 25 supra supra PROPN cblr-1745 762 26 note note PROPN cblr-1745 762 27 173 173 NUM cblr-1745 762 28 , , PUNCT cblr-1745 762 29 at at ADP cblr-1745 762 30 tbl.1 tbl.1 ADV cblr-1745 762 31 ; ; PUNCT cblr-1745 762 32 occ occ X cblr-1745 762 33 , , PUNCT cblr-1745 762 34 2012 2012 NUM cblr-1745 762 35 q1 q1 PROPN cblr-1745 762 36 report report NOUN cblr-1745 762 37 , , PUNCT cblr-1745 762 38 supra supra PROPN cblr-1745 762 39 note note PROPN cblr-1745 762 40 173 173 NUM cblr-1745 762 41 , , PUNCT cblr-1745 762 42 at at ADP cblr-1745 762 43 tbl.1 tbl.1 ADV cblr-1745 762 44 ; ; PUNCT cblr-1745 762 45 occ occ X cblr-1745 762 46 , , PUNCT cblr-1745 762 47 2011 2011 NUM cblr-1745 762 48 q1 q1 PROPN cblr-1745 762 49 report report NOUN cblr-1745 762 50 , , PUNCT cblr-1745 762 51 supra supra PROPN cblr-1745 762 52 note note PROPN cblr-1745 762 53 173 173 NUM cblr-1745 762 54 , , PUNCT cblr-1745 762 55 at at ADP cblr-1745 762 56 tbl.1 tbl.1 ADV cblr-1745 762 57 ; ; PUNCT cblr-1745 762 58 occ occ NUM cblr-1745 762 59 2010 2010 NUM cblr-1745 762 60 q1 q1 PROPN cblr-1745 762 61 report report NOUN cblr-1745 762 62 , , PUNCT cblr-1745 762 63 supra supra PROPN cblr-1745 762 64 note note PROPN cblr-1745 762 65 172 172 NUM cblr-1745 762 66 , , PUNCT cblr-1745 762 67 at at ADP cblr-1745 762 68 tbl.1 tbl.1 ADV cblr-1745 762 69 ; ; PUNCT cblr-1745 762 70 occ occ X cblr-1745 762 71 , , PUNCT cblr-1745 762 72 2009 2009 NUM cblr-1745 762 73 q1 q1 PROPN cblr-1745 762 74 report report NOUN cblr-1745 762 75 , , PUNCT cblr-1745 762 76 supra supra PROPN cblr-1745 762 77 note note PROPN cblr-1745 762 78 173 173 NUM cblr-1745 762 79 , , PUNCT cblr-1745 762 80 at at ADP cblr-1745 762 81 tbl.1 tbl.1 ADV cblr-1745 762 82 . . PUNCT cblr-1745 763 1 chang chang PROPN cblr-1745 763 2 – – PUNCT cblr-1745 763 3 final final ADJ cblr-1745 763 4 710 710 NUM cblr-1745 763 5 columbia columbia PROPN cblr-1745 763 6 business business NOUN cblr-1745 763 7 law law NOUN cblr-1745 763 8 review review NOUN cblr-1745 763 9 [ [ X cblr-1745 763 10 vol vol NOUN cblr-1745 763 11 . . NOUN cblr-1745 763 12 2016 2016 NUM cblr-1745 763 13 markets.240 markets.240 NOUN cblr-1745 763 14 yet yet CCONJ cblr-1745 763 15 this this PRON cblr-1745 763 16 does do AUX cblr-1745 763 17 not not PART cblr-1745 763 18 mean mean VERB cblr-1745 763 19 that that SCONJ cblr-1745 763 20 these these DET cblr-1745 763 21 “ " PUNCT cblr-1745 763 22 moderately moderately ADV cblr-1745 763 23 concentrated concentrated ADJ cblr-1745 763 24 ” " PUNCT cblr-1745 763 25 markets market NOUN cblr-1745 763 26 , , PUNCT cblr-1745 763 27 under under ADP cblr-1745 763 28 the the DET cblr-1745 763 29 doj doj PROPN cblr-1745 763 30 ’s ’s PART cblr-1745 763 31 hhi hhi NOUN cblr-1745 763 32 benchmark,241 benchmark,241 NOUN cblr-1745 763 33 are be AUX cblr-1745 763 34 beyond beyond ADP cblr-1745 763 35 reproach reproach NOUN cblr-1745 763 36 . . PUNCT cblr-1745 764 1 far far ADV cblr-1745 764 2 from from ADP cblr-1745 764 3 it it PRON cblr-1745 764 4 . . PUNCT cblr-1745 765 1 where where SCONJ cblr-1745 765 2 a a DET cblr-1745 765 3 small small ADJ cblr-1745 765 4 group group NOUN cblr-1745 765 5 of of ADP cblr-1745 765 6 firms firm NOUN cblr-1745 765 7 enjoys enjoy VERB cblr-1745 765 8 “ " PUNCT cblr-1745 765 9 middling middling ADJ cblr-1745 765 10 market market NOUN cblr-1745 765 11 power power NOUN cblr-1745 765 12 , , PUNCT cblr-1745 765 13 ” " PUNCT cblr-1745 765 14 exclusion exclusion NOUN cblr-1745 765 15 is be AUX cblr-1745 765 16 arguably arguably ADV cblr-1745 765 17 of of ADP cblr-1745 765 18 greater great ADJ cblr-1745 765 19 concern concern NOUN cblr-1745 765 20 , , PUNCT cblr-1745 765 21 since since SCONJ cblr-1745 765 22 entry entry NOUN cblr-1745 765 23 barriers barrier NOUN cblr-1745 765 24 are be AUX cblr-1745 765 25 surmountable surmountable ADJ cblr-1745 765 26 and and CCONJ cblr-1745 765 27 anticompetitive anticompetitive ADJ cblr-1745 765 28 conduct conduct NOUN cblr-1745 765 29 is be AUX cblr-1745 765 30 required require VERB cblr-1745 765 31 to to PART cblr-1745 765 32 keep keep VERB cblr-1745 765 33 rivals rival NOUN cblr-1745 765 34 out.242 out.242 VERB cblr-1745 765 35 the the DET cblr-1745 765 36 persistence persistence NOUN cblr-1745 765 37 of of ADP cblr-1745 765 38 concentration concentration NOUN cblr-1745 765 39 — — PUNCT cblr-1745 765 40 at at ADP cblr-1745 765 41 the the DET cblr-1745 765 42 hands hand NOUN cblr-1745 765 43 of of ADP cblr-1745 765 44 the the DET cblr-1745 765 45 same same ADJ cblr-1745 765 46 dealers dealer NOUN cblr-1745 765 47 — — PUNCT cblr-1745 765 48 therefore therefore ADV cblr-1745 765 49 suggests suggest VERB cblr-1745 765 50 that that SCONJ cblr-1745 765 51 exclusion exclusion NOUN cblr-1745 765 52 is be AUX cblr-1745 765 53 at at ADP cblr-1745 765 54 work work NOUN cblr-1745 765 55 . . PUNCT cblr-1745 766 1 perennial perennial ADJ cblr-1745 766 2 dominance dominance NOUN cblr-1745 766 3 by by ADP cblr-1745 766 4 the the DET cblr-1745 766 5 same same ADJ cblr-1745 766 6 firms firm NOUN cblr-1745 766 7 therefore therefore ADV cblr-1745 766 8 constitutes constitute VERB cblr-1745 766 9 a a DET cblr-1745 766 10 third third ADJ cblr-1745 766 11 feature feature NOUN cblr-1745 766 12 that that PRON cblr-1745 766 13 helps help VERB cblr-1745 766 14 interpret interpret VERB cblr-1745 766 15 concentration concentration NOUN cblr-1745 766 16 in in ADP cblr-1745 766 17 the the DET cblr-1745 766 18 dealer dealer NOUN cblr-1745 766 19 markets market NOUN cblr-1745 766 20 . . PUNCT cblr-1745 767 1 an an DET cblr-1745 767 2 oligopoly oligopoly PROPN cblr-1745 767 3 ’s ’s PART cblr-1745 767 4 stability stability NOUN cblr-1745 767 5 bespeaks bespeak NOUN cblr-1745 767 6 exclusion.243 exclusion.243 VERB cblr-1745 767 7 as as SCONJ cblr-1745 767 8 discussed discuss VERB cblr-1745 767 9 in in ADP cblr-1745 767 10 greater great ADJ cblr-1745 767 11 detail detail NOUN cblr-1745 767 12 in in ADP cblr-1745 767 13 the the DET cblr-1745 767 14 next next ADJ cblr-1745 767 15 subsection subsection NOUN cblr-1745 767 16 , , PUNCT cblr-1745 767 17 stability stability NOUN cblr-1745 767 18 confirms confirm VERB cblr-1745 767 19 that that SCONJ cblr-1745 767 20 the the DET cblr-1745 767 21 dealer dealer NOUN cblr-1745 767 22 oligopoly oligopoly PROPN cblr-1745 767 23 ’s ’s PART cblr-1745 767 24 high high ADJ cblr-1745 767 25 market market NOUN cblr-1745 767 26 shares share NOUN cblr-1745 767 27 translate translate VERB cblr-1745 767 28 into into ADP cblr-1745 767 29 — — PUNCT cblr-1745 767 30 or or CCONJ cblr-1745 767 31 are be AUX cblr-1745 767 32 evidence evidence NOUN cblr-1745 767 33 of of ADP cblr-1745 767 34 — — PUNCT cblr-1745 767 35 substantial substantial ADJ cblr-1745 767 36 market market NOUN cblr-1745 767 37 power power NOUN cblr-1745 767 38 in in ADP cblr-1745 767 39 a a DET cblr-1745 767 40 manner manner NOUN cblr-1745 767 41 that that PRON cblr-1745 767 42 enables enable VERB cblr-1745 767 43 exclusion exclusion NOUN cblr-1745 767 44 . . PUNCT cblr-1745 768 1 the the DET cblr-1745 768 2 picture picture NOUN cblr-1745 768 3 that that PRON cblr-1745 768 4 emerges emerge VERB cblr-1745 768 5 from from ADP cblr-1745 768 6 the the DET cblr-1745 768 7 calculation calculation NOUN cblr-1745 768 8 of of ADP cblr-1745 768 9 market market NOUN cblr-1745 768 10 shares share NOUN cblr-1745 768 11 , , PUNCT cblr-1745 768 12 then then ADV cblr-1745 768 13 , , PUNCT cblr-1745 768 14 is be AUX cblr-1745 768 15 one one NUM cblr-1745 768 16 where where SCONJ cblr-1745 768 17 competition competition NOUN cblr-1745 768 18 is be AUX cblr-1745 768 19 suppressed suppress VERB cblr-1745 768 20 at at ADP cblr-1745 768 21 the the DET cblr-1745 768 22 national national ADJ cblr-1745 768 23 level level NOUN cblr-1745 768 24 . . PUNCT cblr-1745 769 1 the the DET cblr-1745 769 2 clearing clearing NOUN cblr-1745 769 3 markets market NOUN cblr-1745 769 4 for for ADP cblr-1745 769 5 irs irs PROPN cblr-1745 769 6 and and CCONJ cblr-1745 769 7 cds cd NOUN cblr-1745 769 8 might might AUX cblr-1745 769 9 be be AUX cblr-1745 769 10 global global ADJ cblr-1745 769 11 , , PUNCT cblr-1745 769 12 but but CCONJ cblr-1745 769 13 the the DET cblr-1745 769 14 trading trading NOUN cblr-1745 769 15 markets market NOUN cblr-1745 769 16 are be AUX cblr-1745 769 17 broken break VERB cblr-1745 769 18 up up ADP cblr-1745 769 19 into into ADP cblr-1745 769 20 countries country NOUN cblr-1745 769 21 or or CCONJ cblr-1745 769 22 regions region NOUN cblr-1745 769 23 , , PUNCT cblr-1745 769 24 each each PRON cblr-1745 769 25 dominated dominate VERB cblr-1745 769 26 by by ADP cblr-1745 769 27 a a DET cblr-1745 769 28 small small ADJ cblr-1745 769 29 circle circle NOUN cblr-1745 769 30 of of ADP cblr-1745 769 31 financial financial ADJ cblr-1745 769 32 institutions institution NOUN cblr-1745 769 33 that that PRON cblr-1745 769 34 have have VERB cblr-1745 769 35 an an DET cblr-1745 769 36 uncanny uncanny ADJ cblr-1745 769 37 ability ability NOUN cblr-1745 769 38 to to PART cblr-1745 769 39 maintain maintain VERB cblr-1745 769 40 dominance dominance NOUN cblr-1745 769 41 regardless regardless ADV cblr-1745 769 42 of of ADP cblr-1745 769 43 market market NOUN cblr-1745 769 44 transformations transformation NOUN cblr-1745 769 45 . . PUNCT cblr-1745 770 1 c. c. NOUN cblr-1745 770 2 stability stability NOUN cblr-1745 770 3 of of ADP cblr-1745 770 4 the the DET cblr-1745 770 5 dealer dealer NOUN cblr-1745 770 6 oligopoly oligopoly ADJ cblr-1745 770 7 parallel parallel ADJ cblr-1745 770 8 exclusion exclusion NOUN cblr-1745 770 9 requires require VERB cblr-1745 770 10 a a DET cblr-1745 770 11 finding finding NOUN cblr-1745 770 12 that that SCONJ cblr-1745 770 13 there there PRON cblr-1745 770 14 is be VERB cblr-1745 770 15 sufficient sufficient ADJ cblr-1745 770 16 market market NOUN cblr-1745 770 17 power power NOUN cblr-1745 770 18 to to PART cblr-1745 770 19 produce produce VERB cblr-1745 770 20 anticompetitive anticompetitive ADJ cblr-1745 770 21 effects.244 effects.244 NOUN cblr-1745 770 22 simply simply ADV cblr-1745 770 23 noting note VERB cblr-1745 770 24 that that SCONJ cblr-1745 770 25 two two NUM cblr-1745 770 26 complementary complementary ADJ cblr-1745 770 27 markets market NOUN cblr-1745 770 28 are be AUX cblr-1745 770 29 240 240 NUM cblr-1745 770 30 see see NOUN cblr-1745 770 31 supra supra PROPN cblr-1745 770 32 note note PROPN cblr-1745 770 33 236 236 NUM cblr-1745 770 34 . . PUNCT cblr-1745 770 35 even even ADV cblr-1745 770 36 beyond beyond ADP cblr-1745 770 37 regulated regulated ADJ cblr-1745 770 38 banks bank NOUN cblr-1745 770 39 and and CCONJ cblr-1745 770 40 bhcs bhcs NOUN cblr-1745 770 41 , , PUNCT cblr-1745 770 42 there there PRON cblr-1745 770 43 are be VERB cblr-1745 770 44 hedge hedge NOUN cblr-1745 770 45 funds fund NOUN cblr-1745 770 46 actively actively ADV cblr-1745 770 47 trading trade VERB cblr-1745 770 48 derivatives derivative NOUN cblr-1745 770 49 . . PUNCT cblr-1745 771 1 see see VERB cblr-1745 771 2 , , PUNCT cblr-1745 771 3 e.g. e.g. ADV cblr-1745 771 4 , , PUNCT cblr-1745 771 5 gregory gregory PROPN cblr-1745 771 6 zuckerman zuckerman PROPN cblr-1745 771 7 & & CCONJ cblr-1745 771 8 katy katy PROPN cblr-1745 771 9 burne burne PROPN cblr-1745 771 10 , , PUNCT cblr-1745 771 11 ‘ ' PUNCT cblr-1745 771 12 london london PROPN cblr-1745 771 13 whale whale NOUN cblr-1745 771 14 ’ ' PUNCT cblr-1745 771 15 rattles rattle VERB cblr-1745 771 16 debt debt NOUN cblr-1745 771 17 market market NOUN cblr-1745 771 18 , , PUNCT cblr-1745 772 1 wall wall PROPN cblr-1745 772 2 st st PROPN cblr-1745 772 3 . . PROPN cblr-1745 772 4 j. j. PROPN cblr-1745 772 5 ( ( PUNCT cblr-1745 772 6 apr apr PROPN cblr-1745 772 7 . . PROPN cblr-1745 772 8 6 6 NUM cblr-1745 772 9 , , PUNCT cblr-1745 772 10 2012 2012 NUM cblr-1745 772 11 1:19 1:19 NUM cblr-1745 772 12 pm pm NOUN cblr-1745 772 13 ) ) PUNCT cblr-1745 772 14 , , PUNCT cblr-1745 772 15 http://www.wsj.com/articles/sb10001424052702303299604 http://www.wsj.com/articles/sb10001424052702303299604 ADP cblr-1745 772 16 577326031119412436 577326031119412436 NUM cblr-1745 772 17 [ [ X cblr-1745 772 18 https://perma.cc/g74s-fk3f https://perma.cc/g74s-fk3f X cblr-1745 772 19 ] ] X cblr-1745 772 20 . . PUNCT cblr-1745 773 1 241 241 NUM cblr-1745 773 2 see see VERB cblr-1745 773 3 supra supra PROPN cblr-1745 773 4 note note PROPN cblr-1745 773 5 237 237 NUM cblr-1745 773 6 and and CCONJ cblr-1745 773 7 accompanying accompany VERB cblr-1745 773 8 text text NOUN cblr-1745 773 9 . . PUNCT cblr-1745 774 1 242 242 NUM cblr-1745 774 2 see see VERB cblr-1745 774 3 crane crane NOUN cblr-1745 774 4 , , PUNCT cblr-1745 774 5 supra supra PROPN cblr-1745 774 6 note note PROPN cblr-1745 774 7 37 37 NUM cblr-1745 774 8 , , PUNCT cblr-1745 774 9 at at ADP cblr-1745 774 10 34 34 NUM cblr-1745 774 11 , , PUNCT cblr-1745 774 12 52–54 52–54 NUM cblr-1745 774 13 . . PUNCT cblr-1745 775 1 243 243 NUM cblr-1745 775 2 hemphill hemphill PROPN cblr-1745 775 3 & & CCONJ cblr-1745 775 4 wu wu PROPN cblr-1745 775 5 , , PUNCT cblr-1745 775 6 supra supra PROPN cblr-1745 775 7 note note PROPN cblr-1745 775 8 6 6 NUM cblr-1745 775 9 , , PUNCT cblr-1745 775 10 at at ADP cblr-1745 775 11 1222–26 1222–26 NUM cblr-1745 775 12 . . PUNCT cblr-1745 776 1 244 244 NUM cblr-1745 777 1 i i PRON cblr-1745 777 2 d. d. PROPN cblr-1745 777 3 at at ADP cblr-1745 777 4 1237 1237 NUM cblr-1745 777 5 . . PUNCT cblr-1745 778 1 chang chang PROPN cblr-1745 778 2 – – PUNCT cblr-1745 778 3 final final ADJ cblr-1745 778 4 no no NOUN cblr-1745 778 5 . . PUNCT cblr-1745 779 1 3:657 3:657 NUM cblr-1745 779 2 ] ] X cblr-1745 779 3 second second ADJ cblr-1745 779 4 - - PUNCT cblr-1745 779 5 generation generation NOUN cblr-1745 779 6 monopolization monopolization NOUN cblr-1745 779 7 711 711 NUM cblr-1745 779 8 concentrated concentrate VERB cblr-1745 779 9 is be AUX cblr-1745 779 10 not not PART cblr-1745 779 11 enough enough ADJ cblr-1745 779 12 to to PART cblr-1745 779 13 conclude conclude VERB cblr-1745 779 14 that that SCONJ cblr-1745 779 15 parallel parallel ADJ cblr-1745 779 16 exclusion exclusion NOUN cblr-1745 779 17 is be AUX cblr-1745 779 18 at at ADP cblr-1745 779 19 work work NOUN cblr-1745 779 20 , , PUNCT cblr-1745 779 21 much much ADV cblr-1745 779 22 less less ADV cblr-1745 779 23 pernicious pernicious ADJ cblr-1745 779 24 exclusion exclusion NOUN cblr-1745 779 25 whose whose DET cblr-1745 779 26 anticompetitive anticompetitive ADJ cblr-1745 779 27 effects effect NOUN cblr-1745 779 28 outweigh outweigh VERB cblr-1745 779 29 its its PRON cblr-1745 779 30 procompetitive procompetitive ADJ cblr-1745 779 31 justifications justification NOUN cblr-1745 779 32 . . PUNCT cblr-1745 780 1 for for ADP cblr-1745 780 2 this this DET cblr-1745 780 3 reason reason NOUN cblr-1745 780 4 , , PUNCT cblr-1745 780 5 professors professor NOUN cblr-1745 780 6 hemphill hemphill PROPN cblr-1745 780 7 and and CCONJ cblr-1745 780 8 wu wu PROPN cblr-1745 780 9 add add VERB cblr-1745 780 10 another another DET cblr-1745 780 11 factor factor NOUN cblr-1745 780 12 to to ADP cblr-1745 780 13 the the DET cblr-1745 780 14 market market NOUN cblr-1745 780 15 power power NOUN cblr-1745 780 16 inquiry inquiry NOUN cblr-1745 780 17 : : PUNCT cblr-1745 780 18 the the DET cblr-1745 780 19 stability stability NOUN cblr-1745 780 20 of of ADP cblr-1745 780 21 the the DET cblr-1745 780 22 excluders.245 excluders.245 NOUN cblr-1745 780 23 where where SCONJ cblr-1745 780 24 the the DET cblr-1745 780 25 dominant dominant ADJ cblr-1745 780 26 players player NOUN cblr-1745 780 27 are be AUX cblr-1745 780 28 few few ADJ cblr-1745 780 29 , , PUNCT cblr-1745 780 30 exclusionary exclusionary ADJ cblr-1745 780 31 schemes scheme NOUN cblr-1745 780 32 are be AUX cblr-1745 780 33 more more ADV cblr-1745 780 34 likely likely ADJ cblr-1745 780 35 to to PART cblr-1745 780 36 succeed.246 succeed.246 VERB cblr-1745 780 37 this this DET cblr-1745 780 38 intuition intuition NOUN cblr-1745 780 39 bears bear VERB cblr-1745 780 40 out out ADP cblr-1745 780 41 in in ADP cblr-1745 780 42 the the DET cblr-1745 780 43 derivatives derivative NOUN cblr-1745 780 44 markets market NOUN cblr-1745 780 45 , , PUNCT cblr-1745 780 46 whose whose DET cblr-1745 780 47 infrastructures infrastructure NOUN cblr-1745 780 48 are be AUX cblr-1745 780 49 susceptible susceptible ADJ cblr-1745 780 50 to to PART cblr-1745 780 51 capture capture VERB cblr-1745 780 52 by by ADP cblr-1745 780 53 major major ADJ cblr-1745 780 54 dealers dealer NOUN cblr-1745 780 55 . . PUNCT cblr-1745 781 1 it it PRON cblr-1745 781 2 turns turn VERB cblr-1745 781 3 out out ADP cblr-1745 781 4 that that SCONJ cblr-1745 781 5 the the DET cblr-1745 781 6 major major ADJ cblr-1745 781 7 dealers dealer NOUN cblr-1745 781 8 drive drive VERB cblr-1745 781 9 clearinghouse clearinghouse NOUN cblr-1745 781 10 membership membership NOUN cblr-1745 781 11 and and CCONJ cblr-1745 781 12 risk risk NOUN cblr-1745 781 13 standards standard NOUN cblr-1745 781 14 , , PUNCT cblr-1745 781 15 and and CCONJ cblr-1745 781 16 even even ADV cblr-1745 781 17 when when SCONJ cblr-1745 781 18 those those DET cblr-1745 781 19 standards standard NOUN cblr-1745 781 20 change change VERB cblr-1745 781 21 , , PUNCT cblr-1745 781 22 clearinghouse clearinghouse NOUN cblr-1745 781 23 membership membership NOUN cblr-1745 781 24 profiles profile NOUN cblr-1745 781 25 remain remain VERB cblr-1745 781 26 the the DET cblr-1745 781 27 same.247 same.247 NOUN cblr-1745 781 28 this this DET cblr-1745 781 29 stasis stasis NOUN cblr-1745 781 30 validates validate VERB cblr-1745 781 31 the the DET cblr-1745 781 32 intimations intimation NOUN cblr-1745 781 33 of of ADP cblr-1745 781 34 market market NOUN cblr-1745 781 35 power power NOUN cblr-1745 781 36 from from ADP cblr-1745 781 37 market market NOUN cblr-1745 781 38 share share NOUN cblr-1745 781 39 analysis analysis NOUN cblr-1745 781 40 . . PUNCT cblr-1745 782 1 it it PRON cblr-1745 782 2 also also ADV cblr-1745 782 3 fits fit VERB cblr-1745 782 4 within within ADP cblr-1745 782 5 a a DET cblr-1745 782 6 wider wide ADJ cblr-1745 782 7 trend trend NOUN cblr-1745 782 8 : : PUNCT cblr-1745 782 9 the the DET cblr-1745 782 10 ingenuity ingenuity NOUN cblr-1745 782 11 of of ADP cblr-1745 782 12 the the DET cblr-1745 782 13 dealer dealer NOUN cblr-1745 782 14 oligopoly oligopoly NOUN cblr-1745 782 15 at at ADP cblr-1745 782 16 preserving preserve VERB cblr-1745 782 17 dominance dominance NOUN cblr-1745 782 18 . . PUNCT cblr-1745 783 1 for for ADP cblr-1745 783 2 years year NOUN cblr-1745 783 3 , , PUNCT cblr-1745 783 4 the the DET cblr-1745 783 5 five five NUM cblr-1745 783 6 large large ADJ cblr-1745 783 7 dealers dealer NOUN cblr-1745 783 8 have have AUX cblr-1745 783 9 controlled control VERB cblr-1745 783 10 trading trading NOUN cblr-1745 783 11 in in ADP cblr-1745 783 12 otc otc PROPN cblr-1745 783 13 derivatives derivative NOUN cblr-1745 783 14 . . PUNCT cblr-1745 784 1 while while SCONJ cblr-1745 784 2 their their PRON cblr-1745 784 3 precise precise ADJ cblr-1745 784 4 order order NOUN cblr-1745 784 5 within within ADP cblr-1745 784 6 the the DET cblr-1745 784 7 oligopoly oligopoly NOUN cblr-1745 784 8 might might AUX cblr-1745 784 9 have have AUX cblr-1745 784 10 shifted shift VERB cblr-1745 784 11 from from ADP cblr-1745 784 12 quarter quarter NOUN cblr-1745 784 13 to to ADP cblr-1745 784 14 quarter quarter NOUN cblr-1745 784 15 , , PUNCT cblr-1745 784 16 as as ADP cblr-1745 784 17 a a DET cblr-1745 784 18 block block NOUN cblr-1745 784 19 they they PRON cblr-1745 784 20 have have AUX cblr-1745 784 21 pulled pull VERB cblr-1745 784 22 far far ADV cblr-1745 784 23 ahead ahead ADV cblr-1745 784 24 of of ADP cblr-1745 784 25 all all DET cblr-1745 784 26 other other ADJ cblr-1745 784 27 dealers.248 dealers.248 PROPN cblr-1745 784 28 thus thus ADV cblr-1745 784 29 , , PUNCT cblr-1745 784 30 other other ADJ cblr-1745 784 31 than than ADP cblr-1745 784 32 reorientation reorientation NOUN cblr-1745 784 33 inside inside ADP cblr-1745 784 34 the the DET cblr-1745 784 35 oligopoly oligopoly NOUN cblr-1745 784 36 , , PUNCT cblr-1745 784 37 no no DET cblr-1745 784 38 other other ADJ cblr-1745 784 39 dealer dealer NOUN cblr-1745 784 40 has have AUX cblr-1745 784 41 managed manage VERB cblr-1745 784 42 to to PART cblr-1745 784 43 break break VERB cblr-1745 784 44 into into ADP cblr-1745 784 45 the the DET cblr-1745 784 46 oligopoly oligopoly NOUN cblr-1745 784 47 . . PUNCT cblr-1745 785 1 in in ADP cblr-1745 785 2 this this DET cblr-1745 785 3 respect respect NOUN cblr-1745 785 4 , , PUNCT cblr-1745 785 5 the the DET cblr-1745 785 6 evolution evolution NOUN cblr-1745 785 7 of of ADP cblr-1745 785 8 the the DET cblr-1745 785 9 cds cds PROPN cblr-1745 785 10 dealer dealer NOUN cblr-1745 785 11 market market NOUN cblr-1745 785 12 is be AUX cblr-1745 785 13 especially especially ADV cblr-1745 785 14 poignant poignant ADJ cblr-1745 785 15 . . PUNCT cblr-1745 786 1 the the DET cblr-1745 786 2 top top ADJ cblr-1745 786 3 five five NUM cblr-1745 786 4 dealers dealer NOUN cblr-1745 786 5 dominated dominate VERB cblr-1745 786 6 this this DET cblr-1745 786 7 market market NOUN cblr-1745 786 8 before before ADP cblr-1745 786 9 in in ADP cblr-1745 786 10 re re PROPN cblr-1745 786 11 cds cds PROPN cblr-1745 786 12 antitrust antitrust ADJ cblr-1745 786 13 litigation litigation NOUN cblr-1745 786 14 and and CCONJ cblr-1745 786 15 during during ADP cblr-1745 786 16 its its PRON cblr-1745 786 17 proceedings proceeding NOUN cblr-1745 786 18 ; ; PUNCT cblr-1745 786 19 in in ADP cblr-1745 786 20 the the DET cblr-1745 786 21 first first ADJ cblr-1745 786 22 two two NUM cblr-1745 786 23 quarters quarter NOUN cblr-1745 786 24 following follow VERB cblr-1745 786 25 settlement settlement NOUN cblr-1745 786 26 , , PUNCT cblr-1745 786 27 the the DET cblr-1745 786 28 results result NOUN cblr-1745 786 29 have have AUX cblr-1745 786 30 not not PART cblr-1745 786 31 changed.249 changed.249 VERB cblr-1745 786 32 the the DET cblr-1745 786 33 membership membership NOUN cblr-1745 786 34 rosters roster NOUN cblr-1745 786 35 for for ADP cblr-1745 786 36 ice ice NOUN cblr-1745 786 37 clear clear ADJ cblr-1745 786 38 credit credit NOUN cblr-1745 786 39 245 245 NUM cblr-1745 787 1 i i PRON cblr-1745 787 2 d. d. PROPN cblr-1745 787 3 at at ADP cblr-1745 787 4 1237–38 1237–38 NUM cblr-1745 787 5 . . PUNCT cblr-1745 788 1 246 246 NUM cblr-1745 789 1 i i PRON cblr-1745 789 2 d. d. PROPN cblr-1745 789 3 247 247 NUM cblr-1745 789 4 see see VERB cblr-1745 789 5 infra infra NOUN cblr-1745 789 6 notes note VERB cblr-1745 789 7 252–254 252–254 NUM cblr-1745 789 8 and and CCONJ cblr-1745 789 9 accompanying accompany VERB cblr-1745 789 10 text text NOUN cblr-1745 789 11 . . PUNCT cblr-1745 790 1 248 248 NUM cblr-1745 790 2 see see VERB cblr-1745 790 3 , , PUNCT cblr-1745 790 4 e.g. e.g. ADV cblr-1745 790 5 , , PUNCT cblr-1745 790 6 supra supra NOUN cblr-1745 790 7 notes note VERB cblr-1745 790 8 227 227 NUM cblr-1745 790 9 , , PUNCT cblr-1745 790 10 239 239 NUM cblr-1745 790 11 . . PUNCT cblr-1745 790 12 249 249 NUM cblr-1745 790 13 compare compare VERB cblr-1745 790 14 occ occ PROPN cblr-1745 790 15 , , PUNCT cblr-1745 790 16 2012 2012 NUM cblr-1745 790 17 q1 q1 PROPN cblr-1745 790 18 report report NOUN cblr-1745 790 19 , , PUNCT cblr-1745 790 20 supra supra PROPN cblr-1745 790 21 note note PROPN cblr-1745 790 22 173 173 NUM cblr-1745 790 23 , , PUNCT cblr-1745 790 24 at at ADP cblr-1745 790 25 tbl.2 tbl.2 PROPN cblr-1745 790 26 , , PUNCT cblr-1745 790 27 with with ADP cblr-1745 790 28 occ occ PROPN cblr-1745 790 29 , , PUNCT cblr-1745 790 30 2014 2014 NUM cblr-1745 790 31 q1 q1 PROPN cblr-1745 790 32 report report NOUN cblr-1745 790 33 , , PUNCT cblr-1745 790 34 supra supra PROPN cblr-1745 790 35 note note PROPN cblr-1745 790 36 35 35 NUM cblr-1745 790 37 , , PUNCT cblr-1745 790 38 at at ADP cblr-1745 790 39 tbl.2 tbl.2 PROPN cblr-1745 790 40 . . PUNCT cblr-1745 791 1 see see VERB cblr-1745 791 2 also also ADV cblr-1745 791 3 office office NOUN cblr-1745 791 4 of of ADP cblr-1745 791 5 the the DET cblr-1745 791 6 comptroller comptroller NOUN cblr-1745 791 7 of of ADP cblr-1745 791 8 the the DET cblr-1745 791 9 currency currency NOUN cblr-1745 791 10 , , PUNCT cblr-1745 791 11 occ occ PROPN cblr-1745 791 12 ’s ’s PART cblr-1745 791 13 quarterly quarterly ADJ cblr-1745 791 14 report report NOUN cblr-1745 791 15 on on ADP cblr-1745 791 16 bank bank NOUN cblr-1745 791 17 trading trading NOUN cblr-1745 791 18 and and CCONJ cblr-1745 791 19 derivatives derivative NOUN cblr-1745 791 20 activities activity NOUN cblr-1745 791 21 , , PUNCT cblr-1745 791 22 second second ADJ cblr-1745 791 23 quarter quarter NOUN cblr-1745 791 24 2016 2016 NUM cblr-1745 791 25 tbl.2 tbl.2 PROPN cblr-1745 791 26 ( ( PUNCT cblr-1745 791 27 2016 2016 NUM cblr-1745 791 28 ) ) PUNCT cblr-1745 791 29 , , PUNCT cblr-1745 791 30 https://www.occ.gov/topics/capital-markets/financialmarkets/derivatives/dq216.pdf https://www.occ.gov/topics/capital-markets/financialmarkets/derivatives/dq216.pdf X cblr-1745 792 1 [ [ X cblr-1745 792 2 https://perma.cc/sz4s-k6wv https://perma.cc/sz4s-k6wv X cblr-1745 792 3 ] ] X cblr-1745 792 4 ; ; PUNCT cblr-1745 792 5 office office NOUN cblr-1745 792 6 of of ADP cblr-1745 792 7 the the DET cblr-1745 792 8 comptroller comptroller NOUN cblr-1745 792 9 of of ADP cblr-1745 792 10 the the DET cblr-1745 792 11 currency currency NOUN cblr-1745 792 12 , , PUNCT cblr-1745 792 13 occ occ PROPN cblr-1745 792 14 ’s ’s PART cblr-1745 792 15 quarterly quarterly ADJ cblr-1745 792 16 report report NOUN cblr-1745 792 17 on on ADP cblr-1745 792 18 bank bank PROPN cblr-1745 792 19 chang chang PROPN cblr-1745 792 20 – – PUNCT cblr-1745 792 21 final final ADJ cblr-1745 792 22 712 712 NUM cblr-1745 792 23 columbia columbia PROPN cblr-1745 792 24 business business NOUN cblr-1745 792 25 law law NOUN cblr-1745 792 26 review review NOUN cblr-1745 792 27 [ [ X cblr-1745 792 28 vol vol NOUN cblr-1745 792 29 . . 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PROPN cblr-1745 803 9 31 31 NUM cblr-1745 803 10 , , PUNCT cblr-1745 803 11 2016 2016 NUM cblr-1745 803 12 ) ) PUNCT cblr-1745 803 13 . . PUNCT cblr-1745 804 1 this this DET cblr-1745 804 2 table table NOUN cblr-1745 804 3 consolidates consolidate VERB cblr-1745 804 4 affiliates affiliate NOUN cblr-1745 804 5 of of ADP cblr-1745 804 6 the the DET cblr-1745 804 7 members member NOUN cblr-1745 804 8 into into ADP cblr-1745 804 9 one one NUM cblr-1745 804 10 entry entry NOUN cblr-1745 804 11 . . PUNCT cblr-1745 805 1 253 253 NUM cblr-1745 805 2 swapclear swapclear NOUN cblr-1745 805 3 has have VERB cblr-1745 805 4 two two NUM cblr-1745 805 5 lists list NOUN cblr-1745 805 6 : : PUNCT cblr-1745 805 7 u.s.-domiciled u.s.-domiciled ADJ cblr-1745 805 8 service service NOUN cblr-1745 805 9 members member NOUN cblr-1745 805 10 and and CCONJ cblr-1745 805 11 a a DET cblr-1745 805 12 much much ADV cblr-1745 805 13 larger large ADJ cblr-1745 805 14 group group NOUN cblr-1745 805 15 of of ADP cblr-1745 805 16 global global ADJ cblr-1745 805 17 service service NOUN cblr-1745 805 18 members member NOUN cblr-1745 805 19 . . PUNCT cblr-1745 806 1 all all DET cblr-1745 806 2 the the DET cblr-1745 806 3 entries entry NOUN cblr-1745 806 4 here here ADV cblr-1745 806 5 are be AUX cblr-1745 806 6 taken take VERB cblr-1745 806 7 from from ADP cblr-1745 806 8 the the DET cblr-1745 806 9 u.s.-domiciled u.s.-domiciled ADJ cblr-1745 806 10 member member NOUN cblr-1745 806 11 list list NOUN cblr-1745 806 12 , , PUNCT cblr-1745 806 13 except except SCONJ cblr-1745 806 14 bank bank PROPN cblr-1745 806 15 of of ADP cblr-1745 806 16 america america PROPN cblr-1745 806 17 , , PUNCT cblr-1745 806 18 hsbc hsbc PROPN cblr-1745 806 19 , , PUNCT cblr-1745 806 20 and and CCONJ cblr-1745 806 21 the the DET cblr-1745 806 22 bank bank NOUN cblr-1745 806 23 of of ADP cblr-1745 806 24 nova nova PROPN cblr-1745 806 25 scotia scotia PROPN cblr-1745 806 26 , , PUNCT cblr-1745 806 27 which which PRON cblr-1745 806 28 appear appear VERB cblr-1745 806 29 under under ADP cblr-1745 806 30 the the DET cblr-1745 806 31 global global ADJ cblr-1745 806 32 members member NOUN cblr-1745 806 33 list list NOUN cblr-1745 806 34 . . PUNCT cblr-1745 807 1 see see VERB cblr-1745 807 2 swapclear swapclear NOUN cblr-1745 807 3 , , PUNCT cblr-1745 807 4 our our PRON cblr-1745 807 5 clearing clearing NOUN cblr-1745 807 6 members member NOUN cblr-1745 807 7 , , PUNCT cblr-1745 807 8 supra supra PROPN cblr-1745 807 9 note note NOUN cblr-1745 807 10 178 178 NUM cblr-1745 807 11 . . X cblr-1745 808 1 254 254 NUM cblr-1745 808 2 ice ice NOUN cblr-1745 808 3 clear clear PROPN cblr-1745 808 4 europe europe PROPN cblr-1745 808 5 ’s ’s PART cblr-1745 808 6 members member NOUN cblr-1745 808 7 trade trade VERB cblr-1745 808 8 in in ADP cblr-1745 808 9 cds cd NOUN cblr-1745 808 10 and and CCONJ cblr-1745 808 11 futures future NOUN cblr-1745 808 12 . . PUNCT cblr-1745 809 1 this this DET cblr-1745 809 2 table table NOUN cblr-1745 809 3 includes include VERB cblr-1745 809 4 only only ADV cblr-1745 809 5 cds cd NOUN cblr-1745 809 6 traders trader NOUN cblr-1745 809 7 . . PUNCT cblr-1745 810 1 among among ADP cblr-1745 810 2 these these DET cblr-1745 810 3 entities entity NOUN cblr-1745 810 4 , , PUNCT cblr-1745 810 5 only only ADV cblr-1745 810 6 bank bank PROPN cblr-1745 810 7 of of ADP cblr-1745 810 8 america america PROPN cblr-1745 810 9 , , PUNCT cblr-1745 810 10 citi citi PROPN cblr-1745 810 11 , , PUNCT cblr-1745 810 12 jpmorgan jpmorgan PROPN cblr-1745 810 13 , , PUNCT cblr-1745 810 14 and and CCONJ cblr-1745 810 15 morgan morgan PROPN cblr-1745 810 16 stanley stanley PROPN cblr-1745 810 17 are be AUX cblr-1745 810 18 domiciled domicile VERB cblr-1745 810 19 in in ADP cblr-1745 810 20 the the DET cblr-1745 810 21 united united PROPN cblr-1745 810 22 states states PROPN cblr-1745 810 23 . . PUNCT cblr-1745 811 1 the the DET cblr-1745 811 2 other other ADJ cblr-1745 811 3 members member NOUN cblr-1745 811 4 ( ( PUNCT cblr-1745 811 5 e.g. e.g. ADV cblr-1745 811 6 , , PUNCT cblr-1745 811 7 goldman goldman NOUN cblr-1745 811 8 sachs sachs PROPN cblr-1745 811 9 ) ) PUNCT cblr-1745 811 10 hold hold VERB cblr-1745 811 11 membership membership NOUN cblr-1745 811 12 in in ADP cblr-1745 811 13 the the DET cblr-1745 811 14 name name NOUN cblr-1745 811 15 of of ADP cblr-1745 811 16 european european ADJ cblr-1745 811 17 affiliates affiliate NOUN cblr-1745 811 18 . . PUNCT cblr-1745 812 1 see see VERB cblr-1745 812 2 intercontinental intercontinental ADJ cblr-1745 812 3 exchange exchange NOUN cblr-1745 812 4 , , PUNCT cblr-1745 812 5 ice ice NOUN cblr-1745 812 6 clear clear PROPN cblr-1745 812 7 europe europe PROPN cblr-1745 812 8 membership membership PROPN cblr-1745 812 9 , , PUNCT cblr-1745 812 10 supra supra PROPN cblr-1745 812 11 note note NOUN cblr-1745 812 12 252 252 NUM cblr-1745 812 13 . . PUNCT cblr-1745 813 1 255 255 NUM cblr-1745 813 2 merrill merrill NOUN cblr-1745 813 3 lynch lynch PROPN cblr-1745 813 4 is be AUX cblr-1745 813 5 counted count VERB cblr-1745 813 6 as as ADP cblr-1745 813 7 an an DET cblr-1745 813 8 affiliate affiliate NOUN cblr-1745 813 9 of of ADP cblr-1745 813 10 bank bank PROPN cblr-1745 813 11 of of ADP cblr-1745 813 12 america america PROPN cblr-1745 813 13 . . PUNCT cblr-1745 814 1 chang chang PROPN cblr-1745 814 2 – – PUNCT cblr-1745 814 3 final final ADJ cblr-1745 814 4 714 714 NUM cblr-1745 814 5 columbia columbia PROPN cblr-1745 814 6 business business NOUN cblr-1745 814 7 law law PROPN cblr-1745 814 8 review review NOUN cblr-1745 814 9 [ [ X cblr-1745 814 10 vol vol NOUN cblr-1745 814 11 . . NOUN cblr-1745 814 12 2016 2016 NUM cblr-1745 814 13 the the DET cblr-1745 814 14 exclusive exclusive ADJ cblr-1745 814 15 nature nature NOUN cblr-1745 814 16 of of ADP cblr-1745 814 17 clearinghouses clearinghouse NOUN cblr-1745 814 18 was be AUX cblr-1745 814 19 at at ADP cblr-1745 814 20 issue issue NOUN cblr-1745 814 21 in in ADP cblr-1745 814 22 in in ADP cblr-1745 814 23 re re PROPN cblr-1745 814 24 cds cds PROPN cblr-1745 814 25 antitrust antitrust ADJ cblr-1745 814 26 litigation litigation NOUN cblr-1745 814 27 , , PUNCT cblr-1745 814 28 where where SCONJ cblr-1745 814 29 the the DET cblr-1745 814 30 plaintiffs plaintiff NOUN cblr-1745 814 31 alleged allege VERB cblr-1745 814 32 that that SCONJ cblr-1745 814 33 even even ADV cblr-1745 814 34 well well ADV cblr-1745 814 35 - - PUNCT cblr-1745 814 36 capitalized capitalize VERB cblr-1745 814 37 applicants applicant NOUN cblr-1745 814 38 could could AUX cblr-1745 814 39 not not PART cblr-1745 814 40 break break VERB cblr-1745 814 41 in in ADP cblr-1745 814 42 as as ADP cblr-1745 814 43 members.256 members.256 PROPN cblr-1745 814 44 despite despite SCONJ cblr-1745 814 45 the the DET cblr-1745 814 46 settlement settlement NOUN cblr-1745 814 47 , , PUNCT cblr-1745 814 48 the the DET cblr-1745 814 49 membership membership NOUN cblr-1745 814 50 profiles profile NOUN cblr-1745 814 51 today today NOUN cblr-1745 814 52 are be AUX cblr-1745 814 53 virtually virtually ADV cblr-1745 814 54 identical identical ADJ cblr-1745 814 55 to to ADP cblr-1745 814 56 the the DET cblr-1745 814 57 membership membership NOUN cblr-1745 814 58 profiles profile NOUN cblr-1745 814 59 when when SCONJ cblr-1745 814 60 the the DET cblr-1745 814 61 case case NOUN cblr-1745 814 62 was be AUX cblr-1745 814 63 pending pende VERB cblr-1745 814 64 . . PUNCT cblr-1745 815 1 from from ADP cblr-1745 815 2 june june PROPN cblr-1745 815 3 2015 2015 NUM cblr-1745 815 4 to to ADP cblr-1745 815 5 february february PROPN cblr-1745 815 6 2016 2016 NUM cblr-1745 815 7 , , PUNCT cblr-1745 815 8 for for ADP cblr-1745 815 9 instance instance NOUN cblr-1745 815 10 , , PUNCT cblr-1745 815 11 the the DET cblr-1745 815 12 only only ADJ cblr-1745 815 13 change change NOUN cblr-1745 815 14 to to ADP cblr-1745 815 15 ice ice NOUN cblr-1745 815 16 clear clear ADJ cblr-1745 815 17 credit credit NOUN cblr-1745 815 18 was be AUX cblr-1745 815 19 that that SCONJ cblr-1745 815 20 the the DET cblr-1745 815 21 royal royal ADJ cblr-1745 815 22 bank bank PROPN cblr-1745 815 23 of of ADP cblr-1745 815 24 scotland scotland PROPN cblr-1745 815 25 pulled pull VERB cblr-1745 815 26 out.257 out.257 NOUN cblr-1745 815 27 during during ADP cblr-1745 815 28 this this DET cblr-1745 815 29 time time NOUN cblr-1745 815 30 , , PUNCT cblr-1745 815 31 ice ice NOUN cblr-1745 815 32 clear clear ADJ cblr-1745 815 33 europe europe PROPN cblr-1745 815 34 saw see VERB cblr-1745 815 35 no no DET cblr-1745 815 36 change change NOUN cblr-1745 815 37 in in ADP cblr-1745 815 38 its its PRON cblr-1745 815 39 members member NOUN cblr-1745 815 40 who who PRON cblr-1745 815 41 trade trade VERB cblr-1745 815 42 in in ADP cblr-1745 815 43 cds.258 cds.258 NOUN cblr-1745 815 44 among among ADP cblr-1745 815 45 its its PRON cblr-1745 815 46 u.s.-domiciled u.s.-domiciled ADJ cblr-1745 815 47 members member NOUN cblr-1745 815 48 , , PUNCT cblr-1745 815 49 swapclear swapclear PROPN cblr-1745 815 50 saw see VERB cblr-1745 815 51 no no DET cblr-1745 815 52 change change NOUN cblr-1745 815 53 either.259 either.259 NOUN cblr-1745 815 54 this this DET cblr-1745 815 55 inertia inertia NOUN cblr-1745 815 56 is be AUX cblr-1745 815 57 all all DET cblr-1745 815 58 the the PRON cblr-1745 815 59 more more ADV cblr-1745 815 60 astonishing astonishing ADJ cblr-1745 815 61 given give VERB cblr-1745 815 62 the the DET cblr-1745 815 63 strong strong ADJ cblr-1745 815 64 regulatory regulatory ADJ cblr-1745 815 65 pressure pressure NOUN cblr-1745 815 66 to to PART cblr-1745 815 67 loosen loosen VERB cblr-1745 815 68 membership membership NOUN cblr-1745 815 69 criteria criterion NOUN cblr-1745 815 70 . . PUNCT cblr-1745 816 1 since since SCONJ cblr-1745 816 2 dodd dodd PROPN cblr-1745 816 3 - - PUNCT cblr-1745 816 4 frank frank PROPN cblr-1745 816 5 mandated mandate VERB cblr-1745 816 6 central central ADJ cblr-1745 816 7 clearing clearing NOUN cblr-1745 816 8 for for ADP cblr-1745 816 9 otc otc PROPN cblr-1745 816 10 derivatives derivative NOUN cblr-1745 816 11 , , PUNCT cblr-1745 816 12 the the DET cblr-1745 816 13 commodity commodity NOUN cblr-1745 816 14 futures futures PROPN cblr-1745 816 15 trading trading NOUN cblr-1745 816 16 commission commission NOUN cblr-1745 816 17 ( ( PUNCT cblr-1745 816 18 “ " PUNCT cblr-1745 816 19 cftc cftc PROPN cblr-1745 816 20 ” " PUNCT cblr-1745 816 21 ) ) PUNCT cblr-1745 816 22 and and CCONJ cblr-1745 816 23 securities security NOUN cblr-1745 816 24 and and CCONJ cblr-1745 816 25 exchange exchange PROPN cblr-1745 816 26 commission commission PROPN cblr-1745 816 27 ( ( PUNCT cblr-1745 816 28 “ " PUNCT cblr-1745 816 29 sec sec PROPN cblr-1745 816 30 ” " PUNCT cblr-1745 816 31 ) ) PUNCT cblr-1745 816 32 have have AUX cblr-1745 816 33 implemented implement VERB cblr-1745 816 34 rules rule NOUN cblr-1745 816 35 aimed aim VERB cblr-1745 816 36 at at ADP cblr-1745 816 37 tempering temper VERB cblr-1745 816 38 the the DET cblr-1745 816 39 likelihood likelihood NOUN cblr-1745 816 40 that that SCONJ cblr-1745 816 41 incumbent incumbent ADJ cblr-1745 816 42 dealers dealer NOUN cblr-1745 816 43 would would AUX cblr-1745 816 44 use use VERB cblr-1745 816 45 clearinghouses clearinghouse NOUN cblr-1745 816 46 to to PART cblr-1745 816 47 shut shut VERB cblr-1745 816 48 out out ADP cblr-1745 816 49 insurgent insurgent NOUN cblr-1745 816 50 dealers.260 dealers.260 ADV cblr-1745 816 51 as as ADP cblr-1745 816 52 a a DET cblr-1745 816 53 consequence consequence NOUN cblr-1745 816 54 , , PUNCT cblr-1745 816 55 clearinghouse clearinghouse VERB cblr-1745 816 56 256 256 NUM cblr-1745 816 57 see see NOUN cblr-1745 816 58 in in ADP cblr-1745 816 59 re re NOUN cblr-1745 816 60 credit credit NOUN cblr-1745 816 61 default default NOUN cblr-1745 816 62 swaps swap NOUN cblr-1745 816 63 antitrust antitrust ADJ cblr-1745 816 64 litig litig NOUN cblr-1745 816 65 . . PUNCT cblr-1745 817 1 , , PUNCT cblr-1745 817 2 no no INTJ cblr-1745 817 3 . . NOUN cblr-1745 817 4 13 13 NUM cblr-1745 817 5 - - PUNCT cblr-1745 817 6 md-2476 md-2476 PROPN cblr-1745 817 7 , , PUNCT cblr-1745 817 8 2014 2014 NUM cblr-1745 817 9 wl wl NOUN cblr-1745 817 10 4379112 4379112 NUM cblr-1745 817 11 , , PUNCT cblr-1745 817 12 at at ADP cblr-1745 817 13 * * NOUN cblr-1745 817 14 5 5 NUM cblr-1745 817 15 ( ( PUNCT cblr-1745 817 16 s.d.n.y s.d.n.y PROPN cblr-1745 817 17 . . PUNCT cblr-1745 817 18 sept sept PROPN cblr-1745 817 19 . . PROPN cblr-1745 817 20 4 4 NUM cblr-1745 817 21 , , PUNCT cblr-1745 817 22 2014 2014 NUM cblr-1745 817 23 ) ) PUNCT cblr-1745 817 24 . . 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PUNCT cblr-1745 819 1 257 257 NUM cblr-1745 819 2 see see VERB cblr-1745 819 3 intercontinental intercontinental ADJ cblr-1745 819 4 exchange exchange NOUN cblr-1745 819 5 , , PUNCT cblr-1745 819 6 participants participant NOUN cblr-1745 819 7 , , PUNCT cblr-1745 819 8 supra supra PROPN cblr-1745 819 9 note note NOUN cblr-1745 819 10 178 178 NUM cblr-1745 819 11 ( ( PUNCT cblr-1745 819 12 archived archive VERB cblr-1745 819 13 pages page NOUN cblr-1745 819 14 from from ADP cblr-1745 819 15 june june PROPN cblr-1745 819 16 , , PUNCT cblr-1745 819 17 aug aug PROPN cblr-1745 819 18 . . PROPN cblr-1745 819 19 , , PUNCT cblr-1745 819 20 oct oct PROPN cblr-1745 819 21 . . PROPN cblr-1745 819 22 , , PUNCT cblr-1745 819 23 and and CCONJ cblr-1745 819 24 dec dec PROPN cblr-1745 819 25 . . PROPN cblr-1745 819 26 2015 2015 NUM cblr-1745 819 27 and and CCONJ cblr-1745 819 28 feb feb PROPN cblr-1745 819 29 . . PROPN cblr-1745 819 30 2016 2016 NUM cblr-1745 819 31 ) ) PUNCT cblr-1745 820 1 ( ( PUNCT cblr-1745 820 2 on on ADP cblr-1745 820 3 file file NOUN cblr-1745 820 4 with with ADP cblr-1745 820 5 author author NOUN cblr-1745 820 6 ) ) PUNCT cblr-1745 820 7 . . PUNCT cblr-1745 821 1 on on ADP cblr-1745 821 2 a a DET cblr-1745 821 3 bi bi ADJ cblr-1745 821 4 - - ADJ cblr-1745 821 5 monthly monthly ADJ cblr-1745 821 6 basis basis NOUN cblr-1745 821 7 starting start VERB cblr-1745 821 8 from from ADP cblr-1745 821 9 june june PROPN cblr-1745 821 10 2015 2015 NUM cblr-1745 821 11 , , PUNCT cblr-1745 821 12 the the DET cblr-1745 821 13 author author NOUN cblr-1745 821 14 compiled compile VERB cblr-1745 821 15 and and CCONJ cblr-1745 821 16 compared compare VERB cblr-1745 821 17 the the DET cblr-1745 821 18 membership membership NOUN cblr-1745 821 19 rosters roster NOUN cblr-1745 821 20 for for ADP cblr-1745 821 21 the the DET cblr-1745 821 22 major major ADJ cblr-1745 821 23 irs irs PROPN cblr-1745 821 24 and and CCONJ cblr-1745 821 25 cds cd NOUN cblr-1745 821 26 clearinghouses clearinghouse NOUN cblr-1745 821 27 to to PART cblr-1745 821 28 memorialize memorialize VERB cblr-1745 821 29 the the DET cblr-1745 821 30 changes change NOUN cblr-1745 821 31 . . PUNCT cblr-1745 822 1 258 258 NUM cblr-1745 822 2 see see VERB cblr-1745 822 3 intercontinental intercontinental ADJ cblr-1745 822 4 exchange exchange NOUN cblr-1745 822 5 , , PUNCT cblr-1745 822 6 ice ice NOUN cblr-1745 822 7 clear clear PROPN cblr-1745 822 8 europe europe PROPN cblr-1745 822 9 membership membership PROPN cblr-1745 822 10 , , PUNCT cblr-1745 822 11 supra supra PROPN cblr-1745 822 12 note note NOUN cblr-1745 822 13 252 252 NUM cblr-1745 822 14 ( ( PUNCT cblr-1745 822 15 archived archive VERB cblr-1745 822 16 pages page NOUN cblr-1745 822 17 from from ADP cblr-1745 822 18 june june PROPN cblr-1745 822 19 , , PUNCT cblr-1745 822 20 aug aug PROPN cblr-1745 822 21 . . PROPN cblr-1745 822 22 , , PUNCT cblr-1745 822 23 oct oct PROPN cblr-1745 822 24 . . PROPN cblr-1745 822 25 , , PUNCT cblr-1745 822 26 and and CCONJ cblr-1745 822 27 dec dec PROPN cblr-1745 822 28 . . PROPN cblr-1745 822 29 2015 2015 NUM cblr-1745 822 30 and and CCONJ cblr-1745 822 31 feb feb PROPN cblr-1745 822 32 . . PROPN cblr-1745 822 33 2016 2016 NUM cblr-1745 822 34 ) ) PUNCT cblr-1745 823 1 ( ( PUNCT cblr-1745 823 2 on on ADP cblr-1745 823 3 file file NOUN cblr-1745 823 4 with with ADP cblr-1745 823 5 author author NOUN cblr-1745 823 6 ) ) PUNCT cblr-1745 823 7 . . PUNCT cblr-1745 824 1 ice ice NOUN cblr-1745 824 2 clear clear PROPN cblr-1745 824 3 europe europe PROPN cblr-1745 824 4 members member NOUN cblr-1745 824 5 who who PRON cblr-1745 824 6 trade trade VERB cblr-1745 824 7 only only ADV cblr-1745 824 8 in in ADP cblr-1745 824 9 futures future NOUN cblr-1745 824 10 were be AUX cblr-1745 824 11 excluded exclude VERB cblr-1745 824 12 from from ADP cblr-1745 824 13 this this DET cblr-1745 824 14 tally tally NOUN cblr-1745 824 15 . . PUNCT cblr-1745 825 1 259 259 NUM cblr-1745 825 2 see see VERB cblr-1745 825 3 swapclear swapclear NOUN cblr-1745 825 4 , , PUNCT cblr-1745 825 5 our our PRON cblr-1745 825 6 clearing clearing NOUN cblr-1745 825 7 members member NOUN cblr-1745 825 8 , , PUNCT cblr-1745 825 9 supra supra PROPN cblr-1745 825 10 note note NOUN cblr-1745 825 11 178 178 NUM cblr-1745 825 12 ( ( PUNCT cblr-1745 825 13 archived archive VERB cblr-1745 825 14 pages page NOUN cblr-1745 825 15 from from ADP cblr-1745 825 16 june june PROPN cblr-1745 825 17 , , PUNCT cblr-1745 825 18 aug aug PROPN cblr-1745 825 19 . . PROPN cblr-1745 825 20 , , PUNCT cblr-1745 825 21 oct oct PROPN cblr-1745 825 22 . . PROPN cblr-1745 825 23 , , PUNCT cblr-1745 825 24 and and CCONJ cblr-1745 825 25 dec dec PROPN cblr-1745 825 26 . . PROPN cblr-1745 825 27 2015 2015 NUM cblr-1745 825 28 and and CCONJ cblr-1745 825 29 feb feb PROPN cblr-1745 825 30 . . PROPN cblr-1745 825 31 2016 2016 NUM cblr-1745 825 32 ) ) PUNCT cblr-1745 826 1 ( ( PUNCT cblr-1745 826 2 on on ADP cblr-1745 826 3 file file NOUN cblr-1745 826 4 with with ADP cblr-1745 826 5 author author NOUN cblr-1745 826 6 ) ) PUNCT cblr-1745 826 7 . . PUNCT cblr-1745 827 1 on on ADP cblr-1745 827 2 the the DET cblr-1745 827 3 differences difference NOUN cblr-1745 827 4 between between ADP cblr-1745 827 5 swapclear swapclear NOUN cblr-1745 827 6 ’s ’s PART cblr-1745 827 7 u.s.-domiciled u.s.-domiciled ADJ cblr-1745 827 8 and and CCONJ cblr-1745 827 9 global global ADJ cblr-1745 827 10 members member NOUN cblr-1745 827 11 , , PUNCT cblr-1745 827 12 see see VERB cblr-1745 827 13 supra supra PROPN cblr-1745 827 14 notes note NOUN cblr-1745 827 15 252–253 252–253 NUM cblr-1745 827 16 . . NOUN cblr-1745 828 1 260 260 NUM cblr-1745 828 2 see see VERB cblr-1745 828 3 , , PUNCT cblr-1745 828 4 e.g. e.g. ADV cblr-1745 828 5 , , PUNCT cblr-1745 828 6 17 17 NUM cblr-1745 828 7 c.f.r c.f.r NOUN cblr-1745 828 8 . . PUNCT cblr-1745 829 1 § § PROPN cblr-1745 829 2 39.12(a)(1 39.12(a)(1 NUM cblr-1745 829 3 ) ) PUNCT cblr-1745 829 4 ( ( PUNCT cblr-1745 829 5 2016 2016 NUM cblr-1745 829 6 ) ) PUNCT cblr-1745 829 7 ( ( PUNCT cblr-1745 829 8 product product NOUN cblr-1745 829 9 and and CCONJ cblr-1745 829 10 participant participant ADJ cblr-1745 829 11 eligibility eligibility NOUN cblr-1745 829 12 ) ) PUNCT cblr-1745 829 13 ; ; PUNCT cblr-1745 829 14 17 17 NUM cblr-1745 829 15 c.f.r c.f.r NOUN cblr-1745 829 16 § § PROPN cblr-1745 829 17 39.12(a)(2)(iii 39.12(a)(2)(iii NUM cblr-1745 829 18 ) ) PUNCT cblr-1745 829 19 ( ( PUNCT cblr-1745 829 20 2016 2016 NUM cblr-1745 829 21 ) ) PUNCT cblr-1745 829 22 ( ( PUNCT cblr-1745 829 23 minimum minimum ADJ cblr-1745 829 24 capitalization capitalization NOUN cblr-1745 829 25 requirement requirement NOUN cblr-1745 829 26 capped cap VERB cblr-1745 829 27 at at ADP cblr-1745 829 28 $ $ SYM cblr-1745 829 29 50 50 NUM cblr-1745 829 30 million million NUM cblr-1745 829 31 ) ) PUNCT cblr-1745 829 32 . . PUNCT cblr-1745 830 1 chang chang PROPN cblr-1745 830 2 – – PUNCT cblr-1745 830 3 final final ADJ cblr-1745 830 4 no no NOUN cblr-1745 830 5 . . PUNCT cblr-1745 831 1 3:657 3:657 NUM cblr-1745 831 2 ] ] X cblr-1745 831 3 second second ADJ cblr-1745 831 4 - - PUNCT cblr-1745 831 5 generation generation NOUN cblr-1745 831 6 monopolization monopolization NOUN cblr-1745 831 7 715 715 NUM cblr-1745 831 8 membership membership NOUN cblr-1745 831 9 requirements requirement NOUN cblr-1745 831 10 have have AUX cblr-1745 831 11 changed change VERB cblr-1745 831 12 dramatically dramatically ADV cblr-1745 831 13 ; ; PUNCT cblr-1745 831 14 minimum minimum ADJ cblr-1745 831 15 capitalization capitalization NOUN cblr-1745 831 16 requirements requirement NOUN cblr-1745 831 17 , , PUNCT cblr-1745 831 18 for for ADP cblr-1745 831 19 example example NOUN cblr-1745 831 20 , , PUNCT cblr-1745 831 21 have have AUX cblr-1745 831 22 gone go VERB cblr-1745 831 23 from from ADP cblr-1745 831 24 $ $ SYM cblr-1745 831 25 1 1 NUM cblr-1745 831 26 trillion261 trillion261 PROPN cblr-1745 831 27 to to ADP cblr-1745 831 28 $ $ SYM cblr-1745 831 29 100 100 NUM cblr-1745 831 30 million262 million262 PROPN cblr-1745 831 31 to to ADP cblr-1745 831 32 now now ADV cblr-1745 831 33 $ $ SYM cblr-1745 831 34 50 50 NUM cblr-1745 832 1 million.263 million.263 PRON cblr-1745 832 2 it it PRON cblr-1745 832 3 is be AUX cblr-1745 832 4 telling tell VERB cblr-1745 832 5 , , PUNCT cblr-1745 832 6 though though ADV cblr-1745 832 7 , , PUNCT cblr-1745 832 8 that that SCONJ cblr-1745 832 9 in in ADP cblr-1745 832 10 all all DET cblr-1745 832 11 this this DET cblr-1745 832 12 time time NOUN cblr-1745 832 13 , , PUNCT cblr-1745 832 14 the the DET cblr-1745 832 15 membership membership NOUN cblr-1745 832 16 profile profile NOUN cblr-1745 832 17 of of ADP cblr-1745 832 18 the the DET cblr-1745 832 19 major major ADJ cblr-1745 832 20 clearinghouses clearinghouse NOUN cblr-1745 832 21 has have AUX cblr-1745 832 22 hardly hardly ADV cblr-1745 832 23 changed change VERB cblr-1745 832 24 . . PUNCT cblr-1745 833 1 if if SCONJ cblr-1745 833 2 the the DET cblr-1745 833 3 members member NOUN cblr-1745 833 4 of of ADP cblr-1745 833 5 the the DET cblr-1745 833 6 major major ADJ cblr-1745 833 7 clearinghouses clearinghouse NOUN cblr-1745 833 8 are be AUX cblr-1745 833 9 the the DET cblr-1745 833 10 same same ADJ cblr-1745 833 11 institutions institution NOUN cblr-1745 833 12 that that PRON cblr-1745 833 13 dominate dominate VERB cblr-1745 833 14 trading trading NOUN cblr-1745 833 15 , , PUNCT cblr-1745 833 16 then then ADV cblr-1745 833 17 clearinghouses clearinghouse NOUN cblr-1745 833 18 are be AUX cblr-1745 833 19 merely merely ADV cblr-1745 833 20 an an DET cblr-1745 833 21 artifice artifice NOUN cblr-1745 833 22 whose whose DET cblr-1745 833 23 creation creation NOUN cblr-1745 833 24 by by ADP cblr-1745 833 25 regulators regulator NOUN cblr-1745 833 26 might might AUX cblr-1745 833 27 have have AUX cblr-1745 833 28 been be AUX cblr-1745 833 29 well well ADV cblr-1745 833 30 intended intend VERB cblr-1745 833 31 but but CCONJ cblr-1745 833 32 whose whose DET cblr-1745 833 33 operation operation NOUN cblr-1745 833 34 has have VERB cblr-1745 833 35 the the DET cblr-1745 833 36 unintended unintended ADJ cblr-1745 833 37 effect effect NOUN cblr-1745 833 38 of of ADP cblr-1745 833 39 cementing cement VERB cblr-1745 833 40 the the DET cblr-1745 833 41 dominant dominant ADJ cblr-1745 833 42 dealers dealer NOUN cblr-1745 833 43 ’ ’ PART cblr-1745 833 44 positions position NOUN cblr-1745 833 45 in in ADP cblr-1745 833 46 the the DET cblr-1745 833 47 downstream downstream ADJ cblr-1745 833 48 markets market NOUN cblr-1745 833 49 . . PUNCT cblr-1745 834 1 the the DET cblr-1745 834 2 mechanisms mechanism NOUN cblr-1745 834 3 that that PRON cblr-1745 834 4 dominant dominant ADJ cblr-1745 834 5 dealers dealer NOUN cblr-1745 834 6 have have AUX cblr-1745 834 7 deployed deploy VERB cblr-1745 834 8 to to PART cblr-1745 834 9 protect protect VERB cblr-1745 834 10 their their PRON cblr-1745 834 11 dominance dominance NOUN cblr-1745 834 12 are be AUX cblr-1745 834 13 noteworthy noteworthy ADJ cblr-1745 834 14 . . PUNCT cblr-1745 835 1 in in ADP cblr-1745 835 2 re re PRON cblr-1745 835 3 cds cds PROPN cblr-1745 835 4 antitrust antitrust ADJ cblr-1745 835 5 litigation litigation NOUN cblr-1745 835 6 teaches teach VERB cblr-1745 835 7 that that SCONJ cblr-1745 835 8 dealers dealer NOUN cblr-1745 835 9 had have AUX cblr-1745 835 10 resorted resort VERB cblr-1745 835 11 to to ADP cblr-1745 835 12 naked naked ADJ cblr-1745 835 13 collusion collusion NOUN cblr-1745 835 14 to to PART cblr-1745 835 15 shut shut VERB cblr-1745 835 16 out out ADP cblr-1745 835 17 their their PRON cblr-1745 835 18 competitors competitor NOUN cblr-1745 835 19 . . PUNCT cblr-1745 836 1 dealer dealer NOUN cblr-1745 836 2 actions action NOUN cblr-1745 836 3 appear appear VERB cblr-1745 836 4 less less ADV cblr-1745 836 5 interdependent interdependent ADJ cblr-1745 836 6 now now ADV cblr-1745 836 7 . . PUNCT cblr-1745 837 1 collectively collectively ADV cblr-1745 837 2 , , PUNCT cblr-1745 837 3 however however ADV cblr-1745 837 4 , , PUNCT cblr-1745 837 5 the the DET cblr-1745 837 6 major major ADJ cblr-1745 837 7 dealers dealer NOUN cblr-1745 837 8 continue continue VERB cblr-1745 837 9 to to PART cblr-1745 837 10 play play VERB cblr-1745 837 11 an an DET cblr-1745 837 12 outsized outsized ADJ cblr-1745 837 13 role role NOUN cblr-1745 837 14 in in ADP cblr-1745 837 15 setting set VERB cblr-1745 837 16 clearinghouse clearinghouse NOUN cblr-1745 837 17 risk risk NOUN cblr-1745 837 18 standards standard NOUN cblr-1745 837 19 . . PUNCT cblr-1745 838 1 the the DET cblr-1745 838 2 risk risk NOUN cblr-1745 838 3 committee committee NOUN cblr-1745 838 4 of of ADP cblr-1745 838 5 ice ice NOUN cblr-1745 838 6 clear clear ADJ cblr-1745 838 7 credit credit NOUN cblr-1745 838 8 , , PUNCT cblr-1745 838 9 the the DET cblr-1745 838 10 clearinghouse clearinghouse NOUN cblr-1745 838 11 at at ADP cblr-1745 838 12 the the DET cblr-1745 838 13 center center NOUN cblr-1745 838 14 of of ADP cblr-1745 838 15 the the DET cblr-1745 838 16 case case NOUN cblr-1745 838 17 , , PUNCT cblr-1745 838 18 is be AUX cblr-1745 838 19 comprised comprise VERB cblr-1745 838 20 of of ADP cblr-1745 838 21 12 12 NUM cblr-1745 838 22 members member NOUN cblr-1745 838 23 , , PUNCT cblr-1745 838 24 three three NUM cblr-1745 838 25 of of ADP cblr-1745 838 26 whom whom PRON cblr-1745 838 27 are be AUX cblr-1745 838 28 independent independent ADJ cblr-1745 838 29 members member NOUN cblr-1745 838 30 , , PUNCT cblr-1745 838 31 and and CCONJ cblr-1745 838 32 nine nine NUM cblr-1745 838 33 of of ADP cblr-1745 838 34 whom whom PRON cblr-1745 838 35 are be AUX cblr-1745 838 36 clearinghouse clearinghouse NOUN cblr-1745 838 37 members member NOUN cblr-1745 838 38 . . 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PROPN cblr-1745 844 22 29 29 NUM cblr-1745 844 23 , , PUNCT cblr-1745 844 24 2016 2016 NUM cblr-1745 844 25 ) ) PUNCT cblr-1745 844 26 , , PUNCT cblr-1745 844 27 https://www.theice.com/publicdocs/clear_credit/ice_clear_credit https://www.theice.com/publicdocs/clear_credit/ice_clear_credit VERB cblr-1745 844 28 _ _ PUNCT cblr-1745 844 29 rules.pdf rules.pdf X cblr-1745 845 1 [ [ X cblr-1745 845 2 https://perma.cc/umw5-d4jh https://perma.cc/umw5-d4jh X cblr-1745 845 3 ] ] X cblr-1745 845 4 . . PUNCT cblr-1745 846 1 264 264 NUM cblr-1745 846 2 ice ice NOUN cblr-1745 846 3 clear clear ADJ cblr-1745 846 4 credit credit NOUN cblr-1745 846 5 , , PUNCT cblr-1745 846 6 ice ice NOUN cblr-1745 846 7 clear clear ADJ cblr-1745 846 8 credit credit NOUN cblr-1745 846 9 regulation regulation NOUN cblr-1745 846 10 and and CCONJ cblr-1745 846 11 governance governance NOUN cblr-1745 846 12 , , PUNCT cblr-1745 846 13 3 3 NUM cblr-1745 846 14 ( ( PUNCT cblr-1745 846 15 aug aug PROPN cblr-1745 846 16 . . 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NOUN cblr-1745 848 4 2016 2016 NUM cblr-1745 848 5 these these PRON cblr-1745 848 6 are be AUX cblr-1745 848 7 the the DET cblr-1745 848 8 major major ADJ cblr-1745 848 9 u.s u.s PROPN cblr-1745 848 10 . . PROPN cblr-1745 848 11 dealers dealer NOUN cblr-1745 848 12 ; ; PUNCT cblr-1745 848 13 the the DET cblr-1745 848 14 other other ADJ cblr-1745 848 15 four four NUM cblr-1745 848 16 are be AUX cblr-1745 848 17 major major ADJ cblr-1745 848 18 european european ADJ cblr-1745 848 19 dealers dealer NOUN cblr-1745 848 20 . . PUNCT cblr-1745 849 1 ice ice NOUN cblr-1745 849 2 clear clear ADJ cblr-1745 849 3 credit credit NOUN cblr-1745 849 4 ’s ’s PART cblr-1745 849 5 risk risk NOUN cblr-1745 849 6 committee committee NOUN cblr-1745 849 7 is be AUX cblr-1745 849 8 reconstituted reconstitute VERB cblr-1745 849 9 annually annually ADV cblr-1745 849 10 , , PUNCT cblr-1745 849 11 but but CCONJ cblr-1745 849 12 the the DET cblr-1745 849 13 primary primary ADJ cblr-1745 849 14 criterion criterion NOUN cblr-1745 849 15 for for ADP cblr-1745 849 16 membership membership NOUN cblr-1745 849 17 on on ADP cblr-1745 849 18 the the DET cblr-1745 849 19 committee committee NOUN cblr-1745 849 20 is be AUX cblr-1745 849 21 high high ADJ cblr-1745 849 22 participation participation NOUN cblr-1745 849 23 activities activity NOUN cblr-1745 849 24 , , PUNCT cblr-1745 849 25 defined define VERB cblr-1745 849 26 as as ADP cblr-1745 849 27 aggregated aggregate VERB cblr-1745 849 28 volume volume NOUN cblr-1745 849 29 of of ADP cblr-1745 849 30 trades trade NOUN cblr-1745 849 31 by by ADP cblr-1745 849 32 notional notional ADJ cblr-1745 849 33 amount.265 amount.265 NOUN cblr-1745 849 34 even even ADV cblr-1745 849 35 though though SCONJ cblr-1745 849 36 ice ice NOUN cblr-1745 849 37 clear clear ADJ cblr-1745 849 38 credit credit NOUN cblr-1745 849 39 has have AUX cblr-1745 849 40 promulgated promulgate VERB cblr-1745 849 41 checks check NOUN cblr-1745 849 42 on on ADP cblr-1745 849 43 the the DET cblr-1745 849 44 committee committee NOUN cblr-1745 849 45 ’s ’s PART cblr-1745 849 46 authority,266 authority,266 PUNCT cblr-1745 850 1 the the DET cblr-1745 850 2 committee committee NOUN cblr-1745 850 3 can can AUX cblr-1745 850 4 shape shape VERB cblr-1745 850 5 margin margin NOUN cblr-1745 850 6 requirements requirement NOUN cblr-1745 850 7 , , PUNCT cblr-1745 850 8 member member NOUN cblr-1745 850 9 contributions contribution NOUN cblr-1745 850 10 to to ADP cblr-1745 850 11 the the DET cblr-1745 850 12 guaranty guaranty NOUN cblr-1745 850 13 fund fund NOUN cblr-1745 850 14 , , PUNCT cblr-1745 850 15 and and CCONJ cblr-1745 850 16 , , PUNCT cblr-1745 850 17 even even ADV cblr-1745 850 18 more more ADV cblr-1745 850 19 broadly broadly ADV cblr-1745 850 20 , , PUNCT cblr-1745 850 21 any any DET cblr-1745 850 22 “ " PUNCT cblr-1745 850 23 determination determination NOUN cblr-1745 850 24 ” " PUNCT cblr-1745 850 25 that that PRON cblr-1745 850 26 the the DET cblr-1745 850 27 clearinghouse clearinghouse NOUN cblr-1745 850 28 makes make VERB cblr-1745 850 29 pursuant pursuant ADJ cblr-1745 850 30 to to ADP cblr-1745 850 31 its its PRON cblr-1745 850 32 own own ADJ cblr-1745 850 33 rules.267 rules.267 NOUN cblr-1745 850 34 if if SCONJ cblr-1745 850 35 the the DET cblr-1745 850 36 nine nine NUM cblr-1745 850 37 dealer dealer NOUN cblr-1745 850 38 - - PUNCT cblr-1745 850 39 members member NOUN cblr-1745 850 40 of of ADP cblr-1745 850 41 ice ice NOUN cblr-1745 850 42 clear clear ADJ cblr-1745 850 43 credit credit NOUN cblr-1745 850 44 ’s ’s PART cblr-1745 850 45 risk risk NOUN cblr-1745 850 46 management management NOUN cblr-1745 850 47 committee committee NOUN cblr-1745 850 48 arrive arrive VERB cblr-1745 850 49 independently independently ADV cblr-1745 850 50 at at ADP cblr-1745 850 51 policies policy NOUN cblr-1745 850 52 that that PRON cblr-1745 850 53 frustrate frustrate VERB cblr-1745 850 54 the the DET cblr-1745 850 55 admission admission NOUN cblr-1745 850 56 of of ADP cblr-1745 850 57 otherwise otherwise ADV cblr-1745 850 58 qualified qualified ADJ cblr-1745 850 59 applicants applicant NOUN cblr-1745 850 60 , , PUNCT cblr-1745 850 61 what what PRON cblr-1745 850 62 then then ADV cblr-1745 850 63 ? ? PUNCT cblr-1745 851 1 for for ADP cblr-1745 851 2 all all DET cblr-1745 851 3 the the DET cblr-1745 851 4 structural structural ADJ cblr-1745 851 5 reforms reform NOUN cblr-1745 851 6 imposed impose VERB cblr-1745 851 7 by by ADP cblr-1745 851 8 financial financial ADJ cblr-1745 851 9 regulators regulator NOUN cblr-1745 851 10 and and CCONJ cblr-1745 851 11 the the DET cblr-1745 851 12 settlement settlement NOUN cblr-1745 851 13 of of ADP cblr-1745 851 14 in in ADP cblr-1745 851 15 re re PROPN cblr-1745 851 16 cds cds PROPN cblr-1745 851 17 antitrust antitrust ADJ cblr-1745 851 18 litigation litigation NOUN cblr-1745 851 19 , , PUNCT cblr-1745 851 20 such such ADJ cblr-1745 851 21 denials denial NOUN cblr-1745 851 22 of of ADP cblr-1745 851 23 access access NOUN cblr-1745 851 24 would would AUX cblr-1745 851 25 delay delay VERB cblr-1745 851 26 the the DET cblr-1745 851 27 loosening loosening NOUN cblr-1745 851 28 of of ADP cblr-1745 851 29 clearinghouse clearinghouse NOUN cblr-1745 851 30 membership membership NOUN cblr-1745 851 31 , , PUNCT cblr-1745 851 32 thereby thereby ADV cblr-1745 851 33 retaining retain VERB cblr-1745 851 34 the the DET cblr-1745 851 35 lock lock NOUN cblr-1745 851 36 of of ADP cblr-1745 851 37 large large ADJ cblr-1745 851 38 dealers dealer NOUN cblr-1745 851 39 on on ADP cblr-1745 851 40 the the DET cblr-1745 851 41 downstream downstream ADJ cblr-1745 851 42 market market NOUN cblr-1745 851 43 as as ADV cblr-1745 851 44 well well ADV cblr-1745 851 45 as as ADP cblr-1745 851 46 their their PRON cblr-1745 851 47 cut cut NOUN cblr-1745 851 48 of of ADP cblr-1745 851 49 lucrative lucrative ADJ cblr-1745 851 50 trading trading NOUN cblr-1745 851 51 revenues revenue NOUN cblr-1745 851 52 for for ADP cblr-1745 851 53 as as ADV cblr-1745 851 54 long long ADV cblr-1745 851 55 as as ADP cblr-1745 851 56 possible possible ADJ cblr-1745 851 57 . . 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PROPN cblr-1745 853 69 29 29 NUM cblr-1745 853 70 , , PUNCT cblr-1745 853 71 2016 2016 NUM cblr-1745 853 72 ) ) PUNCT cblr-1745 853 73 , , PUNCT cblr-1745 853 74 https://www.theice.com/publicdocs/ https://www.theice.com/publicdocs/ PROPN cblr-1745 853 75 clear_credit clear_credit NOUN cblr-1745 853 76 / / SYM cblr-1745 853 77 ice_clear_credit_rules.pdf ice_clear_credit_rules.pdf NOUN cblr-1745 854 1 [ [ X cblr-1745 854 2 https://perma.cc/w9rx-29gm https://perma.cc/w9rx-29gm ADJ cblr-1745 854 3 ] ] X cblr-1745 854 4 . . PUNCT cblr-1745 855 1 266 266 NUM cblr-1745 855 2 see see VERB cblr-1745 855 3 , , PUNCT cblr-1745 855 4 e.g. e.g. ADV cblr-1745 855 5 , , PUNCT cblr-1745 855 6 i i PRON cblr-1745 855 7 d. d. VERB cblr-1745 855 8 at at ADP cblr-1745 855 9 rule rule NOUN cblr-1745 855 10 501 501 NUM cblr-1745 855 11 ( ( PUNCT cblr-1745 855 12 stating state VERB cblr-1745 855 13 that that SCONJ cblr-1745 855 14 the the DET cblr-1745 855 15 ice ice NOUN cblr-1745 855 16 clear clear ADJ cblr-1745 855 17 credit credit NOUN cblr-1745 855 18 board board NOUN cblr-1745 855 19 not not PART cblr-1745 855 20 obligated obligate VERB cblr-1745 855 21 to to PART cblr-1745 855 22 abide abide VERB cblr-1745 855 23 by by ADP cblr-1745 855 24 the the DET cblr-1745 855 25 risk risk NOUN cblr-1745 855 26 committee committee NOUN cblr-1745 855 27 ’s ’s PART cblr-1745 855 28 recommendations recommendation NOUN cblr-1745 855 29 ) ) PUNCT cblr-1745 855 30 . . 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PUNCT cblr-1745 858 1 267 267 NUM cblr-1745 858 2 see see VERB cblr-1745 858 3 i i PROPN cblr-1745 858 4 d. d. PROPN cblr-1745 858 5 at at ADP cblr-1745 858 6 rules rule NOUN cblr-1745 858 7 502 502 NUM cblr-1745 858 8 , , PUNCT cblr-1745 858 9 615 615 NUM cblr-1745 858 10 . . PUNCT cblr-1745 858 11 268 268 NUM cblr-1745 858 12 see see VERB cblr-1745 858 13 ice ice NOUN cblr-1745 858 14 clear clear ADJ cblr-1745 858 15 credit credit NOUN cblr-1745 858 16 regulation regulation NOUN cblr-1745 858 17 and and CCONJ cblr-1745 858 18 governance governance NOUN cblr-1745 858 19 , , PUNCT cblr-1745 858 20 supra supra PROPN cblr-1745 858 21 note note PROPN cblr-1745 858 22 264 264 NUM cblr-1745 858 23 , , PUNCT cblr-1745 858 24 at at ADP cblr-1745 858 25 2 2 NUM cblr-1745 858 26 . . PUNCT cblr-1745 859 1 chang chang PROPN cblr-1745 859 2 – – PUNCT cblr-1745 859 3 final final ADJ cblr-1745 859 4 no no NOUN cblr-1745 859 5 . . 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PUNCT cblr-1745 861 1 because because SCONJ cblr-1745 861 2 clearinghouses clearinghouse NOUN cblr-1745 861 3 work work VERB cblr-1745 861 4 to to PART cblr-1745 861 5 mutualize mutualize VERB cblr-1745 861 6 risk risk NOUN cblr-1745 861 7 , , PUNCT cblr-1745 861 8 they they PRON cblr-1745 861 9 must must AUX cblr-1745 861 10 ensure ensure VERB cblr-1745 861 11 that that SCONJ cblr-1745 861 12 membership membership NOUN cblr-1745 861 13 is be AUX cblr-1745 861 14 restricted restrict VERB cblr-1745 861 15 to to PART cblr-1745 861 16 wellcapitalized wellcapitalize VERB cblr-1745 861 17 and and CCONJ cblr-1745 861 18 well well ADV cblr-1745 861 19 - - PUNCT cblr-1745 861 20 run run VERB cblr-1745 861 21 institutions institution NOUN cblr-1745 861 22 that that PRON cblr-1745 861 23 can can AUX cblr-1745 861 24 weather weather VERB cblr-1745 861 25 the the DET cblr-1745 861 26 shock shock NOUN cblr-1745 861 27 of of ADP cblr-1745 861 28 another another DET cblr-1745 861 29 member member NOUN cblr-1745 861 30 ’s ’s PART cblr-1745 861 31 default default NOUN cblr-1745 861 32 . . PUNCT cblr-1745 862 1 it it PRON cblr-1745 862 2 must must AUX cblr-1745 862 3 also also ADV cblr-1745 862 4 be be AUX cblr-1745 862 5 conceded concede VERB cblr-1745 862 6 that that SCONJ cblr-1745 862 7 the the DET cblr-1745 862 8 outsized outsized ADJ cblr-1745 862 9 role role NOUN cblr-1745 862 10 of of ADP cblr-1745 862 11 large large ADJ cblr-1745 862 12 dealers dealer NOUN cblr-1745 862 13 in in ADP cblr-1745 862 14 the the DET cblr-1745 862 15 downstream downstream ADJ cblr-1745 862 16 market market NOUN cblr-1745 862 17 is be AUX cblr-1745 862 18 to to PART cblr-1745 862 19 be be AUX cblr-1745 862 20 expected expect VERB cblr-1745 862 21 , , PUNCT cblr-1745 862 22 given give VERB cblr-1745 862 23 the the DET cblr-1745 862 24 risks risk NOUN cblr-1745 862 25 associated associate VERB cblr-1745 862 26 with with ADP cblr-1745 862 27 market market NOUN cblr-1745 862 28 - - PUNCT cblr-1745 862 29 making making NOUN cblr-1745 862 30 for for ADP cblr-1745 862 31 derivatives.269 derivatives.269 NOUN cblr-1745 862 32 yet yet CCONJ cblr-1745 862 33 those those DET cblr-1745 862 34 risks risk NOUN cblr-1745 862 35 may may AUX cblr-1745 862 36 have have AUX cblr-1745 862 37 been be AUX cblr-1745 862 38 attendant attendant ADJ cblr-1745 862 39 in in ADP cblr-1745 862 40 the the DET cblr-1745 862 41 markets market NOUN cblr-1745 862 42 ’ ' PUNCT cblr-1745 862 43 early early ADJ cblr-1745 862 44 years year NOUN cblr-1745 862 45 ; ; PUNCT cblr-1745 862 46 today today NOUN cblr-1745 862 47 , , PUNCT cblr-1745 862 48 transparency transparency NOUN cblr-1745 862 49 from from ADP cblr-1745 862 50 the the DET cblr-1745 862 51 indexing indexing NOUN cblr-1745 862 52 of of ADP cblr-1745 862 53 irs irs PROPN cblr-1745 862 54 and and CCONJ cblr-1745 862 55 cds cd NOUN cblr-1745 862 56 and and CCONJ cblr-1745 862 57 the the DET cblr-1745 862 58 injection injection NOUN cblr-1745 862 59 of of ADP cblr-1745 862 60 liquidity liquidity NOUN cblr-1745 862 61 from from ADP cblr-1745 862 62 higher high ADJ cblr-1745 862 63 trading trading NOUN cblr-1745 862 64 volumes volume NOUN cblr-1745 862 65 have have AUX cblr-1745 862 66 greatly greatly ADV cblr-1745 862 67 mitigated mitigate VERB cblr-1745 862 68 those those DET cblr-1745 862 69 concerns.270 concerns.270 NOUN cblr-1745 862 70 as as ADP cblr-1745 862 71 to to ADP cblr-1745 862 72 the the DET cblr-1745 862 73 control control NOUN cblr-1745 862 74 over over ADP cblr-1745 862 75 clearinghouses clearinghouse NOUN cblr-1745 862 76 wielded wield VERB cblr-1745 862 77 by by ADP cblr-1745 862 78 large large ADJ cblr-1745 862 79 dealers dealer NOUN cblr-1745 862 80 , , PUNCT cblr-1745 862 81 it it PRON cblr-1745 862 82 is be AUX cblr-1745 862 83 altogether altogether ADV cblr-1745 862 84 too too ADV cblr-1745 862 85 easy easy ADJ cblr-1745 862 86 for for SCONJ cblr-1745 862 87 incumbent incumbent ADJ cblr-1745 862 88 members member NOUN cblr-1745 862 89 to to PART cblr-1745 862 90 hide hide VERB cblr-1745 862 91 behind behind ADP cblr-1745 862 92 risk risk NOUN cblr-1745 862 93 mitigation mitigation NOUN cblr-1745 862 94 justifications justification NOUN cblr-1745 862 95 for for ADP cblr-1745 862 96 exclusionary exclusionary ADJ cblr-1745 862 97 practices.271 practices.271 NOUN cblr-1745 862 98 more more ADV cblr-1745 862 99 importantly importantly ADV cblr-1745 862 100 , , PUNCT cblr-1745 862 101 risk risk NOUN cblr-1745 862 102 mutualization mutualization NOUN cblr-1745 862 103 works work VERB cblr-1745 862 104 best well ADV cblr-1745 862 105 among among ADP cblr-1745 862 106 diverse diverse ADJ cblr-1745 862 107 parties party NOUN cblr-1745 862 108 , , PUNCT cblr-1745 862 109 so so SCONJ cblr-1745 862 110 a a DET cblr-1745 862 111 one one NUM cblr-1745 862 112 - - PUNCT cblr-1745 862 113 dimensional dimensional ADJ cblr-1745 862 114 clearinghouse clearinghouse NOUN cblr-1745 862 115 membership membership NOUN cblr-1745 862 116 profile profile NOUN cblr-1745 862 117 can can AUX cblr-1745 862 118 end end VERB cblr-1745 862 119 up up ADP cblr-1745 862 120 transmitting transmit VERB cblr-1745 862 121 , , PUNCT cblr-1745 862 122 rather rather ADV cblr-1745 862 123 than than ADP cblr-1745 862 124 dissipating dissipate VERB cblr-1745 862 125 , , PUNCT cblr-1745 862 126 systemic systemic ADJ cblr-1745 862 127 risk.272 risk.272 PROPN cblr-1745 862 128 finally finally ADV cblr-1745 862 129 , , PUNCT cblr-1745 862 130 the the DET cblr-1745 862 131 trends trend NOUN cblr-1745 862 132 in in ADP cblr-1745 862 133 the the DET cblr-1745 862 134 otc otc PROPN cblr-1745 862 135 derivatives derivative NOUN cblr-1745 862 136 markets market NOUN cblr-1745 862 137 at at ADP cblr-1745 862 138 inception inception NOUN cblr-1745 862 139 are be AUX cblr-1745 862 140 less less ADV cblr-1745 862 141 relevant relevant ADJ cblr-1745 862 142 today today NOUN cblr-1745 862 143 . . PUNCT cblr-1745 863 1 how how SCONJ cblr-1745 863 2 the the DET cblr-1745 863 3 large large ADJ cblr-1745 863 4 dealers dealer NOUN cblr-1745 863 5 behave behave VERB cblr-1745 863 6 now now ADV cblr-1745 863 7 , , PUNCT cblr-1745 863 8 in in ADP cblr-1745 863 9 the the DET cblr-1745 863 10 face face NOUN cblr-1745 863 11 of of ADP cblr-1745 863 12 market market NOUN cblr-1745 863 13 and and CCONJ cblr-1745 863 14 regulatory regulatory ADJ cblr-1745 863 15 transformations transformation NOUN cblr-1745 863 16 , , PUNCT cblr-1745 863 17 can can AUX cblr-1745 863 18 subject subject VERB cblr-1745 863 19 them they PRON cblr-1745 863 20 to to PART cblr-1745 863 21 renewed renew VERB cblr-1745 863 22 antitrust antitrust ADJ cblr-1745 863 23 scrutiny scrutiny NOUN cblr-1745 863 24 . . 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NOUN cblr-1745 865 4 13 13 NUM cblr-1745 865 5 - - PUNCT cblr-1745 865 6 md-2476 md-2476 PROPN cblr-1745 865 7 , , PUNCT cblr-1745 865 8 2014 2014 NUM cblr-1745 865 9 wl wl NOUN cblr-1745 865 10 4379112 4379112 NUM cblr-1745 865 11 , , PUNCT cblr-1745 865 12 at at ADP cblr-1745 865 13 * * PUNCT cblr-1745 865 14 1–2 1–2 NUM cblr-1745 865 15 ( ( PUNCT cblr-1745 865 16 s.d.n.y s.d.n.y PROPN cblr-1745 865 17 . . PUNCT cblr-1745 865 18 sept sept PROPN cblr-1745 865 19 . . PROPN cblr-1745 865 20 4 4 NUM cblr-1745 865 21 , , PUNCT cblr-1745 865 22 2014 2014 NUM cblr-1745 865 23 ) ) PUNCT cblr-1745 865 24 ; ; PUNCT cblr-1745 865 25 cds cd NOUN cblr-1745 865 26 antitrust antitrust ADJ cblr-1745 865 27 litig litig NOUN cblr-1745 865 28 . . PUNCT cblr-1745 866 1 markit markit VERB cblr-1745 866 2 mem mem ADJ cblr-1745 866 3 . . PROPN cblr-1745 866 4 , , PUNCT cblr-1745 866 5 supra supra PROPN cblr-1745 866 6 note note PROPN cblr-1745 866 7 95 95 NUM cblr-1745 866 8 , , PUNCT cblr-1745 866 9 at at ADP cblr-1745 866 10 5–6 5–6 NOUN cblr-1745 866 11 . . PUNCT cblr-1745 866 12 270 270 NUM cblr-1745 866 13 see see VERB cblr-1745 866 14 in in ADP cblr-1745 866 15 re re NOUN cblr-1745 866 16 credit credit NOUN cblr-1745 866 17 default default NOUN cblr-1745 866 18 swaps swap NOUN cblr-1745 866 19 , , PUNCT cblr-1745 866 20 2014 2014 NUM cblr-1745 866 21 wl wl NOUN cblr-1745 866 22 4379112 4379112 NUM cblr-1745 866 23 , , PUNCT cblr-1745 866 24 at at ADP cblr-1745 866 25 * * NOUN cblr-1745 866 26 1–2 1–2 NUM cblr-1745 866 27 . . PUNCT cblr-1745 867 1 irs irs PROPN cblr-1745 867 2 and and CCONJ cblr-1745 867 3 cds cd NOUN cblr-1745 867 4 markets market NOUN cblr-1745 867 5 differ differ VERB cblr-1745 867 6 somewhat somewhat ADV cblr-1745 867 7 . . 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PUNCT cblr-1745 873 1 whether whether SCONJ cblr-1745 873 2 as as ADP cblr-1745 873 3 a a DET cblr-1745 873 4 result result NOUN cblr-1745 873 5 of of ADP cblr-1745 873 6 these these DET cblr-1745 873 7 trends trend NOUN cblr-1745 873 8 or or CCONJ cblr-1745 873 9 not not PART cblr-1745 873 10 , , PUNCT cblr-1745 873 11 swapclear swapclear NOUN cblr-1745 873 12 has have VERB cblr-1745 873 13 more more ADJ cblr-1745 873 14 members member NOUN cblr-1745 873 15 than than ADP cblr-1745 873 16 either either PRON cblr-1745 873 17 of of ADP cblr-1745 873 18 the the DET cblr-1745 873 19 ice ice NOUN cblr-1745 873 20 clearinghouses clearinghouse NOUN cblr-1745 873 21 . . PUNCT cblr-1745 874 1 see see VERB cblr-1745 874 2 supra supra PROPN cblr-1745 874 3 note note PROPN cblr-1745 874 4 178 178 NUM cblr-1745 874 5 . . PUNCT cblr-1745 875 1 of of ADP cblr-1745 875 2 course course NOUN cblr-1745 875 3 , , PUNCT cblr-1745 875 4 the the DET cblr-1745 875 5 irs irs PROPN cblr-1745 875 6 trading trading NOUN cblr-1745 875 7 market market NOUN cblr-1745 875 8 is be AUX cblr-1745 875 9 far far ADV cblr-1745 875 10 larger large ADJ cblr-1745 875 11 , , PUNCT cblr-1745 875 12 covering cover VERB cblr-1745 875 13 referent referent ADJ cblr-1745 875 14 currencies currency NOUN cblr-1745 875 15 around around ADP cblr-1745 875 16 the the DET cblr-1745 875 17 world world NOUN cblr-1745 875 18 . . PUNCT cblr-1745 876 1 see see VERB cblr-1745 876 2 bis bis PROPN cblr-1745 876 3 , , PUNCT cblr-1745 876 4 2014 2014 NUM cblr-1745 876 5 otc otc PROPN cblr-1745 876 6 derivatives derivative NOUN cblr-1745 876 7 statistics statistic NOUN cblr-1745 876 8 , , PUNCT cblr-1745 876 9 supra supra PROPN cblr-1745 876 10 note note NOUN cblr-1745 876 11 148 148 NUM cblr-1745 876 12 , , PUNCT cblr-1745 876 13 at at ADP cblr-1745 876 14 2–6 2–6 NUM cblr-1745 876 15 . . PROPN cblr-1745 876 16 271 271 NUM cblr-1745 876 17 chang chang PROPN cblr-1745 876 18 , , PUNCT cblr-1745 876 19 supra supra PROPN cblr-1745 876 20 note note PROPN cblr-1745 876 21 14 14 NUM cblr-1745 876 22 , , PUNCT cblr-1745 876 23 at at ADP cblr-1745 876 24 85–86 85–86 NUM cblr-1745 876 25 . . PUNCT cblr-1745 877 1 272 272 NUM cblr-1745 877 2 see see VERB cblr-1745 877 3 infra infra NOUN cblr-1745 877 4 section section NOUN cblr-1745 877 5 iv.c iv.c VERB cblr-1745 877 6 . . PUNCT cblr-1745 878 1 chang chang PROPN cblr-1745 878 2 – – PUNCT cblr-1745 878 3 final final ADJ cblr-1745 878 4 718 718 NUM cblr-1745 878 5 columbia columbia PROPN cblr-1745 878 6 business business NOUN cblr-1745 878 7 law law PROPN cblr-1745 878 8 review review NOUN cblr-1745 879 1 [ [ X cblr-1745 879 2 vol vol NOUN cblr-1745 879 3 . . PUNCT cblr-1745 879 4 2016 2016 NUM cblr-1745 879 5 acting act VERB cblr-1745 879 6 to to PART cblr-1745 879 7 keep keep VERB cblr-1745 879 8 rivals rival NOUN cblr-1745 879 9 out out ADP cblr-1745 879 10 of of ADP cblr-1745 879 11 the the DET cblr-1745 879 12 clearinghouses clearinghouse NOUN cblr-1745 879 13 , , PUNCT cblr-1745 879 14 albeit albeit SCONJ cblr-1745 879 15 acting act VERB cblr-1745 879 16 independently independently ADV cblr-1745 879 17 without without ADP cblr-1745 879 18 coordination coordination NOUN cblr-1745 879 19 . . 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PUNCT cblr-1745 881 1 the the DET cblr-1745 881 2 attention attention NOUN cblr-1745 881 3 lavished lavish VERB cblr-1745 881 4 by by ADP cblr-1745 881 5 this this DET cblr-1745 881 6 section section NOUN cblr-1745 881 7 upon upon SCONJ cblr-1745 881 8 the the DET cblr-1745 881 9 market market NOUN cblr-1745 881 10 definition definition NOUN cblr-1745 881 11 / / SYM cblr-1745 881 12 market market NOUN cblr-1745 881 13 share share NOUN cblr-1745 881 14 paradigm paradigm NOUN cblr-1745 881 15 may may AUX cblr-1745 881 16 seem seem VERB cblr-1745 881 17 unnecessary unnecessary ADJ cblr-1745 881 18 and and CCONJ cblr-1745 881 19 even even ADV cblr-1745 881 20 old old ADJ cblr-1745 881 21 - - PUNCT cblr-1745 881 22 fashioned fashioned ADJ cblr-1745 881 23 by by ADP cblr-1745 881 24 today today NOUN cblr-1745 881 25 ’s ’s PART cblr-1745 881 26 standards standard NOUN cblr-1745 881 27 . . PUNCT cblr-1745 882 1 over over ADP cblr-1745 882 2 the the DET cblr-1745 882 3 last last ADJ cblr-1745 882 4 few few ADJ cblr-1745 882 5 decades decade NOUN cblr-1745 882 6 , , PUNCT cblr-1745 882 7 antitrust antitrust ADJ cblr-1745 882 8 has have AUX cblr-1745 882 9 become become VERB cblr-1745 882 10 comfortable comfortable ADJ cblr-1745 882 11 enough enough ADV cblr-1745 882 12 with with ADP cblr-1745 882 13 inferring infer VERB cblr-1745 882 14 market market NOUN cblr-1745 882 15 power power NOUN cblr-1745 882 16 from from ADP cblr-1745 882 17 anticompetitive anticompetitive ADJ cblr-1745 882 18 effects effect NOUN cblr-1745 882 19 that that PRON cblr-1745 882 20 market market NOUN cblr-1745 882 21 definition definition NOUN cblr-1745 882 22 / / SYM cblr-1745 882 23 market market NOUN cblr-1745 882 24 share share NOUN cblr-1745 882 25 need need AUX cblr-1745 882 26 not not PART cblr-1745 882 27 be be AUX cblr-1745 882 28 the the DET cblr-1745 882 29 gauge gauge NOUN cblr-1745 882 30 of of ADP cblr-1745 882 31 market market NOUN cblr-1745 882 32 power.273 power.273 PROPN cblr-1745 882 33 nevertheless nevertheless ADV cblr-1745 882 34 , , PUNCT cblr-1745 882 35 this this DET cblr-1745 882 36 article article NOUN cblr-1745 882 37 opts opt VERB cblr-1745 882 38 for for ADP cblr-1745 882 39 the the DET cblr-1745 882 40 traditional traditional ADJ cblr-1745 882 41 approach approach NOUN cblr-1745 882 42 ( ( PUNCT cblr-1745 882 43 and and CCONJ cblr-1745 882 44 , , PUNCT cblr-1745 882 45 consequently consequently ADV cblr-1745 882 46 , , PUNCT cblr-1745 882 47 a a DET cblr-1745 882 48 long long ADJ cblr-1745 882 49 section section NOUN cblr-1745 882 50 on on ADP cblr-1745 882 51 market market NOUN cblr-1745 882 52 power power NOUN cblr-1745 882 53 ) ) PUNCT cblr-1745 882 54 because because SCONJ cblr-1745 882 55 the the DET cblr-1745 882 56 ultimate ultimate ADJ cblr-1745 882 57 goal goal NOUN cblr-1745 882 58 is be AUX cblr-1745 882 59 different different ADJ cblr-1745 882 60 than than ADP cblr-1745 882 61 a a DET cblr-1745 882 62 re re NOUN cblr-1745 882 63 - - NOUN cblr-1745 882 64 examination examination NOUN cblr-1745 882 65 of of ADP cblr-1745 882 66 market market NOUN cblr-1745 882 67 definition definition NOUN cblr-1745 882 68 — — PUNCT cblr-1745 882 69 it it PRON cblr-1745 882 70 is be AUX cblr-1745 882 71 to to PART cblr-1745 882 72 push push VERB cblr-1745 882 73 section section NOUN cblr-1745 882 74 2 2 NUM cblr-1745 882 75 jurisprudence jurisprudence NOUN cblr-1745 882 76 toward toward ADP cblr-1745 882 77 recognizing recognize VERB cblr-1745 882 78 shared share VERB cblr-1745 882 79 monopoly monopoly NOUN cblr-1745 882 80 , , PUNCT cblr-1745 882 81 so so SCONJ cblr-1745 882 82 as as SCONJ cblr-1745 882 83 to to PART cblr-1745 882 84 redress redress NOUN cblr-1745 882 85 parallel parallel ADJ cblr-1745 882 86 exclusion exclusion NOUN cblr-1745 882 87 . . PUNCT cblr-1745 883 1 in in ADP cblr-1745 883 2 the the DET cblr-1745 883 3 service service NOUN cblr-1745 883 4 of of ADP cblr-1745 883 5 that that DET cblr-1745 883 6 goal goal NOUN cblr-1745 883 7 , , PUNCT cblr-1745 883 8 this this DET cblr-1745 883 9 article article NOUN cblr-1745 883 10 aims aim VERB cblr-1745 883 11 to to PART cblr-1745 883 12 head head VERB cblr-1745 883 13 off off ADP cblr-1745 883 14 any any DET cblr-1745 883 15 criticism criticism NOUN cblr-1745 883 16 over over ADP cblr-1745 883 17 the the DET cblr-1745 883 18 rigor rigor NOUN cblr-1745 883 19 of of ADP cblr-1745 883 20 its its PRON cblr-1745 883 21 analysis analysis NOUN cblr-1745 883 22 of of ADP cblr-1745 883 23 market market NOUN cblr-1745 883 24 power power NOUN cblr-1745 883 25 . . PUNCT cblr-1745 884 1 while while SCONJ cblr-1745 884 2 market market NOUN cblr-1745 884 3 definition definition NOUN cblr-1745 884 4 provides provide VERB cblr-1745 884 5 the the DET cblr-1745 884 6 ancillary ancillary ADJ cblr-1745 884 7 benefit benefit NOUN cblr-1745 884 8 of of ADP cblr-1745 884 9 highlighting highlight VERB cblr-1745 884 10 blind blind ADJ cblr-1745 884 11 spots spot NOUN cblr-1745 884 12 in in ADP cblr-1745 884 13 financial financial ADJ cblr-1745 884 14 regulation,274 regulation,274 VERB cblr-1745 884 15 its its PRON cblr-1745 884 16 major major ADJ cblr-1745 884 17 benefit benefit NOUN cblr-1745 884 18 is be AUX cblr-1745 884 19 to to PART cblr-1745 884 20 preempt preempt VERB cblr-1745 884 21 the the DET cblr-1745 884 22 distracting distract VERB cblr-1745 884 23 arguments argument NOUN cblr-1745 884 24 that that PRON cblr-1745 884 25 would would AUX cblr-1745 884 26 have have AUX cblr-1745 884 27 flowed flow VERB cblr-1745 884 28 from from ADP cblr-1745 884 29 going go VERB cblr-1745 884 30 straight straight ADV cblr-1745 884 31 to to ADP cblr-1745 884 32 anticompetitive anticompetitive ADJ cblr-1745 884 33 effects effect NOUN cblr-1745 884 34 . . PUNCT cblr-1745 885 1 iv iv X cblr-1745 885 2 . . PUNCT cblr-1745 886 1 harms harm NOUN cblr-1745 886 2 of of ADP cblr-1745 886 3 parallel parallel ADJ cblr-1745 886 4 exclusion exclusion NOUN cblr-1745 886 5 plaintiffs plaintiff NOUN cblr-1745 886 6 can can AUX cblr-1745 886 7 not not PART cblr-1745 886 8 prevail prevail VERB cblr-1745 886 9 against against ADP cblr-1745 886 10 an an DET cblr-1745 886 11 exclusionary exclusionary ADJ cblr-1745 886 12 scheme scheme NOUN cblr-1745 886 13 unless unless SCONJ cblr-1745 886 14 the the DET cblr-1745 886 15 scheme scheme NOUN cblr-1745 886 16 ’s ’s PART cblr-1745 886 17 anticompetitive anticompetitive ADJ cblr-1745 886 18 effects effect NOUN cblr-1745 886 19 outweigh outweigh VERB cblr-1745 886 20 its its PRON cblr-1745 886 21 enhanced enhanced ADJ cblr-1745 886 22 efficiencies.275 efficiencies.275 PROPN cblr-1745 886 23 this this DET cblr-1745 886 24 section section NOUN cblr-1745 886 25 evaluates evaluate VERB cblr-1745 886 26 the the DET cblr-1745 886 27 harms harm NOUN cblr-1745 886 28 of of ADP cblr-1745 886 29 parallel parallel ADJ cblr-1745 886 30 exclusion exclusion NOUN cblr-1745 886 31 from from ADP cblr-1745 886 32 three three NUM cblr-1745 886 33 perspectives perspective NOUN cblr-1745 886 34 : : PUNCT cblr-1745 886 35 competition competition NOUN cblr-1745 886 36 ( ( PUNCT cblr-1745 886 37 section section NOUN cblr-1745 886 38 iv.a iv.a PROPN cblr-1745 886 39 ) ) PUNCT cblr-1745 886 40 , , PUNCT cblr-1745 886 41 consumers consumer NOUN cblr-1745 886 42 ( ( PUNCT cblr-1745 886 43 section section NOUN cblr-1745 886 44 iv.b iv.b PROPN cblr-1745 886 45 ) ) PUNCT cblr-1745 886 46 , , PUNCT cblr-1745 886 47 and and CCONJ cblr-1745 886 48 systemic systemic ADJ cblr-1745 886 49 risk risk NOUN cblr-1745 886 50 273 273 NUM cblr-1745 886 51 see see VERB cblr-1745 886 52 , , PUNCT cblr-1745 886 53 e.g. e.g. ADV cblr-1745 886 54 , , PUNCT cblr-1745 886 55 united united PROPN cblr-1745 886 56 states states PROPN cblr-1745 886 57 v. v. PROPN cblr-1745 886 58 microsoft microsoft PROPN cblr-1745 886 59 corp corp PROPN cblr-1745 886 60 . . PROPN cblr-1745 886 61 , , PUNCT cblr-1745 886 62 253 253 NUM cblr-1745 886 63 f.3d f.3d NUM cblr-1745 886 64 34 34 NUM cblr-1745 886 65 , , PUNCT cblr-1745 886 66 51 51 NUM cblr-1745 886 67 ( ( PUNCT cblr-1745 886 68 d.c d.c PROPN cblr-1745 886 69 . . PROPN cblr-1745 886 70 cir cir PROPN cblr-1745 886 71 . . PROPN cblr-1745 886 72 2001 2001 NUM cblr-1745 886 73 ) ) PUNCT cblr-1745 886 74 . . PUNCT cblr-1745 887 1 see see VERB cblr-1745 887 2 also also ADV cblr-1745 887 3 hemphill hemphill PROPN cblr-1745 887 4 & & CCONJ cblr-1745 887 5 wu wu PROPN cblr-1745 887 6 , , PUNCT cblr-1745 887 7 supra supra PROPN cblr-1745 887 8 note note PROPN cblr-1745 887 9 6 6 NUM cblr-1745 887 10 , , PUNCT cblr-1745 887 11 at at ADP cblr-1745 887 12 1237 1237 NUM cblr-1745 887 13 ( ( PUNCT cblr-1745 887 14 “ " PUNCT cblr-1745 887 15 the the DET cblr-1745 887 16 status status NOUN cblr-1745 887 17 of of ADP cblr-1745 887 18 monopoly monopoly NOUN cblr-1745 887 19 power power NOUN cblr-1745 887 20 could could AUX cblr-1745 887 21 be be AUX cblr-1745 887 22 inferred infer VERB cblr-1745 887 23 from from ADP cblr-1745 887 24 the the DET cblr-1745 887 25 effects effect NOUN cblr-1745 887 26 of of ADP cblr-1745 887 27 the the DET cblr-1745 887 28 conduct conduct NOUN cblr-1745 887 29 . . PUNCT cblr-1745 887 30 ” " PUNCT cblr-1745 887 31 ) ) PUNCT cblr-1745 887 32 . . PUNCT cblr-1745 888 1 274 274 NUM cblr-1745 888 2 for for ADP cblr-1745 888 3 a a DET cblr-1745 888 4 summary summary NOUN cblr-1745 888 5 , , PUNCT cblr-1745 888 6 see see VERB cblr-1745 888 7 supra supra PROPN cblr-1745 888 8 notes note VERB cblr-1745 888 9 109–113 109–113 NUM cblr-1745 888 10 and and CCONJ cblr-1745 888 11 accompanying accompany VERB cblr-1745 888 12 text text NOUN cblr-1745 888 13 . . PUNCT cblr-1745 889 1 275 275 NUM cblr-1745 889 2 hovenkamp hovenkamp NOUN cblr-1745 889 3 , , PUNCT cblr-1745 889 4 supra supra PROPN cblr-1745 889 5 note note PROPN cblr-1745 889 6 34 34 NUM cblr-1745 889 7 , , PUNCT cblr-1745 889 8 § § PROPN cblr-1745 889 9 5.4b2 5.4b2 NUM cblr-1745 889 10 , , PUNCT cblr-1745 889 11 at at ADP cblr-1745 889 12 298 298 NUM cblr-1745 889 13 ; ; PUNCT cblr-1745 889 14 hemphill hemphill PROPN cblr-1745 889 15 & & CCONJ cblr-1745 889 16 wu wu PROPN cblr-1745 889 17 , , PUNCT cblr-1745 889 18 supra supra PROPN cblr-1745 889 19 note note PROPN cblr-1745 889 20 6 6 NUM cblr-1745 889 21 , , PUNCT cblr-1745 889 22 at at ADP cblr-1745 889 23 1237–38 1237–38 NUM cblr-1745 889 24 . . PUNCT cblr-1745 890 1 chang chang PROPN cblr-1745 890 2 – – PUNCT cblr-1745 890 3 final final ADJ cblr-1745 890 4 no no NOUN cblr-1745 890 5 . . PUNCT cblr-1745 891 1 3:657 3:657 NUM cblr-1745 891 2 ] ] X cblr-1745 891 3 second second ADJ cblr-1745 891 4 - - PUNCT cblr-1745 891 5 generation generation NOUN cblr-1745 891 6 monopolization monopolization NOUN cblr-1745 891 7 719 719 NUM cblr-1745 891 8 ( ( PUNCT cblr-1745 891 9 section section NOUN cblr-1745 891 10 iv.c iv.c PROPN cblr-1745 891 11 ) ) PUNCT cblr-1745 891 12 , , PUNCT cblr-1745 891 13 and and CCONJ cblr-1745 891 14 leaves leave VERB cblr-1745 891 15 the the DET cblr-1745 891 16 benefits benefit NOUN cblr-1745 891 17 and and CCONJ cblr-1745 891 18 balancing balance VERB cblr-1745 891 19 to to ADP cblr-1745 891 20 section section NOUN cblr-1745 891 21 v. v. ADP cblr-1745 891 22 others other NOUN cblr-1745 891 23 have have AUX cblr-1745 891 24 explored explore VERB cblr-1745 891 25 the the DET cblr-1745 891 26 effects effect NOUN cblr-1745 891 27 of of ADP cblr-1745 891 28 concentration concentration NOUN cblr-1745 891 29 in in ADP cblr-1745 891 30 the the DET cblr-1745 891 31 derivatives derivative NOUN cblr-1745 891 32 markets.276 markets.276 PROPN cblr-1745 891 33 thus thus ADV cblr-1745 891 34 , , PUNCT cblr-1745 891 35 this this DET cblr-1745 891 36 section section NOUN cblr-1745 891 37 connects connect VERB cblr-1745 891 38 this this DET cblr-1745 891 39 article article NOUN cblr-1745 891 40 to to ADP cblr-1745 891 41 other other ADJ cblr-1745 891 42 scholarly scholarly ADJ cblr-1745 891 43 trends trend NOUN cblr-1745 891 44 . . PUNCT cblr-1745 892 1 one one NUM cblr-1745 892 2 trend trend NOUN cblr-1745 892 3 is be AUX cblr-1745 892 4 the the DET cblr-1745 892 5 burgeoning burgeon VERB cblr-1745 892 6 idea idea NOUN cblr-1745 892 7 that that SCONJ cblr-1745 892 8 competition competition NOUN cblr-1745 892 9 and and CCONJ cblr-1745 892 10 systemic systemic ADJ cblr-1745 892 11 risk risk NOUN cblr-1745 892 12 are be AUX cblr-1745 892 13 dueling duel VERB cblr-1745 892 14 interests interest NOUN cblr-1745 892 15 , , PUNCT cblr-1745 892 16 which which PRON cblr-1745 892 17 is be AUX cblr-1745 892 18 a a DET cblr-1745 892 19 variation variation NOUN cblr-1745 892 20 of of ADP cblr-1745 892 21 the the DET cblr-1745 892 22 old old ADJ cblr-1745 892 23 banking banking NOUN cblr-1745 892 24 debate debate NOUN cblr-1745 892 25 over over ADP cblr-1745 892 26 whether whether SCONJ cblr-1745 892 27 competition competition NOUN cblr-1745 892 28 enhances enhance VERB cblr-1745 892 29 stability.277 stability.277 NOUN cblr-1745 892 30 another another DET cblr-1745 892 31 trend trend NOUN cblr-1745 892 32 is be AUX cblr-1745 892 33 a a DET cblr-1745 892 34 recent recent ADJ cblr-1745 892 35 pivot pivot NOUN cblr-1745 892 36 to to ADP cblr-1745 892 37 antitrust antitrust VERB cblr-1745 892 38 for for ADP cblr-1745 892 39 solutions solution NOUN cblr-1745 892 40 to to ADP cblr-1745 892 41 problems problem NOUN cblr-1745 892 42 in in ADP cblr-1745 892 43 finance finance NOUN cblr-1745 892 44 — — PUNCT cblr-1745 892 45 for for ADP cblr-1745 892 46 example example NOUN cblr-1745 892 47 , , PUNCT cblr-1745 892 48 how how SCONJ cblr-1745 892 49 financial financial ADJ cblr-1745 892 50 intermediaries intermediary NOUN cblr-1745 892 51 impede impede VERB cblr-1745 892 52 transparency transparency NOUN cblr-1745 892 53 and and CCONJ cblr-1745 892 54 efficiency.278 efficiency.278 NOUN cblr-1745 892 55 channeling channel VERB cblr-1745 892 56 the the DET cblr-1745 892 57 malleability malleability NOUN cblr-1745 892 58 that that SCONJ cblr-1745 892 59 scholars scholar NOUN cblr-1745 892 60 see see VERB cblr-1745 892 61 in in ADP cblr-1745 892 62 antitrust antitrust ADJ cblr-1745 892 63 , , PUNCT cblr-1745 892 64 this this DET cblr-1745 892 65 section section NOUN cblr-1745 892 66 frames frame NOUN cblr-1745 892 67 “ " PUNCT cblr-1745 892 68 harms harm NOUN cblr-1745 892 69 ” " PUNCT cblr-1745 892 70 broadly broadly ADV cblr-1745 892 71 so so SCONJ cblr-1745 892 72 as as SCONJ cblr-1745 892 73 to to PART cblr-1745 892 74 encompass encompass VERB cblr-1745 892 75 not not PART cblr-1745 892 76 only only ADV cblr-1745 892 77 anticompetitive anticompetitive ADJ cblr-1745 892 78 effects effect NOUN cblr-1745 892 79 but but CCONJ cblr-1745 892 80 also also ADV cblr-1745 892 81 negative negative ADJ cblr-1745 892 82 effects effect NOUN cblr-1745 892 83 on on ADP cblr-1745 892 84 the the DET cblr-1745 892 85 health health NOUN cblr-1745 892 86 of of ADP cblr-1745 892 87 the the DET cblr-1745 892 88 financial financial ADJ cblr-1745 892 89 system.279 system.279 PROPN cblr-1745 892 90 a. a. NOUN cblr-1745 892 91 harm harm NOUN cblr-1745 892 92 to to ADP cblr-1745 892 93 competition competition NOUN cblr-1745 892 94 exclusionary exclusionary ADJ cblr-1745 892 95 schemes scheme NOUN cblr-1745 892 96 harm harm NOUN cblr-1745 892 97 competition competition NOUN cblr-1745 892 98 . . PUNCT cblr-1745 893 1 under under ADP cblr-1745 893 2 the the DET cblr-1745 893 3 theories theory NOUN cblr-1745 893 4 of of ADP cblr-1745 893 5 leveraging leverage VERB cblr-1745 893 6 and and CCONJ cblr-1745 893 7 foreclosure foreclosure NOUN cblr-1745 893 8 , , PUNCT cblr-1745 893 9 the the DET cblr-1745 893 10 dominance dominance NOUN cblr-1745 893 11 of of ADP cblr-1745 893 12 a a DET cblr-1745 893 13 firm firm NOUN cblr-1745 893 14 in in ADP cblr-1745 893 15 one one NUM cblr-1745 893 16 market market NOUN cblr-1745 893 17 ( ( PUNCT cblr-1745 893 18 e.g. e.g. ADV cblr-1745 893 19 , , PUNCT cblr-1745 893 20 an an DET cblr-1745 893 21 airport airport NOUN cblr-1745 893 22 or or CCONJ cblr-1745 893 23 a a DET cblr-1745 893 24 clearinghouse clearinghouse NOUN cblr-1745 893 25 ) ) PUNCT cblr-1745 893 26 can can AUX cblr-1745 893 27 be be AUX cblr-1745 893 28 parlayed parlay VERB cblr-1745 893 29 into into ADP cblr-1745 893 30 dominance dominance NOUN cblr-1745 893 31 in in ADP cblr-1745 893 32 another another DET cblr-1745 893 33 market market NOUN cblr-1745 893 34 ( ( PUNCT cblr-1745 893 35 commercial commercial ADJ cblr-1745 893 36 air air NOUN cblr-1745 893 37 traffic traffic NOUN cblr-1745 893 38 or or CCONJ cblr-1745 893 39 derivatives derivative NOUN cblr-1745 893 40 trading trading NOUN cblr-1745 893 41 ) ) PUNCT cblr-1745 893 42 if if SCONJ cblr-1745 893 43 there there PRON cblr-1745 893 44 is be VERB cblr-1745 893 45 sufficient sufficient ADJ cblr-1745 893 46 nexus nexus NOUN cblr-1745 893 47 276 276 NUM cblr-1745 893 48 see see VERB cblr-1745 893 49 , , PUNCT cblr-1745 893 50 e.g. e.g. ADV cblr-1745 893 51 , , PUNCT cblr-1745 893 52 chang chang PROPN cblr-1745 893 53 , , PUNCT cblr-1745 893 54 supra supra PROPN cblr-1745 893 55 note note PROPN cblr-1745 893 56 14 14 NUM cblr-1745 893 57 , , PUNCT cblr-1745 893 58 at at ADP cblr-1745 893 59 73 73 NUM cblr-1745 893 60 ; ; PUNCT cblr-1745 893 61 greenberger greenberger NOUN cblr-1745 893 62 , , PUNCT cblr-1745 893 63 supra supra PROPN cblr-1745 893 64 note note PROPN cblr-1745 893 65 21 21 NUM cblr-1745 893 66 , , PUNCT cblr-1745 893 67 at at ADP cblr-1745 893 68 252 252 NUM cblr-1745 893 69 ; ; PUNCT cblr-1745 893 70 litan litan ADJ cblr-1745 893 71 , , PUNCT cblr-1745 893 72 supra supra PROPN cblr-1745 893 73 note note NOUN cblr-1745 893 74 189 189 NUM cblr-1745 893 75 , , PUNCT cblr-1745 893 76 at at ADP cblr-1745 893 77 22 22 NUM cblr-1745 893 78 ; ; PUNCT cblr-1745 893 79 turbeville turbeville NOUN cblr-1745 893 80 , , PUNCT cblr-1745 893 81 supra supra PROPN cblr-1745 893 82 note note PROPN cblr-1745 893 83 21 21 NUM cblr-1745 893 84 , , PUNCT cblr-1745 893 85 at at ADP cblr-1745 893 86 6 6 NUM cblr-1745 893 87 . . X cblr-1745 893 88 277 277 NUM cblr-1745 893 89 see see VERB cblr-1745 893 90 thorsten thorsten PROPN cblr-1745 893 91 beck beck PROPN cblr-1745 893 92 , , PUNCT cblr-1745 893 93 olivier olivier PROPN cblr-1745 893 94 de de PROPN cblr-1745 893 95 jonghe jonghe PROPN cblr-1745 893 96 & & CCONJ cblr-1745 893 97 glenn glenn PROPN cblr-1745 893 98 schepens schepens PROPN cblr-1745 893 99 , , PUNCT cblr-1745 893 100 bank bank NOUN cblr-1745 893 101 competition competition NOUN cblr-1745 893 102 and and CCONJ cblr-1745 893 103 stability stability NOUN cblr-1745 893 104 : : PUNCT cblr-1745 893 105 cross cross ADJ cblr-1745 893 106 - - ADJ cblr-1745 893 107 country country ADJ cblr-1745 893 108 heterogeneity heterogeneity NOUN cblr-1745 893 109 , , PUNCT cblr-1745 893 110 22 22 NUM cblr-1745 893 111 j. j. PROPN cblr-1745 893 112 fin fin PROPN cblr-1745 893 113 . . PUNCT cblr-1745 894 1 intermediation intermediation NOUN cblr-1745 894 2 218 218 NUM cblr-1745 894 3 , , PUNCT cblr-1745 894 4 218–219 218–219 NUM cblr-1745 894 5 ( ( PUNCT cblr-1745 894 6 2013 2013 NUM cblr-1745 894 7 ) ) PUNCT cblr-1745 894 8 ; ; PUNCT cblr-1745 894 9 iftekhar iftekhar PROPN cblr-1745 894 10 hasan hasan PROPN cblr-1745 894 11 & & CCONJ cblr-1745 894 12 matej matej PROPN cblr-1745 894 13 marinc marinc PROPN cblr-1745 894 14 , , PUNCT cblr-1745 894 15 should should AUX cblr-1745 894 16 competition competition VERB cblr-1745 894 17 policy policy NOUN cblr-1745 894 18 in in ADP cblr-1745 894 19 banking banking NOUN cblr-1745 894 20 be be AUX cblr-1745 894 21 amended amend VERB cblr-1745 894 22 during during ADP cblr-1745 894 23 crises crisis NOUN cblr-1745 894 24 ? ? PUNCT cblr-1745 895 1 lessons lesson NOUN cblr-1745 895 2 from from ADP cblr-1745 895 3 the the DET cblr-1745 895 4 eu eu PROPN cblr-1745 895 5 , , PUNCT cblr-1745 895 6 eur eur PROPN cblr-1745 895 7 . . PUNCT cblr-1745 896 1 j.l j.l PROPN cblr-1745 896 2 . . PROPN cblr-1745 896 3 econ econ PROPN cblr-1745 896 4 . . PROPN cblr-1745 897 1 295 295 NUM cblr-1745 897 2 , , PUNCT cblr-1745 897 3 296 296 NUM cblr-1745 897 4 , , PUNCT cblr-1745 897 5 308–17 308–17 NUM cblr-1745 897 6 ( ( PUNCT cblr-1745 897 7 2013 2013 NUM cblr-1745 897 8 ) ) PUNCT cblr-1745 897 9 . . PUNCT cblr-1745 898 1 278 278 NUM cblr-1745 898 2 see see NOUN cblr-1745 898 3 judge judge NOUN cblr-1745 898 4 , , PUNCT cblr-1745 898 5 supra supra PROPN cblr-1745 898 6 note note PROPN cblr-1745 898 7 77 77 NUM cblr-1745 898 8 , , PUNCT cblr-1745 898 9 at at ADP cblr-1745 898 10 626 626 NUM cblr-1745 898 11 ; ; PUNCT cblr-1745 898 12 see see VERB cblr-1745 898 13 also also ADV cblr-1745 898 14 jonathan jonathan PROPN cblr-1745 898 15 r. r. PROPN cblr-1745 898 16 macey macey PROPN cblr-1745 898 17 & & CCONJ cblr-1745 898 18 james james PROPN cblr-1745 898 19 p. p. PROPN cblr-1745 898 20 holdcroft holdcroft PROPN cblr-1745 898 21 , , PUNCT cblr-1745 898 22 jr jr PROPN cblr-1745 898 23 . . PROPN cblr-1745 898 24 , , PUNCT cblr-1745 898 25 failure failure NOUN cblr-1745 898 26 is be AUX cblr-1745 898 27 an an DET cblr-1745 898 28 option option NOUN cblr-1745 898 29 : : PUNCT cblr-1745 898 30 an an DET cblr-1745 898 31 ersatz ersatz ADJ cblr-1745 898 32 - - PUNCT cblr-1745 898 33 antitrust antitrust ADJ cblr-1745 898 34 approach approach NOUN cblr-1745 898 35 to to ADP cblr-1745 898 36 financial financial ADJ cblr-1745 898 37 regulation regulation NOUN cblr-1745 898 38 , , PUNCT cblr-1745 898 39 120 120 NUM cblr-1745 898 40 yale yale PROPN cblr-1745 898 41 l.j l.j PROPN cblr-1745 898 42 . . PROPN cblr-1745 898 43 1368 1368 NUM cblr-1745 898 44 , , PUNCT cblr-1745 898 45 1403–08 1403–08 NUM cblr-1745 898 46 , , PUNCT cblr-1745 898 47 1417–18 1417–18 NUM cblr-1745 898 48 ( ( PUNCT cblr-1745 898 49 2011 2011 NUM cblr-1745 898 50 ) ) PUNCT cblr-1745 898 51 ; ; PUNCT cblr-1745 898 52 roberta roberta PROPN cblr-1745 898 53 s. s. PROPN cblr-1745 898 54 karmel karmel PROPN cblr-1745 898 55 , , PUNCT cblr-1745 898 56 is be AUX cblr-1745 898 57 the the DET cblr-1745 898 58 public public ADJ cblr-1745 898 59 utility utility NOUN cblr-1745 898 60 holding hold VERB cblr-1745 898 61 company company NOUN cblr-1745 898 62 act act VERB cblr-1745 898 63 a a DET cblr-1745 898 64 model model NOUN cblr-1745 898 65 for for ADP cblr-1745 898 66 breaking break VERB cblr-1745 898 67 up up ADP cblr-1745 898 68 the the DET cblr-1745 898 69 banks bank NOUN cblr-1745 898 70 that that PRON cblr-1745 898 71 are be AUX cblr-1745 898 72 too too ADV cblr-1745 898 73 - - PUNCT cblr-1745 898 74 big big ADJ cblr-1745 898 75 - - PUNCT cblr-1745 898 76 to to AUX cblr-1745 898 77 - - PUNCT cblr-1745 898 78 fail fail VERB cblr-1745 898 79 ? ? PUNCT cblr-1745 898 80 , , PUNCT cblr-1745 898 81 62 62 NUM cblr-1745 898 82 hastings hastings PROPN cblr-1745 898 83 l.j l.j PROPN cblr-1745 898 84 . . PROPN cblr-1745 898 85 821 821 NUM cblr-1745 898 86 , , PUNCT cblr-1745 898 87 827 827 NUM cblr-1745 898 88 ( ( PUNCT cblr-1745 898 89 2011 2011 NUM cblr-1745 898 90 ) ) PUNCT cblr-1745 898 91 . . PUNCT cblr-1745 899 1 279 279 NUM cblr-1745 899 2 of of ADP cblr-1745 899 3 course course NOUN cblr-1745 899 4 , , PUNCT cblr-1745 899 5 this this DET cblr-1745 899 6 proposition proposition NOUN cblr-1745 899 7 must must AUX cblr-1745 899 8 contend contend VERB cblr-1745 899 9 with with ADP cblr-1745 899 10 the the DET cblr-1745 899 11 antitrust antitrust ADJ cblr-1745 899 12 injury injury NOUN cblr-1745 899 13 standing standing PROPN cblr-1745 899 14 requirement requirement NOUN cblr-1745 899 15 . . PUNCT cblr-1745 900 1 see see VERB cblr-1745 900 2 infra infra NOUN cblr-1745 900 3 notes note VERB cblr-1745 900 4 324–327 324–327 NUM cblr-1745 900 5 and and CCONJ cblr-1745 900 6 accompanying accompany VERB cblr-1745 900 7 text text NOUN cblr-1745 900 8 . . PUNCT cblr-1745 901 1 chang chang PROPN cblr-1745 901 2 – – PUNCT cblr-1745 901 3 final final ADJ cblr-1745 901 4 720 720 NUM cblr-1745 901 5 columbia columbia PROPN cblr-1745 901 6 business business NOUN cblr-1745 901 7 law law PROPN cblr-1745 901 8 review review NOUN cblr-1745 902 1 [ [ X cblr-1745 902 2 vol vol NOUN cblr-1745 902 3 . . NOUN cblr-1745 902 4 2016 2016 NUM cblr-1745 902 5 between between ADP cblr-1745 902 6 the the DET cblr-1745 902 7 two two NUM cblr-1745 902 8 markets.280 markets.280 PROPN cblr-1745 902 9 leveraging leverage VERB cblr-1745 902 10 and and CCONJ cblr-1745 902 11 foreclosure foreclosure NOUN cblr-1745 902 12 work work NOUN cblr-1745 902 13 all all DET cblr-1745 902 14 the the DET cblr-1745 902 15 better well ADJ cblr-1745 902 16 if if SCONJ cblr-1745 902 17 one one NUM cblr-1745 902 18 market market NOUN cblr-1745 902 19 is be AUX cblr-1745 902 20 controlled control VERB cblr-1745 902 21 by by ADP cblr-1745 902 22 a a DET cblr-1745 902 23 natural natural ADJ cblr-1745 902 24 monopoly monopoly NOUN cblr-1745 902 25 that that PRON cblr-1745 902 26 is be AUX cblr-1745 902 27 indispensable indispensable ADJ cblr-1745 902 28 to to ADP cblr-1745 902 29 an an DET cblr-1745 902 30 adjacent adjacent ADJ cblr-1745 902 31 market market NOUN cblr-1745 902 32 , , PUNCT cblr-1745 902 33 and and CCONJ cblr-1745 902 34 the the DET cblr-1745 902 35 dominant dominant ADJ cblr-1745 902 36 firms firm NOUN cblr-1745 902 37 in in ADP cblr-1745 902 38 the the DET cblr-1745 902 39 adjacent adjacent ADJ cblr-1745 902 40 market market NOUN cblr-1745 902 41 direct direct VERB cblr-1745 902 42 the the DET cblr-1745 902 43 natural natural ADJ cblr-1745 902 44 monopoly.281 monopoly.281 NOUN cblr-1745 902 45 in in ADP cblr-1745 902 46 derivatives derivative NOUN cblr-1745 902 47 markets market NOUN cblr-1745 902 48 , , PUNCT cblr-1745 902 49 the the DET cblr-1745 902 50 anticompetitive anticompetitive ADJ cblr-1745 902 51 effects effect NOUN cblr-1745 902 52 of of ADP cblr-1745 902 53 convergence convergence NOUN cblr-1745 902 54 in in ADP cblr-1745 902 55 clearing clearing NOUN cblr-1745 902 56 and and CCONJ cblr-1745 902 57 trading trading NOUN cblr-1745 902 58 are be AUX cblr-1745 902 59 not not PART cblr-1745 902 60 theoretical theoretical ADJ cblr-1745 902 61 , , PUNCT cblr-1745 902 62 but but CCONJ cblr-1745 902 63 real real ADJ cblr-1745 902 64 . . PUNCT cblr-1745 903 1 contemporaneous contemporaneous ADJ cblr-1745 903 2 with with ADP cblr-1745 903 3 in in ADP cblr-1745 903 4 re re PROPN cblr-1745 903 5 cds cds PROPN cblr-1745 903 6 antitrust antitrust ADJ cblr-1745 903 7 litigation litigation NOUN cblr-1745 903 8 , , PUNCT cblr-1745 903 9 the the DET cblr-1745 903 10 brokerage brokerage NOUN cblr-1745 903 11 firm firm NOUN cblr-1745 903 12 mf mf AUX cblr-1745 903 13 global global PROPN cblr-1745 903 14 commenced commence VERB cblr-1745 903 15 an an DET cblr-1745 903 16 action action NOUN cblr-1745 903 17 against against ADP cblr-1745 903 18 virtually virtually ADV cblr-1745 903 19 the the DET cblr-1745 903 20 same same ADJ cblr-1745 903 21 set set NOUN cblr-1745 903 22 of of ADP cblr-1745 903 23 defendants defendant NOUN cblr-1745 903 24 for for ADP cblr-1745 903 25 cornering corner VERB cblr-1745 903 26 the the DET cblr-1745 903 27 cds cd NOUN cblr-1745 903 28 trading trading NOUN cblr-1745 903 29 market market NOUN cblr-1745 903 30 by by ADP cblr-1745 903 31 restricting restrict VERB cblr-1745 903 32 access access NOUN cblr-1745 903 33 to to ADP cblr-1745 903 34 ice ice NOUN cblr-1745 903 35 clear clear ADJ cblr-1745 903 36 credit.282 credit.282 NOUN cblr-1745 903 37 in in ADP cblr-1745 903 38 re re ADP cblr-1745 903 39 cds cds PROPN cblr-1745 903 40 antitrust antitrust ADJ cblr-1745 903 41 litigation litigation NOUN cblr-1745 903 42 itself itself PRON cblr-1745 903 43 shows show VERB cblr-1745 903 44 how how SCONJ cblr-1745 903 45 large large ADJ cblr-1745 903 46 dealers dealer NOUN cblr-1745 903 47 allegedly allegedly ADV cblr-1745 903 48 forestalled forestall VERB cblr-1745 903 49 the the DET cblr-1745 903 50 development development NOUN cblr-1745 903 51 of of ADP cblr-1745 903 52 exchanges exchange NOUN cblr-1745 903 53 and and CCONJ cblr-1745 903 54 alternative alternative ADJ cblr-1745 903 55 clearinghouses clearinghouse NOUN cblr-1745 903 56 , , PUNCT cblr-1745 903 57 innovations innovation NOUN cblr-1745 903 58 that that PRON cblr-1745 903 59 would would AUX cblr-1745 903 60 have have AUX cblr-1745 903 61 moved move VERB cblr-1745 903 62 the the DET cblr-1745 903 63 cds cds NOUN cblr-1745 903 64 market market NOUN cblr-1745 903 65 more more ADV cblr-1745 903 66 quickly quickly ADV cblr-1745 903 67 along along ADP cblr-1745 903 68 its its PRON cblr-1745 903 69 trajectory trajectory NOUN cblr-1745 903 70 toward toward ADP cblr-1745 903 71 transparency transparency NOUN cblr-1745 903 72 and and CCONJ cblr-1745 903 73 efficiency.283 efficiency.283 NUM cblr-1745 903 74 consolidation consolidation NOUN cblr-1745 903 75 and and CCONJ cblr-1745 903 76 settlement settlement NOUN cblr-1745 903 77 of of ADP cblr-1745 903 78 the the DET cblr-1745 903 79 cases case NOUN cblr-1745 903 80 brought bring VERB cblr-1745 903 81 about about ADP cblr-1745 903 82 certain certain ADJ cblr-1745 903 83 reforms reform NOUN cblr-1745 903 84 — — PUNCT cblr-1745 903 85 for for ADP cblr-1745 903 86 example example NOUN cblr-1745 903 87 , , PUNCT cblr-1745 903 88 commitment commitment NOUN cblr-1745 903 89 by by ADP cblr-1745 903 90 ice ice NOUN cblr-1745 903 91 to to PART cblr-1745 903 92 build build VERB cblr-1745 903 93 an an DET cblr-1745 903 94 open open ADJ cblr-1745 903 95 - - PUNCT cblr-1745 903 96 access access NOUN cblr-1745 903 97 , , PUNCT cblr-1745 903 98 anonymous anonymous ADJ cblr-1745 903 99 cds cds PROPN cblr-1745 903 100 trading trading NOUN cblr-1745 903 101 platform platform NOUN cblr-1745 903 102 similar similar ADJ cblr-1745 903 103 to to ADP cblr-1745 903 104 280 280 NUM cblr-1745 903 105 see see NOUN cblr-1745 903 106 hovenkamp hovenkamp NOUN cblr-1745 903 107 , , PUNCT cblr-1745 903 108 supra supra PROPN cblr-1745 903 109 note note NOUN cblr-1745 903 110 34 34 NUM cblr-1745 903 111 , , PUNCT cblr-1745 903 112 at at ADP cblr-1745 903 113 348–49 348–49 NUM cblr-1745 903 114 ; ; PUNCT cblr-1745 903 115 rey rey PROPN cblr-1745 903 116 & & CCONJ cblr-1745 903 117 tirole tirole PROPN cblr-1745 903 118 , , PUNCT cblr-1745 903 119 supra supra PROPN cblr-1745 903 120 note note NOUN cblr-1745 903 121 3 3 NUM cblr-1745 903 122 , , PUNCT cblr-1745 903 123 at at ADP cblr-1745 903 124 2153–58 2153–58 NUM cblr-1745 903 125 , , PUNCT cblr-1745 903 126 2194 2194 NUM cblr-1745 903 127 . . PUNCT cblr-1745 904 1 for for ADP cblr-1745 904 2 criticisms criticism NOUN cblr-1745 904 3 , , PUNCT cblr-1745 904 4 see see VERB cblr-1745 904 5 richard richard PROPN cblr-1745 904 6 s. s. PROPN cblr-1745 904 7 markovits markovits PROPN cblr-1745 904 8 , , PUNCT cblr-1745 904 9 tie tie NOUN cblr-1745 904 10 - - PUNCT cblr-1745 904 11 ins in NOUN cblr-1745 904 12 , , PUNCT cblr-1745 904 13 reciprocity reciprocity NOUN cblr-1745 904 14 , , PUNCT cblr-1745 904 15 and and CCONJ cblr-1745 904 16 the the DET cblr-1745 904 17 leverage leverage NOUN cblr-1745 904 18 theory theory NOUN cblr-1745 904 19 part part PROPN cblr-1745 904 20 ii ii PROPN cblr-1745 904 21 : : PUNCT cblr-1745 904 22 tie tie NOUN cblr-1745 904 23 - - PUNCT cblr-1745 904 24 ins in NOUN cblr-1745 904 25 , , PUNCT cblr-1745 904 26 leverage leverage NOUN cblr-1745 904 27 , , PUNCT cblr-1745 904 28 and and CCONJ cblr-1745 904 29 the the DET cblr-1745 904 30 american american ADJ cblr-1745 904 31 antitrust antitrust ADJ cblr-1745 904 32 laws law NOUN cblr-1745 904 33 , , PUNCT cblr-1745 904 34 80 80 NUM cblr-1745 904 35 yale yale PROPN cblr-1745 904 36 l.j l.j PROPN cblr-1745 904 37 . . PROPN cblr-1745 904 38 195 195 NUM cblr-1745 904 39 ( ( PUNCT cblr-1745 904 40 1970 1970 NUM cblr-1745 904 41 ) ) PUNCT cblr-1745 904 42 ; ; PUNCT cblr-1745 904 43 richard richard PROPN cblr-1745 904 44 a. a. NOUN cblr-1745 904 45 posner posner PROPN cblr-1745 904 46 , , PUNCT cblr-1745 904 47 the the DET cblr-1745 904 48 chicago chicago PROPN cblr-1745 904 49 school school NOUN cblr-1745 904 50 of of ADP cblr-1745 904 51 antitrust antitrust ADJ cblr-1745 904 52 analysis analysis NOUN cblr-1745 904 53 , , PUNCT cblr-1745 904 54 127 127 NUM cblr-1745 904 55 u. u. PROPN cblr-1745 904 56 pa pa PROPN cblr-1745 904 57 . . PUNCT cblr-1745 904 58 l. l. PROPN cblr-1745 904 59 rev rev PROPN cblr-1745 904 60 . . PROPN cblr-1745 904 61 925 925 NUM cblr-1745 904 62 , , PUNCT cblr-1745 904 63 929 929 NUM cblr-1745 904 64 ( ( PUNCT cblr-1745 904 65 1979 1979 NUM cblr-1745 904 66 ) ) PUNCT cblr-1745 904 67 . . 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PROPN cblr-1745 907 4 maurer maurer PROPN cblr-1745 907 5 & & CCONJ cblr-1745 907 6 suzanne suzanne PROPN cblr-1745 907 7 scotchmer scotchmer PROPN cblr-1745 907 8 , , PUNCT cblr-1745 907 9 the the DET cblr-1745 907 10 essential essential ADJ cblr-1745 907 11 facilities facility NOUN cblr-1745 907 12 doctrine doctrine NOUN cblr-1745 907 13 : : PUNCT cblr-1745 907 14 the the DET cblr-1745 907 15 lost lost ADJ cblr-1745 907 16 message message NOUN cblr-1745 907 17 of of ADP cblr-1745 907 18 terminal terminal ADJ cblr-1745 907 19 railroad railroad NOUN cblr-1745 907 20 2–4 2–4 PROPN cblr-1745 907 21 ( ( PUNCT cblr-1745 907 22 uc uc PROPN cblr-1745 907 23 berkeley berkeley PROPN cblr-1745 907 24 pub pub NOUN cblr-1745 907 25 . . PUNCT cblr-1745 908 1 l l NOUN cblr-1745 908 2 research research NOUN cblr-1745 908 3 paper paper NOUN cblr-1745 908 4 no no NOUN cblr-1745 908 5 . . PUNCT cblr-1745 909 1 2407071 2407071 NUM cblr-1745 909 2 , , PUNCT cblr-1745 909 3 2014 2014 NUM cblr-1745 909 4 ) ) PUNCT cblr-1745 909 5 , , PUNCT cblr-1745 910 1 http://papers.ssrn.com/sol3/papers.cfm?abstract http://papers.ssrn.com/sol3/papers.cfm?abstract PROPN cblr-1745 910 2 _ _ PUNCT cblr-1745 910 3 id=2407071 id=2407071 PROPN cblr-1745 911 1 [ [ X cblr-1745 911 2 https://perma.cc/4wnw-j5zy https://perma.cc/4wnw-j5zy X cblr-1745 911 3 ] ] X cblr-1745 911 4 . . PUNCT cblr-1745 912 1 detractors detractor NOUN cblr-1745 912 2 of of ADP cblr-1745 912 3 this this DET cblr-1745 912 4 doctrine doctrine NOUN cblr-1745 912 5 are be AUX cblr-1745 912 6 numerous numerous ADJ cblr-1745 912 7 and and CCONJ cblr-1745 912 8 eminent eminent ADJ cblr-1745 912 9 . . PUNCT cblr-1745 913 1 see see VERB cblr-1745 913 2 , , PUNCT cblr-1745 913 3 e.g. e.g. ADV cblr-1745 913 4 , , PUNCT cblr-1745 913 5 phillip phillip NOUN cblr-1745 913 6 areeda areeda PROPN cblr-1745 913 7 , , PUNCT cblr-1745 913 8 essential essential ADJ cblr-1745 913 9 facilities facility NOUN cblr-1745 913 10 : : PUNCT cblr-1745 913 11 an an DET cblr-1745 913 12 epithet epithet NOUN cblr-1745 913 13 in in ADP cblr-1745 913 14 need need NOUN cblr-1745 913 15 of of ADP cblr-1745 913 16 limiting limit VERB cblr-1745 913 17 principles principle NOUN cblr-1745 913 18 , , PUNCT cblr-1745 913 19 58 58 NUM cblr-1745 913 20 antitrust antitrust ADJ cblr-1745 913 21 l.j l.j PROPN cblr-1745 913 22 . . PROPN cblr-1745 913 23 841 841 NUM cblr-1745 913 24 , , PUNCT cblr-1745 913 25 841 841 NUM cblr-1745 913 26 ( ( PUNCT cblr-1745 913 27 1990 1990 NUM cblr-1745 913 28 ) ) PUNCT cblr-1745 913 29 ; ; PUNCT cblr-1745 913 30 herbert herbert PROPN cblr-1745 913 31 hovenkamp hovenkamp PROPN cblr-1745 913 32 , , PUNCT cblr-1745 913 33 the the DET cblr-1745 913 34 antitrust antitrust ADJ cblr-1745 913 35 enterprise enterprise NOUN cblr-1745 913 36 : : PUNCT cblr-1745 913 37 principle principle NOUN cblr-1745 913 38 and and CCONJ cblr-1745 913 39 execution execution NOUN cblr-1745 913 40 237 237 NUM cblr-1745 913 41 ( ( PUNCT cblr-1745 913 42 2005 2005 NUM cblr-1745 913 43 ) ) PUNCT cblr-1745 913 44 ; ; PUNCT cblr-1745 913 45 verizon verizon PROPN cblr-1745 913 46 commc’ns commc’ns PROPN cblr-1745 913 47 inc inc PROPN cblr-1745 913 48 . . PROPN cblr-1745 914 1 v. v. 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PUNCT cblr-1745 918 1 3:657 3:657 NUM cblr-1745 918 2 ] ] X cblr-1745 918 3 second second ADJ cblr-1745 918 4 - - PUNCT cblr-1745 918 5 generation generation NOUN cblr-1745 918 6 monopolization monopolization NOUN cblr-1745 918 7 721 721 NUM cblr-1745 918 8 an an DET cblr-1745 918 9 exchange.284 exchange.284 NOUN cblr-1745 918 10 fortuitously fortuitously ADV cblr-1745 918 11 , , PUNCT cblr-1745 918 12 the the DET cblr-1745 918 13 platform platform NOUN cblr-1745 918 14 appears appear VERB cblr-1745 918 15 to to PART cblr-1745 918 16 replicate replicate VERB cblr-1745 918 17 the the DET cblr-1745 918 18 exchange exchange NOUN cblr-1745 918 19 that that PRON cblr-1745 918 20 the the DET cblr-1745 918 21 large large ADJ cblr-1745 918 22 dealers dealer NOUN cblr-1745 918 23 had have AUX cblr-1745 918 24 driven drive VERB cblr-1745 918 25 to to ADP cblr-1745 918 26 the the DET cblr-1745 918 27 ground ground NOUN cblr-1745 918 28 , , PUNCT cblr-1745 918 29 in in ADP cblr-1745 918 30 a a DET cblr-1745 918 31 move move NOUN cblr-1745 918 32 that that PRON cblr-1745 918 33 became become VERB cblr-1745 918 34 the the DET cblr-1745 918 35 basis basis NOUN cblr-1745 918 36 for for ADP cblr-1745 918 37 suit.285 suit.285 PROPN cblr-1745 918 38 on on ADP cblr-1745 918 39 the the DET cblr-1745 918 40 surface surface NOUN cblr-1745 918 41 , , PUNCT cblr-1745 918 42 the the DET cblr-1745 918 43 new new ADJ cblr-1745 918 44 platform platform NOUN cblr-1745 918 45 almost almost ADV cblr-1745 918 46 certainly certainly ADV cblr-1745 918 47 spells spell VERB cblr-1745 918 48 the the DET cblr-1745 918 49 demise demise NOUN cblr-1745 918 50 of of ADP cblr-1745 918 51 dealer dealer NOUN cblr-1745 918 52 dominance dominance NOUN cblr-1745 918 53 — — PUNCT cblr-1745 918 54 once once SCONJ cblr-1745 918 55 the the DET cblr-1745 918 56 venture venture NOUN cblr-1745 918 57 gets get VERB cblr-1745 918 58 off off ADP cblr-1745 918 59 the the DET cblr-1745 918 60 ground.286 ground.286 NOUN cblr-1745 918 61 in in ADP cblr-1745 918 62 a a DET cblr-1745 918 63 strange strange ADJ cblr-1745 918 64 twist twist NOUN cblr-1745 918 65 , , PUNCT cblr-1745 918 66 however however ADV cblr-1745 918 67 , , PUNCT cblr-1745 918 68 the the DET cblr-1745 918 69 platform platform NOUN cblr-1745 918 70 ’s ’s PART cblr-1745 918 71 success success NOUN cblr-1745 918 72 depends depend VERB cblr-1745 918 73 on on ADP cblr-1745 918 74 widespread widespread ADJ cblr-1745 918 75 adoption adoption NOUN cblr-1745 918 76 of of ADP cblr-1745 918 77 central central ADJ cblr-1745 918 78 clearing.287 clearing.287 PROPN cblr-1745 918 79 this this PRON cblr-1745 918 80 is be AUX cblr-1745 918 81 because because SCONJ cblr-1745 918 82 central central ADJ cblr-1745 918 83 clearing clearing NOUN cblr-1745 918 84 provides provide VERB cblr-1745 918 85 independent independent ADJ cblr-1745 918 86 assurance assurance NOUN cblr-1745 918 87 of of ADP cblr-1745 918 88 creditworthiness creditworthiness NOUN cblr-1745 918 89 , , PUNCT cblr-1745 918 90 without without ADP cblr-1745 918 91 which which PRON cblr-1745 918 92 no no DET cblr-1745 918 93 trader trader NOUN cblr-1745 918 94 would would AUX cblr-1745 918 95 agree agree VERB cblr-1745 918 96 to to PART cblr-1745 918 97 transact transact VERB cblr-1745 918 98 with with ADP cblr-1745 918 99 an an DET cblr-1745 918 100 anonymous anonymous ADJ cblr-1745 918 101 counterparty.288 counterparty.288 NOUN cblr-1745 918 102 yet yet CCONJ cblr-1745 918 103 dominant dominant ADJ cblr-1745 918 104 dealers dealer NOUN cblr-1745 918 105 control control VERB cblr-1745 918 106 ice ice NOUN cblr-1745 918 107 clear clear ADJ cblr-1745 918 108 credit credit NOUN cblr-1745 918 109 ’s ’s PART cblr-1745 918 110 risk risk NOUN cblr-1745 918 111 committee committee NOUN cblr-1745 918 112 , , PUNCT cblr-1745 918 113 who who PRON cblr-1745 918 114 are be AUX cblr-1745 918 115 loath loath ADJ cblr-1745 918 116 to to PART cblr-1745 918 117 see see VERB cblr-1745 918 118 the the DET cblr-1745 918 119 platform platform NOUN cblr-1745 918 120 take take VERB cblr-1745 918 121 off off ADP cblr-1745 918 122 . . PUNCT cblr-1745 919 1 even even ADV cblr-1745 919 2 if if SCONJ cblr-1745 919 3 it it PRON cblr-1745 919 4 does do AUX cblr-1745 919 5 succeed succeed VERB cblr-1745 919 6 , , PUNCT cblr-1745 919 7 the the DET cblr-1745 919 8 platform platform NOUN cblr-1745 919 9 would would AUX cblr-1745 919 10 only only ADV cblr-1745 919 11 operate operate VERB cblr-1745 919 12 for for ADP cblr-1745 919 13 one one NUM cblr-1745 919 14 type type NOUN cblr-1745 919 15 of of ADP cblr-1745 919 16 cds cd NOUN cblr-1745 919 17 , , PUNCT cblr-1745 919 18 leaving leave VERB cblr-1745 919 19 more more ADJ cblr-1745 919 20 complex complex ADJ cblr-1745 919 21 types type NOUN cblr-1745 919 22 of of ADP cblr-1745 919 23 cds cd NOUN cblr-1745 919 24 still still ADV cblr-1745 919 25 within within ADP cblr-1745 919 26 the the DET cblr-1745 919 27 province province NOUN cblr-1745 919 28 of of ADP cblr-1745 919 29 large large ADJ cblr-1745 919 30 dealers.289 dealers.289 ADJ cblr-1745 919 31 it it PRON cblr-1745 919 32 remains remain VERB cblr-1745 919 33 to to PART cblr-1745 919 34 be be AUX cblr-1745 919 35 seen see VERB cblr-1745 919 36 whether whether SCONJ cblr-1745 919 37 ice ice NOUN cblr-1745 919 38 clear clear ADJ cblr-1745 919 39 credit credit NOUN cblr-1745 919 40 ’s ’s PART cblr-1745 919 41 dealerdominated dealerdominate VERB cblr-1745 919 42 risk risk NOUN cblr-1745 919 43 committee committee NOUN cblr-1745 919 44 will will AUX cblr-1745 919 45 embrace embrace VERB cblr-1745 919 46 the the DET cblr-1745 919 47 trading trading NOUN cblr-1745 919 48 platform platform NOUN cblr-1745 919 49 or or CCONJ cblr-1745 919 50 instead instead ADV cblr-1745 919 51 find find VERB cblr-1745 919 52 ways way NOUN cblr-1745 919 53 of of ADP cblr-1745 919 54 obstructing obstruct VERB cblr-1745 919 55 and and CCONJ cblr-1745 919 56 delaying delay VERB cblr-1745 919 57 the the DET cblr-1745 919 58 platform platform NOUN cblr-1745 919 59 ’s ’s PART cblr-1745 919 60 implementation implementation NOUN cblr-1745 919 61 . . 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PUNCT cblr-1745 922 1 see see VERB cblr-1745 922 2 decl decl PROPN cblr-1745 922 3 . . PROPN cblr-1745 923 1 of of ADP cblr-1745 923 2 darrell darrell PROPN cblr-1745 923 3 duffie duffie VERB cblr-1745 923 4 in in ADP cblr-1745 923 5 support support NOUN cblr-1745 923 6 of of ADP cblr-1745 923 7 pl pl PROPN cblr-1745 923 8 . . PROPN cblr-1745 923 9 ’s ’s PART cblr-1745 923 10 mot mot NOUN cblr-1745 923 11 . . PUNCT cblr-1745 924 1 for for ADP cblr-1745 924 2 prelim prelim NOUN cblr-1745 924 3 . . PUNCT cblr-1745 925 1 approval approval NOUN cblr-1745 925 2 of of ADP cblr-1745 925 3 settlement settlement NOUN cblr-1745 925 4 at at ADP cblr-1745 925 5 para para PROPN cblr-1745 925 6 . . PUNCT cblr-1745 926 1 9 9 NUM cblr-1745 926 2 , , PUNCT cblr-1745 926 3 13–14 13–14 NUM cblr-1745 926 4 , , PUNCT cblr-1745 926 5 in in ADP cblr-1745 926 6 re re NOUN cblr-1745 926 7 credit credit NOUN cblr-1745 926 8 default default NOUN cblr-1745 926 9 swaps swap NOUN cblr-1745 926 10 antitrust antitrust ADJ cblr-1745 926 11 litig litig NOUN cblr-1745 926 12 . . PUNCT cblr-1745 927 1 , , PUNCT cblr-1745 927 2 no no INTJ cblr-1745 927 3 . . NOUN cblr-1745 927 4 13 13 NUM cblr-1745 927 5 - - PUNCT cblr-1745 927 6 md-02476 md-02476 NOUN cblr-1745 927 7 , , PUNCT cblr-1745 927 8 2016 2016 NUM cblr-1745 927 9 wl wl NOUN cblr-1745 927 10 2731524 2731524 NUM cblr-1745 927 11 at at ADP cblr-1745 927 12 2 2 NUM cblr-1745 927 13 ( ( PUNCT cblr-1745 927 14 s.d.n.y s.d.n.y PROPN cblr-1745 927 15 . . PUNCT cblr-1745 927 16 apr apr PROPN cblr-1745 927 17 . . PROPN cblr-1745 927 18 26 26 NUM cblr-1745 927 19 , , PUNCT cblr-1745 927 20 2016 2016 NUM cblr-1745 927 21 ) ) PUNCT cblr-1745 927 22 , , PUNCT cblr-1745 927 23 2015 2015 NUM cblr-1745 927 24 wl wl NOUN cblr-1745 927 25 6869070 6869070 NUM cblr-1745 927 26 ; ; PUNCT cblr-1745 927 27 mike mike PROPN cblr-1745 927 28 kentz kentz PROPN cblr-1745 927 29 , , PUNCT cblr-1745 927 30 ice ice NOUN cblr-1745 927 31 plans plan VERB cblr-1745 927 32 single single ADJ cblr-1745 927 33 - - PUNCT cblr-1745 927 34 name name NOUN cblr-1745 927 35 cds cd NOUN cblr-1745 927 36 platform platform NOUN cblr-1745 927 37 , , PUNCT cblr-1745 927 38 reuters reuters PROPN cblr-1745 927 39 ( ( PUNCT cblr-1745 927 40 aug aug PROPN cblr-1745 927 41 . . PROPN cblr-1745 927 42 31 31 NUM cblr-1745 927 43 , , PUNCT cblr-1745 927 44 2015 2015 NUM cblr-1745 927 45 1:48 1:48 NUM cblr-1745 927 46 pm pm NOUN cblr-1745 927 47 ) ) PUNCT cblr-1745 927 48 , , PUNCT cblr-1745 927 49 http://www.reuters.com/article/2015/08/31/markets-derivativescds-idukl1n1161a520150831 http://www.reuters.com/article/2015/08/31/markets-derivativescds-idukl1n1161a520150831 VERB cblr-1745 928 1 [ [ X cblr-1745 928 2 https://perma.cc/z2pm-7g73 https://perma.cc/z2pm-7g73 PROPN cblr-1745 928 3 ] ] PUNCT cblr-1745 928 4 . . PUNCT cblr-1745 929 1 285 285 NUM cblr-1745 929 2 see see VERB cblr-1745 929 3 supra supra PROPN cblr-1745 929 4 note note PROPN cblr-1745 929 5 83 83 NUM cblr-1745 929 6 and and CCONJ cblr-1745 929 7 accompanying accompany VERB cblr-1745 929 8 text text NOUN cblr-1745 929 9 . . PUNCT cblr-1745 930 1 286 286 NUM cblr-1745 930 2 the the DET cblr-1745 930 3 platform platform NOUN cblr-1745 930 4 is be AUX cblr-1745 930 5 all all ADV cblr-1745 930 6 - - PUNCT cblr-1745 930 7 to to ADP cblr-1745 930 8 - - PUNCT cblr-1745 930 9 all all PRON cblr-1745 930 10 and and CCONJ cblr-1745 930 11 anonymous anonymous ADJ cblr-1745 930 12 , , PUNCT cblr-1745 930 13 which which PRON cblr-1745 930 14 means mean VERB cblr-1745 930 15 that that SCONJ cblr-1745 930 16 buyers buyer NOUN cblr-1745 930 17 and and CCONJ cblr-1745 930 18 sellers seller NOUN cblr-1745 930 19 transact transact VERB cblr-1745 930 20 with with ADP cblr-1745 930 21 one one NUM cblr-1745 930 22 another another DET cblr-1745 930 23 much much ADJ cblr-1745 930 24 like like INTJ cblr-1745 930 25 on on ADP cblr-1745 930 26 an an DET cblr-1745 930 27 exchange exchange NOUN cblr-1745 930 28 , , PUNCT cblr-1745 930 29 without without ADP cblr-1745 930 30 having have VERB cblr-1745 930 31 to to PART cblr-1745 930 32 go go VERB cblr-1745 930 33 through through ADP cblr-1745 930 34 the the DET cblr-1745 930 35 closed closed ADJ cblr-1745 930 36 and and CCONJ cblr-1745 930 37 opaque opaque ADJ cblr-1745 930 38 intermediary intermediary NOUN cblr-1745 930 39 of of ADP cblr-1745 930 40 dealers dealer NOUN cblr-1745 930 41 . . PUNCT cblr-1745 931 1 see see VERB cblr-1745 931 2 kentz kentz PROPN cblr-1745 931 3 , , PUNCT cblr-1745 931 4 supra supra PROPN cblr-1745 931 5 note note PROPN cblr-1745 931 6 284 284 NUM cblr-1745 931 7 . . PUNCT cblr-1745 931 8 287 287 NUM cblr-1745 931 9 see see VERB cblr-1745 931 10 kentz kentz NOUN cblr-1745 931 11 , , PUNCT cblr-1745 931 12 supra supra PROPN cblr-1745 931 13 note note NOUN cblr-1745 931 14 284 284 NUM cblr-1745 931 15 . . PUNCT cblr-1745 932 1 288 288 NUM cblr-1745 933 1 i i PRON cblr-1745 933 2 d. d. PROPN cblr-1745 933 3 289 289 NUM cblr-1745 933 4 that that PRON cblr-1745 933 5 is be AUX cblr-1745 933 6 , , PUNCT cblr-1745 933 7 single single ADJ cblr-1745 933 8 - - PUNCT cblr-1745 933 9 name name NOUN cblr-1745 933 10 cds cd NOUN cblr-1745 933 11 . . PUNCT cblr-1745 934 1 see see VERB cblr-1745 934 2 i i PRON cblr-1745 934 3 d. d. PROPN cblr-1745 934 4 ; ; PUNCT cblr-1745 934 5 see see VERB cblr-1745 934 6 also also ADV cblr-1745 934 7 supra supra PROPN cblr-1745 934 8 note note VERB cblr-1745 934 9 143 143 NUM cblr-1745 934 10 . . PUNCT cblr-1745 935 1 chang chang PROPN cblr-1745 935 2 – – PUNCT cblr-1745 935 3 final final ADJ cblr-1745 935 4 722 722 NUM cblr-1745 935 5 columbia columbia PROPN cblr-1745 935 6 business business NOUN cblr-1745 935 7 law law PROPN cblr-1745 935 8 review review NOUN cblr-1745 936 1 [ [ X cblr-1745 936 2 vol vol NOUN cblr-1745 936 3 . . NOUN cblr-1745 936 4 2016 2016 NUM cblr-1745 936 5 seismic seismic ADJ cblr-1745 936 6 transformation transformation NOUN cblr-1745 936 7 that that PRON cblr-1745 936 8 could could AUX cblr-1745 936 9 upend upend VERB cblr-1745 936 10 the the DET cblr-1745 936 11 dealer dealer NOUN cblr-1745 936 12 model model NOUN cblr-1745 936 13 altogether altogether ADV cblr-1745 936 14 . . PUNCT cblr-1745 937 1 of of ADP cblr-1745 937 2 course course NOUN cblr-1745 937 3 , , PUNCT cblr-1745 937 4 innovation innovation NOUN cblr-1745 937 5 — — PUNCT cblr-1745 937 6 in in ADP cblr-1745 937 7 particular particular ADJ cblr-1745 937 8 , , PUNCT cblr-1745 937 9 disruptive disruptive ADJ cblr-1745 937 10 innovation innovation NOUN cblr-1745 937 11 — — PUNCT cblr-1745 937 12 is be AUX cblr-1745 937 13 often often ADV cblr-1745 937 14 a a DET cblr-1745 937 15 tradeoff tradeoff NOUN cblr-1745 937 16 for for ADP cblr-1745 937 17 the the DET cblr-1745 937 18 stability stability NOUN cblr-1745 937 19 of of ADP cblr-1745 937 20 natural natural ADJ cblr-1745 937 21 monopolies monopoly NOUN cblr-1745 937 22 ; ; PUNCT cblr-1745 937 23 where where SCONJ cblr-1745 937 24 a a DET cblr-1745 937 25 natural natural ADJ cblr-1745 937 26 monopoly monopoly NOUN cblr-1745 937 27 facilitates facilitate VERB cblr-1745 937 28 parallel parallel ADJ cblr-1745 937 29 exclusion exclusion NOUN cblr-1745 937 30 , , PUNCT cblr-1745 937 31 innovation innovation NOUN cblr-1745 937 32 is be AUX cblr-1745 937 33 sure sure ADJ cblr-1745 937 34 to to PART cblr-1745 937 35 suffer suffer VERB cblr-1745 937 36 alongside alongside ADP cblr-1745 937 37 price.290 price.290 NOUN cblr-1745 937 38 competition competition NOUN cblr-1745 937 39 and and CCONJ cblr-1745 937 40 innovation innovation NOUN cblr-1745 937 41 can can AUX cblr-1745 937 42 be be AUX cblr-1745 937 43 ethereal ethereal ADJ cblr-1745 937 44 concepts concept NOUN cblr-1745 937 45 . . 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PUNCT cblr-1745 939 1 the the DET cblr-1745 939 2 vast vast ADJ cblr-1745 939 3 majority majority NOUN cblr-1745 939 4 of of ADP cblr-1745 939 5 derivatives derivative NOUN cblr-1745 939 6 dealers dealer NOUN cblr-1745 939 7 are be AUX cblr-1745 939 8 not not PART cblr-1745 939 9 members member NOUN cblr-1745 939 10 of of ADP cblr-1745 939 11 swapclear swapclear NOUN cblr-1745 939 12 , , PUNCT cblr-1745 939 13 ice ice NOUN cblr-1745 939 14 clear clear ADJ cblr-1745 939 15 credit credit NOUN cblr-1745 939 16 , , PUNCT cblr-1745 939 17 or or CCONJ cblr-1745 939 18 ice ice NOUN cblr-1745 939 19 clear clear ADJ cblr-1745 939 20 europe.291 europe.291 PROPN cblr-1745 939 21 this this PRON cblr-1745 939 22 includes include VERB cblr-1745 939 23 state state NOUN cblr-1745 939 24 street street NOUN cblr-1745 939 25 and and CCONJ cblr-1745 939 26 bank bank PROPN cblr-1745 939 27 of of ADP cblr-1745 939 28 new new PROPN cblr-1745 939 29 york york PROPN cblr-1745 939 30 ( ( PUNCT cblr-1745 939 31 “ " PUNCT cblr-1745 939 32 bny bny PROPN cblr-1745 939 33 ” " PUNCT cblr-1745 939 34 ) ) PUNCT cblr-1745 939 35 mellon mellon PROPN cblr-1745 939 36 , , PUNCT cblr-1745 939 37 the the DET cblr-1745 939 38 eighth eighth ADJ cblr-1745 939 39 and and CCONJ cblr-1745 939 40 ninth ninth ADJ cblr-1745 939 41 largest large ADJ cblr-1745 939 42 bhcs bhcs NOUN cblr-1745 939 43 , , PUNCT cblr-1745 939 44 respectively respectively ADV cblr-1745 939 45 , , PUNCT cblr-1745 939 46 as as ADV cblr-1745 939 47 well well ADV cblr-1745 939 48 as as ADP cblr-1745 939 49 predecessors predecessor NOUN cblr-1745 939 50 of of ADP cblr-1745 939 51 the the DET cblr-1745 939 52 sizeable sizeable ADJ cblr-1745 939 53 brokerage brokerage NOUN cblr-1745 939 54 firms firm NOUN cblr-1745 939 55 mf mf VERB cblr-1745 939 56 global global ADJ cblr-1745 939 57 and and CCONJ cblr-1745 939 58 newedge newedge NOUN cblr-1745 939 59 , , PUNCT cblr-1745 939 60 all all PRON cblr-1745 939 61 of of ADP cblr-1745 939 62 whom whom PRON cblr-1745 939 63 previously previously ADV cblr-1745 939 64 failed fail VERB cblr-1745 939 65 to to PART cblr-1745 939 66 join join VERB cblr-1745 939 67 ice ice NOUN cblr-1745 939 68 clear clear ADJ cblr-1745 939 69 credit.292 credit.292 NOUN cblr-1745 939 70 exclusion exclusion NOUN cblr-1745 939 71 from from ADP cblr-1745 939 72 the the DET cblr-1745 939 73 clearinghouses clearinghouse NOUN cblr-1745 939 74 primarily primarily ADV cblr-1745 939 75 harms harm VERB cblr-1745 939 76 this this DET cblr-1745 939 77 set set NOUN cblr-1745 939 78 of of ADP cblr-1745 939 79 dealers dealer NOUN cblr-1745 939 80 by by ADP cblr-1745 939 81 suppressing suppress VERB cblr-1745 939 82 their their PRON cblr-1745 939 83 trade trade NOUN cblr-1745 939 84 revenues revenue NOUN cblr-1745 939 85 ; ; PUNCT cblr-1745 939 86 they they PRON cblr-1745 939 87 can can AUX cblr-1745 939 88 satisfy satisfy VERB cblr-1745 939 89 the the DET cblr-1745 939 90 290 290 NUM cblr-1745 939 91 on on ADP cblr-1745 939 92 parallel parallel ADJ cblr-1745 939 93 exclusion exclusion NOUN cblr-1745 939 94 ’s ’s PART cblr-1745 939 95 capacity capacity NOUN cblr-1745 939 96 to to PART cblr-1745 939 97 harm harm VERB cblr-1745 939 98 price price NOUN cblr-1745 939 99 and and CCONJ cblr-1745 939 100 innovation innovation NOUN cblr-1745 939 101 , , PUNCT cblr-1745 939 102 see see VERB cblr-1745 939 103 hemphill hemphill PROPN cblr-1745 939 104 & & CCONJ cblr-1745 939 105 wu wu PROPN cblr-1745 939 106 , , PUNCT cblr-1745 939 107 supra supra PROPN cblr-1745 939 108 note note PROPN cblr-1745 939 109 6 6 NUM cblr-1745 939 110 , , PUNCT cblr-1745 939 111 at at ADP cblr-1745 939 112 1185 1185 NUM cblr-1745 939 113 , , PUNCT cblr-1745 939 114 1210–12 1210–12 NUM cblr-1745 939 115 . . PUNCT cblr-1745 940 1 291 291 NUM cblr-1745 940 2 see see VERB cblr-1745 940 3 swapclear swapclear NOUN cblr-1745 940 4 , , PUNCT cblr-1745 940 5 our our PRON cblr-1745 940 6 clearing clearing NOUN cblr-1745 940 7 members member NOUN cblr-1745 940 8 , , PUNCT cblr-1745 940 9 supra supra PROPN cblr-1745 940 10 note note PROPN cblr-1745 940 11 178 178 NUM cblr-1745 940 12 ; ; PUNCT cblr-1745 940 13 intercontinental intercontinental ADJ cblr-1745 940 14 exchange exchange NOUN cblr-1745 940 15 , , PUNCT cblr-1745 940 16 participants participant NOUN cblr-1745 940 17 , , PUNCT cblr-1745 940 18 supra supra PROPN cblr-1745 940 19 note note PROPN cblr-1745 940 20 178 178 NUM cblr-1745 940 21 ; ; PUNCT cblr-1745 940 22 intercontinental intercontinental ADJ cblr-1745 940 23 exchange exchange NOUN cblr-1745 940 24 , , PUNCT cblr-1745 940 25 ice ice NOUN cblr-1745 940 26 clear clear PROPN cblr-1745 940 27 europe europe PROPN cblr-1745 940 28 membership membership PROPN cblr-1745 940 29 , , PUNCT cblr-1745 940 30 supra supra PROPN cblr-1745 940 31 note note PROPN cblr-1745 940 32 252 252 NUM cblr-1745 940 33 . . PUNCT cblr-1745 941 1 citi citi PROPN cblr-1745 941 2 , , PUNCT cblr-1745 941 3 goldman goldman PROPN cblr-1745 941 4 sachs sachs PROPN cblr-1745 941 5 , , PUNCT cblr-1745 941 6 jpmorgan jpmorgan PROPN cblr-1745 941 7 , , PUNCT cblr-1745 941 8 bank bank PROPN cblr-1745 941 9 of of ADP cblr-1745 941 10 america america PROPN cblr-1745 941 11 , , PUNCT cblr-1745 941 12 and and CCONJ cblr-1745 941 13 morgan morgan PROPN cblr-1745 941 14 stanley stanley PROPN cblr-1745 941 15 are be AUX cblr-1745 941 16 members member NOUN cblr-1745 941 17 of of ADP cblr-1745 941 18 all all DET cblr-1745 941 19 three three NUM cblr-1745 941 20 clearinghouses clearinghouse NOUN cblr-1745 941 21 . . PUNCT cblr-1745 942 1 affiliates affiliate NOUN cblr-1745 942 2 of of ADP cblr-1745 942 3 hsbc hsbc PROPN cblr-1745 942 4 are be AUX cblr-1745 942 5 as as ADV cblr-1745 942 6 well well ADV cblr-1745 942 7 , , PUNCT cblr-1745 942 8 but but CCONJ cblr-1745 942 9 hsbc hsbc PROPN cblr-1745 942 10 is be AUX cblr-1745 942 11 a a DET cblr-1745 942 12 financial financial ADJ cblr-1745 942 13 conglomerate conglomerate NOUN cblr-1745 942 14 headquartered headquarter VERB cblr-1745 942 15 outside outside ADP cblr-1745 942 16 the the DET cblr-1745 942 17 united united PROPN cblr-1745 942 18 states states PROPN cblr-1745 942 19 . . PUNCT cblr-1745 943 1 wells wells PROPN cblr-1745 943 2 fargo fargo PROPN cblr-1745 943 3 , , PUNCT cblr-1745 943 4 however however ADV cblr-1745 943 5 , , PUNCT cblr-1745 943 6 is be AUX cblr-1745 943 7 a a DET cblr-1745 943 8 u.s.-based u.s.-based ADJ cblr-1745 943 9 entity entity NOUN cblr-1745 943 10 that that PRON cblr-1745 943 11 , , PUNCT cblr-1745 943 12 anomalously anomalously ADV cblr-1745 943 13 , , PUNCT cblr-1745 943 14 belongs belong VERB cblr-1745 943 15 to to PART cblr-1745 943 16 swapclear swapclear NOUN cblr-1745 943 17 and and CCONJ cblr-1745 943 18 ice ice VERB cblr-1745 943 19 clear clear ADJ cblr-1745 943 20 credit credit NOUN cblr-1745 943 21 . . PUNCT cblr-1745 944 1 but but CCONJ cblr-1745 944 2 wells wells PROPN cblr-1745 944 3 fargo fargo PROPN cblr-1745 944 4 is be AUX cblr-1745 944 5 also also ADV cblr-1745 944 6 a a DET cblr-1745 944 7 traditional traditional ADJ cblr-1745 944 8 commercial commercial ADJ cblr-1745 944 9 bank bank NOUN cblr-1745 944 10 — — PUNCT cblr-1745 944 11 and and CCONJ cblr-1745 944 12 a a DET cblr-1745 944 13 goliath goliath NOUN cblr-1745 944 14 at at ADP cblr-1745 944 15 that that PRON cblr-1745 944 16 . . PUNCT cblr-1745 945 1 its its PRON cblr-1745 945 2 commercial commercial ADJ cblr-1745 945 3 bank bank NOUN cblr-1745 945 4 subsidiary subsidiary NOUN cblr-1745 945 5 is be AUX cblr-1745 945 6 the the DET cblr-1745 945 7 fourth fourth ADV cblr-1745 945 8 largest large ADJ cblr-1745 945 9 in in ADP cblr-1745 945 10 the the DET cblr-1745 945 11 united united PROPN cblr-1745 945 12 states states PROPN cblr-1745 945 13 , , PUNCT cblr-1745 945 14 with with ADP cblr-1745 945 15 assets asset NOUN cblr-1745 945 16 of of ADP cblr-1745 945 17 well well ADV cblr-1745 945 18 over over ADP cblr-1745 945 19 $ $ SYM cblr-1745 945 20 1 1 NUM cblr-1745 945 21 trillion trillion NUM cblr-1745 945 22 . . PUNCT cblr-1745 946 1 see see VERB cblr-1745 946 2 occ occ PROPN cblr-1745 946 3 , , PUNCT cblr-1745 946 4 2016 2016 NUM cblr-1745 946 5 q1 q1 PROPN cblr-1745 946 6 report report NOUN cblr-1745 946 7 , , PUNCT cblr-1745 946 8 supra supra PROPN cblr-1745 946 9 note note NOUN cblr-1745 946 10 76 76 NUM cblr-1745 946 11 , , PUNCT cblr-1745 946 12 at at ADP cblr-1745 946 13 tbl.1 tbl.1 ADV cblr-1745 946 14 . . PUNCT cblr-1745 947 1 perhaps perhaps ADV cblr-1745 947 2 its its PRON cblr-1745 947 3 forays foray NOUN cblr-1745 947 4 into into ADP cblr-1745 947 5 the the DET cblr-1745 947 6 irs irs PROPN cblr-1745 947 7 and and CCONJ cblr-1745 947 8 cds cd NOUN cblr-1745 947 9 markets market NOUN cblr-1745 947 10 are be AUX cblr-1745 947 11 the the DET cblr-1745 947 12 result result NOUN cblr-1745 947 13 of of ADP cblr-1745 947 14 leveraging leverage VERB cblr-1745 947 15 ( ( PUNCT cblr-1745 947 16 by by ADP cblr-1745 947 17 way way NOUN cblr-1745 947 18 of of ADP cblr-1745 947 19 tying tying NOUN cblr-1745 947 20 ) ) PUNCT cblr-1745 947 21 that that DET cblr-1745 947 22 dominance dominance NOUN cblr-1745 947 23 as as ADP cblr-1745 947 24 a a DET cblr-1745 947 25 purveyor purveyor NOUN cblr-1745 947 26 of of ADP cblr-1745 947 27 credit credit NOUN cblr-1745 947 28 . . PUNCT cblr-1745 948 1 292 292 NUM cblr-1745 948 2 see see NOUN cblr-1745 948 3 story story NOUN cblr-1745 948 4 , , PUNCT cblr-1745 948 5 supra supra PROPN cblr-1745 948 6 note note NOUN cblr-1745 948 7 88 88 NUM cblr-1745 948 8 . . PUNCT cblr-1745 949 1 mf mf PRON cblr-1745 949 2 global global PROPN cblr-1745 949 3 would would AUX cblr-1745 949 4 eventually eventually ADV cblr-1745 949 5 sue sue VERB cblr-1745 949 6 the the DET cblr-1745 949 7 large large ADJ cblr-1745 949 8 dealers dealer NOUN cblr-1745 949 9 before before ADP cblr-1745 949 10 going go VERB cblr-1745 949 11 defunct defunct ADJ cblr-1745 949 12 . . PUNCT cblr-1745 950 1 see see VERB cblr-1745 950 2 mf mf PRON cblr-1745 950 3 global global ADJ cblr-1745 950 4 complaint complaint NOUN cblr-1745 950 5 , , PUNCT cblr-1745 950 6 supra supra PROPN cblr-1745 950 7 note note PROPN cblr-1745 950 8 99 99 NUM cblr-1745 950 9 , , PUNCT cblr-1745 950 10 at at ADP cblr-1745 950 11 1 1 NUM cblr-1745 950 12 . . PUNCT cblr-1745 950 13 newedge newedge PROPN cblr-1745 950 14 , , PUNCT cblr-1745 950 15 having having AUX cblr-1745 950 16 merged merge VERB cblr-1745 950 17 into into ADP cblr-1745 950 18 société société PROPN cblr-1745 950 19 générale générale PROPN cblr-1745 950 20 , , PUNCT cblr-1745 950 21 is be AUX cblr-1745 950 22 on on ADP cblr-1745 950 23 swapclear swapclear NOUN cblr-1745 950 24 . . PUNCT cblr-1745 951 1 see see VERB cblr-1745 951 2 daniel daniel PROPN cblr-1745 951 3 p. p. PROPN cblr-1745 951 4 collins collins PROPN cblr-1745 951 5 , , PUNCT cblr-1745 951 6 new new ADJ cblr-1745 951 7 day day NOUN cblr-1745 951 8 for for ADP cblr-1745 951 9 newedge newedge NOUN cblr-1745 951 10 , , PUNCT cblr-1745 951 11 or or CCONJ cblr-1745 951 12 should should AUX cblr-1745 951 13 we we PRON cblr-1745 951 14 say say VERB cblr-1745 951 15 socgen socgen PROPN cblr-1745 951 16 ? ? PUNCT cblr-1745 951 17 , , PUNCT cblr-1745 951 18 futures future NOUN cblr-1745 951 19 mag mag NOUN cblr-1745 951 20 . . PUNCT cblr-1745 952 1 ( ( PUNCT cblr-1745 952 2 july july PROPN cblr-1745 952 3 11 11 NUM cblr-1745 952 4 , , PUNCT cblr-1745 952 5 2014 2014 NUM cblr-1745 952 6 ) ) PUNCT cblr-1745 952 7 http://www.futuresmag.com/2014/07/11/newday-newedge-or-should-we-say-socgen http://www.futuresmag.com/2014/07/11/newday-newedge-or-should-we-say-socgen NOUN cblr-1745 953 1 [ [ X cblr-1745 953 2 https://perma.cc/r3r5-5ujc https://perma.cc/r3r5-5ujc X cblr-1745 953 3 ] ] X cblr-1745 953 4 ; ; PUNCT cblr-1745 953 5 swapclear swapclear NOUN cblr-1745 953 6 , , PUNCT cblr-1745 953 7 our our PRON cblr-1745 953 8 clearing clearing NOUN cblr-1745 953 9 members member NOUN cblr-1745 953 10 , , PUNCT cblr-1745 953 11 supra supra PROPN cblr-1745 953 12 note note NOUN cblr-1745 953 13 178 178 NUM cblr-1745 953 14 . . PUNCT cblr-1745 954 1 chang chang PROPN cblr-1745 954 2 – – PUNCT cblr-1745 954 3 final final ADJ cblr-1745 954 4 no no NOUN cblr-1745 954 5 . . PUNCT cblr-1745 955 1 3:657 3:657 NUM cblr-1745 955 2 ] ] X cblr-1745 955 3 second second ADJ cblr-1745 955 4 - - PUNCT cblr-1745 955 5 generation generation NOUN cblr-1745 955 6 monopolization monopolization NOUN cblr-1745 955 7 723 723 NUM cblr-1745 955 8 central central ADJ cblr-1745 955 9 clearing clearing NOUN cblr-1745 955 10 mandate mandate NOUN cblr-1745 955 11 only only ADV cblr-1745 955 12 by by ADP cblr-1745 955 13 paying pay VERB cblr-1745 955 14 to to PART cblr-1745 955 15 access access VERB cblr-1745 955 16 clearinghouses clearinghouse NOUN cblr-1745 955 17 through through ADP cblr-1745 955 18 the the DET cblr-1745 955 19 current current ADJ cblr-1745 955 20 members.293 members.293 NOUN cblr-1745 955 21 focusing focus VERB cblr-1745 955 22 on on ADP cblr-1745 955 23 competitors competitor NOUN cblr-1745 955 24 skews skew VERB cblr-1745 955 25 our our PRON cblr-1745 955 26 impression impression NOUN cblr-1745 955 27 of of ADP cblr-1745 955 28 the the DET cblr-1745 955 29 stakes stake NOUN cblr-1745 955 30 , , PUNCT cblr-1745 955 31 though though ADV cblr-1745 955 32 , , PUNCT cblr-1745 955 33 as as ADP cblr-1745 955 34 a a DET cblr-1745 955 35 fight fight NOUN cblr-1745 955 36 between between ADP cblr-1745 955 37 trillionaires trillionaire NOUN cblr-1745 955 38 and and CCONJ cblr-1745 955 39 billionaires billionaire NOUN cblr-1745 955 40 . . PUNCT cblr-1745 956 1 each each PRON cblr-1745 956 2 of of ADP cblr-1745 956 3 the the DET cblr-1745 956 4 five five NUM cblr-1745 956 5 dominant dominant ADJ cblr-1745 956 6 dealers dealer NOUN cblr-1745 956 7 holds hold VERB cblr-1745 956 8 just just ADV cblr-1745 956 9 under under ADP cblr-1745 956 10 or or CCONJ cblr-1745 956 11 well well ADV cblr-1745 956 12 over over ADP cblr-1745 956 13 $ $ SYM cblr-1745 956 14 1 1 NUM cblr-1745 956 15 trillion trillion NUM cblr-1745 956 16 in in ADP cblr-1745 956 17 assets asset NOUN cblr-1745 956 18 , , PUNCT cblr-1745 956 19 while while SCONJ cblr-1745 956 20 state state NOUN cblr-1745 956 21 street street NOUN cblr-1745 956 22 and and CCONJ cblr-1745 956 23 bny bny PROPN cblr-1745 956 24 mellon mellon PROPN cblr-1745 956 25 wield wield VERB cblr-1745 956 26 hundreds hundred NOUN cblr-1745 956 27 of of ADP cblr-1745 956 28 billions.294 billions.294 NOUN cblr-1745 956 29 this this PRON cblr-1745 956 30 is be AUX cblr-1745 956 31 , , PUNCT cblr-1745 956 32 in in ADP cblr-1745 956 33 reductionist reductionist ADJ cblr-1745 956 34 terms term NOUN cblr-1745 956 35 , , PUNCT cblr-1745 956 36 a a DET cblr-1745 956 37 conflict conflict NOUN cblr-1745 956 38 between between ADP cblr-1745 956 39 big big ADJ cblr-1745 956 40 banks bank NOUN cblr-1745 956 41 and and CCONJ cblr-1745 956 42 colossal colossal ADJ cblr-1745 956 43 banks bank NOUN cblr-1745 956 44 , , PUNCT cblr-1745 956 45 or or CCONJ cblr-1745 956 46 hedge hedge NOUN cblr-1745 956 47 funds fund NOUN cblr-1745 956 48 and and CCONJ cblr-1745 956 49 colossal colossal ADJ cblr-1745 956 50 banks bank NOUN cblr-1745 956 51 , , PUNCT cblr-1745 956 52 in in ADP cblr-1745 956 53 which which PRON cblr-1745 956 54 neither neither DET cblr-1745 956 55 side side NOUN cblr-1745 956 56 tends tend VERB cblr-1745 956 57 to to PART cblr-1745 956 58 arouse arouse VERB cblr-1745 956 59 sympathies sympathy NOUN cblr-1745 956 60 . . PUNCT cblr-1745 957 1 for for ADP cblr-1745 957 2 this this DET cblr-1745 957 3 reason reason NOUN cblr-1745 957 4 , , PUNCT cblr-1745 957 5 the the DET cblr-1745 957 6 remainder remainder NOUN cblr-1745 957 7 of of ADP cblr-1745 957 8 the the DET cblr-1745 957 9 section section NOUN cblr-1745 957 10 examines examine VERB cblr-1745 957 11 the the DET cblr-1745 957 12 effects effect NOUN cblr-1745 957 13 of of ADP cblr-1745 957 14 parallel parallel ADJ cblr-1745 957 15 exclusion exclusion NOUN cblr-1745 957 16 on on ADP cblr-1745 957 17 consumers consumer NOUN cblr-1745 957 18 and and CCONJ cblr-1745 957 19 systemic systemic ADJ cblr-1745 957 20 risk risk NOUN cblr-1745 957 21 , , PUNCT cblr-1745 957 22 so so SCONJ cblr-1745 957 23 as as SCONJ cblr-1745 957 24 to to PART cblr-1745 957 25 paint paint VERB cblr-1745 957 26 a a DET cblr-1745 957 27 more more ADV cblr-1745 957 28 holistic holistic ADJ cblr-1745 957 29 picture picture NOUN cblr-1745 957 30 . . PUNCT cblr-1745 958 1 it it PRON cblr-1745 958 2 is be AUX cblr-1745 958 3 also also ADV cblr-1745 958 4 helpful helpful ADJ cblr-1745 958 5 to to PART cblr-1745 958 6 bear bear VERB cblr-1745 958 7 in in ADP cblr-1745 958 8 mind mind NOUN cblr-1745 958 9 the the DET cblr-1745 958 10 ultimate ultimate ADJ cblr-1745 958 11 detriments detriment NOUN cblr-1745 958 12 of of ADP cblr-1745 958 13 distorted distorted ADJ cblr-1745 958 14 competition competition NOUN cblr-1745 958 15 : : PUNCT cblr-1745 958 16 higher high ADJ cblr-1745 958 17 prices price NOUN cblr-1745 958 18 and and CCONJ cblr-1745 958 19 less less ADJ cblr-1745 958 20 innovation.295 innovation.295 PROPN cblr-1745 958 21 b. b. PROPN cblr-1745 958 22 harm harm NOUN cblr-1745 958 23 to to ADP cblr-1745 958 24 consumers consumer NOUN cblr-1745 958 25 parallel parallel ADJ cblr-1745 958 26 exclusion exclusion NOUN cblr-1745 958 27 in in ADP cblr-1745 958 28 derivatives derivative NOUN cblr-1745 958 29 markets market NOUN cblr-1745 958 30 both both PRON cblr-1745 958 31 inflates inflate VERB cblr-1745 958 32 prices price NOUN cblr-1745 958 33 for for ADP cblr-1745 958 34 financial financial ADJ cblr-1745 958 35 products product NOUN cblr-1745 958 36 and and CCONJ cblr-1745 958 37 reduces reduce VERB cblr-1745 958 38 their their PRON cblr-1745 958 39 availability.296 availability.296 NOUN cblr-1745 958 40 consequently consequently ADV cblr-1745 958 41 , , PUNCT cblr-1745 958 42 end end NOUN cblr-1745 958 43 - - PUNCT cblr-1745 958 44 users user NOUN cblr-1745 958 45 of of ADP cblr-1745 958 46 derivatives derivative NOUN cblr-1745 958 47 must must AUX cblr-1745 958 48 pay pay VERB cblr-1745 958 49 more more ADJ cblr-1745 958 50 or or CCONJ cblr-1745 958 51 293 293 NUM cblr-1745 958 52 in in ADP cblr-1745 958 53 the the DET cblr-1745 958 54 first first ADJ cblr-1745 958 55 quarter quarter NOUN cblr-1745 958 56 of of ADP cblr-1745 958 57 2016 2016 NUM cblr-1745 958 58 alone alone ADV cblr-1745 958 59 , , PUNCT cblr-1745 958 60 the the DET cblr-1745 958 61 top top ADJ cblr-1745 958 62 four four NUM cblr-1745 958 63 commercial commercial ADJ cblr-1745 958 64 banks bank NOUN cblr-1745 958 65 generated generate VERB cblr-1745 958 66 a a DET cblr-1745 958 67 combined combined ADJ cblr-1745 958 68 $ $ SYM cblr-1745 958 69 2.815 2.815 NUM cblr-1745 958 70 billion billion NUM cblr-1745 958 71 in in ADP cblr-1745 958 72 trading trading NOUN cblr-1745 958 73 revenue revenue NOUN cblr-1745 958 74 from from ADP cblr-1745 958 75 interest interest NOUN cblr-1745 958 76 rate rate NOUN cblr-1745 958 77 positions position NOUN cblr-1745 958 78 ( ( PUNCT cblr-1745 958 79 over over ADP cblr-1745 958 80 91.7 91.7 NUM cblr-1745 958 81 % % NOUN cblr-1745 958 82 of of ADP cblr-1745 958 83 revenues revenue NOUN cblr-1745 958 84 for for ADP cblr-1745 958 85 the the DET cblr-1745 958 86 entire entire ADJ cblr-1745 958 87 market market NOUN cblr-1745 958 88 ) ) PUNCT cblr-1745 958 89 and and CCONJ cblr-1745 958 90 $ $ SYM cblr-1745 958 91 305 305 NUM cblr-1745 958 92 million million NUM cblr-1745 958 93 from from ADP cblr-1745 958 94 credit credit NOUN cblr-1745 958 95 positions position NOUN cblr-1745 958 96 ( ( PUNCT cblr-1745 958 97 over over ADP cblr-1745 958 98 91.3 91.3 NUM cblr-1745 958 99 % % NOUN cblr-1745 958 100 ) ) PUNCT cblr-1745 958 101 . . PUNCT cblr-1745 959 1 see see VERB cblr-1745 959 2 occ occ PROPN cblr-1745 959 3 , , PUNCT cblr-1745 959 4 2016 2016 NUM cblr-1745 959 5 q1 q1 PROPN cblr-1745 959 6 report report NOUN cblr-1745 959 7 , , PUNCT cblr-1745 959 8 supra supra PROPN cblr-1745 959 9 note note NOUN cblr-1745 959 10 76 76 NUM cblr-1745 959 11 , , PUNCT cblr-1745 959 12 at at ADP cblr-1745 959 13 tbl.7 tbl.7 PROPN cblr-1745 959 14 . . PUNCT cblr-1745 960 1 294 294 NUM cblr-1745 960 2 i i PRON cblr-1745 960 3 d. d. VERB cblr-1745 960 4 again again ADV cblr-1745 960 5 , , PUNCT cblr-1745 960 6 wells wells PROPN cblr-1745 960 7 fargo fargo PROPN cblr-1745 960 8 is be AUX cblr-1745 960 9 an an DET cblr-1745 960 10 outlier outlier NOUN cblr-1745 960 11 : : PUNCT cblr-1745 960 12 as as SCONJ cblr-1745 960 13 the the DET cblr-1745 960 14 lone lone ADJ cblr-1745 960 15 trillionaire trillionaire NOUN cblr-1745 960 16 which which PRON cblr-1745 960 17 holds hold VERB cblr-1745 960 18 membership membership NOUN cblr-1745 960 19 to to ADP cblr-1745 960 20 some some DET cblr-1745 960 21 clearinghouses clearinghouse NOUN cblr-1745 960 22 but but CCONJ cblr-1745 960 23 is be AUX cblr-1745 960 24 not not PART cblr-1745 960 25 active active ADJ cblr-1745 960 26 in in ADP cblr-1745 960 27 derivatives derivative NOUN cblr-1745 960 28 trading trading NOUN cblr-1745 960 29 , , PUNCT cblr-1745 960 30 its its PRON cblr-1745 960 31 bread bread NOUN cblr-1745 960 32 and and CCONJ cblr-1745 960 33 butter butter NOUN cblr-1745 960 34 is be AUX cblr-1745 960 35 lending lend VERB cblr-1745 960 36 . . PUNCT cblr-1745 961 1 295 295 NUM cblr-1745 961 2 on on ADP cblr-1745 961 3 this this DET cblr-1745 961 4 point point NOUN cblr-1745 961 5 , , PUNCT cblr-1745 961 6 the the DET cblr-1745 961 7 maxim maxim NOUN cblr-1745 961 8 that that SCONJ cblr-1745 961 9 “ " PUNCT cblr-1745 961 10 antitrust antitrust ADJ cblr-1745 961 11 protects protect VERB cblr-1745 961 12 competition competition NOUN cblr-1745 961 13 , , PUNCT cblr-1745 961 14 not not PART cblr-1745 961 15 competitors competitor NOUN cblr-1745 961 16 ” " PUNCT cblr-1745 961 17 is be AUX cblr-1745 961 18 helpful helpful ADJ cblr-1745 961 19 . . PUNCT cblr-1745 962 1 see see VERB cblr-1745 962 2 brown brown PROPN cblr-1745 962 3 shoe shoe PROPN cblr-1745 962 4 co. co. PROPN cblr-1745 962 5 v. v. ADP cblr-1745 962 6 united united PROPN cblr-1745 962 7 states states PROPN cblr-1745 962 8 , , PUNCT cblr-1745 963 1 370 370 NUM cblr-1745 963 2 u.s u.s PROPN cblr-1745 963 3 . . PROPN cblr-1745 963 4 294 294 NUM cblr-1745 963 5 , , PUNCT cblr-1745 963 6 320 320 NUM cblr-1745 963 7 ( ( PUNCT cblr-1745 963 8 1962 1962 NUM cblr-1745 963 9 ) ) PUNCT cblr-1745 963 10 . . PUNCT cblr-1745 964 1 this this PRON cblr-1745 964 2 has have AUX cblr-1745 964 3 been be AUX cblr-1745 964 4 taken take VERB cblr-1745 964 5 to to PART cblr-1745 964 6 mean mean VERB cblr-1745 964 7 , , PUNCT cblr-1745 964 8 among among ADP cblr-1745 964 9 other other ADJ cblr-1745 964 10 things thing NOUN cblr-1745 964 11 , , PUNCT cblr-1745 964 12 that that PRON cblr-1745 964 13 injury injury NOUN cblr-1745 964 14 to to ADP cblr-1745 964 15 “ " PUNCT cblr-1745 964 16 ‘ ' PUNCT cblr-1745 964 17 a a DET cblr-1745 964 18 single single ADJ cblr-1745 964 19 competitor competitor NOUN cblr-1745 964 20 , , PUNCT cblr-1745 964 21 standing stand VERB cblr-1745 964 22 alone alone ADV cblr-1745 964 23 , , PUNCT cblr-1745 964 24 does do AUX cblr-1745 964 25 not not PART cblr-1745 964 26 prove prove VERB cblr-1745 964 27 [ [ X cblr-1745 964 28 the the X cblr-1745 964 29 ] ] X cblr-1745 964 30 anticompetitive anticompetitive ADJ cblr-1745 964 31 effect effect NOUN cblr-1745 964 32 ’ ' PUNCT cblr-1745 964 33 necessary necessary ADJ cblr-1745 964 34 to to PART cblr-1745 964 35 establish establish VERB cblr-1745 964 36 antitrust antitrust ADJ cblr-1745 964 37 injury injury NOUN cblr-1745 964 38 . . PUNCT cblr-1745 964 39 ” " PUNCT cblr-1745 965 1 hci hci PROPN cblr-1745 965 2 technologies technologies PROPN cblr-1745 965 3 , , PUNCT cblr-1745 965 4 inc inc PROPN cblr-1745 965 5 . . PROPN cblr-1745 966 1 v. v. PROPN cblr-1745 966 2 avaya avaya PROPN cblr-1745 966 3 , , PUNCT cblr-1745 966 4 inc inc PROPN cblr-1745 966 5 . . PROPN cblr-1745 966 6 , , PUNCT cblr-1745 966 7 241 241 PROPN cblr-1745 966 8 f. f. PROPN cblr-1745 966 9 app’x app’x PROPN cblr-1745 966 10 115 115 NUM cblr-1745 966 11 , , PUNCT cblr-1745 966 12 123 123 NUM cblr-1745 966 13 ( ( PUNCT cblr-1745 966 14 4th 4th ADJ cblr-1745 966 15 cir cir NOUN cblr-1745 966 16 . . PROPN cblr-1745 966 17 2007 2007 NUM cblr-1745 966 18 ) ) PUNCT cblr-1745 967 1 ( ( PUNCT cblr-1745 967 2 quoting quote VERB cblr-1745 967 3 military military ADJ cblr-1745 967 4 servs servs PROPN cblr-1745 967 5 . . PUNCT cblr-1745 968 1 realty realty PROPN cblr-1745 968 2 , , PUNCT cblr-1745 968 3 inc inc PROPN cblr-1745 968 4 . . PROPN cblr-1745 969 1 v. v. PROPN cblr-1745 969 2 realty realty PROPN cblr-1745 969 3 consultants consultant NOUN cblr-1745 969 4 of of ADP cblr-1745 969 5 va va PROPN cblr-1745 969 6 . . PROPN cblr-1745 969 7 , , PUNCT cblr-1745 969 8 823 823 NUM cblr-1745 969 9 f.2d f.2d NUM cblr-1745 969 10 829 829 NUM cblr-1745 969 11 , , PUNCT cblr-1745 969 12 832 832 NUM cblr-1745 969 13 ( ( PUNCT cblr-1745 969 14 4th 4th ADJ cblr-1745 969 15 cir cir NOUN cblr-1745 969 16 . . PUNCT cblr-1745 969 17 1987 1987 NUM cblr-1745 969 18 ) ) PUNCT cblr-1745 969 19 ) ) PUNCT cblr-1745 969 20 . . PUNCT cblr-1745 970 1 296 296 NUM cblr-1745 970 2 see see VERB cblr-1745 970 3 louis louis PROPN cblr-1745 970 4 kaplow kaplow PROPN cblr-1745 970 5 , , PUNCT cblr-1745 970 6 an an DET cblr-1745 970 7 economic economic ADJ cblr-1745 970 8 approach approach NOUN cblr-1745 970 9 to to ADP cblr-1745 970 10 price price NOUN cblr-1745 970 11 fixing fixing NOUN cblr-1745 970 12 , , PUNCT cblr-1745 970 13 77 77 NUM cblr-1745 970 14 antitrust antitrust ADJ cblr-1745 970 15 l.j l.j PROPN cblr-1745 970 16 . . PROPN cblr-1745 970 17 343 343 NUM cblr-1745 970 18 , , PUNCT cblr-1745 970 19 353–55 353–55 NUM cblr-1745 970 20 ( ( PUNCT cblr-1745 970 21 2011 2011 NUM cblr-1745 970 22 ) ) PUNCT cblr-1745 970 23 . . PUNCT cblr-1745 971 1 chang chang PROPN cblr-1745 971 2 – – PUNCT cblr-1745 971 3 final final ADJ cblr-1745 971 4 724 724 NUM cblr-1745 971 5 columbia columbia PROPN cblr-1745 971 6 business business NOUN cblr-1745 971 7 law law PROPN cblr-1745 971 8 review review NOUN cblr-1745 972 1 [ [ X cblr-1745 972 2 vol vol NOUN cblr-1745 972 3 . . NOUN cblr-1745 972 4 2016 2016 NUM cblr-1745 972 5 forego forego ADJ cblr-1745 972 6 hedging hedging NOUN cblr-1745 972 7 options option NOUN cblr-1745 972 8 altogether.297 altogether.297 PROPN cblr-1745 972 9 thus thus ADV cblr-1745 972 10 , , PUNCT cblr-1745 972 11 customers customer NOUN cblr-1745 972 12 bear bear VERB cblr-1745 972 13 a a DET cblr-1745 972 14 higher high ADJ cblr-1745 972 15 cost cost NOUN cblr-1745 972 16 . . PUNCT cblr-1745 973 1 because because SCONJ cblr-1745 973 2 existing exist VERB cblr-1745 973 3 literature literature NOUN cblr-1745 973 4 has have AUX cblr-1745 973 5 already already ADV cblr-1745 973 6 examined examine VERB cblr-1745 973 7 these these DET cblr-1745 973 8 possibilities possibility NOUN cblr-1745 973 9 for for ADP cblr-1745 973 10 the the DET cblr-1745 973 11 derivatives derivative NOUN cblr-1745 973 12 markets,298 markets,298 PROPN cblr-1745 973 13 this this DET cblr-1745 973 14 section section NOUN cblr-1745 973 15 canvasses canvass VERB cblr-1745 973 16 them they PRON cblr-1745 973 17 below below ADV cblr-1745 973 18 . . PUNCT cblr-1745 974 1 in in ADP cblr-1745 974 2 short short ADJ cblr-1745 974 3 , , PUNCT cblr-1745 974 4 this this DET cblr-1745 974 5 line line NOUN cblr-1745 974 6 of of ADP cblr-1745 974 7 analysis analysis NOUN cblr-1745 974 8 unfolds unfold VERB cblr-1745 974 9 according accord VERB cblr-1745 974 10 to to ADP cblr-1745 974 11 traditional traditional ADJ cblr-1745 974 12 antitrust antitrust ADJ cblr-1745 974 13 principles principle NOUN cblr-1745 974 14 , , PUNCT cblr-1745 974 15 which which PRON cblr-1745 974 16 hold hold VERB cblr-1745 974 17 that that DET cblr-1745 974 18 exclusion exclusion NOUN cblr-1745 974 19 constricts constrict VERB cblr-1745 974 20 consumption consumption NOUN cblr-1745 974 21 by by ADP cblr-1745 974 22 raising raise VERB cblr-1745 974 23 prices.299 prices.299 VERB cblr-1745 974 24 by by ADP cblr-1745 974 25 countering counter VERB cblr-1745 974 26 exclusion exclusion NOUN cblr-1745 974 27 and and CCONJ cblr-1745 974 28 price price NOUN cblr-1745 974 29 inflation inflation NOUN cblr-1745 974 30 , , PUNCT cblr-1745 974 31 the the DET cblr-1745 974 32 law law NOUN cblr-1745 974 33 spurs spur VERB cblr-1745 974 34 increased increase VERB cblr-1745 974 35 consumption consumption NOUN cblr-1745 974 36 of of ADP cblr-1745 974 37 financial financial ADJ cblr-1745 974 38 instruments instrument NOUN cblr-1745 974 39 whose whose DET cblr-1745 974 40 valuations valuation NOUN cblr-1745 974 41 can can AUX cblr-1745 974 42 fluctuate fluctuate VERB cblr-1745 974 43 wildly.300 wildly.300 NUM cblr-1745 974 44 such such DET cblr-1745 974 45 a a DET cblr-1745 974 46 prospect prospect NOUN cblr-1745 974 47 might might AUX cblr-1745 974 48 be be AUX cblr-1745 974 49 unsettling unsettle VERB cblr-1745 974 50 given give VERB cblr-1745 974 51 the the DET cblr-1745 974 52 history history NOUN cblr-1745 974 53 of of ADP cblr-1745 974 54 scandals scandal NOUN cblr-1745 974 55 and and CCONJ cblr-1745 974 56 crises crisis NOUN cblr-1745 974 57 associated associate VERB cblr-1745 974 58 with with ADP cblr-1745 974 59 derivatives derivative NOUN cblr-1745 974 60 trading.301 trading.301 NUM cblr-1745 975 1 but but CCONJ cblr-1745 975 2 then then ADV cblr-1745 975 3 , , PUNCT cblr-1745 975 4 antitrust antitrust ADJ cblr-1745 975 5 is be AUX cblr-1745 975 6 indifferent indifferent ADJ cblr-1745 975 7 about about ADP cblr-1745 975 8 the the DET cblr-1745 975 9 fallout fallout NOUN cblr-1745 975 10 of of ADP cblr-1745 975 11 increased increase VERB cblr-1745 975 12 consumption.302 consumption.302 PROPN cblr-1745 975 13 its its PRON cblr-1745 975 14 balancing balancing NOUN cblr-1745 975 15 of of ADP cblr-1745 975 16 harms harm NOUN cblr-1745 975 17 and and CCONJ cblr-1745 975 18 benefits benefit NOUN cblr-1745 975 19 tends tend VERB cblr-1745 975 20 to to PART cblr-1745 975 21 revolve revolve VERB cblr-1745 975 22 around around ADP cblr-1745 975 23 an an DET cblr-1745 975 24 economic economic ADJ cblr-1745 975 25 vision vision NOUN cblr-1745 975 26 of of ADP cblr-1745 975 27 consumer consumer NOUN cblr-1745 975 28 welfare welfare NOUN cblr-1745 975 29 — — PUNCT cblr-1745 975 30 specifically specifically ADV cblr-1745 975 31 , , PUNCT cblr-1745 975 32 whether whether SCONJ cblr-1745 975 33 consumers consumer NOUN cblr-1745 975 34 are be AUX cblr-1745 975 35 paying pay VERB cblr-1745 975 36 supracompetitive supracompetitive ADJ cblr-1745 975 37 prices.303 prices.303 NOUN cblr-1745 975 38 in in ADP cblr-1745 975 39 fact fact NOUN cblr-1745 975 40 , , PUNCT cblr-1745 976 1 where where SCONJ cblr-1745 976 2 natural natural ADJ cblr-1745 976 3 297 297 NUM cblr-1745 976 4 see see NOUN cblr-1745 976 5 story story NOUN cblr-1745 976 6 , , PUNCT cblr-1745 976 7 supra supra PROPN cblr-1745 976 8 note note NOUN cblr-1745 976 9 88 88 NUM cblr-1745 976 10 ( ( PUNCT cblr-1745 976 11 “ " PUNCT cblr-1745 976 12 pension pension NOUN cblr-1745 976 13 funds fund NOUN cblr-1745 976 14 today today NOUN cblr-1745 976 15 use use VERB cblr-1745 976 16 derivatives derivative NOUN cblr-1745 976 17 to to PART cblr-1745 976 18 hedge hedge VERB cblr-1745 976 19 investments investment NOUN cblr-1745 976 20 . . PUNCT cblr-1745 977 1 states state NOUN cblr-1745 977 2 and and CCONJ cblr-1745 977 3 cities city NOUN cblr-1745 977 4 use use VERB cblr-1745 977 5 them they PRON cblr-1745 977 6 to to PART cblr-1745 977 7 try try VERB cblr-1745 977 8 to to PART cblr-1745 977 9 hold hold VERB cblr-1745 977 10 down down ADP cblr-1745 977 11 borrowing borrowing NOUN cblr-1745 977 12 costs cost NOUN cblr-1745 977 13 . . PUNCT cblr-1745 978 1 airlines airline NOUN cblr-1745 978 2 use use VERB cblr-1745 978 3 them they PRON cblr-1745 978 4 to to PART cblr-1745 978 5 secure secure VERB cblr-1745 978 6 steady steady ADJ cblr-1745 978 7 fuel fuel NOUN cblr-1745 978 8 prices price NOUN cblr-1745 978 9 . . 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PUNCT cblr-1745 1016 1 c. c. NOUN cblr-1745 1016 2 harm harm NOUN cblr-1745 1016 3 to to ADP cblr-1745 1016 4 systemic systemic ADJ cblr-1745 1016 5 risk risk NOUN cblr-1745 1016 6 opening open VERB cblr-1745 1016 7 up up ADP cblr-1745 1016 8 the the DET cblr-1745 1016 9 pool pool NOUN cblr-1745 1016 10 of of ADP cblr-1745 1016 11 clearinghouse clearinghouse NOUN cblr-1745 1016 12 members member NOUN cblr-1745 1016 13 diversifies diversify VERB cblr-1745 1016 14 the the DET cblr-1745 1016 15 dealer dealer NOUN cblr-1745 1016 16 markets market NOUN cblr-1745 1016 17 , , PUNCT cblr-1745 1016 18 which which PRON cblr-1745 1016 19 has have VERB cblr-1745 1016 20 the the DET cblr-1745 1016 21 added add VERB cblr-1745 1016 22 benefit benefit NOUN cblr-1745 1016 23 of of ADP cblr-1745 1016 24 dissipating dissipate VERB cblr-1745 1016 25 risk risk NOUN cblr-1745 1016 26 . . PUNCT cblr-1745 1017 1 the the DET cblr-1745 1017 2 risks risk NOUN cblr-1745 1017 3 associated associate VERB cblr-1745 1017 4 with with ADP cblr-1745 1017 5 otc otc PROPN cblr-1745 1017 6 derivatives derivative NOUN cblr-1745 1017 7 are be AUX cblr-1745 1017 8 multifaceted multifaceted ADJ cblr-1745 1017 9 and and CCONJ cblr-1745 1017 10 played play VERB cblr-1745 1017 11 a a DET cblr-1745 1017 12 major major ADJ cblr-1745 1017 13 role role NOUN cblr-1745 1017 14 in in ADP cblr-1745 1017 15 the the DET cblr-1745 1017 16 financial financial ADJ cblr-1745 1017 17 crisis.311 crisis.311 ADJ cblr-1745 1017 18 regulators regulator NOUN cblr-1745 1017 19 proposed propose VERB cblr-1745 1017 20 clearinghouses clearinghouse NOUN cblr-1745 1017 21 as as ADP cblr-1745 1017 22 one one NUM cblr-1745 1017 23 pathway pathway NOUN cblr-1745 1017 24 to to PART cblr-1745 1017 25 dissipate dissipate VERB cblr-1745 1017 26 risk risk NOUN cblr-1745 1017 27 by by ADP cblr-1745 1017 28 having have VERB cblr-1745 1017 29 a a DET cblr-1745 1017 30 pool pool NOUN cblr-1745 1017 31 of of ADP cblr-1745 1017 32 members member NOUN cblr-1745 1017 33 mutualize mutualize VERB cblr-1745 1017 34 , , PUNCT cblr-1745 1017 35 or or CCONJ cblr-1745 1017 36 share share NOUN cblr-1745 1017 37 , , PUNCT cblr-1745 1017 38 the the DET cblr-1745 1017 39 risk;312 risk;312 PROPN cblr-1745 1017 40 however however ADV cblr-1745 1017 41 , , PUNCT cblr-1745 1017 42 this this DET cblr-1745 1017 43 process process NOUN cblr-1745 1017 44 works work VERB cblr-1745 1017 45 best well ADV cblr-1745 1017 46 when when SCONJ cblr-1745 1017 47 clearinghouse clearinghouse NOUN cblr-1745 1017 48 membership membership NOUN cblr-1745 1017 49 is be AUX cblr-1745 1017 50 reasonably reasonably ADV cblr-1745 1017 51 diverse.313 diverse.313 ADJ cblr-1745 1017 52 in in ADP cblr-1745 1017 53 the the DET cblr-1745 1017 54 dominant dominant ADJ cblr-1745 1017 55 irs irs PROPN cblr-1745 1017 56 and and CCONJ cblr-1745 1017 57 cds cd NOUN cblr-1745 1017 58 clearinghouses clearinghouse NOUN cblr-1745 1017 59 , , PUNCT cblr-1745 1017 60 diversification diversification NOUN cblr-1745 1017 61 has have AUX cblr-1745 1017 62 not not PART cblr-1745 1017 63 happened happen VERB cblr-1745 1017 64 yet yet ADV cblr-1745 1017 65 because because SCONJ cblr-1745 1017 66 dealers dealer NOUN cblr-1745 1017 67 have have AUX cblr-1745 1017 68 managed manage VERB cblr-1745 1017 69 to to PART cblr-1745 1017 70 exclude exclude VERB cblr-1745 1017 71 http://www.wsj.com/articles/citadel-makes-inroads-into-swaps-arena1434997210 http://www.wsj.com/articles/citadel-makes-inroads-into-swaps-arena1434997210 PROPN cblr-1745 1017 72 [ [ PRON cblr-1745 1017 73 https://perma.cc/dj4m-b95l https://perma.cc/dj4m-b95l X cblr-1745 1017 74 ] ] PUNCT cblr-1745 1017 75 . . 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PROPN cblr-1745 1019 4 17 17 NUM cblr-1745 1019 5 , , PUNCT cblr-1745 1019 6 2014 2014 NUM cblr-1745 1019 7 4:11 4:11 NUM cblr-1745 1019 8 pm pm NOUN cblr-1745 1019 9 ) ) PUNCT cblr-1745 1019 10 , , PUNCT cblr-1745 1019 11 http://www.bloomberg.com/news/articles/2014-11-17/deutschebank-exits-most-single-name-credit-default-swap-trading http://www.bloomberg.com/news/articles/2014-11-17/deutschebank-exits-most-single-name-credit-default-swap-trade VERB cblr-1745 1019 12 [ [ X cblr-1745 1019 13 https://perma.cc/4wej-vvhz https://perma.cc/4wej-vvhz NOUN cblr-1745 1019 14 ] ] PUNCT cblr-1745 1019 15 . . PUNCT cblr-1745 1020 1 310 310 NUM cblr-1745 1020 2 see see VERB cblr-1745 1020 3 credit credit NOUN cblr-1745 1020 4 default default NOUN cblr-1745 1020 5 swaps swap NOUN cblr-1745 1020 6 statistics statistic NOUN cblr-1745 1020 7 explorer explorer PROPN cblr-1745 1020 8 , , PUNCT cblr-1745 1020 9 bank bank NOUN cblr-1745 1020 10 for for ADP cblr-1745 1020 11 international international ADJ cblr-1745 1020 12 settlements settlement NOUN cblr-1745 1020 13 http://stats.bis.org/statx/srs/tseries/otc_de http://stats.bis.org/statx/srs/tseries/otc_de PROPN cblr-1745 1020 14 riv riv PROPN cblr-1745 1020 15 / / SYM cblr-1745 1020 16 h.n.a.y.a.a.a.5a.5j?t h.n.a.y.a.a.a.5a.5j?t PROPN cblr-1745 1020 17 = = PROPN cblr-1745 1020 18 d5.2&c=&p=20152&i=23.4 d5.2&c=&p=20152&i=23.4 NOUN cblr-1745 1020 19 [ [ X cblr-1745 1020 20 https://perma.cc/2 https://perma.cc/2 PROPN cblr-1745 1020 21 9fj 9fj ADJ cblr-1745 1020 22 - - PUNCT cblr-1745 1020 23 kq32 kq32 PROPN cblr-1745 1020 24 ] ] PUNCT cblr-1745 1020 25 . . PUNCT cblr-1745 1021 1 311 311 NUM cblr-1745 1021 2 see see NOUN cblr-1745 1021 3 , , PUNCT cblr-1745 1021 4 e.g. e.g. ADV cblr-1745 1021 5 , , PUNCT cblr-1745 1021 6 fdic fdic PROPN cblr-1745 1021 7 , , PUNCT cblr-1745 1021 8 the the DET cblr-1745 1021 9 orderly orderly ADJ cblr-1745 1021 10 liquidation liquidation NOUN cblr-1745 1021 11 of of ADP cblr-1745 1021 12 lehman lehman PROPN cblr-1745 1021 13 brothers brothers PROPN cblr-1745 1021 14 , , PUNCT cblr-1745 1021 15 supra supra PROPN cblr-1745 1021 16 note note PROPN cblr-1745 1021 17 301 301 NUM cblr-1745 1021 18 . . PUNCT cblr-1745 1022 1 312 312 NUM cblr-1745 1022 2 cftc cftc PROPN cblr-1745 1022 3 , , PUNCT cblr-1745 1022 4 dco dco ADJ cblr-1745 1022 5 general general ADJ cblr-1745 1022 6 provisions provision NOUN cblr-1745 1022 7 , , PUNCT cblr-1745 1022 8 supra supra PROPN cblr-1745 1022 9 note note PROPN cblr-1745 1022 10 28 28 NUM cblr-1745 1022 11 , , PUNCT cblr-1745 1022 12 at at ADP cblr-1745 1022 13 69,415 69,415 NUM cblr-1745 1022 14 . . PUNCT cblr-1745 1023 1 313 313 NUM cblr-1745 1023 2 “ " PUNCT cblr-1745 1023 3 reasonably reasonably ADV cblr-1745 1023 4 ” " PUNCT cblr-1745 1023 5 because because SCONJ cblr-1745 1023 6 open open ADJ cblr-1745 1023 7 access access NOUN cblr-1745 1023 8 must must AUX cblr-1745 1023 9 still still ADV cblr-1745 1023 10 be be AUX cblr-1745 1023 11 balanced balance VERB cblr-1745 1023 12 against against ADP cblr-1745 1023 13 a a DET cblr-1745 1023 14 clearinghouse clearinghouse NOUN cblr-1745 1023 15 ’s ’s PART cblr-1745 1023 16 prerogative prerogative NOUN cblr-1745 1023 17 to to PART cblr-1745 1023 18 screen screen VERB cblr-1745 1023 19 members member NOUN cblr-1745 1023 20 for for ADP cblr-1745 1023 21 risk risk NOUN cblr-1745 1023 22 . . PUNCT cblr-1745 1024 1 see see VERB cblr-1745 1024 2 17 17 NUM cblr-1745 1024 3 c.f.r c.f.r NOUN cblr-1745 1024 4 . . PUNCT cblr-1745 1025 1 § § PROPN cblr-1745 1025 2 39.12(a)(1)(i 39.12(a)(1)(i NUM cblr-1745 1025 3 ) ) PUNCT cblr-1745 1025 4 , , PUNCT cblr-1745 1025 5 ( ( PUNCT cblr-1745 1025 6 iii iii X cblr-1745 1025 7 ) ) PUNCT cblr-1745 1025 8 ( ( PUNCT cblr-1745 1025 9 2016 2016 NUM cblr-1745 1025 10 ) ) PUNCT cblr-1745 1025 11 . . PUNCT cblr-1745 1026 1 chang chang PROPN cblr-1745 1026 2 – – PUNCT cblr-1745 1026 3 final final ADJ cblr-1745 1026 4 no no NOUN cblr-1745 1026 5 . . PUNCT cblr-1745 1027 1 3:657 3:657 NUM cblr-1745 1027 2 ] ] X cblr-1745 1027 3 second second ADJ cblr-1745 1027 4 - - PUNCT cblr-1745 1027 5 generation generation NOUN cblr-1745 1027 6 monopolization monopolization NOUN cblr-1745 1027 7 727 727 NUM cblr-1745 1027 8 rivals rival NOUN cblr-1745 1027 9 , , PUNCT cblr-1745 1027 10 thereby thereby ADV cblr-1745 1027 11 perpetuating perpetuate VERB cblr-1745 1027 12 the the DET cblr-1745 1027 13 concentration concentration NOUN cblr-1745 1027 14 of of ADP cblr-1745 1027 15 both both DET cblr-1745 1027 16 notionals notional NOUN cblr-1745 1027 17 and and CCONJ cblr-1745 1027 18 risk risk NOUN cblr-1745 1027 19 within within ADP cblr-1745 1027 20 a a DET cblr-1745 1027 21 small small ADJ cblr-1745 1027 22 circle.314 circle.314 NOUN cblr-1745 1027 23 recognizing recognize VERB cblr-1745 1027 24 this this DET cblr-1745 1027 25 propensity propensity NOUN cblr-1745 1027 26 to to PART cblr-1745 1027 27 exclusion exclusion NOUN cblr-1745 1027 28 , , PUNCT cblr-1745 1027 29 financial financial ADJ cblr-1745 1027 30 regulators regulator NOUN cblr-1745 1027 31 have have AUX cblr-1745 1027 32 crafted craft VERB cblr-1745 1027 33 rules rule NOUN cblr-1745 1027 34 governing govern VERB cblr-1745 1027 35 clearinghouses clearinghouse NOUN cblr-1745 1027 36 that that PRON cblr-1745 1027 37 include include VERB cblr-1745 1027 38 mandating mandate VERB cblr-1745 1027 39 open open ADJ cblr-1745 1027 40 access access NOUN cblr-1745 1027 41 for for ADP cblr-1745 1027 42 dealers dealer NOUN cblr-1745 1027 43 and and CCONJ cblr-1745 1027 44 restricting restrict VERB cblr-1745 1027 45 high high ADJ cblr-1745 1027 46 capitalization capitalization NOUN cblr-1745 1027 47 requirements requirement NOUN cblr-1745 1027 48 for for ADP cblr-1745 1027 49 members.315 members.315 PROPN cblr-1745 1027 50 tellingly tellingly ADV cblr-1745 1027 51 , , PUNCT cblr-1745 1027 52 in in ADP cblr-1745 1027 53 announcing announce VERB cblr-1745 1027 54 the the DET cblr-1745 1027 55 promulgation promulgation NOUN cblr-1745 1027 56 of of ADP cblr-1745 1027 57 one one NUM cblr-1745 1027 58 set set NOUN cblr-1745 1027 59 of of ADP cblr-1745 1027 60 rules rule NOUN cblr-1745 1027 61 , , PUNCT cblr-1745 1027 62 the the DET cblr-1745 1027 63 cftc cftc PROPN cblr-1745 1027 64 suggested suggest VERB cblr-1745 1027 65 that that SCONJ cblr-1745 1027 66 concentration concentration NOUN cblr-1745 1027 67 and and CCONJ cblr-1745 1027 68 systemic systemic ADJ cblr-1745 1027 69 risk risk NOUN cblr-1745 1027 70 are be AUX cblr-1745 1027 71 intertwined intertwine VERB cblr-1745 1027 72 and and CCONJ cblr-1745 1027 73 that that SCONJ cblr-1745 1027 74 if if SCONJ cblr-1745 1027 75 more more ADJ cblr-1745 1027 76 firms firm NOUN cblr-1745 1027 77 join join VERB cblr-1745 1027 78 clearinghouses clearinghouse NOUN cblr-1745 1027 79 , , PUNCT cblr-1745 1027 80 both both DET cblr-1745 1027 81 sets set NOUN cblr-1745 1027 82 of of ADP cblr-1745 1027 83 concerns concern NOUN cblr-1745 1027 84 will will AUX cblr-1745 1027 85 diminish.316 diminish.316 VERB cblr-1745 1027 86 conflating conflate VERB cblr-1745 1027 87 concentration concentration NOUN cblr-1745 1027 88 and and CCONJ cblr-1745 1027 89 systemic systemic ADJ cblr-1745 1027 90 risk risk NOUN cblr-1745 1027 91 — — PUNCT cblr-1745 1027 92 and and CCONJ cblr-1745 1027 93 thereby thereby ADV cblr-1745 1027 94 intertwining intertwine VERB cblr-1745 1027 95 antitrust antitrust ADJ cblr-1745 1027 96 and and CCONJ cblr-1745 1027 97 financial financial ADJ cblr-1745 1027 98 regulation regulation NOUN cblr-1745 1027 99 — — PUNCT cblr-1745 1027 100 is be AUX cblr-1745 1027 101 not not PART cblr-1745 1027 102 without without ADP cblr-1745 1027 103 precedent precedent NOUN cblr-1745 1027 104 . . PUNCT cblr-1745 1028 1 recently recently ADV cblr-1745 1028 2 , , PUNCT cblr-1745 1028 3 corporate corporate ADJ cblr-1745 1028 4 and and CCONJ cblr-1745 1028 5 finance finance NOUN cblr-1745 1028 6 legal legal ADJ cblr-1745 1028 7 scholars scholar NOUN cblr-1745 1028 8 have have AUX cblr-1745 1028 9 proposed propose VERB cblr-1745 1028 10 using use VERB cblr-1745 1028 11 antitrust antitrust NOUN cblr-1745 1028 12 to to PART cblr-1745 1028 13 counter counter VERB cblr-1745 1028 14 the the DET cblr-1745 1028 15 selfentrenching selfentrenching NOUN cblr-1745 1028 16 impulse impulse ADJ cblr-1745 1028 17 of of ADP cblr-1745 1028 18 financial financial ADJ cblr-1745 1028 19 intermediaries;317 intermediaries;317 PROPN cblr-1745 1028 20 to to PART cblr-1745 1028 21 set set VERB cblr-1745 1028 22 a a DET cblr-1745 1028 23 threshold threshold NOUN cblr-1745 1028 24 for for ADP cblr-1745 1028 25 liabilities liability NOUN cblr-1745 1028 26 that that SCONJ cblr-1745 1028 27 financial financial ADJ cblr-1745 1028 28 institutions institution NOUN cblr-1745 1028 29 can can AUX cblr-1745 1028 30 amass amass VERB cblr-1745 1028 31 ( ( PUNCT cblr-1745 1028 32 so so SCONJ cblr-1745 1028 33 as as SCONJ cblr-1745 1028 34 to to PART cblr-1745 1028 35 pre pre VERB cblr-1745 1028 36 - - VERB cblr-1745 1028 37 empt empt VERB cblr-1745 1028 38 public public ADJ cblr-1745 1028 39 bailout bailout NOUN cblr-1745 1028 40 and and CCONJ cblr-1745 1028 41 the the DET cblr-1745 1028 42 too too ADV cblr-1745 1028 43 - - PUNCT cblr-1745 1028 44 big big ADJ cblr-1745 1028 45 - - PUNCT cblr-1745 1028 46 to to ADP cblr-1745 1028 47 - - PUNCT cblr-1745 1028 48 fail fail VERB cblr-1745 1028 49 phenomenon phenomenon NOUN cblr-1745 1028 50 , , PUNCT cblr-1745 1028 51 or or CCONJ cblr-1745 1028 52 “ " PUNCT cblr-1745 1028 53 tbtf”);318 tbtf”);318 NOUN cblr-1745 1028 54 to to AUX cblr-1745 1028 55 more more ADV cblr-1745 1028 56 precisely precisely ADV cblr-1745 1028 57 define define VERB cblr-1745 1028 58 tbtf tbtf ADV cblr-1745 1028 59 by by ADP cblr-1745 1028 60 correlating correlate VERB cblr-1745 1028 61 it it PRON cblr-1745 1028 62 with with ADP cblr-1745 1028 63 monopoly monopoly NOUN cblr-1745 1028 64 power;319 power;319 PROPN cblr-1745 1028 65 and and CCONJ cblr-1745 1028 66 to to PART cblr-1745 1028 67 curtail curtail VERB cblr-1745 1028 68 systemic systemic ADJ cblr-1745 1028 69 risk risk NOUN cblr-1745 1028 70 by by ADP cblr-1745 1028 71 preventing prevent VERB cblr-1745 1028 72 the the DET cblr-1745 1028 73 tying tying NOUN cblr-1745 1028 74 of of ADP cblr-1745 1028 75 swaps swap NOUN cblr-1745 1028 76 to to ADP cblr-1745 1028 77 loans.320 loans.320 PROPN cblr-1745 1028 78 nevertheless nevertheless ADV cblr-1745 1028 79 , , PUNCT cblr-1745 1028 80 these these PRON cblr-1745 1028 81 are be AUX cblr-1745 1028 82 odd odd ADJ cblr-1745 1028 83 ways way NOUN cblr-1745 1028 84 of of ADP cblr-1745 1028 85 conceptualizing conceptualize VERB cblr-1745 1028 86 antitrust antitrust NOUN cblr-1745 1028 87 . . PUNCT cblr-1745 1029 1 just just ADV cblr-1745 1029 2 as as SCONJ cblr-1745 1029 3 antitrust antitrust ADJ cblr-1745 1029 4 does do AUX cblr-1745 1029 5 not not PART cblr-1745 1029 6 care care VERB cblr-1745 1029 7 whether whether SCONJ cblr-1745 1029 8 “ " PUNCT cblr-1745 1029 9 public public ADJ cblr-1745 1029 10 goods good NOUN cblr-1745 1029 11 ” " PUNCT cblr-1745 1029 12 are be AUX cblr-1745 1029 13 actually actually ADV cblr-1745 1029 14 “ " PUNCT cblr-1745 1029 15 good good ADJ cblr-1745 1029 16 for for ADP cblr-1745 1029 17 the the DET cblr-1745 1029 18 public public NOUN cblr-1745 1029 19 , , PUNCT cblr-1745 1029 20 ” " PUNCT cblr-1745 1029 21 antitrust antitrust ADJ cblr-1745 1029 22 doctrine doctrine NOUN cblr-1745 1029 23 likely likely ADV cblr-1745 1029 24 does do AUX cblr-1745 1029 25 not not PART cblr-1745 1029 26 change change VERB cblr-1745 1029 27 to to PART cblr-1745 1029 28 accommodate accommodate VERB cblr-1745 1029 29 ancillary ancillary ADJ cblr-1745 1029 30 benefits benefit NOUN cblr-1745 1029 31 that that PRON cblr-1745 1029 32 are be AUX cblr-1745 1029 33 far far ADV cblr-1745 1029 34 outside outside ADP cblr-1745 1029 35 its its PRON cblr-1745 1029 36 traditional traditional ADJ cblr-1745 1029 37 focus focus NOUN cblr-1745 1029 38 . . PUNCT cblr-1745 1030 1 in in ADP cblr-1745 1030 2 other other ADJ cblr-1745 1030 3 words word NOUN cblr-1745 1030 4 , , PUNCT cblr-1745 1030 5 before before SCONJ cblr-1745 1030 6 we we PRON cblr-1745 1030 7 can can AUX cblr-1745 1030 8 turn turn VERB cblr-1745 1030 9 to to ADP cblr-1745 1030 10 antitrust antitrust NOUN cblr-1745 1030 11 for for ADP cblr-1745 1030 12 guidance guidance NOUN cblr-1745 1030 13 , , PUNCT cblr-1745 1030 14 we we PRON cblr-1745 1030 15 must must AUX cblr-1745 1030 16 define define VERB cblr-1745 1030 17 314 314 NUM cblr-1745 1030 18 see see NOUN cblr-1745 1030 19 supra supra PROPN cblr-1745 1030 20 note note VERB cblr-1745 1030 21 277–278 277–278 NUM cblr-1745 1030 22 and and CCONJ cblr-1745 1030 23 accompanying accompany VERB cblr-1745 1030 24 text text NOUN cblr-1745 1030 25 . . PUNCT cblr-1745 1031 1 315 315 NUM cblr-1745 1031 2 see see VERB cblr-1745 1031 3 17 17 NUM cblr-1745 1031 4 c.f.r c.f.r NOUN cblr-1745 1031 5 . . PUNCT cblr-1745 1032 1 § § PROPN cblr-1745 1032 2 39.12(a)(1 39.12(a)(1 NUM cblr-1745 1032 3 ) ) PUNCT cblr-1745 1032 4 , , PUNCT cblr-1745 1032 5 ( ( PUNCT cblr-1745 1032 6 a)(2)(iii a)(2)(iii NOUN cblr-1745 1032 7 ) ) PUNCT cblr-1745 1032 8 ( ( PUNCT cblr-1745 1032 9 2016 2016 NUM cblr-1745 1032 10 ) ) PUNCT cblr-1745 1032 11 . . PUNCT cblr-1745 1033 1 316 316 NUM cblr-1745 1033 2 see see VERB cblr-1745 1033 3 cftc cftc PROPN cblr-1745 1033 4 , , PUNCT cblr-1745 1033 5 dco dco ADJ cblr-1745 1033 6 general general ADJ cblr-1745 1033 7 provisions provision NOUN cblr-1745 1033 8 , , PUNCT cblr-1745 1033 9 supra supra PROPN cblr-1745 1033 10 note note PROPN cblr-1745 1033 11 28 28 NUM cblr-1745 1033 12 , , PUNCT cblr-1745 1033 13 at at ADP cblr-1745 1033 14 69,355 69,355 NUM cblr-1745 1033 15 ( ( PUNCT cblr-1745 1033 16 stating state VERB cblr-1745 1033 17 that that SCONJ cblr-1745 1033 18 a a DET cblr-1745 1033 19 $ $ SYM cblr-1745 1033 20 50 50 NUM cblr-1745 1033 21 million million NUM cblr-1745 1033 22 capitalization capitalization NOUN cblr-1745 1033 23 requirement requirement NOUN cblr-1745 1033 24 for for ADP cblr-1745 1033 25 members member NOUN cblr-1745 1033 26 will will AUX cblr-1745 1033 27 increase increase VERB cblr-1745 1033 28 the the DET cblr-1745 1033 29 number number NOUN cblr-1745 1033 30 of of ADP cblr-1745 1033 31 firms firm NOUN cblr-1745 1033 32 clearing clear VERB cblr-1745 1033 33 swaps swap NOUN cblr-1745 1033 34 , , PUNCT cblr-1745 1033 35 which which PRON cblr-1745 1033 36 will will AUX cblr-1745 1033 37 make make VERB cblr-1745 1033 38 markets market NOUN cblr-1745 1033 39 more more ADV cblr-1745 1033 40 competitive competitive ADJ cblr-1745 1033 41 , , PUNCT cblr-1745 1033 42 increase increase VERB cblr-1745 1033 43 liquidity liquidity NOUN cblr-1745 1033 44 , , PUNCT cblr-1745 1033 45 reduce reduce VERB cblr-1745 1033 46 concentration concentration NOUN cblr-1745 1033 47 , , PUNCT cblr-1745 1033 48 and and CCONJ cblr-1745 1033 49 reduce reduce VERB cblr-1745 1033 50 systemic systemic ADJ cblr-1745 1033 51 risk risk NOUN cblr-1745 1033 52 ) ) PUNCT cblr-1745 1033 53 . . PUNCT cblr-1745 1034 1 317 317 NUM cblr-1745 1034 2 judge judge NOUN cblr-1745 1034 3 , , PUNCT cblr-1745 1034 4 supra supra PROPN cblr-1745 1034 5 note note PROPN cblr-1745 1034 6 77 77 NUM cblr-1745 1034 7 , , PUNCT cblr-1745 1034 8 at at ADP cblr-1745 1034 9 639 639 NUM cblr-1745 1034 10 . . PUNCT cblr-1745 1034 11 318 318 NUM cblr-1745 1034 12 macey macey PROPN cblr-1745 1034 13 & & CCONJ cblr-1745 1034 14 holdcroft holdcroft PROPN cblr-1745 1034 15 , , PUNCT cblr-1745 1034 16 supra supra PROPN cblr-1745 1034 17 note note NOUN cblr-1745 1034 18 278 278 NUM cblr-1745 1034 19 , , PUNCT cblr-1745 1034 20 at at ADP cblr-1745 1034 21 1374 1374 NUM cblr-1745 1034 22 . . PUNCT cblr-1745 1035 1 319 319 NUM cblr-1745 1035 2 sharon sharon PROPN cblr-1745 1035 3 e. e. PROPN cblr-1745 1035 4 foster foster PROPN cblr-1745 1035 5 , , PUNCT cblr-1745 1035 6 systemic systemic ADJ cblr-1745 1035 7 financial financial ADJ cblr-1745 1035 8 - - PUNCT cblr-1745 1035 9 service service NOUN cblr-1745 1035 10 institutions institution NOUN cblr-1745 1035 11 and and CCONJ cblr-1745 1035 12 monopoly monopoly NOUN cblr-1745 1035 13 power power NOUN cblr-1745 1035 14 , , PUNCT cblr-1745 1035 15 60 60 NUM cblr-1745 1035 16 cath cath NOUN cblr-1745 1035 17 . . PUNCT cblr-1745 1036 1 u. u. PROPN cblr-1745 1036 2 l. l. PROPN cblr-1745 1036 3 rev rev PROPN cblr-1745 1036 4 . . PROPN cblr-1745 1036 5 357 357 NUM cblr-1745 1036 6 , , PUNCT cblr-1745 1036 7 359 359 NUM cblr-1745 1036 8 ( ( PUNCT cblr-1745 1036 9 2011 2011 NUM cblr-1745 1036 10 ) ) PUNCT cblr-1745 1036 11 . . PUNCT cblr-1745 1037 1 320 320 NUM cblr-1745 1037 2 chang chang PROPN cblr-1745 1037 3 , , PUNCT cblr-1745 1037 4 supra supra PROPN cblr-1745 1037 5 note note NOUN cblr-1745 1037 6 194 194 NUM cblr-1745 1037 7 . . PUNCT cblr-1745 1038 1 chang chang PROPN cblr-1745 1038 2 – – PUNCT cblr-1745 1038 3 final final ADJ cblr-1745 1038 4 728 728 NUM cblr-1745 1038 5 columbia columbia PROPN cblr-1745 1038 6 business business NOUN cblr-1745 1038 7 law law PROPN cblr-1745 1038 8 review review NOUN cblr-1745 1038 9 [ [ X cblr-1745 1038 10 vol vol NOUN cblr-1745 1038 11 . . NOUN cblr-1745 1038 12 2016 2016 NUM cblr-1745 1039 1 the the DET cblr-1745 1039 2 goals goal NOUN cblr-1745 1039 3 of of ADP cblr-1745 1039 4 antitrust antitrust NOUN cblr-1745 1039 5 , , PUNCT cblr-1745 1039 6 which which PRON cblr-1745 1039 7 is be AUX cblr-1745 1039 8 an an DET cblr-1745 1039 9 endeavor endeavor NOUN cblr-1745 1039 10 rife rife NOUN cblr-1745 1039 11 with with ADP cblr-1745 1039 12 pitfalls pitfall NOUN cblr-1745 1039 13 and and CCONJ cblr-1745 1039 14 disagreement disagreement NOUN cblr-1745 1039 15 . . PUNCT cblr-1745 1040 1 there there PRON cblr-1745 1040 2 is be VERB cblr-1745 1040 3 some some DET cblr-1745 1040 4 consensus consensus NOUN cblr-1745 1040 5 that that SCONJ cblr-1745 1040 6 consumer consumer NOUN cblr-1745 1040 7 welfare welfare NOUN cblr-1745 1040 8 is be AUX cblr-1745 1040 9 important.321 important.321 NUM cblr-1745 1040 10 beyond beyond ADP cblr-1745 1040 11 economic economic ADJ cblr-1745 1040 12 goals goal NOUN cblr-1745 1040 13 , , PUNCT cblr-1745 1040 14 academics academic NOUN cblr-1745 1040 15 disagree disagree VERB cblr-1745 1040 16 intensely intensely ADV cblr-1745 1040 17 over over ADP cblr-1745 1040 18 whether whether SCONJ cblr-1745 1040 19 antitrust antitrust ADJ cblr-1745 1040 20 accommodates accommodate NOUN cblr-1745 1040 21 social social ADJ cblr-1745 1040 22 and and CCONJ cblr-1745 1040 23 political political ADJ cblr-1745 1040 24 goals goal NOUN cblr-1745 1040 25 , , PUNCT cblr-1745 1040 26 such such ADJ cblr-1745 1040 27 as as ADP cblr-1745 1040 28 dissipating dissipate VERB cblr-1745 1040 29 the the DET cblr-1745 1040 30 political political ADJ cblr-1745 1040 31 power power NOUN cblr-1745 1040 32 that that PRON cblr-1745 1040 33 concentrated concentrate VERB cblr-1745 1040 34 industries industry NOUN cblr-1745 1040 35 wield.322 wield.322 PRON cblr-1745 1040 36 all all PRON cblr-1745 1040 37 in in ADP cblr-1745 1040 38 all all PRON cblr-1745 1040 39 , , PUNCT cblr-1745 1040 40 financial financial ADJ cblr-1745 1040 41 stability stability NOUN cblr-1745 1040 42 and and CCONJ cblr-1745 1040 43 systemic systemic ADJ cblr-1745 1040 44 risk risk NOUN cblr-1745 1040 45 seem seem VERB cblr-1745 1040 46 to to PART cblr-1745 1040 47 be be AUX cblr-1745 1040 48 too too ADV cblr-1745 1040 49 far far ADV cblr-1745 1040 50 beyond beyond ADP cblr-1745 1040 51 the the DET cblr-1745 1040 52 scope scope NOUN cblr-1745 1040 53 of of ADP cblr-1745 1040 54 even even ADV cblr-1745 1040 55 liberal liberal ADJ cblr-1745 1040 56 constructions construction NOUN cblr-1745 1040 57 of of ADP cblr-1745 1040 58 antitrust antitrust ADJ cblr-1745 1040 59 goals.323 goals.323 NOUN cblr-1745 1040 60 further far ADV cblr-1745 1040 61 complicating complicate VERB cblr-1745 1040 62 any any DET cblr-1745 1040 63 attempt attempt NOUN cblr-1745 1040 64 to to PART cblr-1745 1040 65 synchronize synchronize VERB cblr-1745 1040 66 competition competition NOUN cblr-1745 1040 67 and and CCONJ cblr-1745 1040 68 finance finance NOUN cblr-1745 1040 69 goals goal NOUN cblr-1745 1040 70 is be AUX cblr-1745 1040 71 the the DET cblr-1745 1040 72 antitrust antitrust ADJ cblr-1745 1040 73 injury injury NOUN cblr-1745 1040 74 rule,324 rule,324 PROPN cblr-1745 1040 75 a a DET cblr-1745 1040 76 requirement requirement NOUN cblr-1745 1040 77 imposed impose VERB cblr-1745 1040 78 upon upon SCONJ cblr-1745 1040 79 private private ADJ cblr-1745 1040 80 litigants litigant NOUN cblr-1745 1040 81 to to PART cblr-1745 1040 82 prove prove VERB cblr-1745 1040 83 321 321 NUM cblr-1745 1040 84 though though ADV cblr-1745 1040 85 , , PUNCT cblr-1745 1040 86 of of ADP cblr-1745 1040 87 course course NOUN cblr-1745 1040 88 , , PUNCT cblr-1745 1040 89 the the DET cblr-1745 1040 90 definition definition NOUN cblr-1745 1040 91 of of ADP cblr-1745 1040 92 consumer consumer NOUN cblr-1745 1040 93 welfare welfare NOUN cblr-1745 1040 94 varies vary VERB cblr-1745 1040 95 wildly wildly ADV cblr-1745 1040 96 . . PUNCT cblr-1745 1041 1 cf cf NOUN cblr-1745 1041 2 . . PUNCT cblr-1745 1042 1 robert robert PROPN cblr-1745 1042 2 h. h. PROPN cblr-1745 1042 3 bork bork PROPN cblr-1745 1042 4 , , PUNCT cblr-1745 1042 5 the the DET cblr-1745 1042 6 antitrust antitrust ADJ cblr-1745 1042 7 paradox paradox NOUN cblr-1745 1042 8 : : PUNCT cblr-1745 1042 9 a a DET cblr-1745 1042 10 policy policy NOUN cblr-1745 1042 11 at at ADP cblr-1745 1042 12 war war NOUN cblr-1745 1042 13 with with ADP cblr-1745 1042 14 itself itself PRON cblr-1745 1042 15 107–15 107–15 NUM cblr-1745 1042 16 ( ( PUNCT cblr-1745 1042 17 1978 1978 NUM cblr-1745 1042 18 ) ) PUNCT cblr-1745 1042 19 ; ; PUNCT cblr-1745 1042 20 kirkwood kirkwood PROPN cblr-1745 1042 21 & & CCONJ cblr-1745 1042 22 lande lande PROPN cblr-1745 1042 23 , , PUNCT cblr-1745 1042 24 supra supra PROPN cblr-1745 1042 25 note note NOUN cblr-1745 1042 26 303 303 NUM cblr-1745 1042 27 , , PUNCT cblr-1745 1042 28 at at ADP cblr-1745 1042 29 196 196 NUM cblr-1745 1042 30 ; ; PUNCT cblr-1745 1042 31 alan alan PROPN cblr-1745 1042 32 j. j. PROPN cblr-1745 1042 33 meese meese PROPN cblr-1745 1042 34 , , PUNCT cblr-1745 1042 35 debunking debunk VERB cblr-1745 1042 36 the the DET cblr-1745 1042 37 purchaser purchaser NOUN cblr-1745 1042 38 welfare welfare NOUN cblr-1745 1042 39 account account NOUN cblr-1745 1042 40 of of ADP cblr-1745 1042 41 section section NOUN cblr-1745 1042 42 2 2 NUM cblr-1745 1042 43 of of ADP cblr-1745 1042 44 the the DET cblr-1745 1042 45 sherman sherman PROPN cblr-1745 1042 46 act act PROPN cblr-1745 1042 47 : : PUNCT cblr-1745 1042 48 how how SCONJ cblr-1745 1042 49 harvard harvard PROPN cblr-1745 1042 50 brought bring VERB cblr-1745 1042 51 us we PRON cblr-1745 1042 52 a a DET cblr-1745 1042 53 total total ADJ cblr-1745 1042 54 welfare welfare NOUN cblr-1745 1042 55 standard standard NOUN cblr-1745 1042 56 and and CCONJ cblr-1745 1042 57 why why SCONJ cblr-1745 1042 58 we we PRON cblr-1745 1042 59 should should AUX cblr-1745 1042 60 keep keep VERB cblr-1745 1042 61 it it PRON cblr-1745 1042 62 , , PUNCT cblr-1745 1042 63 85 85 NUM cblr-1745 1042 64 n.y.u n.y.u NOUN cblr-1745 1042 65 . . PUNCT cblr-1745 1043 1 l. l. PROPN cblr-1745 1043 2 rev rev PROPN cblr-1745 1043 3 . . PROPN cblr-1745 1043 4 659 659 NUM cblr-1745 1043 5 , , PUNCT cblr-1745 1043 6 660–61 660–61 NOUN cblr-1745 1043 7 , , PUNCT cblr-1745 1043 8 670–71 670–71 NUM cblr-1745 1043 9 ( ( PUNCT cblr-1745 1043 10 2010 2010 NUM cblr-1745 1043 11 ) ) PUNCT cblr-1745 1043 12 . . PUNCT cblr-1745 1044 1 322 322 NUM cblr-1745 1044 2 cf cf NOUN cblr-1745 1044 3 . . PUNCT cblr-1745 1045 1 david david PROPN cblr-1745 1045 2 millon millon PROPN cblr-1745 1045 3 , , PUNCT cblr-1745 1045 4 the the DET cblr-1745 1045 5 sherman sherman PROPN cblr-1745 1045 6 act act PROPN cblr-1745 1045 7 and and CCONJ cblr-1745 1045 8 the the DET cblr-1745 1045 9 balance balance NOUN cblr-1745 1045 10 of of ADP cblr-1745 1045 11 power power NOUN cblr-1745 1045 12 , , PUNCT cblr-1745 1045 13 61 61 NUM cblr-1745 1045 14 s. s. PROPN cblr-1745 1045 15 cal cal PROPN cblr-1745 1045 16 . . PUNCT cblr-1745 1046 1 l. l. PROPN cblr-1745 1046 2 rev rev PROPN cblr-1745 1046 3 . . PROPN cblr-1745 1046 4 1219 1219 NUM cblr-1745 1046 5 , , PUNCT cblr-1745 1046 6 1219–24 1219–24 NUM cblr-1745 1046 7 ( ( PUNCT cblr-1745 1046 8 1988 1988 NUM cblr-1745 1046 9 ) ) PUNCT cblr-1745 1046 10 ; ; PUNCT cblr-1745 1046 11 david david PROPN cblr-1745 1046 12 w. w. PROPN cblr-1745 1046 13 barnes barnes PROPN cblr-1745 1046 14 , , PUNCT cblr-1745 1046 15 nonefficiency nonefficiency NOUN cblr-1745 1046 16 goals goal NOUN cblr-1745 1046 17 in in ADP cblr-1745 1046 18 the the DET cblr-1745 1046 19 antitrust antitrust ADJ cblr-1745 1046 20 law law NOUN cblr-1745 1046 21 of of ADP cblr-1745 1046 22 mergers merger NOUN cblr-1745 1046 23 , , PUNCT cblr-1745 1046 24 30 30 NUM cblr-1745 1046 25 wm wm PROPN cblr-1745 1046 26 . . PROPN cblr-1745 1046 27 & & CCONJ cblr-1745 1046 28 mary mary PROPN cblr-1745 1046 29 l. l. PROPN cblr-1745 1046 30 rev rev PROPN cblr-1745 1046 31 . . PROPN cblr-1745 1046 32 787 787 NUM cblr-1745 1046 33 , , PUNCT cblr-1745 1046 34 806 806 NUM cblr-1745 1046 35 , , PUNCT cblr-1745 1046 36 809–28 809–28 NUM cblr-1745 1046 37 ( ( PUNCT cblr-1745 1046 38 1989 1989 NUM cblr-1745 1046 39 ) ) PUNCT cblr-1745 1046 40 ; ; PUNCT cblr-1745 1046 41 meese meese PROPN cblr-1745 1046 42 , , PUNCT cblr-1745 1046 43 supra supra PROPN cblr-1745 1046 44 note note PROPN cblr-1745 1046 45 321 321 NUM cblr-1745 1046 46 , , PUNCT cblr-1745 1046 47 at at ADP cblr-1745 1046 48 664 664 NUM cblr-1745 1046 49 ; ; PUNCT cblr-1745 1046 50 robert robert PROPN cblr-1745 1046 51 b. b. PROPN cblr-1745 1046 52 reich reich PROPN cblr-1745 1046 53 , , PUNCT cblr-1745 1046 54 saving save VERB cblr-1745 1046 55 capitalism capitalism NOUN cblr-1745 1046 56 : : PUNCT cblr-1745 1046 57 for for ADP cblr-1745 1046 58 the the DET cblr-1745 1046 59 many many ADJ cblr-1745 1046 60 , , PUNCT cblr-1745 1046 61 not not PART cblr-1745 1046 62 the the DET cblr-1745 1046 63 few few ADJ cblr-1745 1046 64 29–48 29–48 NUM cblr-1745 1046 65 ( ( PUNCT cblr-1745 1046 66 2015 2015 NUM cblr-1745 1046 67 ) ) PUNCT cblr-1745 1046 68 . . PUNCT cblr-1745 1047 1 323 323 NUM cblr-1745 1047 2 on on ADP cblr-1745 1047 3 the the DET cblr-1745 1047 4 imprecise imprecise ADJ cblr-1745 1047 5 correlation correlation NOUN cblr-1745 1047 6 between between ADP cblr-1745 1047 7 antitrust antitrust ADJ cblr-1745 1047 8 and and CCONJ cblr-1745 1047 9 tbtf tbtf ADJ cblr-1745 1047 10 , , PUNCT cblr-1745 1047 11 see see VERB cblr-1745 1047 12 adam adam PROPN cblr-1745 1047 13 j. j. PROPN cblr-1745 1047 14 levitin levitin PROPN cblr-1745 1047 15 , , PUNCT cblr-1745 1047 16 in in ADP cblr-1745 1047 17 defense defense NOUN cblr-1745 1047 18 of of ADP cblr-1745 1047 19 bailouts bailout NOUN cblr-1745 1047 20 , , PUNCT cblr-1745 1048 1 99 99 NUM cblr-1745 1048 2 geo geo PROPN cblr-1745 1048 3 . . PUNCT cblr-1745 1048 4 l.j l.j PROPN cblr-1745 1048 5 . . PROPN cblr-1745 1048 6 435 435 NUM cblr-1745 1048 7 , , PUNCT cblr-1745 1048 8 465 465 NUM cblr-1745 1048 9 ( ( PUNCT cblr-1745 1048 10 2011 2011 NUM cblr-1745 1048 11 ) ) PUNCT cblr-1745 1048 12 ( ( PUNCT cblr-1745 1048 13 “ " PUNCT cblr-1745 1048 14 restricting restrict VERB cblr-1745 1048 15 bigness bigness NOUN cblr-1745 1048 16 may may AUX cblr-1745 1048 17 mitigate mitigate VERB cblr-1745 1048 18 systemic systemic ADJ cblr-1745 1048 19 risk risk NOUN cblr-1745 1048 20 , , PUNCT cblr-1745 1048 21 but but CCONJ cblr-1745 1048 22 doing do VERB cblr-1745 1048 23 so so ADV cblr-1745 1048 24 by by ADP cblr-1745 1048 25 no no DET cblr-1745 1048 26 means means NOUN cblr-1745 1048 27 eliminates eliminate VERB cblr-1745 1048 28 it it PRON cblr-1745 1048 29 because because SCONJ cblr-1745 1048 30 systemic systemic ADJ cblr-1745 1048 31 risk risk NOUN cblr-1745 1048 32 is be AUX cblr-1745 1048 33 not not PART cblr-1745 1048 34 solely solely ADV cblr-1745 1048 35 a a DET cblr-1745 1048 36 function function NOUN cblr-1745 1048 37 of of ADP cblr-1745 1048 38 size size NOUN cblr-1745 1048 39 . . PUNCT cblr-1745 1048 40 ” " PUNCT cblr-1745 1048 41 ) ) PUNCT cblr-1745 1048 42 ; ; PUNCT cblr-1745 1048 43 barak barak PROPN cblr-1745 1048 44 orbach orbach PROPN cblr-1745 1048 45 & & CCONJ cblr-1745 1048 46 grace grace PROPN cblr-1745 1048 47 campbell campbell PROPN cblr-1745 1048 48 rebling rebling PROPN cblr-1745 1048 49 , , PUNCT cblr-1745 1048 50 the the DET cblr-1745 1048 51 antitrust antitrust ADJ cblr-1745 1048 52 curse curse NOUN cblr-1745 1048 53 of of ADP cblr-1745 1048 54 bigness bigness NOUN cblr-1745 1048 55 , , PUNCT cblr-1745 1048 56 85 85 NUM cblr-1745 1048 57 s. s. PROPN cblr-1745 1048 58 cal cal PROPN cblr-1745 1048 59 . . PUNCT cblr-1745 1049 1 l. l. PROPN cblr-1745 1049 2 rev rev PROPN cblr-1745 1049 3 . . PROPN cblr-1745 1049 4 605 605 NUM cblr-1745 1049 5 , , PUNCT cblr-1745 1049 6 651 651 NUM cblr-1745 1049 7 ( ( PUNCT cblr-1745 1049 8 2012 2012 NUM cblr-1745 1049 9 ) ) PUNCT cblr-1745 1049 10 ( ( PUNCT cblr-1745 1049 11 “ " PUNCT cblr-1745 1049 12 [ [ X cblr-1745 1049 13 t]he t]he ADV cblr-1745 1049 14 antitrust antitrust ADJ cblr-1745 1049 15 methodology methodology NOUN cblr-1745 1049 16 examines examine VERB cblr-1745 1049 17 whether whether SCONJ cblr-1745 1049 18 markets market NOUN cblr-1745 1049 19 are be AUX cblr-1745 1049 20 functioning function VERB cblr-1745 1049 21 competitively competitively ADV cblr-1745 1049 22 , , PUNCT cblr-1745 1049 23 but but CCONJ cblr-1745 1049 24 it it PRON cblr-1745 1049 25 has have VERB cblr-1745 1049 26 no no DET cblr-1745 1049 27 tools tool NOUN cblr-1745 1049 28 to to PART cblr-1745 1049 29 explore explore VERB cblr-1745 1049 30 whether whether SCONJ cblr-1745 1049 31 a a DET cblr-1745 1049 32 financial financial ADJ cblr-1745 1049 33 institution institution NOUN cblr-1745 1049 34 is be AUX cblr-1745 1049 35 too too ADV cblr-1745 1049 36 big big ADJ cblr-1745 1049 37 or or CCONJ cblr-1745 1049 38 too too ADV cblr-1745 1049 39 systematically systematically ADV cblr-1745 1049 40 significant significant ADJ cblr-1745 1049 41 to to PART cblr-1745 1049 42 fail fail VERB cblr-1745 1049 43 . . PUNCT cblr-1745 1049 44 ” " PUNCT cblr-1745 1049 45 ) ) PUNCT cblr-1745 1049 46 . . PUNCT cblr-1745 1050 1 324 324 NUM cblr-1745 1050 2 the the DET cblr-1745 1050 3 rule rule NOUN cblr-1745 1050 4 is be AUX cblr-1745 1050 5 the the DET cblr-1745 1050 6 last last ADJ cblr-1745 1050 7 of of ADP cblr-1745 1050 8 a a DET cblr-1745 1050 9 three three NUM cblr-1745 1050 10 - - PUNCT cblr-1745 1050 11 part part NOUN cblr-1745 1050 12 inquiry inquiry NOUN cblr-1745 1050 13 , , PUNCT cblr-1745 1050 14 whereby whereby SCONJ cblr-1745 1050 15 plaintiffs plaintiff NOUN cblr-1745 1050 16 must must AUX cblr-1745 1050 17 show show VERB cblr-1745 1050 18 ( ( PUNCT cblr-1745 1050 19 i i NOUN cblr-1745 1050 20 ) ) PUNCT cblr-1745 1050 21 an an DET cblr-1745 1050 22 injury injury NOUN cblr-1745 1050 23 , , PUNCT cblr-1745 1050 24 ( ( PUNCT cblr-1745 1050 25 ii ii NOUN cblr-1745 1050 26 ) ) PUNCT cblr-1745 1050 27 caused cause VERB cblr-1745 1050 28 by by ADP cblr-1745 1050 29 the the DET cblr-1745 1050 30 violation violation NOUN cblr-1745 1050 31 of of ADP cblr-1745 1050 32 antitrust antitrust ADJ cblr-1745 1050 33 laws law NOUN cblr-1745 1050 34 , , PUNCT cblr-1745 1050 35 ( ( PUNCT cblr-1745 1050 36 iii iii NOUN cblr-1745 1050 37 ) ) PUNCT cblr-1745 1050 38 that that PRON cblr-1745 1050 39 qualifies qualify VERB cblr-1745 1050 40 as as ADP cblr-1745 1050 41 an an DET cblr-1745 1050 42 antitrust antitrust ADJ cblr-1745 1050 43 injury injury NOUN cblr-1745 1050 44 . . PUNCT cblr-1745 1051 1 hovenkamp hovenkamp PROPN cblr-1745 1051 2 , , PUNCT cblr-1745 1051 3 supra supra PROPN cblr-1745 1051 4 note note PROPN cblr-1745 1051 5 34 34 NUM cblr-1745 1051 6 , , PUNCT cblr-1745 1051 7 § § PROPN cblr-1745 1051 8 16.3a1 16.3a1 NUM cblr-1745 1051 9 , , PUNCT cblr-1745 1051 10 at at ADP cblr-1745 1051 11 808 808 NUM cblr-1745 1051 12 . . PUNCT cblr-1745 1052 1 see see VERB cblr-1745 1052 2 also also ADV cblr-1745 1052 3 assoc assoc PROPN cblr-1745 1052 4 . . PUNCT cblr-1745 1053 1 gen gen PROPN cblr-1745 1053 2 . . PROPN cblr-1745 1053 3 contractors contractor NOUN cblr-1745 1053 4 of of ADP cblr-1745 1053 5 cal cal PROPN cblr-1745 1053 6 . . PUNCT cblr-1745 1054 1 v. v. ADP cblr-1745 1054 2 cal cal PROPN cblr-1745 1054 3 . . PUNCT cblr-1745 1055 1 state state NOUN cblr-1745 1055 2 council council PROPN cblr-1745 1055 3 of of ADP cblr-1745 1055 4 carpenters carpenter NOUN cblr-1745 1055 5 , , PUNCT cblr-1745 1055 6 459 459 NUM cblr-1745 1055 7 u.s u.s PROPN cblr-1745 1055 8 . . PROPN cblr-1745 1055 9 519 519 NUM cblr-1745 1055 10 , , PUNCT cblr-1745 1055 11 534 534 NUM cblr-1745 1055 12 ( ( PUNCT cblr-1745 1055 13 1983 1983 NUM cblr-1745 1055 14 ) ) PUNCT cblr-1745 1055 15 ( ( PUNCT cblr-1745 1055 16 “ " PUNCT cblr-1745 1055 17 [ [ X cblr-1745 1055 18 c]ongress c]ongress ADJ cblr-1745 1055 19 did do AUX cblr-1745 1055 20 not not PART cblr-1745 1055 21 intend intend VERB cblr-1745 1055 22 the the DET cblr-1745 1055 23 antitrust antitrust ADJ cblr-1745 1055 24 laws law NOUN cblr-1745 1055 25 to to PART cblr-1745 1055 26 provide provide VERB cblr-1745 1055 27 a a DET cblr-1745 1055 28 remedy remedy NOUN cblr-1745 1055 29 in in ADP cblr-1745 1055 30 damages damage NOUN cblr-1745 1055 31 for for ADP cblr-1745 1055 32 all all DET cblr-1745 1055 33 injuries injury NOUN cblr-1745 1055 34 that that PRON cblr-1745 1055 35 might might AUX cblr-1745 1055 36 conceivably conceivably ADV cblr-1745 1055 37 be be AUX cblr-1745 1055 38 traced trace VERB cblr-1745 1055 39 to to ADP cblr-1745 1055 40 an an DET cblr-1745 1055 41 antitrust antitrust ADJ cblr-1745 1055 42 violation violation NOUN cblr-1745 1055 43 . . PUNCT cblr-1745 1055 44 ” " PUNCT cblr-1745 1055 45 ) ) PUNCT cblr-1745 1056 1 ( ( PUNCT cblr-1745 1056 2 quoting quote VERB cblr-1745 1056 3 hawaii hawaii PROPN cblr-1745 1056 4 v. v. ADP cblr-1745 1056 5 standard standard PROPN cblr-1745 1056 6 oil oil PROPN cblr-1745 1056 7 co. co. PROPN cblr-1745 1056 8 , , PUNCT cblr-1745 1056 9 405 405 NUM cblr-1745 1056 10 u.s u.s PROPN cblr-1745 1056 11 . . PROPN cblr-1745 1056 12 251 251 NUM cblr-1745 1056 13 , , PUNCT cblr-1745 1056 14 263 263 NUM cblr-1745 1056 15 n.14 n.14 NOUN cblr-1745 1056 16 ( ( PUNCT cblr-1745 1056 17 1972 1972 NUM cblr-1745 1056 18 ) ) PUNCT cblr-1745 1056 19 ) ) PUNCT cblr-1745 1056 20 . . PUNCT cblr-1745 1057 1 chang chang PROPN cblr-1745 1057 2 – – PUNCT cblr-1745 1057 3 final final ADJ cblr-1745 1057 4 no no NOUN cblr-1745 1057 5 . . PUNCT cblr-1745 1058 1 3:657 3:657 NUM cblr-1745 1058 2 ] ] X cblr-1745 1058 3 second second ADJ cblr-1745 1058 4 - - PUNCT cblr-1745 1058 5 generation generation NOUN cblr-1745 1058 6 monopolization monopolization NOUN cblr-1745 1058 7 729 729 NUM cblr-1745 1058 8 “ " PUNCT cblr-1745 1058 9 injury injury NOUN cblr-1745 1058 10 of of ADP cblr-1745 1058 11 the the DET cblr-1745 1058 12 type type NOUN cblr-1745 1058 13 the the DET cblr-1745 1058 14 antitrust antitrust ADJ cblr-1745 1058 15 laws law NOUN cblr-1745 1058 16 were be AUX cblr-1745 1058 17 intended intend VERB cblr-1745 1058 18 to to PART cblr-1745 1058 19 prevent prevent VERB cblr-1745 1058 20 . . PUNCT cblr-1745 1058 21 . . PUNCT cblr-1745 1058 22 . . PUNCT cblr-1745 1059 1 .”325 .”325 PROPN cblr-1745 1060 1 the the DET cblr-1745 1060 2 antitrust antitrust ADJ cblr-1745 1060 3 injury injury NOUN cblr-1745 1060 4 rule rule NOUN cblr-1745 1060 5 has have AUX cblr-1745 1060 6 operated operate VERB cblr-1745 1060 7 as as ADP cblr-1745 1060 8 a a DET cblr-1745 1060 9 check check NOUN cblr-1745 1060 10 on on ADP cblr-1745 1060 11 private private ADJ cblr-1745 1060 12 antitrust antitrust ADJ cblr-1745 1060 13 actions action NOUN cblr-1745 1060 14 for for ADP cblr-1745 1060 15 decades.326 decades.326 NOUN cblr-1745 1060 16 it it PRON cblr-1745 1060 17 was be AUX cblr-1745 1060 18 invoked invoke VERB cblr-1745 1060 19 in in ADP cblr-1745 1060 20 in in ADP cblr-1745 1060 21 re re PROPN cblr-1745 1060 22 cds cds PROPN cblr-1745 1060 23 antitrust antitrust ADJ cblr-1745 1060 24 litigation litigation NOUN cblr-1745 1060 25 as as ADV cblr-1745 1060 26 well well ADV cblr-1745 1060 27 , , PUNCT cblr-1745 1060 28 though though SCONJ cblr-1745 1060 29 without without ADP cblr-1745 1060 30 success.327 success.327 NOUN cblr-1745 1060 31 the the DET cblr-1745 1060 32 above above ADJ cblr-1745 1060 33 realities reality NOUN cblr-1745 1060 34 mean mean VERB cblr-1745 1060 35 that that SCONJ cblr-1745 1060 36 a a DET cblr-1745 1060 37 dealer dealer NOUN cblr-1745 1060 38 that that PRON cblr-1745 1060 39 is be AUX cblr-1745 1060 40 excluded exclude VERB cblr-1745 1060 41 from from ADP cblr-1745 1060 42 the the DET cblr-1745 1060 43 irs irs PROPN cblr-1745 1060 44 or or CCONJ cblr-1745 1060 45 cds cd NOUN cblr-1745 1060 46 clearinghouses clearinghouse NOUN cblr-1745 1060 47 can can AUX cblr-1745 1060 48 not not PART cblr-1745 1060 49 invoke invoke VERB cblr-1745 1060 50 the the DET cblr-1745 1060 51 concentration concentration NOUN cblr-1745 1060 52 of of ADP cblr-1745 1060 53 systemic systemic ADJ cblr-1745 1060 54 risk risk NOUN cblr-1745 1060 55 as as ADP cblr-1745 1060 56 an an DET cblr-1745 1060 57 injury injury NOUN cblr-1745 1060 58 in in ADP cblr-1745 1060 59 itself itself PRON cblr-1745 1060 60 . . PUNCT cblr-1745 1061 1 when when SCONJ cblr-1745 1061 2 it it PRON cblr-1745 1061 3 comes come VERB cblr-1745 1061 4 to to ADP cblr-1745 1061 5 the the DET cblr-1745 1061 6 weighing weighing NOUN cblr-1745 1061 7 of of ADP cblr-1745 1061 8 anticompetitive anticompetitive ADJ cblr-1745 1061 9 effects effect NOUN cblr-1745 1061 10 and and CCONJ cblr-1745 1061 11 enhanced enhanced ADJ cblr-1745 1061 12 efficiencies efficiency NOUN cblr-1745 1061 13 , , PUNCT cblr-1745 1061 14 systemic systemic ADJ cblr-1745 1061 15 risk risk NOUN cblr-1745 1061 16 almost almost ADV cblr-1745 1061 17 certainly certainly ADV cblr-1745 1061 18 plays play VERB cblr-1745 1061 19 no no DET cblr-1745 1061 20 role role NOUN cblr-1745 1061 21 . . PUNCT cblr-1745 1062 1 at at ADP cblr-1745 1062 2 most most ADV cblr-1745 1062 3 , , PUNCT cblr-1745 1062 4 plaintiffs plaintiff NOUN cblr-1745 1062 5 can can AUX cblr-1745 1062 6 hope hope VERB cblr-1745 1062 7 for for ADP cblr-1745 1062 8 a a DET cblr-1745 1062 9 nod nod NOUN cblr-1745 1062 10 to to ADP cblr-1745 1062 11 systemic systemic ADJ cblr-1745 1062 12 risk risk NOUN cblr-1745 1062 13 as as ADP cblr-1745 1062 14 one one NUM cblr-1745 1062 15 of of ADP cblr-1745 1062 16 a a DET cblr-1745 1062 17 broad broad ADJ cblr-1745 1062 18 class class NOUN cblr-1745 1062 19 of of ADP cblr-1745 1062 20 harms harm NOUN cblr-1745 1062 21 implicated implicate VERB cblr-1745 1062 22 by by ADP cblr-1745 1062 23 concentration concentration NOUN cblr-1745 1062 24 in in ADP cblr-1745 1062 25 the the DET cblr-1745 1062 26 dealer dealer NOUN cblr-1745 1062 27 markets market NOUN cblr-1745 1062 28 , , PUNCT cblr-1745 1062 29 which which PRON cblr-1745 1062 30 can can AUX cblr-1745 1062 31 — — PUNCT cblr-1745 1062 32 but but CCONJ cblr-1745 1062 33 need need AUX cblr-1745 1062 34 not not PART cblr-1745 1062 35 necessarily necessarily ADV cblr-1745 1062 36 — — PUNCT cblr-1745 1062 37 be be AUX cblr-1745 1062 38 considered consider VERB cblr-1745 1062 39 by by ADP cblr-1745 1062 40 the the DET cblr-1745 1062 41 court court NOUN cblr-1745 1062 42 or or CCONJ cblr-1745 1062 43 regulator regulator NOUN cblr-1745 1062 44 . . PUNCT cblr-1745 1063 1 current current ADJ cblr-1745 1063 2 scholarly scholarly ADJ cblr-1745 1063 3 trends trend NOUN cblr-1745 1063 4 do do AUX cblr-1745 1063 5 give give VERB cblr-1745 1063 6 some some DET cblr-1745 1063 7 hope hope NOUN cblr-1745 1063 8 to to ADP cblr-1745 1063 9 the the DET cblr-1745 1063 10 possibility possibility NOUN cblr-1745 1063 11 of of ADP cblr-1745 1063 12 accounting account VERB cblr-1745 1063 13 for for ADP cblr-1745 1063 14 systemic systemic ADJ cblr-1745 1063 15 risk risk NOUN cblr-1745 1063 16 . . PUNCT cblr-1745 1064 1 while while SCONJ cblr-1745 1064 2 corporate corporate ADJ cblr-1745 1064 3 and and CCONJ cblr-1745 1064 4 finance finance NOUN cblr-1745 1064 5 law law NOUN cblr-1745 1064 6 scholars scholar NOUN cblr-1745 1064 7 challenge challenge VERB cblr-1745 1064 8 their their PRON cblr-1745 1064 9 traditional traditional ADJ cblr-1745 1064 10 paradigms paradigm NOUN cblr-1745 1064 11 , , PUNCT cblr-1745 1064 12 antitrust antitrust ADJ cblr-1745 1064 13 scholars scholar NOUN cblr-1745 1064 14 are be AUX cblr-1745 1064 15 also also ADV cblr-1745 1064 16 undergoing undergo VERB cblr-1745 1064 17 introspection introspection NOUN cblr-1745 1064 18 . . PUNCT cblr-1745 1065 1 some some DET cblr-1745 1065 2 question question NOUN cblr-1745 1065 3 how how SCONJ cblr-1745 1065 4 competition competition NOUN cblr-1745 1065 5 policy policy NOUN cblr-1745 1065 6 could could AUX cblr-1745 1065 7 have have AUX cblr-1745 1065 8 permitted permit VERB cblr-1745 1065 9 financial financial ADJ cblr-1745 1065 10 institutions institution NOUN cblr-1745 1065 11 to to PART cblr-1745 1065 12 amass amass VERB cblr-1745 1065 13 so so ADV cblr-1745 1065 14 much much ADJ cblr-1745 1065 15 power.328 power.328 ADP cblr-1745 1065 16 others other NOUN cblr-1745 1065 17 question question VERB cblr-1745 1065 18 the the DET cblr-1745 1065 19 relevance relevance NOUN cblr-1745 1065 20 of of ADP cblr-1745 1065 21 antitrust antitrust ADJ cblr-1745 1065 22 if if SCONJ cblr-1745 1065 23 it it PRON cblr-1745 1065 24 can can AUX cblr-1745 1065 25 not not PART cblr-1745 1065 26 deal deal VERB cblr-1745 1065 27 with with ADP cblr-1745 1065 28 the the DET cblr-1745 1065 29 political political ADJ cblr-1745 1065 30 and and CCONJ cblr-1745 1065 31 social social ADJ cblr-1745 1065 32 fallout fallout NOUN cblr-1745 1065 33 of of ADP cblr-1745 1065 34 concentration concentration NOUN cblr-1745 1065 35 in in ADP cblr-1745 1065 36 the the DET cblr-1745 1065 37 financial financial ADJ cblr-1745 1065 38 markets.329 markets.329 NOUN cblr-1745 1065 39 while while SCONJ cblr-1745 1065 40 curtailing curtail VERB cblr-1745 1065 41 systemic systemic ADJ cblr-1745 1065 42 risk risk NOUN cblr-1745 1065 43 has have VERB cblr-1745 1065 44 no no DET cblr-1745 1065 45 formal formal ADJ cblr-1745 1065 46 place place NOUN cblr-1745 1065 47 in in ADP cblr-1745 1065 48 the the DET cblr-1745 1065 49 current current ADJ cblr-1745 1065 50 rubric rubric NOUN cblr-1745 1065 51 of of ADP cblr-1745 1065 52 325 325 NUM cblr-1745 1065 53 brunswick brunswick PROPN cblr-1745 1065 54 corp corp PROPN cblr-1745 1065 55 . . PROPN cblr-1745 1065 56 v. v. ADP cblr-1745 1065 57 pueblo pueblo PROPN cblr-1745 1065 58 bowl bowl PROPN cblr-1745 1065 59 - - PUNCT cblr-1745 1065 60 o o NOUN cblr-1745 1065 61 - - NOUN cblr-1745 1065 62 mat mat ADJ cblr-1745 1065 63 , , PUNCT cblr-1745 1065 64 inc inc PROPN cblr-1745 1065 65 . . PROPN cblr-1745 1065 66 , , PUNCT cblr-1745 1065 67 429 429 NUM cblr-1745 1065 68 u.s u.s PROPN cblr-1745 1065 69 . . PROPN cblr-1745 1065 70 477 477 NUM cblr-1745 1065 71 , , PUNCT cblr-1745 1065 72 489 489 NUM cblr-1745 1065 73 ( ( PUNCT cblr-1745 1065 74 1977 1977 NUM cblr-1745 1065 75 ) ) PUNCT cblr-1745 1065 76 ( ( PUNCT cblr-1745 1065 77 “ " PUNCT cblr-1745 1065 78 the the DET cblr-1745 1065 79 injury injury NOUN cblr-1745 1065 80 should should AUX cblr-1745 1065 81 reflect reflect VERB cblr-1745 1065 82 the the DET cblr-1745 1065 83 anticompetitive anticompetitive ADJ cblr-1745 1065 84 effect effect NOUN cblr-1745 1065 85 either either ADV cblr-1745 1065 86 of of ADP cblr-1745 1065 87 the the DET cblr-1745 1065 88 violation violation NOUN cblr-1745 1065 89 or or CCONJ cblr-1745 1065 90 of of ADP cblr-1745 1065 91 anticompetitive anticompetitive ADJ cblr-1745 1065 92 acts act NOUN cblr-1745 1065 93 made make VERB cblr-1745 1065 94 possible possible ADJ cblr-1745 1065 95 by by ADP cblr-1745 1065 96 the the DET cblr-1745 1065 97 violation violation NOUN cblr-1745 1065 98 . . PUNCT cblr-1745 1065 99 ” " PUNCT cblr-1745 1065 100 ) ) PUNCT cblr-1745 1065 101 . . PUNCT cblr-1745 1066 1 326 326 NUM cblr-1745 1066 2 see see VERB cblr-1745 1066 3 , , PUNCT cblr-1745 1066 4 e.g. e.g. ADV cblr-1745 1066 5 , , PUNCT cblr-1745 1066 6 assoc assoc PROPN cblr-1745 1066 7 . . PUNCT cblr-1745 1067 1 gen gen PROPN cblr-1745 1067 2 . . PROPN cblr-1745 1067 3 contractors contractor NOUN cblr-1745 1067 4 , , PUNCT cblr-1745 1067 5 459 459 NUM cblr-1745 1067 6 u.s u.s PROPN cblr-1745 1067 7 . . PROPN cblr-1745 1067 8 at at ADP cblr-1745 1067 9 519 519 NUM cblr-1745 1067 10 ; ; PUNCT cblr-1745 1067 11 cargill cargill PROPN cblr-1745 1067 12 , , PUNCT cblr-1745 1067 13 inc inc PROPN cblr-1745 1067 14 . . PROPN cblr-1745 1068 1 v. v. ADP cblr-1745 1068 2 monfort monfort NOUN cblr-1745 1068 3 of of ADP cblr-1745 1068 4 colo colo PROPN cblr-1745 1068 5 . . PROPN cblr-1745 1068 6 , , PUNCT cblr-1745 1068 7 inc inc PROPN cblr-1745 1068 8 . . PROPN cblr-1745 1068 9 , , PUNCT cblr-1745 1068 10 479 479 NUM cblr-1745 1068 11 u.s u.s PROPN cblr-1745 1068 12 . . PROPN cblr-1745 1068 13 104 104 NUM cblr-1745 1068 14 , , PUNCT cblr-1745 1068 15 113 113 NUM cblr-1745 1068 16 ( ( PUNCT cblr-1745 1068 17 1986 1986 NUM cblr-1745 1068 18 ) ) PUNCT cblr-1745 1068 19 . . PUNCT cblr-1745 1069 1 327 327 NUM cblr-1745 1069 2 no no NOUN cblr-1745 1069 3 . . NOUN cblr-1745 1070 1 13 13 NUM cblr-1745 1070 2 - - PUNCT cblr-1745 1070 3 md-2476 md-2476 PROPN cblr-1745 1070 4 , , PUNCT cblr-1745 1070 5 2014 2014 NUM cblr-1745 1070 6 wl wl NOUN cblr-1745 1070 7 4379112 4379112 NUM cblr-1745 1070 8 , , PUNCT cblr-1745 1070 9 at at ADP cblr-1745 1070 10 * * NUM cblr-1745 1070 11 7 7 NUM cblr-1745 1070 12 ( ( PUNCT cblr-1745 1070 13 sept sept PROPN cblr-1745 1070 14 . . PROPN cblr-1745 1070 15 4 4 NUM cblr-1745 1070 16 , , PUNCT cblr-1745 1070 17 2014 2014 NUM cblr-1745 1070 18 ) ) PUNCT cblr-1745 1070 19 . . PUNCT cblr-1745 1071 1 328 328 NUM cblr-1745 1071 2 see see VERB cblr-1745 1071 3 alan alan PROPN cblr-1745 1071 4 devlin devlin PROPN cblr-1745 1071 5 , , PUNCT cblr-1745 1071 6 antitrust antitrust ADJ cblr-1745 1071 7 in in ADP cblr-1745 1071 8 an an DET cblr-1745 1071 9 era era NOUN cblr-1745 1071 10 of of ADP cblr-1745 1071 11 market market NOUN cblr-1745 1071 12 failure failure NOUN cblr-1745 1071 13 , , PUNCT cblr-1745 1071 14 33 33 NUM cblr-1745 1071 15 harv harv NOUN cblr-1745 1071 16 . . PUNCT cblr-1745 1072 1 j.l j.l PROPN cblr-1745 1072 2 . . PROPN cblr-1745 1072 3 & & CCONJ cblr-1745 1072 4 pub pub PROPN cblr-1745 1072 5 . . PUNCT cblr-1745 1073 1 pol’y pol’y NOUN cblr-1745 1073 2 557 557 NUM cblr-1745 1073 3 , , PUNCT cblr-1745 1073 4 558–60 558–60 PROPN cblr-1745 1073 5 ( ( PUNCT cblr-1745 1073 6 2010 2010 NUM cblr-1745 1073 7 ) ) PUNCT cblr-1745 1073 8 . . PUNCT cblr-1745 1074 1 329 329 NUM cblr-1745 1074 2 maurice maurice PROPN cblr-1745 1074 3 e. e. PROPN cblr-1745 1074 4 stucke stucke PROPN cblr-1745 1074 5 , , PUNCT cblr-1745 1074 6 reconsidering reconsider VERB cblr-1745 1074 7 antitrust antitrust ADJ cblr-1745 1074 8 ’s ’s PART cblr-1745 1074 9 goals goal NOUN cblr-1745 1074 10 , , PUNCT cblr-1745 1074 11 53 53 NUM cblr-1745 1074 12 b.c b.c PROPN cblr-1745 1074 13 . . PROPN cblr-1745 1074 14 l. l. PROPN cblr-1745 1074 15 rev rev PROPN cblr-1745 1074 16 . . PROPN cblr-1745 1074 17 551 551 NUM cblr-1745 1074 18 , , PUNCT cblr-1745 1074 19 624 624 NUM cblr-1745 1074 20 ( ( PUNCT cblr-1745 1074 21 2012 2012 NUM cblr-1745 1074 22 ) ) PUNCT cblr-1745 1074 23 ( ( PUNCT cblr-1745 1074 24 “ " PUNCT cblr-1745 1074 25 antitrust antitrust ADJ cblr-1745 1074 26 ’s ’s PART cblr-1745 1074 27 current current ADJ cblr-1745 1074 28 objectives objective NOUN cblr-1745 1074 29 of of ADP cblr-1745 1074 30 promoting promote VERB cblr-1745 1074 31 consumer consumer NOUN cblr-1745 1074 32 welfare welfare NOUN cblr-1745 1074 33 and and CCONJ cblr-1745 1074 34 efficiency efficiency NOUN cblr-1745 1074 35 are be AUX cblr-1745 1074 36 poorly poorly ADV cblr-1745 1074 37 defined define VERB cblr-1745 1074 38 . . PUNCT cblr-1745 1074 39 . . PUNCT cblr-1745 1074 40 . . PUNCT cblr-1745 1074 41 . . PUNCT cblr-1745 1075 1 the the DET cblr-1745 1075 2 quest quest NOUN cblr-1745 1075 3 distanced distance VERB cblr-1745 1075 4 antitrust antitrust NOUN cblr-1745 1075 5 from from ADP cblr-1745 1075 6 important important ADJ cblr-1745 1075 7 policy policy NOUN cblr-1745 1075 8 issues issue NOUN cblr-1745 1075 9 ( ( PUNCT cblr-1745 1075 10 such such ADJ cblr-1745 1075 11 as as ADP cblr-1745 1075 12 systemic systemic ADJ cblr-1745 1075 13 risk risk NOUN cblr-1745 1075 14 ) ) PUNCT cblr-1745 1075 15 and and CCONJ cblr-1745 1075 16 rendered render VERB cblr-1745 1075 17 antitrust antitrust ADV cblr-1745 1075 18 less less ADV cblr-1745 1075 19 relevant relevant ADJ cblr-1745 1075 20 . . PUNCT cblr-1745 1076 1 consequently consequently ADV cblr-1745 1076 2 , , PUNCT cblr-1745 1076 3 now now ADV cblr-1745 1076 4 is be AUX cblr-1745 1076 5 the the DET cblr-1745 1076 6 time time NOUN cblr-1745 1076 7 to to PART cblr-1745 1076 8 reconsider reconsider VERB cblr-1745 1076 9 antitrust antitrust PROPN cblr-1745 1076 10 ’s ’s PART cblr-1745 1076 11 political political ADJ cblr-1745 1076 12 , , PUNCT cblr-1745 1076 13 social social ADJ cblr-1745 1076 14 , , PUNCT cblr-1745 1076 15 and and CCONJ cblr-1745 1076 16 moral moral ADJ cblr-1745 1076 17 concerns concern NOUN cblr-1745 1076 18 . . PUNCT cblr-1745 1076 19 ” " PUNCT cblr-1745 1076 20 ) ) PUNCT cblr-1745 1076 21 . . PUNCT cblr-1745 1077 1 chang chang PROPN cblr-1745 1077 2 – – PUNCT cblr-1745 1077 3 final final ADJ cblr-1745 1077 4 730 730 NUM cblr-1745 1077 5 columbia columbia PROPN cblr-1745 1077 6 business business NOUN cblr-1745 1077 7 law law PROPN cblr-1745 1077 8 review review NOUN cblr-1745 1078 1 [ [ X cblr-1745 1078 2 vol vol NOUN cblr-1745 1078 3 . . NOUN cblr-1745 1078 4 2016 2016 NUM cblr-1745 1078 5 exclusion exclusion NOUN cblr-1745 1078 6 , , PUNCT cblr-1745 1078 7 it it PRON cblr-1745 1078 8 is be AUX cblr-1745 1078 9 drawing draw VERB cblr-1745 1078 10 attention attention NOUN cblr-1745 1078 11 as as ADP cblr-1745 1078 12 a a DET cblr-1745 1078 13 noteworthy noteworthy ADJ cblr-1745 1078 14 consequence consequence NOUN cblr-1745 1078 15 of of ADP cblr-1745 1078 16 more more ADV cblr-1745 1078 17 rigorous rigorous ADJ cblr-1745 1078 18 application application NOUN cblr-1745 1078 19 of of ADP cblr-1745 1078 20 antitrust antitrust ADJ cblr-1745 1078 21 law law NOUN cblr-1745 1078 22 . . PUNCT cblr-1745 1079 1 v. v. ADP cblr-1745 1079 2 offsetting offset VERB cblr-1745 1079 3 benefits benefit NOUN cblr-1745 1079 4 this this DET cblr-1745 1079 5 section section NOUN cblr-1745 1079 6 examines examine VERB cblr-1745 1079 7 how how SCONJ cblr-1745 1079 8 the the DET cblr-1745 1079 9 benefits benefit NOUN cblr-1745 1079 10 of of ADP cblr-1745 1079 11 parallel parallel ADJ cblr-1745 1079 12 exclusion exclusion NOUN cblr-1745 1079 13 offset offset NOUN cblr-1745 1079 14 , , PUNCT cblr-1745 1079 15 in in ADP cblr-1745 1079 16 whole whole NOUN cblr-1745 1079 17 or or CCONJ cblr-1745 1079 18 in in ADP cblr-1745 1079 19 part part NOUN cblr-1745 1079 20 , , PUNCT cblr-1745 1079 21 any any DET cblr-1745 1079 22 resulting result VERB cblr-1745 1079 23 harms harm NOUN cblr-1745 1079 24 to to ADP cblr-1745 1079 25 the the DET cblr-1745 1079 26 derivatives derivative NOUN cblr-1745 1079 27 markets market NOUN cblr-1745 1079 28 . . PUNCT cblr-1745 1080 1 the the DET cblr-1745 1080 2 section section NOUN cblr-1745 1080 3 begins begin VERB cblr-1745 1080 4 conventionally conventionally ADV cblr-1745 1080 5 , , PUNCT cblr-1745 1080 6 with with ADP cblr-1745 1080 7 enhanced enhanced ADJ cblr-1745 1080 8 efficiencies efficiency NOUN cblr-1745 1080 9 . . PUNCT cblr-1745 1081 1 for for ADP cblr-1745 1081 2 parity parity NOUN cblr-1745 1081 3 with with ADP cblr-1745 1081 4 this this DET cblr-1745 1081 5 article article NOUN cblr-1745 1081 6 ’s ’s PART cblr-1745 1081 7 comprehensive comprehensive ADJ cblr-1745 1081 8 approach approach NOUN cblr-1745 1081 9 to to ADP cblr-1745 1081 10 harms harm NOUN cblr-1745 1081 11 , , PUNCT cblr-1745 1081 12 this this DET cblr-1745 1081 13 section section NOUN cblr-1745 1081 14 also also ADV cblr-1745 1081 15 evaluates evaluate VERB cblr-1745 1081 16 the the DET cblr-1745 1081 17 argument argument NOUN cblr-1745 1081 18 that that SCONJ cblr-1745 1081 19 narrowing narrow VERB cblr-1745 1081 20 the the DET cblr-1745 1081 21 pool pool NOUN cblr-1745 1081 22 of of ADP cblr-1745 1081 23 dealers dealer NOUN cblr-1745 1081 24 and and CCONJ cblr-1745 1081 25 clearinghouse clearinghouse NOUN cblr-1745 1081 26 members member NOUN cblr-1745 1081 27 mitigates mitigate VERB cblr-1745 1081 28 risk risk NOUN cblr-1745 1081 29 . . PUNCT cblr-1745 1082 1 finally finally ADV cblr-1745 1082 2 , , PUNCT cblr-1745 1082 3 this this DET cblr-1745 1082 4 section section NOUN cblr-1745 1082 5 provides provide VERB cblr-1745 1082 6 a a DET cblr-1745 1082 7 framework framework NOUN cblr-1745 1082 8 for for ADP cblr-1745 1082 9 balancing balance VERB cblr-1745 1082 10 . . PUNCT cblr-1745 1083 1 a. a. PROPN cblr-1745 1083 2 enhanced enhance VERB cblr-1745 1083 3 efficiencies efficiency NOUN cblr-1745 1083 4 dealer dealer NOUN cblr-1745 1083 5 control control NOUN cblr-1745 1083 6 over over ADP cblr-1745 1083 7 clearinghouses clearinghouse NOUN cblr-1745 1083 8 can can AUX cblr-1745 1083 9 minimize minimize VERB cblr-1745 1083 10 transaction transaction NOUN cblr-1745 1083 11 costs cost NOUN cblr-1745 1083 12 and and CCONJ cblr-1745 1083 13 eliminate eliminate VERB cblr-1745 1083 14 double double ADJ cblr-1745 1083 15 markups markup NOUN cblr-1745 1083 16 — — PUNCT cblr-1745 1083 17 i.e. i.e. X cblr-1745 1083 18 , , PUNCT cblr-1745 1083 19 one one NUM cblr-1745 1083 20 set set NOUN cblr-1745 1083 21 of of ADP cblr-1745 1083 22 fees fee NOUN cblr-1745 1083 23 being be AUX cblr-1745 1083 24 charged charge VERB cblr-1745 1083 25 for for ADP cblr-1745 1083 26 clearing clearing NOUN cblr-1745 1083 27 and and CCONJ cblr-1745 1083 28 another another DET cblr-1745 1083 29 set set NOUN cblr-1745 1083 30 for for ADP cblr-1745 1083 31 execution execution NOUN cblr-1745 1083 32 ( ( PUNCT cblr-1745 1083 33 trading).330 trading).330 NOUN cblr-1745 1083 34 this this DET cblr-1745 1083 35 argument argument NOUN cblr-1745 1083 36 is be AUX cblr-1745 1083 37 most most ADV cblr-1745 1083 38 pertinent pertinent ADJ cblr-1745 1083 39 to to ADP cblr-1745 1083 40 vertically vertically ADV cblr-1745 1083 41 integrated integrate VERB cblr-1745 1083 42 clearinghouses clearinghouse NOUN cblr-1745 1083 43 , , PUNCT cblr-1745 1083 44 where where SCONJ cblr-1745 1083 45 the the DET cblr-1745 1083 46 provider provider NOUN cblr-1745 1083 47 of of ADP cblr-1745 1083 48 execution execution NOUN cblr-1745 1083 49 services service NOUN cblr-1745 1083 50 actually actually ADV cblr-1745 1083 51 owns own VERB cblr-1745 1083 52 the the DET cblr-1745 1083 53 clearinghouse clearinghouse NOUN cblr-1745 1083 54 . . PUNCT cblr-1745 1084 1 in in ADP cblr-1745 1084 2 such such ADJ cblr-1745 1084 3 instances instance NOUN cblr-1745 1084 4 , , PUNCT cblr-1745 1084 5 the the DET cblr-1745 1084 6 derivatives derivative NOUN cblr-1745 1084 7 consumer consumer NOUN cblr-1745 1084 8 need need AUX cblr-1745 1084 9 only only ADV cblr-1745 1084 10 transact transact VERB cblr-1745 1084 11 once once ADV cblr-1745 1084 12 — — PUNCT cblr-1745 1084 13 with with ADP cblr-1745 1084 14 the the DET cblr-1745 1084 15 market market NOUN cblr-1745 1084 16 - - PUNCT cblr-1745 1084 17 maker maker NOUN cblr-1745 1084 18 , , PUNCT cblr-1745 1084 19 who who PRON cblr-1745 1084 20 can can AUX cblr-1745 1084 21 then then ADV cblr-1745 1084 22 procure procure VERB cblr-1745 1084 23 clearing clearing NOUN cblr-1745 1084 24 without without ADP cblr-1745 1084 25 having have VERB cblr-1745 1084 26 to to PART cblr-1745 1084 27 undergo undergo VERB cblr-1745 1084 28 another another DET cblr-1745 1084 29 round round NOUN cblr-1745 1084 30 of of ADP cblr-1745 1084 31 bargaining bargaining NOUN cblr-1745 1084 32 . . PUNCT cblr-1745 1085 1 this this PRON cblr-1745 1085 2 saves save VERB cblr-1745 1085 3 the the DET cblr-1745 1085 4 consumer consumer NOUN cblr-1745 1085 5 the the DET cblr-1745 1085 6 trouble trouble NOUN cblr-1745 1085 7 of of ADP cblr-1745 1085 8 independently independently ADV cblr-1745 1085 9 searching search VERB cblr-1745 1085 10 out out ADP cblr-1745 1085 11 a a DET cblr-1745 1085 12 clearinghouse clearinghouse NOUN cblr-1745 1085 13 , , PUNCT cblr-1745 1085 14 as as ADV cblr-1745 1085 15 well well ADV cblr-1745 1085 16 as as ADP cblr-1745 1085 17 incurring incur VERB cblr-1745 1085 18 separate separate ADJ cblr-1745 1085 19 fees fee NOUN cblr-1745 1085 20 for for ADP cblr-1745 1085 21 clearing.331 clearing.331 ADJ cblr-1745 1085 22 clearing clearing NOUN cblr-1745 1085 23 and and CCONJ cblr-1745 1085 24 execution execution NOUN cblr-1745 1085 25 are be AUX cblr-1745 1085 26 apt apt ADJ cblr-1745 1085 27 for for ADP cblr-1745 1085 28 integration integration NOUN cblr-1745 1085 29 because because SCONJ cblr-1745 1085 30 the the DET cblr-1745 1085 31 services service NOUN cblr-1745 1085 32 complement complement VERB cblr-1745 1085 33 each each DET cblr-1745 1085 34 other other ADJ cblr-1745 1085 35 so so ADV cblr-1745 1085 36 well well ADV cblr-1745 1085 37 : : PUNCT cblr-1745 1085 38 unless unless SCONJ cblr-1745 1085 39 an an DET cblr-1745 1085 40 exception exception NOUN cblr-1745 1085 41 applies apply VERB cblr-1745 1085 42 , , PUNCT cblr-1745 1085 43 a a DET cblr-1745 1085 44 trade trade NOUN cblr-1745 1085 45 can can AUX cblr-1745 1085 46 not not PART cblr-1745 1085 47 be be AUX cblr-1745 1085 48 fully fully ADV cblr-1745 1085 49 executed execute VERB cblr-1745 1085 50 without without ADP cblr-1745 1085 51 being be AUX cblr-1745 1085 52 cleared clear VERB cblr-1745 1085 53 . . PUNCT cblr-1745 1086 1 bringing bring VERB cblr-1745 1086 2 both both DET cblr-1745 1086 3 spheres sphere NOUN cblr-1745 1086 4 under under ADP cblr-1745 1086 5 common common ADJ cblr-1745 1086 6 ownership ownership NOUN cblr-1745 1086 7 minimizes minimize VERB cblr-1745 1086 8 the the DET cblr-1745 1086 9 impulse impulse NOUN cblr-1745 1086 10 of of ADP cblr-1745 1086 11 each each DET cblr-1745 1086 12 constituent constituent NOUN cblr-1745 1086 13 330 330 NUM cblr-1745 1086 14 craig craig PROPN cblr-1745 1086 15 pirrong pirrong PROPN cblr-1745 1086 16 , , PUNCT cblr-1745 1086 17 clearing clear VERB cblr-1745 1086 18 up up ADP cblr-1745 1086 19 misconceptions misconception NOUN cblr-1745 1086 20 on on ADP cblr-1745 1086 21 clearing clearing NOUN cblr-1745 1086 22 , , PUNCT cblr-1745 1086 23 31 31 NUM cblr-1745 1086 24 reg reg NOUN cblr-1745 1086 25 . . PUNCT cblr-1745 1087 1 22 22 NUM cblr-1745 1087 2 , , PUNCT cblr-1745 1087 3 25 25 NUM cblr-1745 1087 4 ( ( PUNCT cblr-1745 1087 5 2008 2008 NUM cblr-1745 1087 6 ) ) PUNCT cblr-1745 1087 7 . . PUNCT cblr-1745 1088 1 331 331 NUM cblr-1745 1088 2 see see VERB cblr-1745 1088 3 i i PRON cblr-1745 1088 4 d. d. PROPN cblr-1745 1088 5 at at ADP cblr-1745 1088 6 24–25 24–25 NUM cblr-1745 1088 7 . . PUNCT cblr-1745 1089 1 chang chang PROPN cblr-1745 1089 2 – – PUNCT cblr-1745 1089 3 final final ADJ cblr-1745 1089 4 no no NOUN cblr-1745 1089 5 . . PUNCT cblr-1745 1090 1 3:657 3:657 NUM cblr-1745 1090 2 ] ] X cblr-1745 1090 3 second second ADJ cblr-1745 1090 4 - - PUNCT cblr-1745 1090 5 generation generation NOUN cblr-1745 1090 6 monopolization monopolization NOUN cblr-1745 1090 7 731 731 NUM cblr-1745 1090 8 provider provider NOUN cblr-1745 1090 9 to to PART cblr-1745 1090 10 inflate inflate VERB cblr-1745 1090 11 its its PRON cblr-1745 1090 12 prices price NOUN cblr-1745 1090 13 and and CCONJ cblr-1745 1090 14 externalize externalize VERB cblr-1745 1090 15 the the DET cblr-1745 1090 16 impact impact NOUN cblr-1745 1090 17 of of ADP cblr-1745 1090 18 markups markup NOUN cblr-1745 1090 19 to to ADP cblr-1745 1090 20 the the DET cblr-1745 1090 21 complementary complementary ADJ cblr-1745 1090 22 provider.332 provider.332 NOUN cblr-1745 1090 23 technically technically ADV cblr-1745 1090 24 , , PUNCT cblr-1745 1090 25 however however ADV cblr-1745 1090 26 , , PUNCT cblr-1745 1090 27 irs irs PROPN cblr-1745 1090 28 and and CCONJ cblr-1745 1090 29 cds cd NOUN cblr-1745 1090 30 clearinghouses clearinghouse NOUN cblr-1745 1090 31 are be AUX cblr-1745 1090 32 not not PART cblr-1745 1090 33 vertically vertically ADV cblr-1745 1090 34 integrated integrate VERB cblr-1745 1090 35 . . PUNCT cblr-1745 1091 1 swapclear swapclear PROPN cblr-1745 1091 2 is be AUX cblr-1745 1091 3 owned own VERB cblr-1745 1091 4 and and CCONJ cblr-1745 1091 5 operated operate VERB cblr-1745 1091 6 by by ADP cblr-1745 1091 7 a a DET cblr-1745 1091 8 subsidiary subsidiary NOUN cblr-1745 1091 9 of of ADP cblr-1745 1091 10 lch.clearnet lch.clearnet PROPN cblr-1745 1091 11 group group PROPN cblr-1745 1091 12 ltd ltd PROPN cblr-1745 1091 13 . . PROPN cblr-1745 1091 14 , , PUNCT cblr-1745 1091 15 a a DET cblr-1745 1091 16 u.k u.k PROPN cblr-1745 1091 17 . . 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PROPN cblr-1745 1093 9 31 31 NUM cblr-1745 1093 10 , , PUNCT cblr-1745 1093 11 2016 2016 NUM cblr-1745 1093 12 ) ) PUNCT cblr-1745 1093 13 . . PUNCT cblr-1745 1094 1 334 334 NUM cblr-1745 1094 2 about about ADP cblr-1745 1094 3 us we PRON cblr-1745 1094 4 , , PUNCT cblr-1745 1094 5 lch.clearnet lch.clearnet PROPN cblr-1745 1094 6 , , PUNCT cblr-1745 1094 7 http://www.lchclearnet.com/en/about-us http://www.lchclearnet.com/en/about-us PROPN cblr-1745 1095 1 [ [ X cblr-1745 1095 2 https://perma.cc/9ckc-qdq4 https://perma.cc/9ckc-qdq4 X cblr-1745 1095 3 ] ] X cblr-1745 1095 4 ( ( PUNCT cblr-1745 1095 5 last last ADV cblr-1745 1095 6 visited visit VERB cblr-1745 1095 7 dec dec PROPN cblr-1745 1095 8 . . PROPN cblr-1745 1095 9 31 31 NUM cblr-1745 1095 10 , , PUNCT cblr-1745 1095 11 2016 2016 NUM cblr-1745 1095 12 ) ) PUNCT cblr-1745 1095 13 . . 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PROPN cblr-1745 1098 38 26 26 NUM cblr-1745 1098 39 , , PUNCT cblr-1745 1098 40 2009 2009 NUM cblr-1745 1098 41 ) ) PUNCT cblr-1745 1098 42 , , PUNCT cblr-1745 1098 43 https://www.sec.gov/rules/ https://www.sec.gov/rules/ PROPN cblr-1745 1098 44 exorders/2009 exorders/2009 NOUN cblr-1745 1098 45 / / SYM cblr-1745 1098 46 ice ice NOUN cblr-1745 1098 47 - - PUNCT cblr-1745 1098 48 trust trust NOUN cblr-1745 1098 49 - - PUNCT cblr-1745 1098 50 exreq.pdf exreq.pdf NOUN cblr-1745 1098 51 [ [ X cblr-1745 1098 52 https://perma.cc/u3fb-zrdr https://perma.cc/u3fb-zrdr ADV cblr-1745 1098 53 ] ] X cblr-1745 1098 54 . . 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PROPN cblr-1745 1117 38 2011 2011 NUM cblr-1745 1117 39 , , PUNCT cblr-1745 1117 40 at at ADP cblr-1745 1117 41 31 31 NUM cblr-1745 1117 42 , , PUNCT cblr-1745 1117 43 https://www.theice.com/publicdocs/clear_credit/ https://www.theice.com/publicdocs/clear_credit/ PROPN cblr-1745 1118 1 fia_magazine_cds_risk_management_article.pdf fia_magazine_cds_risk_management_article.pdf PROPN cblr-1745 1119 1 [ [ X cblr-1745 1119 2 https://perma.cc/t562kuqp https://perma.cc/t562kuqp NOUN cblr-1745 1119 3 ] ] X cblr-1745 1119 4 ; ; PUNCT cblr-1745 1119 5 order order NOUN cblr-1745 1119 6 granting grant VERB cblr-1745 1119 7 temporary temporary ADJ cblr-1745 1119 8 exemptions exemption NOUN cblr-1745 1119 9 under under ADP cblr-1745 1119 10 the the DET cblr-1745 1119 11 securities security NOUN cblr-1745 1119 12 exchange exchange PROPN cblr-1745 1119 13 act act NOUN cblr-1745 1119 14 of of ADP cblr-1745 1119 15 1934 1934 NUM cblr-1745 1119 16 in in ADP cblr-1745 1119 17 connection connection NOUN cblr-1745 1119 18 with with ADP cblr-1745 1119 19 request request NOUN cblr-1745 1119 20 on on ADP cblr-1745 1119 21 behalf behalf NOUN cblr-1745 1119 22 of of ADP cblr-1745 1119 23 ice ice NOUN cblr-1745 1119 24 clear clear ADJ cblr-1745 1119 25 europe europe PROPN cblr-1745 1119 26 limited limit VERB cblr-1745 1119 27 related relate VERB cblr-1745 1119 28 to to ADP cblr-1745 1119 29 central central ADJ cblr-1745 1119 30 clearing clearing NOUN cblr-1745 1119 31 of of ADP cblr-1745 1119 32 credit credit NOUN cblr-1745 1119 33 default default NOUN cblr-1745 1119 34 swaps swap NOUN cblr-1745 1119 35 , , PUNCT cblr-1745 1119 36 sec sec PROPN cblr-1745 1119 37 interpretive interpretive ADJ cblr-1745 1119 38 letter letter NOUN cblr-1745 1119 39 , , PUNCT cblr-1745 1119 40 2009 2009 NUM cblr-1745 1119 41 wl wl SYM cblr-1745 1119 42 10477350 10477350 NUM cblr-1745 1119 43 17 17 NUM cblr-1745 1119 44 ( ( PUNCT cblr-1745 1119 45 july july PROPN cblr-1745 1119 46 23 23 NUM cblr-1745 1119 47 , , PUNCT cblr-1745 1119 48 2009 2009 NUM cblr-1745 1119 49 ) ) PUNCT cblr-1745 1119 50 , , PUNCT cblr-1745 1119 51 https://www https://www PROPN cblr-1745 1119 52 . . 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PUNCT cblr-1745 1122 1 3:657 3:657 NUM cblr-1745 1122 2 ] ] X cblr-1745 1122 3 second second ADJ cblr-1745 1122 4 - - PUNCT cblr-1745 1122 5 generation generation NOUN cblr-1745 1122 6 monopolization monopolization NOUN cblr-1745 1122 7 733 733 NUM cblr-1745 1122 8 structure structure NOUN cblr-1745 1122 9 may may AUX cblr-1745 1122 10 be be AUX cblr-1745 1122 11 less less ADJ cblr-1745 1122 12 a a DET cblr-1745 1122 13 result result NOUN cblr-1745 1122 14 of of ADP cblr-1745 1122 15 vertical vertical ADJ cblr-1745 1122 16 integration integration NOUN cblr-1745 1122 17 or or CCONJ cblr-1745 1122 18 dealer dealer NOUN cblr-1745 1122 19 control control NOUN cblr-1745 1122 20 than than ADP cblr-1745 1122 21 the the DET cblr-1745 1122 22 clearing clearing NOUN cblr-1745 1122 23 functionality functionality NOUN cblr-1745 1122 24 itself itself PRON cblr-1745 1122 25 . . PUNCT cblr-1745 1123 1 clearing clearing NOUN cblr-1745 1123 2 is be AUX cblr-1745 1123 3 a a DET cblr-1745 1123 4 regulated regulated ADJ cblr-1745 1123 5 process process NOUN cblr-1745 1123 6 in in ADP cblr-1745 1123 7 a a DET cblr-1745 1123 8 highly highly ADV cblr-1745 1123 9 regulated regulated ADJ cblr-1745 1123 10 industry.339 industry.339 NOUN cblr-1745 1123 11 if if SCONJ cblr-1745 1123 12 the the DET cblr-1745 1123 13 industry industry NOUN cblr-1745 1123 14 were be AUX cblr-1745 1123 15 to to PART cblr-1745 1123 16 charge charge VERB cblr-1745 1123 17 excessive excessive ADJ cblr-1745 1123 18 prices price NOUN cblr-1745 1123 19 , , PUNCT cblr-1745 1123 20 then then ADV cblr-1745 1123 21 the the DET cblr-1745 1123 22 central central ADJ cblr-1745 1123 23 clearing clearing NOUN cblr-1745 1123 24 mandate mandate NOUN cblr-1745 1123 25 would would AUX cblr-1745 1123 26 be be AUX cblr-1745 1123 27 eviscerated eviscerate VERB cblr-1745 1123 28 , , PUNCT cblr-1745 1123 29 drawing draw VERB cblr-1745 1123 30 even even ADV cblr-1745 1123 31 more more ADV cblr-1745 1123 32 intense intense ADJ cblr-1745 1123 33 regulatory regulatory ADJ cblr-1745 1123 34 scrutiny scrutiny NOUN cblr-1745 1123 35 . . PUNCT cblr-1745 1124 1 the the DET cblr-1745 1124 2 closest close ADJ cblr-1745 1124 3 analog analog NOUN cblr-1745 1124 4 to to ADP cblr-1745 1124 5 the the DET cblr-1745 1124 6 industry industry NOUN cblr-1745 1124 7 is be AUX cblr-1745 1124 8 , , PUNCT cblr-1745 1124 9 again again ADV cblr-1745 1124 10 , , PUNCT cblr-1745 1124 11 that that PRON cblr-1745 1124 12 of of ADP cblr-1745 1124 13 an an DET cblr-1745 1124 14 infrastructure infrastructure NOUN cblr-1745 1124 15 or or CCONJ cblr-1745 1124 16 public public ADJ cblr-1745 1124 17 utility utility NOUN cblr-1745 1124 18 operating operate VERB cblr-1745 1124 19 at at ADP cblr-1745 1124 20 close close ADV cblr-1745 1124 21 to to PART cblr-1745 1124 22 cost cost VERB cblr-1745 1124 23 ( ( PUNCT cblr-1745 1124 24 e.g. e.g. ADV cblr-1745 1124 25 , , PUNCT cblr-1745 1124 26 an an DET cblr-1745 1124 27 airport airport NOUN cblr-1745 1124 28 ) ) PUNCT cblr-1745 1124 29 ; ; PUNCT cblr-1745 1124 30 the the DET cblr-1745 1124 31 fear fear NOUN cblr-1745 1124 32 of of ADP cblr-1745 1124 33 anticompetitive anticompetitive ADJ cblr-1745 1124 34 effects effect NOUN cblr-1745 1124 35 arises arise VERB cblr-1745 1124 36 not not PART cblr-1745 1124 37 so so ADV cblr-1745 1124 38 much much ADV cblr-1745 1124 39 from from ADP cblr-1745 1124 40 the the DET cblr-1745 1124 41 utility utility NOUN cblr-1745 1124 42 itself itself PRON cblr-1745 1124 43 but but CCONJ cblr-1745 1124 44 from from ADP cblr-1745 1124 45 the the DET cblr-1745 1124 46 self self NOUN cblr-1745 1124 47 - - PUNCT cblr-1745 1124 48 serving serve VERB cblr-1745 1124 49 impulses impulse NOUN cblr-1745 1124 50 of of ADP cblr-1745 1124 51 those those PRON cblr-1745 1124 52 who who PRON cblr-1745 1124 53 direct direct VERB cblr-1745 1124 54 the the DET cblr-1745 1124 55 utility utility NOUN cblr-1745 1124 56 , , PUNCT cblr-1745 1124 57 particularly particularly ADV cblr-1745 1124 58 if if SCONJ cblr-1745 1124 59 they they PRON cblr-1745 1124 60 also also ADV cblr-1745 1124 61 hold hold VERB cblr-1745 1124 62 a a DET cblr-1745 1124 63 dominant dominant ADJ cblr-1745 1124 64 stake stake NOUN cblr-1745 1124 65 in in ADP cblr-1745 1124 66 an an DET cblr-1745 1124 67 adjacent adjacent ADJ cblr-1745 1124 68 market market NOUN cblr-1745 1124 69 ( ( PUNCT cblr-1745 1124 70 e.g. e.g. ADV cblr-1745 1124 71 , , PUNCT cblr-1745 1124 72 airlines airline NOUN cblr-1745 1124 73 ) ) PUNCT cblr-1745 1124 74 . . PUNCT cblr-1745 1125 1 b. b. PROPN cblr-1745 1125 2 credit credit NOUN cblr-1745 1125 3 risk risk NOUN cblr-1745 1125 4 mitigation mitigation NOUN cblr-1745 1125 5 an an DET cblr-1745 1125 6 additional additional ADJ cblr-1745 1125 7 justification justification NOUN cblr-1745 1125 8 of of ADP cblr-1745 1125 9 exclusion exclusion NOUN cblr-1745 1125 10 , , PUNCT cblr-1745 1125 11 one one NUM cblr-1745 1125 12 based base VERB cblr-1745 1125 13 not not PART cblr-1745 1125 14 on on ADP cblr-1745 1125 15 antitrust antitrust ADJ cblr-1745 1125 16 but but CCONJ cblr-1745 1125 17 on on ADP cblr-1745 1125 18 finance finance NOUN cblr-1745 1125 19 , , PUNCT cblr-1745 1125 20 is be AUX cblr-1745 1125 21 that that SCONJ cblr-1745 1125 22 restricting restrict VERB cblr-1745 1125 23 clearinghouse clearinghouse NOUN cblr-1745 1125 24 membership membership NOUN cblr-1745 1125 25 to to ADP cblr-1745 1125 26 large large ADJ cblr-1745 1125 27 , , PUNCT cblr-1745 1125 28 well well ADV cblr-1745 1125 29 - - PUNCT cblr-1745 1125 30 capitalized capitalize VERB cblr-1745 1125 31 institutions institution NOUN cblr-1745 1125 32 reduces reduce VERB cblr-1745 1125 33 counterparty counterparty NOUN cblr-1745 1125 34 credit credit NOUN cblr-1745 1125 35 risk risk NOUN cblr-1745 1125 36 — — PUNCT cblr-1745 1125 37 that that ADV cblr-1745 1125 38 is is ADV cblr-1745 1125 39 , , PUNCT cblr-1745 1125 40 the the DET cblr-1745 1125 41 risk risk NOUN cblr-1745 1125 42 that that SCONJ cblr-1745 1125 43 one one NUM cblr-1745 1125 44 party party NOUN cblr-1745 1125 45 to to ADP cblr-1745 1125 46 a a DET cblr-1745 1125 47 trade trade NOUN cblr-1745 1125 48 might might AUX cblr-1745 1125 49 default.340 default.340 ADV cblr-1745 1125 50 after after ADV cblr-1745 1125 51 all all ADV cblr-1745 1125 52 , , PUNCT cblr-1745 1125 53 the the DET cblr-1745 1125 54 charge charge NOUN cblr-1745 1125 55 of of ADP cblr-1745 1125 56 clearinghouses clearinghouse NOUN cblr-1745 1125 57 was be AUX cblr-1745 1125 58 to to PART cblr-1745 1125 59 reduce reduce VERB cblr-1745 1125 60 systemic systemic ADJ cblr-1745 1125 61 risk risk NOUN cblr-1745 1125 62 in in ADP cblr-1745 1125 63 the the DET cblr-1745 1125 64 otc otc PROPN cblr-1745 1125 65 derivatives derivative NOUN cblr-1745 1125 66 markets market NOUN cblr-1745 1125 67 , , PUNCT cblr-1745 1125 68 and and CCONJ cblr-1745 1125 69 keeping keep VERB cblr-1745 1125 70 out out ADP cblr-1745 1125 71 smaller small ADJ cblr-1745 1125 72 and and CCONJ cblr-1745 1125 73 riskier risky ADJ cblr-1745 1125 74 traders trader NOUN cblr-1745 1125 75 can can AUX cblr-1745 1125 76 help help VERB cblr-1745 1125 77 achieve achieve VERB cblr-1745 1125 78 that that SCONJ cblr-1745 1125 79 goal.341 goal.341 PROPN cblr-1745 1125 80 clearinghouses clearinghouse NOUN cblr-1745 1125 81 therefore therefore ADV cblr-1745 1125 82 possess possess VERB cblr-1745 1125 83 the the DET cblr-1745 1125 84 prerogative prerogative NOUN cblr-1745 1125 85 to to PART cblr-1745 1125 86 set set VERB cblr-1745 1125 87 risk risk NOUN cblr-1745 1125 88 standards.342 standards.342 NOUN cblr-1745 1125 89 arguably arguably ADV cblr-1745 1125 90 , , PUNCT cblr-1745 1125 91 large large ADJ cblr-1745 1125 92 dealers dealer NOUN cblr-1745 1125 93 should should AUX cblr-1745 1125 94 steer steer VERB cblr-1745 1125 95 this this DET cblr-1745 1125 96 standard standard ADJ cblr-1745 1125 97 - - PUNCT cblr-1745 1125 98 setting set VERB cblr-1745 1125 99 process process NOUN cblr-1745 1125 100 , , PUNCT cblr-1745 1125 101 since since SCONJ cblr-1745 1125 102 they they PRON cblr-1745 1125 103 best well ADV cblr-1745 1125 104 understand understand VERB cblr-1745 1125 105 the the DET cblr-1745 1125 106 risks risk NOUN cblr-1745 1125 107 not not PART cblr-1745 1125 108 only only ADV cblr-1745 1125 109 of of ADP cblr-1745 1125 110 derivatives derivative NOUN cblr-1745 1125 111 but but CCONJ cblr-1745 1125 112 also also ADV cblr-1745 1125 113 of of ADP cblr-1745 1125 114 diversifying diversify VERB cblr-1745 1125 115 the the DET cblr-1745 1125 116 trading trading NOUN cblr-1745 1125 117 markets market NOUN cblr-1745 1125 118 . . PUNCT cblr-1745 1126 1 as as ADP cblr-1745 1126 2 the the DET cblr-1745 1126 3 dominant dominant ADJ cblr-1745 1126 4 sellers seller NOUN cblr-1745 1126 5 of of ADP cblr-1745 1126 6 derivatives derivative NOUN cblr-1745 1126 7 instruments instrument NOUN cblr-1745 1126 8 and and CCONJ cblr-1745 1126 9 go go VERB cblr-1745 1126 10 - - PUNCT cblr-1745 1126 11 to to ADP cblr-1745 1126 12 institutions institution NOUN cblr-1745 1126 13 for for ADP cblr-1745 1126 14 offsetting offset VERB cblr-1745 1126 15 derivatives derivative NOUN cblr-1745 1126 16 positions position NOUN cblr-1745 1126 17 , , PUNCT cblr-1745 1126 18 large large ADJ cblr-1745 1126 19 dealers dealer NOUN cblr-1745 1126 20 hold hold VERB cblr-1745 1126 21 most most ADJ cblr-1745 1126 22 of of ADP cblr-1745 1126 23 a a DET cblr-1745 1126 24 market market NOUN cblr-1745 1126 25 ’s ’s PART cblr-1745 1126 26 derivatives derivative NOUN cblr-1745 1126 27 notionals notional NOUN cblr-1745 1126 28 . . PUNCT cblr-1745 1127 1 in in ADP cblr-1745 1127 2 any any DET cblr-1745 1127 3 given give VERB cblr-1745 1127 4 market market NOUN cblr-1745 1127 5 , , PUNCT cblr-1745 1127 6 large large ADJ cblr-1745 1127 7 dealers dealer NOUN cblr-1745 1127 8 are be AUX cblr-1745 1127 9 ubiquitous ubiquitous ADJ cblr-1745 1127 10 counterparties counterpartie NOUN cblr-1745 1127 11 . . PUNCT cblr-1745 1128 1 by by ADP cblr-1745 1128 2 extension extension NOUN cblr-1745 1128 3 , , PUNCT cblr-1745 1128 4 they they PRON cblr-1745 1128 5 also also ADV cblr-1745 1128 6 shoulder shoulder VERB cblr-1745 1128 7 most most ADJ cblr-1745 1128 8 of of ADP cblr-1745 1128 9 the the DET cblr-1745 1128 10 market market NOUN cblr-1745 1128 11 ’s ’s PART cblr-1745 1128 12 credit credit NOUN cblr-1745 1128 13 risk risk NOUN cblr-1745 1128 14 . . PUNCT cblr-1745 1129 1 rightfully rightfully ADV cblr-1745 1129 2 , , PUNCT cblr-1745 1129 3 then then ADV cblr-1745 1129 4 , , PUNCT cblr-1745 1129 5 large large ADJ cblr-1745 1129 6 339 339 NUM cblr-1745 1129 7 see see NOUN cblr-1745 1129 8 , , PUNCT cblr-1745 1129 9 e.g. e.g. ADV cblr-1745 1129 10 , , PUNCT cblr-1745 1129 11 dodd dodd PROPN cblr-1745 1129 12 - - PUNCT cblr-1745 1129 13 frank frank PROPN cblr-1745 1129 14 title title NOUN cblr-1745 1129 15 viii viii NOUN cblr-1745 1129 16 , , PUNCT cblr-1745 1129 17 12 12 NUM cblr-1745 1129 18 u.s.c u.s.c NOUN cblr-1745 1129 19 . . PUNCT cblr-1745 1130 1 § § PROPN cblr-1745 1130 2 5461 5461 NUM cblr-1745 1130 3 ( ( PUNCT cblr-1745 1130 4 2015 2015 NUM cblr-1745 1130 5 ) ) PUNCT cblr-1745 1130 6 et et PROPN cblr-1745 1130 7 seq seq PROPN cblr-1745 1130 8 . . PROPN cblr-1745 1130 9 340 340 NUM cblr-1745 1130 10 see see VERB cblr-1745 1130 11 feder feder PROPN cblr-1745 1130 12 , , PUNCT cblr-1745 1130 13 supra supra PROPN cblr-1745 1130 14 note note PROPN cblr-1745 1130 15 17 17 NUM cblr-1745 1130 16 , , PUNCT cblr-1745 1130 17 at at ADP cblr-1745 1130 18 689 689 NUM cblr-1745 1130 19 , , PUNCT cblr-1745 1130 20 722–27 722–27 NUM cblr-1745 1130 21 . . PROPN cblr-1745 1131 1 341 341 NUM cblr-1745 1131 2 see see VERB cblr-1745 1131 3 cftc cftc PROPN cblr-1745 1131 4 roundtable roundtable NOUN cblr-1745 1131 5 , , PUNCT cblr-1745 1131 6 supra supra PROPN cblr-1745 1131 7 note note NOUN cblr-1745 1131 8 22 22 NUM cblr-1745 1131 9 , , PUNCT cblr-1745 1131 10 at at ADP cblr-1745 1131 11 66–67 66–67 NUM cblr-1745 1131 12 ( ( PUNCT cblr-1745 1131 13 comments comment NOUN cblr-1745 1131 14 of of ADP cblr-1745 1131 15 roger roger PROPN cblr-1745 1131 16 liddell liddell PROPN cblr-1745 1131 17 , , PUNCT cblr-1745 1131 18 lch lch PROPN cblr-1745 1131 19 clearnet clearnet PROPN cblr-1745 1131 20 group group NOUN cblr-1745 1131 21 ) ) PUNCT cblr-1745 1131 22 . . PUNCT cblr-1745 1132 1 342 342 NUM cblr-1745 1132 2 see see VERB cblr-1745 1132 3 i i PRON cblr-1745 1132 4 d. d. PROPN cblr-1745 1132 5 at at ADP cblr-1745 1132 6 15–16 15–16 PROPN cblr-1745 1132 7 ( ( PUNCT cblr-1745 1132 8 comments comment NOUN cblr-1745 1132 9 of of ADP cblr-1745 1132 10 jonathan jonathan PROPN cblr-1745 1132 11 short short PROPN cblr-1745 1132 12 , , PUNCT cblr-1745 1132 13 ice ice NOUN cblr-1745 1132 14 trust trust PROPN cblr-1745 1132 15 u.s u.s PROPN cblr-1745 1132 16 . . PROPN cblr-1745 1132 17 ) ) PUNCT cblr-1745 1132 18 . . PUNCT cblr-1745 1133 1 chang chang PROPN cblr-1745 1133 2 – – PUNCT cblr-1745 1133 3 final final ADJ cblr-1745 1133 4 734 734 NUM cblr-1745 1133 5 columbia columbia PROPN cblr-1745 1133 6 business business NOUN cblr-1745 1133 7 law law PROPN cblr-1745 1133 8 review review NOUN cblr-1745 1134 1 [ [ X cblr-1745 1134 2 vol vol NOUN cblr-1745 1134 3 . . NOUN cblr-1745 1134 4 2016 2016 NUM cblr-1745 1134 5 dealers dealer NOUN cblr-1745 1134 6 should should AUX cblr-1745 1134 7 play play VERB cblr-1745 1134 8 a a DET cblr-1745 1134 9 significant significant ADJ cblr-1745 1134 10 role role NOUN cblr-1745 1134 11 in in ADP cblr-1745 1134 12 setting set VERB cblr-1745 1134 13 clearinghouse clearinghouse NOUN cblr-1745 1134 14 standards.343 standards.343 NOUN cblr-1745 1134 15 prior prior ADV cblr-1745 1134 16 to to ADP cblr-1745 1134 17 the the DET cblr-1745 1134 18 central central ADJ cblr-1745 1134 19 clearing clearing NOUN cblr-1745 1134 20 mandate mandate NOUN cblr-1745 1134 21 , , PUNCT cblr-1745 1134 22 credit credit NOUN cblr-1745 1134 23 risk risk NOUN cblr-1745 1134 24 and and CCONJ cblr-1745 1134 25 systemic systemic ADJ cblr-1745 1134 26 risk risk NOUN cblr-1745 1134 27 were be AUX cblr-1745 1134 28 closely closely ADV cblr-1745 1134 29 linked link VERB cblr-1745 1134 30 . . PUNCT cblr-1745 1135 1 counterparties counterpartie NOUN cblr-1745 1135 2 in in ADP cblr-1745 1135 3 an an DET cblr-1745 1135 4 otc otc PROPN cblr-1745 1135 5 derivatives derivative NOUN cblr-1745 1135 6 trade trade NOUN cblr-1745 1135 7 had have VERB cblr-1745 1135 8 to to PART cblr-1745 1135 9 bilaterally bilaterally ADV cblr-1745 1135 10 clear clear VERB cblr-1745 1135 11 the the DET cblr-1745 1135 12 trade trade NOUN cblr-1745 1135 13 , , PUNCT cblr-1745 1135 14 which which PRON cblr-1745 1135 15 meant mean VERB cblr-1745 1135 16 that that SCONJ cblr-1745 1135 17 each each DET cblr-1745 1135 18 side side NOUN cblr-1745 1135 19 bore bear VERB cblr-1745 1135 20 the the DET cblr-1745 1135 21 risk risk NOUN cblr-1745 1135 22 that that SCONJ cblr-1745 1135 23 the the DET cblr-1745 1135 24 other other ADJ cblr-1745 1135 25 might might AUX cblr-1745 1135 26 not not PART cblr-1745 1135 27 honor honor VERB cblr-1745 1135 28 contractual contractual ADJ cblr-1745 1135 29 obligations.344 obligations.344 NOUN cblr-1745 1135 30 because because SCONJ cblr-1745 1135 31 large large ADJ cblr-1745 1135 32 dealers dealer NOUN cblr-1745 1135 33 were be AUX cblr-1745 1135 34 directly directly ADV cblr-1745 1135 35 connected connect VERB cblr-1745 1135 36 to to ADP cblr-1745 1135 37 far far ADV cblr-1745 1135 38 more more ADJ cblr-1745 1135 39 counterparties counterpartie NOUN cblr-1745 1135 40 than than ADP cblr-1745 1135 41 smaller small ADJ cblr-1745 1135 42 dealers dealer NOUN cblr-1745 1135 43 , , PUNCT cblr-1745 1135 44 large large ADJ cblr-1745 1135 45 dealers dealer NOUN cblr-1745 1135 46 also also ADV cblr-1745 1135 47 assumed assume VERB cblr-1745 1135 48 more more ADJ cblr-1745 1135 49 credit credit NOUN cblr-1745 1135 50 risk risk NOUN cblr-1745 1135 51 . . PUNCT cblr-1745 1136 1 this this DET cblr-1745 1136 2 degree degree NOUN cblr-1745 1136 3 of of ADP cblr-1745 1136 4 interconnectivity interconnectivity NOUN cblr-1745 1136 5 made make VERB cblr-1745 1136 6 large large ADJ cblr-1745 1136 7 dealers dealer NOUN cblr-1745 1136 8 systemically systemically ADV cblr-1745 1136 9 risky risky ADJ cblr-1745 1136 10 . . PUNCT cblr-1745 1137 1 for for ADP cblr-1745 1137 2 example example NOUN cblr-1745 1137 3 , , PUNCT cblr-1745 1137 4 the the DET cblr-1745 1137 5 bankruptcy bankruptcy NOUN cblr-1745 1137 6 of of ADP cblr-1745 1137 7 lehman lehman PROPN cblr-1745 1137 8 brothers brother NOUN cblr-1745 1137 9 in in ADP cblr-1745 1137 10 2008 2008 NUM cblr-1745 1137 11 jeopardized jeopardize VERB cblr-1745 1137 12 not not PART cblr-1745 1137 13 only only ADV cblr-1745 1137 14 its its PRON cblr-1745 1137 15 multitude multitude NOUN cblr-1745 1137 16 of of ADP cblr-1745 1137 17 trading trading NOUN cblr-1745 1137 18 counterparties counterpartie NOUN cblr-1745 1137 19 but but CCONJ cblr-1745 1137 20 also also ADV cblr-1745 1137 21 the the DET cblr-1745 1137 22 entire entire ADJ cblr-1745 1137 23 financial financial ADJ cblr-1745 1137 24 system.345 system.345 PROPN cblr-1745 1137 25 lehman lehman PROPN cblr-1745 1137 26 ’s ’s PART cblr-1745 1137 27 default default NOUN cblr-1745 1137 28 on on ADP cblr-1745 1137 29 derivatives derivative NOUN cblr-1745 1137 30 trades trade NOUN cblr-1745 1137 31 could could AUX cblr-1745 1137 32 have have AUX cblr-1745 1137 33 triggered trigger VERB cblr-1745 1137 34 those those DET cblr-1745 1137 35 counterparties counterpartie NOUN cblr-1745 1137 36 to to PART cblr-1745 1137 37 default default VERB cblr-1745 1137 38 on on ADP cblr-1745 1137 39 other other ADJ cblr-1745 1137 40 obligations.346 obligations.346 VERB cblr-1745 1137 41 thus thus ADV cblr-1745 1137 42 , , PUNCT cblr-1745 1137 43 dodd dodd PROPN cblr-1745 1137 44 - - PUNCT cblr-1745 1137 45 frank frank PROPN cblr-1745 1137 46 not not PART cblr-1745 1137 47 only only ADV cblr-1745 1137 48 created create VERB cblr-1745 1137 49 a a DET cblr-1745 1137 50 system system NOUN cblr-1745 1137 51 for for ADP cblr-1745 1137 52 the the DET cblr-1745 1137 53 orderly orderly ADJ cblr-1745 1137 54 liquidation liquidation NOUN cblr-1745 1137 55 of of ADP cblr-1745 1137 56 systemically systemically ADV cblr-1745 1137 57 significant significant ADJ cblr-1745 1137 58 financial financial ADJ cblr-1745 1137 59 institutions,347 institutions,347 PROPN cblr-1745 1138 1 it it PRON cblr-1745 1138 2 also also ADV cblr-1745 1138 3 required require VERB cblr-1745 1138 4 derivatives derivative NOUN cblr-1745 1138 5 trades trade NOUN cblr-1745 1138 6 to to PART cblr-1745 1138 7 be be AUX cblr-1745 1138 8 centrally centrally ADV cblr-1745 1138 9 overseen oversee VERB cblr-1745 1138 10 and and CCONJ cblr-1745 1138 11 effectively effectively ADV cblr-1745 1138 12 guaranteed guarantee VERB cblr-1745 1138 13 by by ADP cblr-1745 1138 14 clearinghouses.348 clearinghouses.348 PROPN cblr-1745 1138 15 with with ADP cblr-1745 1138 16 the the DET cblr-1745 1138 17 central central ADJ cblr-1745 1138 18 clearing clearing NOUN cblr-1745 1138 19 mandate mandate NOUN cblr-1745 1138 20 , , PUNCT cblr-1745 1138 21 lawmakers lawmaker NOUN cblr-1745 1138 22 and and CCONJ cblr-1745 1138 23 regulators regulator NOUN cblr-1745 1138 24 ostensibly ostensibly ADV cblr-1745 1138 25 prioritized prioritize VERB cblr-1745 1138 26 credit credit NOUN cblr-1745 1138 27 risk risk NOUN cblr-1745 1138 28 343 343 NUM cblr-1745 1138 29 see see VERB cblr-1745 1138 30 supra supra PROPN cblr-1745 1138 31 note note PROPN cblr-1745 1138 32 265 265 NUM cblr-1745 1138 33 and and CCONJ cblr-1745 1138 34 accompanying accompany VERB cblr-1745 1138 35 text text NOUN cblr-1745 1138 36 . . PUNCT cblr-1745 1139 1 344 344 NUM cblr-1745 1139 2 for for ADP cblr-1745 1139 3 a a DET cblr-1745 1139 4 nuanced nuanced ADJ cblr-1745 1139 5 comparison comparison NOUN cblr-1745 1139 6 of of ADP cblr-1745 1139 7 bilateral bilateral ADJ cblr-1745 1139 8 and and CCONJ cblr-1745 1139 9 central central ADJ cblr-1745 1139 10 clearing clearing NOUN cblr-1745 1139 11 , , PUNCT cblr-1745 1139 12 see see VERB cblr-1745 1139 13 zachary zachary PROPN cblr-1745 1139 14 j. j. PROPN cblr-1745 1139 15 gubler gubler PROPN cblr-1745 1139 16 , , PUNCT cblr-1745 1139 17 the the DET cblr-1745 1139 18 financial financial ADJ cblr-1745 1139 19 innovation innovation NOUN cblr-1745 1139 20 process process NOUN cblr-1745 1139 21 : : PUNCT cblr-1745 1139 22 theory theory NOUN cblr-1745 1139 23 and and CCONJ cblr-1745 1139 24 application application NOUN cblr-1745 1139 25 , , PUNCT cblr-1745 1139 26 36 36 NUM cblr-1745 1139 27 del del PROPN cblr-1745 1139 28 . . PROPN cblr-1745 1139 29 j. j. PROPN cblr-1745 1139 30 corp corp PROPN cblr-1745 1139 31 . . PROPN cblr-1745 1139 32 l. l. PROPN cblr-1745 1139 33 55 55 NUM cblr-1745 1139 34 , , PUNCT cblr-1745 1139 35 91–93 91–93 NUM cblr-1745 1139 36 ( ( PUNCT cblr-1745 1139 37 2011 2011 NUM cblr-1745 1139 38 ) ) PUNCT cblr-1745 1139 39 . . PUNCT cblr-1745 1140 1 345 345 NUM cblr-1745 1140 2 see see VERB cblr-1745 1140 3 fdic fdic PROPN cblr-1745 1140 4 , , PUNCT cblr-1745 1140 5 the the DET cblr-1745 1140 6 orderly orderly ADJ cblr-1745 1140 7 liquidation liquidation NOUN cblr-1745 1140 8 of of ADP cblr-1745 1140 9 lehman lehman PROPN cblr-1745 1140 10 brothers brothers PROPN cblr-1745 1140 11 , , PUNCT cblr-1745 1140 12 supra supra PROPN cblr-1745 1140 13 note note PROPN cblr-1745 1140 14 301 301 NUM cblr-1745 1140 15 , , PUNCT cblr-1745 1140 16 at at ADP cblr-1745 1140 17 1 1 NUM cblr-1745 1140 18 . . PUNCT cblr-1745 1140 19 346 346 NUM cblr-1745 1140 20 see see VERB cblr-1745 1140 21 i i PROPN cblr-1745 1140 22 d. d. PROPN cblr-1745 1140 23 at at ADP cblr-1745 1140 24 8 8 NUM cblr-1745 1140 25 ( ( PUNCT cblr-1745 1140 26 “ " PUNCT cblr-1745 1140 27 a a DET cblr-1745 1140 28 complex complex ADJ cblr-1745 1140 29 , , PUNCT cblr-1745 1140 30 systemic systemic ADJ cblr-1745 1140 31 financial financial ADJ cblr-1745 1140 32 company company NOUN cblr-1745 1140 33 can can AUX cblr-1745 1140 34 hold hold VERB cblr-1745 1140 35 very very ADV cblr-1745 1140 36 large large ADJ cblr-1745 1140 37 positions position NOUN cblr-1745 1140 38 in in ADP cblr-1745 1140 39 qualified qualified ADJ cblr-1745 1140 40 financial financial ADJ cblr-1745 1140 41 contracts contract NOUN cblr-1745 1140 42 , , PUNCT cblr-1745 1140 43 often often ADV cblr-1745 1140 44 involving involve VERB cblr-1745 1140 45 numerous numerous ADJ cblr-1745 1140 46 counterparties counterpartie NOUN cblr-1745 1140 47 and and CCONJ cblr-1745 1140 48 back back NOUN cblr-1745 1140 49 - - PUNCT cblr-1745 1140 50 to to ADP cblr-1745 1140 51 - - PUNCT cblr-1745 1140 52 back back NOUN cblr-1745 1140 53 trades trade NOUN cblr-1745 1140 54 , , PUNCT cblr-1745 1140 55 some some PRON cblr-1745 1140 56 of of ADP cblr-1745 1140 57 which which PRON cblr-1745 1140 58 may may AUX cblr-1745 1140 59 be be AUX cblr-1745 1140 60 opaque opaque ADJ cblr-1745 1140 61 and and CCONJ cblr-1745 1140 62 incompletely incompletely ADV cblr-1745 1140 63 documented document VERB cblr-1745 1140 64 . . PUNCT cblr-1745 1141 1 a a DET cblr-1745 1141 2 disorderly disorderly ADV cblr-1745 1141 3 unwinding unwinding NOUN cblr-1745 1141 4 of of ADP cblr-1745 1141 5 such such ADJ cblr-1745 1141 6 contracts contract NOUN cblr-1745 1141 7 . . PUNCT cblr-1745 1141 8 . . PUNCT cblr-1745 1141 9 . . PUNCT cblr-1745 1142 1 can can AUX cblr-1745 1142 2 have have VERB cblr-1745 1142 3 severe severe ADJ cblr-1745 1142 4 negative negative ADJ cblr-1745 1142 5 consequences consequence NOUN cblr-1745 1142 6 for for ADP cblr-1745 1142 7 the the DET cblr-1745 1142 8 financial financial ADJ cblr-1745 1142 9 company company NOUN cblr-1745 1142 10 , , PUNCT cblr-1745 1142 11 its its PRON cblr-1745 1142 12 creditors creditor NOUN cblr-1745 1142 13 , , PUNCT cblr-1745 1142 14 its its PRON cblr-1745 1142 15 counterparties counterpartie NOUN cblr-1745 1142 16 , , PUNCT cblr-1745 1142 17 and and CCONJ cblr-1745 1142 18 the the DET cblr-1745 1142 19 financial financial ADJ cblr-1745 1142 20 stability stability NOUN cblr-1745 1142 21 of of ADP cblr-1745 1142 22 the the DET cblr-1745 1142 23 united united PROPN cblr-1745 1142 24 states states PROPN cblr-1745 1142 25 . . PUNCT cblr-1745 1142 26 ” " PUNCT cblr-1745 1142 27 ) ) PUNCT cblr-1745 1142 28 . . PUNCT cblr-1745 1143 1 347 347 NUM cblr-1745 1143 2 12 12 NUM cblr-1745 1143 3 u.s.c u.s.c NOUN cblr-1745 1143 4 . . PUNCT cblr-1745 1144 1 § § PROPN cblr-1745 1144 2 5383 5383 NUM cblr-1745 1144 3 , , PUNCT cblr-1745 1144 4 5386 5386 NUM cblr-1745 1144 5 , , PUNCT cblr-1745 1144 6 5390 5390 NUM cblr-1745 1144 7 ( ( PUNCT cblr-1745 1144 8 2012 2012 NUM cblr-1745 1144 9 ) ) PUNCT cblr-1745 1144 10 . . PUNCT cblr-1745 1145 1 348 348 NUM cblr-1745 1145 2 see see VERB cblr-1745 1145 3 7 7 NUM cblr-1745 1145 4 u.s.c u.s.c ADJ cblr-1745 1145 5 . . PUNCT cblr-1745 1146 1 § § PROPN cblr-1745 1146 2 2(h 2(h NUM cblr-1745 1146 3 ) ) PUNCT cblr-1745 1146 4 ( ( PUNCT cblr-1745 1146 5 2012 2012 NUM cblr-1745 1146 6 ) ) PUNCT cblr-1745 1146 7 ; ; PUNCT cblr-1745 1146 8 15 15 NUM cblr-1745 1146 9 u.s.c u.s.c NOUN cblr-1745 1146 10 . . PUNCT cblr-1745 1147 1 § § PROPN cblr-1745 1147 2 78c-3(a)(1 78c-3(a)(1 NOUN cblr-1745 1147 3 ) ) PUNCT cblr-1745 1147 4 ( ( PUNCT cblr-1745 1147 5 2012 2012 NUM cblr-1745 1147 6 ) ) PUNCT cblr-1745 1147 7 ; ; PUNCT cblr-1745 1148 1 15 15 NUM cblr-1745 1148 2 u.s.c u.s.c NOUN cblr-1745 1148 3 . . PUNCT cblr-1745 1149 1 § § PROPN cblr-1745 1149 2 8302(d)(1 8302(d)(1 NUM cblr-1745 1149 3 ) ) PUNCT cblr-1745 1149 4 ( ( PUNCT cblr-1745 1149 5 2012 2012 NUM cblr-1745 1149 6 ) ) PUNCT cblr-1745 1149 7 . . PUNCT cblr-1745 1150 1 chang chang PROPN cblr-1745 1150 2 – – PUNCT cblr-1745 1150 3 final final ADJ cblr-1745 1150 4 no no NOUN cblr-1745 1150 5 . . PUNCT cblr-1745 1151 1 3:657 3:657 NUM cblr-1745 1151 2 ] ] X cblr-1745 1151 3 second second ADJ cblr-1745 1151 4 - - PUNCT cblr-1745 1151 5 generation generation NOUN cblr-1745 1151 6 monopolization monopolization NOUN cblr-1745 1151 7 735 735 NUM cblr-1745 1151 8 and and CCONJ cblr-1745 1151 9 systemic systemic ADJ cblr-1745 1151 10 risk risk NOUN cblr-1745 1151 11 mitigation mitigation NOUN cblr-1745 1151 12 above above ADP cblr-1745 1151 13 all all DET cblr-1745 1151 14 other other ADJ cblr-1745 1151 15 concerns concern NOUN cblr-1745 1151 16 , , PUNCT cblr-1745 1151 17 including include VERB cblr-1745 1151 18 competition competition NOUN cblr-1745 1151 19 . . PUNCT cblr-1745 1152 1 caveats caveat NOUN cblr-1745 1152 2 and and CCONJ cblr-1745 1152 3 counterarguments counterargument NOUN cblr-1745 1152 4 to to ADP cblr-1745 1152 5 the the DET cblr-1745 1152 6 credit credit NOUN cblr-1745 1152 7 risk risk NOUN cblr-1745 1152 8 justification justification NOUN cblr-1745 1152 9 abound abound NOUN cblr-1745 1152 10 . . PUNCT cblr-1745 1153 1 the the DET cblr-1745 1153 2 markets market NOUN cblr-1745 1153 3 ’ ' PUNCT cblr-1745 1153 4 embrace embrace NOUN cblr-1745 1153 5 of of ADP cblr-1745 1153 6 standardization standardization NOUN cblr-1745 1153 7 and and CCONJ cblr-1745 1153 8 transparency transparency NOUN cblr-1745 1153 9 have have AUX cblr-1745 1153 10 alleviated alleviate VERB cblr-1745 1153 11 some some PRON cblr-1745 1153 12 of of ADP cblr-1745 1153 13 the the DET cblr-1745 1153 14 credit credit NOUN cblr-1745 1153 15 risk risk NOUN cblr-1745 1153 16 concerns.349 concerns.349 NOUN cblr-1745 1153 17 the the DET cblr-1745 1153 18 clearing clearing NOUN cblr-1745 1153 19 functionality functionality NOUN cblr-1745 1153 20 in in ADP cblr-1745 1153 21 particular particular ADJ cblr-1745 1153 22 has have AUX cblr-1745 1153 23 greatly greatly ADV cblr-1745 1153 24 reduced reduce VERB cblr-1745 1153 25 the the DET cblr-1745 1153 26 credit credit NOUN cblr-1745 1153 27 risks risk NOUN cblr-1745 1153 28 borne bear VERB cblr-1745 1153 29 by by ADP cblr-1745 1153 30 large large ADJ cblr-1745 1153 31 dealers dealer NOUN cblr-1745 1153 32 , , PUNCT cblr-1745 1153 33 who who PRON cblr-1745 1153 34 now now ADV cblr-1745 1153 35 novate novate VERB cblr-1745 1153 36 their their PRON cblr-1745 1153 37 positions position NOUN cblr-1745 1153 38 to to ADP cblr-1745 1153 39 clearinghouses.350 clearinghouses.350 PROPN cblr-1745 1153 40 risk risk NOUN cblr-1745 1153 41 is be AUX cblr-1745 1153 42 best well ADV cblr-1745 1153 43 mitigated mitigate VERB cblr-1745 1153 44 when when SCONJ cblr-1745 1153 45 dispersed disperse VERB cblr-1745 1153 46 across across ADP cblr-1745 1153 47 a a DET cblr-1745 1153 48 diverse diverse ADJ cblr-1745 1153 49 pool pool NOUN cblr-1745 1153 50 of of ADP cblr-1745 1153 51 members member NOUN cblr-1745 1153 52 , , PUNCT cblr-1745 1153 53 but but CCONJ cblr-1745 1153 54 thus thus ADV cblr-1745 1153 55 far far ADV cblr-1745 1153 56 , , PUNCT cblr-1745 1153 57 the the DET cblr-1745 1153 58 irs irs PROPN cblr-1745 1153 59 and and CCONJ cblr-1745 1153 60 cds cd NOUN cblr-1745 1153 61 clearinghouses clearinghouse NOUN cblr-1745 1153 62 have have AUX cblr-1745 1153 63 not not PART cblr-1745 1153 64 significantly significantly ADV cblr-1745 1153 65 opened open VERB cblr-1745 1153 66 up.351 up.351 NOUN cblr-1745 1153 67 ultimately ultimately ADV cblr-1745 1153 68 , , PUNCT cblr-1745 1153 69 clearinghouses clearinghouse NOUN cblr-1745 1153 70 cede cede VERB cblr-1745 1153 71 too too ADV cblr-1745 1153 72 much much ADJ cblr-1745 1153 73 of of ADP cblr-1745 1153 74 their their PRON cblr-1745 1153 75 risk risk NOUN cblr-1745 1153 76 management management NOUN cblr-1745 1153 77 discretion discretion NOUN cblr-1745 1153 78 to to ADP cblr-1745 1153 79 entities entity NOUN cblr-1745 1153 80 clouded cloud VERB cblr-1745 1153 81 by by ADP cblr-1745 1153 82 strong strong ADJ cblr-1745 1153 83 incentives incentive NOUN cblr-1745 1153 84 to to PART cblr-1745 1153 85 keep keep VERB cblr-1745 1153 86 trading trading NOUN cblr-1745 1153 87 and and CCONJ cblr-1745 1153 88 execution execution NOUN cblr-1745 1153 89 closed close VERB cblr-1745 1153 90 off off ADP cblr-1745 1153 91 to to ADP cblr-1745 1153 92 competitors.352 competitors.352 VERB cblr-1745 1153 93 c. c. NOUN cblr-1745 1153 94 weighing weigh VERB cblr-1745 1153 95 the the DET cblr-1745 1153 96 harms harm NOUN cblr-1745 1153 97 against against ADP cblr-1745 1153 98 the the DET cblr-1745 1153 99 benefits benefit NOUN cblr-1745 1153 100 given give VERB cblr-1745 1153 101 the the DET cblr-1745 1153 102 multitude multitude NOUN cblr-1745 1153 103 of of ADP cblr-1745 1153 104 issues issue NOUN cblr-1745 1153 105 implicated implicate VERB cblr-1745 1153 106 by by ADP cblr-1745 1153 107 parallel parallel ADJ cblr-1745 1153 108 exclusion exclusion NOUN cblr-1745 1153 109 in in ADP cblr-1745 1153 110 derivatives derivative NOUN cblr-1745 1153 111 markets market NOUN cblr-1745 1153 112 , , PUNCT cblr-1745 1153 113 how how SCONJ cblr-1745 1153 114 should should AUX cblr-1745 1153 115 its its PRON cblr-1745 1153 116 harms harm NOUN cblr-1745 1153 117 be be AUX cblr-1745 1153 118 compared compare VERB cblr-1745 1153 119 against against ADP cblr-1745 1153 120 its its PRON cblr-1745 1153 121 benefits benefit NOUN cblr-1745 1153 122 ? ? PUNCT cblr-1745 1154 1 to to PART cblr-1745 1154 2 prevent prevent VERB cblr-1745 1154 3 the the DET cblr-1745 1154 4 balancing balancing NOUN cblr-1745 1154 5 framework framework NOUN cblr-1745 1154 6 from from ADP cblr-1745 1154 7 becoming become VERB cblr-1745 1154 8 too too ADV cblr-1745 1154 9 unwieldy unwieldy ADJ cblr-1745 1154 10 , , PUNCT cblr-1745 1154 11 the the DET cblr-1745 1154 12 exclusion exclusion NOUN cblr-1745 1154 13 analysis analysis NOUN cblr-1745 1154 14 could could AUX cblr-1745 1154 15 be be AUX cblr-1745 1154 16 restricted restrict VERB cblr-1745 1154 17 to to ADP cblr-1745 1154 18 traditional traditional ADJ cblr-1745 1154 19 antitrust antitrust ADJ cblr-1745 1154 20 concerns concern NOUN cblr-1745 1154 21 such such ADJ cblr-1745 1154 22 as as ADP cblr-1745 1154 23 anticompetitive anticompetitive ADJ cblr-1745 1154 24 effects effect NOUN cblr-1745 1154 25 , , PUNCT cblr-1745 1154 26 consumer consumer NOUN cblr-1745 1154 27 welfare welfare NOUN cblr-1745 1154 28 , , PUNCT cblr-1745 1154 29 and and CCONJ cblr-1745 1154 30 enhanced enhance VERB cblr-1745 1154 31 efficiencies.353 efficiencies.353 NOUN cblr-1745 1154 32 within within ADP cblr-1745 1154 33 this this DET cblr-1745 1154 34 rubric rubric NOUN cblr-1745 1154 35 , , PUNCT cblr-1745 1154 36 this this DET cblr-1745 1154 37 article article NOUN cblr-1745 1154 38 asserts assert VERB cblr-1745 1154 39 that that SCONJ cblr-1745 1154 40 the the DET cblr-1745 1154 41 anticompetitive anticompetitive ADJ cblr-1745 1154 42 effects effect NOUN cblr-1745 1154 43 of of ADP cblr-1745 1154 44 parallel parallel ADJ cblr-1745 1154 45 exclusion exclusion NOUN cblr-1745 1154 46 in in ADP cblr-1745 1154 47 derivatives derivative NOUN cblr-1745 1154 48 markets market NOUN cblr-1745 1154 49 , , PUNCT cblr-1745 1154 50 along along ADP cblr-1745 1154 51 with with ADP cblr-1745 1154 52 the the DET cblr-1745 1154 53 harms harm NOUN cblr-1745 1154 54 to to ADP cblr-1745 1154 55 consumers consumer NOUN cblr-1745 1154 56 , , PUNCT cblr-1745 1154 57 outweigh outweigh VERB cblr-1745 1154 58 the the DET cblr-1745 1154 59 efficiencies efficiency NOUN cblr-1745 1154 60 . . PUNCT cblr-1745 1155 1 the the DET cblr-1745 1155 2 propensity propensity NOUN cblr-1745 1155 3 of of ADP cblr-1745 1155 4 large large ADJ cblr-1745 1155 5 dealers dealer NOUN cblr-1745 1155 6 to to PART cblr-1745 1155 7 sustain sustain VERB cblr-1745 1155 8 a a DET cblr-1745 1155 9 wide wide ADJ cblr-1745 1155 10 bid bid NOUN cblr-1745 1155 11 / / SYM cblr-1745 1155 12 ask ask NOUN cblr-1745 1155 13 spread spread NOUN cblr-1745 1155 14 is be AUX cblr-1745 1155 15 too too ADV cblr-1745 1155 16 well well ADV cblr-1745 1155 17 - - PUNCT cblr-1745 1155 18 documented,354 documented,354 NOUN cblr-1745 1155 19 and and CCONJ cblr-1745 1155 20 the the DET cblr-1745 1155 21 setbacks setback NOUN cblr-1745 1155 22 to to PART cblr-1745 1155 23 innovation innovation NOUN cblr-1745 1155 24 too too ADV cblr-1745 1155 25 significant,355 significant,355 PROPN cblr-1745 1155 26 to to PART cblr-1745 1155 27 be be AUX cblr-1745 1155 28 offset offset VERB cblr-1745 1155 29 by by ADP cblr-1745 1155 30 349 349 NUM cblr-1745 1155 31 see see NOUN cblr-1745 1155 32 supra supra PROPN cblr-1745 1155 33 note note NOUN cblr-1745 1155 34 270 270 NUM cblr-1745 1155 35 and and CCONJ cblr-1745 1155 36 accompanying accompany VERB cblr-1745 1155 37 text text NOUN cblr-1745 1155 38 . . PUNCT cblr-1745 1156 1 350 350 NUM cblr-1745 1156 2 see see VERB cblr-1745 1156 3 jeremy jeremy PROPN cblr-1745 1156 4 c. c. PROPN cblr-1745 1156 5 kress kress PROPN cblr-1745 1156 6 , , PUNCT cblr-1745 1156 7 credit credit NOUN cblr-1745 1156 8 default default NOUN cblr-1745 1156 9 swaps swap NOUN cblr-1745 1156 10 , , PUNCT cblr-1745 1156 11 clearinghouses clearinghouse NOUN cblr-1745 1156 12 , , PUNCT cblr-1745 1156 13 and and CCONJ cblr-1745 1156 14 systemic systemic ADJ cblr-1745 1156 15 risk risk NOUN cblr-1745 1156 16 : : PUNCT cblr-1745 1156 17 why why SCONJ cblr-1745 1156 18 centralized centralized ADJ cblr-1745 1156 19 counterparties counterpartie NOUN cblr-1745 1156 20 must must AUX cblr-1745 1156 21 have have VERB cblr-1745 1156 22 access access NOUN cblr-1745 1156 23 to to ADP cblr-1745 1156 24 central central ADJ cblr-1745 1156 25 bank bank NOUN cblr-1745 1156 26 liquidity liquidity NOUN cblr-1745 1156 27 , , PUNCT cblr-1745 1156 28 48 48 NUM cblr-1745 1156 29 harv harv NOUN cblr-1745 1156 30 . . PUNCT cblr-1745 1157 1 j. j. PROPN cblr-1745 1157 2 on on ADP cblr-1745 1157 3 legis legis PROPN cblr-1745 1157 4 . . PUNCT cblr-1745 1158 1 49 49 NUM cblr-1745 1158 2 , , PUNCT cblr-1745 1158 3 65–66 65–66 NUM cblr-1745 1158 4 ( ( PUNCT cblr-1745 1158 5 2011 2011 NUM cblr-1745 1158 6 ) ) PUNCT cblr-1745 1158 7 . . PUNCT cblr-1745 1159 1 351 351 NUM cblr-1745 1159 2 see see VERB cblr-1745 1159 3 supra supra PROPN cblr-1745 1159 4 notes note VERB cblr-1745 1159 5 251–254 251–254 NUM cblr-1745 1159 6 and and CCONJ cblr-1745 1159 7 257–259 257–259 NUM cblr-1745 1159 8 and and CCONJ cblr-1745 1159 9 accompanying accompany VERB cblr-1745 1159 10 text text NOUN cblr-1745 1159 11 . . PUNCT cblr-1745 1160 1 352 352 NUM cblr-1745 1160 2 see see VERB cblr-1745 1160 3 chang chang PROPN cblr-1745 1160 4 , , PUNCT cblr-1745 1160 5 supra supra PROPN cblr-1745 1160 6 note note PROPN cblr-1745 1160 7 14 14 NUM cblr-1745 1160 8 , , PUNCT cblr-1745 1160 9 at at ADP cblr-1745 1160 10 97 97 NUM cblr-1745 1160 11 . . PUNCT cblr-1745 1161 1 353 353 NUM cblr-1745 1161 2 see see VERB cblr-1745 1161 3 supra supra PROPN cblr-1745 1161 4 notes note NOUN cblr-1745 1161 5 35 35 NUM cblr-1745 1161 6 , , PUNCT cblr-1745 1161 7 55 55 NUM cblr-1745 1161 8 . . X cblr-1745 1161 9 354 354 NUM cblr-1745 1161 10 see see VERB cblr-1745 1161 11 supra supra PROPN cblr-1745 1161 12 section section PROPN cblr-1745 1161 13 ii.b ii.b PROPN cblr-1745 1161 14 . . PUNCT cblr-1745 1161 15 355 355 NUM cblr-1745 1161 16 see see VERB cblr-1745 1161 17 supra supra PROPN cblr-1745 1161 18 section section PROPN cblr-1745 1161 19 iv.b iv.b PROPN cblr-1745 1161 20 . . PUNCT cblr-1745 1162 1 chang chang PROPN cblr-1745 1162 2 – – PUNCT cblr-1745 1162 3 final final ADJ cblr-1745 1162 4 736 736 NUM cblr-1745 1162 5 columbia columbia PROPN cblr-1745 1162 6 business business NOUN cblr-1745 1162 7 law law PROPN cblr-1745 1162 8 review review NOUN cblr-1745 1163 1 [ [ X cblr-1745 1163 2 vol vol NOUN cblr-1745 1163 3 . . NOUN cblr-1745 1163 4 2016 2016 NUM cblr-1745 1163 5 efficiencies efficiency NOUN cblr-1745 1163 6 that that PRON cblr-1745 1163 7 rest rest VERB cblr-1745 1163 8 upon upon SCONJ cblr-1745 1163 9 dubious dubious ADJ cblr-1745 1163 10 assumptions.356 assumptions.356 NOUN cblr-1745 1163 11 in in ADP cblr-1745 1163 12 sum sum NOUN cblr-1745 1163 13 , , PUNCT cblr-1745 1163 14 this this DET cblr-1745 1163 15 scheme scheme NOUN cblr-1745 1163 16 should should AUX cblr-1745 1163 17 not not PART cblr-1745 1163 18 be be AUX cblr-1745 1163 19 permitted permit VERB cblr-1745 1163 20 to to PART cblr-1745 1163 21 continue continue VERB cblr-1745 1163 22 . . PUNCT cblr-1745 1164 1 what what PRON cblr-1745 1164 2 animates animate VERB cblr-1745 1164 3 this this DET cblr-1745 1164 4 article article NOUN cblr-1745 1164 5 , , PUNCT cblr-1745 1164 6 however however ADV cblr-1745 1164 7 , , PUNCT cblr-1745 1164 8 is be AUX cblr-1745 1164 9 the the DET cblr-1745 1164 10 aim aim NOUN cblr-1745 1164 11 of of ADP cblr-1745 1164 12 infusing infuse VERB cblr-1745 1164 13 the the DET cblr-1745 1164 14 exclusion exclusion NOUN cblr-1745 1164 15 rubric rubric NOUN cblr-1745 1164 16 with with ADP cblr-1745 1164 17 an an DET cblr-1745 1164 18 awareness awareness NOUN cblr-1745 1164 19 of of ADP cblr-1745 1164 20 financial financial ADJ cblr-1745 1164 21 risk risk NOUN cblr-1745 1164 22 . . PUNCT cblr-1745 1165 1 to to ADP cblr-1745 1165 2 that that DET cblr-1745 1165 3 end end NOUN cblr-1745 1165 4 , , PUNCT cblr-1745 1165 5 this this DET cblr-1745 1165 6 section section NOUN cblr-1745 1165 7 contemplated contemplate VERB cblr-1745 1165 8 systemic systemic ADJ cblr-1745 1165 9 risk risk NOUN cblr-1745 1165 10 exacerbation exacerbation NOUN cblr-1745 1165 11 as as ADP cblr-1745 1165 12 a a DET cblr-1745 1165 13 harm harm NOUN cblr-1745 1165 14 of of ADP cblr-1745 1165 15 parallel parallel ADJ cblr-1745 1165 16 exclusion exclusion NOUN cblr-1745 1165 17 and and CCONJ cblr-1745 1165 18 credit credit NOUN cblr-1745 1165 19 risk risk NOUN cblr-1745 1165 20 mitigation mitigation NOUN cblr-1745 1165 21 as as ADP cblr-1745 1165 22 a a DET cblr-1745 1165 23 benefit benefit NOUN cblr-1745 1165 24 . . PUNCT cblr-1745 1166 1 considered consider VERB cblr-1745 1166 2 in in ADP cblr-1745 1166 3 tandem tandem PROPN cblr-1745 1166 4 , , PUNCT cblr-1745 1166 5 systemic systemic ADJ cblr-1745 1166 6 risk risk NOUN cblr-1745 1166 7 is be AUX cblr-1745 1166 8 exacerbated exacerbate VERB cblr-1745 1166 9 — — PUNCT cblr-1745 1166 10 by by ADP cblr-1745 1166 11 keeping keep VERB cblr-1745 1166 12 clearinghouse clearinghouse NOUN cblr-1745 1166 13 membership membership NOUN cblr-1745 1166 14 closed close VERB cblr-1745 1166 15 and and CCONJ cblr-1745 1167 1 the the DET cblr-1745 1167 2 dealer dealer NOUN cblr-1745 1167 3 oligopoly oligopoly ADJ cblr-1745 1167 4 impermeable impermeable ADJ cblr-1745 1167 5 — — PUNCT cblr-1745 1167 6 far far ADV cblr-1745 1167 7 more more ADJ cblr-1745 1167 8 than than ADP cblr-1745 1167 9 credit credit NOUN cblr-1745 1167 10 risk risk NOUN cblr-1745 1167 11 mitigated mitigate VERB cblr-1745 1167 12 by by ADP cblr-1745 1167 13 virtue virtue NOUN cblr-1745 1167 14 of of ADP cblr-1745 1167 15 the the DET cblr-1745 1167 16 same same ADJ cblr-1745 1167 17 behavior behavior NOUN cblr-1745 1167 18 . . PUNCT cblr-1745 1168 1 this this DET cblr-1745 1168 2 tips tip NOUN cblr-1745 1168 3 the the DET cblr-1745 1168 4 scales scale NOUN cblr-1745 1168 5 even even ADV cblr-1745 1168 6 more more ADV cblr-1745 1168 7 dramatically dramatically ADV cblr-1745 1168 8 against against ADP cblr-1745 1168 9 parallel parallel ADJ cblr-1745 1168 10 exclusion exclusion NOUN cblr-1745 1168 11 . . PUNCT cblr-1745 1169 1 however however ADV cblr-1745 1169 2 , , PUNCT cblr-1745 1169 3 accounting account VERB cblr-1745 1169 4 for for ADP cblr-1745 1169 5 extra extra ADJ cblr-1745 1169 6 - - ADJ cblr-1745 1169 7 antitrust antitrust ADJ cblr-1745 1169 8 concerns concern NOUN cblr-1745 1169 9 such such ADJ cblr-1745 1169 10 as as ADP cblr-1745 1169 11 financial financial ADJ cblr-1745 1169 12 risk risk NOUN cblr-1745 1169 13 may may AUX cblr-1745 1169 14 further far ADV cblr-1745 1169 15 muddle muddle VERB cblr-1745 1169 16 an an DET cblr-1745 1169 17 already already ADV cblr-1745 1169 18 confused confuse VERB cblr-1745 1169 19 framework framework NOUN cblr-1745 1169 20 . . PUNCT cblr-1745 1170 1 the the DET cblr-1745 1170 2 assessment assessment NOUN cblr-1745 1170 3 of of ADP cblr-1745 1170 4 market market NOUN cblr-1745 1170 5 power power NOUN cblr-1745 1170 6 has have AUX cblr-1745 1170 7 been be AUX cblr-1745 1170 8 fraught fraught ADJ cblr-1745 1170 9 with with ADP cblr-1745 1170 10 controversy controversy NOUN cblr-1745 1170 11 , , PUNCT cblr-1745 1170 12 and and CCONJ cblr-1745 1170 13 anticompetitive anticompetitive ADJ cblr-1745 1170 14 effects effect NOUN cblr-1745 1170 15 and and CCONJ cblr-1745 1170 16 efficiencies efficiency NOUN cblr-1745 1170 17 have have AUX cblr-1745 1170 18 been be AUX cblr-1745 1170 19 subjected subject VERB cblr-1745 1170 20 to to ADP cblr-1745 1170 21 similarly similarly ADV cblr-1745 1170 22 intense intense ADJ cblr-1745 1170 23 debate debate NOUN cblr-1745 1170 24 over over ADP cblr-1745 1170 25 antitrust antitrust ADJ cblr-1745 1170 26 ’s ’s PART cblr-1745 1170 27 objectives objective NOUN cblr-1745 1170 28 . . PUNCT cblr-1745 1171 1 piling pile VERB cblr-1745 1171 2 on on ADP cblr-1745 1171 3 financial financial ADJ cblr-1745 1171 4 risk risk NOUN cblr-1745 1171 5 will will AUX cblr-1745 1171 6 not not PART cblr-1745 1171 7 simplify simplify VERB cblr-1745 1171 8 the the DET cblr-1745 1171 9 enforcer enforcer NOUN cblr-1745 1171 10 ’s ’s PART cblr-1745 1171 11 task task NOUN cblr-1745 1171 12 of of ADP cblr-1745 1171 13 weighing weigh VERB cblr-1745 1171 14 the the DET cblr-1745 1171 15 harms harm NOUN cblr-1745 1171 16 and and CCONJ cblr-1745 1171 17 the the DET cblr-1745 1171 18 gains.357 gains.357 NOUN cblr-1745 1171 19 if if SCONJ cblr-1745 1171 20 anything anything PRON cblr-1745 1171 21 , , PUNCT cblr-1745 1171 22 it it PRON cblr-1745 1171 23 vitiates vitiate VERB cblr-1745 1171 24 an an DET cblr-1745 1171 25 institutional institutional ADJ cblr-1745 1171 26 design design NOUN cblr-1745 1171 27 that that PRON cblr-1745 1171 28 has have AUX cblr-1745 1171 29 partitioned partition VERB cblr-1745 1171 30 competition competition NOUN cblr-1745 1171 31 and and CCONJ cblr-1745 1171 32 financial financial ADJ cblr-1745 1171 33 stability stability NOUN cblr-1745 1171 34 as as ADP cblr-1745 1171 35 competences competence NOUN cblr-1745 1171 36 for for ADP cblr-1745 1171 37 antitrust antitrust ADJ cblr-1745 1171 38 and and CCONJ cblr-1745 1171 39 financial financial ADJ cblr-1745 1171 40 regulators regulator NOUN cblr-1745 1171 41 , , PUNCT cblr-1745 1171 42 respectively.358 respectively.358 VERB cblr-1745 1171 43 356 356 NUM cblr-1745 1171 44 see see VERB cblr-1745 1171 45 supra supra ADJ cblr-1745 1171 46 notes note NOUN cblr-1745 1171 47 330–339 330–339 NUM cblr-1745 1171 48 and and CCONJ cblr-1745 1171 49 accompanying accompany VERB cblr-1745 1171 50 text text NOUN cblr-1745 1171 51 . . PUNCT cblr-1745 1172 1 357 357 NUM cblr-1745 1172 2 for for ADP cblr-1745 1172 3 an an DET cblr-1745 1172 4 especially especially ADV cblr-1745 1172 5 poignant poignant ADJ cblr-1745 1172 6 description description NOUN cblr-1745 1172 7 of of ADP cblr-1745 1172 8 the the DET cblr-1745 1172 9 quandary quandary NOUN cblr-1745 1172 10 , , PUNCT cblr-1745 1172 11 see see VERB cblr-1745 1172 12 richard richard PROPN cblr-1745 1172 13 a. a. NOUN cblr-1745 1172 14 posner posner PROPN cblr-1745 1172 15 , , PUNCT cblr-1745 1172 16 reflections reflection NOUN cblr-1745 1172 17 on on ADP cblr-1745 1172 18 judging judge VERB cblr-1745 1172 19 6 6 NUM cblr-1745 1172 20 ( ( PUNCT cblr-1745 1172 21 2013 2013 NUM cblr-1745 1172 22 ) ) PUNCT cblr-1745 1172 23 ( ( PUNCT cblr-1745 1172 24 “ " PUNCT cblr-1745 1172 25 what what PRON cblr-1745 1172 26 is be AUX cblr-1745 1172 27 reasonable reasonable ADJ cblr-1745 1172 28 or or CCONJ cblr-1745 1172 29 sensible sensible ADJ cblr-1745 1172 30 will will AUX cblr-1745 1172 31 often often ADV cblr-1745 1172 32 depend depend VERB cblr-1745 1172 33 on on ADP cblr-1745 1172 34 moral moral ADJ cblr-1745 1172 35 feelings feeling NOUN cblr-1745 1172 36 , , PUNCT cblr-1745 1172 37 common common ADJ cblr-1745 1172 38 sense sense NOUN cblr-1745 1172 39 , , PUNCT cblr-1745 1172 40 sympathies sympathy NOUN cblr-1745 1172 41 , , PUNCT cblr-1745 1172 42 and and CCONJ cblr-1745 1172 43 other other ADJ cblr-1745 1172 44 ingredients ingredient NOUN cblr-1745 1172 45 of of ADP cblr-1745 1172 46 thought thought NOUN cblr-1745 1172 47 and and CCONJ cblr-1745 1172 48 feeling feel VERB cblr-1745 1172 49 that that PRON cblr-1745 1172 50 ca can AUX cblr-1745 1172 51 n’t not PART cblr-1745 1172 52 readily readily ADV cblr-1745 1172 53 be be AUX cblr-1745 1172 54 translated translate VERB cblr-1745 1172 55 into into ADP cblr-1745 1172 56 a a DET cblr-1745 1172 57 weighing weighing NOUN cblr-1745 1172 58 of of ADP cblr-1745 1172 59 measurable measurable ADJ cblr-1745 1172 60 consequences consequence NOUN cblr-1745 1172 61 . . PUNCT cblr-1745 1172 62 ” " PUNCT cblr-1745 1172 63 ) ) PUNCT cblr-1745 1172 64 . . PUNCT cblr-1745 1173 1 due due ADJ cblr-1745 1173 2 perhaps perhaps ADV cblr-1745 1173 3 to to ADP cblr-1745 1173 4 the the DET cblr-1745 1173 5 complexity complexity NOUN cblr-1745 1173 6 of of ADP cblr-1745 1173 7 its its PRON cblr-1745 1173 8 substance substance NOUN cblr-1745 1173 9 , , PUNCT cblr-1745 1173 10 antitrust antitrust ADJ cblr-1745 1173 11 has have AUX cblr-1745 1173 12 had have VERB cblr-1745 1173 13 a a DET cblr-1745 1173 14 history history NOUN cblr-1745 1173 15 of of ADP cblr-1745 1173 16 obfuscating obfuscating ADJ cblr-1745 1173 17 procedure procedure NOUN cblr-1745 1173 18 . . PUNCT cblr-1745 1174 1 see see VERB cblr-1745 1174 2 , , PUNCT cblr-1745 1174 3 e.g. e.g. ADV cblr-1745 1174 4 , , PUNCT cblr-1745 1174 5 bell bell PROPN cblr-1745 1174 6 atl atl PROPN cblr-1745 1174 7 . . PROPN cblr-1745 1174 8 corp corp PROPN cblr-1745 1174 9 . . PROPN cblr-1745 1175 1 v. v. CCONJ cblr-1745 1175 2 twombly twombly ADV cblr-1745 1175 3 , , PUNCT cblr-1745 1175 4 550 550 NUM cblr-1745 1175 5 u.s u.s PROPN cblr-1745 1175 6 . . PROPN cblr-1745 1175 7 544 544 NUM cblr-1745 1175 8 , , PUNCT cblr-1745 1175 9 547–48 547–48 NUM cblr-1745 1175 10 ( ( PUNCT cblr-1745 1175 11 2007 2007 NUM cblr-1745 1175 12 ) ) PUNCT cblr-1745 1175 13 ( ( PUNCT cblr-1745 1175 14 pleadings pleading NOUN cblr-1745 1175 15 ) ) PUNCT cblr-1745 1175 16 ; ; PUNCT cblr-1745 1175 17 matsushita matsushita PROPN cblr-1745 1175 18 elec elec PROPN cblr-1745 1175 19 . . PROPN cblr-1745 1175 20 indus indus PROPN cblr-1745 1175 21 . . PUNCT cblr-1745 1175 22 co. co. PROPN cblr-1745 1176 1 v. v. ADP cblr-1745 1176 2 zenith zenith PROPN cblr-1745 1176 3 radio radio PROPN cblr-1745 1176 4 corp corp PROPN cblr-1745 1176 5 . . PROPN cblr-1745 1176 6 , , PUNCT cblr-1745 1176 7 475 475 NUM cblr-1745 1176 8 u.s u.s PROPN cblr-1745 1176 9 . . PROPN cblr-1745 1176 10 574 574 NUM cblr-1745 1176 11 , , PUNCT cblr-1745 1176 12 576–77 576–77 NUM cblr-1745 1176 13 ( ( PUNCT cblr-1745 1176 14 1986 1986 NUM cblr-1745 1176 15 ) ) PUNCT cblr-1745 1176 16 ( ( PUNCT cblr-1745 1176 17 summary summary NOUN cblr-1745 1176 18 judgment judgment NOUN cblr-1745 1176 19 ) ) PUNCT cblr-1745 1176 20 . . PUNCT cblr-1745 1177 1 358 358 NUM cblr-1745 1177 2 the the DET cblr-1745 1177 3 boundaries boundary NOUN cblr-1745 1177 4 are be AUX cblr-1745 1177 5 somewhat somewhat ADV cblr-1745 1177 6 fluid fluid ADJ cblr-1745 1177 7 though though ADV cblr-1745 1177 8 . . PUNCT cblr-1745 1178 1 financial financial ADJ cblr-1745 1178 2 regulators regulator NOUN cblr-1745 1178 3 are be AUX cblr-1745 1178 4 empowered empower VERB cblr-1745 1178 5 to to PART cblr-1745 1178 6 consider consider VERB cblr-1745 1178 7 the the DET cblr-1745 1178 8 effects effect NOUN cblr-1745 1178 9 upon upon SCONJ cblr-1745 1178 10 competition competition NOUN cblr-1745 1178 11 in in ADP cblr-1745 1178 12 their their PRON cblr-1745 1178 13 rulemaking rulemaking NOUN cblr-1745 1178 14 . . PUNCT cblr-1745 1179 1 the the DET cblr-1745 1179 2 literature literature NOUN cblr-1745 1179 3 on on ADP cblr-1745 1179 4 regulatory regulatory ADJ cblr-1745 1179 5 capture capture NOUN cblr-1745 1179 6 proffers proffer NOUN cblr-1745 1179 7 antitrust antitrust ADJ cblr-1745 1179 8 as as ADP cblr-1745 1179 9 a a DET cblr-1745 1179 10 countermeasure countermeasure NOUN cblr-1745 1179 11 to to PART cblr-1745 1179 12 wrest wrest VERB cblr-1745 1179 13 control control NOUN cblr-1745 1179 14 from from ADP cblr-1745 1179 15 interested interested ADJ cblr-1745 1179 16 regulators regulator NOUN cblr-1745 1179 17 . . PUNCT cblr-1745 1180 1 chang chang PROPN cblr-1745 1180 2 – – PUNCT cblr-1745 1180 3 final final ADJ cblr-1745 1180 4 no no NOUN cblr-1745 1180 5 . . PUNCT cblr-1745 1181 1 3:657 3:657 NUM cblr-1745 1181 2 ] ] X cblr-1745 1181 3 second second ADJ cblr-1745 1181 4 - - PUNCT cblr-1745 1181 5 generation generation NOUN cblr-1745 1181 6 monopolization monopolization NOUN cblr-1745 1181 7 737 737 NUM cblr-1745 1181 8 the the DET cblr-1745 1181 9 current current ADJ cblr-1745 1181 10 institutional institutional ADJ cblr-1745 1181 11 design design NOUN cblr-1745 1181 12 need need AUX cblr-1745 1181 13 not not PART cblr-1745 1181 14 be be AUX cblr-1745 1181 15 sacrosanct sacrosanct ADJ cblr-1745 1181 16 . . PUNCT cblr-1745 1182 1 the the DET cblr-1745 1182 2 failure failure NOUN cblr-1745 1182 3 of of ADP cblr-1745 1182 4 both both DET cblr-1745 1182 5 sets set NOUN cblr-1745 1182 6 of of ADP cblr-1745 1182 7 regulators regulator NOUN cblr-1745 1182 8 to to PART cblr-1745 1182 9 head head VERB cblr-1745 1182 10 off off ADP cblr-1745 1182 11 the the DET cblr-1745 1182 12 financial financial ADJ cblr-1745 1182 13 crisis crisis NOUN cblr-1745 1182 14 suggests suggest VERB cblr-1745 1182 15 that that SCONJ cblr-1745 1182 16 the the DET cblr-1745 1182 17 regulatory regulatory ADJ cblr-1745 1182 18 design design NOUN cblr-1745 1182 19 is be AUX cblr-1745 1182 20 too too ADV cblr-1745 1182 21 rigid rigid ADJ cblr-1745 1182 22 to to PART cblr-1745 1182 23 anticipate anticipate VERB cblr-1745 1182 24 and and CCONJ cblr-1745 1182 25 correct correct VERB cblr-1745 1182 26 for for ADP cblr-1745 1182 27 its its PRON cblr-1745 1182 28 own own ADJ cblr-1745 1182 29 blind blind ADJ cblr-1745 1182 30 spots.359 spots.359 NOUN cblr-1745 1182 31 this this DET cblr-1745 1182 32 track track NOUN cblr-1745 1182 33 record record NOUN cblr-1745 1182 34 does do AUX cblr-1745 1182 35 not not PART cblr-1745 1182 36 bode bode VERB cblr-1745 1182 37 well well ADV cblr-1745 1182 38 for for ADP cblr-1745 1182 39 the the DET cblr-1745 1182 40 otc otc PROPN cblr-1745 1182 41 derivatives derivative NOUN cblr-1745 1182 42 markets market NOUN cblr-1745 1182 43 . . PUNCT cblr-1745 1183 1 even even ADV cblr-1745 1183 2 if if SCONJ cblr-1745 1183 3 monopolization monopolization NOUN cblr-1745 1183 4 jurisprudence jurisprudence NOUN cblr-1745 1183 5 develops develop VERB cblr-1745 1183 6 to to ADP cblr-1745 1183 7 the the DET cblr-1745 1183 8 point point NOUN cblr-1745 1183 9 of of ADP cblr-1745 1183 10 curtailing curtail VERB cblr-1745 1183 11 parallel parallel ADJ cblr-1745 1183 12 exclusion exclusion NOUN cblr-1745 1183 13 , , PUNCT cblr-1745 1183 14 today today NOUN cblr-1745 1183 15 ’s ’s PART cblr-1745 1183 16 dominant dominant ADJ cblr-1745 1183 17 dealers dealer NOUN cblr-1745 1183 18 will will AUX cblr-1745 1183 19 exit exit VERB cblr-1745 1183 20 the the DET cblr-1745 1183 21 markets market NOUN cblr-1745 1183 22 , , PUNCT cblr-1745 1183 23 and and CCONJ cblr-1745 1183 24 new new ADJ cblr-1745 1183 25 hedging hedging NOUN cblr-1745 1183 26 strategies strategy NOUN cblr-1745 1183 27 will will AUX cblr-1745 1183 28 arise arise VERB cblr-1745 1183 29 in in ADP cblr-1745 1183 30 the the DET cblr-1745 1183 31 interstices interstice NOUN cblr-1745 1183 32 between between ADP cblr-1745 1183 33 financial financial ADJ cblr-1745 1183 34 regulation regulation NOUN cblr-1745 1183 35 and and CCONJ cblr-1745 1183 36 antitrust.360 antitrust.360 NOUN cblr-1745 1183 37 after after ADV cblr-1745 1183 38 all all ADV cblr-1745 1183 39 , , PUNCT cblr-1745 1183 40 derivatives derivative NOUN cblr-1745 1183 41 themselves themselves PRON cblr-1745 1183 42 were be AUX cblr-1745 1183 43 innovations innovation NOUN cblr-1745 1183 44 responding respond VERB cblr-1745 1183 45 to to ADP cblr-1745 1183 46 the the DET cblr-1745 1183 47 desire desire NOUN cblr-1745 1183 48 of of ADP cblr-1745 1183 49 end end NOUN cblr-1745 1183 50 - - PUNCT cblr-1745 1183 51 users user NOUN cblr-1745 1183 52 to to PART cblr-1745 1183 53 transfer transfer VERB cblr-1745 1183 54 or or CCONJ cblr-1745 1183 55 modulate modulate VERB cblr-1745 1183 56 market market NOUN cblr-1745 1183 57 risks risk NOUN cblr-1745 1183 58 in in ADP cblr-1745 1183 59 novel novel ADJ cblr-1745 1183 60 ways.361 ways.361 NOUN cblr-1745 1183 61 market market NOUN cblr-1745 1183 62 definition definition NOUN cblr-1745 1183 63 , , PUNCT cblr-1745 1183 64 however however ADV cblr-1745 1183 65 , , PUNCT cblr-1745 1183 66 may may AUX cblr-1745 1183 67 offer offer VERB cblr-1745 1183 68 a a DET cblr-1745 1183 69 way way NOUN cblr-1745 1183 70 of of ADP cblr-1745 1183 71 thwarting thwart VERB cblr-1745 1183 72 the the DET cblr-1745 1183 73 possibility possibility NOUN cblr-1745 1183 74 that that SCONJ cblr-1745 1183 75 new new ADJ cblr-1745 1183 76 alternatives alternative NOUN cblr-1745 1183 77 to to ADP cblr-1745 1183 78 derivatives derivative NOUN cblr-1745 1183 79 will will AUX cblr-1745 1183 80 precipitate precipitate VERB cblr-1745 1183 81 another another DET cblr-1745 1183 82 crisis crisis NOUN cblr-1745 1183 83 . . PUNCT cblr-1745 1184 1 anticipating anticipate VERB cblr-1745 1184 2 substitute substitute NOUN cblr-1745 1184 3 products product NOUN cblr-1745 1184 4 is be AUX cblr-1745 1184 5 a a DET cblr-1745 1184 6 key key ADJ cblr-1745 1184 7 part part NOUN cblr-1745 1184 8 of of ADP cblr-1745 1184 9 market market NOUN cblr-1745 1184 10 definition definition NOUN cblr-1745 1184 11 ; ; PUNCT cblr-1745 1184 12 antitrust antitrust ADJ cblr-1745 1184 13 regularly regularly ADV cblr-1745 1184 14 contends contend VERB cblr-1745 1184 15 with with ADP cblr-1745 1184 16 competing compete VERB cblr-1745 1184 17 narratives narrative NOUN cblr-1745 1184 18 about about ADP cblr-1745 1184 19 substitutability substitutability NOUN cblr-1745 1184 20 and and CCONJ cblr-1745 1184 21 crosselasticities crosselasticitie NOUN cblr-1745 1184 22 in in ADP cblr-1745 1184 23 drawing draw VERB cblr-1745 1184 24 the the DET cblr-1745 1184 25 relevant relevant ADJ cblr-1745 1184 26 market.362 market.362 PROPN cblr-1745 1184 27 financial financial ADJ cblr-1745 1184 28 regulators regulator NOUN cblr-1745 1184 29 , , PUNCT cblr-1745 1184 30 however however ADV cblr-1745 1184 31 , , PUNCT cblr-1745 1184 32 are be AUX cblr-1745 1184 33 often often ADV cblr-1745 1184 34 slow slow ADJ cblr-1745 1184 35 to to PART cblr-1745 1184 36 predict predict VERB cblr-1745 1184 37 the the DET cblr-1745 1184 38 unregulated unregulated ADJ cblr-1745 1184 39 spaces space NOUN cblr-1745 1184 40 that that PRON cblr-1745 1184 41 regulated regulated ADJ cblr-1745 1184 42 firms firm NOUN cblr-1745 1184 43 turn turn VERB cblr-1745 1184 44 to.363 to.363 ADV cblr-1745 1184 45 by by ADP cblr-1745 1184 46 359 359 NUM cblr-1745 1184 47 for for ADP cblr-1745 1184 48 example example NOUN cblr-1745 1184 49 , , PUNCT cblr-1745 1184 50 as as SCONJ cblr-1745 1184 51 traditional traditional ADJ cblr-1745 1184 52 financial financial ADJ cblr-1745 1184 53 intermediaries intermediary NOUN cblr-1745 1184 54 faced face VERB cblr-1745 1184 55 heightened heightened ADJ cblr-1745 1184 56 regulation regulation NOUN cblr-1745 1184 57 , , PUNCT cblr-1745 1184 58 risk risk NOUN cblr-1745 1184 59 functions function NOUN cblr-1745 1184 60 were be AUX cblr-1745 1184 61 outsourced outsource VERB cblr-1745 1184 62 to to ADP cblr-1745 1184 63 less less ADV cblr-1745 1184 64 regulated regulated ADJ cblr-1745 1184 65 intermediaries intermediary NOUN cblr-1745 1184 66 in in ADP cblr-1745 1184 67 the the DET cblr-1745 1184 68 capital capital NOUN cblr-1745 1184 69 markets market NOUN cblr-1745 1184 70 . . PUNCT cblr-1745 1185 1 charles charles PROPN cblr-1745 1185 2 k. k. PROPN cblr-1745 1185 3 whitehead whitehead PROPN cblr-1745 1185 4 , , PUNCT cblr-1745 1185 5 reframing reframe VERB cblr-1745 1185 6 financial financial ADJ cblr-1745 1185 7 regulation regulation NOUN cblr-1745 1185 8 , , PUNCT cblr-1745 1185 9 90 90 NUM cblr-1745 1185 10 b.u b.u PROPN cblr-1745 1185 11 . . PROPN cblr-1745 1185 12 l. l. PROPN cblr-1745 1185 13 rev rev PROPN cblr-1745 1185 14 . . PROPN cblr-1745 1185 15 1 1 NUM cblr-1745 1185 16 , , PUNCT cblr-1745 1185 17 16–20 16–20 NUM cblr-1745 1185 18 ( ( PUNCT cblr-1745 1185 19 2010 2010 NUM cblr-1745 1185 20 ) ) PUNCT cblr-1745 1185 21 ; ; PUNCT cblr-1745 1185 22 kathryn kathryn PROPN cblr-1745 1185 23 judge judge PROPN cblr-1745 1185 24 , , PUNCT cblr-1745 1185 25 fragmentation fragmentation NOUN cblr-1745 1185 26 nodes nod VERB cblr-1745 1185 27 : : PUNCT cblr-1745 1185 28 a a DET cblr-1745 1185 29 study study NOUN cblr-1745 1185 30 in in ADP cblr-1745 1185 31 financial financial ADJ cblr-1745 1185 32 innovation innovation NOUN cblr-1745 1185 33 , , PUNCT cblr-1745 1185 34 complexity complexity NOUN cblr-1745 1185 35 , , PUNCT cblr-1745 1185 36 and and CCONJ cblr-1745 1185 37 systemic systemic ADJ cblr-1745 1185 38 risk risk NOUN cblr-1745 1185 39 , , PUNCT cblr-1745 1185 40 64 64 NUM cblr-1745 1185 41 stan stan PROPN cblr-1745 1185 42 . . PUNCT cblr-1745 1186 1 l. l. PROPN cblr-1745 1186 2 rev rev PROPN cblr-1745 1186 3 . . PROPN cblr-1745 1186 4 657 657 NUM cblr-1745 1186 5 , , PUNCT cblr-1745 1186 6 665–67 665–67 NUM cblr-1745 1186 7 ( ( PUNCT cblr-1745 1186 8 2012 2012 NUM cblr-1745 1186 9 ) ) PUNCT cblr-1745 1186 10 . . PUNCT cblr-1745 1187 1 astonishingly astonishingly ADV cblr-1745 1187 2 , , PUNCT cblr-1745 1187 3 even even ADV cblr-1745 1187 4 where where SCONJ cblr-1745 1187 5 change change NOUN cblr-1745 1187 6 has have AUX cblr-1745 1187 7 been be AUX cblr-1745 1187 8 slow slow ADJ cblr-1745 1187 9 and and CCONJ cblr-1745 1187 10 incremental incremental ADJ cblr-1745 1187 11 , , PUNCT cblr-1745 1187 12 regulators regulator NOUN cblr-1745 1187 13 have have AUX cblr-1745 1187 14 failed fail VERB cblr-1745 1187 15 to to PART cblr-1745 1187 16 exhibit exhibit VERB cblr-1745 1187 17 the the DET cblr-1745 1187 18 imagination imagination NOUN cblr-1745 1187 19 necessary necessary ADJ cblr-1745 1187 20 to to PART cblr-1745 1187 21 rein rein VERB cblr-1745 1187 22 in in ADP cblr-1745 1187 23 the the DET cblr-1745 1187 24 unintended unintended ADJ cblr-1745 1187 25 consequences consequence NOUN cblr-1745 1187 26 . . PUNCT cblr-1745 1188 1 see see VERB cblr-1745 1188 2 , , PUNCT cblr-1745 1188 3 e.g. e.g. ADV cblr-1745 1188 4 , , PUNCT cblr-1745 1188 5 omarova omarova PROPN cblr-1745 1188 6 , , PUNCT cblr-1745 1188 7 supra supra PROPN cblr-1745 1188 8 note note NOUN cblr-1745 1188 9 225 225 NUM cblr-1745 1188 10 , , PUNCT cblr-1745 1188 11 at at ADP cblr-1745 1188 12 1041–42 1041–42 NUM cblr-1745 1188 13 . . PUNCT cblr-1745 1189 1 360 360 NUM cblr-1745 1189 2 see see VERB cblr-1745 1189 3 supra supra PROPN cblr-1745 1189 4 note note PROPN cblr-1745 1189 5 309 309 NUM cblr-1745 1189 6 . . PUNCT cblr-1745 1190 1 361 361 NUM cblr-1745 1190 2 see see VERB cblr-1745 1190 3 hu hu PROPN cblr-1745 1190 4 , , PUNCT cblr-1745 1190 5 supra supra PROPN cblr-1745 1190 6 note note PROPN cblr-1745 1190 7 17 17 NUM cblr-1745 1190 8 , , PUNCT cblr-1745 1190 9 at at ADP cblr-1745 1190 10 1465–67 1465–67 NUM cblr-1745 1190 11 . . PUNCT cblr-1745 1191 1 362 362 NUM cblr-1745 1191 2 see see VERB cblr-1745 1191 3 hovenkamp hovenkamp PROPN cblr-1745 1191 4 , , PUNCT cblr-1745 1191 5 supra supra PROPN cblr-1745 1191 6 note note PROPN cblr-1745 1191 7 34 34 NUM cblr-1745 1191 8 , , PUNCT cblr-1745 1191 9 § § PROPN cblr-1745 1191 10 3.2 3.2 NUM cblr-1745 1191 11 , , PUNCT cblr-1745 1191 12 at at ADP cblr-1745 1191 13 110–18 110–18 NUM cblr-1745 1191 14 . . PUNCT cblr-1745 1192 1 363 363 NUM cblr-1745 1192 2 see see VERB cblr-1745 1192 3 whitehead whitehead PROPN cblr-1745 1192 4 , , PUNCT cblr-1745 1192 5 supra supra PROPN cblr-1745 1192 6 note note PROPN cblr-1745 1192 7 359 359 NUM cblr-1745 1192 8 , , PUNCT cblr-1745 1192 9 at at ADP cblr-1745 1192 10 5–7 5–7 NUM cblr-1745 1192 11 ; ; PUNCT cblr-1745 1192 12 sung sung PROPN cblr-1745 1192 13 eun eun PROPN cblr-1745 1192 14 ( ( PUNCT cblr-1745 1192 15 summer summer NOUN cblr-1745 1192 16 ) ) PUNCT cblr-1745 1192 17 kim kim PROPN cblr-1745 1192 18 , , PUNCT cblr-1745 1192 19 managing manage VERB cblr-1745 1192 20 regulatory regulatory ADJ cblr-1745 1192 21 blindspots blindspot NOUN cblr-1745 1192 22 : : PUNCT cblr-1745 1192 23 a a DET cblr-1745 1192 24 case case NOUN cblr-1745 1192 25 study study NOUN cblr-1745 1192 26 of of ADP cblr-1745 1192 27 leveraged leveraged ADJ cblr-1745 1192 28 loans loan NOUN cblr-1745 1192 29 , , PUNCT cblr-1745 1192 30 32 32 NUM cblr-1745 1192 31 yale yale PROPN cblr-1745 1192 32 j. j. PROPN cblr-1745 1192 33 on on ADP cblr-1745 1192 34 reg reg PROPN cblr-1745 1192 35 . . PROPN cblr-1745 1192 36 89 89 NUM cblr-1745 1192 37 , , PUNCT cblr-1745 1192 38 92 92 NUM cblr-1745 1192 39 ( ( PUNCT cblr-1745 1192 40 2015 2015 NUM cblr-1745 1192 41 ) ) PUNCT cblr-1745 1192 42 . . PUNCT cblr-1745 1193 1 this this PRON cblr-1745 1193 2 , , PUNCT cblr-1745 1193 3 after after ADV cblr-1745 1193 4 all all ADV cblr-1745 1193 5 , , PUNCT cblr-1745 1193 6 is be AUX cblr-1745 1193 7 the the DET cblr-1745 1193 8 source source NOUN cblr-1745 1193 9 of of ADP cblr-1745 1193 10 the the DET cblr-1745 1193 11 term term NOUN cblr-1745 1193 12 “ " PUNCT cblr-1745 1193 13 shadow shadow NOUN cblr-1745 1193 14 banking banking NOUN cblr-1745 1193 15 . . PUNCT cblr-1745 1193 16 ” " PUNCT cblr-1745 1194 1 see see VERB cblr-1745 1194 2 laura laura PROPN cblr-1745 1194 3 e. e. PROPN cblr-1745 1194 4 kodres kodres PROPN cblr-1745 1194 5 , , PUNCT cblr-1745 1194 6 what what PRON cblr-1745 1194 7 is be AUX cblr-1745 1194 8 shadow shadow NOUN cblr-1745 1194 9 banking banking NOUN cblr-1745 1194 10 ? ? PUNCT cblr-1745 1194 11 , , PUNCT cblr-1745 1194 12 fin fin PROPN cblr-1745 1194 13 . . PUNCT cblr-1745 1194 14 & & CCONJ cblr-1745 1194 15 dev dev PROPN cblr-1745 1194 16 . . PROPN cblr-1745 1194 17 , , PUNCT cblr-1745 1194 18 june june PROPN cblr-1745 1194 19 2013 2013 NUM cblr-1745 1194 20 , , PUNCT cblr-1745 1194 21 at at ADP cblr-1745 1194 22 42 42 NUM cblr-1745 1194 23 , , PUNCT cblr-1745 1194 24 42 42 NUM cblr-1745 1194 25 ( ( PUNCT cblr-1745 1194 26 citing cite VERB cblr-1745 1194 27 paul paul PROPN cblr-1745 1194 28 mcculley mcculley PROPN cblr-1745 1194 29 , , PUNCT cblr-1745 1194 30 remarks remark VERB cblr-1745 1194 31 at at ADP cblr-1745 1194 32 the the DET cblr-1745 1194 33 federal federal PROPN cblr-1745 1194 34 reserve reserve PROPN cblr-1745 1194 35 bank bank PROPN cblr-1745 1194 36 of of ADP cblr-1745 1194 37 kansas kansas PROPN cblr-1745 1194 38 city city PROPN cblr-1745 1194 39 ’s ’s PART cblr-1745 1194 40 economic economic ADJ cblr-1745 1194 41 symposium symposium NOUN cblr-1745 1194 42 ( ( PUNCT cblr-1745 1194 43 sept sept PROPN cblr-1745 1194 44 . . PROPN cblr-1745 1194 45 5 5 NUM cblr-1745 1194 46 , , PUNCT cblr-1745 1194 47 2007 2007 NUM cblr-1745 1194 48 ) ) PUNCT cblr-1745 1194 49 ) ) PUNCT cblr-1745 1194 50 . . PUNCT cblr-1745 1195 1 chang chang PROPN cblr-1745 1195 2 – – PUNCT cblr-1745 1195 3 final final ADJ cblr-1745 1195 4 738 738 NUM cblr-1745 1195 5 columbia columbia PROPN cblr-1745 1195 6 business business NOUN cblr-1745 1195 7 law law NOUN cblr-1745 1195 8 review review NOUN cblr-1745 1196 1 [ [ X cblr-1745 1196 2 vol vol NOUN cblr-1745 1196 3 . . PUNCT cblr-1745 1196 4 2016 2016 NUM cblr-1745 1196 5 plodding plod VERB cblr-1745 1196 6 through through ADP cblr-1745 1196 7 a a DET cblr-1745 1196 8 rigorous rigorous ADJ cblr-1745 1196 9 market market NOUN cblr-1745 1196 10 definition definition NOUN cblr-1745 1196 11 / / SYM cblr-1745 1196 12 market market NOUN cblr-1745 1196 13 share share NOUN cblr-1745 1196 14 analysis analysis NOUN cblr-1745 1196 15 for for ADP cblr-1745 1196 16 derivatives derivative NOUN cblr-1745 1196 17 and and CCONJ cblr-1745 1196 18 their their PRON cblr-1745 1196 19 substitutes substitute NOUN cblr-1745 1196 20 , , PUNCT cblr-1745 1196 21 regulators regulator NOUN cblr-1745 1196 22 may may AUX cblr-1745 1196 23 be be AUX cblr-1745 1196 24 able able ADJ cblr-1745 1196 25 to to PART cblr-1745 1196 26 chase chase VERB cblr-1745 1196 27 down down ADP cblr-1745 1196 28 the the DET cblr-1745 1196 29 market market NOUN cblr-1745 1196 30 - - PUNCT cblr-1745 1196 31 makers maker NOUN cblr-1745 1196 32 for for ADP cblr-1745 1196 33 new new ADJ cblr-1745 1196 34 products product NOUN cblr-1745 1196 35 and and CCONJ cblr-1745 1196 36 at at ADP cblr-1745 1196 37 least least ADJ cblr-1745 1196 38 arrest arrest VERB cblr-1745 1196 39 the the DET cblr-1745 1196 40 velocity velocity NOUN cblr-1745 1196 41 with with ADP cblr-1745 1196 42 which which PRON cblr-1745 1196 43 unregulated unregulated ADJ cblr-1745 1196 44 markets market NOUN cblr-1745 1196 45 expand.364 expand.364 NOUN cblr-1745 1196 46 this this DET cblr-1745 1196 47 more more ADV cblr-1745 1196 48 nimble nimble ADJ cblr-1745 1196 49 , , PUNCT cblr-1745 1196 50 functional functional ADJ cblr-1745 1196 51 approach approach NOUN cblr-1745 1196 52 can can AUX cblr-1745 1196 53 help help VERB cblr-1745 1196 54 regulators regulator NOUN cblr-1745 1196 55 overcome overcome VERB cblr-1745 1196 56 their their PRON cblr-1745 1196 57 institutional institutional ADJ cblr-1745 1196 58 predispositions predisposition NOUN cblr-1745 1196 59 to to PART cblr-1745 1196 60 detect detect VERB cblr-1745 1196 61 the the DET cblr-1745 1196 62 trends trend NOUN cblr-1745 1196 63 linking link VERB cblr-1745 1196 64 disparate disparate ADJ cblr-1745 1196 65 products product NOUN cblr-1745 1196 66 and and CCONJ cblr-1745 1196 67 players.365 players.365 NOUN cblr-1745 1196 68 vi vi PROPN cblr-1745 1196 69 . . PROPN cblr-1745 1196 70 conclusion conclusion VERB cblr-1745 1196 71 one one NUM cblr-1745 1196 72 glaring glare VERB cblr-1745 1196 73 deficiency deficiency NOUN cblr-1745 1196 74 of of ADP cblr-1745 1196 75 the the DET cblr-1745 1196 76 traditional traditional ADJ cblr-1745 1196 77 , , PUNCT cblr-1745 1196 78 “ " PUNCT cblr-1745 1196 79 firstgeneration firstgeneration NOUN cblr-1745 1196 80 ” " PUNCT cblr-1745 1196 81 approach approach NOUN cblr-1745 1196 82 toward toward ADP cblr-1745 1196 83 monopolization monopolization NOUN cblr-1745 1196 84 is be AUX cblr-1745 1196 85 its its PRON cblr-1745 1196 86 insistence insistence NOUN cblr-1745 1196 87 on on ADP cblr-1745 1196 88 anticompetitive anticompetitive ADJ cblr-1745 1196 89 conduct conduct NOUN cblr-1745 1196 90 by by ADP cblr-1745 1196 91 a a DET cblr-1745 1196 92 single single ADJ cblr-1745 1196 93 firm firm NOUN cblr-1745 1196 94 . . PUNCT cblr-1745 1197 1 the the DET cblr-1745 1197 2 inability inability NOUN cblr-1745 1197 3 of of ADP cblr-1745 1197 4 antitrust antitrust NOUN cblr-1745 1197 5 to to PART cblr-1745 1197 6 recognize recognize VERB cblr-1745 1197 7 a a DET cblr-1745 1197 8 “ " PUNCT cblr-1745 1197 9 second second ADJ cblr-1745 1197 10 generation generation NOUN cblr-1745 1197 11 ” " PUNCT cblr-1745 1197 12 of of ADP cblr-1745 1197 13 monopolization monopolization NOUN cblr-1745 1197 14 harms harm VERB cblr-1745 1197 15 from from ADP cblr-1745 1197 16 parallel parallel ADJ cblr-1745 1197 17 exclusion exclusion NOUN cblr-1745 1197 18 consigns consign VERB cblr-1745 1197 19 the the DET cblr-1745 1197 20 otc otc PROPN cblr-1745 1197 21 derivatives derivative NOUN cblr-1745 1197 22 markets market NOUN cblr-1745 1197 23 to to ADP cblr-1745 1197 24 a a DET cblr-1745 1197 25 degree degree NOUN cblr-1745 1197 26 of of ADP cblr-1745 1197 27 concentration concentration NOUN cblr-1745 1197 28 that that PRON cblr-1745 1197 29 imperils imperil VERB cblr-1745 1197 30 competition competition NOUN cblr-1745 1197 31 , , PUNCT cblr-1745 1197 32 consumers consumer NOUN cblr-1745 1197 33 , , PUNCT cblr-1745 1197 34 and and CCONJ cblr-1745 1197 35 control control NOUN cblr-1745 1197 36 over over ADP cblr-1745 1197 37 systemic systemic ADJ cblr-1745 1197 38 risk risk NOUN cblr-1745 1197 39 . . PUNCT cblr-1745 1198 1 the the DET cblr-1745 1198 2 dominant dominant ADJ cblr-1745 1198 3 derivatives derivative NOUN cblr-1745 1198 4 dealers dealer NOUN cblr-1745 1198 5 wield wield VERB cblr-1745 1198 6 the the DET cblr-1745 1198 7 market market NOUN cblr-1745 1198 8 power power NOUN cblr-1745 1198 9 to to PART cblr-1745 1198 10 harm harm VERB cblr-1745 1198 11 competition competition NOUN cblr-1745 1198 12 . . PUNCT cblr-1745 1199 1 today today NOUN cblr-1745 1199 2 , , PUNCT cblr-1745 1199 3 these these DET cblr-1745 1199 4 dealers dealer NOUN cblr-1745 1199 5 drive drive VERB cblr-1745 1199 6 the the DET cblr-1745 1199 7 standard standard NOUN cblr-1745 1199 8 - - PUNCT cblr-1745 1199 9 setting set VERB cblr-1745 1199 10 processes process NOUN cblr-1745 1199 11 of of ADP cblr-1745 1199 12 derivatives derivative NOUN cblr-1745 1199 13 clearinghouses clearinghouse NOUN cblr-1745 1199 14 , , PUNCT cblr-1745 1199 15 natural natural ADJ cblr-1745 1199 16 monopolies monopoly NOUN cblr-1745 1199 17 in in ADP cblr-1745 1199 18 the the DET cblr-1745 1199 19 upstream upstream ADJ cblr-1745 1199 20 market market NOUN cblr-1745 1199 21 . . PUNCT cblr-1745 1200 1 large large ADJ cblr-1745 1200 2 dealers dealer NOUN cblr-1745 1200 3 can can AUX cblr-1745 1200 4 independently independently ADV cblr-1745 1200 5 decide decide VERB cblr-1745 1200 6 to to PART cblr-1745 1200 7 adopt adopt VERB cblr-1745 1200 8 risk risk NOUN cblr-1745 1200 9 guidelines guideline NOUN cblr-1745 1200 10 that that PRON cblr-1745 1200 11 prevent prevent VERB cblr-1745 1200 12 their their PRON cblr-1745 1200 13 rivals rival NOUN cblr-1745 1200 14 from from ADP cblr-1745 1200 15 joining join VERB cblr-1745 1200 16 clearinghouses clearinghouse NOUN cblr-1745 1200 17 — — PUNCT cblr-1745 1200 18 which which PRON cblr-1745 1200 19 , , PUNCT cblr-1745 1200 20 due due ADP cblr-1745 1200 21 to to ADP cblr-1745 1200 22 the the DET cblr-1745 1200 23 indispensability indispensability NOUN cblr-1745 1200 24 of of ADP cblr-1745 1200 25 the the DET cblr-1745 1200 26 clearing clearing NOUN cblr-1745 1200 27 function function NOUN cblr-1745 1200 28 to to ADP cblr-1745 1200 29 trading trading NOUN cblr-1745 1200 30 , , PUNCT cblr-1745 1200 31 raises raise VERB cblr-1745 1200 32 the the DET cblr-1745 1200 33 rivals rival NOUN cblr-1745 1200 34 ’ ' PUNCT cblr-1745 1200 35 costs cost NOUN cblr-1745 1200 36 . . PUNCT cblr-1745 1201 1 this this PRON cblr-1745 1201 2 is be AUX cblr-1745 1201 3 but but CCONJ cblr-1745 1201 4 the the DET cblr-1745 1201 5 latest late ADJ cblr-1745 1201 6 in in ADP cblr-1745 1201 7 a a DET cblr-1745 1201 8 pattern pattern NOUN cblr-1745 1201 9 of of ADP cblr-1745 1201 10 recidivist recidivist ADJ cblr-1745 1201 11 exclusion exclusion NOUN cblr-1745 1201 12 characterizing characterize VERB cblr-1745 1201 13 the the DET cblr-1745 1201 14 dealer dealer NOUN cblr-1745 1201 15 oligopoly oligopoly NOUN cblr-1745 1201 16 . . PUNCT cblr-1745 1202 1 in in ADP cblr-1745 1202 2 the the DET cblr-1745 1202 3 past past NOUN cblr-1745 1202 4 , , PUNCT cblr-1745 1202 5 large large ADJ cblr-1745 1202 6 dealers dealer NOUN cblr-1745 1202 7 have have AUX cblr-1745 1202 8 resisted resist VERB cblr-1745 1202 9 market market NOUN cblr-1745 1202 10 and and CCONJ cblr-1745 1202 11 regulatory regulatory ADJ cblr-1745 1202 12 transformations transformation NOUN cblr-1745 1202 13 by by ADP cblr-1745 1202 14 colluding collude VERB cblr-1745 1202 15 to to PART cblr-1745 1202 16 stifle stifle VERB cblr-1745 1202 17 innovations innovation NOUN cblr-1745 1202 18 in in ADP cblr-1745 1202 19 both both PRON cblr-1745 1202 20 clearing clearing NOUN cblr-1745 1202 21 and and CCONJ cblr-1745 1202 22 trading trading NOUN cblr-1745 1202 23 . . PUNCT cblr-1745 1203 1 market market NOUN cblr-1745 1203 2 power power NOUN cblr-1745 1203 3 in in ADP cblr-1745 1203 4 the the DET cblr-1745 1203 5 clearing clearing NOUN cblr-1745 1203 6 and and CCONJ cblr-1745 1203 7 trading trading NOUN cblr-1745 1203 8 markets market NOUN cblr-1745 1203 9 is be AUX cblr-1745 1203 10 made make VERB cblr-1745 1203 11 manifest manifest ADJ cblr-1745 1203 12 by by ADP cblr-1745 1203 13 a a DET cblr-1745 1203 14 rigorous rigorous ADJ cblr-1745 1203 15 application application NOUN cblr-1745 1203 16 of of ADP cblr-1745 1203 17 the the DET cblr-1745 1203 18 traditional traditional ADJ cblr-1745 1203 19 364 364 NUM cblr-1745 1203 20 more more ADJ cblr-1745 1203 21 research research NOUN cblr-1745 1203 22 must must AUX cblr-1745 1203 23 be be AUX cblr-1745 1203 24 done do VERB cblr-1745 1203 25 to to PART cblr-1745 1203 26 flesh flesh VERB cblr-1745 1203 27 out out ADP cblr-1745 1203 28 how how SCONJ cblr-1745 1203 29 this this PRON cblr-1745 1203 30 might might AUX cblr-1745 1203 31 unfold unfold VERB cblr-1745 1203 32 . . PUNCT cblr-1745 1204 1 365 365 NUM cblr-1745 1204 2 see see VERB cblr-1745 1204 3 robert robert PROPN cblr-1745 1204 4 c. c. PROPN cblr-1745 1204 5 merton merton PROPN cblr-1745 1204 6 & & CCONJ cblr-1745 1204 7 zvi zvi PROPN cblr-1745 1204 8 bodie bodie PROPN cblr-1745 1204 9 , , PUNCT cblr-1745 1204 10 design design NOUN cblr-1745 1204 11 of of ADP cblr-1745 1204 12 financial financial ADJ cblr-1745 1204 13 systems system NOUN cblr-1745 1204 14 : : PUNCT cblr-1745 1204 15 towards towards ADP cblr-1745 1204 16 a a DET cblr-1745 1204 17 synthesis synthesis NOUN cblr-1745 1204 18 of of ADP cblr-1745 1204 19 function function NOUN cblr-1745 1204 20 and and CCONJ cblr-1745 1204 21 structure structure NOUN cblr-1745 1204 22 , , PUNCT cblr-1745 1204 23 j. j. PROPN cblr-1745 1204 24 inv inv PROPN cblr-1745 1204 25 . . PUNCT cblr-1745 1205 1 mgmt mgmt PROPN cblr-1745 1205 2 . . PUNCT cblr-1745 1206 1 first first ADJ cblr-1745 1206 2 quarter quarter NOUN cblr-1745 1206 3 2015 2015 NUM cblr-1745 1206 4 , , PUNCT cblr-1745 1206 5 at at ADP cblr-1745 1206 6 6 6 NUM cblr-1745 1206 7 , , PUNCT cblr-1745 1206 8 20–21 20–21 NUM cblr-1745 1206 9 . . PUNCT cblr-1745 1206 10 chang chang PROPN cblr-1745 1206 11 – – PUNCT cblr-1745 1206 12 final final ADJ cblr-1745 1206 13 no no NOUN cblr-1745 1206 14 . . PUNCT cblr-1745 1207 1 3:657 3:657 NUM cblr-1745 1207 2 ] ] X cblr-1745 1207 3 second second ADJ cblr-1745 1207 4 - - PUNCT cblr-1745 1207 5 generation generation NOUN cblr-1745 1207 6 monopolization monopolization NOUN cblr-1745 1207 7 739 739 NUM cblr-1745 1207 8 market market NOUN cblr-1745 1207 9 definition definition NOUN cblr-1745 1207 10 / / SYM cblr-1745 1207 11 market market NOUN cblr-1745 1207 12 share share NOUN cblr-1745 1207 13 paradigm paradigm NOUN cblr-1745 1207 14 . . PUNCT cblr-1745 1208 1 for for ADP cblr-1745 1208 2 all all DET cblr-1745 1208 3 its its PRON cblr-1745 1208 4 infirmities infirmity NOUN cblr-1745 1208 5 , , PUNCT cblr-1745 1208 6 this this DET cblr-1745 1208 7 paradigm paradigm NOUN cblr-1745 1208 8 is be AUX cblr-1745 1208 9 useful useful ADJ cblr-1745 1208 10 as as ADP cblr-1745 1208 11 a a DET cblr-1745 1208 12 way way NOUN cblr-1745 1208 13 of of ADP cblr-1745 1208 14 illuminating illuminate VERB cblr-1745 1208 15 blind blind ADJ cblr-1745 1208 16 spots spot NOUN cblr-1745 1208 17 in in ADP cblr-1745 1208 18 financial financial ADJ cblr-1745 1208 19 regulation regulation NOUN cblr-1745 1208 20 . . PUNCT cblr-1745 1209 1 of of ADP cblr-1745 1209 2 course course NOUN cblr-1745 1209 3 , , PUNCT cblr-1745 1209 4 this this DET cblr-1745 1209 5 blending blending NOUN cblr-1745 1209 6 of of ADP cblr-1745 1209 7 antitrust antitrust ADJ cblr-1745 1209 8 principles principle NOUN cblr-1745 1209 9 and and CCONJ cblr-1745 1209 10 financial financial ADJ cblr-1745 1209 11 regulation regulation NOUN cblr-1745 1209 12 must must AUX cblr-1745 1209 13 contend contend VERB cblr-1745 1209 14 with with ADP cblr-1745 1209 15 larger large ADJ cblr-1745 1209 16 questions question NOUN cblr-1745 1209 17 on on ADP cblr-1745 1209 18 institutional institutional ADJ cblr-1745 1209 19 design design NOUN cblr-1745 1209 20 and and CCONJ cblr-1745 1209 21 the the DET cblr-1745 1209 22 goals goal NOUN cblr-1745 1209 23 of of ADP cblr-1745 1209 24 antitrust antitrust ADJ cblr-1745 1209 25 . . PUNCT cblr-1745 1210 1 this this DET cblr-1745 1210 2 article article NOUN cblr-1745 1210 3 anticipates anticipate VERB cblr-1745 1210 4 that that SCONJ cblr-1745 1210 5 addressing address VERB cblr-1745 1210 6 those those DET cblr-1745 1210 7 issues issue NOUN cblr-1745 1210 8 can can AUX cblr-1745 1210 9 help help VERB cblr-1745 1210 10 slow slow VERB cblr-1745 1210 11 the the DET cblr-1745 1210 12 speeds speed NOUN cblr-1745 1210 13 at at ADP cblr-1745 1210 14 which which PRON cblr-1745 1210 15 financial financial ADJ cblr-1745 1210 16 complexity complexity NOUN cblr-1745 1210 17 outpaces outpace VERB cblr-1745 1210 18 regulation regulation NOUN cblr-1745 1210 19 . . PUNCT