id	sid	tid	token	lemma	pos
cblr-1783	1	1	the	the	DET
cblr-1783	1	2	systemic	systemic	ADJ
cblr-1783	1	3	risk	risk	NOUN
cblr-1783	1	4	paradox	paradox	NOUN
cblr-1783	1	5	:	:	PUNCT
cblr-1783	1	6	banks	bank	NOUN
cblr-1783	1	7	and	and	CCONJ
cblr-1783	1	8	clearinghouses	clearinghouse	NOUN
cblr-1783	1	9	under	under	ADP
cblr-1783	1	10	regulation	regulation	NOUN
cblr-1783	1	11	felix	felix	PROPN
cblr-1783	1	12	b.	b.	PROPN
cblr-1783	2	1	chang*	chang*	PROPN
cblr-1783	2	2	consolidation	consolidation	NOUN
cblr-1783	2	3	in	in	ADP
cblr-1783	2	4	the	the	DET
cblr-1783	2	5	financial	financial	ADJ
cblr-1783	2	6	industry	industry	NOUN
cblr-1783	2	7	threatens	threaten	VERB
cblr-1783	2	8	competition	competition	NOUN
cblr-1783	2	9	and	and	CCONJ
cblr-1783	2	10	increases	increase	VERB
cblr-1783	2	11	systemic	systemic	ADJ
cblr-1783	2	12	risk	risk	NOUN
cblr-1783	2	13	.	.	PUNCT
cblr-1783	3	1	recently	recently	ADV
cblr-1783	3	2	,	,	PUNCT
cblr-1783	3	3	banks	bank	NOUN
cblr-1783	3	4	have	have	AUX
cblr-1783	3	5	seen	see	VERB
cblr-1783	3	6	both	both	CCONJ
cblr-1783	3	7	high	high	ADJ
cblr-1783	3	8	-	-	PUNCT
cblr-1783	3	9	profile	profile	NOUN
cblr-1783	3	10	mergers	merger	NOUN
cblr-1783	3	11	and	and	CCONJ
cblr-1783	3	12	spectacular	spectacular	ADJ
cblr-1783	3	13	failures	failure	NOUN
cblr-1783	3	14	,	,	PUNCT
cblr-1783	3	15	prompting	prompt	VERB
cblr-1783	3	16	a	a	DET
cblr-1783	3	17	flurry	flurry	NOUN
cblr-1783	3	18	of	of	ADP
cblr-1783	3	19	regulatory	regulatory	ADJ
cblr-1783	3	20	responses	response	NOUN
cblr-1783	3	21	.	.	PUNCT
cblr-1783	4	1	yet	yet	ADV
cblr-1783	4	2	consolidation	consolidation	NOUN
cblr-1783	4	3	has	have	AUX
cblr-1783	4	4	not	not	PART
cblr-1783	4	5	been	be	AUX
cblr-1783	4	6	as	as	ADV
cblr-1783	4	7	closely	closely	ADV
cblr-1783	4	8	scrutinized	scrutinize	VERB
cblr-1783	4	9	for	for	ADP
cblr-1783	4	10	clearinghouses	clearinghouse	NOUN
cblr-1783	4	11	,	,	PUNCT
cblr-1783	4	12	which	which	PRON
cblr-1783	4	13	facilitate	facilitate	VERB
cblr-1783	4	14	trading	trading	NOUN
cblr-1783	4	15	in	in	ADP
cblr-1783	4	16	securities	security	NOUN
cblr-1783	4	17	and	and	CCONJ
cblr-1783	4	18	derivatives	derivative	NOUN
cblr-1783	4	19	products	product	NOUN
cblr-1783	4	20	.	.	PUNCT
cblr-1783	5	1	these	these	DET
cblr-1783	5	2	nonbank	nonbank	NOUN
cblr-1783	5	3	intermediaries	intermediary	NOUN
cblr-1783	5	4	can	can	AUX
cblr-1783	5	5	be	be	AUX
cblr-1783	5	6	thought	think	VERB
cblr-1783	5	7	of	of	ADP
cblr-1783	5	8	as	as	ADP
cblr-1783	5	9	middlemen	middleman	NOUN
cblr-1783	5	10	who	who	PRON
cblr-1783	5	11	collect	collect	VERB
cblr-1783	5	12	deposits	deposit	NOUN
cblr-1783	5	13	to	to	PART
cblr-1783	5	14	ensure	ensure	VERB
cblr-1783	5	15	that	that	SCONJ
cblr-1783	5	16	each	each	DET
cblr-1783	5	17	buyer	buyer	NOUN
cblr-1783	5	18	and	and	CCONJ
cblr-1783	5	19	seller	seller	NOUN
cblr-1783	5	20	has	have	VERB
cblr-1783	5	21	the	the	DET
cblr-1783	5	22	wherewithal	wherewithal	NOUN
cblr-1783	5	23	to	to	PART
cblr-1783	5	24	uphold	uphold	VERB
cblr-1783	5	25	its	its	PRON
cblr-1783	5	26	end	end	NOUN
cblr-1783	5	27	of	of	ADP
cblr-1783	5	28	the	the	DET
cblr-1783	5	29	deal	deal	NOUN
cblr-1783	5	30	.	.	PUNCT
cblr-1783	6	1	clearinghouses	clearinghouse	NOUN
cblr-1783	6	2	mitigate	mitigate	VERB
cblr-1783	6	3	the	the	DET
cblr-1783	6	4	credit	credit	NOUN
cblr-1783	6	5	risks	risk	NOUN
cblr-1783	6	6	that	that	PRON
cblr-1783	6	7	buyers	buyer	NOUN
cblr-1783	6	8	and	and	CCONJ
cblr-1783	6	9	sellers	seller	NOUN
cblr-1783	6	10	would	would	AUX
cblr-1783	6	11	face	face	VERB
cblr-1783	6	12	if	if	SCONJ
cblr-1783	6	13	they	they	PRON
cblr-1783	6	14	dealt	deal	VERB
cblr-1783	6	15	directly	directly	ADV
cblr-1783	6	16	with	with	ADP
cblr-1783	6	17	each	each	DET
cblr-1783	6	18	other	other	ADJ
cblr-1783	6	19	.	.	PUNCT
cblr-1783	7	1	yet	yet	CCONJ
cblr-1783	7	2	here	here	ADV
cblr-1783	7	3	lies	lie	VERB
cblr-1783	7	4	the	the	DET
cblr-1783	7	5	dilemma	dilemma	NOUN
cblr-1783	7	6	:	:	PUNCT
cblr-1783	7	7	large	large	ADJ
cblr-1783	7	8	clearinghouses	clearinghouse	NOUN
cblr-1783	7	9	reduce	reduce	VERB
cblr-1783	7	10	credit	credit	NOUN
cblr-1783	7	11	risk	risk	NOUN
cblr-1783	7	12	,	,	PUNCT
cblr-1783	7	13	but	but	CCONJ
cblr-1783	7	14	they	they	PRON
cblr-1783	7	15	heighten	heighten	VERB
cblr-1783	7	16	systemic	systemic	ADJ
cblr-1783	7	17	risk	risk	NOUN
cblr-1783	7	18	since	since	SCONJ
cblr-1783	7	19	the	the	DET
cblr-1783	7	20	collapse	collapse	NOUN
cblr-1783	7	21	of	of	ADP
cblr-1783	7	22	one	one	NUM
cblr-1783	7	23	such	such	ADJ
cblr-1783	7	24	entity	entity	NOUN
cblr-1783	7	25	threatens	threaten	VERB
cblr-1783	7	26	the	the	DET
cblr-1783	7	27	entire	entire	ADJ
cblr-1783	7	28	financial	financial	ADJ
cblr-1783	7	29	system	system	NOUN
cblr-1783	7	30	.	.	PUNCT
cblr-1783	8	1	while	while	SCONJ
cblr-1783	8	2	regulators	regulator	NOUN
cblr-1783	8	3	have	have	AUX
cblr-1783	8	4	tackled	tackle	VERB
cblr-1783	8	5	the	the	DET
cblr-1783	8	6	systemic	systemic	ADJ
cblr-1783	8	7	risks	risk	NOUN
cblr-1783	8	8	posed	pose	VERB
cblr-1783	8	9	by	by	ADP
cblr-1783	8	10	large	large	ADJ
cblr-1783	8	11	banks	bank	NOUN
cblr-1783	8	12	,	,	PUNCT
cblr-1783	8	13	the	the	DET
cblr-1783	8	14	systemic	systemic	ADJ
cblr-1783	8	15	risks	risk	NOUN
cblr-1783	8	16	of	of	ADP
cblr-1783	8	17	these	these	DET
cblr-1783	8	18	nonbank	nonbank	NOUN
cblr-1783	8	19	intermediaries	intermediary	NOUN
cblr-1783	8	20	have	have	AUX
cblr-1783	8	21	received	receive	VERB
cblr-1783	8	22	less	less	ADJ
cblr-1783	8	23	attention	attention	NOUN
cblr-1783	8	24	.	.	PUNCT
cblr-1783	9	1	in	in	ADP
cblr-1783	9	2	fact	fact	NOUN
cblr-1783	9	3	,	,	PUNCT
cblr-1783	9	4	financial	financial	ADJ
cblr-1783	9	5	reform	reform	NOUN
cblr-1783	9	6	has	have	AUX
cblr-1783	9	7	spurred	spur	VERB
cblr-1783	9	8	clearinghouse	clearinghouse	NOUN
cblr-1783	9	9	growth	growth	NOUN
cblr-1783	9	10	and	and	CCONJ
cblr-1783	9	11	consolidation	consolidation	NOUN
cblr-1783	9	12	.	.	PUNCT
cblr-1783	10	1	this	this	DET
cblr-1783	10	2	article	article	NOUN
cblr-1783	10	3	examines	examine	VERB
cblr-1783	10	4	the	the	DET
cblr-1783	10	5	paradoxical	paradoxical	ADJ
cblr-1783	10	6	treatment	treatment	NOUN
cblr-1783	10	7	of	of	ADP
cblr-1783	10	8	regulators	regulator	NOUN
cblr-1783	10	9	toward	toward	ADP
cblr-1783	10	10	the	the	DET
cblr-1783	10	11	systemic	systemic	ADJ
cblr-1783	10	12	risks	risk	NOUN
cblr-1783	10	13	of	of	ADP
cblr-1783	10	14	clearinghouses	clearinghouse	NOUN
cblr-1783	10	15	and	and	CCONJ
cblr-1783	10	16	*	*	PUNCT
cblr-1783	10	17	assistant	assistant	NOUN
cblr-1783	10	18	professor	professor	NOUN
cblr-1783	10	19	,	,	PUNCT
cblr-1783	10	20	university	university	PROPN
cblr-1783	10	21	of	of	ADP
cblr-1783	10	22	cincinnati	cincinnati	PROPN
cblr-1783	10	23	college	college	PROPN
cblr-1783	10	24	of	of	ADP
cblr-1783	10	25	law	law	NOUN
cblr-1783	10	26	.	.	PUNCT
cblr-1783	11	1	i	i	PRON
cblr-1783	11	2	am	be	AUX
cblr-1783	11	3	grateful	grateful	ADJ
cblr-1783	11	4	to	to	ADP
cblr-1783	11	5	lynn	lynn	PROPN
cblr-1783	11	6	bai	bai	PROPN
cblr-1783	11	7	,	,	PUNCT
cblr-1783	11	8	jim	jim	PROPN
cblr-1783	11	9	chen	chen	PROPN
cblr-1783	11	10	,	,	PUNCT
cblr-1783	11	11	lisa	lisa	PROPN
cblr-1783	11	12	fairfax	fairfax	PROPN
cblr-1783	11	13	,	,	PUNCT
cblr-1783	11	14	michael	michael	PROPN
cblr-1783	11	15	krimminger	krimminger	PROPN
cblr-1783	11	16	,	,	PUNCT
cblr-1783	11	17	kevin	kevin	PROPN
cblr-1783	11	18	petrasic	petrasic	PROPN
cblr-1783	11	19	,	,	PUNCT
cblr-1783	11	20	mark	mark	PROPN
cblr-1783	11	21	roe	roe	PROPN
cblr-1783	11	22	,	,	PUNCT
cblr-1783	11	23	heidi	heidi	PROPN
cblr-1783	11	24	schooner	schooner	NOUN
cblr-1783	11	25	,	,	PUNCT
cblr-1783	11	26	steven	steven	PROPN
cblr-1783	11	27	schwarcz	schwarcz	PROPN
cblr-1783	11	28	,	,	PUNCT
cblr-1783	11	29	manmohan	manmohan	PROPN
cblr-1783	11	30	singh	singh	PROPN
cblr-1783	11	31	,	,	PUNCT
cblr-1783	11	32	sandra	sandra	PROPN
cblr-1783	11	33	sperino	sperino	PROPN
cblr-1783	11	34	,	,	PUNCT
cblr-1783	11	35	robert	robert	PROPN
cblr-1783	11	36	steigerwald	steigerwald	PROPN
cblr-1783	11	37	,	,	PUNCT
cblr-1783	11	38	joe	joe	PROPN
cblr-1783	11	39	tomain	tomain	PROPN
cblr-1783	11	40	,	,	PUNCT
cblr-1783	11	41	yesha	yesha	PROPN
cblr-1783	11	42	yadav	yadav	PROPN
cblr-1783	11	43	,	,	PUNCT
cblr-1783	11	44	arthur	arthur	PROPN
cblr-1783	11	45	wilmarth	wilmarth	PROPN
cblr-1783	11	46	,	,	PUNCT
cblr-1783	11	47	and	and	CCONJ
cblr-1783	11	48	haoxiang	haoxiang	PROPN
cblr-1783	11	49	zhu	zhu	PROPN
cblr-1783	11	50	for	for	ADP
cblr-1783	11	51	their	their	PRON
cblr-1783	11	52	insightful	insightful	ADJ
cblr-1783	11	53	comments	comment	NOUN
cblr-1783	11	54	.	.	PUNCT
cblr-1783	12	1	this	this	DET
cblr-1783	12	2	article	article	NOUN
cblr-1783	12	3	also	also	ADV
cblr-1783	12	4	benefitted	benefit	VERB
cblr-1783	12	5	greatly	greatly	ADV
cblr-1783	12	6	from	from	ADP
cblr-1783	12	7	workshops	workshop	NOUN
cblr-1783	12	8	at	at	ADP
cblr-1783	12	9	george	george	PROPN
cblr-1783	12	10	washington	washington	PROPN
cblr-1783	12	11	law	law	PROPN
cblr-1783	12	12	school	school	PROPN
cblr-1783	12	13	’s	’s	PART
cblr-1783	12	14	center	center	NOUN
cblr-1783	12	15	for	for	ADP
cblr-1783	12	16	law	law	NOUN
cblr-1783	12	17	,	,	PUNCT
cblr-1783	12	18	economics	economics	PROPN
cblr-1783	12	19	&	&	CCONJ
cblr-1783	12	20	finance	finance	PROPN
cblr-1783	12	21	,	,	PUNCT
cblr-1783	12	22	michigan	michigan	PROPN
cblr-1783	12	23	state	state	PROPN
cblr-1783	12	24	university	university	PROPN
cblr-1783	12	25	college	college	PROPN
cblr-1783	12	26	of	of	ADP
cblr-1783	12	27	law	law	NOUN
cblr-1783	12	28	,	,	PUNCT
cblr-1783	12	29	and	and	CCONJ
cblr-1783	12	30	university	university	PROPN
cblr-1783	12	31	of	of	ADP
cblr-1783	12	32	cincinnati	cincinnati	PROPN
cblr-1783	12	33	college	college	PROPN
cblr-1783	12	34	of	of	ADP
cblr-1783	12	35	law	law	NOUN
cblr-1783	12	36	.	.	PUNCT
cblr-1783	13	1	i	i	PRON
cblr-1783	13	2	thank	thank	VERB
cblr-1783	13	3	yinan	yinan	PROPN
cblr-1783	13	4	zhang	zhang	PROPN
cblr-1783	13	5	for	for	ADP
cblr-1783	13	6	research	research	NOUN
cblr-1783	13	7	assistance	assistance	NOUN
cblr-1783	13	8	.	.	PUNCT
cblr-1783	14	1	748	748	NUM
cblr-1783	14	2	columbia	columbia	PROPN
cblr-1783	14	3	business	business	NOUN
cblr-1783	14	4	law	law	PROPN
cblr-1783	14	5	review	review	NOUN
cblr-1783	14	6	[	[	X
cblr-1783	14	7	vol	vol	NOUN
cblr-1783	14	8	.	.	PUNCT
cblr-1783	14	9	2014	2014	NUM
cblr-1783	14	10	banks	bank	NOUN
cblr-1783	14	11	.	.	PUNCT
cblr-1783	15	1	it	it	PRON
cblr-1783	15	2	explores	explore	VERB
cblr-1783	15	3	two	two	NUM
cblr-1783	15	4	fundamental	fundamental	ADJ
cblr-1783	15	5	questions	question	NOUN
cblr-1783	15	6	:	:	PUNCT
cblr-1783	15	7	why	why	SCONJ
cblr-1783	15	8	does	do	AUX
cblr-1783	15	9	the	the	DET
cblr-1783	15	10	paradox	paradox	NOUN
cblr-1783	15	11	exist	exist	VERB
cblr-1783	15	12	,	,	PUNCT
cblr-1783	15	13	and	and	CCONJ
cblr-1783	15	14	who	who	PRON
cblr-1783	15	15	benefits	benefit	VERB
cblr-1783	15	16	from	from	ADP
cblr-1783	15	17	it	it	PRON
cblr-1783	15	18	?	?	PUNCT
cblr-1783	16	1	this	this	DET
cblr-1783	16	2	article	article	NOUN
cblr-1783	16	3	borrows	borrow	VERB
cblr-1783	16	4	from	from	ADP
cblr-1783	16	5	antitrust	antitrust	NOUN
cblr-1783	16	6	to	to	PART
cblr-1783	16	7	offer	offer	VERB
cblr-1783	16	8	a	a	DET
cblr-1783	16	9	framework	framework	NOUN
cblr-1783	16	10	for	for	ADP
cblr-1783	16	11	ensuring	ensure	VERB
cblr-1783	16	12	that	that	SCONJ
cblr-1783	16	13	the	the	DET
cblr-1783	16	14	entities	entity	NOUN
cblr-1783	16	15	that	that	PRON
cblr-1783	16	16	control	control	VERB
cblr-1783	16	17	a	a	DET
cblr-1783	16	18	large	large	ADJ
cblr-1783	16	19	clearinghouse	clearinghouse	NOUN
cblr-1783	16	20	(	(	PUNCT
cblr-1783	16	21	large	large	ADJ
cblr-1783	16	22	,	,	PUNCT
cblr-1783	16	23	heavily	heavily	ADV
cblr-1783	16	24	regulated	regulated	ADJ
cblr-1783	16	25	banks	bank	NOUN
cblr-1783	16	26	)	)	PUNCT
cblr-1783	16	27	do	do	AUX
cblr-1783	16	28	not	not	PART
cblr-1783	16	29	abuse	abuse	VERB
cblr-1783	16	30	that	that	DET
cblr-1783	16	31	clearinghouse	clearinghouse	NOUN
cblr-1783	16	32	’s	’s	PART
cblr-1783	16	33	market	market	NOUN
cblr-1783	16	34	dominance	dominance	NOUN
cblr-1783	16	35	.	.	PUNCT
cblr-1783	17	1	i.	i.	PROPN
cblr-1783	17	2	introduction	introduction	NOUN
cblr-1783	17	3	...............................................................	...............................................................	PUNCT
cblr-1783	18	1	749	749	NUM
cblr-1783	18	2	ii	ii	NOUN
cblr-1783	18	3	.	.	PUNCT
cblr-1783	19	1	the	the	DET
cblr-1783	19	2	apparent	apparent	ADJ
cblr-1783	19	3	paradox	paradox	NOUN
cblr-1783	19	4	...............................................	...............................................	PUNCT
cblr-1783	19	5	755	755	NUM
cblr-1783	19	6	a.	a.	NOUN
cblr-1783	19	7	commercial	commercial	ADJ
cblr-1783	19	8	banks	bank	NOUN
cblr-1783	19	9	,	,	PUNCT
cblr-1783	19	10	investment	investment	NOUN
cblr-1783	19	11	banks	bank	NOUN
cblr-1783	19	12	,	,	PUNCT
cblr-1783	19	13	and	and	CCONJ
cblr-1783	19	14	hedge	hedge	NOUN
cblr-1783	19	15	funds	fund	NOUN
cblr-1783	19	16	........................................................	........................................................	PUNCT
cblr-1783	19	17	755	755	NUM
cblr-1783	19	18	b.	b.	PROPN
cblr-1783	19	19	market	market	NOUN
cblr-1783	19	20	-	-	PUNCT
cblr-1783	19	21	makers	maker	NOUN
cblr-1783	19	22	and	and	CCONJ
cblr-1783	19	23	clearinghouses	clearinghouse	NOUN
cblr-1783	19	24	...................	...................	PUNCT
cblr-1783	20	1	760	760	NUM
cblr-1783	20	2	1	1	NUM
cblr-1783	20	3	.	.	PUNCT
cblr-1783	20	4	securities	security	NOUN
cblr-1783	20	5	exchanges	exchange	NOUN
cblr-1783	20	6	and	and	CCONJ
cblr-1783	20	7	clearinghouses	clearinghouse	NOUN
cblr-1783	20	8	....	....	PUNCT
cblr-1783	20	9	761	761	NUM
cblr-1783	20	10	2	2	NUM
cblr-1783	20	11	.	.	PUNCT
cblr-1783	20	12	options	option	NOUN
cblr-1783	20	13	exchanges	exchange	NOUN
cblr-1783	20	14	and	and	CCONJ
cblr-1783	20	15	clearinghouses	clearinghouse	NOUN
cblr-1783	20	16	........	........	PUNCT
cblr-1783	21	1	765	765	NUM
cblr-1783	21	2	3	3	NUM
cblr-1783	21	3	.	.	PUNCT
cblr-1783	21	4	futures	future	NOUN
cblr-1783	21	5	exchanges	exchange	NOUN
cblr-1783	21	6	and	and	CCONJ
cblr-1783	21	7	clearinghouses	clearinghouse	NOUN
cblr-1783	21	8	.......	.......	PUNCT
cblr-1783	21	9	767	767	NUM
cblr-1783	21	10	4	4	NUM
cblr-1783	21	11	.	.	PUNCT
cblr-1783	22	1	derivatives	derivative	NOUN
cblr-1783	22	2	clearing	clearing	NOUN
cblr-1783	22	3	organizations	organization	NOUN
cblr-1783	22	4	..............	..............	PUNCT
cblr-1783	23	1	770	770	NUM
cblr-1783	23	2	iii	iii	X
cblr-1783	23	3	.	.	PUNCT
cblr-1783	24	1	making	make	VERB
cblr-1783	24	2	sense	sense	NOUN
cblr-1783	24	3	of	of	ADP
cblr-1783	24	4	the	the	DET
cblr-1783	24	5	paradox	paradox	NOUN
cblr-1783	24	6	....................................	....................................	PUNCT
cblr-1783	24	7	775	775	NUM
cblr-1783	24	8	a.	a.	NOUN
cblr-1783	24	9	justifications	justification	NOUN
cblr-1783	24	10	for	for	ADP
cblr-1783	24	11	large	large	ADJ
cblr-1783	24	12	clearinghouses	clearinghouse	NOUN
cblr-1783	24	13	.............	.............	PUNCT
cblr-1783	25	1	776	776	NUM
cblr-1783	25	2	1	1	NUM
cblr-1783	25	3	.	.	PUNCT
cblr-1783	26	1	the	the	DET
cblr-1783	26	2	clearinghouse	clearinghouse	NOUN
cblr-1783	26	3	as	as	ADP
cblr-1783	26	4	loss	loss	NOUN
cblr-1783	26	5	-	-	PUNCT
cblr-1783	26	6	mutualizing	mutualize	VERB
cblr-1783	26	7	guarantor	guarantor	NOUN
cblr-1783	26	8	.......................................................	.......................................................	PUNCT
cblr-1783	27	1	776	776	NUM
cblr-1783	27	2	2	2	NUM
cblr-1783	27	3	.	.	PUNCT
cblr-1783	28	1	the	the	DET
cblr-1783	28	2	clearinghouse	clearinghouse	NOUN
cblr-1783	28	3	as	as	ADP
cblr-1783	28	4	efficiently	efficiently	ADV
cblr-1783	28	5	netting	net	VERB
cblr-1783	28	6	ccp	ccp	PROPN
cblr-1783	28	7	.................................................................	.................................................................	PUNCT
cblr-1783	29	1	779	779	NUM
cblr-1783	29	2	b.	b.	PROPN
cblr-1783	29	3	core	core	NOUN
cblr-1783	29	4	differences	difference	NOUN
cblr-1783	29	5	between	between	ADP
cblr-1783	29	6	banks	bank	NOUN
cblr-1783	29	7	and	and	CCONJ
cblr-1783	29	8	clearinghouses	clearinghouse	NOUN
cblr-1783	29	9	....................................................	....................................................	PUNCT
cblr-1783	29	10	784	784	NUM
cblr-1783	29	11	c.	c.	NOUN
cblr-1783	29	12	selective	selective	ADJ
cblr-1783	29	13	regulatory	regulatory	ADJ
cblr-1783	29	14	convergence	convergence	NOUN
cblr-1783	29	15	......................	......................	PUNCT
cblr-1783	29	16	787	787	NUM
cblr-1783	29	17	1	1	NUM
cblr-1783	29	18	.	.	PUNCT
cblr-1783	30	1	liquidity	liquidity	NOUN
cblr-1783	30	2	.........................................................	.........................................................	PUNCT
cblr-1783	31	1	787	787	NUM
cblr-1783	31	2	2	2	NUM
cblr-1783	31	3	.	.	PUNCT
cblr-1783	31	4	insolvency	insolvency	NOUN
cblr-1783	31	5	.......................................................	.......................................................	PUNCT
cblr-1783	32	1	790	790	NUM
cblr-1783	32	2	iv	iv	NOUN
cblr-1783	32	3	.	.	PUNCT
cblr-1783	32	4	who	who	PRON
cblr-1783	32	5	benefits	benefit	VERB
cblr-1783	32	6	from	from	ADP
cblr-1783	32	7	the	the	DET
cblr-1783	32	8	paradox	paradox	NOUN
cblr-1783	32	9	?	?	PUNCT
cblr-1783	32	10	...............................	...............................	PUNCT
cblr-1783	33	1	794	794	NUM
cblr-1783	33	2	a.	a.	NOUN
cblr-1783	33	3	stability	stability	NOUN
cblr-1783	33	4	and	and	CCONJ
cblr-1783	33	5	competition	competition	NOUN
cblr-1783	33	6	...................................	...................................	PUNCT
cblr-1783	33	7	796	796	NUM
cblr-1783	33	8	1	1	NUM
cblr-1783	33	9	.	.	PUNCT
cblr-1783	33	10	ebbs	ebb	NOUN
cblr-1783	33	11	and	and	CCONJ
cblr-1783	33	12	flows	flow	NOUN
cblr-1783	33	13	of	of	ADP
cblr-1783	33	14	financial	financial	ADJ
cblr-1783	33	15	regulation	regulation	NOUN
cblr-1783	33	16	.......	.......	PUNCT
cblr-1783	34	1	796	796	NUM
cblr-1783	34	2	2	2	NUM
cblr-1783	34	3	.	.	PUNCT
cblr-1783	34	4	empirical	empirical	ADJ
cblr-1783	34	5	evidence	evidence	NOUN
cblr-1783	34	6	and	and	CCONJ
cblr-1783	34	7	the	the	DET
cblr-1783	34	8	case	case	NOUN
cblr-1783	34	9	for	for	ADP
cblr-1783	34	10	stable	stable	ADJ
cblr-1783	34	11	clearinghouses	clearinghouse	NOUN
cblr-1783	34	12	...............................................	...............................................	PUNCT
cblr-1783	34	13	800	800	NUM
cblr-1783	34	14	b.	b.	PROPN
cblr-1783	34	15	natural	natural	ADJ
cblr-1783	34	16	monopoly	monopoly	NOUN
cblr-1783	34	17	................................................	................................................	PUNCT
cblr-1783	34	18	804	804	NUM
cblr-1783	34	19	1	1	NUM
cblr-1783	34	20	.	.	PUNCT
cblr-1783	35	1	the	the	DET
cblr-1783	35	2	market	market	NOUN
cblr-1783	35	3	failure	failure	NOUN
cblr-1783	35	4	of	of	ADP
cblr-1783	35	5	natural	natural	ADJ
cblr-1783	35	6	monopoly	monopoly	NOUN
cblr-1783	35	7	.....	.....	PUNCT
cblr-1783	35	8	805	805	NUM
cblr-1783	35	9	2	2	NUM
cblr-1783	35	10	.	.	X
cblr-1783	35	11	antitrust	antitrust	ADJ
cblr-1783	35	12	remedies	remedy	NOUN
cblr-1783	35	13	for	for	ADP
cblr-1783	35	14	natural	natural	ADJ
cblr-1783	35	15	monopoly	monopoly	NOUN
cblr-1783	35	16	....	....	PUNCT
cblr-1783	35	17	808	808	NUM
cblr-1783	35	18	c.	c.	NOUN
cblr-1783	35	19	future	future	ADJ
cblr-1783	35	20	questions	question	NOUN
cblr-1783	35	21	.................................................	.................................................	PUNCT
cblr-1783	35	22	814	814	NUM
cblr-1783	35	23	v.	v.	ADP
cblr-1783	35	24	conclusion	conclusion	NOUN
cblr-1783	35	25	..................................................................	..................................................................	PUNCT
cblr-1783	35	26	816	816	NUM
cblr-1783	35	27	no	no	NOUN
cblr-1783	35	28	.	.	PUNCT
cblr-1783	36	1	3:747	3:747	NUM
cblr-1783	36	2	]	]	X
cblr-1783	36	3	systemic	systemic	ADJ
cblr-1783	36	4	risk	risk	NOUN
cblr-1783	36	5	paradox	paradox	NOUN
cblr-1783	36	6	749	749	NUM
cblr-1783	36	7	i.	i.	NOUN
cblr-1783	36	8	introduction	introduction	NOUN
cblr-1783	36	9	systemic	systemic	ADJ
cblr-1783	36	10	risk	risk	NOUN
cblr-1783	36	11	—	—	PUNCT
cblr-1783	37	1	the	the	DET
cblr-1783	37	2	risk	risk	NOUN
cblr-1783	37	3	posed	pose	VERB
cblr-1783	37	4	to	to	ADP
cblr-1783	37	5	the	the	DET
cblr-1783	37	6	entire	entire	ADJ
cblr-1783	37	7	financial	financial	ADJ
cblr-1783	37	8	system	system	NOUN
cblr-1783	37	9	by	by	ADP
cblr-1783	37	10	the	the	DET
cblr-1783	37	11	collapse	collapse	NOUN
cblr-1783	37	12	of	of	ADP
cblr-1783	37	13	one	one	NUM
cblr-1783	37	14	major	major	ADJ
cblr-1783	37	15	player1	player1	NOUN
cblr-1783	37	16	—	—	PUNCT
cblr-1783	37	17	has	have	AUX
cblr-1783	37	18	become	become	VERB
cblr-1783	37	19	a	a	DET
cblr-1783	37	20	household	household	NOUN
cblr-1783	37	21	term	term	NOUN
cblr-1783	37	22	.	.	PUNCT
cblr-1783	38	1	the	the	DET
cblr-1783	38	2	demise	demise	NOUN
cblr-1783	38	3	of	of	ADP
cblr-1783	38	4	a	a	DET
cblr-1783	38	5	systemically	systemically	ADV
cblr-1783	38	6	significant	significant	ADJ
cblr-1783	38	7	investment	investment	NOUN
cblr-1783	38	8	bank	bank	NOUN
cblr-1783	38	9	,	,	PUNCT
cblr-1783	38	10	lehman	lehman	PROPN
cblr-1783	38	11	brothers	brother	NOUN
cblr-1783	38	12	,	,	PUNCT
cblr-1783	38	13	marked	mark	VERB
cblr-1783	38	14	the	the	DET
cblr-1783	38	15	onset	onset	NOUN
cblr-1783	38	16	of	of	ADP
cblr-1783	38	17	the	the	DET
cblr-1783	38	18	2008	2008	NUM
cblr-1783	38	19	financial	financial	ADJ
cblr-1783	38	20	crisis.2	crisis.2	PROPN
cblr-1783	38	21	afterward	afterward	ADV
cblr-1783	38	22	,	,	PUNCT
cblr-1783	38	23	a	a	DET
cblr-1783	38	24	$	$	SYM
cblr-1783	38	25	700	700	NUM
cblr-1783	38	26	billion	billion	NUM
cblr-1783	38	27	aid	aid	NOUN
cblr-1783	38	28	package	package	NOUN
cblr-1783	38	29	to	to	ADP
cblr-1783	38	30	the	the	DET
cblr-1783	38	31	financial	financial	ADJ
cblr-1783	38	32	sector	sector	NOUN
cblr-1783	38	33	highlighted	highlight	VERB
cblr-1783	38	34	the	the	DET
cblr-1783	38	35	moral	moral	ADJ
cblr-1783	38	36	hazard	hazard	NOUN
cblr-1783	38	37	of	of	ADP
cblr-1783	38	38	using	use	VERB
cblr-1783	38	39	public	public	ADJ
cblr-1783	38	40	funds	fund	NOUN
cblr-1783	38	41	to	to	PART
cblr-1783	38	42	bail	bail	VERB
cblr-1783	38	43	out	out	ADP
cblr-1783	38	44	banks	bank	NOUN
cblr-1783	38	45	deemed	deem	VERB
cblr-1783	38	46	too	too	ADV
cblr-1783	38	47	big	big	ADJ
cblr-1783	38	48	to	to	ADP
cblr-1783	38	49	fail.3	fail.3	PROPN
cblr-1783	38	50	wellattuned	wellattune	VERB
cblr-1783	38	51	to	to	ADP
cblr-1783	38	52	both	both	DET
cblr-1783	38	53	systemic	systemic	ADJ
cblr-1783	38	54	risk	risk	NOUN
cblr-1783	38	55	and	and	CCONJ
cblr-1783	38	56	its	its	PRON
cblr-1783	38	57	corollary	corollary	ADJ
cblr-1783	38	58	,	,	PUNCT
cblr-1783	38	59	moral	moral	ADJ
cblr-1783	38	60	hazard	hazard	NOUN
cblr-1783	38	61	,	,	PUNCT
cblr-1783	38	62	financial	financial	ADJ
cblr-1783	38	63	regulators	regulator	NOUN
cblr-1783	38	64	now	now	ADV
cblr-1783	38	65	possess	possess	VERB
cblr-1783	38	66	additional	additional	ADJ
cblr-1783	38	67	tools	tool	NOUN
cblr-1783	38	68	to	to	PART
cblr-1783	38	69	curb	curb	VERB
cblr-1783	38	70	risk	risk	NOUN
cblr-1783	38	71	and	and	CCONJ
cblr-1783	38	72	wind	wind	VERB
cblr-1783	38	73	down	down	ADP
cblr-1783	38	74	systemically	systemically	ADV
cblr-1783	38	75	significant	significant	ADJ
cblr-1783	38	76	banks	bank	NOUN
cblr-1783	38	77	on	on	ADP
cblr-1783	38	78	the	the	DET
cblr-1783	38	79	verge	verge	NOUN
cblr-1783	38	80	of	of	ADP
cblr-1783	38	81	failure.4	failure.4	PROPN
cblr-1783	38	82	less	less	ADV
cblr-1783	38	83	well	well	ADV
cblr-1783	38	84	known	know	VERB
cblr-1783	38	85	are	be	AUX
cblr-1783	38	86	the	the	DET
cblr-1783	38	87	systemic	systemic	ADJ
cblr-1783	38	88	risks	risk	NOUN
cblr-1783	38	89	posed	pose	VERB
cblr-1783	38	90	by	by	ADP
cblr-1783	38	91	clearinghouses	clearinghouse	NOUN
cblr-1783	38	92	and	and	CCONJ
cblr-1783	38	93	market	market	NOUN
cblr-1783	38	94	-	-	PUNCT
cblr-1783	38	95	makers	maker	NOUN
cblr-1783	38	96	in	in	ADP
cblr-1783	38	97	the	the	DET
cblr-1783	38	98	securities	security	NOUN
cblr-1783	38	99	and	and	CCONJ
cblr-1783	38	100	derivatives	derivative	NOUN
cblr-1783	38	101	industries	industry	NOUN
cblr-1783	38	102	.	.	PUNCT
cblr-1783	39	1	like	like	ADP
cblr-1783	39	2	banks	bank	NOUN
cblr-1783	39	3	,	,	PUNCT
cblr-1783	39	4	these	these	DET
cblr-1783	39	5	nonbank	nonbank	NOUN
cblr-1783	39	6	intermediaries	intermediary	NOUN
cblr-1783	39	7	facilitate	facilitate	VERB
cblr-1783	39	8	financial	financial	ADJ
cblr-1783	39	9	transactions	transaction	NOUN
cblr-1783	39	10	among	among	ADP
cblr-1783	39	11	counterparties	counterpartie	NOUN
cblr-1783	39	12	.	.	PUNCT
cblr-1783	40	1	stock	stock	NOUN
cblr-1783	40	2	exchanges	exchange	NOUN
cblr-1783	40	3	,	,	PUNCT
cblr-1783	40	4	for	for	ADP
cblr-1783	40	5	example	example	NOUN
cblr-1783	40	6	,	,	PUNCT
cblr-1783	40	7	provide	provide	VERB
cblr-1783	40	8	1	1	NUM
cblr-1783	40	9	more	more	ADV
cblr-1783	40	10	precisely	precisely	ADV
cblr-1783	40	11	,	,	PUNCT
cblr-1783	40	12	systemic	systemic	ADJ
cblr-1783	40	13	risk	risk	NOUN
cblr-1783	40	14	has	have	AUX
cblr-1783	40	15	been	be	AUX
cblr-1783	40	16	defined	define	VERB
cblr-1783	40	17	as	as	ADP
cblr-1783	40	18	“	"	PUNCT
cblr-1783	40	19	the	the	DET
cblr-1783	40	20	risk	risk	NOUN
cblr-1783	40	21	that	that	SCONJ
cblr-1783	40	22	(	(	PUNCT
cblr-1783	40	23	i	i	NOUN
cblr-1783	40	24	)	)	PUNCT
cblr-1783	40	25	an	an	DET
cblr-1783	40	26	economic	economic	ADJ
cblr-1783	40	27	shock	shock	NOUN
cblr-1783	40	28	.	.	PUNCT
cblr-1783	40	29	.	.	PUNCT
cblr-1783	41	1	.	.	PUNCT
cblr-1783	42	1	triggers	trigger	NOUN
cblr-1783	42	2	.	.	PUNCT
cblr-1783	42	3	.	.	PUNCT
cblr-1783	42	4	.	.	PUNCT
cblr-1783	43	1	either	either	CCONJ
cblr-1783	43	2	(	(	PUNCT
cblr-1783	43	3	x	x	X
cblr-1783	43	4	)	)	PUNCT
cblr-1783	43	5	the	the	DET
cblr-1783	43	6	failure	failure	NOUN
cblr-1783	43	7	of	of	ADP
cblr-1783	43	8	a	a	DET
cblr-1783	43	9	chain	chain	NOUN
cblr-1783	43	10	of	of	ADP
cblr-1783	43	11	markets	market	NOUN
cblr-1783	43	12	or	or	CCONJ
cblr-1783	43	13	institutions	institution	NOUN
cblr-1783	43	14	or	or	CCONJ
cblr-1783	43	15	(	(	PUNCT
cblr-1783	43	16	y	y	NOUN
cblr-1783	43	17	)	)	PUNCT
cblr-1783	43	18	a	a	DET
cblr-1783	43	19	chain	chain	NOUN
cblr-1783	43	20	of	of	ADP
cblr-1783	43	21	significant	significant	ADJ
cblr-1783	43	22	losses	loss	NOUN
cblr-1783	43	23	to	to	ADP
cblr-1783	43	24	financial	financial	ADJ
cblr-1783	43	25	institutions	institution	NOUN
cblr-1783	43	26	,	,	PUNCT
cblr-1783	43	27	(	(	PUNCT
cblr-1783	43	28	ii	ii	NOUN
cblr-1783	43	29	)	)	PUNCT
cblr-1783	43	30	resulting	result	VERB
cblr-1783	43	31	in	in	ADP
cblr-1783	43	32	increases	increase	NOUN
cblr-1783	43	33	in	in	ADP
cblr-1783	43	34	the	the	DET
cblr-1783	43	35	cost	cost	NOUN
cblr-1783	43	36	of	of	ADP
cblr-1783	43	37	capital	capital	NOUN
cblr-1783	43	38	or	or	CCONJ
cblr-1783	43	39	decreases	decrease	NOUN
cblr-1783	43	40	in	in	ADP
cblr-1783	43	41	its	its	PRON
cblr-1783	43	42	availability	availability	NOUN
cblr-1783	43	43	.	.	PUNCT
cblr-1783	43	44	.	.	PUNCT
cblr-1783	43	45	.	.	PUNCT
cblr-1783	44	1	.	.	PUNCT
cblr-1783	44	2	”	"	PUNCT
cblr-1783	45	1	steven	steven	PROPN
cblr-1783	45	2	l.	l.	PROPN
cblr-1783	45	3	schwarcz	schwarcz	PROPN
cblr-1783	45	4	,	,	PUNCT
cblr-1783	45	5	systemic	systemic	ADJ
cblr-1783	45	6	risk	risk	NOUN
cblr-1783	45	7	,	,	PUNCT
cblr-1783	45	8	97	97	NUM
cblr-1783	45	9	geo	geo	PROPN
cblr-1783	45	10	.	.	PUNCT
cblr-1783	45	11	l.j	l.j	PROPN
cblr-1783	45	12	.	.	PROPN
cblr-1783	45	13	193	193	NUM
cblr-1783	45	14	,	,	PUNCT
cblr-1783	45	15	204	204	NUM
cblr-1783	45	16	(	(	PUNCT
cblr-1783	45	17	2008	2008	NUM
cblr-1783	45	18	)	)	PUNCT
cblr-1783	45	19	.	.	PUNCT
cblr-1783	46	1	2	2	NUM
cblr-1783	46	2	see	see	VERB
cblr-1783	46	3	fed	fed	PROPN
cblr-1783	46	4	.	.	PUNCT
cblr-1783	47	1	deposit	deposit	PROPN
cblr-1783	47	2	ins	ins	PROPN
cblr-1783	47	3	.	.	PUNCT
cblr-1783	47	4	corp	corp	PROPN
cblr-1783	47	5	.	.	PROPN
cblr-1783	47	6	,	,	PUNCT
cblr-1783	47	7	the	the	DET
cblr-1783	47	8	orderly	orderly	ADJ
cblr-1783	47	9	liquidation	liquidation	NOUN
cblr-1783	47	10	of	of	ADP
cblr-1783	47	11	lehman	lehman	PROPN
cblr-1783	47	12	brothers	brothers	PROPN
cblr-1783	47	13	holdings	holdings	PROPN
cblr-1783	47	14	inc	inc	PROPN
cblr-1783	47	15	.	.	PROPN
cblr-1783	47	16	under	under	ADP
cblr-1783	47	17	the	the	DET
cblr-1783	47	18	dodd	dodd	PROPN
cblr-1783	47	19	-	-	PUNCT
cblr-1783	47	20	frank	frank	PROPN
cblr-1783	47	21	act	act	PROPN
cblr-1783	47	22	,	,	PUNCT
cblr-1783	47	23	5	5	NUM
cblr-1783	47	24	fdic	fdic	PROPN
cblr-1783	47	25	q.	q.	PROPN
cblr-1783	47	26	,	,	PUNCT
cblr-1783	47	27	no	no	INTJ
cblr-1783	47	28	.	.	NOUN
cblr-1783	47	29	2	2	NUM
cblr-1783	47	30	,	,	PUNCT
cblr-1783	47	31	2011	2011	NUM
cblr-1783	47	32	,	,	PUNCT
cblr-1783	47	33	at	at	ADP
cblr-1783	47	34	31	31	NUM
cblr-1783	47	35	,	,	PUNCT
cblr-1783	47	36	33	33	NUM
cblr-1783	48	1	[	[	SYM
cblr-1783	48	2	hereinafter	hereinafter	NOUN
cblr-1783	48	3	fdic	fdic	PROPN
cblr-1783	48	4	,	,	PUNCT
cblr-1783	48	5	lehman	lehman	PROPN
cblr-1783	48	6	brothers	brother	NOUN
cblr-1783	48	7	]	]	PUNCT
cblr-1783	48	8	.	.	PUNCT
cblr-1783	48	9	3	3	NUM
cblr-1783	48	10	matt	matt	PROPN
cblr-1783	48	11	erickson	erickson	PROPN
cblr-1783	48	12	et	et	PROPN
cblr-1783	48	13	al	al	PROPN
cblr-1783	48	14	.	.	PROPN
cblr-1783	48	15	,	,	PUNCT
cblr-1783	48	16	tracking	track	VERB
cblr-1783	48	17	the	the	DET
cblr-1783	48	18	700	700	NUM
cblr-1783	48	19	billion	billion	NUM
cblr-1783	48	20	dollar	dollar	NOUN
cblr-1783	48	21	bailout	bailout	NOUN
cblr-1783	48	22	,	,	PUNCT
cblr-1783	48	23	n.y	n.y	PROPN
cblr-1783	48	24	.	.	PROPN
cblr-1783	48	25	times	times	PROPN
cblr-1783	48	26	,	,	PUNCT
cblr-1783	48	27	http://projects.nytimes.com/creditcrisis/recipients/table	http://projects.nytimes.com/creditcrisis/recipients/table	PROPN
cblr-1783	48	28	(	(	PUNCT
cblr-1783	48	29	last	last	ADV
cblr-1783	48	30	visited	visit	VERB
cblr-1783	48	31	jan	jan	PROPN
cblr-1783	48	32	.	.	PROPN
cblr-1783	48	33	28	28	NUM
cblr-1783	48	34	,	,	PUNCT
cblr-1783	48	35	2014	2014	NUM
cblr-1783	48	36	)	)	PUNCT
cblr-1783	48	37	.	.	PUNCT
cblr-1783	49	1	4	4	NUM
cblr-1783	49	2	for	for	ADP
cblr-1783	49	3	example	example	NOUN
cblr-1783	49	4	,	,	PUNCT
cblr-1783	49	5	the	the	DET
cblr-1783	49	6	volcker	volcker	NOUN
cblr-1783	49	7	rule	rule	NOUN
cblr-1783	49	8	and	and	CCONJ
cblr-1783	49	9	orderly	orderly	ADJ
cblr-1783	49	10	liquidation	liquidation	NOUN
cblr-1783	49	11	authority	authority	NOUN
cblr-1783	49	12	(	(	PUNCT
cblr-1783	49	13	ola	ola	PROPN
cblr-1783	49	14	)	)	PUNCT
cblr-1783	49	15	under	under	ADP
cblr-1783	49	16	dodd	dodd	PROPN
cblr-1783	49	17	-	-	PUNCT
cblr-1783	49	18	frank	frank	PROPN
cblr-1783	49	19	represent	represent	VERB
cblr-1783	49	20	two	two	NUM
cblr-1783	49	21	solutions	solution	NOUN
cblr-1783	49	22	currently	currently	ADV
cblr-1783	49	23	en	en	ADP
cblr-1783	49	24	vogue	vogue	NOUN
cblr-1783	49	25	.	.	PUNCT
cblr-1783	50	1	see	see	VERB
cblr-1783	50	2	onnig	onnig	PROPN
cblr-1783	50	3	h.	h.	PROPN
cblr-1783	50	4	dombalagian	dombalagian	PROPN
cblr-1783	50	5	,	,	PUNCT
cblr-1783	50	6	the	the	DET
cblr-1783	50	7	expressive	expressive	ADJ
cblr-1783	50	8	synergies	synergy	NOUN
cblr-1783	50	9	of	of	ADP
cblr-1783	50	10	the	the	DET
cblr-1783	50	11	volcker	volcker	NOUN
cblr-1783	50	12	rule	rule	NOUN
cblr-1783	50	13	,	,	PUNCT
cblr-1783	50	14	54	54	NUM
cblr-1783	50	15	b.c	b.c	PROPN
cblr-1783	50	16	.	.	PROPN
cblr-1783	50	17	l.	l.	PROPN
cblr-1783	50	18	rev	rev	PROPN
cblr-1783	50	19	.	.	PROPN
cblr-1783	51	1	469	469	NUM
cblr-1783	51	2	(	(	PUNCT
cblr-1783	51	3	2013	2013	NUM
cblr-1783	51	4	)	)	PUNCT
cblr-1783	51	5	;	;	PUNCT
cblr-1783	52	1	stephen	stephen	PROPN
cblr-1783	52	2	j.	j.	PROPN
cblr-1783	52	3	lubben	lubben	PROPN
cblr-1783	52	4	,	,	PUNCT
cblr-1783	52	5	resolution	resolution	NOUN
cblr-1783	52	6	,	,	PUNCT
cblr-1783	52	7	orderly	orderly	ADJ
cblr-1783	52	8	and	and	CCONJ
cblr-1783	52	9	otherwise	otherwise	ADV
cblr-1783	52	10	:	:	PUNCT
cblr-1783	52	11	b	b	X
cblr-1783	52	12	of	of	ADP
cblr-1783	52	13	a	a	PRON
cblr-1783	52	14	in	in	ADP
cblr-1783	52	15	ola	ola	PROPN
cblr-1783	52	16	,	,	PUNCT
cblr-1783	52	17	81	81	NUM
cblr-1783	52	18	u.	u.	NOUN
cblr-1783	52	19	cin	cin	PROPN
cblr-1783	52	20	.	.	PUNCT
cblr-1783	53	1	l.	l.	PROPN
cblr-1783	53	2	rev	rev	PROPN
cblr-1783	53	3	.	.	PROPN
cblr-1783	53	4	485	485	NUM
cblr-1783	53	5	(	(	PUNCT
cblr-1783	53	6	2012	2012	NUM
cblr-1783	53	7	)	)	PUNCT
cblr-1783	53	8	.	.	PUNCT
cblr-1783	54	1	however	however	ADV
cblr-1783	54	2	,	,	PUNCT
cblr-1783	54	3	debate	debate	VERB
cblr-1783	54	4	rages	rage	NOUN
cblr-1783	54	5	on	on	ADP
cblr-1783	54	6	over	over	ADP
cblr-1783	54	7	whether	whether	SCONJ
cblr-1783	54	8	dodd	dodd	PROPN
cblr-1783	54	9	-	-	PUNCT
cblr-1783	54	10	frank	frank	PROPN
cblr-1783	54	11	will	will	AUX
cblr-1783	54	12	eradicate	eradicate	VERB
cblr-1783	54	13	“	"	PUNCT
cblr-1783	54	14	too	too	ADV
cblr-1783	54	15	big	big	ADJ
cblr-1783	54	16	to	to	PART
cblr-1783	54	17	fail	fail	VERB
cblr-1783	54	18	”	"	PUNCT
cblr-1783	54	19	(	(	PUNCT
cblr-1783	54	20	“	"	PUNCT
cblr-1783	54	21	tbtf	tbtf	PROPN
cblr-1783	54	22	”	"	PUNCT
cblr-1783	54	23	)	)	PUNCT
cblr-1783	54	24	.	.	PUNCT
cblr-1783	55	1	see	see	VERB
cblr-1783	55	2	does	do	AUX
cblr-1783	55	3	the	the	DET
cblr-1783	55	4	dodd	dodd	PROPN
cblr-1783	55	5	-	-	PUNCT
cblr-1783	55	6	frank	frank	PROPN
cblr-1783	55	7	act	act	PROPN
cblr-1783	55	8	end	end	VERB
cblr-1783	55	9	“	"	PUNCT
cblr-1783	55	10	too	too	ADV
cblr-1783	55	11	big	big	ADJ
cblr-1783	55	12	to	to	PART
cblr-1783	55	13	fail	fail	VERB
cblr-1783	55	14	?	?	PUNCT
cblr-1783	55	15	”	"	PUNCT
cblr-1783	55	16	:	:	PUNCT
cblr-1783	55	17	hearing	hear	VERB
cblr-1783	55	18	before	before	ADP
cblr-1783	55	19	the	the	DET
cblr-1783	55	20	subcomm	subcomm	NOUN
cblr-1783	55	21	.	.	PUNCT
cblr-1783	56	1	on	on	ADP
cblr-1783	56	2	fin	fin	NOUN
cblr-1783	56	3	.	.	PUNCT
cblr-1783	57	1	insts	inst	NOUN
cblr-1783	57	2	.	.	PUNCT
cblr-1783	58	1	&	&	CCONJ
cblr-1783	58	2	consumer	consumer	NOUN
cblr-1783	58	3	credit	credit	NOUN
cblr-1783	58	4	of	of	ADP
cblr-1783	58	5	the	the	DET
cblr-1783	58	6	h.	h.	PROPN
cblr-1783	58	7	comm	comm	NOUN
cblr-1783	58	8	.	.	PUNCT
cblr-1783	59	1	on	on	ADP
cblr-1783	59	2	fin	fin	NOUN
cblr-1783	59	3	.	.	PUNCT
cblr-1783	60	1	servs	servs	PROPN
cblr-1783	60	2	.	.	PROPN
cblr-1783	60	3	,	,	PUNCT
cblr-1783	60	4	112th	112th	PROPN
cblr-1783	60	5	cong	cong	NOUN
cblr-1783	60	6	.	.	PROPN
cblr-1783	61	1	67	67	NUM
cblr-1783	61	2	,	,	PUNCT
cblr-1783	61	3	83	83	NUM
cblr-1783	61	4	(	(	PUNCT
cblr-1783	61	5	2011	2011	NUM
cblr-1783	61	6	)	)	PUNCT
cblr-1783	61	7	(	(	PUNCT
cblr-1783	61	8	statements	statement	NOUN
cblr-1783	61	9	of	of	ADP
cblr-1783	61	10	michael	michael	PROPN
cblr-1783	61	11	h.	h.	PROPN
cblr-1783	61	12	krimminger	krimminger	PROPN
cblr-1783	61	13	,	,	PUNCT
cblr-1783	61	14	gen	gen	PROPN
cblr-1783	61	15	.	.	PROPN
cblr-1783	61	16	counsel	counsel	PROPN
cblr-1783	61	17	,	,	PUNCT
cblr-1783	61	18	fdic	fdic	PROPN
cblr-1783	61	19	,	,	PUNCT
cblr-1783	61	20	and	and	CCONJ
cblr-1783	61	21	stephen	stephen	PROPN
cblr-1783	61	22	j.	j.	PROPN
cblr-1783	61	23	lubben	lubben	PROPN
cblr-1783	61	24	,	,	PUNCT
cblr-1783	61	25	professor	professor	NOUN
cblr-1783	61	26	of	of	ADP
cblr-1783	61	27	law	law	NOUN
cblr-1783	61	28	,	,	PUNCT
cblr-1783	61	29	seton	seton	PROPN
cblr-1783	61	30	hall	hall	PROPN
cblr-1783	61	31	univ	univ	PROPN
cblr-1783	61	32	.	.	PUNCT
cblr-1783	62	1	sch	sch	PROPN
cblr-1783	62	2	.	.	PROPN
cblr-1783	62	3	of	of	ADP
cblr-1783	62	4	law	law	NOUN
cblr-1783	62	5	)	)	PUNCT
cblr-1783	62	6	.	.	PUNCT
cblr-1783	63	1	750	750	NUM
cblr-1783	63	2	columbia	columbia	PROPN
cblr-1783	63	3	business	business	NOUN
cblr-1783	63	4	law	law	PROPN
cblr-1783	63	5	review	review	NOUN
cblr-1783	63	6	[	[	X
cblr-1783	63	7	vol	vol	NOUN
cblr-1783	63	8	.	.	PUNCT
cblr-1783	63	9	2014	2014	NUM
cblr-1783	63	10	platforms	platform	NOUN
cblr-1783	63	11	for	for	ADP
cblr-1783	63	12	prospective	prospective	ADJ
cblr-1783	63	13	buyers	buyer	NOUN
cblr-1783	63	14	and	and	CCONJ
cblr-1783	63	15	sellers	seller	NOUN
cblr-1783	63	16	of	of	ADP
cblr-1783	63	17	securities	security	NOUN
cblr-1783	63	18	to	to	PART
cblr-1783	63	19	view	view	VERB
cblr-1783	63	20	price	price	NOUN
cblr-1783	63	21	quotations	quotation	NOUN
cblr-1783	63	22	.	.	PUNCT
cblr-1783	64	1	should	should	AUX
cblr-1783	64	2	a	a	DET
cblr-1783	64	3	set	set	NOUN
cblr-1783	64	4	of	of	ADP
cblr-1783	64	5	counterparties	counterpartie	NOUN
cblr-1783	64	6	decide	decide	VERB
cblr-1783	64	7	to	to	PART
cblr-1783	64	8	buy	buy	VERB
cblr-1783	64	9	and	and	CCONJ
cblr-1783	64	10	sell	sell	VERB
cblr-1783	64	11	the	the	DET
cblr-1783	64	12	same	same	ADJ
cblr-1783	64	13	stock	stock	NOUN
cblr-1783	64	14	,	,	PUNCT
cblr-1783	64	15	then	then	ADV
cblr-1783	64	16	another	another	DET
cblr-1783	64	17	intermediary	intermediary	NOUN
cblr-1783	64	18	,	,	PUNCT
cblr-1783	64	19	the	the	DET
cblr-1783	64	20	clearinghouse	clearinghouse	NOUN
cblr-1783	64	21	,	,	PUNCT
cblr-1783	64	22	will	will	AUX
cblr-1783	64	23	facilitate	facilitate	VERB
cblr-1783	64	24	payment	payment	NOUN
cblr-1783	64	25	by	by	ADP
cblr-1783	64	26	the	the	DET
cblr-1783	64	27	buyer	buyer	NOUN
cblr-1783	64	28	and	and	CCONJ
cblr-1783	64	29	delivery	delivery	NOUN
cblr-1783	64	30	of	of	ADP
cblr-1783	64	31	stock	stock	NOUN
cblr-1783	64	32	by	by	ADP
cblr-1783	64	33	the	the	DET
cblr-1783	64	34	seller.5	seller.5	NOUN
cblr-1783	64	35	as	as	ADP
cblr-1783	64	36	with	with	ADP
cblr-1783	64	37	banks	bank	NOUN
cblr-1783	64	38	,	,	PUNCT
cblr-1783	64	39	failure	failure	NOUN
cblr-1783	64	40	and	and	CCONJ
cblr-1783	64	41	consolidation	consolidation	NOUN
cblr-1783	64	42	have	have	AUX
cblr-1783	64	43	propelled	propel	VERB
cblr-1783	64	44	exchanges	exchange	NOUN
cblr-1783	64	45	and	and	CCONJ
cblr-1783	64	46	clearinghouses	clearinghouse	NOUN
cblr-1783	64	47	toward	toward	ADP
cblr-1783	64	48	systemically	systemically	ADV
cblr-1783	64	49	significant	significant	ADJ
cblr-1783	64	50	size	size	NOUN
cblr-1783	64	51	.	.	PUNCT
cblr-1783	65	1	in	in	ADP
cblr-1783	65	2	the	the	DET
cblr-1783	65	3	last	last	ADJ
cblr-1783	65	4	ten	ten	NUM
cblr-1783	65	5	years	year	NOUN
cblr-1783	65	6	,	,	PUNCT
cblr-1783	65	7	the	the	DET
cblr-1783	65	8	storied	story	VERB
cblr-1783	65	9	new	new	PROPN
cblr-1783	65	10	york	york	PROPN
cblr-1783	65	11	stock	stock	PROPN
cblr-1783	65	12	exchange	exchange	PROPN
cblr-1783	65	13	has	have	AUX
cblr-1783	65	14	undergone	undergo	VERB
cblr-1783	65	15	several	several	ADJ
cblr-1783	65	16	incarnations	incarnation	NOUN
cblr-1783	65	17	by	by	ADP
cblr-1783	65	18	way	way	NOUN
cblr-1783	65	19	of	of	ADP
cblr-1783	65	20	merger	merger	NOUN
cblr-1783	65	21	or	or	CCONJ
cblr-1783	65	22	acquisition.6	acquisition.6	NOUN
cblr-1783	65	23	in	in	ADP
cblr-1783	65	24	the	the	DET
cblr-1783	65	25	clearing	clearing	NOUN
cblr-1783	65	26	space	space	NOUN
cblr-1783	65	27	,	,	PUNCT
cblr-1783	65	28	the	the	DET
cblr-1783	65	29	national	national	ADJ
cblr-1783	65	30	securities	securities	PROPN
cblr-1783	65	31	clearing	clearing	NOUN
cblr-1783	65	32	corporation	corporation	NOUN
cblr-1783	65	33	(	(	PUNCT
cblr-1783	65	34	nscc	nscc	ADV
cblr-1783	65	35	)	)	PUNCT
cblr-1783	65	36	dominates	dominate	VERB
cblr-1783	65	37	almost	almost	ADV
cblr-1783	65	38	the	the	DET
cblr-1783	65	39	entire	entire	ADJ
cblr-1783	65	40	securities	security	NOUN
cblr-1783	65	41	market.7	market.7	NOUN
cblr-1783	65	42	despite	despite	SCONJ
cblr-1783	65	43	these	these	DET
cblr-1783	65	44	similarities	similarity	NOUN
cblr-1783	65	45	,	,	PUNCT
cblr-1783	65	46	the	the	DET
cblr-1783	65	47	regulatory	regulatory	ADJ
cblr-1783	65	48	regime	regime	NOUN
cblr-1783	65	49	for	for	ADP
cblr-1783	65	50	large	large	ADJ
cblr-1783	65	51	banks	bank	NOUN
cblr-1783	65	52	has	have	AUX
cblr-1783	65	53	generally	generally	ADV
cblr-1783	65	54	not	not	PART
cblr-1783	65	55	been	be	AUX
cblr-1783	65	56	deployed	deploy	VERB
cblr-1783	65	57	for	for	ADP
cblr-1783	65	58	large	large	ADJ
cblr-1783	65	59	clearinghouses.8	clearinghouses.8	ADV
cblr-1783	65	60	part	part	NOUN
cblr-1783	65	61	of	of	ADP
cblr-1783	65	62	this	this	PRON
cblr-1783	65	63	can	can	AUX
cblr-1783	65	64	be	be	AUX
cblr-1783	65	65	attributed	attribute	VERB
cblr-1783	65	66	to	to	ADP
cblr-1783	65	67	the	the	DET
cblr-1783	65	68	view	view	NOUN
cblr-1783	65	69	that	that	SCONJ
cblr-1783	65	70	clearing	clearing	NOUN
cblr-1783	65	71	is	be	AUX
cblr-1783	65	72	an	an	DET
cblr-1783	65	73	essential	essential	ADJ
cblr-1783	65	74	part	part	NOUN
cblr-1783	65	75	of	of	ADP
cblr-1783	65	76	trading	trading	NOUN
cblr-1783	65	77	.	.	PUNCT
cblr-1783	66	1	as	as	SCONJ
cblr-1783	66	2	it	it	PRON
cblr-1783	66	3	navigated	navigate	VERB
cblr-1783	66	4	registration	registration	NOUN
cblr-1783	66	5	with	with	ADP
cblr-1783	66	6	the	the	DET
cblr-1783	66	7	securities	security	NOUN
cblr-1783	66	8	and	and	CCONJ
cblr-1783	66	9	exchange	exchange	PROPN
cblr-1783	66	10	commission	commission	PROPN
cblr-1783	66	11	5	5	NUM
cblr-1783	66	12	the	the	DET
cblr-1783	66	13	three	three	NUM
cblr-1783	66	14	different	different	ADJ
cblr-1783	66	15	back	back	ADJ
cblr-1783	66	16	-	-	PUNCT
cblr-1783	66	17	office	office	NOUN
cblr-1783	66	18	functions	function	NOUN
cblr-1783	66	19	in	in	ADP
cblr-1783	66	20	support	support	NOUN
cblr-1783	66	21	of	of	ADP
cblr-1783	66	22	trading	trading	NOUN
cblr-1783	66	23	are	be	AUX
cblr-1783	66	24	generally	generally	ADV
cblr-1783	66	25	conflated	conflate	VERB
cblr-1783	66	26	as	as	ADP
cblr-1783	66	27	“	"	PUNCT
cblr-1783	66	28	clearing	clearing	NOUN
cblr-1783	66	29	.	.	PUNCT
cblr-1783	66	30	”	"	PUNCT
cblr-1783	67	1	these	these	DET
cblr-1783	67	2	functions	function	NOUN
cblr-1783	67	3	are	be	AUX
cblr-1783	67	4	(	(	PUNCT
cblr-1783	67	5	i	i	NOUN
cblr-1783	67	6	)	)	PUNCT
cblr-1783	67	7	matching	matching	NOUN
cblr-1783	67	8	of	of	ADP
cblr-1783	67	9	orders	order	NOUN
cblr-1783	67	10	,	,	PUNCT
cblr-1783	67	11	(	(	PUNCT
cblr-1783	67	12	ii	ii	NOUN
cblr-1783	67	13	)	)	PUNCT
cblr-1783	67	14	clearing	clearing	NOUN
cblr-1783	67	15	,	,	PUNCT
cblr-1783	67	16	and	and	CCONJ
cblr-1783	67	17	(	(	PUNCT
cblr-1783	67	18	iii	iii	X
cblr-1783	67	19	)	)	PUNCT
cblr-1783	67	20	settlement	settlement	NOUN
cblr-1783	67	21	(	(	PUNCT
cblr-1783	67	22	effecting	effect	VERB
cblr-1783	67	23	delivery	delivery	NOUN
cblr-1783	67	24	or	or	CCONJ
cblr-1783	67	25	payment	payment	NOUN
cblr-1783	67	26	)	)	PUNCT
cblr-1783	67	27	.	.	PUNCT
cblr-1783	68	1	for	for	ADP
cblr-1783	68	2	excellent	excellent	ADJ
cblr-1783	68	3	summaries	summary	NOUN
cblr-1783	68	4	,	,	PUNCT
cblr-1783	68	5	see	see	VERB
cblr-1783	68	6	dermot	dermot	PROPN
cblr-1783	68	7	turing	turing	NOUN
cblr-1783	68	8	,	,	PUNCT
cblr-1783	68	9	clearing	clearing	NOUN
cblr-1783	68	10	and	and	CCONJ
cblr-1783	68	11	settlement	settlement	NOUN
cblr-1783	68	12	in	in	ADP
cblr-1783	68	13	europe	europe	PROPN
cblr-1783	68	14	§	§	PROPN
cblr-1783	68	15	§	§	PROPN
cblr-1783	68	16	1.2–1.14	1.2–1.14	PROPN
cblr-1783	68	17	(	(	PUNCT
cblr-1783	68	18	2012	2012	NUM
cblr-1783	68	19	)	)	PUNCT
cblr-1783	68	20	;	;	PUNCT
cblr-1783	68	21	john	john	PROPN
cblr-1783	68	22	mcpartland	mcpartland	PROPN
cblr-1783	68	23	,	,	PUNCT
cblr-1783	68	24	clearing	clearing	NOUN
cblr-1783	68	25	and	and	CCONJ
cblr-1783	68	26	settlement	settlement	NOUN
cblr-1783	68	27	demystified	demystify	VERB
cblr-1783	68	28	,	,	PUNCT
cblr-1783	68	29	chicago	chicago	PROPN
cblr-1783	68	30	fed	fed	PROPN
cblr-1783	68	31	let	let	VERB
cblr-1783	68	32	.	.	PUNCT
cblr-1783	69	1	(	(	PUNCT
cblr-1783	69	2	fed	fed	PROPN
cblr-1783	69	3	.	.	PROPN
cblr-1783	69	4	reserve	reserve	PROPN
cblr-1783	69	5	bank	bank	PROPN
cblr-1783	69	6	of	of	ADP
cblr-1783	69	7	chicago	chicago	PROPN
cblr-1783	69	8	,	,	PUNCT
cblr-1783	69	9	chicago	chicago	PROPN
cblr-1783	69	10	,	,	PUNCT
cblr-1783	69	11	il	il	PROPN
cblr-1783	69	12	)	)	PUNCT
cblr-1783	69	13	,	,	PUNCT
cblr-1783	69	14	no	no	INTJ
cblr-1783	69	15	.	.	NOUN
cblr-1783	69	16	210	210	NUM
cblr-1783	69	17	,	,	PUNCT
cblr-1783	69	18	2005	2005	NUM
cblr-1783	69	19	,	,	PUNCT
cblr-1783	69	20	at	at	ADP
cblr-1783	69	21	1	1	NUM
cblr-1783	69	22	.	.	NOUN
cblr-1783	69	23	6	6	NUM
cblr-1783	69	24	nyse	nyse	PROPN
cblr-1783	69	25	euronext	euronext	PROPN
cblr-1783	69	26	,	,	PUNCT
cblr-1783	69	27	the	the	DET
cblr-1783	69	28	operator	operator	NOUN
cblr-1783	69	29	of	of	ADP
cblr-1783	69	30	the	the	DET
cblr-1783	69	31	new	new	PROPN
cblr-1783	69	32	york	york	PROPN
cblr-1783	69	33	stock	stock	PROPN
cblr-1783	69	34	exchange	exchange	PROPN
cblr-1783	69	35	,	,	PUNCT
cblr-1783	69	36	would	would	AUX
cblr-1783	69	37	have	have	AUX
cblr-1783	69	38	been	be	AUX
cblr-1783	69	39	sold	sell	VERB
cblr-1783	69	40	in	in	ADP
cblr-1783	69	41	2012	2012	NUM
cblr-1783	69	42	to	to	ADP
cblr-1783	69	43	the	the	DET
cblr-1783	69	44	german	german	ADJ
cblr-1783	69	45	exchange	exchange	NOUN
cblr-1783	69	46	operator	operator	NOUN
cblr-1783	69	47	deutsche	deutsche	X
cblr-1783	69	48	börse	börse	NOUN
cblr-1783	69	49	had	have	VERB
cblr-1783	69	50	european	european	ADJ
cblr-1783	69	51	antitrust	antitrust	ADJ
cblr-1783	69	52	regulators	regulator	NOUN
cblr-1783	69	53	not	not	PART
cblr-1783	69	54	blocked	block	VERB
cblr-1783	69	55	the	the	DET
cblr-1783	69	56	deal	deal	NOUN
cblr-1783	69	57	.	.	PUNCT
cblr-1783	70	1	nyse	nyse	PROPN
cblr-1783	70	2	euronext	euronext	PROPN
cblr-1783	70	3	is	be	AUX
cblr-1783	70	4	itself	itself	PRON
cblr-1783	70	5	the	the	DET
cblr-1783	70	6	product	product	NOUN
cblr-1783	70	7	of	of	ADP
cblr-1783	70	8	a	a	DET
cblr-1783	70	9	merger	merger	NOUN
cblr-1783	70	10	of	of	ADP
cblr-1783	70	11	the	the	DET
cblr-1783	70	12	nyse	nyse	PROPN
cblr-1783	70	13	group	group	PROPN
cblr-1783	70	14	and	and	CCONJ
cblr-1783	70	15	euronext	euronext	PROPN
cblr-1783	70	16	.	.	PUNCT
cblr-1783	71	1	nyse	nyse	PROPN
cblr-1783	71	2	,	,	PUNCT
cblr-1783	71	3	timeline	timeline	NOUN
cblr-1783	71	4	,	,	PUNCT
cblr-1783	71	5	http://perma.cc/f4ql-4p3p	http://perma.cc/f4ql-4p3p	NUM
cblr-1783	71	6	(	(	PUNCT
cblr-1783	71	7	last	last	ADV
cblr-1783	71	8	visited	visit	VERB
cblr-1783	71	9	nov	nov	PROPN
cblr-1783	71	10	.	.	PROPN
cblr-1783	71	11	19	19	NUM
cblr-1783	71	12	,	,	PUNCT
cblr-1783	71	13	2014	2014	NUM
cblr-1783	71	14	)	)	PUNCT
cblr-1783	71	15	.	.	PUNCT
cblr-1783	72	1	now	now	ADV
cblr-1783	72	2	,	,	PUNCT
cblr-1783	72	3	nyse	nyse	PROPN
cblr-1783	72	4	euronext	euronext	PROPN
cblr-1783	72	5	will	will	AUX
cblr-1783	72	6	likely	likely	ADV
cblr-1783	72	7	be	be	AUX
cblr-1783	72	8	acquired	acquire	VERB
cblr-1783	72	9	by	by	ADP
cblr-1783	72	10	the	the	DET
cblr-1783	72	11	intercontinentalexchange	intercontinentalexchange	NOUN
cblr-1783	72	12	(	(	PUNCT
cblr-1783	72	13	ice	ice	NOUN
cblr-1783	72	14	)	)	PUNCT
cblr-1783	72	15	,	,	PUNCT
cblr-1783	72	16	best	well	ADV
cblr-1783	72	17	known	know	VERB
cblr-1783	72	18	for	for	ADP
cblr-1783	72	19	market	market	NOUN
cblr-1783	72	20	making	making	NOUN
cblr-1783	72	21	in	in	ADP
cblr-1783	72	22	the	the	DET
cblr-1783	72	23	derivatives	derivative	NOUN
cblr-1783	72	24	space	space	NOUN
cblr-1783	72	25	.	.	PUNCT
cblr-1783	73	1	see	see	VERB
cblr-1783	73	2	nathaniel	nathaniel	PROPN
cblr-1783	73	3	popper	popper	PROPN
cblr-1783	73	4	,	,	PUNCT
cblr-1783	73	5	the	the	DET
cblr-1783	73	6	big	big	PROPN
cblr-1783	73	7	board	board	NOUN
cblr-1783	73	8	,	,	PUNCT
cblr-1783	73	9	in	in	ADP
cblr-1783	73	10	one	one	NUM
cblr-1783	73	11	big	big	ADJ
cblr-1783	73	12	gulp	gulp	NOUN
cblr-1783	73	13	,	,	PUNCT
cblr-1783	73	14	n.y	n.y	PROPN
cblr-1783	73	15	.	.	PROPN
cblr-1783	73	16	times	times	PROPN
cblr-1783	73	17	,	,	PUNCT
cblr-1783	73	18	jan	jan	PROPN
cblr-1783	73	19	.	.	PROPN
cblr-1783	73	20	20	20	NUM
cblr-1783	73	21	,	,	PUNCT
cblr-1783	73	22	2013	2013	NUM
cblr-1783	73	23	,	,	PUNCT
cblr-1783	73	24	at	at	ADP
cblr-1783	73	25	bu1	bu1	NOUN
cblr-1783	73	26	.	.	PUNCT
cblr-1783	74	1	7	7	NUM
cblr-1783	75	1	the	the	DET
cblr-1783	75	2	volume	volume	NOUN
cblr-1783	75	3	of	of	ADP
cblr-1783	75	4	trades	trade	NOUN
cblr-1783	75	5	handled	handle	VERB
cblr-1783	75	6	by	by	ADP
cblr-1783	75	7	nscc	nscc	PROPN
cblr-1783	75	8	is	be	AUX
cblr-1783	75	9	mindboggling	mindboggle	VERB
cblr-1783	75	10	:	:	PUNCT
cblr-1783	75	11	in	in	ADP
cblr-1783	75	12	2012	2012	NUM
cblr-1783	75	13	,	,	PUNCT
cblr-1783	75	14	the	the	DET
cblr-1783	75	15	average	average	ADJ
cblr-1783	75	16	daily	daily	ADJ
cblr-1783	75	17	value	value	NOUN
cblr-1783	75	18	of	of	ADP
cblr-1783	75	19	equities	equity	NOUN
cblr-1783	75	20	activity	activity	NOUN
cblr-1783	75	21	was	be	AUX
cblr-1783	75	22	$	$	SYM
cblr-1783	75	23	742.7	742.7	NUM
cblr-1783	75	24	billion	billion	NUM
cblr-1783	75	25	.	.	PUNCT
cblr-1783	76	1	see	see	VERB
cblr-1783	76	2	dtcc	dtcc	PROPN
cblr-1783	76	3	,	,	PUNCT
cblr-1783	76	4	national	national	ADJ
cblr-1783	76	5	securities	securities	PROPN
cblr-1783	76	6	clearing	clearing	NOUN
cblr-1783	76	7	corporation	corporation	NOUN
cblr-1783	76	8	(	(	PUNCT
cblr-1783	76	9	nscc	nscc	ADJ
cblr-1783	76	10	)	)	PUNCT
cblr-1783	76	11	,	,	PUNCT
cblr-1783	77	1	http://perma.cc/7zk3bnxa	http://perma.cc/7zk3bnxa	PROPN
cblr-1783	77	2	(	(	PUNCT
cblr-1783	77	3	last	last	ADV
cblr-1783	77	4	visited	visit	VERB
cblr-1783	77	5	nov	nov	PROPN
cblr-1783	77	6	.	.	PROPN
cblr-1783	77	7	19	19	NUM
cblr-1783	77	8	,	,	PUNCT
cblr-1783	77	9	2014	2014	NUM
cblr-1783	77	10	)	)	PUNCT
cblr-1783	77	11	.	.	PUNCT
cblr-1783	78	1	yet	yet	ADV
cblr-1783	78	2	,	,	PUNCT
cblr-1783	78	3	even	even	ADV
cblr-1783	78	4	this	this	DET
cblr-1783	78	5	figure	figure	NOUN
cblr-1783	78	6	is	be	AUX
cblr-1783	78	7	far	far	ADV
cblr-1783	78	8	short	short	ADJ
cblr-1783	78	9	of	of	ADP
cblr-1783	78	10	the	the	DET
cblr-1783	78	11	size	size	NOUN
cblr-1783	78	12	of	of	ADP
cblr-1783	78	13	the	the	DET
cblr-1783	78	14	over	over	ADP
cblr-1783	78	15	-	-	PUNCT
cblr-1783	78	16	the	the	DET
cblr-1783	78	17	-	-	PUNCT
cblr-1783	78	18	counter	counter	NOUN
cblr-1783	78	19	(	(	PUNCT
cblr-1783	78	20	“	"	PUNCT
cblr-1783	78	21	otc	otc	PROPN
cblr-1783	78	22	”	"	PUNCT
cblr-1783	78	23	)	)	PUNCT
cblr-1783	78	24	derivatives	derivative	NOUN
cblr-1783	78	25	markets	market	NOUN
cblr-1783	78	26	,	,	PUNCT
cblr-1783	78	27	roughly	roughly	ADV
cblr-1783	78	28	$	$	SYM
cblr-1783	78	29	700	700	NUM
cblr-1783	78	30	trillion	trillion	NUM
cblr-1783	78	31	(	(	PUNCT
cblr-1783	78	32	notional	notional	ADJ
cblr-1783	78	33	value	value	NOUN
cblr-1783	78	34	)	)	PUNCT
cblr-1783	78	35	.	.	PUNCT
cblr-1783	79	1	bank	bank	NOUN
cblr-1783	79	2	for	for	ADP
cblr-1783	79	3	int’l	int’l	NUM
cblr-1783	79	4	settlements	settlement	NOUN
cblr-1783	79	5	,	,	PUNCT
cblr-1783	79	6	derivatives	derivative	NOUN
cblr-1783	79	7	statistics	statistic	NOUN
cblr-1783	79	8	,	,	PUNCT
cblr-1783	79	9	tbl	tbl	NOUN
cblr-1783	79	10	.	.	PUNCT
cblr-1783	80	1	19	19	NUM
cblr-1783	80	2	(	(	PUNCT
cblr-1783	80	3	sept	sept	PROPN
cblr-1783	80	4	.	.	PROPN
cblr-1783	80	5	14	14	NUM
cblr-1783	80	6	,	,	PUNCT
cblr-1783	80	7	2014	2014	NUM
cblr-1783	80	8	)	)	PUNCT
cblr-1783	80	9	,	,	PUNCT
cblr-1783	80	10	http://perma.cc/877h-sl8c?type=pdf	http://perma.cc/877h-sl8c?type=pdf	NOUN
cblr-1783	80	11	.	.	NOUN
cblr-1783	80	12	8	8	NUM
cblr-1783	81	1	but	but	CCONJ
cblr-1783	81	2	see	see	VERB
cblr-1783	81	3	infra	infra	NOUN
cblr-1783	81	4	section	section	NOUN
cblr-1783	81	5	iii.c.1	iii.c.1	PROPN
cblr-1783	81	6	,	,	PUNCT
cblr-1783	81	7	which	which	PRON
cblr-1783	81	8	discusses	discuss	VERB
cblr-1783	81	9	the	the	DET
cblr-1783	81	10	designation	designation	NOUN
cblr-1783	81	11	of	of	ADP
cblr-1783	81	12	eight	eight	NUM
cblr-1783	81	13	clearinghouses	clearinghouse	NOUN
cblr-1783	81	14	as	as	ADP
cblr-1783	81	15	systemically	systemically	ADV
cblr-1783	81	16	important	important	ADJ
cblr-1783	81	17	and	and	CCONJ
cblr-1783	81	18	therefore	therefore	ADV
cblr-1783	81	19	eligible	eligible	ADJ
cblr-1783	81	20	for	for	ADP
cblr-1783	81	21	liquidity	liquidity	NOUN
cblr-1783	81	22	assistance	assistance	NOUN
cblr-1783	81	23	.	.	PUNCT
cblr-1783	82	1	http://perma.cc/f4ql-4p3p	http://perma.cc/f4ql-4p3p	X
cblr-1783	83	1	http://perma.cc/7zk3-bnxa	http://perma.cc/7zk3-bnxa	NOUN
cblr-1783	83	2	http://perma.cc/7zk3-bnxa	http://perma.cc/7zk3-bnxa	NOUN
cblr-1783	83	3	no	no	INTJ
cblr-1783	83	4	.	.	PUNCT
cblr-1783	84	1	3:747	3:747	NUM
cblr-1783	84	2	]	]	X
cblr-1783	84	3	systemic	systemic	ADJ
cblr-1783	84	4	risk	risk	NOUN
cblr-1783	84	5	paradox	paradox	NOUN
cblr-1783	84	6	751	751	NUM
cblr-1783	84	7	in	in	ADP
cblr-1783	84	8	1976	1976	NUM
cblr-1783	84	9	,	,	PUNCT
cblr-1783	84	10	the	the	DET
cblr-1783	84	11	nscc	nscc	ADJ
cblr-1783	84	12	was	be	AUX
cblr-1783	84	13	described	describe	VERB
cblr-1783	84	14	as	as	ADP
cblr-1783	84	15	a	a	DET
cblr-1783	84	16	“	"	PUNCT
cblr-1783	84	17	public	public	ADJ
cblr-1783	84	18	utility,”9	utility,”9	NOUN
cblr-1783	84	19	a	a	DET
cblr-1783	84	20	moniker	moniker	NOUN
cblr-1783	84	21	that	that	PRON
cblr-1783	84	22	gave	give	VERB
cblr-1783	84	23	the	the	DET
cblr-1783	84	24	entity	entity	NOUN
cblr-1783	84	25	a	a	DET
cblr-1783	84	26	free	free	ADJ
cblr-1783	84	27	pass	pass	NOUN
cblr-1783	84	28	to	to	PART
cblr-1783	84	29	expand	expand	VERB
cblr-1783	84	30	and	and	CCONJ
cblr-1783	84	31	monopolize	monopolize	VERB
cblr-1783	84	32	.	.	PUNCT
cblr-1783	85	1	additionally	additionally	ADV
cblr-1783	85	2	,	,	PUNCT
cblr-1783	85	3	the	the	DET
cblr-1783	85	4	very	very	ADJ
cblr-1783	85	5	nature	nature	NOUN
cblr-1783	85	6	of	of	ADP
cblr-1783	85	7	clearinghouses	clearinghouse	NOUN
cblr-1783	85	8	ensures	ensure	VERB
cblr-1783	85	9	that	that	SCONJ
cblr-1783	85	10	they	they	PRON
cblr-1783	85	11	will	will	AUX
cblr-1783	85	12	be	be	AUX
cblr-1783	85	13	too	too	ADV
cblr-1783	85	14	big	big	ADJ
cblr-1783	85	15	to	to	PART
cblr-1783	85	16	fail	fail	VERB
cblr-1783	85	17	(	(	PUNCT
cblr-1783	85	18	“	"	PUNCT
cblr-1783	85	19	tbtf	tbtf	PROPN
cblr-1783	85	20	”	"	PUNCT
cblr-1783	85	21	)	)	PUNCT
cblr-1783	85	22	and	and	CCONJ
cblr-1783	85	23	,	,	PUNCT
cblr-1783	85	24	hence	hence	ADV
cblr-1783	85	25	,	,	PUNCT
cblr-1783	85	26	that	that	SCONJ
cblr-1783	85	27	a	a	DET
cblr-1783	85	28	resolution	resolution	NOUN
cblr-1783	85	29	mechanism	mechanism	NOUN
cblr-1783	85	30	predicated	predicate	VERB
cblr-1783	85	31	upon	upon	SCONJ
cblr-1783	85	32	eradicating	eradicate	VERB
cblr-1783	85	33	tbtf	tbtf	PROPN
cblr-1783	85	34	is	be	AUX
cblr-1783	85	35	inapposite	inapposite	ADJ
cblr-1783	85	36	.	.	PUNCT
cblr-1783	86	1	a	a	DET
cblr-1783	86	2	clearinghouse	clearinghouse	NOUN
cblr-1783	86	3	interposes	interpose	VERB
cblr-1783	86	4	itself	itself	PRON
cblr-1783	86	5	between	between	ADP
cblr-1783	86	6	buyers	buyer	NOUN
cblr-1783	86	7	and	and	CCONJ
cblr-1783	86	8	sellers	seller	NOUN
cblr-1783	86	9	of	of	ADP
cblr-1783	86	10	financial	financial	ADJ
cblr-1783	86	11	instruments	instrument	NOUN
cblr-1783	86	12	to	to	PART
cblr-1783	86	13	mitigate	mitigate	VERB
cblr-1783	86	14	counterparty	counterparty	NOUN
cblr-1783	86	15	and	and	CCONJ
cblr-1783	86	16	credit	credit	NOUN
cblr-1783	86	17	risks	risk	NOUN
cblr-1783	86	18	.	.	PUNCT
cblr-1783	87	1	as	as	ADP
cblr-1783	87	2	the	the	DET
cblr-1783	87	3	party	party	NOUN
cblr-1783	87	4	in	in	ADP
cblr-1783	87	5	the	the	DET
cblr-1783	87	6	middle	middle	NOUN
cblr-1783	87	7	,	,	PUNCT
cblr-1783	87	8	the	the	DET
cblr-1783	87	9	clearinghouse	clearinghouse	NOUN
cblr-1783	87	10	extracts	extract	VERB
cblr-1783	87	11	deposits	deposit	NOUN
cblr-1783	87	12	from	from	ADP
cblr-1783	87	13	both	both	DET
cblr-1783	87	14	seller	seller	NOUN
cblr-1783	87	15	and	and	CCONJ
cblr-1783	87	16	buyer	buyer	NOUN
cblr-1783	87	17	so	so	SCONJ
cblr-1783	87	18	that	that	SCONJ
cblr-1783	87	19	the	the	DET
cblr-1783	87	20	clearinghouse	clearinghouse	NOUN
cblr-1783	87	21	can	can	AUX
cblr-1783	87	22	fulfill	fulfill	VERB
cblr-1783	87	23	the	the	DET
cblr-1783	87	24	transaction	transaction	NOUN
cblr-1783	87	25	should	should	AUX
cblr-1783	87	26	either	either	CCONJ
cblr-1783	87	27	party	party	VERB
cblr-1783	87	28	default.10	default.10	NOUN
cblr-1783	87	29	like	like	ADP
cblr-1783	87	30	all	all	DET
cblr-1783	87	31	guarantors	guarantor	NOUN
cblr-1783	87	32	,	,	PUNCT
cblr-1783	87	33	the	the	PRON
cblr-1783	87	34	larger	large	ADJ
cblr-1783	87	35	a	a	DET
cblr-1783	87	36	clearinghouse	clearinghouse	NOUN
cblr-1783	87	37	is	be	AUX
cblr-1783	87	38	,	,	PUNCT
cblr-1783	87	39	the	the	DET
cblr-1783	87	40	more	more	ADJ
cblr-1783	87	41	liabilities	liability	NOUN
cblr-1783	87	42	it	it	PRON
cblr-1783	87	43	can	can	AUX
cblr-1783	87	44	ensure	ensure	VERB
cblr-1783	87	45	.	.	PUNCT
cblr-1783	88	1	size	size	NOUN
cblr-1783	88	2	begets	beget	VERB
cblr-1783	88	3	liquidity	liquidity	NOUN
cblr-1783	88	4	,	,	PUNCT
cblr-1783	88	5	which	which	PRON
cblr-1783	88	6	in	in	ADP
cblr-1783	88	7	turn	turn	NOUN
cblr-1783	88	8	begets	beget	VERB
cblr-1783	88	9	stability	stability	NOUN
cblr-1783	88	10	.	.	PUNCT
cblr-1783	89	1	under	under	ADP
cblr-1783	89	2	the	the	DET
cblr-1783	89	3	dodd	dodd	PROPN
cblr-1783	89	4	-	-	PUNCT
cblr-1783	89	5	frank	frank	PROPN
cblr-1783	89	6	wall	wall	PROPN
cblr-1783	89	7	street	street	PROPN
cblr-1783	89	8	reform	reform	PROPN
cblr-1783	89	9	and	and	CCONJ
cblr-1783	89	10	consumer	consumer	NOUN
cblr-1783	89	11	protection	protection	NOUN
cblr-1783	89	12	act	act	NOUN
cblr-1783	89	13	(	(	PUNCT
cblr-1783	89	14	“	"	PUNCT
cblr-1783	89	15	dodd	dodd	PROPN
cblr-1783	89	16	-	-	PUNCT
cblr-1783	89	17	frank	frank	PROPN
cblr-1783	89	18	”	"	PUNCT
cblr-1783	89	19	)	)	PUNCT
cblr-1783	89	20	,	,	PUNCT
cblr-1783	89	21	the	the	DET
cblr-1783	89	22	clearinghouse	clearinghouse	NOUN
cblr-1783	89	23	has	have	AUX
cblr-1783	89	24	been	be	AUX
cblr-1783	89	25	given	give	VERB
cblr-1783	89	26	even	even	ADV
cblr-1783	89	27	greater	great	ADJ
cblr-1783	89	28	prominence	prominence	NOUN
cblr-1783	89	29	,	,	PUNCT
cblr-1783	89	30	charged	charge	VERB
cblr-1783	89	31	with	with	ADP
cblr-1783	89	32	curtailing	curtail	VERB
cblr-1783	89	33	risk	risk	NOUN
cblr-1783	89	34	in	in	ADP
cblr-1783	89	35	the	the	DET
cblr-1783	89	36	massive	massive	ADJ
cblr-1783	89	37	over	over	ADP
cblr-1783	89	38	-	-	PUNCT
cblr-1783	89	39	the	the	DET
cblr-1783	89	40	-	-	PUNCT
cblr-1783	89	41	counter	counter	NOUN
cblr-1783	89	42	derivatives	derivative	NOUN
cblr-1783	89	43	market.11	market.11	VERB
cblr-1783	89	44	a	a	DET
cblr-1783	89	45	paradox	paradox	NOUN
cblr-1783	89	46	thus	thus	ADV
cblr-1783	89	47	haunts	haunt	VERB
cblr-1783	89	48	our	our	PRON
cblr-1783	89	49	approach	approach	NOUN
cblr-1783	89	50	to	to	ADP
cblr-1783	89	51	systemic	systemic	ADJ
cblr-1783	89	52	risk	risk	NOUN
cblr-1783	89	53	:	:	PUNCT
cblr-1783	89	54	while	while	SCONJ
cblr-1783	89	55	regulators	regulator	NOUN
cblr-1783	89	56	try	try	VERB
cblr-1783	89	57	to	to	PART
cblr-1783	89	58	eradicate	eradicate	VERB
cblr-1783	89	59	systemic	systemic	ADJ
cblr-1783	89	60	risk	risk	NOUN
cblr-1783	89	61	in	in	ADP
cblr-1783	89	62	banks	bank	NOUN
cblr-1783	89	63	,	,	PUNCT
cblr-1783	89	64	they	they	PRON
cblr-1783	89	65	must	must	AUX
cblr-1783	89	66	tolerate	tolerate	VERB
cblr-1783	89	67	systemic	systemic	ADJ
cblr-1783	89	68	risk	risk	NOUN
cblr-1783	89	69	in	in	ADP
cblr-1783	89	70	clearinghouses	clearinghouse	NOUN
cblr-1783	89	71	.	.	PUNCT
cblr-1783	90	1	every	every	DET
cblr-1783	90	2	major	major	ADJ
cblr-1783	90	3	trading	trading	NOUN
cblr-1783	90	4	market	market	NOUN
cblr-1783	90	5	today	today	NOUN
cblr-1783	90	6	is	be	AUX
cblr-1783	90	7	dominated	dominate	VERB
cblr-1783	90	8	by	by	ADP
cblr-1783	90	9	a	a	DET
cblr-1783	90	10	very	very	ADV
cblr-1783	90	11	small	small	ADJ
cblr-1783	90	12	number	number	NOUN
cblr-1783	90	13	of	of	ADP
cblr-1783	90	14	clearinghouses	clearinghouse	NOUN
cblr-1783	90	15	.	.	PUNCT
cblr-1783	91	1	the	the	DET
cblr-1783	91	2	options	option	NOUN
cblr-1783	91	3	market	market	NOUN
cblr-1783	91	4	,	,	PUNCT
cblr-1783	91	5	for	for	ADP
cblr-1783	91	6	example	example	NOUN
cblr-1783	91	7	,	,	PUNCT
cblr-1783	91	8	is	be	AUX
cblr-1783	91	9	served	serve	VERB
cblr-1783	91	10	entirely	entirely	ADV
cblr-1783	91	11	by	by	ADP
cblr-1783	91	12	the	the	DET
cblr-1783	91	13	options	option	NOUN
cblr-1783	91	14	clearing	clearing	NOUN
cblr-1783	91	15	corporation	corporation	NOUN
cblr-1783	91	16	.	.	PUNCT
cblr-1783	92	1	the	the	DET
cblr-1783	92	2	credit	credit	NOUN
cblr-1783	92	3	default	default	NOUN
cblr-1783	92	4	swaps	swap	NOUN
cblr-1783	92	5	market	market	NOUN
cblr-1783	92	6	clears	clear	VERB
cblr-1783	92	7	most	most	ADJ
cblr-1783	92	8	of	of	ADP
cblr-1783	92	9	its	its	PRON
cblr-1783	92	10	trades	trade	NOUN
cblr-1783	92	11	through	through	ADP
cblr-1783	92	12	lch.clearnet	lch.clearnet	PROPN
cblr-1783	92	13	.	.	PUNCT
cblr-1783	93	1	the	the	DET
cblr-1783	93	2	fall	fall	NOUN
cblr-1783	93	3	of	of	ADP
cblr-1783	93	4	any	any	DET
cblr-1783	93	5	such	such	ADJ
cblr-1783	93	6	clearinghouse	clearinghouse	NOUN
cblr-1783	93	7	could	could	AUX
cblr-1783	93	8	bring	bring	VERB
cblr-1783	93	9	down	down	ADP
cblr-1783	93	10	an	an	DET
cblr-1783	93	11	entire	entire	ADJ
cblr-1783	93	12	industry	industry	NOUN
cblr-1783	93	13	.	.	PUNCT
cblr-1783	94	1	if	if	SCONJ
cblr-1783	94	2	banking	banking	NOUN
cblr-1783	94	3	and	and	CCONJ
cblr-1783	94	4	securities	security	NOUN
cblr-1783	94	5	laws	law	NOUN
cblr-1783	94	6	allow	allow	VERB
cblr-1783	94	7	regulated	regulated	ADJ
cblr-1783	94	8	entities	entity	NOUN
cblr-1783	94	9	to	to	PART
cblr-1783	94	10	attain	attain	VERB
cblr-1783	94	11	systemically	systemically	ADV
cblr-1783	94	12	significant	significant	ADJ
cblr-1783	94	13	sizes	size	NOUN
cblr-1783	94	14	,	,	PUNCT
cblr-1783	94	15	then	then	ADV
cblr-1783	94	16	,	,	PUNCT
cblr-1783	94	17	in	in	ADP
cblr-1783	94	18	the	the	DET
cblr-1783	94	19	aftermath	aftermath	NOUN
cblr-1783	94	20	of	of	ADP
cblr-1783	94	21	lehman	lehman	PROPN
cblr-1783	94	22	brothers	brother	NOUN
cblr-1783	94	23	and	and	CCONJ
cblr-1783	94	24	the	the	DET
cblr-1783	94	25	$	$	SYM
cblr-1783	94	26	700	700	NUM
cblr-1783	94	27	billion	billion	NUM
cblr-1783	94	28	bailout	bailout	NOUN
cblr-1783	94	29	,	,	PUNCT
cblr-1783	94	30	it	it	PRON
cblr-1783	94	31	is	be	AUX
cblr-1783	94	32	worth	worth	ADJ
cblr-1783	94	33	asking	ask	VERB
cblr-1783	94	34	whether	whether	SCONJ
cblr-1783	94	35	those	those	DET
cblr-1783	94	36	laws	law	NOUN
cblr-1783	94	37	9	9	NUM
cblr-1783	94	38	see	see	VERB
cblr-1783	94	39	bradford	bradford	PROPN
cblr-1783	94	40	nat’l	nat’l	PROPN
cblr-1783	94	41	clearing	clearing	PROPN
cblr-1783	94	42	corp	corp	PROPN
cblr-1783	94	43	.	.	PROPN
cblr-1783	94	44	v.	v.	PROPN
cblr-1783	94	45	sec	sec	PROPN
cblr-1783	94	46	,	,	PUNCT
cblr-1783	94	47	590	590	NUM
cblr-1783	94	48	f.2d	f.2d	NOUN
cblr-1783	94	49	1085	1085	NUM
cblr-1783	94	50	,	,	PUNCT
cblr-1783	94	51	1101	1101	NUM
cblr-1783	94	52	(	(	PUNCT
cblr-1783	94	53	d.c	d.c	PROPN
cblr-1783	94	54	.	.	PROPN
cblr-1783	94	55	cir	cir	PROPN
cblr-1783	94	56	.	.	PROPN
cblr-1783	94	57	1978	1978	NUM
cblr-1783	94	58	)	)	PUNCT
cblr-1783	94	59	.	.	PUNCT
cblr-1783	95	1	10	10	NUM
cblr-1783	95	2	these	these	DET
cblr-1783	95	3	deposits	deposit	NOUN
cblr-1783	95	4	are	be	AUX
cblr-1783	95	5	called	call	VERB
cblr-1783	95	6	“	"	PUNCT
cblr-1783	95	7	margin	margin	NOUN
cblr-1783	95	8	.	.	PUNCT
cblr-1783	95	9	”	"	PUNCT
cblr-1783	96	1	margin	margin	NOUN
cblr-1783	96	2	consists	consist	VERB
cblr-1783	96	3	of	of	ADP
cblr-1783	96	4	initial	initial	ADJ
cblr-1783	96	5	margin	margin	NOUN
cblr-1783	96	6	—	—	PUNCT
cblr-1783	96	7	what	what	PRON
cblr-1783	96	8	counterparties	counterpartie	NOUN
cblr-1783	96	9	must	must	AUX
cblr-1783	96	10	come	come	VERB
cblr-1783	96	11	to	to	ADP
cblr-1783	96	12	the	the	DET
cblr-1783	96	13	table	table	NOUN
cblr-1783	96	14	with	with	ADP
cblr-1783	96	15	to	to	ADP
cblr-1783	96	16	trade	trade	VERB
cblr-1783	96	17	—	—	PUNCT
cblr-1783	96	18	and	and	CCONJ
cblr-1783	96	19	variation	variation	NOUN
cblr-1783	96	20	margin	margin	NOUN
cblr-1783	96	21	—	—	PUNCT
cblr-1783	96	22	what	what	PRON
cblr-1783	96	23	counterparties	counterpartie	NOUN
cblr-1783	96	24	must	must	AUX
cblr-1783	96	25	post	post	VERB
cblr-1783	96	26	from	from	ADP
cblr-1783	96	27	time	time	NOUN
cblr-1783	96	28	to	to	ADP
cblr-1783	96	29	time	time	NOUN
cblr-1783	96	30	,	,	PUNCT
cblr-1783	96	31	given	give	VERB
cblr-1783	96	32	fluctuations	fluctuation	NOUN
cblr-1783	96	33	in	in	ADP
cblr-1783	96	34	their	their	PRON
cblr-1783	96	35	positions	position	NOUN
cblr-1783	96	36	.	.	PUNCT
cblr-1783	97	1	11	11	NUM
cblr-1783	97	2	see	see	VERB
cblr-1783	97	3	7	7	NUM
cblr-1783	97	4	u.s.c	u.s.c	ADJ
cblr-1783	97	5	.	.	PUNCT
cblr-1783	98	1	§	§	PROPN
cblr-1783	98	2	2(h	2(h	NUM
cblr-1783	98	3	)	)	PUNCT
cblr-1783	98	4	(	(	PUNCT
cblr-1783	98	5	2012	2012	NUM
cblr-1783	98	6	)	)	PUNCT
cblr-1783	98	7	;	;	PUNCT
cblr-1783	98	8	15	15	NUM
cblr-1783	98	9	u.s.c	u.s.c	NOUN
cblr-1783	98	10	.	.	PUNCT
cblr-1783	99	1	§	§	PROPN
cblr-1783	99	2	78c-3(a)(1	78c-3(a)(1	NOUN
cblr-1783	99	3	)	)	PUNCT
cblr-1783	99	4	(	(	PUNCT
cblr-1783	99	5	2012	2012	NUM
cblr-1783	99	6	)	)	PUNCT
cblr-1783	99	7	;	;	PUNCT
cblr-1783	100	1	15	15	NUM
cblr-1783	100	2	u.s.c	u.s.c	NOUN
cblr-1783	100	3	.	.	PUNCT
cblr-1783	101	1	§	§	PROPN
cblr-1783	101	2	8302(d)(1	8302(d)(1	NUM
cblr-1783	101	3	)	)	PUNCT
cblr-1783	101	4	(	(	PUNCT
cblr-1783	101	5	2012	2012	NUM
cblr-1783	101	6	)	)	PUNCT
cblr-1783	101	7	.	.	PUNCT
cblr-1783	102	1	for	for	ADP
cblr-1783	102	2	perspectives	perspective	NOUN
cblr-1783	102	3	on	on	ADP
cblr-1783	102	4	the	the	DET
cblr-1783	102	5	size	size	NOUN
cblr-1783	102	6	of	of	ADP
cblr-1783	102	7	the	the	DET
cblr-1783	102	8	otc	otc	PROPN
cblr-1783	102	9	derivatives	derivative	NOUN
cblr-1783	102	10	market	market	NOUN
cblr-1783	102	11	,	,	PUNCT
cblr-1783	102	12	see	see	VERB
cblr-1783	102	13	supra	supra	PROPN
cblr-1783	102	14	note	note	PROPN
cblr-1783	102	15	7	7	NUM
cblr-1783	102	16	and	and	CCONJ
cblr-1783	102	17	text	text	NOUN
cblr-1783	102	18	accompanying	accompany	VERB
cblr-1783	102	19	infra	infra	NOUN
cblr-1783	102	20	notes	note	VERB
cblr-1783	102	21	78–80	78–80	PROPN
cblr-1783	102	22	.	.	PUNCT
cblr-1783	103	1	752	752	NUM
cblr-1783	103	2	columbia	columbia	PROPN
cblr-1783	103	3	business	business	NOUN
cblr-1783	103	4	law	law	NOUN
cblr-1783	103	5	review	review	NOUN
cblr-1783	104	1	[	[	X
cblr-1783	104	2	vol	vol	NOUN
cblr-1783	104	3	.	.	PUNCT
cblr-1783	104	4	2014	2014	NUM
cblr-1783	104	5	have	have	AUX
cblr-1783	104	6	adequately	adequately	ADV
cblr-1783	104	7	balanced	balance	VERB
cblr-1783	104	8	the	the	DET
cblr-1783	104	9	service	service	NOUN
cblr-1783	104	10	performed	perform	VERB
cblr-1783	104	11	by	by	ADP
cblr-1783	104	12	these	these	DET
cblr-1783	104	13	institutions	institution	NOUN
cblr-1783	104	14	with	with	ADP
cblr-1783	104	15	their	their	PRON
cblr-1783	104	16	propensity	propensity	NOUN
cblr-1783	104	17	to	to	ADP
cblr-1783	104	18	barrel	barrel	NOUN
cblr-1783	104	19	toward	toward	ADP
cblr-1783	104	20	bigness	bigness	NOUN
cblr-1783	104	21	.	.	PUNCT
cblr-1783	105	1	where	where	SCONJ
cblr-1783	105	2	financial	financial	ADJ
cblr-1783	105	3	regulations	regulation	NOUN
cblr-1783	105	4	fail	fail	VERB
cblr-1783	105	5	to	to	PART
cblr-1783	105	6	so	so	ADV
cblr-1783	105	7	balance	balance	VERB
cblr-1783	105	8	,	,	PUNCT
cblr-1783	105	9	we	we	PRON
cblr-1783	105	10	must	must	AUX
cblr-1783	105	11	look	look	VERB
cblr-1783	105	12	elsewhere	elsewhere	ADV
cblr-1783	105	13	for	for	ADP
cblr-1783	105	14	solutions.12	solutions.12	NOUN
cblr-1783	105	15	this	this	DET
cblr-1783	105	16	article	article	NOUN
cblr-1783	105	17	recasts	recast	VERB
cblr-1783	105	18	the	the	DET
cblr-1783	105	19	story	story	NOUN
cblr-1783	105	20	of	of	ADP
cblr-1783	105	21	clearinghouses	clearinghouse	NOUN
cblr-1783	105	22	as	as	ADP
cblr-1783	105	23	part	part	NOUN
cblr-1783	105	24	of	of	ADP
cblr-1783	105	25	a	a	DET
cblr-1783	105	26	larger	large	ADJ
cblr-1783	105	27	narrative	narrative	NOUN
cblr-1783	105	28	about	about	ADP
cblr-1783	105	29	regulatory	regulatory	ADJ
cblr-1783	105	30	(	(	PUNCT
cblr-1783	105	31	mis)management	mis)management	PROPN
cblr-1783	105	32	of	of	ADP
cblr-1783	105	33	systemic	systemic	ADJ
cblr-1783	105	34	risk	risk	NOUN
cblr-1783	105	35	.	.	PUNCT
cblr-1783	106	1	it	it	PRON
cblr-1783	106	2	joins	join	VERB
cblr-1783	106	3	an	an	DET
cblr-1783	106	4	emerging	emerge	VERB
cblr-1783	106	5	body	body	NOUN
cblr-1783	106	6	of	of	ADP
cblr-1783	106	7	academic	academic	ADJ
cblr-1783	106	8	literature	literature	NOUN
cblr-1783	106	9	on	on	ADP
cblr-1783	106	10	clearinghouses	clearinghouse	NOUN
cblr-1783	106	11	that	that	PRON
cblr-1783	106	12	has	have	AUX
cblr-1783	106	13	grown	grow	VERB
cblr-1783	106	14	steadily	steadily	ADV
cblr-1783	106	15	in	in	ADP
cblr-1783	106	16	the	the	DET
cblr-1783	106	17	last	last	ADJ
cblr-1783	106	18	half	half	NOUN
cblr-1783	106	19	decade	decade	NOUN
cblr-1783	106	20	but	but	CCONJ
cblr-1783	106	21	nevertheless	nevertheless	ADV
cblr-1783	106	22	glossed	gloss	VERB
cblr-1783	106	23	over	over	ADP
cblr-1783	106	24	comparisons	comparison	NOUN
cblr-1783	106	25	to	to	ADP
cblr-1783	106	26	banks	bank	NOUN
cblr-1783	106	27	.	.	PUNCT
cblr-1783	107	1	on	on	ADP
cblr-1783	107	2	the	the	DET
cblr-1783	107	3	subject	subject	NOUN
cblr-1783	107	4	of	of	ADP
cblr-1783	107	5	clearinghouses	clearinghouse	NOUN
cblr-1783	107	6	,	,	PUNCT
cblr-1783	107	7	legal	legal	ADJ
cblr-1783	107	8	scholarship	scholarship	NOUN
cblr-1783	107	9	has	have	AUX
cblr-1783	107	10	lagged	lag	VERB
cblr-1783	107	11	behind	behind	ADP
cblr-1783	107	12	financial	financial	ADJ
cblr-1783	107	13	and	and	CCONJ
cblr-1783	107	14	economic	economic	ADJ
cblr-1783	107	15	scholarship	scholarship	NOUN
cblr-1783	107	16	.	.	PUNCT
cblr-1783	108	1	while	while	SCONJ
cblr-1783	108	2	financial	financial	ADJ
cblr-1783	108	3	modeling	modeling	NOUN
cblr-1783	108	4	has	have	AUX
cblr-1783	108	5	coalesced	coalesce	VERB
cblr-1783	108	6	around	around	ADP
cblr-1783	108	7	the	the	DET
cblr-1783	108	8	theory	theory	NOUN
cblr-1783	108	9	that	that	SCONJ
cblr-1783	108	10	large	large	ADJ
cblr-1783	108	11	clearinghouses	clearinghouse	NOUN
cblr-1783	108	12	confer	confer	VERB
cblr-1783	108	13	greater	great	ADJ
cblr-1783	108	14	benefits	benefit	NOUN
cblr-1783	108	15	onto	onto	ADP
cblr-1783	108	16	trading	trading	NOUN
cblr-1783	108	17	markets,13	markets,13	NOUN
cblr-1783	108	18	the	the	DET
cblr-1783	108	19	legal	legal	ADJ
cblr-1783	108	20	academy	academy	NOUN
cblr-1783	108	21	has	have	AUX
cblr-1783	108	22	been	be	AUX
cblr-1783	108	23	slow	slow	ADJ
cblr-1783	108	24	to	to	PART
cblr-1783	108	25	respond	respond	VERB
cblr-1783	108	26	with	with	ADP
cblr-1783	108	27	12	12	NUM
cblr-1783	108	28	most	most	ADJ
cblr-1783	108	29	of	of	ADP
cblr-1783	108	30	the	the	DET
cblr-1783	108	31	proposed	propose	VERB
cblr-1783	108	32	solutions	solution	NOUN
cblr-1783	108	33	to	to	PART
cblr-1783	108	34	tbtf	tbtf	PROPN
cblr-1783	108	35	clearinghouses	clearinghouse	NOUN
cblr-1783	108	36	have	have	AUX
cblr-1783	108	37	orbited	orbit	VERB
cblr-1783	108	38	around	around	ADP
cblr-1783	108	39	familiar	familiar	ADJ
cblr-1783	108	40	corporate	corporate	ADJ
cblr-1783	108	41	and	and	CCONJ
cblr-1783	108	42	banking	banking	NOUN
cblr-1783	108	43	principles	principle	NOUN
cblr-1783	108	44	.	.	PUNCT
cblr-1783	109	1	see	see	VERB
cblr-1783	109	2	kristin	kristin	PROPN
cblr-1783	109	3	n.	n.	PROPN
cblr-1783	109	4	johnson	johnson	PROPN
cblr-1783	109	5	,	,	PUNCT
cblr-1783	109	6	clearinghouse	clearinghouse	NOUN
cblr-1783	109	7	governance	governance	NOUN
cblr-1783	109	8	:	:	PUNCT
cblr-1783	109	9	moving	move	VERB
cblr-1783	109	10	beyond	beyond	ADP
cblr-1783	109	11	cosmetic	cosmetic	ADJ
cblr-1783	109	12	reform	reform	NOUN
cblr-1783	109	13	,	,	PUNCT
cblr-1783	109	14	77	77	NUM
cblr-1783	109	15	brook	brook	NOUN
cblr-1783	109	16	.	.	PUNCT
cblr-1783	110	1	l.	l.	PROPN
cblr-1783	110	2	rev	rev	PROPN
cblr-1783	110	3	.	.	PROPN
cblr-1783	110	4	681	681	NUM
cblr-1783	110	5	,	,	PUNCT
cblr-1783	110	6	682–84	682–84	NOUN
cblr-1783	110	7	,	,	PUNCT
cblr-1783	110	8	707–08	707–08	NUM
cblr-1783	110	9	(	(	PUNCT
cblr-1783	110	10	2012	2012	NUM
cblr-1783	110	11	)	)	PUNCT
cblr-1783	110	12	(	(	PUNCT
cblr-1783	110	13	corporate	corporate	ADJ
cblr-1783	110	14	governance	governance	NOUN
cblr-1783	110	15	)	)	PUNCT
cblr-1783	110	16	;	;	PUNCT
cblr-1783	110	17	sean	sean	PROPN
cblr-1783	110	18	j.	j.	PROPN
cblr-1783	110	19	griffith	griffith	PROPN
cblr-1783	110	20	,	,	PUNCT
cblr-1783	110	21	governing	govern	VERB
cblr-1783	110	22	systemic	systemic	ADJ
cblr-1783	110	23	risk	risk	NOUN
cblr-1783	110	24	:	:	PUNCT
cblr-1783	110	25	towards	towards	ADP
cblr-1783	110	26	a	a	DET
cblr-1783	110	27	governance	governance	NOUN
cblr-1783	110	28	structure	structure	NOUN
cblr-1783	110	29	for	for	ADP
cblr-1783	110	30	derivatives	derivative	NOUN
cblr-1783	110	31	clearinghouses	clearinghouse	NOUN
cblr-1783	110	32	,	,	PUNCT
cblr-1783	110	33	61	61	NUM
cblr-1783	110	34	emory	emory	PROPN
cblr-1783	110	35	l.j	l.j	PROPN
cblr-1783	110	36	.	.	PROPN
cblr-1783	110	37	1153	1153	NUM
cblr-1783	110	38	,	,	PUNCT
cblr-1783	110	39	1156–57	1156–57	NUM
cblr-1783	110	40	,	,	PUNCT
cblr-1783	110	41	1240	1240	NUM
cblr-1783	110	42	(	(	PUNCT
cblr-1783	110	43	2012	2012	NUM
cblr-1783	110	44	)	)	PUNCT
cblr-1783	110	45	(	(	PUNCT
cblr-1783	110	46	corporate	corporate	ADJ
cblr-1783	110	47	governance	governance	NOUN
cblr-1783	110	48	)	)	PUNCT
cblr-1783	110	49	;	;	PUNCT
cblr-1783	110	50	kristin	kristin	PROPN
cblr-1783	110	51	n.	n.	PROPN
cblr-1783	110	52	johnson	johnson	PROPN
cblr-1783	110	53	,	,	PUNCT
cblr-1783	110	54	clearinghouse	clearinghouse	NOUN
cblr-1783	110	55	governance	governance	NOUN
cblr-1783	110	56	:	:	PUNCT
cblr-1783	110	57	moving	move	VERB
cblr-1783	110	58	beyond	beyond	ADP
cblr-1783	110	59	cosmetic	cosmetic	ADJ
cblr-1783	110	60	reform	reform	NOUN
cblr-1783	110	61	,	,	PUNCT
cblr-1783	110	62	77	77	NUM
cblr-1783	110	63	brook	brook	NOUN
cblr-1783	110	64	.	.	PUNCT
cblr-1783	111	1	l.	l.	PROPN
cblr-1783	111	2	rev	rev	PROPN
cblr-1783	111	3	.	.	PROPN
cblr-1783	111	4	681	681	NUM
cblr-1783	111	5	,	,	PUNCT
cblr-1783	111	6	682–84	682–84	NOUN
cblr-1783	111	7	,	,	PUNCT
cblr-1783	111	8	707–08	707–08	NUM
cblr-1783	111	9	(	(	PUNCT
cblr-1783	111	10	2012	2012	NUM
cblr-1783	111	11	)	)	PUNCT
cblr-1783	111	12	(	(	PUNCT
cblr-1783	111	13	corporate	corporate	ADJ
cblr-1783	111	14	governance	governance	NOUN
cblr-1783	111	15	)	)	PUNCT
cblr-1783	111	16	;	;	PUNCT
cblr-1783	111	17	jeremy	jeremy	PROPN
cblr-1783	111	18	c.	c.	PROPN
cblr-1783	111	19	kress	kress	PROPN
cblr-1783	111	20	,	,	PUNCT
cblr-1783	111	21	credit	credit	NOUN
cblr-1783	111	22	default	default	NOUN
cblr-1783	111	23	swaps	swap	NOUN
cblr-1783	111	24	,	,	PUNCT
cblr-1783	111	25	clearinghouses	clearinghouse	NOUN
cblr-1783	111	26	,	,	PUNCT
cblr-1783	111	27	and	and	CCONJ
cblr-1783	111	28	systemic	systemic	ADJ
cblr-1783	111	29	risk	risk	NOUN
cblr-1783	111	30	:	:	PUNCT
cblr-1783	111	31	why	why	SCONJ
cblr-1783	111	32	centralized	centralized	ADJ
cblr-1783	111	33	counterparties	counterpartie	NOUN
cblr-1783	111	34	must	must	AUX
cblr-1783	111	35	have	have	VERB
cblr-1783	111	36	access	access	NOUN
cblr-1783	111	37	to	to	ADP
cblr-1783	111	38	central	central	ADJ
cblr-1783	111	39	bank	bank	NOUN
cblr-1783	111	40	liquidity	liquidity	NOUN
cblr-1783	111	41	,	,	PUNCT
cblr-1783	111	42	48	48	NUM
cblr-1783	111	43	harv	harv	NOUN
cblr-1783	111	44	.	.	PUNCT
cblr-1783	112	1	j.	j.	PROPN
cblr-1783	112	2	on	on	ADP
cblr-1783	112	3	legis	legis	PROPN
cblr-1783	112	4	.	.	PUNCT
cblr-1783	113	1	49	49	NUM
cblr-1783	113	2	,	,	PUNCT
cblr-1783	113	3	51	51	NUM
cblr-1783	113	4	,	,	PUNCT
cblr-1783	113	5	77–78	77–78	NUM
cblr-1783	113	6	(	(	PUNCT
cblr-1783	113	7	2011	2011	NUM
cblr-1783	113	8	)	)	PUNCT
cblr-1783	113	9	(	(	PUNCT
cblr-1783	113	10	access	access	NOUN
cblr-1783	113	11	to	to	ADP
cblr-1783	113	12	the	the	DET
cblr-1783	113	13	federal	federal	PROPN
cblr-1783	113	14	reserve	reserve	PROPN
cblr-1783	113	15	’s	’s	PART
cblr-1783	113	16	emergency	emergency	NOUN
cblr-1783	113	17	liquidity	liquidity	NOUN
cblr-1783	113	18	)	)	PUNCT
cblr-1783	113	19	;	;	PUNCT
cblr-1783	113	20	julia	julia	PROPN
cblr-1783	113	21	lees	lees	PROPN
cblr-1783	113	22	allen	allen	PROPN
cblr-1783	113	23	,	,	PUNCT
cblr-1783	113	24	note	note	VERB
cblr-1783	113	25	,	,	PUNCT
cblr-1783	113	26	derivatives	derivative	NOUN
cblr-1783	113	27	clearinghouses	clearinghouse	NOUN
cblr-1783	113	28	and	and	CCONJ
cblr-1783	113	29	systemic	systemic	ADJ
cblr-1783	113	30	risk	risk	NOUN
cblr-1783	113	31	:	:	PUNCT
cblr-1783	113	32	a	a	DET
cblr-1783	113	33	bankruptcy	bankruptcy	NOUN
cblr-1783	113	34	and	and	CCONJ
cblr-1783	113	35	dodd	dodd	PROPN
cblr-1783	113	36	-	-	PUNCT
cblr-1783	113	37	frank	frank	PROPN
cblr-1783	113	38	analysis	analysis	NOUN
cblr-1783	113	39	,	,	PUNCT
cblr-1783	113	40	64	64	NUM
cblr-1783	113	41	stan	stan	NOUN
cblr-1783	113	42	.	.	PUNCT
cblr-1783	114	1	l.	l.	PROPN
cblr-1783	114	2	rev	rev	PROPN
cblr-1783	114	3	.	.	PROPN
cblr-1783	114	4	1079	1079	NUM
cblr-1783	114	5	,	,	PUNCT
cblr-1783	114	6	1106–07	1106–07	X
cblr-1783	114	7	(	(	PUNCT
cblr-1783	114	8	2012	2012	NUM
cblr-1783	114	9	)	)	PUNCT
cblr-1783	114	10	(	(	PUNCT
cblr-1783	114	11	capital	capital	NOUN
cblr-1783	114	12	requirements	requirement	NOUN
cblr-1783	114	13	and	and	CCONJ
cblr-1783	114	14	guaranty	guaranty	NOUN
cblr-1783	114	15	fund	fund	NOUN
cblr-1783	114	16	)	)	PUNCT
cblr-1783	114	17	.	.	PUNCT
cblr-1783	115	1	there	there	PRON
cblr-1783	115	2	are	be	VERB
cblr-1783	115	3	,	,	PUNCT
cblr-1783	115	4	however	however	ADV
cblr-1783	115	5	,	,	PUNCT
cblr-1783	115	6	some	some	DET
cblr-1783	115	7	outside	outside	ADJ
cblr-1783	115	8	-	-	PUNCT
cblr-1783	115	9	thebox	thebox	NOUN
cblr-1783	115	10	suggestions	suggestion	NOUN
cblr-1783	115	11	.	.	PUNCT
cblr-1783	116	1	see	see	VERB
cblr-1783	116	2	yesha	yesha	PROPN
cblr-1783	116	3	yadav	yadav	PROPN
cblr-1783	116	4	,	,	PUNCT
cblr-1783	116	5	the	the	DET
cblr-1783	116	6	problematic	problematic	ADJ
cblr-1783	116	7	case	case	NOUN
cblr-1783	116	8	of	of	ADP
cblr-1783	116	9	clearinghouses	clearinghouse	NOUN
cblr-1783	116	10	in	in	ADP
cblr-1783	116	11	complex	complex	ADJ
cblr-1783	116	12	markets	market	NOUN
cblr-1783	116	13	,	,	PUNCT
cblr-1783	117	1	101	101	NUM
cblr-1783	117	2	geo	geo	PROPN
cblr-1783	117	3	.	.	PUNCT
cblr-1783	117	4	l.j	l.j	AUX
cblr-1783	117	5	.	.	PROPN
cblr-1783	117	6	387	387	NUM
cblr-1783	117	7	,	,	PUNCT
cblr-1783	117	8	434	434	NUM
cblr-1783	117	9	(	(	PUNCT
cblr-1783	117	10	2013	2013	NUM
cblr-1783	117	11	)	)	PUNCT
cblr-1783	117	12	(	(	PUNCT
cblr-1783	117	13	proposing	propose	VERB
cblr-1783	117	14	,	,	PUNCT
cblr-1783	117	15	among	among	ADP
cblr-1783	117	16	other	other	ADJ
cblr-1783	117	17	things	thing	NOUN
cblr-1783	117	18	,	,	PUNCT
cblr-1783	117	19	engagement	engagement	NOUN
cblr-1783	117	20	by	by	ADP
cblr-1783	117	21	clearinghouses	clearinghouse	NOUN
cblr-1783	117	22	with	with	ADP
cblr-1783	117	23	a	a	DET
cblr-1783	117	24	broader	broad	ADJ
cblr-1783	117	25	constituency	constituency	NOUN
cblr-1783	117	26	)	)	PUNCT
cblr-1783	117	27	;	;	PUNCT
cblr-1783	117	28	christine	christine	PROPN
cblr-1783	117	29	a.	a.	PROPN
cblr-1783	117	30	varney	varney	PROPN
cblr-1783	117	31	,	,	PUNCT
cblr-1783	117	32	assist	assist	NOUN
cblr-1783	117	33	.	.	PUNCT
cblr-1783	117	34	att’y	att’y	PROPN
cblr-1783	117	35	gen	gen	PROPN
cblr-1783	117	36	.	.	PROPN
cblr-1783	117	37	,	,	PUNCT
cblr-1783	117	38	u.s	u.s	PROPN
cblr-1783	117	39	.	.	PROPN
cblr-1783	117	40	dep’t	dep’t	PROPN
cblr-1783	117	41	of	of	ADP
cblr-1783	117	42	justice	justice	NOUN
cblr-1783	117	43	antitrust	antitrust	ADJ
cblr-1783	117	44	div	div	PROPN
cblr-1783	117	45	.	.	PROPN
cblr-1783	117	46	,	,	PUNCT
cblr-1783	117	47	comments	comment	NOUN
cblr-1783	117	48	before	before	ADP
cblr-1783	117	49	the	the	DET
cblr-1783	117	50	u.s	u.s	PROPN
cblr-1783	117	51	.	.	PROPN
cblr-1783	117	52	commodity	commodity	NOUN
cblr-1783	117	53	futures	future	NOUN
cblr-1783	117	54	trading	trading	NOUN
cblr-1783	117	55	comm’n	comm’n	NOUN
cblr-1783	117	56	,	,	PUNCT
cblr-1783	117	57	washington	washington	PROPN
cblr-1783	117	58	,	,	PUNCT
cblr-1783	117	59	d.c	d.c	PROPN
cblr-1783	117	60	.	.	PROPN
cblr-1783	117	61	,	,	PUNCT
cblr-1783	117	62	at	at	ADP
cblr-1783	117	63	4–5	4–5	NUM
cblr-1783	117	64	,	,	PUNCT
cblr-1783	117	65	9	9	NUM
cblr-1783	117	66	(	(	PUNCT
cblr-1783	117	67	dec	dec	PROPN
cblr-1783	117	68	.	.	PROPN
cblr-1783	117	69	28	28	NUM
cblr-1783	117	70	,	,	PUNCT
cblr-1783	117	71	2010	2010	NUM
cblr-1783	117	72	)	)	PUNCT
cblr-1783	117	73	(	(	PUNCT
cblr-1783	117	74	arguing	argue	VERB
cblr-1783	117	75	for	for	ADP
cblr-1783	117	76	ownership	ownership	NOUN
cblr-1783	117	77	limits	limit	NOUN
cblr-1783	117	78	from	from	ADP
cblr-1783	117	79	the	the	DET
cblr-1783	117	80	perspective	perspective	NOUN
cblr-1783	117	81	of	of	ADP
cblr-1783	117	82	promoting	promote	VERB
cblr-1783	117	83	competition	competition	NOUN
cblr-1783	117	84	)	)	PUNCT
cblr-1783	117	85	;	;	PUNCT
cblr-1783	117	86	yesha	yesha	PROPN
cblr-1783	117	87	yadav	yadav	PROPN
cblr-1783	117	88	,	,	PUNCT
cblr-1783	117	89	the	the	DET
cblr-1783	117	90	problematic	problematic	ADJ
cblr-1783	117	91	case	case	NOUN
cblr-1783	117	92	of	of	ADP
cblr-1783	117	93	clearinghouses	clearinghouse	NOUN
cblr-1783	117	94	in	in	ADP
cblr-1783	117	95	complex	complex	ADJ
cblr-1783	117	96	markets	market	NOUN
cblr-1783	117	97	,	,	PUNCT
cblr-1783	118	1	101	101	NUM
cblr-1783	118	2	geo	geo	PROPN
cblr-1783	118	3	.	.	PUNCT
cblr-1783	118	4	l.j	l.j	AUX
cblr-1783	118	5	.	.	PROPN
cblr-1783	118	6	387	387	NUM
cblr-1783	118	7	,	,	PUNCT
cblr-1783	118	8	434	434	NUM
cblr-1783	118	9	(	(	PUNCT
cblr-1783	118	10	2013	2013	NUM
cblr-1783	118	11	)	)	PUNCT
cblr-1783	118	12	(	(	PUNCT
cblr-1783	118	13	proposing	propose	VERB
cblr-1783	118	14	,	,	PUNCT
cblr-1783	118	15	among	among	ADP
cblr-1783	118	16	other	other	ADJ
cblr-1783	118	17	things	thing	NOUN
cblr-1783	118	18	,	,	PUNCT
cblr-1783	118	19	engagement	engagement	NOUN
cblr-1783	118	20	by	by	ADP
cblr-1783	118	21	clearinghouses	clearinghouse	NOUN
cblr-1783	118	22	with	with	ADP
cblr-1783	118	23	a	a	DET
cblr-1783	118	24	broader	broad	ADJ
cblr-1783	118	25	constituency	constituency	NOUN
cblr-1783	118	26	)	)	PUNCT
cblr-1783	118	27	.	.	PUNCT
cblr-1783	119	1	13	13	NUM
cblr-1783	119	2	for	for	ADP
cblr-1783	119	3	the	the	DET
cblr-1783	119	4	benefits	benefit	NOUN
cblr-1783	119	5	of	of	ADP
cblr-1783	119	6	netting	net	VERB
cblr-1783	119	7	efficiency	efficiency	NOUN
cblr-1783	119	8	from	from	ADP
cblr-1783	119	9	large	large	ADJ
cblr-1783	119	10	clearinghouses	clearinghouse	NOUN
cblr-1783	119	11	that	that	PRON
cblr-1783	119	12	might	might	AUX
cblr-1783	119	13	clear	clear	VERB
cblr-1783	119	14	across	across	ADP
cblr-1783	119	15	products	product	NOUN
cblr-1783	119	16	,	,	PUNCT
cblr-1783	119	17	see	see	VERB
cblr-1783	119	18	darrell	darrell	PROPN
cblr-1783	119	19	duffie	duffie	PROPN
cblr-1783	119	20	&	&	CCONJ
cblr-1783	119	21	haoxiang	haoxiang	PROPN
cblr-1783	119	22	zhu	zhu	PROPN
cblr-1783	119	23	,	,	PUNCT
cblr-1783	119	24	does	do	VERB
cblr-1783	119	25	a	a	DET
cblr-1783	119	26	no	no	NOUN
cblr-1783	119	27	.	.	PUNCT
cblr-1783	120	1	3:747	3:747	NUM
cblr-1783	120	2	]	]	X
cblr-1783	120	3	systemic	systemic	ADJ
cblr-1783	120	4	risk	risk	NOUN
cblr-1783	120	5	paradox	paradox	NOUN
cblr-1783	120	6	753	753	NUM
cblr-1783	120	7	regulatory	regulatory	ADJ
cblr-1783	120	8	frameworks	framework	NOUN
cblr-1783	120	9	that	that	PRON
cblr-1783	120	10	would	would	AUX
cblr-1783	120	11	incentivize	incentivize	VERB
cblr-1783	120	12	consolidation	consolidation	NOUN
cblr-1783	120	13	while	while	SCONJ
cblr-1783	120	14	patrolling	patrol	VERB
cblr-1783	120	15	monopolization	monopolization	NOUN
cblr-1783	120	16	.	.	PUNCT
cblr-1783	121	1	this	this	DET
cblr-1783	121	2	article	article	NOUN
cblr-1783	121	3	attempts	attempt	VERB
cblr-1783	121	4	to	to	PART
cblr-1783	121	5	fill	fill	VERB
cblr-1783	121	6	those	those	DET
cblr-1783	121	7	gaps	gap	NOUN
cblr-1783	121	8	.	.	PUNCT
cblr-1783	122	1	it	it	PRON
cblr-1783	122	2	contributes	contribute	VERB
cblr-1783	122	3	to	to	ADP
cblr-1783	122	4	existing	exist	VERB
cblr-1783	122	5	scholarship	scholarship	NOUN
cblr-1783	122	6	by	by	ADP
cblr-1783	122	7	(	(	PUNCT
cblr-1783	122	8	i	i	NOUN
cblr-1783	122	9	)	)	PUNCT
cblr-1783	122	10	explaining	explain	VERB
cblr-1783	122	11	the	the	DET
cblr-1783	122	12	clearinghouse	clearinghouse	NOUN
cblr-1783	122	13	/	/	SYM
cblr-1783	122	14	bank	bank	NOUN
cblr-1783	122	15	paradox	paradox	NOUN
cblr-1783	122	16	and	and	CCONJ
cblr-1783	122	17	(	(	PUNCT
cblr-1783	122	18	ii	ii	NOUN
cblr-1783	122	19	)	)	PUNCT
cblr-1783	122	20	adapting	adapt	VERB
cblr-1783	122	21	antitrust	antitrust	NOUN
cblr-1783	122	22	to	to	PART
cblr-1783	122	23	sensibly	sensibly	ADV
cblr-1783	122	24	harness	harness	VERB
cblr-1783	122	25	the	the	DET
cblr-1783	122	26	economies	economy	NOUN
cblr-1783	122	27	of	of	ADP
cblr-1783	122	28	scale	scale	NOUN
cblr-1783	122	29	of	of	ADP
cblr-1783	122	30	large	large	ADJ
cblr-1783	122	31	clearinghouses	clearinghouse	NOUN
cblr-1783	122	32	.	.	PUNCT
cblr-1783	123	1	by	by	ADP
cblr-1783	123	2	delving	delve	VERB
cblr-1783	123	3	into	into	ADP
cblr-1783	123	4	comparisons	comparison	NOUN
cblr-1783	123	5	,	,	PUNCT
cblr-1783	123	6	this	this	DET
cblr-1783	123	7	article	article	NOUN
cblr-1783	123	8	shows	show	VERB
cblr-1783	123	9	that	that	SCONJ
cblr-1783	123	10	the	the	DET
cblr-1783	123	11	aversion	aversion	NOUN
cblr-1783	123	12	to	to	PART
cblr-1783	123	13	bank	bank	VERB
cblr-1783	123	14	systemic	systemic	ADJ
cblr-1783	123	15	risk	risk	NOUN
cblr-1783	123	16	and	and	CCONJ
cblr-1783	123	17	tolerance	tolerance	NOUN
cblr-1783	123	18	of	of	ADP
cblr-1783	123	19	clearinghouse	clearinghouse	NOUN
cblr-1783	123	20	systemic	systemic	ADJ
cblr-1783	123	21	risk	risk	NOUN
cblr-1783	123	22	is	be	AUX
cblr-1783	123	23	merely	merely	ADV
cblr-1783	123	24	paradoxical	paradoxical	ADJ
cblr-1783	123	25	on	on	ADP
cblr-1783	123	26	the	the	DET
cblr-1783	123	27	surface	surface	NOUN
cblr-1783	123	28	.	.	PUNCT
cblr-1783	124	1	banks	bank	NOUN
cblr-1783	124	2	and	and	CCONJ
cblr-1783	124	3	clearinghouses	clearinghouse	NOUN
cblr-1783	124	4	inhabit	inhabit	VERB
cblr-1783	124	5	very	very	ADV
cblr-1783	124	6	different	different	ADJ
cblr-1783	124	7	markets	market	NOUN
cblr-1783	124	8	,	,	PUNCT
cblr-1783	124	9	and	and	CCONJ
cblr-1783	124	10	their	their	PRON
cblr-1783	124	11	core	core	NOUN
cblr-1783	124	12	traits	trait	NOUN
cblr-1783	124	13	are	be	AUX
cblr-1783	124	14	also	also	ADV
cblr-1783	124	15	very	very	ADV
cblr-1783	124	16	different	different	ADJ
cblr-1783	124	17	.	.	PUNCT
cblr-1783	125	1	nonetheless	nonetheless	ADV
cblr-1783	125	2	,	,	PUNCT
cblr-1783	125	3	both	both	DET
cblr-1783	125	4	institutions	institution	NOUN
cblr-1783	125	5	raise	raise	VERB
cblr-1783	125	6	the	the	DET
cblr-1783	125	7	specter	specter	NOUN
cblr-1783	125	8	of	of	ADP
cblr-1783	125	9	bailout	bailout	NOUN
cblr-1783	125	10	—	—	PUNCT
cblr-1783	125	11	banks	bank	NOUN
cblr-1783	125	12	are	be	AUX
cblr-1783	125	13	built	build	VERB
cblr-1783	125	14	upon	upon	SCONJ
cblr-1783	125	15	deposits	deposit	NOUN
cblr-1783	125	16	that	that	PRON
cblr-1783	125	17	must	must	AUX
cblr-1783	125	18	be	be	AUX
cblr-1783	125	19	backed	back	VERB
cblr-1783	125	20	by	by	ADP
cblr-1783	125	21	the	the	DET
cblr-1783	125	22	government	government	NOUN
cblr-1783	125	23	,	,	PUNCT
cblr-1783	125	24	while	while	SCONJ
cblr-1783	125	25	clearinghouses	clearinghouse	NOUN
cblr-1783	125	26	are	be	AUX
cblr-1783	125	27	so	so	ADV
cblr-1783	125	28	integral	integral	ADJ
cblr-1783	125	29	to	to	ADP
cblr-1783	125	30	the	the	DET
cblr-1783	125	31	financial	financial	ADJ
cblr-1783	125	32	system	system	NOUN
cblr-1783	125	33	that	that	SCONJ
cblr-1783	125	34	their	their	PRON
cblr-1783	125	35	failure	failure	NOUN
cblr-1783	125	36	can	can	AUX
cblr-1783	125	37	not	not	PART
cblr-1783	125	38	be	be	AUX
cblr-1783	125	39	allowed.14	allowed.14	PROPN
cblr-1783	125	40	however	however	ADV
cblr-1783	125	41	,	,	PUNCT
cblr-1783	125	42	current	current	ADJ
cblr-1783	125	43	solutions	solution	NOUN
cblr-1783	125	44	to	to	PART
cblr-1783	125	45	stave	stave	VERB
cblr-1783	125	46	off	off	ADP
cblr-1783	125	47	tbtf	tbtf	ADV
cblr-1783	125	48	in	in	ADP
cblr-1783	125	49	clearinghouses	clearinghouse	NOUN
cblr-1783	125	50	are	be	AUX
cblr-1783	125	51	halfhearted	halfhearted	ADJ
cblr-1783	125	52	.	.	PUNCT
cblr-1783	126	1	whereas	whereas	SCONJ
cblr-1783	126	2	a	a	DET
cblr-1783	126	3	blueprint	blueprint	NOUN
cblr-1783	126	4	exists	exist	VERB
cblr-1783	126	5	for	for	ADP
cblr-1783	126	6	intervening	intervene	VERB
cblr-1783	126	7	on	on	ADP
cblr-1783	126	8	behalf	behalf	NOUN
cblr-1783	126	9	of	of	ADP
cblr-1783	126	10	systemically	systemically	ADV
cblr-1783	126	11	important	important	ADJ
cblr-1783	126	12	banks	bank	NOUN
cblr-1783	126	13	during	during	ADP
cblr-1783	126	14	illiquidity	illiquidity	NOUN
cblr-1783	126	15	and	and	CCONJ
cblr-1783	126	16	insolvency	insolvency	NOUN
cblr-1783	126	17	,	,	PUNCT
cblr-1783	126	18	the	the	DET
cblr-1783	126	19	only	only	ADJ
cblr-1783	126	20	clear	clear	ADJ
cblr-1783	126	21	plan	plan	NOUN
cblr-1783	126	22	of	of	ADP
cblr-1783	126	23	assistance	assistance	NOUN
cblr-1783	126	24	to	to	ADP
cblr-1783	126	25	a	a	DET
cblr-1783	126	26	systemically	systemically	ADV
cblr-1783	126	27	important	important	ADJ
cblr-1783	126	28	clearinghouse	clearinghouse	NOUN
cblr-1783	126	29	is	be	AUX
cblr-1783	126	30	for	for	ADP
cblr-1783	126	31	a	a	DET
cblr-1783	126	32	liquidity	liquidity	NOUN
cblr-1783	126	33	crisis	crisis	NOUN
cblr-1783	126	34	.	.	PUNCT
cblr-1783	127	1	the	the	DET
cblr-1783	127	2	impression	impression	NOUN
cblr-1783	127	3	created	create	VERB
cblr-1783	127	4	is	be	AUX
cblr-1783	127	5	one	one	NUM
cblr-1783	127	6	of	of	ADP
cblr-1783	127	7	ignorance	ignorance	NOUN
cblr-1783	127	8	or	or	CCONJ
cblr-1783	127	9	,	,	PUNCT
cblr-1783	127	10	worse	bad	ADJ
cblr-1783	127	11	,	,	PUNCT
cblr-1783	127	12	confusion	confusion	NOUN
cblr-1783	127	13	on	on	ADP
cblr-1783	127	14	the	the	DET
cblr-1783	127	15	part	part	NOUN
cblr-1783	127	16	of	of	ADP
cblr-1783	127	17	regulators	regulator	NOUN
cblr-1783	127	18	.	.	PUNCT
cblr-1783	128	1	in	in	ADP
cblr-1783	128	2	exploring	explore	VERB
cblr-1783	128	3	the	the	DET
cblr-1783	128	4	interaction	interaction	NOUN
cblr-1783	128	5	between	between	ADP
cblr-1783	128	6	regulation	regulation	NOUN
cblr-1783	128	7	and	and	CCONJ
cblr-1783	128	8	the	the	DET
cblr-1783	128	9	clearing	clearing	NOUN
cblr-1783	128	10	markets	market	NOUN
cblr-1783	128	11	,	,	PUNCT
cblr-1783	128	12	this	this	DET
cblr-1783	128	13	article	article	NOUN
cblr-1783	128	14	sets	set	VERB
cblr-1783	128	15	up	up	ADP
cblr-1783	128	16	the	the	DET
cblr-1783	128	17	possibility	possibility	NOUN
cblr-1783	128	18	of	of	ADP
cblr-1783	128	19	borrowing	borrow	VERB
cblr-1783	128	20	from	from	ADP
cblr-1783	128	21	antitrust	antitrust	NOUN
cblr-1783	128	22	to	to	PART
cblr-1783	128	23	resolve	resolve	VERB
cblr-1783	128	24	the	the	DET
cblr-1783	128	25	quandary	quandary	NOUN
cblr-1783	128	26	presented	present	VERB
cblr-1783	128	27	by	by	ADP
cblr-1783	128	28	large	large	ADJ
cblr-1783	128	29	clearinghouses	clearinghouse	NOUN
cblr-1783	128	30	.	.	PUNCT
cblr-1783	129	1	antitrust	antitrust	ADJ
cblr-1783	129	2	is	be	AUX
cblr-1783	129	3	adept	adept	ADJ
cblr-1783	129	4	at	at	ADP
cblr-1783	129	5	weighing	weigh	VERB
cblr-1783	129	6	size	size	NOUN
cblr-1783	129	7	against	against	ADP
cblr-1783	129	8	an	an	DET
cblr-1783	129	9	array	array	NOUN
cblr-1783	129	10	of	of	ADP
cblr-1783	129	11	other	other	ADJ
cblr-1783	129	12	considerations	consideration	NOUN
cblr-1783	129	13	.	.	PUNCT
cblr-1783	130	1	recently	recently	ADV
cblr-1783	130	2	,	,	PUNCT
cblr-1783	130	3	scholars	scholar	NOUN
cblr-1783	130	4	have	have	AUX
cblr-1783	130	5	used	use	VERB
cblr-1783	130	6	antitrust	antitrust	ADJ
cblr-1783	130	7	principles	principle	NOUN
cblr-1783	130	8	as	as	SCONJ
cblr-1783	130	9	proxies	proxy	NOUN
cblr-1783	130	10	for	for	ADP
cblr-1783	130	11	stagnant	stagnant	ADJ
cblr-1783	130	12	banking	banking	NOUN
cblr-1783	130	13	paradigms	paradigm	NOUN
cblr-1783	130	14	—	—	PUNCT
cblr-1783	130	15	for	for	ADP
cblr-1783	130	16	instance	instance	NOUN
cblr-1783	130	17	,	,	PUNCT
cblr-1783	130	18	monopoly	monopoly	NOUN
cblr-1783	130	19	power	power	NOUN
cblr-1783	130	20	as	as	ADP
cblr-1783	130	21	a	a	DET
cblr-1783	130	22	proxy	proxy	NOUN
cblr-1783	130	23	for	for	ADP
cblr-1783	130	24	tbtf	tbtf	ADJ
cblr-1783	130	25	and	and	CCONJ
cblr-1783	130	26	anti	anti	ADJ
cblr-1783	130	27	-	-	ADJ
cblr-1783	130	28	tying	tying	ADJ
cblr-1783	130	29	rules	rule	NOUN
cblr-1783	130	30	as	as	ADP
cblr-1783	130	31	a	a	DET
cblr-1783	130	32	proxy	proxy	NOUN
cblr-1783	130	33	for	for	ADP
cblr-1783	130	34	checks	check	NOUN
cblr-1783	130	35	on	on	ADP
cblr-1783	130	36	aggressive	aggressive	ADJ
cblr-1783	130	37	sales	sale	NOUN
cblr-1783	130	38	practices.15	practices.15	NOUN
cblr-1783	130	39	the	the	DET
cblr-1783	130	40	next	next	ADJ
cblr-1783	130	41	step	step	NOUN
cblr-1783	130	42	would	would	AUX
cblr-1783	130	43	be	be	AUX
cblr-1783	130	44	to	to	PART
cblr-1783	130	45	pair	pair	VERB
cblr-1783	130	46	central	central	ADJ
cblr-1783	130	47	clearing	clearing	NOUN
cblr-1783	130	48	counterparty	counterparty	NOUN
cblr-1783	130	49	reduce	reduce	VERB
cblr-1783	130	50	counterparty	counterparty	NOUN
cblr-1783	130	51	risk	risk	NOUN
cblr-1783	130	52	?	?	PUNCT
cblr-1783	130	53	,	,	PUNCT
cblr-1783	130	54	1	1	NUM
cblr-1783	130	55	rev	rev	X
cblr-1783	130	56	.	.	PUNCT
cblr-1783	131	1	asset	asset	NOUN
cblr-1783	131	2	pricing	pricing	NOUN
cblr-1783	131	3	stud	stud	NOUN
cblr-1783	131	4	.	.	PUNCT
cblr-1783	132	1	74	74	NUM
cblr-1783	132	2	,	,	PUNCT
cblr-1783	132	3	74	74	NUM
cblr-1783	132	4	,	,	PUNCT
cblr-1783	132	5	76	76	NUM
cblr-1783	132	6	(	(	PUNCT
cblr-1783	132	7	2011	2011	NUM
cblr-1783	132	8	)	)	PUNCT
cblr-1783	132	9	.	.	PUNCT
cblr-1783	133	1	14	14	NUM
cblr-1783	133	2	see	see	VERB
cblr-1783	133	3	infra	infra	NOUN
cblr-1783	133	4	section	section	NOUN
cblr-1783	133	5	iii.a	iii.a	PROPN
cblr-1783	133	6	.	.	PROPN
cblr-1783	134	1	15	15	NUM
cblr-1783	134	2	see	see	VERB
cblr-1783	134	3	felix	felix	PROPN
cblr-1783	134	4	b.	b.	PROPN
cblr-1783	134	5	chang	chang	PROPN
cblr-1783	134	6	,	,	PUNCT
cblr-1783	134	7	death	death	NOUN
cblr-1783	134	8	to	to	PART
cblr-1783	134	9	credit	credit	NOUN
cblr-1783	134	10	as	as	ADP
cblr-1783	134	11	leverage	leverage	NOUN
cblr-1783	134	12	:	:	PUNCT
cblr-1783	134	13	using	use	VERB
cblr-1783	134	14	the	the	DET
cblr-1783	134	15	bank	bank	NOUN
cblr-1783	134	16	anti	anti	ADJ
cblr-1783	134	17	-	-	ADJ
cblr-1783	134	18	tying	tying	ADJ
cblr-1783	134	19	provision	provision	NOUN
cblr-1783	134	20	to	to	PART
cblr-1783	134	21	curb	curb	VERB
cblr-1783	134	22	financial	financial	ADJ
cblr-1783	134	23	risk	risk	NOUN
cblr-1783	134	24	,	,	PUNCT
cblr-1783	134	25	9	9	NUM
cblr-1783	134	26	n.y.u	n.y.u	NOUN
cblr-1783	134	27	.	.	PUNCT
cblr-1783	135	1	j.	j.	PROPN
cblr-1783	135	2	l.	l.	PROPN
cblr-1783	135	3	&	&	CCONJ
cblr-1783	135	4	bus	bus	PROPN
cblr-1783	135	5	.	.	PUNCT
cblr-1783	135	6	851	851	NUM
cblr-1783	135	7	,	,	PUNCT
cblr-1783	135	8	898–900	898–900	NUM
cblr-1783	135	9	(	(	PUNCT
cblr-1783	135	10	2013	2013	NUM
cblr-1783	135	11	)	)	PUNCT
cblr-1783	135	12	;	;	PUNCT
cblr-1783	135	13	sharon	sharon	PROPN
cblr-1783	135	14	e.	e.	PROPN
cblr-1783	135	15	foster	foster	PROPN
cblr-1783	135	16	,	,	PUNCT
cblr-1783	135	17	systemic	systemic	ADJ
cblr-1783	135	18	financial	financial	ADJ
cblr-1783	135	19	-	-	PUNCT
cblr-1783	135	20	service	service	NOUN
cblr-1783	135	21	institutions	institution	NOUN
cblr-1783	135	22	and	and	CCONJ
cblr-1783	135	23	monopoly	monopoly	NOUN
cblr-1783	135	24	power	power	NOUN
cblr-1783	135	25	,	,	PUNCT
cblr-1783	135	26	60	60	NUM
cblr-1783	135	27	cath	cath	NOUN
cblr-1783	135	28	.	.	PUNCT
cblr-1783	136	1	u.	u.	PROPN
cblr-1783	136	2	l.	l.	PROPN
cblr-1783	136	3	rev	rev	PROPN
cblr-1783	136	4	.	.	PROPN
cblr-1783	136	5	357	357	NUM
cblr-1783	136	6	,	,	PUNCT
cblr-1783	136	7	359–60	359–60	NUM
cblr-1783	136	8	(	(	PUNCT
cblr-1783	136	9	2011	2011	NUM
cblr-1783	136	10	)	)	PUNCT
cblr-1783	136	11	;	;	PUNCT
cblr-1783	136	12	for	for	ADP
cblr-1783	136	13	other	other	ADJ
cblr-1783	136	14	innovative	innovative	ADJ
cblr-1783	136	15	approaches	approach	NOUN
cblr-1783	136	16	of	of	ADP
cblr-1783	136	17	using	use	VERB
cblr-1783	136	18	antitrust	antitrust	NOUN
cblr-1783	136	19	to	to	PART
cblr-1783	136	20	contain	contain	VERB
cblr-1783	136	21	tbtf	tbtf	ADJ
cblr-1783	136	22	and	and	CCONJ
cblr-1783	136	23	systemic	systemic	ADJ
cblr-1783	136	24	754	754	NUM
cblr-1783	136	25	columbia	columbia	PROPN
cblr-1783	136	26	business	business	NOUN
cblr-1783	136	27	law	law	NOUN
cblr-1783	136	28	review	review	NOUN
cblr-1783	137	1	[	[	X
cblr-1783	137	2	vol	vol	NOUN
cblr-1783	137	3	.	.	PUNCT
cblr-1783	137	4	2014	2014	NUM
cblr-1783	137	5	antitrust	antitrust	ADJ
cblr-1783	137	6	and	and	CCONJ
cblr-1783	137	7	financial	financial	ADJ
cblr-1783	137	8	regulations	regulation	NOUN
cblr-1783	137	9	to	to	PART
cblr-1783	137	10	strike	strike	VERB
cblr-1783	137	11	a	a	DET
cblr-1783	137	12	more	more	ADV
cblr-1783	137	13	perfect	perfect	ADJ
cblr-1783	137	14	balance	balance	NOUN
cblr-1783	137	15	between	between	ADP
cblr-1783	137	16	stability	stability	NOUN
cblr-1783	137	17	and	and	CCONJ
cblr-1783	137	18	competition	competition	NOUN
cblr-1783	137	19	,	,	PUNCT
cblr-1783	137	20	as	as	ADV
cblr-1783	137	21	well	well	ADV
cblr-1783	137	22	as	as	ADP
cblr-1783	137	23	between	between	ADP
cblr-1783	137	24	systemic	systemic	ADJ
cblr-1783	137	25	risk	risk	NOUN
cblr-1783	137	26	and	and	CCONJ
cblr-1783	137	27	credit	credit	NOUN
cblr-1783	137	28	risk	risk	NOUN
cblr-1783	137	29	.	.	PUNCT
cblr-1783	138	1	for	for	ADP
cblr-1783	138	2	now	now	ADV
cblr-1783	138	3	,	,	PUNCT
cblr-1783	138	4	though	though	ADV
cblr-1783	138	5	,	,	PUNCT
cblr-1783	138	6	financial	financial	ADJ
cblr-1783	138	7	regulators	regulator	NOUN
cblr-1783	138	8	have	have	AUX
cblr-1783	138	9	discounted	discount	VERB
cblr-1783	138	10	the	the	DET
cblr-1783	138	11	anticompetitive	anticompetitive	ADJ
cblr-1783	138	12	effects	effect	NOUN
cblr-1783	138	13	of	of	ADP
cblr-1783	138	14	large	large	ADJ
cblr-1783	138	15	clearinghouses	clearinghouse	NOUN
cblr-1783	138	16	.	.	PUNCT
cblr-1783	139	1	the	the	DET
cblr-1783	139	2	unsung	unsung	ADJ
cblr-1783	139	3	consequence	consequence	NOUN
cblr-1783	139	4	of	of	ADP
cblr-1783	139	5	touting	tout	VERB
cblr-1783	139	6	counterparty	counterparty	NOUN
cblr-1783	139	7	credit	credit	NOUN
cblr-1783	139	8	concerns	concern	NOUN
cblr-1783	139	9	above	above	ADP
cblr-1783	139	10	all	all	DET
cblr-1783	139	11	else	else	ADV
cblr-1783	139	12	is	be	AUX
cblr-1783	139	13	that	that	SCONJ
cblr-1783	139	14	competition	competition	NOUN
cblr-1783	139	15	suffers	suffer	VERB
cblr-1783	139	16	as	as	ADV
cblr-1783	139	17	well	well	ADV
cblr-1783	139	18	.	.	PUNCT
cblr-1783	140	1	competition	competition	NOUN
cblr-1783	140	2	suffers	suffer	VERB
cblr-1783	140	3	in	in	ADP
cblr-1783	140	4	both	both	CCONJ
cblr-1783	140	5	the	the	DET
cblr-1783	140	6	clearing	clearing	NOUN
cblr-1783	140	7	market	market	NOUN
cblr-1783	140	8	and	and	CCONJ
cblr-1783	140	9	the	the	DET
cblr-1783	140	10	market	market	NOUN
cblr-1783	140	11	for	for	ADP
cblr-1783	140	12	selling	sell	VERB
cblr-1783	140	13	the	the	DET
cblr-1783	140	14	cleared	clear	VERB
cblr-1783	140	15	instruments	instrument	NOUN
cblr-1783	140	16	.	.	PUNCT
cblr-1783	141	1	this	this	PRON
cblr-1783	141	2	is	be	AUX
cblr-1783	141	3	because	because	SCONJ
cblr-1783	141	4	the	the	DET
cblr-1783	141	5	entities	entity	NOUN
cblr-1783	141	6	that	that	PRON
cblr-1783	141	7	control	control	VERB
cblr-1783	141	8	a	a	DET
cblr-1783	141	9	large	large	ADJ
cblr-1783	141	10	clearinghouse	clearinghouse	NOUN
cblr-1783	141	11	(	(	PUNCT
cblr-1783	141	12	ironically	ironically	ADV
cblr-1783	141	13	,	,	PUNCT
cblr-1783	141	14	the	the	DET
cblr-1783	141	15	big	big	ADJ
cblr-1783	141	16	banks	bank	NOUN
cblr-1783	141	17	)	)	PUNCT
cblr-1783	141	18	can	can	AUX
cblr-1783	141	19	leverage	leverage	VERB
cblr-1783	141	20	their	their	PRON
cblr-1783	141	21	dominance	dominance	NOUN
cblr-1783	141	22	in	in	ADP
cblr-1783	141	23	the	the	DET
cblr-1783	141	24	clearing	clearing	NOUN
cblr-1783	141	25	market	market	NOUN
cblr-1783	141	26	to	to	PART
cblr-1783	141	27	foreclose	foreclose	VERB
cblr-1783	141	28	the	the	DET
cblr-1783	141	29	dealer	dealer	NOUN
cblr-1783	141	30	market	market	NOUN
cblr-1783	141	31	.	.	PUNCT
cblr-1783	142	1	in	in	ADP
cblr-1783	142	2	two	two	NUM
cblr-1783	142	3	recent	recent	ADJ
cblr-1783	142	4	actions	action	NOUN
cblr-1783	142	5	in	in	ADP
cblr-1783	142	6	europe	europe	PROPN
cblr-1783	142	7	and	and	CCONJ
cblr-1783	142	8	the	the	DET
cblr-1783	142	9	united	united	PROPN
cblr-1783	142	10	states	states	PROPN
cblr-1783	142	11	,	,	PUNCT
cblr-1783	142	12	access	access	NOUN
cblr-1783	142	13	to	to	ADP
cblr-1783	142	14	clearinghouses	clearinghouse	NOUN
cblr-1783	142	15	was	be	AUX
cblr-1783	142	16	the	the	DET
cblr-1783	142	17	lynchpin	lynchpin	NOUN
cblr-1783	142	18	for	for	ADP
cblr-1783	142	19	suppression	suppression	NOUN
cblr-1783	142	20	of	of	ADP
cblr-1783	142	21	competition	competition	NOUN
cblr-1783	142	22	in	in	ADP
cblr-1783	142	23	the	the	DET
cblr-1783	142	24	sale	sale	NOUN
cblr-1783	142	25	of	of	ADP
cblr-1783	142	26	credit	credit	NOUN
cblr-1783	142	27	default	default	NOUN
cblr-1783	142	28	swaps.16	swaps.16	PROPN
cblr-1783	142	29	clearinghouse	clearinghouse	NOUN
cblr-1783	142	30	research	research	NOUN
cblr-1783	142	31	is	be	AUX
cblr-1783	142	32	therefore	therefore	ADV
cblr-1783	142	33	timely	timely	ADJ
cblr-1783	142	34	in	in	ADP
cblr-1783	142	35	illuminating	illuminate	VERB
cblr-1783	142	36	a	a	DET
cblr-1783	142	37	windfall	windfall	NOUN
cblr-1783	142	38	to	to	ADP
cblr-1783	142	39	heavily	heavily	ADV
cblr-1783	142	40	regulated	regulated	ADJ
cblr-1783	142	41	banks	bank	NOUN
cblr-1783	142	42	.	.	PUNCT
cblr-1783	143	1	further	far	ADV
cblr-1783	143	2	,	,	PUNCT
cblr-1783	143	3	this	this	DET
cblr-1783	143	4	research	research	NOUN
cblr-1783	143	5	is	be	AUX
cblr-1783	143	6	timely	timely	ADJ
cblr-1783	143	7	because	because	SCONJ
cblr-1783	143	8	the	the	DET
cblr-1783	143	9	next	next	ADJ
cblr-1783	143	10	test	test	NOUN
cblr-1783	143	11	of	of	ADP
cblr-1783	143	12	how	how	SCONJ
cblr-1783	143	13	antitrust	antitrust	ADJ
cblr-1783	143	14	laws	law	NOUN
cblr-1783	143	15	apply	apply	VERB
cblr-1783	143	16	to	to	ADP
cblr-1783	143	17	regulated	regulated	ADJ
cblr-1783	143	18	industries	industry	NOUN
cblr-1783	143	19	might	might	AUX
cblr-1783	143	20	come	come	VERB
cblr-1783	143	21	as	as	ADP
cblr-1783	143	22	a	a	DET
cblr-1783	143	23	challenge	challenge	NOUN
cblr-1783	143	24	to	to	ADP
cblr-1783	143	25	the	the	DET
cblr-1783	143	26	natural	natural	ADJ
cblr-1783	143	27	monopoly	monopoly	NOUN
cblr-1783	143	28	of	of	ADP
cblr-1783	143	29	clearinghouses.17	clearinghouses.17	PROPN
cblr-1783	143	30	part	part	PROPN
cblr-1783	143	31	ii	ii	PROPN
cblr-1783	143	32	of	of	ADP
cblr-1783	143	33	this	this	DET
cblr-1783	143	34	article	article	NOUN
cblr-1783	143	35	illustrates	illustrate	VERB
cblr-1783	143	36	how	how	SCONJ
cblr-1783	143	37	financial	financial	ADJ
cblr-1783	143	38	intermediaries	intermediary	NOUN
cblr-1783	143	39	have	have	AUX
cblr-1783	143	40	evolved	evolve	VERB
cblr-1783	143	41	into	into	ADP
cblr-1783	143	42	systemic	systemic	ADJ
cblr-1783	143	43	significance	significance	NOUN
cblr-1783	143	44	.	.	PUNCT
cblr-1783	144	1	part	part	NOUN
cblr-1783	144	2	iii	iii	PROPN
cblr-1783	144	3	dissects	dissect	VERB
cblr-1783	144	4	the	the	DET
cblr-1783	144	5	contradictions	contradiction	NOUN
cblr-1783	144	6	posed	pose	VERB
cblr-1783	144	7	by	by	ADP
cblr-1783	144	8	large	large	ADJ
cblr-1783	144	9	banks	bank	NOUN
cblr-1783	144	10	and	and	CCONJ
cblr-1783	144	11	large	large	ADJ
cblr-1783	144	12	clearinghouses	clearinghouse	NOUN
cblr-1783	144	13	.	.	PUNCT
cblr-1783	145	1	part	part	NOUN
cblr-1783	145	2	iv	iv	NUM
cblr-1783	145	3	reveals	reveal	VERB
cblr-1783	145	4	the	the	DET
cblr-1783	145	5	beneficiaries	beneficiary	NOUN
cblr-1783	145	6	of	of	ADP
cblr-1783	145	7	large	large	ADJ
cblr-1783	145	8	risk	risk	NOUN
cblr-1783	145	9	,	,	PUNCT
cblr-1783	145	10	see	see	VERB
cblr-1783	145	11	roberta	roberta	PROPN
cblr-1783	145	12	s.	s.	PROPN
cblr-1783	145	13	karmel	karmel	PROPN
cblr-1783	145	14	,	,	PUNCT
cblr-1783	145	15	is	be	AUX
cblr-1783	145	16	the	the	DET
cblr-1783	145	17	public	public	ADJ
cblr-1783	145	18	utility	utility	NOUN
cblr-1783	145	19	holding	hold	VERB
cblr-1783	145	20	company	company	NOUN
cblr-1783	145	21	act	act	VERB
cblr-1783	145	22	a	a	DET
cblr-1783	145	23	model	model	NOUN
cblr-1783	145	24	for	for	ADP
cblr-1783	145	25	breaking	break	VERB
cblr-1783	145	26	up	up	ADP
cblr-1783	145	27	the	the	DET
cblr-1783	145	28	banks	bank	NOUN
cblr-1783	145	29	that	that	PRON
cblr-1783	145	30	are	be	AUX
cblr-1783	145	31	too	too	ADV
cblr-1783	145	32	-	-	PUNCT
cblr-1783	145	33	big	big	ADJ
cblr-1783	145	34	-	-	PUNCT
cblr-1783	145	35	to	to	AUX
cblr-1783	145	36	-	-	PUNCT
cblr-1783	145	37	fail	fail	VERB
cblr-1783	145	38	?	?	PUNCT
cblr-1783	145	39	,	,	PUNCT
cblr-1783	145	40	62	62	NUM
cblr-1783	145	41	hastings	hastings	PROPN
cblr-1783	145	42	l.j	l.j	PROPN
cblr-1783	145	43	.	.	PROPN
cblr-1783	145	44	821	821	NUM
cblr-1783	145	45	,	,	PUNCT
cblr-1783	145	46	844	844	NUM
cblr-1783	145	47	,	,	PUNCT
cblr-1783	145	48	856–57	856–57	NUM
cblr-1783	145	49	(	(	PUNCT
cblr-1783	145	50	2011	2011	NUM
cblr-1783	145	51	)	)	PUNCT
cblr-1783	145	52	(	(	PUNCT
cblr-1783	145	53	using	use	VERB
cblr-1783	145	54	the	the	DET
cblr-1783	145	55	public	public	ADJ
cblr-1783	145	56	utility	utility	NOUN
cblr-1783	145	57	holding	hold	VERB
cblr-1783	145	58	company	company	NOUN
cblr-1783	145	59	act	act	VERB
cblr-1783	145	60	to	to	PART
cblr-1783	145	61	guide	guide	VERB
cblr-1783	145	62	the	the	DET
cblr-1783	145	63	organization	organization	NOUN
cblr-1783	145	64	of	of	ADP
cblr-1783	145	65	bank	bank	NOUN
cblr-1783	145	66	-	-	PUNCT
cblr-1783	145	67	holding	hold	VERB
cblr-1783	145	68	companies	company	NOUN
cblr-1783	145	69	)	)	PUNCT
cblr-1783	145	70	;	;	PUNCT
cblr-1783	145	71	jonathan	jonathan	PROPN
cblr-1783	145	72	r.	r.	PROPN
cblr-1783	145	73	macey	macey	PROPN
cblr-1783	145	74	&	&	CCONJ
cblr-1783	145	75	james	james	PROPN
cblr-1783	145	76	p.	p.	PROPN
cblr-1783	145	77	holdcroft	holdcroft	PROPN
cblr-1783	145	78	,	,	PUNCT
cblr-1783	145	79	jr	jr	PROPN
cblr-1783	145	80	.	.	PROPN
cblr-1783	145	81	,	,	PUNCT
cblr-1783	145	82	failure	failure	NOUN
cblr-1783	145	83	is	be	AUX
cblr-1783	145	84	an	an	DET
cblr-1783	145	85	option	option	NOUN
cblr-1783	145	86	:	:	PUNCT
cblr-1783	145	87	an	an	DET
cblr-1783	145	88	ersatz	ersatz	ADJ
cblr-1783	145	89	-	-	PUNCT
cblr-1783	145	90	antitrust	antitrust	ADJ
cblr-1783	145	91	approach	approach	NOUN
cblr-1783	145	92	to	to	ADP
cblr-1783	145	93	financial	financial	ADJ
cblr-1783	145	94	regulation	regulation	NOUN
cblr-1783	145	95	,	,	PUNCT
cblr-1783	145	96	120	120	NUM
cblr-1783	145	97	yale	yale	PROPN
cblr-1783	145	98	l.j	l.j	PROPN
cblr-1783	145	99	.	.	PROPN
cblr-1783	145	100	1368	1368	NUM
cblr-1783	145	101	,	,	PUNCT
cblr-1783	145	102	1371	1371	NUM
cblr-1783	145	103	(	(	PUNCT
cblr-1783	145	104	2011	2011	NUM
cblr-1783	145	105	)	)	PUNCT
cblr-1783	145	106	(	(	PUNCT
cblr-1783	145	107	limiting	limit	VERB
cblr-1783	145	108	bank	bank	NOUN
cblr-1783	145	109	liabilities	liability	NOUN
cblr-1783	145	110	to	to	ADP
cblr-1783	145	111	5	5	NUM
cblr-1783	145	112	%	%	NOUN
cblr-1783	145	113	of	of	ADP
cblr-1783	145	114	the	the	DET
cblr-1783	145	115	fdic	fdic	PROPN
cblr-1783	145	116	deposit	deposit	PROPN
cblr-1783	145	117	insurance	insurance	NOUN
cblr-1783	145	118	fund	fund	PROPN
cblr-1783	145	119	)	)	PUNCT
cblr-1783	145	120	.	.	PUNCT
cblr-1783	146	1	16	16	NUM
cblr-1783	146	2	see	see	VERB
cblr-1783	146	3	press	press	NOUN
cblr-1783	146	4	release	release	NOUN
cblr-1783	146	5	,	,	PUNCT
cblr-1783	146	6	european	european	ADJ
cblr-1783	146	7	comm’n	comm’n	X
cblr-1783	146	8	,	,	PUNCT
cblr-1783	146	9	antitrust	antitrust	ADJ
cblr-1783	146	10	:	:	PUNCT
cblr-1783	146	11	commission	commission	NOUN
cblr-1783	146	12	probes	probe	VERB
cblr-1783	146	13	credit	credit	NOUN
cblr-1783	146	14	default	default	NOUN
cblr-1783	146	15	swaps	swap	NOUN
cblr-1783	146	16	market	market	NOUN
cblr-1783	146	17	(	(	PUNCT
cblr-1783	146	18	apr	apr	PROPN
cblr-1783	146	19	.	.	PROPN
cblr-1783	146	20	29	29	NUM
cblr-1783	146	21	,	,	PUNCT
cblr-1783	146	22	2011	2011	NUM
cblr-1783	146	23	)	)	PUNCT
cblr-1783	146	24	,	,	PUNCT
cblr-1783	146	25	available	available	ADJ
cblr-1783	146	26	at	at	ADP
cblr-1783	146	27	http://perma.cc/v285-uzn5	http://perma.cc/v285-uzn5	ADV
cblr-1783	146	28	;	;	PUNCT
cblr-1783	146	29	class	class	NOUN
cblr-1783	146	30	action	action	NOUN
cblr-1783	146	31	complaint	complaint	NOUN
cblr-1783	146	32	,	,	PUNCT
cblr-1783	146	33	mf	mf	VERB
cblr-1783	146	34	global	global	ADJ
cblr-1783	146	35	capital	capital	PROPN
cblr-1783	146	36	llc	llc	PROPN
cblr-1783	146	37	v.	v.	ADP
cblr-1783	146	38	bank	bank	PROPN
cblr-1783	146	39	of	of	ADP
cblr-1783	146	40	america	america	PROPN
cblr-1783	146	41	corp	corp	PROPN
cblr-1783	146	42	.	.	PROPN
cblr-1783	146	43	,	,	PUNCT
cblr-1783	146	44	no	no	INTJ
cblr-1783	146	45	.	.	PUNCT
cblr-1783	147	1	1:13	1:13	NUM
cblr-1783	147	2	-	-	PUNCT
cblr-1783	147	3	cv-05417	cv-05417	NOUN
cblr-1783	147	4	,	,	PUNCT
cblr-1783	147	5	2013	2013	NUM
cblr-1783	147	6	wl	wl	NOUN
cblr-1783	147	7	7210066	7210066	NUM
cblr-1783	147	8	(	(	PUNCT
cblr-1783	147	9	n.d	n.d	PROPN
cblr-1783	147	10	.	.	PROPN
cblr-1783	147	11	ill	ill	PROPN
cblr-1783	147	12	.	.	PUNCT
cblr-1783	148	1	july	july	PROPN
cblr-1783	148	2	29	29	NUM
cblr-1783	148	3	,	,	PUNCT
cblr-1783	148	4	2013	2013	NUM
cblr-1783	148	5	)	)	PUNCT
cblr-1783	148	6	.	.	PUNCT
cblr-1783	149	1	see	see	AUX
cblr-1783	149	2	also	also	ADV
cblr-1783	149	3	text	text	VERB
cblr-1783	149	4	accompanying	accompany	VERB
cblr-1783	149	5	infra	infra	NOUN
cblr-1783	149	6	notes	note	VERB
cblr-1783	149	7	155–58	155–58	PROPN
cblr-1783	149	8	and	and	CCONJ
cblr-1783	149	9	186	186	NUM
cblr-1783	149	10	.	.	NOUN
cblr-1783	149	11	17	17	NUM
cblr-1783	149	12	on	on	ADP
cblr-1783	149	13	the	the	DET
cblr-1783	149	14	murky	murky	ADJ
cblr-1783	149	15	balance	balance	NOUN
cblr-1783	149	16	between	between	ADP
cblr-1783	149	17	antitrust	antitrust	ADJ
cblr-1783	149	18	and	and	CCONJ
cblr-1783	149	19	regulation	regulation	NOUN
cblr-1783	149	20	after	after	ADP
cblr-1783	149	21	verizon	verizon	PROPN
cblr-1783	149	22	commc’ns	commc’ns	PROPN
cblr-1783	149	23	inc	inc	PROPN
cblr-1783	149	24	.	.	PROPN
cblr-1783	150	1	v.	v.	ADP
cblr-1783	150	2	law	law	NOUN
cblr-1783	150	3	offices	office	NOUN
cblr-1783	150	4	of	of	ADP
cblr-1783	150	5	curtis	curtis	PROPN
cblr-1783	150	6	v.	v.	PROPN
cblr-1783	150	7	trinko	trinko	PROPN
cblr-1783	150	8	,	,	PUNCT
cblr-1783	150	9	l.l.p	l.l.p	PROPN
cblr-1783	150	10	.	.	PROPN
cblr-1783	150	11	,	,	PUNCT
cblr-1783	150	12	540	540	NUM
cblr-1783	150	13	u.s	u.s	PROPN
cblr-1783	150	14	.	.	PROPN
cblr-1783	150	15	398	398	NUM
cblr-1783	150	16	(	(	PUNCT
cblr-1783	150	17	2004	2004	NUM
cblr-1783	150	18	)	)	PUNCT
cblr-1783	150	19	,	,	PUNCT
cblr-1783	150	20	and	and	CCONJ
cblr-1783	150	21	credit	credit	NOUN
cblr-1783	150	22	suisse	suisse	PROPN
cblr-1783	150	23	sec	sec	PROPN
cblr-1783	150	24	.	.	PUNCT
cblr-1783	151	1	(	(	PUNCT
cblr-1783	151	2	usa	usa	NOUN
cblr-1783	151	3	)	)	PUNCT
cblr-1783	151	4	l.l.c	l.l.c	NOUN
cblr-1783	151	5	.	.	PUNCT
cblr-1783	152	1	v.	v.	ADP
cblr-1783	152	2	billing	billing	NOUN
cblr-1783	152	3	,	,	PUNCT
cblr-1783	152	4	551	551	NUM
cblr-1783	152	5	u.s	u.s	PROPN
cblr-1783	152	6	.	.	PROPN
cblr-1783	152	7	264	264	NUM
cblr-1783	152	8	(	(	PUNCT
cblr-1783	152	9	2007	2007	NUM
cblr-1783	152	10	)	)	PUNCT
cblr-1783	152	11	,	,	PUNCT
cblr-1783	152	12	see	see	VERB
cblr-1783	152	13	howard	howard	PROPN
cblr-1783	152	14	a.	a.	NOUN
cblr-1783	152	15	shelanski	shelanski	PROPN
cblr-1783	152	16	,	,	PUNCT
cblr-1783	152	17	the	the	DET
cblr-1783	152	18	case	case	NOUN
cblr-1783	152	19	for	for	ADP
cblr-1783	152	20	rebalancing	rebalancing	NOUN
cblr-1783	152	21	antitrust	antitrust	NOUN
cblr-1783	152	22	and	and	CCONJ
cblr-1783	152	23	regulation	regulation	NOUN
cblr-1783	152	24	,	,	PUNCT
cblr-1783	152	25	109	109	NUM
cblr-1783	152	26	mich	mich	X
cblr-1783	152	27	.	.	PUNCT
cblr-1783	153	1	l.	l.	PROPN
cblr-1783	153	2	rev	rev	PROPN
cblr-1783	153	3	.	.	PROPN
cblr-1783	153	4	683	683	NUM
cblr-1783	153	5	,	,	PUNCT
cblr-1783	153	6	684	684	NUM
cblr-1783	153	7	(	(	PUNCT
cblr-1783	153	8	2011	2011	NUM
cblr-1783	153	9	)	)	PUNCT
cblr-1783	153	10	.	.	PUNCT
cblr-1783	154	1	no	no	INTJ
cblr-1783	154	2	.	.	PUNCT
cblr-1783	155	1	3:747	3:747	NUM
cblr-1783	155	2	]	]	X
cblr-1783	155	3	systemic	systemic	ADJ
cblr-1783	155	4	risk	risk	NOUN
cblr-1783	155	5	paradox	paradox	NOUN
cblr-1783	155	6	755	755	NUM
cblr-1783	155	7	clearinghouses	clearinghouse	NOUN
cblr-1783	155	8	and	and	CCONJ
cblr-1783	155	9	considers	consider	VERB
cblr-1783	155	10	how	how	SCONJ
cblr-1783	155	11	antitrust	antitrust	ADJ
cblr-1783	155	12	might	might	AUX
cblr-1783	155	13	complement	complement	VERB
cblr-1783	155	14	clearinghouse	clearinghouse	NOUN
cblr-1783	155	15	regulation	regulation	NOUN
cblr-1783	155	16	.	.	PUNCT
cblr-1783	156	1	ii	ii	PROPN
cblr-1783	156	2	.	.	PUNCT
cblr-1783	157	1	the	the	DET
cblr-1783	157	2	apparent	apparent	ADJ
cblr-1783	157	3	paradox	paradox	NOUN
cblr-1783	157	4	under	under	ADP
cblr-1783	157	5	dodd	dodd	PROPN
cblr-1783	157	6	-	-	PUNCT
cblr-1783	157	7	frank	frank	PROPN
cblr-1783	157	8	,	,	PUNCT
cblr-1783	157	9	clearinghouses	clearinghouse	NOUN
cblr-1783	157	10	are	be	AUX
cblr-1783	157	11	a	a	DET
cblr-1783	157	12	key	key	ADJ
cblr-1783	157	13	circuit	circuit	NOUN
cblr-1783	157	14	breaker	breaker	NOUN
cblr-1783	157	15	for	for	ADP
cblr-1783	157	16	risk	risk	NOUN
cblr-1783	157	17	in	in	ADP
cblr-1783	157	18	the	the	DET
cblr-1783	157	19	derivatives	derivative	NOUN
cblr-1783	157	20	market	market	NOUN
cblr-1783	157	21	.	.	PUNCT
cblr-1783	158	1	this	this	DET
cblr-1783	158	2	section	section	NOUN
cblr-1783	158	3	situates	situate	VERB
cblr-1783	158	4	dodd	dodd	PROPN
cblr-1783	158	5	-	-	PUNCT
cblr-1783	158	6	frank	frank	PROPN
cblr-1783	158	7	’s	’s	PART
cblr-1783	158	8	derivatives	derivative	NOUN
cblr-1783	158	9	clearing	clearing	NOUN
cblr-1783	158	10	organizations	organization	NOUN
cblr-1783	158	11	(	(	PUNCT
cblr-1783	158	12	dcos	dco	NOUN
cblr-1783	158	13	)	)	PUNCT
cblr-1783	158	14	within	within	ADP
cblr-1783	158	15	a	a	DET
cblr-1783	158	16	broader	broad	ADJ
cblr-1783	158	17	context	context	NOUN
cblr-1783	158	18	of	of	ADP
cblr-1783	158	19	nonbank	nonbank	NOUN
cblr-1783	158	20	intermediaries	intermediary	NOUN
cblr-1783	158	21	in	in	ADP
cblr-1783	158	22	the	the	DET
cblr-1783	158	23	securities	security	NOUN
cblr-1783	158	24	,	,	PUNCT
cblr-1783	158	25	options	option	NOUN
cblr-1783	158	26	,	,	PUNCT
cblr-1783	158	27	and	and	CCONJ
cblr-1783	158	28	futures	future	NOUN
cblr-1783	158	29	industries	industry	NOUN
cblr-1783	158	30	that	that	PRON
cblr-1783	158	31	have	have	AUX
cblr-1783	158	32	been	be	AUX
cblr-1783	158	33	allowed	allow	VERB
cblr-1783	158	34	to	to	PART
cblr-1783	158	35	consolidate	consolidate	VERB
cblr-1783	158	36	and	and	CCONJ
cblr-1783	158	37	pre	pre	ADJ
cblr-1783	158	38	-	-	ADJ
cblr-1783	158	39	empt	empt	ADJ
cblr-1783	158	40	competition	competition	NOUN
cblr-1783	158	41	.	.	PUNCT
cblr-1783	159	1	to	to	PART
cblr-1783	159	2	draw	draw	VERB
cblr-1783	159	3	a	a	DET
cblr-1783	159	4	distinction	distinction	NOUN
cblr-1783	159	5	,	,	PUNCT
cblr-1783	159	6	this	this	DET
cblr-1783	159	7	section	section	NOUN
cblr-1783	159	8	begins	begin	VERB
cblr-1783	159	9	with	with	ADP
cblr-1783	159	10	commercial	commercial	ADJ
cblr-1783	159	11	banks	bank	NOUN
cblr-1783	159	12	,	,	PUNCT
cblr-1783	159	13	investment	investment	NOUN
cblr-1783	159	14	banks	bank	NOUN
cblr-1783	159	15	,	,	PUNCT
cblr-1783	159	16	and	and	CCONJ
cblr-1783	159	17	hedge	hedge	NOUN
cblr-1783	159	18	funds	fund	NOUN
cblr-1783	159	19	,	,	PUNCT
cblr-1783	159	20	whose	whose	DET
cblr-1783	159	21	systemic	systemic	ADJ
cblr-1783	159	22	risks	risk	NOUN
cblr-1783	159	23	have	have	AUX
cblr-1783	159	24	at	at	ADP
cblr-1783	159	25	times	time	NOUN
cblr-1783	159	26	provoked	provoke	VERB
cblr-1783	159	27	regulatory	regulatory	ADJ
cblr-1783	159	28	policy	policy	NOUN
cblr-1783	159	29	.	.	PUNCT
cblr-1783	160	1	this	this	DET
cblr-1783	160	2	dichotomy	dichotomy	NOUN
cblr-1783	160	3	,	,	PUNCT
cblr-1783	160	4	whose	whose	DET
cblr-1783	160	5	poles	pole	NOUN
cblr-1783	160	6	are	be	AUX
cblr-1783	160	7	marked	mark	VERB
cblr-1783	160	8	by	by	ADP
cblr-1783	160	9	the	the	DET
cblr-1783	160	10	dco	dco	PROPN
cblr-1783	160	11	and	and	CCONJ
cblr-1783	160	12	the	the	DET
cblr-1783	160	13	commercial	commercial	ADJ
cblr-1783	160	14	bank	bank	NOUN
cblr-1783	160	15	,	,	PUNCT
cblr-1783	160	16	is	be	AUX
cblr-1783	160	17	the	the	DET
cblr-1783	160	18	systemic	systemic	ADJ
cblr-1783	160	19	risk	risk	NOUN
cblr-1783	160	20	paradox	paradox	NOUN
cblr-1783	160	21	.	.	PUNCT
cblr-1783	161	1	a.	a.	NOUN
cblr-1783	161	2	commercial	commercial	ADJ
cblr-1783	161	3	banks	bank	NOUN
cblr-1783	161	4	,	,	PUNCT
cblr-1783	161	5	investment	investment	NOUN
cblr-1783	161	6	banks	bank	NOUN
cblr-1783	161	7	,	,	PUNCT
cblr-1783	161	8	and	and	CCONJ
cblr-1783	161	9	hedge	hedge	NOUN
cblr-1783	161	10	funds18	funds18	NOUN
cblr-1783	161	11	the	the	DET
cblr-1783	161	12	fear	fear	NOUN
cblr-1783	161	13	that	that	SCONJ
cblr-1783	161	14	banks	bank	NOUN
cblr-1783	161	15	might	might	AUX
cblr-1783	161	16	become	become	VERB
cblr-1783	161	17	tbtf	tbtf	ADJ
cblr-1783	161	18	—	—	PUNCT
cblr-1783	161	19	and	and	CCONJ
cblr-1783	161	20	,	,	PUNCT
cblr-1783	161	21	therefore	therefore	ADV
cblr-1783	161	22	,	,	PUNCT
cblr-1783	161	23	require	require	VERB
cblr-1783	161	24	a	a	DET
cblr-1783	161	25	public	public	ADJ
cblr-1783	161	26	bailout	bailout	NOUN
cblr-1783	161	27	to	to	PART
cblr-1783	161	28	save	save	VERB
cblr-1783	161	29	the	the	DET
cblr-1783	161	30	economy	economy	NOUN
cblr-1783	161	31	—	—	PUNCT
cblr-1783	161	32	is	be	AUX
cblr-1783	161	33	not	not	PART
cblr-1783	161	34	new.19	new.19	PRON
cblr-1783	161	35	in	in	ADP
cblr-1783	161	36	1984	1984	NUM
cblr-1783	161	37	,	,	PUNCT
cblr-1783	161	38	the	the	DET
cblr-1783	161	39	federal	federal	ADJ
cblr-1783	161	40	deposit	deposit	NOUN
cblr-1783	161	41	insurance	insurance	NOUN
cblr-1783	161	42	corporation	corporation	NOUN
cblr-1783	161	43	(	(	PUNCT
cblr-1783	161	44	fdic	fdic	PROPN
cblr-1783	161	45	)	)	PUNCT
cblr-1783	161	46	rescued	rescue	VERB
cblr-1783	161	47	continental	continental	PROPN
cblr-1783	161	48	illinois	illinois	PROPN
cblr-1783	161	49	national	national	PROPN
cblr-1783	161	50	bank	bank	PROPN
cblr-1783	161	51	and	and	CCONJ
cblr-1783	161	52	trust	trust	PROPN
cblr-1783	161	53	company	company	NOUN
cblr-1783	161	54	,	,	PUNCT
cblr-1783	161	55	then	then	ADV
cblr-1783	161	56	the	the	DET
cblr-1783	161	57	country	country	NOUN
cblr-1783	161	58	’s	’s	PART
cblr-1783	161	59	seventh	seventh	ADJ
cblr-1783	161	60	largest	large	ADJ
cblr-1783	161	61	financial	financial	ADJ
cblr-1783	161	62	institution	institution	NOUN
cblr-1783	161	63	.	.	PUNCT
cblr-1783	162	1	continental	continental	PROPN
cblr-1783	162	2	had	have	AUX
cblr-1783	162	3	lent	lend	VERB
cblr-1783	162	4	aggressively	aggressively	ADV
cblr-1783	162	5	and	and	CCONJ
cblr-1783	162	6	sunk	sink	VERB
cblr-1783	162	7	$	$	SYM
cblr-1783	162	8	1	1	NUM
cblr-1783	162	9	billion	billion	NUM
cblr-1783	162	10	into	into	ADP
cblr-1783	162	11	nearly	nearly	ADV
cblr-1783	162	12	worthless	worthless	ADJ
cblr-1783	162	13	oil	oil	NOUN
cblr-1783	162	14	and	and	CCONJ
cblr-1783	162	15	gas	gas	NOUN
cblr-1783	162	16	participations	participation	NOUN
cblr-1783	162	17	;	;	PUNCT
cblr-1783	162	18	the	the	DET
cblr-1783	162	19	failure	failure	NOUN
cblr-1783	162	20	of	of	ADP
cblr-1783	162	21	those	those	DET
cblr-1783	162	22	ventures	venture	NOUN
cblr-1783	162	23	led	lead	VERB
cblr-1783	162	24	to	to	ADP
cblr-1783	162	25	an	an	DET
cblr-1783	162	26	acute	acute	ADJ
cblr-1783	162	27	run	run	NOUN
cblr-1783	162	28	on	on	ADP
cblr-1783	162	29	the	the	DET
cblr-1783	162	30	bank.20	bank.20	NOUN
cblr-1783	162	31	fearing	fear	VERB
cblr-1783	162	32	a	a	DET
cblr-1783	162	33	crisis	crisis	NOUN
cblr-1783	162	34	to	to	ADP
cblr-1783	162	35	the	the	DET
cblr-1783	162	36	financial	financial	ADJ
cblr-1783	162	37	system	system	NOUN
cblr-1783	162	38	,	,	PUNCT
cblr-1783	162	39	the	the	DET
cblr-1783	162	40	fdic	fdic	PROPN
cblr-1783	162	41	swooped	swoop	VERB
cblr-1783	162	42	in	in	ADP
cblr-1783	162	43	18	18	NUM
cblr-1783	162	44	this	this	DET
cblr-1783	162	45	article	article	NOUN
cblr-1783	162	46	lumps	lump	VERB
cblr-1783	162	47	commercial	commercial	ADJ
cblr-1783	162	48	banks	bank	NOUN
cblr-1783	162	49	,	,	PUNCT
cblr-1783	162	50	investment	investment	NOUN
cblr-1783	162	51	banks	bank	NOUN
cblr-1783	162	52	,	,	PUNCT
cblr-1783	162	53	and	and	CCONJ
cblr-1783	162	54	hedge	hedge	NOUN
cblr-1783	162	55	funds	fund	NOUN
cblr-1783	162	56	together	together	ADV
cblr-1783	162	57	.	.	PUNCT
cblr-1783	163	1	while	while	SCONJ
cblr-1783	163	2	investment	investment	NOUN
cblr-1783	163	3	banks	bank	NOUN
cblr-1783	163	4	and	and	CCONJ
cblr-1783	163	5	hedge	hedge	NOUN
cblr-1783	163	6	funds	fund	NOUN
cblr-1783	163	7	are	be	AUX
cblr-1783	163	8	not	not	PART
cblr-1783	163	9	as	as	ADV
cblr-1783	163	10	closely	closely	ADV
cblr-1783	163	11	regulated	regulate	VERB
cblr-1783	163	12	as	as	ADP
cblr-1783	163	13	commercial	commercial	ADJ
cblr-1783	163	14	banks	bank	NOUN
cblr-1783	163	15	,	,	PUNCT
cblr-1783	163	16	regulators	regulator	NOUN
cblr-1783	163	17	have	have	AUX
cblr-1783	163	18	acknowledged	acknowledge	VERB
cblr-1783	163	19	and	and	CCONJ
cblr-1783	163	20	tried	try	VERB
cblr-1783	163	21	to	to	PART
cblr-1783	163	22	mitigate	mitigate	VERB
cblr-1783	163	23	their	their	PRON
cblr-1783	163	24	systemic	systemic	ADJ
cblr-1783	163	25	risks	risk	NOUN
cblr-1783	163	26	.	.	PUNCT
cblr-1783	164	1	19	19	NUM
cblr-1783	164	2	the	the	DET
cblr-1783	164	3	fdic	fdic	PROPN
cblr-1783	164	4	has	have	AUX
cblr-1783	164	5	noted	note	VERB
cblr-1783	164	6	that	that	SCONJ
cblr-1783	164	7	“	"	PUNCT
cblr-1783	164	8	too	too	ADV
cblr-1783	164	9	big	big	ADJ
cblr-1783	164	10	to	to	PART
cblr-1783	164	11	liquidate	liquidate	VERB
cblr-1783	164	12	”	"	PUNCT
cblr-1783	164	13	might	might	AUX
cblr-1783	164	14	be	be	AUX
cblr-1783	164	15	more	more	ADV
cblr-1783	164	16	accurate	accurate	ADJ
cblr-1783	164	17	than	than	ADP
cblr-1783	164	18	tbtf	tbtf	ADJ
cblr-1783	164	19	;	;	PUNCT
cblr-1783	164	20	large	large	ADJ
cblr-1783	164	21	banks	bank	NOUN
cblr-1783	164	22	have	have	AUX
cblr-1783	164	23	failed	fail	VERB
cblr-1783	164	24	in	in	ADP
cblr-1783	164	25	the	the	DET
cblr-1783	164	26	past	past	NOUN
cblr-1783	164	27	,	,	PUNCT
cblr-1783	164	28	but	but	CCONJ
cblr-1783	164	29	regulators	regulator	NOUN
cblr-1783	164	30	sometimes	sometimes	ADV
cblr-1783	164	31	felt	feel	VERB
cblr-1783	164	32	that	that	SCONJ
cblr-1783	164	33	liquidation	liquidation	NOUN
cblr-1783	164	34	would	would	AUX
cblr-1783	164	35	not	not	PART
cblr-1783	164	36	have	have	AUX
cblr-1783	164	37	contained	contain	VERB
cblr-1783	164	38	systemic	systemic	ADJ
cblr-1783	164	39	risk	risk	NOUN
cblr-1783	164	40	.	.	PUNCT
cblr-1783	165	1	see	see	VERB
cblr-1783	165	2	fed	fed	PROPN
cblr-1783	165	3	.	.	PUNCT
cblr-1783	166	1	deposit	deposit	PROPN
cblr-1783	166	2	insurance	insurance	PROPN
cblr-1783	166	3	corp	corp	PROPN
cblr-1783	166	4	.	.	PROPN
cblr-1783	166	5	,	,	PUNCT
cblr-1783	166	6	an	an	DET
cblr-1783	166	7	examination	examination	NOUN
cblr-1783	166	8	of	of	ADP
cblr-1783	166	9	the	the	DET
cblr-1783	166	10	banking	banking	NOUN
cblr-1783	166	11	crisis	crisis	NOUN
cblr-1783	166	12	of	of	ADP
cblr-1783	166	13	the	the	DET
cblr-1783	166	14	1980s	1980	NOUN
cblr-1783	166	15	and	and	CCONJ
cblr-1783	166	16	early	early	ADJ
cblr-1783	166	17	1990s	1990s	NUM
cblr-1783	166	18	,	,	PUNCT
cblr-1783	166	19	vol	vol	NOUN
cblr-1783	166	20	.	.	PUNCT
cblr-1783	167	1	i	i	PRON
cblr-1783	167	2	,	,	PUNCT
cblr-1783	167	3	at	at	ADP
cblr-1783	167	4	249	249	NUM
cblr-1783	167	5	(	(	PUNCT
cblr-1783	167	6	1997	1997	NUM
cblr-1783	167	7	)	)	PUNCT
cblr-1783	167	8	,	,	PUNCT
cblr-1783	167	9	available	available	ADJ
cblr-1783	167	10	at	at	ADP
cblr-1783	167	11	http://perma.cc/8ufh-qdmz	http://perma.cc/8ufh-qdmz	PROPN
cblr-1783	167	12	.	.	PROPN
cblr-1783	168	1	20	20	NUM
cblr-1783	169	1	i	i	PRON
cblr-1783	169	2	d.	d.	NOUN
cblr-1783	169	3	at	at	ADP
cblr-1783	169	4	236–41	236–41	NUM
cblr-1783	169	5	.	.	PUNCT
cblr-1783	170	1	prior	prior	ADV
cblr-1783	170	2	to	to	ADP
cblr-1783	170	3	washington	washington	PROPN
cblr-1783	170	4	mutual	mutual	ADJ
cblr-1783	170	5	’s	’s	PART
cblr-1783	170	6	failure	failure	NOUN
cblr-1783	170	7	in	in	ADP
cblr-1783	170	8	2008	2008	NUM
cblr-1783	170	9	,	,	PUNCT
cblr-1783	170	10	continental	continental	PROPN
cblr-1783	170	11	had	have	AUX
cblr-1783	170	12	been	be	AUX
cblr-1783	170	13	the	the	DET
cblr-1783	170	14	biggest	big	ADJ
cblr-1783	170	15	bank	bank	NOUN
cblr-1783	170	16	failure	failure	NOUN
cblr-1783	170	17	in	in	ADP
cblr-1783	170	18	u.s	u.s	PROPN
cblr-1783	170	19	.	.	PROPN
cblr-1783	170	20	history	history	NOUN
cblr-1783	170	21	.	.	PUNCT
cblr-1783	171	1	756	756	NUM
cblr-1783	171	2	columbia	columbia	PROPN
cblr-1783	171	3	business	business	NOUN
cblr-1783	171	4	law	law	PROPN
cblr-1783	171	5	review	review	NOUN
cblr-1783	171	6	[	[	X
cblr-1783	171	7	vol	vol	NOUN
cblr-1783	171	8	.	.	NOUN
cblr-1783	171	9	2014	2014	NUM
cblr-1783	171	10	to	to	PART
cblr-1783	171	11	purchase	purchase	VERB
cblr-1783	171	12	$	$	SYM
cblr-1783	171	13	4.5	4.5	NUM
cblr-1783	171	14	billion	billion	NUM
cblr-1783	171	15	in	in	ADP
cblr-1783	171	16	bad	bad	ADJ
cblr-1783	171	17	loans	loan	NOUN
cblr-1783	171	18	from	from	ADP
cblr-1783	171	19	the	the	DET
cblr-1783	171	20	bank	bank	NOUN
cblr-1783	171	21	,	,	PUNCT
cblr-1783	171	22	acquire	acquire	VERB
cblr-1783	171	23	$	$	SYM
cblr-1783	171	24	1	1	NUM
cblr-1783	171	25	billion	billion	NUM
cblr-1783	171	26	in	in	ADP
cblr-1783	171	27	preferred	preferred	ADJ
cblr-1783	171	28	stock	stock	NOUN
cblr-1783	171	29	,	,	PUNCT
cblr-1783	171	30	and	and	CCONJ
cblr-1783	171	31	guarantee	guarantee	VERB
cblr-1783	171	32	protection	protection	NOUN
cblr-1783	171	33	for	for	ADP
cblr-1783	171	34	all	all	PRON
cblr-1783	171	35	of	of	ADP
cblr-1783	171	36	continental	continental	PROPN
cblr-1783	171	37	’s	’s	PART
cblr-1783	171	38	creditors.21	creditors.21	NOUN
cblr-1783	171	39	subsequently	subsequently	ADV
cblr-1783	171	40	,	,	PUNCT
cblr-1783	171	41	congress	congress	PROPN
cblr-1783	171	42	passed	pass	VERB
cblr-1783	171	43	the	the	DET
cblr-1783	171	44	federal	federal	ADJ
cblr-1783	171	45	deposit	deposit	NOUN
cblr-1783	171	46	insurance	insurance	NOUN
cblr-1783	171	47	corporation	corporation	PROPN
cblr-1783	171	48	improvement	improvement	PROPN
cblr-1783	171	49	act	act	NOUN
cblr-1783	171	50	of	of	ADP
cblr-1783	171	51	1991,22	1991,22	NUM
cblr-1783	171	52	which	which	PRON
cblr-1783	171	53	limited	limit	VERB
cblr-1783	171	54	the	the	DET
cblr-1783	171	55	fdic	fdic	PROPN
cblr-1783	171	56	’s	’s	PART
cblr-1783	171	57	ability	ability	NOUN
cblr-1783	171	58	to	to	PART
cblr-1783	171	59	protect	protect	VERB
cblr-1783	171	60	uninsured	uninsured	ADJ
cblr-1783	171	61	depositors	depositor	NOUN
cblr-1783	171	62	—	—	PUNCT
cblr-1783	171	63	except	except	SCONJ
cblr-1783	171	64	in	in	ADP
cblr-1783	171	65	cases	case	NOUN
cblr-1783	171	66	of	of	ADP
cblr-1783	171	67	“	"	PUNCT
cblr-1783	171	68	serious	serious	ADJ
cblr-1783	171	69	adverse	adverse	ADJ
cblr-1783	171	70	effects	effect	NOUN
cblr-1783	171	71	on	on	ADP
cblr-1783	171	72	economic	economic	ADJ
cblr-1783	171	73	conditions	condition	NOUN
cblr-1783	171	74	or	or	CCONJ
cblr-1783	171	75	financial	financial	ADJ
cblr-1783	171	76	stability	stability	NOUN
cblr-1783	171	77	.	.	PUNCT
cblr-1783	172	1	”23	”23	ADV
cblr-1783	172	2	this	this	DET
cblr-1783	172	3	exception	exception	NOUN
cblr-1783	172	4	effectively	effectively	ADV
cblr-1783	172	5	codified	codify	VERB
cblr-1783	172	6	the	the	DET
cblr-1783	172	7	tbtf	tbtf	ADJ
cblr-1783	172	8	doctrine	doctrine	NOUN
cblr-1783	172	9	.	.	PUNCT
cblr-1783	173	1	while	while	SCONJ
cblr-1783	173	2	regulatory	regulatory	ADJ
cblr-1783	173	3	attention	attention	NOUN
cblr-1783	173	4	was	be	AUX
cblr-1783	173	5	directed	direct	VERB
cblr-1783	173	6	toward	toward	ADP
cblr-1783	173	7	the	the	DET
cblr-1783	173	8	risks	risk	NOUN
cblr-1783	173	9	posed	pose	VERB
cblr-1783	173	10	by	by	ADP
cblr-1783	173	11	large	large	ADJ
cblr-1783	173	12	commercial	commercial	ADJ
cblr-1783	173	13	banks	bank	NOUN
cblr-1783	173	14	,	,	PUNCT
cblr-1783	173	15	the	the	DET
cblr-1783	173	16	collapse	collapse	NOUN
cblr-1783	173	17	of	of	ADP
cblr-1783	173	18	the	the	DET
cblr-1783	173	19	hedge	hedge	NOUN
cblr-1783	173	20	fund	fund	NOUN
cblr-1783	173	21	long	long	ADJ
cblr-1783	173	22	-	-	PUNCT
cblr-1783	173	23	term	term	NOUN
cblr-1783	173	24	capital	capital	NOUN
cblr-1783	173	25	management	management	NOUN
cblr-1783	173	26	(	(	PUNCT
cblr-1783	173	27	“	"	PUNCT
cblr-1783	173	28	ltcm	ltcm	NOUN
cblr-1783	173	29	”	"	PUNCT
cblr-1783	173	30	)	)	PUNCT
cblr-1783	173	31	in	in	ADP
cblr-1783	173	32	1998	1998	NUM
cblr-1783	173	33	showed	show	VERB
cblr-1783	173	34	that	that	SCONJ
cblr-1783	173	35	nonbank	nonbank	PROPN
cblr-1783	173	36	financial	financial	ADJ
cblr-1783	173	37	entities	entity	NOUN
cblr-1783	173	38	could	could	AUX
cblr-1783	173	39	also	also	ADV
cblr-1783	173	40	pose	pose	VERB
cblr-1783	173	41	risks	risk	NOUN
cblr-1783	173	42	to	to	ADP
cblr-1783	173	43	the	the	DET
cblr-1783	173	44	economy.24	economy.24	PROPN
cblr-1783	173	45	ltcm	ltcm	NOUN
cblr-1783	173	46	was	be	AUX
cblr-1783	173	47	a	a	DET
cblr-1783	173	48	hedge	hedge	NOUN
cblr-1783	173	49	fund	fund	NOUN
cblr-1783	173	50	that	that	PRON
cblr-1783	173	51	made	make	VERB
cblr-1783	173	52	bets	bet	NOUN
cblr-1783	173	53	on	on	ADP
cblr-1783	173	54	interest	interest	NOUN
cblr-1783	173	55	rate	rate	NOUN
cblr-1783	173	56	spreads.25	spreads.25	PROPN
cblr-1783	173	57	the	the	DET
cblr-1783	173	58	fund	fund	NOUN
cblr-1783	173	59	’s	’s	PART
cblr-1783	173	60	earlier	early	ADJ
cblr-1783	173	61	success	success	NOUN
cblr-1783	173	62	had	have	AUX
cblr-1783	173	63	caused	cause	VERB
cblr-1783	173	64	its	its	PRON
cblr-1783	173	65	managers	manager	NOUN
cblr-1783	173	66	and	and	CCONJ
cblr-1783	173	67	traders	trader	NOUN
cblr-1783	173	68	,	,	PUNCT
cblr-1783	173	69	in	in	ADP
cblr-1783	173	70	ever	ever	ADV
cblr-1783	173	71	-	-	PUNCT
cblr-1783	173	72	greater	great	ADJ
cblr-1783	173	73	bouts	bout	NOUN
cblr-1783	173	74	of	of	ADP
cblr-1783	173	75	hubris	hubris	NOUN
cblr-1783	173	76	,	,	PUNCT
cblr-1783	173	77	to	to	PART
cblr-1783	173	78	pursue	pursue	VERB
cblr-1783	173	79	increasingly	increasingly	ADV
cblr-1783	173	80	leveraged	leverage	VERB
cblr-1783	173	81	positions	position	NOUN
cblr-1783	173	82	through	through	ADP
cblr-1783	173	83	derivatives	derivative	NOUN
cblr-1783	173	84	products.26	products.26	ADJ
cblr-1783	173	85	when	when	SCONJ
cblr-1783	173	86	the	the	DET
cblr-1783	173	87	russian	russian	ADJ
cblr-1783	173	88	government	government	NOUN
cblr-1783	173	89	in	in	ADP
cblr-1783	173	90	august	august	PROPN
cblr-1783	173	91	1998	1998	NUM
cblr-1783	173	92	devalued	devalue	VERB
cblr-1783	173	93	the	the	DET
cblr-1783	173	94	ruble	ruble	NOUN
cblr-1783	173	95	,	,	PUNCT
cblr-1783	173	96	cavernous	cavernous	ADJ
cblr-1783	173	97	gaps	gap	NOUN
cblr-1783	173	98	opened	open	VERB
cblr-1783	173	99	between	between	ADP
cblr-1783	173	100	the	the	DET
cblr-1783	173	101	yields	yield	NOUN
cblr-1783	173	102	of	of	ADP
cblr-1783	173	103	u.s	u.s	PROPN
cblr-1783	173	104	.	.	PROPN
cblr-1783	173	105	treasury	treasury	PROPN
cblr-1783	173	106	securities	security	NOUN
cblr-1783	173	107	and	and	CCONJ
cblr-1783	173	108	other	other	ADJ
cblr-1783	173	109	debt	debt	NOUN
cblr-1783	173	110	instruments	instrument	NOUN
cblr-1783	173	111	,	,	PUNCT
cblr-1783	173	112	as	as	ADV
cblr-1783	173	113	well	well	ADV
cblr-1783	173	114	as	as	ADP
cblr-1783	173	115	in	in	ADP
cblr-1783	173	116	credit	credit	NOUN
cblr-1783	173	117	spreads	spread	NOUN
cblr-1783	173	118	across	across	ADP
cblr-1783	173	119	the	the	DET
cblr-1783	173	120	world.27	world.27	PROPN
cblr-1783	173	121	ltcm	ltcm	PROPN
cblr-1783	173	122	suffered	suffer	VERB
cblr-1783	173	123	catastrophic	catastrophic	ADJ
cblr-1783	173	124	losses	loss	NOUN
cblr-1783	173	125	,	,	PUNCT
cblr-1783	173	126	compounded	compound	VERB
cblr-1783	173	127	by	by	ADP
cblr-1783	173	128	its	its	PRON
cblr-1783	173	129	leveraged	leveraged	ADJ
cblr-1783	173	130	positions	position	NOUN
cblr-1783	173	131	.	.	PUNCT
cblr-1783	174	1	its	its	PRON
cblr-1783	174	2	management	management	NOUN
cblr-1783	174	3	attempted	attempt	VERB
cblr-1783	174	4	but	but	CCONJ
cblr-1783	174	5	failed	fail	VERB
cblr-1783	174	6	to	to	ADP
cblr-1783	174	7	21	21	NUM
cblr-1783	174	8	i	i	PROPN
cblr-1783	174	9	d.	d.	PROPN
cblr-1783	174	10	at	at	ADP
cblr-1783	174	11	244	244	NUM
cblr-1783	174	12	.	.	PUNCT
cblr-1783	175	1	this	this	DET
cblr-1783	175	2	last	last	ADJ
cblr-1783	175	3	tactic	tactic	NOUN
cblr-1783	175	4	was	be	AUX
cblr-1783	175	5	the	the	DET
cblr-1783	175	6	most	most	ADV
cblr-1783	175	7	controversial	controversial	ADJ
cblr-1783	175	8	.	.	PUNCT
cblr-1783	176	1	fdic	fdic	PROPN
cblr-1783	176	2	insurance	insurance	PROPN
cblr-1783	176	3	had	have	AUX
cblr-1783	176	4	protected	protect	VERB
cblr-1783	176	5	deposits	deposit	NOUN
cblr-1783	176	6	up	up	ADP
cblr-1783	176	7	to	to	PART
cblr-1783	176	8	$	$	SYM
cblr-1783	176	9	100,000	100,000	NUM
cblr-1783	176	10	;	;	PUNCT
cblr-1783	176	11	with	with	ADP
cblr-1783	176	12	the	the	DET
cblr-1783	176	13	continental	continental	ADJ
cblr-1783	176	14	bailout	bailout	NOUN
cblr-1783	176	15	,	,	PUNCT
cblr-1783	176	16	however	however	ADV
cblr-1783	176	17	,	,	PUNCT
cblr-1783	176	18	the	the	DET
cblr-1783	176	19	fdic	fdic	PROPN
cblr-1783	176	20	promised	promise	VERB
cblr-1783	176	21	to	to	PART
cblr-1783	176	22	protect	protect	VERB
cblr-1783	176	23	even	even	ADV
cblr-1783	176	24	uninsured	uninsured	ADJ
cblr-1783	176	25	depositors	depositor	NOUN
cblr-1783	176	26	and	and	CCONJ
cblr-1783	176	27	creditors	creditor	NOUN
cblr-1783	176	28	.	.	PUNCT
cblr-1783	177	1	22	22	NUM
cblr-1783	177	2	federal	federal	ADJ
cblr-1783	177	3	deposit	deposit	NOUN
cblr-1783	177	4	insurance	insurance	NOUN
cblr-1783	177	5	corporation	corporation	PROPN
cblr-1783	177	6	act	act	NOUN
cblr-1783	177	7	of	of	ADP
cblr-1783	177	8	1991	1991	NUM
cblr-1783	177	9	,	,	PUNCT
cblr-1783	177	10	pub	pub	NOUN
cblr-1783	177	11	.	.	PUNCT
cblr-1783	178	1	l.	l.	PROPN
cblr-1783	178	2	no	no	INTJ
cblr-1783	178	3	.	.	PROPN
cblr-1783	179	1	102	102	NUM
cblr-1783	179	2	-	-	SYM
cblr-1783	179	3	242	242	NUM
cblr-1783	179	4	,	,	PUNCT
cblr-1783	179	5	105	105	NUM
cblr-1783	179	6	stat	stat	NOUN
cblr-1783	179	7	.	.	PUNCT
cblr-1783	180	1	2282	2282	NUM
cblr-1783	180	2	(	(	PUNCT
cblr-1783	180	3	codified	codify	VERB
cblr-1783	180	4	at	at	ADP
cblr-1783	180	5	12	12	NUM
cblr-1783	180	6	u.s.c	u.s.c	NOUN
cblr-1783	180	7	.	.	PUNCT
cblr-1783	181	1	§	§	PROPN
cblr-1783	181	2	1823	1823	NUM
cblr-1783	181	3	(	(	PUNCT
cblr-1783	181	4	2012	2012	NUM
cblr-1783	181	5	)	)	PUNCT
cblr-1783	181	6	)	)	PUNCT
cblr-1783	181	7	.	.	PUNCT
cblr-1783	182	1	23	23	NUM
cblr-1783	182	2	see	see	VERB
cblr-1783	182	3	i	i	PRON
cblr-1783	182	4	d.	d.	PROPN
cblr-1783	182	5	§	§	PROPN
cblr-1783	182	6	1823(c)(4)(g	1823(c)(4)(g	NUM
cblr-1783	182	7	)	)	PUNCT
cblr-1783	182	8	(	(	PUNCT
cblr-1783	182	9	2012	2012	NUM
cblr-1783	182	10	)	)	PUNCT
cblr-1783	182	11	;	;	PUNCT
cblr-1783	182	12	paul	paul	PROPN
cblr-1783	182	13	l.	l.	PROPN
cblr-1783	182	14	lee	lee	PROPN
cblr-1783	182	15	,	,	PUNCT
cblr-1783	182	16	the	the	DET
cblr-1783	182	17	dodd	dodd	PROPN
cblr-1783	182	18	-	-	PUNCT
cblr-1783	182	19	frank	frank	PROPN
cblr-1783	182	20	act	act	PROPN
cblr-1783	182	21	orderly	orderly	ADJ
cblr-1783	182	22	liquidation	liquidation	NOUN
cblr-1783	182	23	authority	authority	NOUN
cblr-1783	182	24	:	:	PUNCT
cblr-1783	182	25	a	a	DET
cblr-1783	182	26	preliminary	preliminary	ADJ
cblr-1783	182	27	analysis	analysis	NOUN
cblr-1783	182	28	and	and	CCONJ
cblr-1783	182	29	critique	critique	NOUN
cblr-1783	182	30	—	—	PUNCT
cblr-1783	182	31	part	part	NOUN
cblr-1783	182	32	i	i	PRON
cblr-1783	182	33	,	,	PUNCT
cblr-1783	182	34	128	128	NUM
cblr-1783	182	35	banking	banking	NOUN
cblr-1783	182	36	l.j	l.j	PROPN
cblr-1783	182	37	.	.	PROPN
cblr-1783	182	38	771	771	NUM
cblr-1783	182	39	,	,	PUNCT
cblr-1783	182	40	773	773	NUM
cblr-1783	182	41	(	(	PUNCT
cblr-1783	182	42	2011	2011	NUM
cblr-1783	182	43	)	)	PUNCT
cblr-1783	182	44	;	;	PUNCT
cblr-1783	182	45	arthur	arthur	PROPN
cblr-1783	182	46	e.	e.	PROPN
cblr-1783	182	47	wilmarth	wilmarth	PROPN
cblr-1783	182	48	,	,	PUNCT
cblr-1783	182	49	jr	jr	PROPN
cblr-1783	182	50	.	.	PROPN
cblr-1783	182	51	,	,	PUNCT
cblr-1783	182	52	too	too	ADV
cblr-1783	182	53	big	big	ADJ
cblr-1783	182	54	to	to	PART
cblr-1783	182	55	fail	fail	VERB
cblr-1783	182	56	,	,	PUNCT
cblr-1783	182	57	too	too	ADV
cblr-1783	182	58	few	few	ADJ
cblr-1783	182	59	to	to	PART
cblr-1783	182	60	serve	serve	VERB
cblr-1783	182	61	?	?	PUNCT
cblr-1783	183	1	the	the	DET
cblr-1783	183	2	potential	potential	ADJ
cblr-1783	183	3	risks	risk	NOUN
cblr-1783	183	4	of	of	ADP
cblr-1783	183	5	nationwide	nationwide	ADJ
cblr-1783	183	6	banks	bank	NOUN
cblr-1783	183	7	,	,	PUNCT
cblr-1783	183	8	77	77	NUM
cblr-1783	183	9	iowa	iowa	PROPN
cblr-1783	183	10	l.	l.	PROPN
cblr-1783	183	11	rev	rev	PROPN
cblr-1783	183	12	.	.	PROPN
cblr-1783	183	13	957	957	NUM
cblr-1783	183	14	,	,	PUNCT
cblr-1783	183	15	996	996	NUM
cblr-1783	183	16	(	(	PUNCT
cblr-1783	183	17	1992	1992	NUM
cblr-1783	183	18	)	)	PUNCT
cblr-1783	183	19	.	.	PUNCT
cblr-1783	184	1	24	24	NUM
cblr-1783	184	2	hedge	hedge	NOUN
cblr-1783	184	3	fund	fund	NOUN
cblr-1783	184	4	operations	operation	NOUN
cblr-1783	184	5	:	:	PUNCT
cblr-1783	184	6	hearing	hear	VERB
cblr-1783	184	7	before	before	ADP
cblr-1783	184	8	the	the	DET
cblr-1783	184	9	h.	h.	PROPN
cblr-1783	184	10	comm	comm	NOUN
cblr-1783	184	11	.	.	PUNCT
cblr-1783	185	1	on	on	ADP
cblr-1783	185	2	banking	banking	NOUN
cblr-1783	185	3	and	and	CCONJ
cblr-1783	185	4	fin	fin	NOUN
cblr-1783	185	5	.	.	PUNCT
cblr-1783	186	1	servs	servs	PROPN
cblr-1783	186	2	.	.	PUNCT
cblr-1783	186	3	,	,	PUNCT
cblr-1783	186	4	105th	105th	PROPN
cblr-1783	186	5	cong	cong	NOUN
cblr-1783	186	6	.	.	PUNCT
cblr-1783	187	1	141	141	NUM
cblr-1783	187	2	,	,	PUNCT
cblr-1783	187	3	at	at	ADP
cblr-1783	187	4	16	16	NUM
cblr-1783	187	5	(	(	PUNCT
cblr-1783	187	6	1998	1998	NUM
cblr-1783	187	7	)	)	PUNCT
cblr-1783	187	8	(	(	PUNCT
cblr-1783	187	9	statement	statement	NOUN
cblr-1783	187	10	of	of	ADP
cblr-1783	187	11	william	william	PROPN
cblr-1783	187	12	j.	j.	PROPN
cblr-1783	187	13	mcdonough	mcdonough	PROPN
cblr-1783	187	14	,	,	PUNCT
cblr-1783	187	15	president	president	NOUN
cblr-1783	187	16	,	,	PUNCT
cblr-1783	187	17	fed	fed	PROPN
cblr-1783	187	18	.	.	PROPN
cblr-1783	187	19	reserve	reserve	PROPN
cblr-1783	187	20	bank	bank	PROPN
cblr-1783	187	21	of	of	ADP
cblr-1783	187	22	n.y	n.y	PROPN
cblr-1783	187	23	.	.	PROPN
cblr-1783	187	24	)	)	PUNCT
cblr-1783	187	25	,	,	PUNCT
cblr-1783	187	26	available	available	ADJ
cblr-1783	187	27	at	at	ADP
cblr-1783	187	28	http://perma.cc/u24x-bx2c	http://perma.cc/u24x-bx2c	NOUN
cblr-1783	188	1	[	[	X
cblr-1783	188	2	hereinafter	hereinafter	NOUN
cblr-1783	188	3	hedge	hedge	NOUN
cblr-1783	188	4	fund	fund	NOUN
cblr-1783	188	5	operations	operation	NOUN
cblr-1783	188	6	]	]	PUNCT
cblr-1783	188	7	.	.	PUNCT
cblr-1783	189	1	25	25	NUM
cblr-1783	190	1	i	i	PRON
cblr-1783	190	2	d.	d.	PROPN
cblr-1783	190	3	at	at	ADP
cblr-1783	190	4	16–17	16–17	PROPN
cblr-1783	190	5	.	.	PUNCT
cblr-1783	191	1	26	26	NUM
cblr-1783	192	1	i	i	PRON
cblr-1783	192	2	d.	d.	PROPN
cblr-1783	192	3	at	at	ADP
cblr-1783	192	4	17	17	NUM
cblr-1783	192	5	.	.	PUNCT
cblr-1783	192	6	27	27	NUM
cblr-1783	193	1	i	i	PRON
cblr-1783	193	2	d.	d.	PROPN
cblr-1783	193	3	no	no	INTJ
cblr-1783	193	4	.	.	PUNCT
cblr-1783	194	1	3:747	3:747	NUM
cblr-1783	194	2	]	]	X
cblr-1783	194	3	systemic	systemic	ADJ
cblr-1783	194	4	risk	risk	NOUN
cblr-1783	194	5	paradox	paradox	NOUN
cblr-1783	194	6	757	757	NUM
cblr-1783	194	7	negotiate	negotiate	VERB
cblr-1783	194	8	a	a	DET
cblr-1783	194	9	buyout	buyout	NOUN
cblr-1783	194	10	by	by	ADP
cblr-1783	194	11	investment	investment	NOUN
cblr-1783	194	12	banks	bank	NOUN
cblr-1783	194	13	.	.	PUNCT
cblr-1783	195	1	the	the	DET
cblr-1783	195	2	federal	federal	PROPN
cblr-1783	195	3	reserve	reserve	PROPN
cblr-1783	195	4	bank	bank	PROPN
cblr-1783	195	5	of	of	ADP
cblr-1783	195	6	new	new	PROPN
cblr-1783	195	7	york	york	PROPN
cblr-1783	195	8	stepped	step	VERB
cblr-1783	195	9	in	in	ADP
cblr-1783	195	10	and	and	CCONJ
cblr-1783	195	11	orchestrated	orchestrate	VERB
cblr-1783	195	12	a	a	DET
cblr-1783	195	13	$	$	SYM
cblr-1783	195	14	3.75	3.75	NUM
cblr-1783	195	15	billion	billion	NUM
cblr-1783	195	16	bailout	bailout	NOUN
cblr-1783	195	17	.	.	PUNCT
cblr-1783	196	1	ltcm	ltcm	NOUN
cblr-1783	196	2	illustrates	illustrate	VERB
cblr-1783	196	3	another	another	DET
cblr-1783	196	4	theme	theme	NOUN
cblr-1783	196	5	about	about	ADP
cblr-1783	196	6	systemic	systemic	ADJ
cblr-1783	196	7	risk	risk	NOUN
cblr-1783	196	8	:	:	PUNCT
cblr-1783	196	9	while	while	SCONJ
cblr-1783	196	10	size	size	NOUN
cblr-1783	196	11	can	can	AUX
cblr-1783	196	12	render	render	VERB
cblr-1783	196	13	a	a	DET
cblr-1783	196	14	financial	financial	ADJ
cblr-1783	196	15	institution	institution	NOUN
cblr-1783	196	16	systemically	systemically	ADV
cblr-1783	196	17	significant	significant	ADJ
cblr-1783	196	18	,	,	PUNCT
cblr-1783	196	19	so	so	ADV
cblr-1783	196	20	too	too	ADV
cblr-1783	196	21	can	can	AUX
cblr-1783	196	22	the	the	DET
cblr-1783	196	23	breadth	breadth	NOUN
cblr-1783	196	24	of	of	ADP
cblr-1783	196	25	its	its	PRON
cblr-1783	196	26	interconnectivity	interconnectivity	NOUN
cblr-1783	196	27	with	with	ADP
cblr-1783	196	28	other	other	ADJ
cblr-1783	196	29	players	player	NOUN
cblr-1783	196	30	.	.	PUNCT
cblr-1783	197	1	ltcm	ltcm	PROPN
cblr-1783	197	2	was	be	AUX
cblr-1783	197	3	linked	link	VERB
cblr-1783	197	4	to	to	ADP
cblr-1783	197	5	numerous	numerous	ADJ
cblr-1783	197	6	counterparties	counterpartie	NOUN
cblr-1783	197	7	in	in	ADP
cblr-1783	197	8	the	the	DET
cblr-1783	197	9	equity	equity	NOUN
cblr-1783	197	10	and	and	CCONJ
cblr-1783	197	11	debt	debt	NOUN
cblr-1783	197	12	markets	market	NOUN
cblr-1783	197	13	;	;	PUNCT
cblr-1783	197	14	its	its	PRON
cblr-1783	197	15	default	default	NOUN
cblr-1783	197	16	would	would	AUX
cblr-1783	197	17	have	have	AUX
cblr-1783	197	18	caused	cause	VERB
cblr-1783	197	19	its	its	PRON
cblr-1783	197	20	top	top	ADJ
cblr-1783	197	21	seventeen	seventeen	NUM
cblr-1783	197	22	counterparties	counterpartie	NOUN
cblr-1783	197	23	to	to	PART
cblr-1783	197	24	close	close	VERB
cblr-1783	197	25	out	out	ADP
cblr-1783	197	26	their	their	PRON
cblr-1783	197	27	positions	position	NOUN
cblr-1783	197	28	,	,	PUNCT
cblr-1783	197	29	to	to	ADP
cblr-1783	197	30	$	$	SYM
cblr-1783	197	31	3–5	3–5	NUM
cblr-1783	197	32	billion	billion	NUM
cblr-1783	197	33	in	in	ADP
cblr-1783	197	34	losses.28	losses.28	NOUN
cblr-1783	197	35	as	as	SCONJ
cblr-1783	197	36	is	be	AUX
cblr-1783	197	37	common	common	ADJ
cblr-1783	197	38	in	in	ADP
cblr-1783	197	39	derivatives	derivative	NOUN
cblr-1783	197	40	transactions	transaction	NOUN
cblr-1783	197	41	,	,	PUNCT
cblr-1783	197	42	those	those	DET
cblr-1783	197	43	counterparties	counterpartie	NOUN
cblr-1783	197	44	would	would	AUX
cblr-1783	197	45	have	have	VERB
cblr-1783	197	46	“	"	PUNCT
cblr-1783	197	47	back	back	VERB
cblr-1783	197	48	-	-	PUNCT
cblr-1783	197	49	to	to	AUX
cblr-1783	197	50	-	-	PUNCT
cblr-1783	197	51	backed	back	VERB
cblr-1783	197	52	”	"	PUNCT
cblr-1783	197	53	their	their	PRON
cblr-1783	197	54	positions	position	NOUN
cblr-1783	197	55	with	with	ADP
cblr-1783	197	56	ltcm	ltcm	NOUN
cblr-1783	197	57	by	by	ADP
cblr-1783	197	58	buying	buy	VERB
cblr-1783	197	59	offsetting	offset	VERB
cblr-1783	197	60	swaps	swap	NOUN
cblr-1783	197	61	with	with	ADP
cblr-1783	197	62	additional	additional	ADJ
cblr-1783	197	63	counterparties	counterpartie	NOUN
cblr-1783	197	64	,	,	PUNCT
cblr-1783	197	65	who	who	PRON
cblr-1783	197	66	would	would	AUX
cblr-1783	197	67	have	have	AUX
cblr-1783	197	68	suffered	suffer	VERB
cblr-1783	197	69	losses	loss	NOUN
cblr-1783	197	70	as	as	SCONJ
cblr-1783	197	71	well.29	well.29	NOUN
cblr-1783	197	72	the	the	DET
cblr-1783	197	73	ensuing	ensue	VERB
cblr-1783	197	74	blow	blow	NOUN
cblr-1783	197	75	to	to	ADP
cblr-1783	197	76	investor	investor	NOUN
cblr-1783	197	77	confidence	confidence	NOUN
cblr-1783	197	78	would	would	AUX
cblr-1783	197	79	have	have	AUX
cblr-1783	197	80	led	lead	VERB
cblr-1783	197	81	to	to	ADP
cblr-1783	197	82	a	a	DET
cblr-1783	197	83	massive	massive	ADJ
cblr-1783	197	84	exodus	exodus	NOUN
cblr-1783	197	85	from	from	ADP
cblr-1783	197	86	the	the	DET
cblr-1783	197	87	equity	equity	NOUN
cblr-1783	197	88	markets	market	NOUN
cblr-1783	197	89	,	,	PUNCT
cblr-1783	197	90	further	far	ADV
cblr-1783	197	91	widening	widen	VERB
cblr-1783	197	92	credit	credit	NOUN
cblr-1783	197	93	spreads	spread	NOUN
cblr-1783	197	94	and	and	CCONJ
cblr-1783	197	95	causing	cause	VERB
cblr-1783	197	96	liquidation	liquidation	NOUN
cblr-1783	197	97	of	of	ADP
cblr-1783	197	98	positions.30	positions.30	NOUN
cblr-1783	197	99	hence	hence	ADV
cblr-1783	197	100	,	,	PUNCT
cblr-1783	197	101	the	the	DET
cblr-1783	197	102	federal	federal	PROPN
cblr-1783	197	103	reserve	reserve	PROPN
cblr-1783	197	104	stepped	step	VERB
cblr-1783	197	105	in	in	ADP
cblr-1783	197	106	.	.	PUNCT
cblr-1783	198	1	the	the	DET
cblr-1783	198	2	similarities	similarity	NOUN
cblr-1783	198	3	between	between	ADP
cblr-1783	198	4	ltcm	ltcm	NOUN
cblr-1783	198	5	and	and	CCONJ
cblr-1783	198	6	the	the	DET
cblr-1783	198	7	investment	investment	NOUN
cblr-1783	198	8	bank	bank	NOUN
cblr-1783	198	9	lehman	lehman	PROPN
cblr-1783	198	10	brothers	brother	NOUN
cblr-1783	198	11	(	(	PUNCT
cblr-1783	198	12	lehman	lehman	PROPN
cblr-1783	198	13	)	)	PUNCT
cblr-1783	198	14	are	be	AUX
cblr-1783	198	15	uncanny	uncanny	ADJ
cblr-1783	198	16	:	:	PUNCT
cblr-1783	198	17	the	the	DET
cblr-1783	198	18	coincidence	coincidence	NOUN
cblr-1783	198	19	of	of	ADP
cblr-1783	198	20	highly	highly	ADV
cblr-1783	198	21	leveraged	leverage	VERB
cblr-1783	198	22	investments	investment	NOUN
cblr-1783	198	23	(	(	PUNCT
cblr-1783	198	24	through	through	ADP
cblr-1783	198	25	derivatives	derivative	NOUN
cblr-1783	198	26	)	)	PUNCT
cblr-1783	198	27	and	and	CCONJ
cblr-1783	198	28	the	the	DET
cblr-1783	198	29	widening	widening	NOUN
cblr-1783	198	30	of	of	ADP
cblr-1783	198	31	worldwide	worldwide	ADJ
cblr-1783	198	32	credit	credit	NOUN
cblr-1783	198	33	spreads	spread	NOUN
cblr-1783	198	34	brought	bring	VERB
cblr-1783	198	35	down	down	ADP
cblr-1783	198	36	ltcm	ltcm	NOUN
cblr-1783	198	37	,	,	PUNCT
cblr-1783	198	38	just	just	ADV
cblr-1783	198	39	as	as	ADP
cblr-1783	198	40	the	the	DET
cblr-1783	198	41	combination	combination	NOUN
cblr-1783	198	42	of	of	ADP
cblr-1783	198	43	leverage	leverage	NOUN
cblr-1783	198	44	and	and	CCONJ
cblr-1783	198	45	a	a	DET
cblr-1783	198	46	mortgage	mortgage	NOUN
cblr-1783	198	47	downturn	downturn	NOUN
cblr-1783	198	48	felled	fell	VERB
cblr-1783	198	49	lehman	lehman	NOUN
cblr-1783	198	50	.	.	PUNCT
cblr-1783	199	1	and	and	CCONJ
cblr-1783	199	2	just	just	ADV
cblr-1783	199	3	as	as	SCONJ
cblr-1783	199	4	lehman	lehman	PROPN
cblr-1783	199	5	’s	’s	PART
cblr-1783	199	6	leverage	leverage	NOUN
cblr-1783	199	7	began	begin	VERB
cblr-1783	199	8	to	to	PART
cblr-1783	199	9	endanger	endanger	VERB
cblr-1783	199	10	the	the	DET
cblr-1783	199	11	investment	investment	NOUN
cblr-1783	199	12	bank	bank	NOUN
cblr-1783	199	13	in	in	ADP
cblr-1783	199	14	2008	2008	NUM
cblr-1783	199	15	—	—	PUNCT
cblr-1783	199	16	almost	almost	ADV
cblr-1783	199	17	10	10	NUM
cblr-1783	199	18	years	year	NOUN
cblr-1783	199	19	to	to	ADP
cblr-1783	199	20	the	the	DET
cblr-1783	199	21	day	day	NOUN
cblr-1783	199	22	of	of	ADP
cblr-1783	199	23	ltcm	ltcm	NOUN
cblr-1783	199	24	’s	’s	PART
cblr-1783	199	25	woes	woe	NOUN
cblr-1783	199	26	—	—	PUNCT
cblr-1783	199	27	the	the	DET
cblr-1783	199	28	investment	investment	NOUN
cblr-1783	199	29	bank	bank	NOUN
cblr-1783	199	30	too	too	ADV
cblr-1783	199	31	failed	fail	VERB
cblr-1783	199	32	to	to	PART
cblr-1783	199	33	negotiate	negotiate	VERB
cblr-1783	199	34	a	a	DET
cblr-1783	199	35	rescue	rescue	NOUN
cblr-1783	199	36	by	by	ADP
cblr-1783	199	37	warren	warren	PROPN
cblr-1783	199	38	buffet	buffet	PROPN
cblr-1783	199	39	(	(	PUNCT
cblr-1783	199	40	also	also	ADV
cblr-1783	199	41	a	a	DET
cblr-1783	199	42	potential	potential	ADJ
cblr-1783	199	43	suitor	suitor	NOUN
cblr-1783	199	44	to	to	PART
cblr-1783	199	45	ltcm	ltcm	VERB
cblr-1783	199	46	in	in	ADP
cblr-1783	199	47	1998	1998	NUM
cblr-1783	199	48	)	)	PUNCT
cblr-1783	199	49	and	and	CCONJ
cblr-1783	199	50	a	a	DET
cblr-1783	199	51	consortium	consortium	NOUN
cblr-1783	199	52	of	of	ADP
cblr-1783	199	53	other	other	ADJ
cblr-1783	199	54	banks	bank	NOUN
cblr-1783	199	55	.	.	PUNCT
cblr-1783	200	1	the	the	DET
cblr-1783	200	2	28	28	NUM
cblr-1783	200	3	president	president	NOUN
cblr-1783	200	4	’s	’s	PART
cblr-1783	200	5	working	working	PROPN
cblr-1783	200	6	grp	grp	PROPN
cblr-1783	200	7	.	.	PROPN
cblr-1783	201	1	on	on	ADP
cblr-1783	201	2	fin	fin	NOUN
cblr-1783	201	3	.	.	PUNCT
cblr-1783	202	1	mkts	mkts	NOUN
cblr-1783	202	2	.	.	PUNCT
cblr-1783	202	3	,	,	PUNCT
cblr-1783	202	4	hedge	hedge	NOUN
cblr-1783	202	5	funds	fund	NOUN
cblr-1783	202	6	,	,	PUNCT
cblr-1783	202	7	leverage	leverage	NOUN
cblr-1783	202	8	,	,	PUNCT
cblr-1783	202	9	and	and	CCONJ
cblr-1783	202	10	the	the	DET
cblr-1783	202	11	lessons	lesson	NOUN
cblr-1783	202	12	of	of	ADP
cblr-1783	202	13	long	long	ADJ
cblr-1783	202	14	-	-	PUNCT
cblr-1783	202	15	term	term	NOUN
cblr-1783	202	16	capital	capital	NOUN
cblr-1783	202	17	management	management	NOUN
cblr-1783	202	18	17–22	17–22	NUM
cblr-1783	202	19	(	(	PUNCT
cblr-1783	202	20	1999	1999	NUM
cblr-1783	202	21	)	)	PUNCT
cblr-1783	202	22	.	.	PUNCT
cblr-1783	203	1	29	29	NUM
cblr-1783	203	2	see	see	VERB
cblr-1783	203	3	hedge	hedge	NOUN
cblr-1783	203	4	fund	fund	NOUN
cblr-1783	203	5	operations	operation	NOUN
cblr-1783	203	6	,	,	PUNCT
cblr-1783	203	7	supra	supra	PROPN
cblr-1783	203	8	note	note	NOUN
cblr-1783	203	9	24	24	NUM
cblr-1783	203	10	,	,	PUNCT
cblr-1783	203	11	at	at	ADP
cblr-1783	203	12	19	19	NUM
cblr-1783	203	13	.	.	PUNCT
cblr-1783	204	1	(	(	PUNCT
cblr-1783	204	2	“	"	PUNCT
cblr-1783	204	3	[	[	X
cblr-1783	204	4	i]n	i]n	VERB
cblr-1783	204	5	the	the	DET
cblr-1783	204	6	rush	rush	NOUN
cblr-1783	204	7	of	of	ADP
cblr-1783	204	8	long	long	ADJ
cblr-1783	204	9	-	-	PUNCT
cblr-1783	204	10	term	term	NOUN
cblr-1783	204	11	capital	capital	NOUN
cblr-1783	204	12	’s	’s	PART
cblr-1783	204	13	counterparties	counterpartie	NOUN
cblr-1783	204	14	to	to	PART
cblr-1783	204	15	close	close	VERB
cblr-1783	204	16	out	out	ADP
cblr-1783	204	17	their	their	PRON
cblr-1783	204	18	positions	position	NOUN
cblr-1783	204	19	,	,	PUNCT
cblr-1783	204	20	other	other	ADJ
cblr-1783	204	21	market	market	NOUN
cblr-1783	204	22	participants	participant	NOUN
cblr-1783	204	23	,	,	PUNCT
cblr-1783	204	24	investors	investor	NOUN
cblr-1783	204	25	who	who	PRON
cblr-1783	204	26	had	have	VERB
cblr-1783	204	27	no	no	DET
cblr-1783	204	28	dealings	dealing	NOUN
cblr-1783	204	29	with	with	ADP
cblr-1783	204	30	long	long	ADJ
cblr-1783	204	31	-	-	PUNCT
cblr-1783	204	32	term	term	NOUN
cblr-1783	204	33	capital	capital	NOUN
cblr-1783	204	34	,	,	PUNCT
cblr-1783	204	35	would	would	AUX
cblr-1783	204	36	have	have	AUX
cblr-1783	204	37	been	be	AUX
cblr-1783	204	38	affected	affect	VERB
cblr-1783	204	39	as	as	ADV
cblr-1783	204	40	well	well	ADV
cblr-1783	204	41	.	.	PUNCT
cblr-1783	204	42	”	"	PUNCT
cblr-1783	204	43	)	)	PUNCT
cblr-1783	204	44	.	.	PUNCT
cblr-1783	205	1	regulators	regulator	NOUN
cblr-1783	205	2	might	might	AUX
cblr-1783	205	3	have	have	AUX
cblr-1783	205	4	allowed	allow	VERB
cblr-1783	205	5	ltcm	ltcm	NOUN
cblr-1783	205	6	’s	’s	PART
cblr-1783	205	7	counterparties	counterpartie	NOUN
cblr-1783	205	8	to	to	PART
cblr-1783	205	9	suffer	suffer	VERB
cblr-1783	205	10	the	the	DET
cblr-1783	205	11	losses	loss	NOUN
cblr-1783	205	12	as	as	ADP
cblr-1783	205	13	penance	penance	NOUN
cblr-1783	205	14	for	for	ADP
cblr-1783	205	15	transacting	transact	VERB
cblr-1783	205	16	with	with	ADP
cblr-1783	205	17	the	the	DET
cblr-1783	205	18	wrong	wrong	ADJ
cblr-1783	205	19	entity	entity	NOUN
cblr-1783	205	20	,	,	PUNCT
cblr-1783	205	21	but	but	CCONJ
cblr-1783	205	22	losses	loss	NOUN
cblr-1783	205	23	to	to	ADP
cblr-1783	205	24	the	the	DET
cblr-1783	205	25	counterparties	counterpartie	NOUN
cblr-1783	205	26	of	of	ADP
cblr-1783	205	27	those	those	DET
cblr-1783	205	28	counterparties	counterpartie	NOUN
cblr-1783	205	29	would	would	AUX
cblr-1783	205	30	have	have	AUX
cblr-1783	205	31	been	be	AUX
cblr-1783	205	32	less	less	ADV
cblr-1783	205	33	justifiable	justifiable	ADJ
cblr-1783	205	34	.	.	PUNCT
cblr-1783	206	1	30	30	NUM
cblr-1783	207	1	i	i	PRON
cblr-1783	207	2	d.	d.	PROPN
cblr-1783	207	3	758	758	NUM
cblr-1783	207	4	columbia	columbia	PROPN
cblr-1783	207	5	business	business	NOUN
cblr-1783	207	6	law	law	NOUN
cblr-1783	207	7	review	review	NOUN
cblr-1783	207	8	[	[	X
cblr-1783	207	9	vol	vol	NOUN
cblr-1783	207	10	.	.	PUNCT
cblr-1783	207	11	2014	2014	NUM
cblr-1783	207	12	primary	primary	ADJ
cblr-1783	207	13	difference	difference	NOUN
cblr-1783	207	14	,	,	PUNCT
cblr-1783	207	15	though	though	ADV
cblr-1783	207	16	,	,	PUNCT
cblr-1783	207	17	was	be	AUX
cblr-1783	207	18	that	that	SCONJ
cblr-1783	207	19	lehman	lehman	PROPN
cblr-1783	207	20	failed	fail	VERB
cblr-1783	207	21	to	to	PART
cblr-1783	207	22	close	close	VERB
cblr-1783	207	23	the	the	DET
cblr-1783	207	24	deal	deal	NOUN
cblr-1783	207	25	on	on	ADP
cblr-1783	207	26	a	a	DET
cblr-1783	207	27	rescue	rescue	NOUN
cblr-1783	207	28	,	,	PUNCT
cblr-1783	207	29	with	with	ADP
cblr-1783	207	30	catastrophic	catastrophic	ADJ
cblr-1783	207	31	effects	effect	NOUN
cblr-1783	207	32	.	.	PUNCT
cblr-1783	208	1	lehman	lehman	PROPN
cblr-1783	208	2	brothers	brothers	PROPN
cblr-1783	208	3	holdings	holdings	PROPN
cblr-1783	208	4	,	,	PUNCT
cblr-1783	208	5	inc	inc	PROPN
cblr-1783	208	6	.	.	PROPN
cblr-1783	208	7	’s	’s	PART
cblr-1783	208	8	bankruptcy	bankruptcy	NOUN
cblr-1783	208	9	filing	filing	NOUN
cblr-1783	208	10	allowed	allow	VERB
cblr-1783	208	11	for	for	ADP
cblr-1783	208	12	unwinding	unwind	VERB
cblr-1783	208	13	,	,	PUNCT
cblr-1783	208	14	at	at	ADP
cblr-1783	208	15	heavy	heavy	ADJ
cblr-1783	208	16	penalties	penalty	NOUN
cblr-1783	208	17	,	,	PUNCT
cblr-1783	208	18	of	of	ADP
cblr-1783	208	19	its	its	PRON
cblr-1783	208	20	subsidiaries	subsidiary	NOUN
cblr-1783	208	21	’	'	PUNCT
cblr-1783	208	22	derivative	derivative	ADJ
cblr-1783	208	23	positions.31	positions.31	NOUN
cblr-1783	208	24	consequently	consequently	ADV
cblr-1783	208	25	,	,	PUNCT
cblr-1783	208	26	$	$	SYM
cblr-1783	208	27	468	468	NUM
cblr-1783	208	28	million	million	NUM
cblr-1783	208	29	in	in	ADP
cblr-1783	208	30	assets	asset	NOUN
cblr-1783	208	31	which	which	PRON
cblr-1783	208	32	one	one	NUM
cblr-1783	208	33	subsidiary	subsidiary	NOUN
cblr-1783	208	34	had	have	AUX
cblr-1783	208	35	pledged	pledge	VERB
cblr-1783	208	36	as	as	SCONJ
cblr-1783	208	37	collateral	collateral	NOUN
cblr-1783	208	38	was	be	AUX
cblr-1783	208	39	seized	seize	VERB
cblr-1783	208	40	;	;	PUNCT
cblr-1783	208	41	those	those	DET
cblr-1783	208	42	assets	asset	NOUN
cblr-1783	208	43	were	be	AUX
cblr-1783	208	44	comprised	comprise	VERB
cblr-1783	208	45	of	of	ADP
cblr-1783	208	46	customer	customer	NOUN
cblr-1783	208	47	accounts	account	NOUN
cblr-1783	208	48	from	from	ADP
cblr-1783	208	49	other	other	ADJ
cblr-1783	208	50	relationships	relationship	NOUN
cblr-1783	208	51	,	,	PUNCT
cblr-1783	208	52	but	but	CCONJ
cblr-1783	208	53	the	the	DET
cblr-1783	208	54	customers	customer	NOUN
cblr-1783	208	55	had	have	VERB
cblr-1783	208	56	little	little	ADJ
cblr-1783	208	57	recourse.32	recourse.32	VERB
cblr-1783	208	58	as	as	SCONJ
cblr-1783	208	59	contagion	contagion	NOUN
cblr-1783	208	60	spread	spread	VERB
cblr-1783	208	61	to	to	ADP
cblr-1783	208	62	other	other	ADJ
cblr-1783	208	63	lehman	lehman	NOUN
cblr-1783	208	64	customers	customer	NOUN
cblr-1783	208	65	and	and	CCONJ
cblr-1783	208	66	counterparties	counterpartie	NOUN
cblr-1783	208	67	,	,	PUNCT
cblr-1783	208	68	the	the	DET
cblr-1783	208	69	global	global	ADJ
cblr-1783	208	70	economic	economic	ADJ
cblr-1783	208	71	and	and	CCONJ
cblr-1783	208	72	financial	financial	ADJ
cblr-1783	208	73	crisis	crisis	NOUN
cblr-1783	208	74	of	of	ADP
cblr-1783	208	75	2008	2008	NUM
cblr-1783	208	76	was	be	AUX
cblr-1783	208	77	born	bear	VERB
cblr-1783	208	78	.	.	PUNCT
cblr-1783	209	1	today	today	NOUN
cblr-1783	209	2	,	,	PUNCT
cblr-1783	209	3	the	the	DET
cblr-1783	209	4	solutions	solution	NOUN
cblr-1783	209	5	that	that	PRON
cblr-1783	209	6	regulators	regulator	NOUN
cblr-1783	209	7	devised	devise	VERB
cblr-1783	209	8	to	to	PART
cblr-1783	209	9	stave	stave	VERB
cblr-1783	209	10	off	off	ADP
cblr-1783	209	11	future	future	ADJ
cblr-1783	209	12	failures	failure	NOUN
cblr-1783	209	13	of	of	ADP
cblr-1783	209	14	lehman	lehman	PROPN
cblr-1783	209	15	’s	’s	PART
cblr-1783	209	16	magnitude	magnitude	NOUN
cblr-1783	209	17	reside	reside	VERB
cblr-1783	209	18	in	in	ADP
cblr-1783	209	19	doddfrank	doddfrank	PROPN
cblr-1783	209	20	’s	’s	PART
cblr-1783	209	21	title	title	NOUN
cblr-1783	209	22	i	i	PRON
cblr-1783	209	23	and	and	CCONJ
cblr-1783	209	24	title	title	PROPN
cblr-1783	209	25	ii	ii	PROPN
cblr-1783	209	26	.	.	PUNCT
cblr-1783	210	1	title	title	NOUN
cblr-1783	210	2	i	i	PRON
cblr-1783	210	3	establishes	establish	VERB
cblr-1783	210	4	the	the	DET
cblr-1783	210	5	financial	financial	ADJ
cblr-1783	210	6	stability	stability	NOUN
cblr-1783	210	7	oversight	oversight	NOUN
cblr-1783	210	8	council	council	PROPN
cblr-1783	210	9	,	,	PUNCT
cblr-1783	210	10	which	which	PRON
cblr-1783	210	11	has	have	VERB
cblr-1783	210	12	the	the	DET
cblr-1783	210	13	power	power	NOUN
cblr-1783	210	14	to	to	PART
cblr-1783	210	15	designate	designate	VERB
cblr-1783	210	16	systemically	systemically	ADV
cblr-1783	210	17	important	important	ADJ
cblr-1783	210	18	financial	financial	ADJ
cblr-1783	210	19	institutions	institution	NOUN
cblr-1783	210	20	(	(	PUNCT
cblr-1783	210	21	sifis	sifis	NOUN
cblr-1783	210	22	)	)	PUNCT
cblr-1783	210	23	for	for	ADP
cblr-1783	210	24	comprehensive	comprehensive	ADJ
cblr-1783	210	25	federal	federal	ADJ
cblr-1783	210	26	regulation	regulation	NOUN
cblr-1783	210	27	and	and	CCONJ
cblr-1783	210	28	heightened	heighten	VERB
cblr-1783	210	29	prudential	prudential	PROPN
cblr-1783	210	30	standards.33	standards.33	PROPN
cblr-1783	210	31	the	the	DET
cblr-1783	210	32	definition	definition	NOUN
cblr-1783	210	33	of	of	ADP
cblr-1783	210	34	a	a	DET
cblr-1783	210	35	sifi	sifi	NOUN
cblr-1783	210	36	is	be	AUX
cblr-1783	210	37	broad	broad	ADJ
cblr-1783	210	38	enough	enough	ADV
cblr-1783	210	39	to	to	PART
cblr-1783	210	40	bring	bring	VERB
cblr-1783	210	41	the	the	DET
cblr-1783	210	42	three	three	NUM
cblr-1783	210	43	institutions	institution	NOUN
cblr-1783	210	44	considered	consider	VERB
cblr-1783	210	45	in	in	ADP
cblr-1783	210	46	this	this	DET
cblr-1783	210	47	section	section	NOUN
cblr-1783	210	48	—	—	PUNCT
cblr-1783	210	49	commercial	commercial	ADJ
cblr-1783	210	50	banks	bank	NOUN
cblr-1783	210	51	,	,	PUNCT
cblr-1783	210	52	investment	investment	NOUN
cblr-1783	210	53	banks	bank	NOUN
cblr-1783	210	54	,	,	PUNCT
cblr-1783	210	55	and	and	CCONJ
cblr-1783	210	56	hedge	hedge	NOUN
cblr-1783	210	57	funds	fund	NOUN
cblr-1783	210	58	—	—	PUNCT
cblr-1783	210	59	into	into	ADP
cblr-1783	210	60	the	the	DET
cblr-1783	210	61	regulatory	regulatory	ADJ
cblr-1783	210	62	fold	fold	NOUN
cblr-1783	210	63	.	.	PUNCT
cblr-1783	211	1	sifis	sifis	PROPN
cblr-1783	211	2	encompass	encompass	NOUN
cblr-1783	211	3	(	(	PUNCT
cblr-1783	211	4	i	i	NOUN
cblr-1783	211	5	)	)	PUNCT
cblr-1783	211	6	bank	bank	NOUN
cblr-1783	211	7	holding	hold	VERB
cblr-1783	211	8	companies	company	NOUN
cblr-1783	211	9	with	with	ADP
cblr-1783	211	10	total	total	ADJ
cblr-1783	211	11	consolidated	consolidated	ADJ
cblr-1783	211	12	assets	asset	NOUN
cblr-1783	211	13	of	of	ADP
cblr-1783	211	14	at	at	ADV
cblr-1783	211	15	least	least	ADV
cblr-1783	211	16	$	$	SYM
cblr-1783	211	17	50	50	NUM
cblr-1783	211	18	billion34	billion34	NOUN
cblr-1783	211	19	and	and	CCONJ
cblr-1783	211	20	(	(	PUNCT
cblr-1783	211	21	ii	ii	NOUN
cblr-1783	211	22	)	)	PUNCT
cblr-1783	211	23	nonbanks	nonbank	NOUN
cblr-1783	211	24	whose	whose	DET
cblr-1783	211	25	“	"	PUNCT
cblr-1783	211	26	material	material	ADJ
cblr-1783	211	27	financial	financial	ADJ
cblr-1783	211	28	distress	distress	NOUN
cblr-1783	211	29	”	"	PUNCT
cblr-1783	211	30	or	or	CCONJ
cblr-1783	211	31	“	"	PUNCT
cblr-1783	211	32	nature	nature	NOUN
cblr-1783	211	33	,	,	PUNCT
cblr-1783	211	34	scope	scope	NOUN
cblr-1783	211	35	,	,	PUNCT
cblr-1783	211	36	size	size	NOUN
cblr-1783	211	37	,	,	PUNCT
cblr-1783	211	38	scale	scale	NOUN
cblr-1783	211	39	,	,	PUNCT
cblr-1783	211	40	concentration	concentration	NOUN
cblr-1783	211	41	,	,	PUNCT
cblr-1783	211	42	interconnectedness	interconnectedness	NOUN
cblr-1783	211	43	,	,	PUNCT
cblr-1783	211	44	or	or	CCONJ
cblr-1783	211	45	mix	mix	NOUN
cblr-1783	211	46	of	of	ADP
cblr-1783	211	47	.	.	PUNCT
cblr-1783	211	48	.	.	PUNCT
cblr-1783	211	49	.	.	PUNCT
cblr-1783	212	1	activities	activity	NOUN
cblr-1783	212	2	.	.	PUNCT
cblr-1783	212	3	.	.	PUNCT
cblr-1783	212	4	.	.	PUNCT
cblr-1783	213	1	could	could	AUX
cblr-1783	213	2	pose	pose	VERB
cblr-1783	213	3	a	a	DET
cblr-1783	213	4	threat	threat	NOUN
cblr-1783	213	5	to	to	ADP
cblr-1783	213	6	the	the	DET
cblr-1783	213	7	stability	stability	NOUN
cblr-1783	213	8	of	of	ADP
cblr-1783	213	9	the	the	DET
cblr-1783	213	10	united	united	PROPN
cblr-1783	213	11	states	states	PROPN
cblr-1783	213	12	.	.	PUNCT
cblr-1783	214	1	”35	”35	PROPN
cblr-1783	214	2	31	31	NUM
cblr-1783	214	3	see	see	VERB
cblr-1783	214	4	fdic	fdic	PROPN
cblr-1783	214	5	,	,	PUNCT
cblr-1783	214	6	lehman	lehman	PROPN
cblr-1783	214	7	brothers	brother	NOUN
cblr-1783	214	8	,	,	PUNCT
cblr-1783	214	9	supra	supra	PROPN
cblr-1783	214	10	note	note	NOUN
cblr-1783	214	11	2	2	NUM
cblr-1783	214	12	,	,	PUNCT
cblr-1783	214	13	at	at	ADP
cblr-1783	214	14	33	33	NUM
cblr-1783	214	15	.	.	PUNCT
cblr-1783	214	16	32	32	NUM
cblr-1783	215	1	i	i	PRON
cblr-1783	215	2	d.	d.	PROPN
cblr-1783	215	3	at	at	ADP
cblr-1783	215	4	34	34	NUM
cblr-1783	215	5	.	.	PUNCT
cblr-1783	216	1	33	33	NUM
cblr-1783	216	2	dodd	dodd	PROPN
cblr-1783	216	3	-	-	PUNCT
cblr-1783	216	4	frank	frank	PROPN
cblr-1783	216	5	wall	wall	PROPN
cblr-1783	216	6	street	street	PROPN
cblr-1783	216	7	reform	reform	PROPN
cblr-1783	216	8	and	and	CCONJ
cblr-1783	216	9	consumer	consumer	NOUN
cblr-1783	216	10	protection	protection	PROPN
cblr-1783	216	11	act	act	PROPN
cblr-1783	216	12	,	,	PUNCT
cblr-1783	216	13	pub	pub	NOUN
cblr-1783	216	14	.	.	PUNCT
cblr-1783	217	1	l.	l.	PROPN
cblr-1783	217	2	no	no	INTJ
cblr-1783	217	3	.	.	PROPN
cblr-1783	218	1	111	111	NUM
cblr-1783	218	2	-	-	SYM
cblr-1783	218	3	203	203	NUM
cblr-1783	218	4	,	,	PUNCT
cblr-1783	218	5	§	§	PROPN
cblr-1783	218	6	111	111	NUM
cblr-1783	218	7	,	,	PUNCT
cblr-1783	218	8	124	124	NUM
cblr-1783	218	9	stat	stat	NOUN
cblr-1783	218	10	.	.	PUNCT
cblr-1783	219	1	1376	1376	NUM
cblr-1783	219	2	,	,	PUNCT
cblr-1783	219	3	1392–93	1392–93	NUM
cblr-1783	219	4	(	(	PUNCT
cblr-1783	219	5	2010	2010	NUM
cblr-1783	219	6	)	)	PUNCT
cblr-1783	219	7	(	(	PUNCT
cblr-1783	219	8	codified	codify	VERB
cblr-1783	219	9	at	at	ADP
cblr-1783	219	10	12	12	NUM
cblr-1783	219	11	u.s.c	u.s.c	NOUN
cblr-1783	219	12	.	.	PUNCT
cblr-1783	220	1	§	§	PROPN
cblr-1783	220	2	5321	5321	NUM
cblr-1783	220	3	(	(	PUNCT
cblr-1783	220	4	2012	2012	NUM
cblr-1783	220	5	)	)	PUNCT
cblr-1783	220	6	)	)	PUNCT
cblr-1783	220	7	.	.	PUNCT
cblr-1783	221	1	34	34	NUM
cblr-1783	222	1	i	i	PRON
cblr-1783	222	2	d.	d.	PROPN
cblr-1783	222	3	§	§	PROPN
cblr-1783	222	4	5365(a	5365(a	PROPN
cblr-1783	222	5	)	)	PUNCT
cblr-1783	222	6	.	.	PUNCT
cblr-1783	223	1	35	35	NUM
cblr-1783	224	1	i	i	PRON
cblr-1783	224	2	d.	d.	PROPN
cblr-1783	224	3	§	§	PROPN
cblr-1783	224	4	5323(a	5323(a	NUM
cblr-1783	224	5	)	)	PUNCT
cblr-1783	224	6	.	.	PUNCT
cblr-1783	225	1	the	the	DET
cblr-1783	225	2	sifi	sifi	NOUN
cblr-1783	225	3	designation	designation	NOUN
cblr-1783	225	4	is	be	AUX
cblr-1783	225	5	potentially	potentially	ADV
cblr-1783	225	6	broad	broad	ADJ
cblr-1783	225	7	enough	enough	ADV
cblr-1783	225	8	to	to	PART
cblr-1783	225	9	capture	capture	VERB
cblr-1783	225	10	hedge	hedge	NOUN
cblr-1783	225	11	funds	fund	NOUN
cblr-1783	225	12	,	,	PUNCT
cblr-1783	225	13	which	which	PRON
cblr-1783	225	14	have	have	AUX
cblr-1783	225	15	traditionally	traditionally	ADV
cblr-1783	225	16	evaded	evade	VERB
cblr-1783	225	17	federal	federal	ADJ
cblr-1783	225	18	regulation	regulation	NOUN
cblr-1783	225	19	,	,	PUNCT
cblr-1783	225	20	and	and	CCONJ
cblr-1783	225	21	investment	investment	NOUN
cblr-1783	225	22	banks	bank	NOUN
cblr-1783	225	23	.	.	PUNCT
cblr-1783	226	1	see	see	VERB
cblr-1783	226	2	annie	annie	PROPN
cblr-1783	226	3	lowrey	lowrey	PROPN
cblr-1783	226	4	,	,	PUNCT
cblr-1783	226	5	regulators	regulator	NOUN
cblr-1783	226	6	move	move	VERB
cblr-1783	226	7	closer	close	ADV
cblr-1783	226	8	to	to	ADP
cblr-1783	226	9	oversight	oversight	NOUN
cblr-1783	226	10	of	of	ADP
cblr-1783	226	11	nonbanks	nonbank	NOUN
cblr-1783	226	12	,	,	PUNCT
cblr-1783	226	13	n.y	n.y	PROPN
cblr-1783	226	14	.	.	PROPN
cblr-1783	226	15	times	times	PROPN
cblr-1783	226	16	,	,	PUNCT
cblr-1783	226	17	apr	apr	PROPN
cblr-1783	226	18	.	.	PROPN
cblr-1783	226	19	4	4	NUM
cblr-1783	226	20	,	,	PUNCT
cblr-1783	226	21	2012	2012	NUM
cblr-1783	226	22	,	,	PUNCT
cblr-1783	226	23	at	at	ADP
cblr-1783	226	24	b3	b3	PROPN
cblr-1783	226	25	.	.	PUNCT
cblr-1783	227	1	during	during	ADP
cblr-1783	227	2	the	the	DET
cblr-1783	227	3	financial	financial	ADJ
cblr-1783	227	4	crisis	crisis	NOUN
cblr-1783	227	5	,	,	PUNCT
cblr-1783	227	6	however	however	ADV
cblr-1783	227	7	,	,	PUNCT
cblr-1783	227	8	numerous	numerous	ADJ
cblr-1783	227	9	investment	investment	NOUN
cblr-1783	227	10	banks	bank	NOUN
cblr-1783	227	11	either	either	CCONJ
cblr-1783	227	12	folded	fold	VERB
cblr-1783	227	13	(	(	PUNCT
cblr-1783	227	14	lehman	lehman	PROPN
cblr-1783	227	15	brothers	brother	NOUN
cblr-1783	227	16	)	)	PUNCT
cblr-1783	227	17	or	or	CCONJ
cblr-1783	227	18	reorganized	reorganize	VERB
cblr-1783	227	19	as	as	ADP
cblr-1783	227	20	highly	highly	ADV
cblr-1783	227	21	regulated	regulated	ADJ
cblr-1783	227	22	bank	bank	NOUN
cblr-1783	227	23	holding	hold	VERB
cblr-1783	227	24	companies	company	NOUN
cblr-1783	227	25	(	(	PUNCT
cblr-1783	227	26	goldman	goldman	NOUN
cblr-1783	227	27	sachs	sachs	PROPN
cblr-1783	227	28	and	and	CCONJ
cblr-1783	227	29	morgan	morgan	PROPN
cblr-1783	227	30	stanley	stanley	PROPN
cblr-1783	227	31	)	)	PUNCT
cblr-1783	227	32	.	.	PUNCT
cblr-1783	228	1	no	no	INTJ
cblr-1783	228	2	.	.	PUNCT
cblr-1783	229	1	3:747	3:747	NUM
cblr-1783	229	2	]	]	X
cblr-1783	229	3	systemic	systemic	ADJ
cblr-1783	229	4	risk	risk	NOUN
cblr-1783	229	5	paradox	paradox	NOUN
cblr-1783	229	6	759	759	NUM
cblr-1783	229	7	title	title	NOUN
cblr-1783	229	8	i	i	PRON
cblr-1783	229	9	requires	require	VERB
cblr-1783	229	10	sifis	sifis	VERB
cblr-1783	229	11	to	to	PART
cblr-1783	229	12	provide	provide	VERB
cblr-1783	229	13	and	and	CCONJ
cblr-1783	229	14	regularly	regularly	ADV
cblr-1783	229	15	update	update	VERB
cblr-1783	229	16	a	a	DET
cblr-1783	229	17	blueprint	blueprint	NOUN
cblr-1783	229	18	(	(	PUNCT
cblr-1783	229	19	the	the	DET
cblr-1783	229	20	so	so	ADV
cblr-1783	229	21	-	-	PUNCT
cblr-1783	229	22	called	call	VERB
cblr-1783	229	23	“	"	PUNCT
cblr-1783	229	24	living	live	VERB
cblr-1783	229	25	will	will	NOUN
cblr-1783	229	26	”	"	PUNCT
cblr-1783	229	27	)	)	PUNCT
cblr-1783	229	28	for	for	ADP
cblr-1783	229	29	resolving	resolve	VERB
cblr-1783	229	30	the	the	DET
cblr-1783	229	31	entity	entity	NOUN
cblr-1783	229	32	in	in	ADP
cblr-1783	229	33	a	a	DET
cblr-1783	229	34	pinch.36	pinch.36	NOUN
cblr-1783	229	35	meanwhile	meanwhile	ADV
cblr-1783	229	36	,	,	PUNCT
cblr-1783	229	37	title	title	NOUN
cblr-1783	229	38	ii	ii	PROPN
cblr-1783	229	39	constructs	construct	VERB
cblr-1783	229	40	the	the	DET
cblr-1783	229	41	framework	framework	NOUN
cblr-1783	229	42	for	for	ADP
cblr-1783	229	43	the	the	DET
cblr-1783	229	44	liquidation	liquidation	NOUN
cblr-1783	229	45	of	of	ADP
cblr-1783	229	46	systemically	systemically	ADV
cblr-1783	229	47	important	important	ADJ
cblr-1783	229	48	financial	financial	ADJ
cblr-1783	229	49	institutions	institution	NOUN
cblr-1783	229	50	.	.	PUNCT
cblr-1783	230	1	commonly	commonly	ADV
cblr-1783	230	2	known	know	VERB
cblr-1783	230	3	as	as	ADP
cblr-1783	230	4	“	"	PUNCT
cblr-1783	230	5	orderly	orderly	ADJ
cblr-1783	230	6	liquidation	liquidation	NOUN
cblr-1783	230	7	authority	authority	NOUN
cblr-1783	230	8	”	"	PUNCT
cblr-1783	230	9	(	(	PUNCT
cblr-1783	230	10	“	"	PUNCT
cblr-1783	230	11	ola	ola	PROPN
cblr-1783	230	12	”	"	PUNCT
cblr-1783	230	13	)	)	PUNCT
cblr-1783	230	14	,	,	PUNCT
cblr-1783	230	15	title	title	NOUN
cblr-1783	230	16	ii	ii	PROPN
cblr-1783	230	17	replicates	replicate	VERB
cblr-1783	230	18	the	the	DET
cblr-1783	230	19	resolution	resolution	NOUN
cblr-1783	230	20	process	process	NOUN
cblr-1783	230	21	of	of	ADP
cblr-1783	230	22	the	the	DET
cblr-1783	230	23	fdic	fdic	PROPN
cblr-1783	230	24	for	for	ADP
cblr-1783	230	25	troubled	troubled	ADJ
cblr-1783	230	26	banks.37	banks.37	NOUN
cblr-1783	230	27	the	the	DET
cblr-1783	230	28	interplay	interplay	NOUN
cblr-1783	230	29	of	of	ADP
cblr-1783	230	30	ola	ola	PROPN
cblr-1783	230	31	and	and	CCONJ
cblr-1783	230	32	the	the	DET
cblr-1783	230	33	living	living	NOUN
cblr-1783	230	34	will	will	AUX
cblr-1783	230	35	is	be	AUX
cblr-1783	230	36	meant	mean	VERB
cblr-1783	230	37	to	to	PART
cblr-1783	230	38	provide	provide	VERB
cblr-1783	230	39	a	a	DET
cblr-1783	230	40	resolution	resolution	NOUN
cblr-1783	230	41	plan	plan	NOUN
cblr-1783	230	42	so	so	SCONJ
cblr-1783	230	43	that	that	SCONJ
cblr-1783	230	44	if	if	SCONJ
cblr-1783	230	45	an	an	DET
cblr-1783	230	46	institution	institution	NOUN
cblr-1783	230	47	does	do	AUX
cblr-1783	230	48	fail	fail	VERB
cblr-1783	230	49	,	,	PUNCT
cblr-1783	230	50	the	the	DET
cblr-1783	230	51	resolution	resolution	NOUN
cblr-1783	230	52	process	process	NOUN
cblr-1783	230	53	is	be	AUX
cblr-1783	230	54	steered	steer	VERB
cblr-1783	230	55	away	away	ADV
cblr-1783	230	56	from	from	ADP
cblr-1783	230	57	bankruptcy	bankruptcy	NOUN
cblr-1783	230	58	courts	court	NOUN
cblr-1783	230	59	and	and	CCONJ
cblr-1783	230	60	into	into	ADP
cblr-1783	230	61	the	the	DET
cblr-1783	230	62	hands	hand	NOUN
cblr-1783	230	63	of	of	ADP
cblr-1783	230	64	the	the	DET
cblr-1783	230	65	fdic	fdic	PROPN
cblr-1783	230	66	,	,	PUNCT
cblr-1783	230	67	which	which	PRON
cblr-1783	230	68	has	have	VERB
cblr-1783	230	69	the	the	DET
cblr-1783	230	70	expertise	expertise	NOUN
cblr-1783	230	71	to	to	PART
cblr-1783	230	72	execute	execute	VERB
cblr-1783	230	73	that	that	DET
cblr-1783	230	74	plan	plan	NOUN
cblr-1783	230	75	.	.	PUNCT
cblr-1783	231	1	38	38	NUM
cblr-1783	231	2	regulators	regulator	NOUN
cblr-1783	231	3	and	and	CCONJ
cblr-1783	231	4	academics	academic	NOUN
cblr-1783	231	5	have	have	AUX
cblr-1783	231	6	also	also	ADV
cblr-1783	231	7	proposed	propose	VERB
cblr-1783	231	8	innovative	innovative	ADJ
cblr-1783	231	9	ways	way	NOUN
cblr-1783	231	10	of	of	ADP
cblr-1783	231	11	curtailing	curtail	VERB
cblr-1783	231	12	systemic	systemic	ADJ
cblr-1783	231	13	risk	risk	NOUN
cblr-1783	231	14	among	among	ADP
cblr-1783	231	15	banks	bank	NOUN
cblr-1783	231	16	even	even	ADV
cblr-1783	231	17	before	before	SCONJ
cblr-1783	231	18	they	they	PRON
cblr-1783	231	19	fail	fail	VERB
cblr-1783	231	20	.	.	PUNCT
cblr-1783	232	1	chief	chief	NOUN
cblr-1783	232	2	among	among	ADP
cblr-1783	232	3	them	they	PRON
cblr-1783	232	4	is	be	AUX
cblr-1783	232	5	the	the	DET
cblr-1783	232	6	volcker	volcker	NOUN
cblr-1783	232	7	rule	rule	NOUN
cblr-1783	232	8	,	,	PUNCT
cblr-1783	232	9	which	which	PRON
cblr-1783	232	10	prohibits	prohibit	VERB
cblr-1783	232	11	deposit	deposit	NOUN
cblr-1783	232	12	-	-	PUNCT
cblr-1783	232	13	taking	take	VERB
cblr-1783	232	14	banks	bank	NOUN
cblr-1783	232	15	from	from	ADP
cblr-1783	232	16	engaging	engage	VERB
cblr-1783	232	17	in	in	ADP
cblr-1783	232	18	proprietary	proprietary	ADJ
cblr-1783	232	19	trading	trading	NOUN
cblr-1783	232	20	(	(	PUNCT
cblr-1783	232	21	i.e.	i.e.	X
cblr-1783	232	22	,	,	PUNCT
cblr-1783	232	23	trading	trading	NOUN
cblr-1783	232	24	in	in	ADP
cblr-1783	232	25	the	the	DET
cblr-1783	232	26	bank	bank	NOUN
cblr-1783	232	27	’s	’s	PART
cblr-1783	232	28	own	own	ADJ
cblr-1783	232	29	account	account	NOUN
cblr-1783	232	30	,	,	PUNCT
cblr-1783	232	31	rather	rather	ADV
cblr-1783	232	32	than	than	ADP
cblr-1783	232	33	on	on	ADP
cblr-1783	232	34	behalf	behalf	NOUN
cblr-1783	232	35	of	of	ADP
cblr-1783	232	36	customers	customer	NOUN
cblr-1783	232	37	)	)	PUNCT
cblr-1783	232	38	and	and	CCONJ
cblr-1783	232	39	from	from	ADP
cblr-1783	232	40	owning	own	VERB
cblr-1783	232	41	hedge	hedge	NOUN
cblr-1783	232	42	funds	fund	NOUN
cblr-1783	232	43	and	and	CCONJ
cblr-1783	232	44	private	private	ADJ
cblr-1783	232	45	equity	equity	NOUN
cblr-1783	232	46	vehicles.39	vehicles.39	NOUN
cblr-1783	232	47	conceived	conceive	VERB
cblr-1783	232	48	by	by	ADP
cblr-1783	232	49	former	former	ADJ
cblr-1783	232	50	federal	federal	PROPN
cblr-1783	232	51	reserve	reserve	PROPN
cblr-1783	232	52	chairman	chairman	PROPN
cblr-1783	232	53	paul	paul	PROPN
cblr-1783	232	54	volcker	volcker	PROPN
cblr-1783	232	55	,	,	PUNCT
cblr-1783	232	56	the	the	DET
cblr-1783	232	57	rule	rule	NOUN
cblr-1783	232	58	was	be	AUX
cblr-1783	232	59	designed	design	VERB
cblr-1783	232	60	to	to	PART
cblr-1783	232	61	bar	bar	VERB
cblr-1783	232	62	banks	bank	NOUN
cblr-1783	232	63	from	from	ADP
cblr-1783	232	64	making	make	VERB
cblr-1783	232	65	speculative	speculative	ADJ
cblr-1783	232	66	investments	investment	NOUN
cblr-1783	232	67	.	.	PUNCT
cblr-1783	233	1	it	it	PRON
cblr-1783	233	2	was	be	AUX
cblr-1783	233	3	adopted	adopt	VERB
cblr-1783	233	4	by	by	ADP
cblr-1783	233	5	dodd	dodd	PROPN
cblr-1783	233	6	-	-	PUNCT
cblr-1783	233	7	frank	frank	PROPN
cblr-1783	233	8	and	and	CCONJ
cblr-1783	233	9	,	,	PUNCT
cblr-1783	233	10	after	after	ADP
cblr-1783	233	11	much	much	ADJ
cblr-1783	233	12	fanfare	fanfare	NOUN
cblr-1783	233	13	,	,	PUNCT
cblr-1783	233	14	implemented	implement	VERB
cblr-1783	233	15	three	three	NUM
cblr-1783	233	16	years	year	NOUN
cblr-1783	233	17	later	later	ADV
cblr-1783	233	18	.	.	PUNCT
cblr-1783	234	1	another	another	DET
cblr-1783	234	2	approach	approach	NOUN
cblr-1783	234	3	,	,	PUNCT
cblr-1783	234	4	not	not	PART
cblr-1783	234	5	enshrined	enshrine	VERB
cblr-1783	234	6	in	in	ADP
cblr-1783	234	7	regulation	regulation	NOUN
cblr-1783	234	8	,	,	PUNCT
cblr-1783	234	9	would	would	AUX
cblr-1783	234	10	tackle	tackle	VERB
cblr-1783	234	11	bank	bank	NOUN
cblr-1783	234	12	systemic	systemic	ADJ
cblr-1783	234	13	risk	risk	NOUN
cblr-1783	234	14	by	by	ADP
cblr-1783	234	15	setting	set	VERB
cblr-1783	234	16	thresholds	threshold	NOUN
cblr-1783	234	17	on	on	ADP
cblr-1783	234	18	their	their	PRON
cblr-1783	234	19	aggregate	aggregate	ADJ
cblr-1783	234	20	liabilities	liability	NOUN
cblr-1783	234	21	—	—	PUNCT
cblr-1783	234	22	for	for	ADP
cblr-1783	234	23	example	example	NOUN
cblr-1783	234	24	,	,	PUNCT
cblr-1783	234	25	at	at	ADP
cblr-1783	234	26	a	a	DET
cblr-1783	234	27	percentage	percentage	NOUN
cblr-1783	234	28	of	of	ADP
cblr-1783	234	29	the	the	DET
cblr-1783	234	30	fdic	fdic	PROPN
cblr-1783	234	31	insurance	insurance	PROPN
cblr-1783	234	32	fund.40	fund.40	PROPN
cblr-1783	234	33	this	this	PRON
cblr-1783	234	34	follows	follow	VERB
cblr-1783	234	35	on	on	ADP
cblr-1783	234	36	the	the	DET
cblr-1783	234	37	heels	heel	NOUN
cblr-1783	234	38	of	of	ADP
cblr-1783	234	39	other	other	ADJ
cblr-1783	234	40	quasi	quasi	ADJ
cblr-1783	234	41	-	-	ADJ
cblr-1783	234	42	antitrust	antitrust	ADJ
cblr-1783	234	43	solutions	solution	NOUN
cblr-1783	234	44	to	to	ADP
cblr-1783	234	45	systemic	systemic	ADJ
cblr-1783	234	46	risk	risk	NOUN
cblr-1783	234	47	,	,	PUNCT
cblr-1783	234	48	such	such	ADJ
cblr-1783	234	49	as	as	ADP
cblr-1783	234	50	using	use	VERB
cblr-1783	234	51	anti	anti	ADJ
cblr-1783	234	52	-	-	ADJ
cblr-1783	234	53	monopoly	monopoly	ADJ
cblr-1783	234	54	laws	law	NOUN
cblr-1783	234	55	to	to	PART
cblr-1783	234	56	prevent	prevent	VERB
cblr-1783	234	57	banks	bank	NOUN
cblr-1783	234	58	from	from	ADP
cblr-1783	234	59	becoming	become	VERB
cblr-1783	234	60	too	too	ADV
cblr-1783	234	61	large	large	ADJ
cblr-1783	234	62	or	or	CCONJ
cblr-1783	234	63	dominant	dominant	ADJ
cblr-1783	234	64	or	or	CCONJ
cblr-1783	234	65	using	use	VERB
cblr-1783	234	66	the	the	DET
cblr-1783	234	67	36	36	NUM
cblr-1783	234	68	see	see	NOUN
cblr-1783	234	69	12	12	NUM
cblr-1783	234	70	u.s.c	u.s.c	ADJ
cblr-1783	234	71	.	.	PUNCT
cblr-1783	235	1	§	§	PROPN
cblr-1783	235	2	5365(d)(1	5365(d)(1	NUM
cblr-1783	235	3	)	)	PUNCT
cblr-1783	235	4	(	(	PUNCT
cblr-1783	235	5	2012	2012	NUM
cblr-1783	235	6	)	)	PUNCT
cblr-1783	235	7	.	.	PUNCT
cblr-1783	236	1	37	37	NUM
cblr-1783	237	1	i	i	PRON
cblr-1783	237	2	d.	d.	PROPN
cblr-1783	237	3	§	§	PROPN
cblr-1783	237	4	5390	5390	NUM
cblr-1783	237	5	.	.	PUNCT
cblr-1783	238	1	see	see	VERB
cblr-1783	238	2	also	also	ADV
cblr-1783	238	3	fdic	fdic	PROPN
cblr-1783	238	4	,	,	PUNCT
cblr-1783	238	5	lehman	lehman	PROPN
cblr-1783	238	6	brothers	brother	NOUN
cblr-1783	238	7	,	,	PUNCT
cblr-1783	238	8	supra	supra	PROPN
cblr-1783	238	9	note	note	NOUN
cblr-1783	238	10	2	2	NUM
cblr-1783	238	11	,	,	PUNCT
cblr-1783	238	12	at	at	ADP
cblr-1783	238	13	35	35	NUM
cblr-1783	238	14	.	.	PUNCT
cblr-1783	238	15	38	38	NUM
cblr-1783	238	16	in	in	ADP
cblr-1783	238	17	practice	practice	NOUN
cblr-1783	238	18	,	,	PUNCT
cblr-1783	238	19	the	the	DET
cblr-1783	238	20	resolution	resolution	NOUN
cblr-1783	238	21	of	of	ADP
cblr-1783	238	22	a	a	DET
cblr-1783	238	23	gargantuan	gargantuan	ADJ
cblr-1783	238	24	financial	financial	ADJ
cblr-1783	238	25	entity	entity	NOUN
cblr-1783	238	26	is	be	AUX
cblr-1783	238	27	complex	complex	ADJ
cblr-1783	238	28	.	.	PUNCT
cblr-1783	239	1	a	a	DET
cblr-1783	239	2	large	large	ADJ
cblr-1783	239	3	bank	bank	NOUN
cblr-1783	239	4	such	such	ADJ
cblr-1783	239	5	as	as	ADP
cblr-1783	239	6	bank	bank	PROPN
cblr-1783	239	7	of	of	ADP
cblr-1783	239	8	america	america	PROPN
cblr-1783	239	9	is	be	AUX
cblr-1783	239	10	a	a	DET
cblr-1783	239	11	far	far	ADJ
cblr-1783	239	12	cry	cry	NOUN
cblr-1783	239	13	from	from	ADP
cblr-1783	239	14	the	the	DET
cblr-1783	239	15	smaller	small	ADJ
cblr-1783	239	16	operations	operation	NOUN
cblr-1783	239	17	that	that	PRON
cblr-1783	239	18	the	the	DET
cblr-1783	239	19	fdic	fdic	PROPN
cblr-1783	239	20	normally	normally	ADV
cblr-1783	239	21	sees	see	VERB
cblr-1783	239	22	.	.	PUNCT
cblr-1783	240	1	further	far	ADV
cblr-1783	240	2	,	,	PUNCT
cblr-1783	240	3	the	the	DET
cblr-1783	240	4	lesson	lesson	NOUN
cblr-1783	240	5	from	from	ADP
cblr-1783	240	6	the	the	DET
cblr-1783	240	7	failure	failure	NOUN
cblr-1783	240	8	of	of	ADP
cblr-1783	240	9	lehman	lehman	PROPN
cblr-1783	240	10	brothers	brother	NOUN
cblr-1783	240	11	is	be	AUX
cblr-1783	240	12	that	that	SCONJ
cblr-1783	240	13	no	no	DET
cblr-1783	240	14	politician	politician	NOUN
cblr-1783	240	15	would	would	AUX
cblr-1783	240	16	take	take	VERB
cblr-1783	240	17	the	the	DET
cblr-1783	240	18	chance	chance	NOUN
cblr-1783	240	19	of	of	ADP
cblr-1783	240	20	letting	let	VERB
cblr-1783	240	21	a	a	DET
cblr-1783	240	22	large	large	ADJ
cblr-1783	240	23	financial	financial	ADJ
cblr-1783	240	24	entity	entity	NOUN
cblr-1783	240	25	fail	fail	VERB
cblr-1783	240	26	and	and	CCONJ
cblr-1783	240	27	wind	wind	VERB
cblr-1783	240	28	its	its	PRON
cblr-1783	240	29	way	way	NOUN
cblr-1783	240	30	through	through	ADP
cblr-1783	240	31	the	the	DET
cblr-1783	240	32	fdic	fdic	PROPN
cblr-1783	240	33	receivership	receivership	NOUN
cblr-1783	240	34	process	process	NOUN
cblr-1783	240	35	.	.	PUNCT
cblr-1783	241	1	as	as	SCONJ
cblr-1783	241	2	an	an	DET
cblr-1783	241	3	oft	oft	ADV
cblr-1783	241	4	-	-	PUNCT
cblr-1783	241	5	repeated	repeat	VERB
cblr-1783	241	6	critique	critique	NOUN
cblr-1783	241	7	goes	go	VERB
cblr-1783	241	8	,	,	PUNCT
cblr-1783	241	9	dodd	dodd	PROPN
cblr-1783	241	10	-	-	PUNCT
cblr-1783	241	11	frank	frank	PROPN
cblr-1783	241	12	has	have	AUX
cblr-1783	241	13	not	not	PART
cblr-1783	241	14	ended	end	VERB
cblr-1783	241	15	tbtf	tbtf	ADV
cblr-1783	241	16	.	.	PUNCT
cblr-1783	242	1	see	see	VERB
cblr-1783	242	2	stephen	stephen	PROPN
cblr-1783	242	3	j.	j.	PROPN
cblr-1783	242	4	lubben	lubben	PROPN
cblr-1783	242	5	,	,	PUNCT
cblr-1783	242	6	supra	supra	PROPN
cblr-1783	242	7	note	note	NOUN
cblr-1783	242	8	4	4	NUM
cblr-1783	242	9	,	,	PUNCT
cblr-1783	242	10	at	at	ADP
cblr-1783	242	11	510–15	510–15	NUM
cblr-1783	242	12	.	.	PROPN
cblr-1783	242	13	39	39	NUM
cblr-1783	242	14	12	12	NUM
cblr-1783	242	15	u.s.c	u.s.c	NOUN
cblr-1783	242	16	.	.	PUNCT
cblr-1783	243	1	§	§	PROPN
cblr-1783	243	2	1851	1851	NUM
cblr-1783	243	3	(	(	PUNCT
cblr-1783	243	4	2012	2012	NUM
cblr-1783	243	5	)	)	PUNCT
cblr-1783	243	6	.	.	PUNCT
cblr-1783	244	1	40	40	NUM
cblr-1783	244	2	see	see	VERB
cblr-1783	244	3	macey	macey	PROPN
cblr-1783	244	4	&	&	CCONJ
cblr-1783	244	5	holdcroft	holdcroft	PROPN
cblr-1783	244	6	,	,	PUNCT
cblr-1783	244	7	supra	supra	PROPN
cblr-1783	244	8	note	note	PROPN
cblr-1783	244	9	15	15	NUM
cblr-1783	244	10	,	,	PUNCT
cblr-1783	244	11	at	at	ADP
cblr-1783	244	12	1371	1371	NUM
cblr-1783	244	13	.	.	PUNCT
cblr-1783	245	1	760	760	NUM
cblr-1783	245	2	columbia	columbia	PROPN
cblr-1783	245	3	business	business	NOUN
cblr-1783	245	4	law	law	PROPN
cblr-1783	245	5	review	review	NOUN
cblr-1783	245	6	[	[	X
cblr-1783	245	7	vol	vol	NOUN
cblr-1783	245	8	.	.	PUNCT
cblr-1783	245	9	2014	2014	NUM
cblr-1783	245	10	public	public	ADJ
cblr-1783	245	11	utility	utility	NOUN
cblr-1783	245	12	holding	hold	VERB
cblr-1783	245	13	company	company	NOUN
cblr-1783	245	14	act	act	VERB
cblr-1783	245	15	to	to	PART
cblr-1783	245	16	streamline	streamline	VERB
cblr-1783	245	17	financial	financial	ADJ
cblr-1783	245	18	corporate	corporate	ADJ
cblr-1783	245	19	structures.41	structures.41	NOUN
cblr-1783	245	20	in	in	ADP
cblr-1783	245	21	conjunction	conjunction	NOUN
cblr-1783	245	22	,	,	PUNCT
cblr-1783	245	23	the	the	DET
cblr-1783	245	24	ex	ex	NOUN
cblr-1783	245	25	ante	ante	NOUN
cblr-1783	245	26	limitations	limitation	NOUN
cblr-1783	245	27	and	and	CCONJ
cblr-1783	245	28	the	the	DET
cblr-1783	245	29	ex	ex	ADJ
cblr-1783	245	30	post	post	NOUN
cblr-1783	245	31	resolution	resolution	NOUN
cblr-1783	245	32	mechanisms	mechanism	NOUN
cblr-1783	245	33	are	be	AUX
cblr-1783	245	34	grounded	ground	VERB
cblr-1783	245	35	in	in	ADP
cblr-1783	245	36	two	two	NUM
cblr-1783	245	37	philosophies	philosophy	NOUN
cblr-1783	245	38	—	—	PUNCT
cblr-1783	245	39	either	either	CCONJ
cblr-1783	245	40	force	force	VERB
cblr-1783	245	41	banks	bank	NOUN
cblr-1783	245	42	to	to	PART
cblr-1783	245	43	spin	spin	VERB
cblr-1783	245	44	off	off	ADP
cblr-1783	245	45	risk	risk	NOUN
cblr-1783	245	46	or	or	CCONJ
cblr-1783	245	47	denominate	denominate	VERB
cblr-1783	245	48	an	an	DET
cblr-1783	245	49	upward	upward	ADJ
cblr-1783	245	50	limit	limit	NOUN
cblr-1783	245	51	on	on	ADP
cblr-1783	245	52	size	size	NOUN
cblr-1783	245	53	and	and	CCONJ
cblr-1783	245	54	complexity	complexity	NOUN
cblr-1783	245	55	.	.	PUNCT
cblr-1783	246	1	both	both	DET
cblr-1783	246	2	approaches	approach	NOUN
cblr-1783	246	3	are	be	AUX
cblr-1783	246	4	predicated	predicate	VERB
cblr-1783	246	5	upon	upon	SCONJ
cblr-1783	246	6	heightened	heighten	VERB
cblr-1783	246	7	regulation	regulation	NOUN
cblr-1783	246	8	so	so	SCONJ
cblr-1783	246	9	as	as	SCONJ
cblr-1783	246	10	to	to	PART
cblr-1783	246	11	diffuse	diffuse	VERB
cblr-1783	246	12	systemic	systemic	ADJ
cblr-1783	246	13	risk	risk	NOUN
cblr-1783	246	14	and	and	CCONJ
cblr-1783	246	15	end	end	VERB
cblr-1783	246	16	tbtf	tbtf	PROPN
cblr-1783	246	17	.	.	PUNCT
cblr-1783	247	1	b.	b.	PROPN
cblr-1783	247	2	market	market	NOUN
cblr-1783	247	3	-	-	PUNCT
cblr-1783	247	4	makers	maker	NOUN
cblr-1783	247	5	and	and	CCONJ
cblr-1783	247	6	clearinghouses	clearinghouse	NOUN
cblr-1783	247	7	similar	similar	ADJ
cblr-1783	247	8	to	to	ADP
cblr-1783	247	9	banks	bank	NOUN
cblr-1783	247	10	,	,	PUNCT
cblr-1783	247	11	intermediaries	intermediary	NOUN
cblr-1783	247	12	in	in	ADP
cblr-1783	247	13	the	the	DET
cblr-1783	247	14	securities	security	NOUN
cblr-1783	247	15	and	and	CCONJ
cblr-1783	247	16	derivatives	derivative	NOUN
cblr-1783	247	17	markets	market	NOUN
cblr-1783	247	18	have	have	AUX
cblr-1783	247	19	consolidated	consolidate	VERB
cblr-1783	247	20	their	their	PRON
cblr-1783	247	21	way	way	NOUN
cblr-1783	247	22	into	into	ADP
cblr-1783	247	23	systemic	systemic	ADJ
cblr-1783	247	24	significance.42	significance.42	NOUN
cblr-1783	247	25	this	this	DET
cblr-1783	247	26	subpart	subpart	NOUN
cblr-1783	247	27	explores	explore	NOUN
cblr-1783	247	28	how	how	SCONJ
cblr-1783	247	29	regulation	regulation	NOUN
cblr-1783	247	30	has	have	AUX
cblr-1783	247	31	handled	handle	VERB
cblr-1783	247	32	the	the	DET
cblr-1783	247	33	growth	growth	NOUN
cblr-1783	247	34	of	of	ADP
cblr-1783	247	35	the	the	DET
cblr-1783	247	36	most	most	ADV
cblr-1783	247	37	systemically	systemically	ADV
cblr-1783	247	38	significant	significant	ADJ
cblr-1783	247	39	institutions	institution	NOUN
cblr-1783	247	40	that	that	PRON
cblr-1783	247	41	support	support	VERB
cblr-1783	247	42	securities	security	NOUN
cblr-1783	247	43	and	and	CCONJ
cblr-1783	247	44	derivatives	derivative	NOUN
cblr-1783	247	45	trading	trading	NOUN
cblr-1783	247	46	:	:	PUNCT
cblr-1783	247	47	clearinghouses	clearinghouse	NOUN
cblr-1783	247	48	.	.	PUNCT
cblr-1783	248	1	most	most	ADJ
cblr-1783	248	2	securities	security	NOUN
cblr-1783	248	3	and	and	CCONJ
cblr-1783	248	4	some	some	DET
cblr-1783	248	5	derivatives	derivative	NOUN
cblr-1783	248	6	are	be	AUX
cblr-1783	248	7	traded	trade	VERB
cblr-1783	248	8	on	on	ADP
cblr-1783	248	9	exchanges––intermediaries	exchanges––intermediaries	PROPN
cblr-1783	248	10	which	which	PRON
cblr-1783	248	11	create	create	VERB
cblr-1783	248	12	an	an	DET
cblr-1783	248	13	open	open	ADJ
cblr-1783	248	14	,	,	PUNCT
cblr-1783	248	15	transparent	transparent	ADJ
cblr-1783	248	16	market	market	NOUN
cblr-1783	248	17	in	in	ADP
cblr-1783	248	18	which	which	PRON
cblr-1783	248	19	buyers	buyer	NOUN
cblr-1783	248	20	and	and	CCONJ
cblr-1783	248	21	sellers	seller	NOUN
cblr-1783	248	22	can	can	AUX
cblr-1783	248	23	view	view	VERB
cblr-1783	248	24	pricing	pricing	NOUN
cblr-1783	248	25	and	and	CCONJ
cblr-1783	248	26	enter	enter	VERB
cblr-1783	248	27	into	into	ADP
cblr-1783	248	28	transactions	transaction	NOUN
cblr-1783	248	29	.	.	PUNCT
cblr-1783	249	1	exchanges	exchange	NOUN
cblr-1783	249	2	are	be	AUX
cblr-1783	249	3	not	not	PART
cblr-1783	249	4	the	the	DET
cblr-1783	249	5	same	same	ADJ
cblr-1783	249	6	as	as	ADP
cblr-1783	249	7	clearinghouses	clearinghouse	NOUN
cblr-1783	249	8	:	:	PUNCT
cblr-1783	249	9	exchanges	exchange	NOUN
cblr-1783	249	10	create	create	VERB
cblr-1783	249	11	a	a	DET
cblr-1783	249	12	marketplace	marketplace	NOUN
cblr-1783	249	13	that	that	PRON
cblr-1783	249	14	brings	bring	VERB
cblr-1783	249	15	together	together	ADP
cblr-1783	249	16	buyers	buyer	NOUN
cblr-1783	249	17	and	and	CCONJ
cblr-1783	249	18	sellers43	sellers43	NOUN
cblr-1783	249	19	while	while	SCONJ
cblr-1783	249	20	clearinghouses	clearinghouse	NOUN
cblr-1783	249	21	ensure	ensure	VERB
cblr-1783	249	22	the	the	DET
cblr-1783	249	23	fulfillment	fulfillment	NOUN
cblr-1783	249	24	of	of	ADP
cblr-1783	249	25	payment	payment	NOUN
cblr-1783	249	26	and	and	CCONJ
cblr-1783	249	27	delivery	delivery	NOUN
cblr-1783	249	28	obligations	obligation	NOUN
cblr-1783	249	29	.	.	PUNCT
cblr-1783	250	1	together	together	ADV
cblr-1783	250	2	,	,	PUNCT
cblr-1783	250	3	exchanges	exchange	NOUN
cblr-1783	250	4	and	and	CCONJ
cblr-1783	250	5	clearinghouses	clearinghouse	NOUN
cblr-1783	250	6	41	41	NUM
cblr-1783	250	7	see	see	VERB
cblr-1783	250	8	foster	foster	ADJ
cblr-1783	250	9	,	,	PUNCT
cblr-1783	250	10	supra	supra	PROPN
cblr-1783	250	11	note	note	PROPN
cblr-1783	250	12	15	15	NUM
cblr-1783	250	13	,	,	PUNCT
cblr-1783	250	14	at	at	ADP
cblr-1783	250	15	359	359	NUM
cblr-1783	250	16	,	,	PUNCT
cblr-1783	250	17	402	402	NUM
cblr-1783	250	18	;	;	PUNCT
cblr-1783	250	19	karmel	karmel	PROPN
cblr-1783	250	20	,	,	PUNCT
cblr-1783	250	21	supra	supra	PROPN
cblr-1783	250	22	note	note	PROPN
cblr-1783	250	23	15	15	NUM
cblr-1783	250	24	,	,	PUNCT
cblr-1783	250	25	at	at	ADP
cblr-1783	250	26	827–28	827–28	PROPN
cblr-1783	250	27	.	.	PUNCT
cblr-1783	251	1	42	42	NUM
cblr-1783	251	2	derivatives	derivative	NOUN
cblr-1783	251	3	are	be	AUX
cblr-1783	251	4	financial	financial	ADJ
cblr-1783	251	5	instruments	instrument	NOUN
cblr-1783	251	6	whose	whose	DET
cblr-1783	251	7	values	value	NOUN
cblr-1783	251	8	fluctuate	fluctuate	NOUN
cblr-1783	251	9	on	on	ADP
cblr-1783	251	10	the	the	DET
cblr-1783	251	11	basis	basis	NOUN
cblr-1783	251	12	of	of	ADP
cblr-1783	251	13	other	other	ADJ
cblr-1783	251	14	variables	variable	NOUN
cblr-1783	251	15	,	,	PUNCT
cblr-1783	251	16	such	such	ADJ
cblr-1783	251	17	as	as	ADP
cblr-1783	251	18	interest	interest	NOUN
cblr-1783	251	19	rates	rate	NOUN
cblr-1783	251	20	,	,	PUNCT
cblr-1783	251	21	stock	stock	NOUN
cblr-1783	251	22	prices	price	NOUN
cblr-1783	251	23	,	,	PUNCT
cblr-1783	251	24	or	or	CCONJ
cblr-1783	251	25	commodity	commodity	NOUN
cblr-1783	251	26	values	value	NOUN
cblr-1783	251	27	.	.	PUNCT
cblr-1783	252	1	options	option	NOUN
cblr-1783	252	2	,	,	PUNCT
cblr-1783	252	3	futures	future	NOUN
cblr-1783	252	4	,	,	PUNCT
cblr-1783	252	5	and	and	CCONJ
cblr-1783	252	6	swaps	swap	NOUN
cblr-1783	252	7	are	be	AUX
cblr-1783	252	8	three	three	NUM
cblr-1783	252	9	types	type	NOUN
cblr-1783	252	10	of	of	ADP
cblr-1783	252	11	derivatives	derivative	NOUN
cblr-1783	252	12	.	.	PUNCT
cblr-1783	253	1	see	see	VERB
cblr-1783	253	2	norman	norman	PROPN
cblr-1783	253	3	menachem	menachem	PROPN
cblr-1783	253	4	feder	feder	PROPN
cblr-1783	253	5	,	,	PUNCT
cblr-1783	253	6	deconstructing	deconstruct	VERB
cblr-1783	253	7	over	over	ADP
cblr-1783	253	8	-	-	PUNCT
cblr-1783	253	9	the	the	DET
cblr-1783	253	10	-	-	PUNCT
cblr-1783	253	11	counter	counter	NOUN
cblr-1783	253	12	derivatives	derivative	NOUN
cblr-1783	253	13	,	,	PUNCT
cblr-1783	253	14	2002	2002	NUM
cblr-1783	253	15	colum	colum	NOUN
cblr-1783	253	16	.	.	PUNCT
cblr-1783	254	1	bus	bus	NOUN
cblr-1783	254	2	.	.	PUNCT
cblr-1783	255	1	l.	l.	PROPN
cblr-1783	255	2	rev	rev	PROPN
cblr-1783	255	3	.	.	PROPN
cblr-1783	255	4	677	677	NUM
cblr-1783	255	5	,	,	PUNCT
cblr-1783	255	6	681–83	681–83	NOUN
cblr-1783	255	7	(	(	PUNCT
cblr-1783	255	8	2002	2002	NUM
cblr-1783	255	9	)	)	PUNCT
cblr-1783	255	10	.	.	PUNCT
cblr-1783	256	1	43	43	NUM
cblr-1783	257	1	the	the	DET
cblr-1783	257	2	securities	securities	PROPN
cblr-1783	257	3	exchange	exchange	PROPN
cblr-1783	257	4	act	act	NOUN
cblr-1783	257	5	of	of	ADP
cblr-1783	257	6	1934	1934	NUM
cblr-1783	257	7	,	,	PUNCT
cblr-1783	257	8	for	for	ADP
cblr-1783	257	9	example	example	NOUN
cblr-1783	257	10	,	,	PUNCT
cblr-1783	257	11	defines	define	VERB
cblr-1783	257	12	an	an	DET
cblr-1783	257	13	exchange	exchange	NOUN
cblr-1783	257	14	as	as	ADP
cblr-1783	257	15	an	an	DET
cblr-1783	257	16	entity	entity	NOUN
cblr-1783	257	17	which	which	PRON
cblr-1783	257	18	,	,	PUNCT
cblr-1783	257	19	inter	inter	PROPN
cblr-1783	257	20	alia	alia	NOUN
cblr-1783	257	21	,	,	PUNCT
cblr-1783	257	22	provides	provide	VERB
cblr-1783	257	23	a	a	DET
cblr-1783	257	24	“	"	PUNCT
cblr-1783	257	25	market	market	NOUN
cblr-1783	257	26	place	place	NOUN
cblr-1783	257	27	or	or	CCONJ
cblr-1783	257	28	facilities	facility	NOUN
cblr-1783	257	29	”	"	PUNCT
cblr-1783	257	30	to	to	PART
cblr-1783	257	31	bring	bring	VERB
cblr-1783	257	32	together	together	ADV
cblr-1783	257	33	buyers	buyer	NOUN
cblr-1783	257	34	and	and	CCONJ
cblr-1783	257	35	sellers	seller	NOUN
cblr-1783	257	36	of	of	ADP
cblr-1783	257	37	securities	security	NOUN
cblr-1783	257	38	.	.	PUNCT
cblr-1783	258	1	securities	security	NOUN
cblr-1783	258	2	exchange	exchange	PROPN
cblr-1783	258	3	act	act	PROPN
cblr-1783	258	4	of	of	ADP
cblr-1783	258	5	1934	1934	NUM
cblr-1783	258	6	§	§	PROPN
cblr-1783	258	7	3(a)(1	3(a)(1	NUM
cblr-1783	258	8	)	)	PUNCT
cblr-1783	258	9	,	,	PUNCT
cblr-1783	258	10	15	15	NUM
cblr-1783	258	11	u.s.c	u.s.c	ADJ
cblr-1783	258	12	.	.	PUNCT
cblr-1783	259	1	§	§	PROPN
cblr-1783	259	2	78c(a)(1	78c(a)(1	NOUN
cblr-1783	259	3	)	)	PUNCT
cblr-1783	259	4	(	(	PUNCT
cblr-1783	259	5	2012	2012	NUM
cblr-1783	259	6	)	)	PUNCT
cblr-1783	259	7	.	.	PUNCT
cblr-1783	260	1	see	see	VERB
cblr-1783	260	2	also	also	ADV
cblr-1783	260	3	andreas	andreas	PROPN
cblr-1783	260	4	m.	m.	PROPN
cblr-1783	260	5	fleckner	fleckner	PROPN
cblr-1783	260	6	,	,	PUNCT
cblr-1783	260	7	stock	stock	NOUN
cblr-1783	260	8	exchanges	exchange	NOUN
cblr-1783	260	9	at	at	ADP
cblr-1783	260	10	the	the	DET
cblr-1783	260	11	crossroads	crossroad	NOUN
cblr-1783	260	12	,	,	PUNCT
cblr-1783	260	13	74	74	NUM
cblr-1783	260	14	fordham	fordham	PROPN
cblr-1783	260	15	l.	l.	PROPN
cblr-1783	260	16	rev	rev	PROPN
cblr-1783	260	17	.	.	PROPN
cblr-1783	260	18	2541	2541	NUM
cblr-1783	260	19	,	,	PUNCT
cblr-1783	260	20	2545–50	2545–50	NUM
cblr-1783	260	21	(	(	PUNCT
cblr-1783	260	22	2006	2006	NUM
cblr-1783	260	23	)	)	PUNCT
cblr-1783	260	24	(	(	PUNCT
cblr-1783	260	25	detailing	detail	VERB
cblr-1783	260	26	the	the	DET
cblr-1783	260	27	functions	function	NOUN
cblr-1783	260	28	of	of	ADP
cblr-1783	260	29	stock	stock	NOUN
cblr-1783	260	30	exchanges	exchange	NOUN
cblr-1783	260	31	,	,	PUNCT
cblr-1783	260	32	such	such	ADJ
cblr-1783	260	33	as	as	ADP
cblr-1783	260	34	market	market	NOUN
cblr-1783	260	35	-	-	PUNCT
cblr-1783	260	36	making	make	VERB
cblr-1783	260	37	and	and	CCONJ
cblr-1783	260	38	information	information	NOUN
cblr-1783	260	39	distribution	distribution	NOUN
cblr-1783	260	40	)	)	PUNCT
cblr-1783	260	41	.	.	PUNCT
cblr-1783	261	1	no	no	INTJ
cblr-1783	261	2	.	.	PUNCT
cblr-1783	262	1	3:747	3:747	NUM
cblr-1783	262	2	]	]	X
cblr-1783	262	3	systemic	systemic	ADJ
cblr-1783	262	4	risk	risk	NOUN
cblr-1783	262	5	paradox	paradox	NOUN
cblr-1783	262	6	761	761	NUM
cblr-1783	262	7	take	take	NOUN
cblr-1783	262	8	buyers	buyer	NOUN
cblr-1783	262	9	and	and	CCONJ
cblr-1783	262	10	sellers	seller	NOUN
cblr-1783	262	11	from	from	ADP
cblr-1783	262	12	the	the	DET
cblr-1783	262	13	initial	initial	ADJ
cblr-1783	262	14	matchmaking	matchmaking	NOUN
cblr-1783	262	15	process	process	NOUN
cblr-1783	262	16	to	to	ADP
cblr-1783	262	17	the	the	DET
cblr-1783	262	18	transfer	transfer	NOUN
cblr-1783	262	19	of	of	ADP
cblr-1783	262	20	payment	payment	NOUN
cblr-1783	262	21	and	and	CCONJ
cblr-1783	262	22	product	product	NOUN
cblr-1783	262	23	.	.	PUNCT
cblr-1783	263	1	exchanges	exchange	NOUN
cblr-1783	263	2	and	and	CCONJ
cblr-1783	263	3	clearinghouses	clearinghouse	NOUN
cblr-1783	263	4	are	be	AUX
cblr-1783	263	5	integrated	integrate	VERB
cblr-1783	263	6	in	in	ADP
cblr-1783	263	7	different	different	ADJ
cblr-1783	263	8	ways	way	NOUN
cblr-1783	263	9	,	,	PUNCT
cblr-1783	263	10	depending	depend	VERB
cblr-1783	263	11	on	on	ADP
cblr-1783	263	12	the	the	DET
cblr-1783	263	13	market	market	NOUN
cblr-1783	263	14	.	.	PUNCT
cblr-1783	264	1	in	in	ADP
cblr-1783	264	2	the	the	DET
cblr-1783	264	3	securities	security	NOUN
cblr-1783	264	4	and	and	CCONJ
cblr-1783	264	5	exchange	exchange	NOUN
cblr-1783	264	6	-	-	PUNCT
cblr-1783	264	7	traded	trade	VERB
cblr-1783	264	8	options	option	NOUN
cblr-1783	264	9	markets	market	NOUN
cblr-1783	264	10	,	,	PUNCT
cblr-1783	264	11	one	one	NUM
cblr-1783	264	12	central	central	ADJ
cblr-1783	264	13	clearinghouse	clearinghouse	NOUN
cblr-1783	264	14	serves	serve	VERB
cblr-1783	264	15	all	all	DET
cblr-1783	264	16	exchanges	exchange	NOUN
cblr-1783	264	17	—	—	PUNCT
cblr-1783	264	18	a	a	DET
cblr-1783	264	19	model	model	NOUN
cblr-1783	264	20	known	know	VERB
cblr-1783	264	21	as	as	ADP
cblr-1783	264	22	“	"	PUNCT
cblr-1783	264	23	horizontal	horizontal	ADJ
cblr-1783	264	24	integration	integration	NOUN
cblr-1783	264	25	.	.	PUNCT
cblr-1783	265	1	”44	”44	NOUN
cblr-1783	265	2	by	by	ADP
cblr-1783	265	3	contrast	contrast	NOUN
cblr-1783	265	4	,	,	PUNCT
cblr-1783	265	5	the	the	DET
cblr-1783	265	6	exchange	exchange	NOUN
cblr-1783	265	7	-	-	PUNCT
cblr-1783	265	8	traded	trade	VERB
cblr-1783	265	9	futures	future	NOUN
cblr-1783	265	10	market	market	NOUN
cblr-1783	265	11	is	be	AUX
cblr-1783	265	12	characterized	characterize	VERB
cblr-1783	265	13	by	by	ADP
cblr-1783	265	14	“	"	PUNCT
cblr-1783	265	15	vertical	vertical	ADJ
cblr-1783	265	16	integration	integration	NOUN
cblr-1783	265	17	,	,	PUNCT
cblr-1783	265	18	”	"	PUNCT
cblr-1783	265	19	in	in	ADP
cblr-1783	265	20	which	which	PRON
cblr-1783	265	21	each	each	DET
cblr-1783	265	22	exchange	exchange	NOUN
cblr-1783	265	23	owns	own	VERB
cblr-1783	265	24	an	an	DET
cblr-1783	265	25	exclusive	exclusive	ADJ
cblr-1783	265	26	clearinghouse.45	clearinghouse.45	PROPN
cblr-1783	265	27	each	each	DET
cblr-1783	265	28	model	model	NOUN
cblr-1783	265	29	carries	carry	VERB
cblr-1783	265	30	its	its	PRON
cblr-1783	265	31	unique	unique	ADJ
cblr-1783	265	32	implications	implication	NOUN
cblr-1783	265	33	on	on	ADP
cblr-1783	265	34	competition	competition	NOUN
cblr-1783	265	35	and	and	CCONJ
cblr-1783	265	36	systemic	systemic	ADJ
cblr-1783	265	37	risk	risk	NOUN
cblr-1783	265	38	.	.	PUNCT
cblr-1783	266	1	most	most	ADJ
cblr-1783	266	2	derivatives	derivative	NOUN
cblr-1783	266	3	products	product	NOUN
cblr-1783	266	4	,	,	PUNCT
cblr-1783	266	5	however	however	ADV
cblr-1783	266	6	,	,	PUNCT
cblr-1783	266	7	are	be	AUX
cblr-1783	266	8	sold	sell	VERB
cblr-1783	266	9	“	"	PUNCT
cblr-1783	266	10	over	over	ADP
cblr-1783	266	11	-	-	PUNCT
cblr-1783	266	12	thecounter	thecounter	NOUN
cblr-1783	266	13	”	"	PUNCT
cblr-1783	266	14	(	(	PUNCT
cblr-1783	266	15	“	"	PUNCT
cblr-1783	266	16	otc	otc	PROPN
cblr-1783	266	17	”	"	PUNCT
cblr-1783	266	18	)	)	PUNCT
cblr-1783	266	19	.	.	PUNCT
cblr-1783	267	1	otc	otc	PROPN
cblr-1783	267	2	derivatives	derivative	NOUN
cblr-1783	267	3	are	be	AUX
cblr-1783	267	4	not	not	PART
cblr-1783	267	5	traded	trade	VERB
cblr-1783	267	6	over	over	ADP
cblr-1783	267	7	exchanges	exchange	NOUN
cblr-1783	267	8	but	but	CCONJ
cblr-1783	267	9	,	,	PUNCT
cblr-1783	267	10	rather	rather	ADV
cblr-1783	267	11	,	,	PUNCT
cblr-1783	267	12	are	be	AUX
cblr-1783	267	13	customized	customize	VERB
cblr-1783	267	14	between	between	ADP
cblr-1783	267	15	counterparties	counterpartie	NOUN
cblr-1783	267	16	.	.	PUNCT
cblr-1783	268	1	avoidance	avoidance	NOUN
cblr-1783	268	2	of	of	ADP
cblr-1783	268	3	exchanges	exchange	NOUN
cblr-1783	268	4	keeps	keep	VERB
cblr-1783	268	5	the	the	DET
cblr-1783	268	6	pricing	pricing	NOUN
cblr-1783	268	7	and	and	CCONJ
cblr-1783	268	8	terms	term	NOUN
cblr-1783	268	9	of	of	ADP
cblr-1783	268	10	these	these	DET
cblr-1783	268	11	instruments	instrument	NOUN
cblr-1783	268	12	—	—	PUNCT
cblr-1783	268	13	as	as	ADV
cblr-1783	268	14	well	well	ADV
cblr-1783	268	15	as	as	ADP
cblr-1783	268	16	the	the	DET
cblr-1783	268	17	size	size	NOUN
cblr-1783	268	18	and	and	CCONJ
cblr-1783	268	19	breadth	breadth	NOUN
cblr-1783	268	20	of	of	ADP
cblr-1783	268	21	the	the	DET
cblr-1783	268	22	otc	otc	PROPN
cblr-1783	268	23	market	market	NOUN
cblr-1783	268	24	—	—	PUNCT
cblr-1783	268	25	opaque	opaque	ADJ
cblr-1783	268	26	.	.	PUNCT
cblr-1783	269	1	prior	prior	ADV
cblr-1783	269	2	to	to	ADP
cblr-1783	269	3	dodd	dodd	PROPN
cblr-1783	269	4	-	-	PUNCT
cblr-1783	269	5	frank	frank	PROPN
cblr-1783	269	6	,	,	PUNCT
cblr-1783	269	7	transactions	transaction	NOUN
cblr-1783	269	8	in	in	ADP
cblr-1783	269	9	otc	otc	PROPN
cblr-1783	269	10	derivatives	derivative	NOUN
cblr-1783	269	11	were	be	AUX
cblr-1783	269	12	cleared	clear	VERB
cblr-1783	269	13	and	and	CCONJ
cblr-1783	269	14	settled	settle	VERB
cblr-1783	269	15	on	on	ADP
cblr-1783	269	16	a	a	DET
cblr-1783	269	17	bilateral	bilateral	ADJ
cblr-1783	269	18	basis	basis	NOUN
cblr-1783	269	19	,	,	PUNCT
cblr-1783	269	20	without	without	ADP
cblr-1783	269	21	the	the	DET
cblr-1783	269	22	participation	participation	NOUN
cblr-1783	269	23	of	of	ADP
cblr-1783	269	24	a	a	DET
cblr-1783	269	25	clearinghouse	clearinghouse	NOUN
cblr-1783	269	26	.	.	PUNCT
cblr-1783	270	1	since	since	SCONJ
cblr-1783	270	2	dodd	dodd	PROPN
cblr-1783	270	3	-	-	PUNCT
cblr-1783	270	4	frank	frank	PROPN
cblr-1783	270	5	,	,	PUNCT
cblr-1783	270	6	dcos	dco	NOUN
cblr-1783	270	7	have	have	AUX
cblr-1783	270	8	emerged	emerge	VERB
cblr-1783	270	9	as	as	ADP
cblr-1783	270	10	the	the	DET
cblr-1783	270	11	panacea	panacea	NOUN
cblr-1783	270	12	for	for	ADP
cblr-1783	270	13	counterparty	counterparty	NOUN
cblr-1783	270	14	and	and	CCONJ
cblr-1783	270	15	credit	credit	NOUN
cblr-1783	270	16	risk	risk	NOUN
cblr-1783	270	17	,	,	PUNCT
cblr-1783	270	18	with	with	ADP
cblr-1783	270	19	the	the	DET
cblr-1783	270	20	mandate	mandate	NOUN
cblr-1783	270	21	to	to	AUX
cblr-1783	270	22	clear	clear	ADJ
cblr-1783	270	23	trades	trade	NOUN
cblr-1783	270	24	in	in	ADP
cblr-1783	270	25	most	most	ADJ
cblr-1783	270	26	derivatives	derivative	NOUN
cblr-1783	270	27	transactions	transaction	NOUN
cblr-1783	270	28	.	.	PUNCT
cblr-1783	271	1	this	this	DET
cblr-1783	271	2	subpart	subpart	NOUN
cblr-1783	271	3	begins	begin	VERB
cblr-1783	271	4	with	with	ADP
cblr-1783	271	5	the	the	DET
cblr-1783	271	6	clearing	clearing	NOUN
cblr-1783	271	7	architecture	architecture	NOUN
cblr-1783	271	8	in	in	ADP
cblr-1783	271	9	the	the	DET
cblr-1783	271	10	securities	security	NOUN
cblr-1783	271	11	and	and	CCONJ
cblr-1783	271	12	exchange	exchange	NOUN
cblr-1783	271	13	-	-	PUNCT
cblr-1783	271	14	traded	trade	VERB
cblr-1783	271	15	options	option	NOUN
cblr-1783	271	16	and	and	CCONJ
cblr-1783	271	17	futures	future	NOUN
cblr-1783	271	18	markets	market	NOUN
cblr-1783	271	19	,	,	PUNCT
cblr-1783	271	20	which	which	PRON
cblr-1783	271	21	benefit	benefit	VERB
cblr-1783	271	22	from	from	ADP
cblr-1783	271	23	the	the	DET
cblr-1783	271	24	transparent	transparent	ADJ
cblr-1783	271	25	market	market	NOUN
cblr-1783	271	26	-	-	PUNCT
cblr-1783	271	27	making	make	VERB
cblr-1783	271	28	process	process	NOUN
cblr-1783	271	29	of	of	ADP
cblr-1783	271	30	exchanges	exchange	NOUN
cblr-1783	271	31	.	.	PUNCT
cblr-1783	272	1	this	this	DET
cblr-1783	272	2	subpart	subpart	NOUN
cblr-1783	272	3	then	then	ADV
cblr-1783	272	4	discusses	discuss	VERB
cblr-1783	272	5	the	the	DET
cblr-1783	272	6	dco	dco	PROPN
cblr-1783	272	7	,	,	PUNCT
cblr-1783	272	8	an	an	DET
cblr-1783	272	9	intermediary	intermediary	NOUN
cblr-1783	272	10	that	that	PRON
cblr-1783	272	11	has	have	AUX
cblr-1783	272	12	been	be	AUX
cblr-1783	272	13	charged	charge	VERB
cblr-1783	272	14	with	with	ADP
cblr-1783	272	15	financial	financial	ADJ
cblr-1783	272	16	reform	reform	NOUN
cblr-1783	272	17	but	but	CCONJ
cblr-1783	272	18	is	be	AUX
cblr-1783	272	19	beginning	begin	VERB
cblr-1783	272	20	to	to	PART
cblr-1783	272	21	draw	draw	VERB
cblr-1783	272	22	attention	attention	NOUN
cblr-1783	272	23	for	for	ADP
cblr-1783	272	24	its	its	PRON
cblr-1783	272	25	own	own	ADJ
cblr-1783	272	26	systemic	systemic	ADJ
cblr-1783	272	27	risks	risk	NOUN
cblr-1783	272	28	.	.	PUNCT
cblr-1783	273	1	1	1	X
cblr-1783	273	2	.	.	PUNCT
cblr-1783	273	3	securities	security	NOUN
cblr-1783	273	4	exchanges	exchange	NOUN
cblr-1783	273	5	and	and	CCONJ
cblr-1783	273	6	clearinghouses	clearinghouse	NOUN
cblr-1783	273	7	the	the	DET
cblr-1783	273	8	literature	literature	NOUN
cblr-1783	273	9	on	on	ADP
cblr-1783	273	10	securities	security	NOUN
cblr-1783	273	11	exchanges	exchange	NOUN
cblr-1783	273	12	and	and	CCONJ
cblr-1783	273	13	clearinghouses	clearinghouse	NOUN
cblr-1783	273	14	is	be	AUX
cblr-1783	273	15	voluminous,46	voluminous,46	NOUN
cblr-1783	273	16	so	so	ADV
cblr-1783	273	17	i	i	PRON
cblr-1783	273	18	will	will	AUX
cblr-1783	273	19	not	not	PART
cblr-1783	273	20	replicate	replicate	VERB
cblr-1783	273	21	it	it	PRON
cblr-1783	273	22	here	here	ADV
cblr-1783	273	23	.	.	PUNCT
cblr-1783	274	1	however	however	ADV
cblr-1783	274	2	,	,	PUNCT
cblr-1783	274	3	a	a	DET
cblr-1783	274	4	44	44	NUM
cblr-1783	274	5	neal	neal	PROPN
cblr-1783	274	6	l.	l.	PROPN
cblr-1783	274	7	wolkoff	wolkoff	PROPN
cblr-1783	274	8	&	&	CCONJ
cblr-1783	274	9	jason	jason	PROPN
cblr-1783	274	10	b.	b.	PROPN
cblr-1783	274	11	werner	werner	PROPN
cblr-1783	274	12	,	,	PUNCT
cblr-1783	274	13	the	the	DET
cblr-1783	274	14	history	history	NOUN
cblr-1783	274	15	of	of	ADP
cblr-1783	274	16	regulation	regulation	NOUN
cblr-1783	274	17	of	of	ADP
cblr-1783	274	18	clearing	clearing	NOUN
cblr-1783	274	19	in	in	ADP
cblr-1783	274	20	the	the	DET
cblr-1783	274	21	securities	security	NOUN
cblr-1783	274	22	and	and	CCONJ
cblr-1783	274	23	futures	future	NOUN
cblr-1783	274	24	markets	market	NOUN
cblr-1783	274	25	,	,	PUNCT
cblr-1783	274	26	and	and	CCONJ
cblr-1783	274	27	its	its	PRON
cblr-1783	274	28	impact	impact	NOUN
cblr-1783	274	29	on	on	ADP
cblr-1783	274	30	competition	competition	NOUN
cblr-1783	274	31	,	,	PUNCT
cblr-1783	274	32	30	30	NUM
cblr-1783	274	33	rev	rev	X
cblr-1783	274	34	.	.	PUNCT
cblr-1783	274	35	banking	banking	NOUN
cblr-1783	274	36	&	&	CCONJ
cblr-1783	274	37	fin	fin	PROPN
cblr-1783	274	38	.	.	PUNCT
cblr-1783	275	1	l.	l.	PROPN
cblr-1783	275	2	313	313	NUM
cblr-1783	275	3	,	,	PUNCT
cblr-1783	275	4	313–14	313–14	NUM
cblr-1783	275	5	(	(	PUNCT
cblr-1783	275	6	2010	2010	NUM
cblr-1783	275	7	)	)	PUNCT
cblr-1783	275	8	.	.	PUNCT
cblr-1783	276	1	45	45	NUM
cblr-1783	277	1	i	i	PRON
cblr-1783	277	2	d.	d.	PROPN
cblr-1783	277	3	at	at	ADP
cblr-1783	277	4	313	313	NUM
cblr-1783	277	5	.	.	PUNCT
cblr-1783	277	6	46	46	NUM
cblr-1783	277	7	on	on	ADP
cblr-1783	277	8	exchanges	exchange	NOUN
cblr-1783	277	9	,	,	PUNCT
cblr-1783	277	10	see	see	VERB
cblr-1783	277	11	,	,	PUNCT
cblr-1783	277	12	for	for	ADP
cblr-1783	277	13	example	example	NOUN
cblr-1783	277	14	,	,	PUNCT
cblr-1783	277	15	william	william	PROPN
cblr-1783	277	16	f.	f.	PROPN
cblr-1783	277	17	baxter	baxter	PROPN
cblr-1783	277	18	,	,	PUNCT
cblr-1783	277	19	nyse	nyse	PROPN
cblr-1783	277	20	fixed	fix	VERB
cblr-1783	277	21	commission	commission	PROPN
cblr-1783	277	22	rates	rate	NOUN
cblr-1783	277	23	:	:	PUNCT
cblr-1783	277	24	a	a	DET
cblr-1783	277	25	private	private	ADJ
cblr-1783	277	26	cartel	cartel	NOUN
cblr-1783	277	27	goes	go	VERB
cblr-1783	277	28	public	public	ADJ
cblr-1783	277	29	,	,	PUNCT
cblr-1783	277	30	22	22	NUM
cblr-1783	277	31	stan	stan	PROPN
cblr-1783	277	32	.	.	PUNCT
cblr-1783	278	1	l.	l.	PROPN
cblr-1783	278	2	rev	rev	PROPN
cblr-1783	278	3	.	.	PROPN
cblr-1783	278	4	675	675	NUM
cblr-1783	278	5	,	,	PUNCT
cblr-1783	278	6	762	762	NUM
cblr-1783	278	7	columbia	columbia	PROPN
cblr-1783	278	8	business	business	NOUN
cblr-1783	278	9	law	law	PROPN
cblr-1783	278	10	review	review	NOUN
cblr-1783	279	1	[	[	X
cblr-1783	279	2	vol	vol	NOUN
cblr-1783	279	3	.	.	PUNCT
cblr-1783	279	4	2014	2014	NUM
cblr-1783	279	5	quick	quick	ADJ
cblr-1783	279	6	primer	primer	NOUN
cblr-1783	279	7	on	on	ADP
cblr-1783	279	8	how	how	SCONJ
cblr-1783	279	9	these	these	DET
cblr-1783	279	10	two	two	NUM
cblr-1783	279	11	institutions	institution	NOUN
cblr-1783	279	12	function	function	VERB
cblr-1783	279	13	in	in	ADP
cblr-1783	279	14	the	the	DET
cblr-1783	279	15	securities	security	NOUN
cblr-1783	279	16	market	market	NOUN
cblr-1783	279	17	would	would	AUX
cblr-1783	279	18	be	be	AUX
cblr-1783	279	19	useful	useful	ADJ
cblr-1783	279	20	.	.	PUNCT
cblr-1783	280	1	beyond	beyond	ADP
cblr-1783	280	2	this	this	DET
cblr-1783	280	3	primer	primer	NOUN
cblr-1783	280	4	,	,	PUNCT
cblr-1783	280	5	i	i	PRON
cblr-1783	280	6	will	will	AUX
cblr-1783	280	7	only	only	ADV
cblr-1783	280	8	highlight	highlight	VERB
cblr-1783	280	9	three	three	NUM
cblr-1783	280	10	points	point	NOUN
cblr-1783	280	11	,	,	PUNCT
cblr-1783	280	12	whose	whose	DET
cblr-1783	280	13	significance	significance	NOUN
cblr-1783	280	14	will	will	AUX
cblr-1783	280	15	become	become	VERB
cblr-1783	280	16	apparent	apparent	ADJ
cblr-1783	280	17	when	when	SCONJ
cblr-1783	280	18	we	we	PRON
cblr-1783	280	19	examine	examine	VERB
cblr-1783	280	20	the	the	DET
cblr-1783	280	21	clearing	clearing	NOUN
cblr-1783	280	22	architecture	architecture	NOUN
cblr-1783	280	23	for	for	ADP
cblr-1783	280	24	derivatives	derivative	NOUN
cblr-1783	280	25	.	.	PUNCT
cblr-1783	281	1	suppose	suppose	VERB
cblr-1783	281	2	that	that	SCONJ
cblr-1783	281	3	an	an	DET
cblr-1783	281	4	investor	investor	NOUN
cblr-1783	281	5	(	(	PUNCT
cblr-1783	281	6	“	"	PUNCT
cblr-1783	281	7	investor	investor	NOUN
cblr-1783	281	8	”	"	PUNCT
cblr-1783	281	9	)	)	PUNCT
cblr-1783	281	10	wants	want	VERB
cblr-1783	281	11	to	to	PART
cblr-1783	281	12	buy	buy	VERB
cblr-1783	281	13	1000	1000	NUM
cblr-1783	281	14	shares	share	NOUN
cblr-1783	281	15	of	of	ADP
cblr-1783	281	16	stock	stock	NOUN
cblr-1783	281	17	in	in	ADP
cblr-1783	281	18	the	the	DET
cblr-1783	281	19	oil	oil	NOUN
cblr-1783	281	20	giant	giant	NOUN
cblr-1783	281	21	exxon	exxon	PROPN
cblr-1783	281	22	mobile	mobile	PROPN
cblr-1783	281	23	,	,	PUNCT
cblr-1783	281	24	and	and	CCONJ
cblr-1783	281	25	a	a	DET
cblr-1783	281	26	pension	pension	NOUN
cblr-1783	281	27	fund	fund	NOUN
cblr-1783	281	28	(	(	PUNCT
cblr-1783	281	29	“	"	PUNCT
cblr-1783	281	30	pension	pension	NOUN
cblr-1783	281	31	fund	fund	NOUN
cblr-1783	281	32	”	"	PUNCT
cblr-1783	281	33	)	)	PUNCT
cblr-1783	281	34	wants	want	VERB
cblr-1783	281	35	to	to	PART
cblr-1783	281	36	sell	sell	VERB
cblr-1783	281	37	the	the	DET
cblr-1783	281	38	same	same	ADJ
cblr-1783	281	39	amount	amount	NOUN
cblr-1783	281	40	of	of	ADP
cblr-1783	281	41	stock	stock	NOUN
cblr-1783	281	42	from	from	ADP
cblr-1783	281	43	its	its	PRON
cblr-1783	281	44	portfolio	portfolio	NOUN
cblr-1783	281	45	.	.	PUNCT
cblr-1783	282	1	the	the	DET
cblr-1783	282	2	new	new	PROPN
cblr-1783	282	3	york	york	PROPN
cblr-1783	282	4	stock	stock	PROPN
cblr-1783	282	5	exchange	exchange	PROPN
cblr-1783	282	6	(	(	PUNCT
cblr-1783	282	7	“	"	PUNCT
cblr-1783	282	8	nyse	nyse	PROPN
cblr-1783	282	9	”	"	PUNCT
cblr-1783	282	10	)	)	PUNCT
cblr-1783	282	11	,	,	PUNCT
cblr-1783	282	12	on	on	ADP
cblr-1783	282	13	which	which	PRON
cblr-1783	282	14	exxon	exxon	PROPN
cblr-1783	282	15	mobile	mobile	NOUN
cblr-1783	282	16	’s	’s	PART
cblr-1783	282	17	stock	stock	NOUN
cblr-1783	282	18	is	be	AUX
cblr-1783	282	19	listed	list	VERB
cblr-1783	282	20	,	,	PUNCT
cblr-1783	282	21	will	will	AUX
cblr-1783	282	22	quote	quote	VERB
cblr-1783	282	23	the	the	DET
cblr-1783	282	24	prices	price	NOUN
cblr-1783	282	25	at	at	ADP
cblr-1783	282	26	which	which	PRON
cblr-1783	282	27	the	the	DET
cblr-1783	282	28	stock	stock	NOUN
cblr-1783	282	29	can	can	AUX
cblr-1783	282	30	be	be	AUX
cblr-1783	282	31	bought	buy	VERB
cblr-1783	282	32	and	and	CCONJ
cblr-1783	282	33	sold	sell	VERB
cblr-1783	282	34	.	.	PUNCT
cblr-1783	283	1	suppose	suppose	VERB
cblr-1783	283	2	,	,	PUNCT
cblr-1783	283	3	then	then	ADV
cblr-1783	283	4	,	,	PUNCT
cblr-1783	283	5	that	that	PRON
cblr-1783	283	6	investor	investor	NOUN
cblr-1783	283	7	and	and	CCONJ
cblr-1783	283	8	pension	pension	NOUN
cblr-1783	283	9	fund	fund	NOUN
cblr-1783	283	10	fill	fill	NOUN
cblr-1783	283	11	buy	buy	VERB
cblr-1783	283	12	and	and	CCONJ
cblr-1783	283	13	sell	sell	VERB
cblr-1783	283	14	orders	order	NOUN
cblr-1783	283	15	with	with	ADP
cblr-1783	283	16	their	their	PRON
cblr-1783	283	17	brokers	broker	NOUN
cblr-1783	283	18	.	.	PUNCT
cblr-1783	284	1	investor	investor	NOUN
cblr-1783	284	2	and	and	CCONJ
cblr-1783	284	3	pension	pension	NOUN
cblr-1783	284	4	fund	fund	NOUN
cblr-1783	284	5	will	will	AUX
cblr-1783	284	6	receive	receive	VERB
cblr-1783	284	7	trade	trade	NOUN
cblr-1783	284	8	confirmations	confirmation	NOUN
cblr-1783	284	9	,	,	PUNCT
cblr-1783	284	10	and	and	CCONJ
cblr-1783	284	11	if	if	SCONJ
cblr-1783	284	12	all	all	PRON
cblr-1783	284	13	goes	go	VERB
cblr-1783	284	14	well	well	ADV
cblr-1783	284	15	,	,	PUNCT
cblr-1783	284	16	this	this	PRON
cblr-1783	284	17	is	be	AUX
cblr-1783	284	18	the	the	DET
cblr-1783	284	19	last	last	ADJ
cblr-1783	284	20	they	they	PRON
cblr-1783	284	21	will	will	AUX
cblr-1783	284	22	see	see	VERB
cblr-1783	284	23	of	of	ADP
cblr-1783	284	24	the	the	DET
cblr-1783	284	25	transaction	transaction	NOUN
cblr-1783	284	26	—	—	PUNCT
cblr-1783	284	27	everything	everything	PRON
cblr-1783	284	28	else	else	ADV
cblr-1783	284	29	happens	happen	VERB
cblr-1783	284	30	at	at	ADP
cblr-1783	284	31	the	the	DET
cblr-1783	284	32	back	back	ADJ
cblr-1783	284	33	-	-	PUNCT
cblr-1783	284	34	office	office	NOUN
cblr-1783	284	35	level	level	NOUN
cblr-1783	284	36	.	.	PUNCT
cblr-1783	285	1	behind	behind	ADP
cblr-1783	285	2	the	the	DET
cblr-1783	285	3	scenes	scene	NOUN
cblr-1783	285	4	,	,	PUNCT
cblr-1783	285	5	agents	agent	NOUN
cblr-1783	285	6	of	of	ADP
cblr-1783	285	7	the	the	DET
cblr-1783	285	8	nscc––the	nscc––the	PROPN
cblr-1783	285	9	clearinghouse	clearinghouse	NOUN
cblr-1783	285	10	for	for	ADP
cblr-1783	285	11	the	the	DET
cblr-1783	285	12	nyse––compare	nyse––compare	PROPN
cblr-1783	285	13	the	the	DET
cblr-1783	285	14	buy	buy	VERB
cblr-1783	285	15	and	and	CCONJ
cblr-1783	285	16	sell	sell	VERB
cblr-1783	285	17	orders	order	NOUN
cblr-1783	285	18	to	to	PART
cblr-1783	285	19	ensure	ensure	VERB
cblr-1783	285	20	that	that	SCONJ
cblr-1783	285	21	they	they	PRON
cblr-1783	285	22	match	match	VERB
cblr-1783	285	23	.	.	PUNCT
cblr-1783	286	1	then	then	ADV
cblr-1783	286	2	,	,	PUNCT
cblr-1783	286	3	nscc	nscc	PROPN
cblr-1783	286	4	settles	settle	VERB
cblr-1783	286	5	the	the	DET
cblr-1783	286	6	trade	trade	NOUN
cblr-1783	286	7	by	by	ADP
cblr-1783	286	8	disbursing	disburse	VERB
cblr-1783	286	9	payment	payment	NOUN
cblr-1783	286	10	to	to	ADP
cblr-1783	286	11	pension	pension	NOUN
cblr-1783	286	12	fund	fund	NOUN
cblr-1783	286	13	and	and	CCONJ
cblr-1783	286	14	facilitating	facilitate	VERB
cblr-1783	286	15	delivery	delivery	NOUN
cblr-1783	286	16	of	of	ADP
cblr-1783	286	17	the	the	DET
cblr-1783	286	18	exxon	exxon	PROPN
cblr-1783	286	19	mobile	mobile	ADJ
cblr-1783	286	20	shares	share	NOUN
cblr-1783	286	21	.	.	PUNCT
cblr-1783	287	1	this	this	DET
cblr-1783	287	2	last	last	ADJ
cblr-1783	287	3	step	step	NOUN
cblr-1783	287	4	is	be	AUX
cblr-1783	287	5	done	do	VERB
cblr-1783	287	6	electronically	electronically	ADV
cblr-1783	287	7	by	by	ADP
cblr-1783	287	8	the	the	DET
cblr-1783	287	9	depository	depository	PROPN
cblr-1783	287	10	trust	trust	PROPN
cblr-1783	287	11	company	company	NOUN
cblr-1783	287	12	(	(	PUNCT
cblr-1783	287	13	“	"	PUNCT
cblr-1783	287	14	dtc	dtc	PROPN
cblr-1783	287	15	”	"	PUNCT
cblr-1783	287	16	)	)	PUNCT
cblr-1783	287	17	,	,	PUNCT
cblr-1783	287	18	which	which	PRON
cblr-1783	287	19	notes	note	VERB
cblr-1783	287	20	on	on	ADP
cblr-1783	287	21	its	its	PRON
cblr-1783	287	22	records	record	NOUN
cblr-1783	287	23	that	that	SCONJ
cblr-1783	287	24	ownership	ownership	NOUN
cblr-1783	287	25	of	of	ADP
cblr-1783	287	26	the	the	DET
cblr-1783	287	27	stock	stock	NOUN
cblr-1783	287	28	has	have	AUX
cblr-1783	287	29	gone	go	VERB
cblr-1783	287	30	from	from	ADP
cblr-1783	287	31	pension	pension	NOUN
cblr-1783	287	32	fund	fund	NOUN
cblr-1783	287	33	(	(	PUNCT
cblr-1783	287	34	or	or	CCONJ
cblr-1783	287	35	pension	pension	NOUN
cblr-1783	287	36	fund	fund	NOUN
cblr-1783	287	37	’s	’s	PART
cblr-1783	287	38	broker	broker	NOUN
cblr-1783	287	39	)	)	PUNCT
cblr-1783	287	40	to	to	ADP
cblr-1783	287	41	investor	investor	NOUN
cblr-1783	287	42	(	(	PUNCT
cblr-1783	287	43	or	or	CCONJ
cblr-1783	287	44	investor	investor	NOUN
cblr-1783	287	45	’s	’s	PART
cblr-1783	287	46	broker).47	broker).47	PROPN
cblr-1783	287	47	dtc	dtc	PROPN
cblr-1783	287	48	is	be	AUX
cblr-1783	287	49	the	the	DET
cblr-1783	287	50	largest	large	ADJ
cblr-1783	287	51	securities	security	NOUN
cblr-1783	287	52	depository	depository	NOUN
cblr-1783	287	53	in	in	ADP
cblr-1783	287	54	the	the	DET
cblr-1783	287	55	world	world	NOUN
cblr-1783	287	56	,	,	PUNCT
cblr-1783	287	57	holding	hold	VERB
cblr-1783	287	58	$	$	SYM
cblr-1783	287	59	37.2	37.2	NUM
cblr-1783	287	60	trillion	trillion	NUM
cblr-1783	287	61	worth	worth	NOUN
cblr-1783	287	62	of	of	ADP
cblr-1783	287	63	certificates	certificate	NOUN
cblr-1783	287	64	from	from	ADP
cblr-1783	287	65	131	131	NUM
cblr-1783	287	66	countries	country	NOUN
cblr-1783	287	67	and	and	CCONJ
cblr-1783	287	68	territories.48	territories.48	NOUN
cblr-1783	287	69	dtc	dtc	NOUN
cblr-1783	287	70	and	and	CCONJ
cblr-1783	287	71	nscc	nscc	ADJ
cblr-1783	287	72	are	be	AUX
cblr-1783	287	73	sister	sister	NOUN
cblr-1783	287	74	companies	company	NOUN
cblr-1783	287	75	,	,	PUNCT
cblr-1783	287	76	both	both	PRON
cblr-1783	287	77	owned	own	VERB
cblr-1783	287	78	by	by	ADP
cblr-1783	287	79	the	the	DET
cblr-1783	287	80	depository	depository	PROPN
cblr-1783	287	81	trust	trust	PROPN
cblr-1783	287	82	&	&	CCONJ
cblr-1783	287	83	clearing	clear	VERB
cblr-1783	287	84	corporation.49	corporation.49	NOUN
cblr-1783	287	85	675–76	675–76	NOUN
cblr-1783	287	86	(	(	PUNCT
cblr-1783	287	87	1970	1970	NUM
cblr-1783	287	88	)	)	PUNCT
cblr-1783	287	89	;	;	PUNCT
cblr-1783	287	90	craig	craig	PROPN
cblr-1783	287	91	pirrong	pirrong	PROPN
cblr-1783	287	92	,	,	PUNCT
cblr-1783	287	93	a	a	DET
cblr-1783	287	94	theory	theory	NOUN
cblr-1783	287	95	of	of	ADP
cblr-1783	287	96	financial	financial	ADJ
cblr-1783	287	97	exchange	exchange	NOUN
cblr-1783	287	98	organization	organization	NOUN
cblr-1783	287	99	,	,	PUNCT
cblr-1783	287	100	43	43	NUM
cblr-1783	287	101	j.l	j.l	PROPN
cblr-1783	287	102	.	.	PROPN
cblr-1783	287	103	&	&	CCONJ
cblr-1783	287	104	econ	econ	PROPN
cblr-1783	287	105	.	.	PROPN
cblr-1783	288	1	437	437	NUM
cblr-1783	288	2	,	,	PUNCT
cblr-1783	288	3	437	437	NUM
cblr-1783	288	4	(	(	PUNCT
cblr-1783	288	5	2000	2000	NUM
cblr-1783	288	6	)	)	PUNCT
cblr-1783	289	1	;	;	PUNCT
cblr-1783	289	2	fleckner	fleckner	NOUN
cblr-1783	289	3	,	,	PUNCT
cblr-1783	289	4	supra	supra	PROPN
cblr-1783	289	5	note	note	NOUN
cblr-1783	289	6	43	43	NUM
cblr-1783	289	7	,	,	PUNCT
cblr-1783	289	8	at	at	ADP
cblr-1783	289	9	2543–45	2543–45	NUM
cblr-1783	289	10	.	.	PUNCT
cblr-1783	290	1	on	on	ADP
cblr-1783	290	2	clearinghouses	clearinghouse	NOUN
cblr-1783	290	3	,	,	PUNCT
cblr-1783	290	4	see	see	VERB
cblr-1783	290	5	ben	ben	PROPN
cblr-1783	290	6	s.	s.	PROPN
cblr-1783	290	7	bernanke	bernanke	PROPN
cblr-1783	290	8	,	,	PUNCT
cblr-1783	290	9	clearing	clearing	NOUN
cblr-1783	290	10	and	and	CCONJ
cblr-1783	290	11	settlement	settlement	NOUN
cblr-1783	290	12	during	during	ADP
cblr-1783	290	13	the	the	DET
cblr-1783	290	14	crash	crash	NOUN
cblr-1783	290	15	,	,	PUNCT
cblr-1783	290	16	3	3	NUM
cblr-1783	290	17	rev	rev	X
cblr-1783	290	18	.	.	PROPN
cblr-1783	290	19	fin	fin	NOUN
cblr-1783	290	20	.	.	PUNCT
cblr-1783	290	21	stud	stud	PROPN
cblr-1783	290	22	.	.	PUNCT
cblr-1783	291	1	133	133	NUM
cblr-1783	291	2	,	,	PUNCT
cblr-1783	291	3	133	133	NUM
cblr-1783	291	4	(	(	PUNCT
cblr-1783	291	5	1990	1990	NUM
cblr-1783	291	6	)	)	PUNCT
cblr-1783	292	1	[	[	X
cblr-1783	292	2	hereinafter	hereinafter	NOUN
cblr-1783	292	3	bernanke	bernanke	NOUN
cblr-1783	292	4	,	,	PUNCT
cblr-1783	292	5	clearing	clearing	NOUN
cblr-1783	292	6	and	and	CCONJ
cblr-1783	292	7	settlement	settlement	NOUN
cblr-1783	292	8	during	during	ADP
cblr-1783	292	9	the	the	DET
cblr-1783	292	10	crash	crash	NOUN
cblr-1783	292	11	]	]	PUNCT
cblr-1783	292	12	;	;	PUNCT
cblr-1783	292	13	yadav	yadav	PROPN
cblr-1783	292	14	,	,	PUNCT
cblr-1783	292	15	supra	supra	PROPN
cblr-1783	292	16	note	note	PROPN
cblr-1783	292	17	12	12	NUM
cblr-1783	292	18	,	,	PUNCT
cblr-1783	292	19	at	at	ADP
cblr-1783	292	20	387	387	NUM
cblr-1783	292	21	.	.	NOUN
cblr-1783	292	22	47	47	NUM
cblr-1783	292	23	dtc	dtc	NOUN
cblr-1783	292	24	does	do	AUX
cblr-1783	292	25	n’t	not	PART
cblr-1783	292	26	typically	typically	ADV
cblr-1783	292	27	name	name	VERB
cblr-1783	292	28	beneficial	beneficial	ADJ
cblr-1783	292	29	owners	owner	NOUN
cblr-1783	292	30	but	but	CCONJ
cblr-1783	292	31	notes	note	NOUN
cblr-1783	292	32	instead	instead	ADV
cblr-1783	292	33	that	that	SCONJ
cblr-1783	292	34	shares	share	NOUN
cblr-1783	292	35	are	be	AUX
cblr-1783	292	36	held	hold	VERB
cblr-1783	292	37	in	in	ADP
cblr-1783	292	38	street	street	NOUN
cblr-1783	292	39	name	name	NOUN
cblr-1783	292	40	with	with	ADP
cblr-1783	292	41	the	the	DET
cblr-1783	292	42	beneficial	beneficial	ADJ
cblr-1783	292	43	broker	broker	NOUN
cblr-1783	292	44	-	-	PUNCT
cblr-1783	292	45	dealer	dealer	NOUN
cblr-1783	292	46	or	or	CCONJ
cblr-1783	292	47	bank	bank	NOUN
cblr-1783	292	48	.	.	PUNCT
cblr-1783	293	1	48	48	NUM
cblr-1783	293	2	depository	depository	PROPN
cblr-1783	293	3	trust	trust	NOUN
cblr-1783	293	4	company	company	NOUN
cblr-1783	293	5	(	(	PUNCT
cblr-1783	293	6	dtc	dtc	PROPN
cblr-1783	293	7	)	)	PUNCT
cblr-1783	293	8	,	,	PUNCT
cblr-1783	293	9	depository	depository	NOUN
cblr-1783	293	10	tr	tr	VERB
cblr-1783	293	11	.	.	PROPN
cblr-1783	293	12	&	&	CCONJ
cblr-1783	293	13	clearing	clearing	PROPN
cblr-1783	293	14	corp	corp	PROPN
cblr-1783	293	15	.	.	PROPN
cblr-1783	293	16	,	,	PUNCT
cblr-1783	293	17	http://perma.cc/sl2s-xthq	http://perma.cc/sl2s-xthq	PROPN
cblr-1783	293	18	(	(	PUNCT
cblr-1783	293	19	last	last	ADV
cblr-1783	293	20	visited	visit	VERB
cblr-1783	293	21	nov	nov	PROPN
cblr-1783	293	22	.	.	PROPN
cblr-1783	293	23	19	19	NUM
cblr-1783	293	24	,	,	PUNCT
cblr-1783	293	25	2014	2014	NUM
cblr-1783	293	26	)	)	PUNCT
cblr-1783	293	27	.	.	PUNCT
cblr-1783	294	1	49	49	NUM
cblr-1783	295	1	i	i	PRON
cblr-1783	295	2	d.	d.	PROPN
cblr-1783	295	3	no	no	INTJ
cblr-1783	295	4	.	.	PUNCT
cblr-1783	296	1	3:747	3:747	NUM
cblr-1783	296	2	]	]	X
cblr-1783	296	3	systemic	systemic	ADJ
cblr-1783	296	4	risk	risk	NOUN
cblr-1783	296	5	paradox	paradox	NOUN
cblr-1783	296	6	763	763	NUM
cblr-1783	296	7	nscc	nscc	ADJ
cblr-1783	296	8	is	be	AUX
cblr-1783	296	9	integrated	integrate	VERB
cblr-1783	296	10	horizontally	horizontally	ADV
cblr-1783	296	11	into	into	ADP
cblr-1783	296	12	the	the	DET
cblr-1783	296	13	securities	security	NOUN
cblr-1783	296	14	market	market	NOUN
cblr-1783	296	15	—	—	PUNCT
cblr-1783	296	16	that	that	ADV
cblr-1783	296	17	is	is	ADV
cblr-1783	296	18	,	,	PUNCT
cblr-1783	296	19	nscc	nscc	ADV
cblr-1783	296	20	clears	clear	VERB
cblr-1783	296	21	and	and	CCONJ
cblr-1783	296	22	settles	settle	VERB
cblr-1783	296	23	for	for	ADP
cblr-1783	296	24	a	a	DET
cblr-1783	296	25	variety	variety	NOUN
cblr-1783	296	26	of	of	ADP
cblr-1783	296	27	exchanges	exchange	NOUN
cblr-1783	296	28	,	,	PUNCT
cblr-1783	296	29	including	include	VERB
cblr-1783	296	30	nyse	nyse	PROPN
cblr-1783	296	31	and	and	CCONJ
cblr-1783	296	32	the	the	DET
cblr-1783	296	33	american	american	PROPN
cblr-1783	296	34	stock	stock	PROPN
cblr-1783	296	35	exchange	exchange	PROPN
cblr-1783	296	36	(	(	PUNCT
cblr-1783	296	37	“	"	PUNCT
cblr-1783	296	38	amex	amex	NOUN
cblr-1783	296	39	”	"	PUNCT
cblr-1783	296	40	)	)	PUNCT
cblr-1783	296	41	,	,	PUNCT
cblr-1783	296	42	rather	rather	ADV
cblr-1783	296	43	than	than	ADP
cblr-1783	296	44	being	be	AUX
cblr-1783	296	45	tethered	tethered	ADJ
cblr-1783	296	46	to	to	ADP
cblr-1783	296	47	any	any	DET
cblr-1783	296	48	one	one	NUM
cblr-1783	296	49	exchange	exchange	NOUN
cblr-1783	296	50	.	.	PUNCT
cblr-1783	297	1	it	it	PRON
cblr-1783	297	2	was	be	AUX
cblr-1783	297	3	not	not	PART
cblr-1783	297	4	always	always	ADV
cblr-1783	297	5	this	this	DET
cblr-1783	297	6	way	way	NOUN
cblr-1783	297	7	;	;	PUNCT
cblr-1783	297	8	for	for	ADP
cblr-1783	297	9	many	many	ADJ
cblr-1783	297	10	decades	decade	NOUN
cblr-1783	297	11	,	,	PUNCT
cblr-1783	297	12	the	the	DET
cblr-1783	297	13	securities	security	NOUN
cblr-1783	297	14	world	world	NOUN
cblr-1783	297	15	resembled	resemble	VERB
cblr-1783	297	16	the	the	DET
cblr-1783	297	17	futures	future	NOUN
cblr-1783	297	18	world	world	NOUN
cblr-1783	297	19	,	,	PUNCT
cblr-1783	297	20	where	where	SCONJ
cblr-1783	297	21	each	each	DET
cblr-1783	297	22	exchange	exchange	NOUN
cblr-1783	297	23	has	have	VERB
cblr-1783	297	24	its	its	PRON
cblr-1783	297	25	own	own	ADJ
cblr-1783	297	26	exclusive	exclusive	ADJ
cblr-1783	297	27	clearinghouse	clearinghouse	NOUN
cblr-1783	297	28	.	.	PUNCT
cblr-1783	298	1	three	three	NUM
cblr-1783	298	2	points	point	NOUN
cblr-1783	298	3	along	along	ADP
cblr-1783	298	4	the	the	DET
cblr-1783	298	5	evolution	evolution	NOUN
cblr-1783	298	6	toward	toward	ADP
cblr-1783	298	7	centralized	centralized	ADJ
cblr-1783	298	8	clearing	clearing	NOUN
cblr-1783	298	9	are	be	AUX
cblr-1783	298	10	noteworthy	noteworthy	ADJ
cblr-1783	298	11	.	.	PUNCT
cblr-1783	299	1	first	first	ADV
cblr-1783	299	2	,	,	PUNCT
cblr-1783	299	3	and	and	CCONJ
cblr-1783	299	4	most	most	ADV
cblr-1783	299	5	ironically	ironically	ADV
cblr-1783	299	6	,	,	PUNCT
cblr-1783	299	7	it	it	PRON
cblr-1783	299	8	was	be	AUX
cblr-1783	299	9	concerns	concern	NOUN
cblr-1783	299	10	over	over	ADP
cblr-1783	299	11	systemic	systemic	ADJ
cblr-1783	299	12	risk	risk	NOUN
cblr-1783	299	13	that	that	PRON
cblr-1783	299	14	led	lead	VERB
cblr-1783	299	15	to	to	ADP
cblr-1783	299	16	the	the	DET
cblr-1783	299	17	creation	creation	NOUN
cblr-1783	299	18	of	of	ADP
cblr-1783	299	19	a	a	DET
cblr-1783	299	20	systemically	systemically	ADV
cblr-1783	299	21	significant	significant	ADJ
cblr-1783	299	22	clearinghouse	clearinghouse	NOUN
cblr-1783	299	23	in	in	ADP
cblr-1783	299	24	nscc	nscc	PROPN
cblr-1783	299	25	.	.	PUNCT
cblr-1783	300	1	prior	prior	ADV
cblr-1783	300	2	to	to	ADP
cblr-1783	300	3	1976	1976	NUM
cblr-1783	300	4	,	,	PUNCT
cblr-1783	300	5	there	there	PRON
cblr-1783	300	6	were	be	VERB
cblr-1783	300	7	three	three	NUM
cblr-1783	300	8	major	major	ADJ
cblr-1783	300	9	clearinghouses	clearinghouse	NOUN
cblr-1783	300	10	—	—	PUNCT
cblr-1783	300	11	one	one	NUM
cblr-1783	300	12	each	each	PRON
cblr-1783	300	13	for	for	ADP
cblr-1783	300	14	the	the	DET
cblr-1783	300	15	nyse	nyse	PROPN
cblr-1783	300	16	,	,	PUNCT
cblr-1783	300	17	amex	amex	PROPN
cblr-1783	300	18	,	,	PUNCT
cblr-1783	300	19	and	and	CCONJ
cblr-1783	300	20	the	the	DET
cblr-1783	300	21	national	national	PROPN
cblr-1783	300	22	association	association	PROPN
cblr-1783	300	23	of	of	ADP
cblr-1783	300	24	securities	security	NOUN
cblr-1783	300	25	dealers	dealer	NOUN
cblr-1783	300	26	(	(	PUNCT
cblr-1783	300	27	nasd)—and	nasd)—and	ADV
cblr-1783	300	28	a	a	DET
cblr-1783	300	29	handful	handful	NOUN
cblr-1783	300	30	of	of	ADP
cblr-1783	300	31	smaller	small	ADJ
cblr-1783	300	32	clearinghouses	clearinghouse	NOUN
cblr-1783	300	33	serving	serve	VERB
cblr-1783	300	34	regional	regional	ADJ
cblr-1783	300	35	exchanges.50	exchanges.50	NOUN
cblr-1783	300	36	in	in	ADP
cblr-1783	300	37	those	those	DET
cblr-1783	300	38	days	day	NOUN
cblr-1783	300	39	,	,	PUNCT
cblr-1783	300	40	brokerages	brokerage	NOUN
cblr-1783	300	41	’	'	PUNCT
cblr-1783	300	42	back	back	ADJ
cblr-1783	300	43	-	-	PUNCT
cblr-1783	300	44	office	office	NOUN
cblr-1783	300	45	operations	operation	NOUN
cblr-1783	300	46	processed	process	VERB
cblr-1783	300	47	securities	security	NOUN
cblr-1783	300	48	transactions	transaction	NOUN
cblr-1783	300	49	on	on	ADP
cblr-1783	300	50	paper	paper	NOUN
cblr-1783	300	51	.	.	PUNCT
cblr-1783	301	1	with	with	ADP
cblr-1783	301	2	the	the	DET
cblr-1783	301	3	swell	swell	NOUN
cblr-1783	301	4	of	of	ADP
cblr-1783	301	5	securities	security	NOUN
cblr-1783	301	6	trading	trading	NOUN
cblr-1783	301	7	in	in	ADP
cblr-1783	301	8	the	the	DET
cblr-1783	301	9	1960s	1960	NOUN
cblr-1783	301	10	,	,	PUNCT
cblr-1783	301	11	back	back	ADJ
cblr-1783	301	12	offices	office	NOUN
cblr-1783	301	13	became	become	VERB
cblr-1783	301	14	so	so	ADV
cblr-1783	301	15	overworked	overworked	ADJ
cblr-1783	301	16	that	that	SCONJ
cblr-1783	301	17	they	they	PRON
cblr-1783	301	18	had	have	VERB
cblr-1783	301	19	to	to	PART
cblr-1783	301	20	close	close	VERB
cblr-1783	301	21	down	down	ADP
cblr-1783	301	22	regularly	regularly	ADV
cblr-1783	301	23	to	to	PART
cblr-1783	301	24	catch	catch	VERB
cblr-1783	301	25	up	up	ADP
cblr-1783	301	26	.	.	PUNCT
cblr-1783	302	1	errors	error	NOUN
cblr-1783	302	2	were	be	AUX
cblr-1783	302	3	rife	rife	ADJ
cblr-1783	302	4	;	;	PUNCT
cblr-1783	302	5	buyers	buyer	NOUN
cblr-1783	302	6	would	would	AUX
cblr-1783	302	7	often	often	ADV
cblr-1783	302	8	not	not	PART
cblr-1783	302	9	receive	receive	VERB
cblr-1783	302	10	securities	security	NOUN
cblr-1783	302	11	,	,	PUNCT
cblr-1783	302	12	and	and	CCONJ
cblr-1783	302	13	sellers	seller	NOUN
cblr-1783	302	14	would	would	AUX
cblr-1783	302	15	often	often	ADV
cblr-1783	302	16	not	not	PART
cblr-1783	302	17	receive	receive	VERB
cblr-1783	302	18	payment	payment	NOUN
cblr-1783	302	19	.	.	PUNCT
cblr-1783	303	1	this	this	DET
cblr-1783	303	2	“	"	PUNCT
cblr-1783	303	3	paperwork	paperwork	NOUN
cblr-1783	303	4	crisis	crisis	NOUN
cblr-1783	303	5	”	"	PUNCT
cblr-1783	303	6	caused	cause	VERB
cblr-1783	303	7	the	the	DET
cblr-1783	303	8	sec	sec	PROPN
cblr-1783	303	9	to	to	PART
cblr-1783	303	10	issue	issue	VERB
cblr-1783	303	11	paperwork	paperwork	NOUN
cblr-1783	303	12	standards	standard	NOUN
cblr-1783	303	13	for	for	ADP
cblr-1783	303	14	securities	security	NOUN
cblr-1783	303	15	transactions	transaction	NOUN
cblr-1783	303	16	.	.	PUNCT
cblr-1783	304	1	congress	congress	PROPN
cblr-1783	304	2	subsequently	subsequently	ADV
cblr-1783	304	3	commissioned	commission	VERB
cblr-1783	304	4	a	a	DET
cblr-1783	304	5	study	study	NOUN
cblr-1783	304	6	,	,	PUNCT
cblr-1783	304	7	which	which	PRON
cblr-1783	304	8	concluded	conclude	VERB
cblr-1783	304	9	that	that	SCONJ
cblr-1783	304	10	the	the	DET
cblr-1783	304	11	industry	industry	NOUN
cblr-1783	304	12	needed	need	VERB
cblr-1783	304	13	a	a	DET
cblr-1783	304	14	national	national	ADJ
cblr-1783	304	15	clearing	clearing	NOUN
cblr-1783	304	16	system.51	system.51	NOUN
cblr-1783	304	17	the	the	DET
cblr-1783	304	18	second	second	ADJ
cblr-1783	304	19	notable	notable	ADJ
cblr-1783	304	20	point	point	NOUN
cblr-1783	304	21	is	be	AUX
cblr-1783	304	22	that	that	SCONJ
cblr-1783	304	23	the	the	DET
cblr-1783	304	24	systemically	systemically	ADV
cblr-1783	304	25	significant	significant	ADJ
cblr-1783	304	26	nscc	nscc	ADJ
cblr-1783	304	27	was	be	AUX
cblr-1783	304	28	born	bear	VERB
cblr-1783	304	29	with	with	ADP
cblr-1783	304	30	the	the	DET
cblr-1783	304	31	blessing	blessing	NOUN
cblr-1783	304	32	—	—	PUNCT
cblr-1783	304	33	and	and	CCONJ
cblr-1783	304	34	open	open	ADJ
cblr-1783	304	35	encouragement	encouragement	NOUN
cblr-1783	304	36	—	—	PUNCT
cblr-1783	304	37	of	of	ADP
cblr-1783	304	38	regulation	regulation	NOUN
cblr-1783	304	39	.	.	PUNCT
cblr-1783	305	1	congress	congress	PROPN
cblr-1783	305	2	,	,	PUNCT
cblr-1783	305	3	the	the	DET
cblr-1783	305	4	sec	sec	PROPN
cblr-1783	305	5	,	,	PUNCT
cblr-1783	305	6	and	and	CCONJ
cblr-1783	305	7	industry	industry	NOUN
cblr-1783	305	8	were	be	AUX
cblr-1783	305	9	concerned	concerned	ADJ
cblr-1783	305	10	about	about	ADP
cblr-1783	305	11	the	the	DET
cblr-1783	305	12	risks	risk	NOUN
cblr-1783	305	13	posed	pose	VERB
cblr-1783	305	14	by	by	ADP
cblr-1783	305	15	errors	error	NOUN
cblr-1783	305	16	and	and	CCONJ
cblr-1783	305	17	delays	delay	NOUN
cblr-1783	305	18	in	in	ADP
cblr-1783	305	19	transaction	transaction	NOUN
cblr-1783	305	20	processing	processing	NOUN
cblr-1783	305	21	.	.	PUNCT
cblr-1783	306	1	those	those	DET
cblr-1783	306	2	risks	risk	NOUN
cblr-1783	306	3	were	be	AUX
cblr-1783	306	4	real	real	ADJ
cblr-1783	306	5	and	and	CCONJ
cblr-1783	306	6	pervasive	pervasive	ADJ
cblr-1783	306	7	;	;	PUNCT
cblr-1783	306	8	a	a	DET
cblr-1783	306	9	modest	modest	ADJ
cblr-1783	306	10	backlog	backlog	NOUN
cblr-1783	306	11	could	could	AUX
cblr-1783	306	12	shut	shut	VERB
cblr-1783	306	13	down	down	ADP
cblr-1783	306	14	brokerages	brokerage	NOUN
cblr-1783	306	15	for	for	ADP
cblr-1783	306	16	days	day	NOUN
cblr-1783	306	17	,	,	PUNCT
cblr-1783	306	18	while	while	SCONJ
cblr-1783	306	19	a	a	DET
cblr-1783	306	20	severe	severe	ADJ
cblr-1783	306	21	backlog	backlog	NOUN
cblr-1783	306	22	could	could	AUX
cblr-1783	306	23	bring	bring	VERB
cblr-1783	306	24	the	the	DET
cblr-1783	306	25	industry	industry	NOUN
cblr-1783	306	26	to	to	ADP
cblr-1783	306	27	its	its	PRON
cblr-1783	306	28	knees	knee	NOUN
cblr-1783	306	29	.	.	PUNCT
cblr-1783	307	1	yet	yet	ADV
cblr-1783	307	2	at	at	ADP
cblr-1783	307	3	the	the	DET
cblr-1783	307	4	time	time	NOUN
cblr-1783	307	5	,	,	PUNCT
cblr-1783	307	6	the	the	DET
cblr-1783	307	7	understanding	understanding	NOUN
cblr-1783	307	8	of	of	ADP
cblr-1783	307	9	systemic	systemic	ADJ
cblr-1783	307	10	risk	risk	NOUN
cblr-1783	307	11	revolved	revolve	VERB
cblr-1783	307	12	solely	solely	ADV
cblr-1783	307	13	around	around	ADP
cblr-1783	307	14	processing	processing	NOUN
cblr-1783	307	15	and	and	CCONJ
cblr-1783	307	16	did	do	AUX
cblr-1783	307	17	not	not	PART
cblr-1783	307	18	encompass	encompass	VERB
cblr-1783	307	19	risks	risk	NOUN
cblr-1783	307	20	to	to	ADP
cblr-1783	307	21	the	the	DET
cblr-1783	307	22	industry	industry	NOUN
cblr-1783	307	23	from	from	ADP
cblr-1783	307	24	the	the	DET
cblr-1783	307	25	failure	failure	NOUN
cblr-1783	307	26	of	of	ADP
cblr-1783	307	27	one	one	NUM
cblr-1783	307	28	or	or	CCONJ
cblr-1783	307	29	more	more	ADJ
cblr-1783	307	30	major	major	ADJ
cblr-1783	307	31	50	50	NUM
cblr-1783	307	32	wolkoff	wolkoff	NOUN
cblr-1783	307	33	&	&	CCONJ
cblr-1783	307	34	werner	werner	PROPN
cblr-1783	307	35	,	,	PUNCT
cblr-1783	307	36	supra	supra	PROPN
cblr-1783	307	37	note	note	NOUN
cblr-1783	307	38	44	44	NUM
cblr-1783	307	39	,	,	PUNCT
cblr-1783	307	40	at	at	ADP
cblr-1783	307	41	321	321	NUM
cblr-1783	307	42	.	.	PUNCT
cblr-1783	307	43	51	51	NUM
cblr-1783	307	44	wolkoff	wolkoff	NOUN
cblr-1783	307	45	&	&	CCONJ
cblr-1783	307	46	werner	werner	PROPN
cblr-1783	307	47	,	,	PUNCT
cblr-1783	307	48	supra	supra	PROPN
cblr-1783	307	49	note	note	NOUN
cblr-1783	307	50	44	44	NUM
cblr-1783	307	51	,	,	PUNCT
cblr-1783	307	52	at	at	ADP
cblr-1783	307	53	319	319	NUM
cblr-1783	307	54	.	.	PUNCT
cblr-1783	308	1	764	764	NUM
cblr-1783	308	2	columbia	columbia	PROPN
cblr-1783	308	3	business	business	NOUN
cblr-1783	308	4	law	law	PROPN
cblr-1783	308	5	review	review	NOUN
cblr-1783	309	1	[	[	X
cblr-1783	309	2	vol	vol	NOUN
cblr-1783	309	3	.	.	PUNCT
cblr-1783	309	4	2014	2014	NUM
cblr-1783	309	5	players.52	players.52	NOUN
cblr-1783	309	6	it	it	PRON
cblr-1783	309	7	did	do	AUX
cblr-1783	309	8	not	not	PART
cblr-1783	309	9	,	,	PUNCT
cblr-1783	309	10	in	in	ADP
cblr-1783	309	11	other	other	ADJ
cblr-1783	309	12	words	word	NOUN
cblr-1783	309	13	,	,	PUNCT
cblr-1783	309	14	cohere	cohere	ADJ
cblr-1783	309	15	with	with	ADP
cblr-1783	309	16	what	what	PRON
cblr-1783	309	17	we	we	PRON
cblr-1783	309	18	have	have	AUX
cblr-1783	309	19	now	now	ADV
cblr-1783	309	20	come	come	VERB
cblr-1783	309	21	to	to	PART
cblr-1783	309	22	associate	associate	VERB
cblr-1783	309	23	with	with	ADP
cblr-1783	309	24	systemic	systemic	ADJ
cblr-1783	309	25	risk	risk	NOUN
cblr-1783	309	26	—	—	PUNCT
cblr-1783	309	27	size	size	NOUN
cblr-1783	309	28	.	.	PUNCT
cblr-1783	310	1	thus	thus	ADV
cblr-1783	310	2	,	,	PUNCT
cblr-1783	310	3	when	when	SCONJ
cblr-1783	310	4	the	the	DET
cblr-1783	310	5	sec	sec	PROPN
cblr-1783	310	6	heeded	heed	VERB
cblr-1783	310	7	congressional	congressional	ADJ
cblr-1783	310	8	mandate	mandate	NOUN
cblr-1783	310	9	and	and	CCONJ
cblr-1783	310	10	responded	respond	VERB
cblr-1783	310	11	with	with	ADP
cblr-1783	310	12	a	a	DET
cblr-1783	310	13	set	set	NOUN
cblr-1783	310	14	of	of	ADP
cblr-1783	310	15	amendments	amendment	NOUN
cblr-1783	310	16	to	to	ADP
cblr-1783	310	17	the	the	DET
cblr-1783	310	18	securities	security	NOUN
cblr-1783	310	19	exchange	exchange	PROPN
cblr-1783	310	20	act	act	NOUN
cblr-1783	310	21	in	in	ADP
cblr-1783	310	22	1975	1975	NUM
cblr-1783	310	23	(	(	PUNCT
cblr-1783	310	24	the	the	DET
cblr-1783	310	25	“	"	PUNCT
cblr-1783	310	26	1975	1975	NUM
cblr-1783	310	27	amendments	amendment	NOUN
cblr-1783	310	28	”	"	PUNCT
cblr-1783	310	29	)	)	PUNCT
cblr-1783	310	30	,	,	PUNCT
cblr-1783	310	31	the	the	DET
cblr-1783	310	32	commission	commission	NOUN
cblr-1783	310	33	paved	pave	VERB
cblr-1783	310	34	the	the	DET
cblr-1783	310	35	way	way	NOUN
cblr-1783	310	36	for	for	ADP
cblr-1783	310	37	the	the	DET
cblr-1783	310	38	establishment	establishment	NOUN
cblr-1783	310	39	of	of	ADP
cblr-1783	310	40	a	a	DET
cblr-1783	310	41	giant	giant	ADJ
cblr-1783	310	42	clearinghouse	clearinghouse	NOUN
cblr-1783	310	43	.	.	PUNCT
cblr-1783	311	1	under	under	ADP
cblr-1783	311	2	the	the	DET
cblr-1783	311	3	1975	1975	NUM
cblr-1783	311	4	amendments	amendment	NOUN
cblr-1783	311	5	,	,	PUNCT
cblr-1783	311	6	all	all	DET
cblr-1783	311	7	clearinghouses	clearinghouse	NOUN
cblr-1783	311	8	had	have	VERB
cblr-1783	311	9	to	to	PART
cblr-1783	311	10	register	register	VERB
cblr-1783	311	11	with	with	ADP
cblr-1783	311	12	the	the	DET
cblr-1783	311	13	sec	sec	PROPN
cblr-1783	311	14	.	.	PUNCT
cblr-1783	312	1	in	in	ADP
cblr-1783	312	2	late	late	ADJ
cblr-1783	312	3	1975	1975	NUM
cblr-1783	312	4	,	,	PUNCT
cblr-1783	312	5	the	the	DET
cblr-1783	312	6	three	three	NUM
cblr-1783	312	7	major	major	ADJ
cblr-1783	312	8	clearinghouses	clearinghouse	NOUN
cblr-1783	312	9	merged	merge	VERB
cblr-1783	312	10	,	,	PUNCT
cblr-1783	312	11	and	and	CCONJ
cblr-1783	312	12	in	in	ADP
cblr-1783	312	13	march	march	PROPN
cblr-1783	312	14	1976	1976	NUM
cblr-1783	312	15	,	,	PUNCT
cblr-1783	312	16	the	the	DET
cblr-1783	312	17	surviving	survive	VERB
cblr-1783	312	18	entity	entity	NOUN
cblr-1783	312	19	,	,	PUNCT
cblr-1783	312	20	nscc	nscc	ADJ
cblr-1783	312	21	,	,	PUNCT
cblr-1783	312	22	secured	secure	VERB
cblr-1783	312	23	sec	sec	PROPN
cblr-1783	312	24	registration	registration	NOUN
cblr-1783	312	25	—	—	PUNCT
cblr-1783	312	26	with	with	ADP
cblr-1783	312	27	the	the	DET
cblr-1783	312	28	agency	agency	NOUN
cblr-1783	312	29	expressing	express	VERB
cblr-1783	312	30	very	very	ADV
cblr-1783	312	31	few	few	ADJ
cblr-1783	312	32	reservations	reservation	NOUN
cblr-1783	312	33	about	about	ADP
cblr-1783	312	34	anticompetitive	anticompetitive	ADJ
cblr-1783	312	35	effect	effect	NOUN
cblr-1783	312	36	and	and	CCONJ
cblr-1783	312	37	no	no	DET
cblr-1783	312	38	comment	comment	NOUN
cblr-1783	312	39	at	at	ADV
cblr-1783	312	40	all	all	ADV
cblr-1783	312	41	about	about	ADP
cblr-1783	312	42	systemic	systemic	ADJ
cblr-1783	312	43	risk	risk	NOUN
cblr-1783	312	44	.	.	PUNCT
cblr-1783	313	1	whereas	whereas	SCONJ
cblr-1783	313	2	the	the	DET
cblr-1783	313	3	sec	sec	PROPN
cblr-1783	313	4	had	have	AUX
cblr-1783	313	5	set	set	VERB
cblr-1783	313	6	out	out	ADP
cblr-1783	313	7	to	to	PART
cblr-1783	313	8	unify	unify	VERB
cblr-1783	313	9	the	the	DET
cblr-1783	313	10	securities	security	NOUN
cblr-1783	313	11	clearing	clearing	NOUN
cblr-1783	313	12	system	system	NOUN
cblr-1783	313	13	,	,	PUNCT
cblr-1783	313	14	the	the	DET
cblr-1783	313	15	agency	agency	NOUN
cblr-1783	313	16	ended	end	VERB
cblr-1783	313	17	up	up	ADP
cblr-1783	313	18	creating	create	VERB
cblr-1783	313	19	the	the	DET
cblr-1783	313	20	most	most	ADV
cblr-1783	313	21	dominant	dominant	ADJ
cblr-1783	313	22	player	player	NOUN
cblr-1783	313	23	that	that	SCONJ
cblr-1783	313	24	the	the	DET
cblr-1783	313	25	clearing	clearing	NOUN
cblr-1783	313	26	industry	industry	NOUN
cblr-1783	313	27	had	have	AUX
cblr-1783	313	28	ever	ever	ADV
cblr-1783	313	29	seen	see	VERB
cblr-1783	313	30	.	.	PUNCT
cblr-1783	314	1	third	third	ADJ
cblr-1783	314	2	,	,	PUNCT
cblr-1783	314	3	and	and	CCONJ
cblr-1783	314	4	ancillary	ancillary	ADJ
cblr-1783	314	5	to	to	ADP
cblr-1783	314	6	the	the	DET
cblr-1783	314	7	second	second	ADJ
cblr-1783	314	8	point	point	NOUN
cblr-1783	314	9	,	,	PUNCT
cblr-1783	314	10	permissiveness	permissiveness	NOUN
cblr-1783	314	11	toward	toward	ADP
cblr-1783	314	12	nscc	nscc	ADV
cblr-1783	314	13	evoked	evoke	VERB
cblr-1783	314	14	a	a	DET
cblr-1783	314	15	longstanding	longstanding	ADJ
cblr-1783	314	16	capitulation	capitulation	NOUN
cblr-1783	314	17	to	to	ADP
cblr-1783	314	18	natural	natural	ADJ
cblr-1783	314	19	monopoly	monopoly	NOUN
cblr-1783	314	20	.	.	PUNCT
cblr-1783	315	1	regulatory	regulatory	ADJ
cblr-1783	315	2	tolerance	tolerance	NOUN
cblr-1783	315	3	of	of	ADP
cblr-1783	315	4	dominant	dominant	ADJ
cblr-1783	315	5	enterprises	enterprise	NOUN
cblr-1783	315	6	commonly	commonly	ADV
cblr-1783	315	7	occurs	occur	VERB
cblr-1783	315	8	where	where	SCONJ
cblr-1783	315	9	production	production	NOUN
cblr-1783	315	10	is	be	AUX
cblr-1783	315	11	most	most	ADV
cblr-1783	315	12	efficient	efficient	ADJ
cblr-1783	315	13	when	when	SCONJ
cblr-1783	315	14	concentrated	concentrate	VERB
cblr-1783	315	15	in	in	ADP
cblr-1783	315	16	a	a	DET
cblr-1783	315	17	single	single	ADJ
cblr-1783	315	18	firm.53	firm.53	NOUN
cblr-1783	315	19	examples	example	NOUN
cblr-1783	315	20	include	include	VERB
cblr-1783	315	21	telecommunications	telecommunication	NOUN
cblr-1783	315	22	,	,	PUNCT
cblr-1783	315	23	electricity	electricity	NOUN
cblr-1783	315	24	generation	generation	NOUN
cblr-1783	315	25	and	and	CCONJ
cblr-1783	315	26	delivery	delivery	NOUN
cblr-1783	315	27	,	,	PUNCT
cblr-1783	315	28	and	and	CCONJ
cblr-1783	315	29	transportation	transportation	NOUN
cblr-1783	315	30	;	;	PUNCT
cblr-1783	315	31	in	in	ADP
cblr-1783	315	32	these	these	DET
cblr-1783	315	33	industries	industry	NOUN
cblr-1783	315	34	,	,	PUNCT
cblr-1783	315	35	monopolies	monopoly	NOUN
cblr-1783	315	36	are	be	AUX
cblr-1783	315	37	allowed	allow	VERB
cblr-1783	315	38	to	to	PART
cblr-1783	315	39	survive	survive	VERB
cblr-1783	315	40	,	,	PUNCT
cblr-1783	315	41	with	with	ADP
cblr-1783	315	42	government	government	NOUN
cblr-1783	315	43	oversight	oversight	NOUN
cblr-1783	315	44	,	,	PUNCT
cblr-1783	315	45	because	because	SCONJ
cblr-1783	315	46	of	of	ADP
cblr-1783	315	47	the	the	DET
cblr-1783	315	48	high	high	ADJ
cblr-1783	315	49	startup	startup	NOUN
cblr-1783	315	50	costs	cost	NOUN
cblr-1783	315	51	faced	face	VERB
cblr-1783	315	52	by	by	ADP
cblr-1783	315	53	competitors	competitor	NOUN
cblr-1783	315	54	and	and	CCONJ
cblr-1783	315	55	benefits	benefit	NOUN
cblr-1783	315	56	conferred	confer	VERB
cblr-1783	315	57	to	to	ADP
cblr-1783	315	58	the	the	DET
cblr-1783	315	59	public	public	NOUN
cblr-1783	315	60	.	.	PUNCT
cblr-1783	316	1	and	and	CCONJ
cblr-1783	316	2	indeed	indeed	ADV
cblr-1783	316	3	,	,	PUNCT
cblr-1783	316	4	nscc	nscc	PROPN
cblr-1783	316	5	has	have	AUX
cblr-1783	316	6	been	be	AUX
cblr-1783	316	7	compared	compare	VERB
cblr-1783	316	8	to	to	ADP
cblr-1783	316	9	a	a	DET
cblr-1783	316	10	public	public	ADJ
cblr-1783	316	11	utility	utility	NOUN
cblr-1783	316	12	,	,	PUNCT
cblr-1783	316	13	a	a	DET
cblr-1783	316	14	common	common	ADJ
cblr-1783	316	15	solution	solution	NOUN
cblr-1783	316	16	for	for	ADP
cblr-1783	316	17	natural	natural	ADJ
cblr-1783	316	18	monopoly	monopoly	NOUN
cblr-1783	316	19	.	.	PUNCT
cblr-1783	317	1	both	both	CCONJ
cblr-1783	317	2	the	the	DET
cblr-1783	317	3	sec	sec	PROPN
cblr-1783	317	4	release	release	NOUN
cblr-1783	317	5	that	that	PRON
cblr-1783	317	6	announced	announce	VERB
cblr-1783	317	7	the	the	DET
cblr-1783	317	8	registration	registration	NOUN
cblr-1783	317	9	of	of	ADP
cblr-1783	317	10	nscc	nscc	PROPN
cblr-1783	317	11	and	and	CCONJ
cblr-1783	317	12	the	the	DET
cblr-1783	317	13	d.c	d.c	PROPN
cblr-1783	317	14	.	.	PROPN
cblr-1783	317	15	circuit	circuit	PROPN
cblr-1783	317	16	opinion	opinion	NOUN
cblr-1783	317	17	that	that	PRON
cblr-1783	317	18	reviewed	review	VERB
cblr-1783	317	19	a	a	DET
cblr-1783	317	20	challenge	challenge	NOUN
cblr-1783	317	21	to	to	ADP
cblr-1783	317	22	that	that	DET
cblr-1783	317	23	registration	registration	NOUN
cblr-1783	317	24	by	by	ADP
cblr-1783	317	25	a	a	DET
cblr-1783	317	26	competitor	competitor	NOUN
cblr-1783	317	27	of	of	ADP
cblr-1783	317	28	nscc	nscc	PROPN
cblr-1783	317	29	used	use	VERB
cblr-1783	317	30	the	the	DET
cblr-1783	317	31	language	language	NOUN
cblr-1783	317	32	of	of	ADP
cblr-1783	317	33	52	52	NUM
cblr-1783	317	34	for	for	ADP
cblr-1783	317	35	example	example	NOUN
cblr-1783	317	36	,	,	PUNCT
cblr-1783	317	37	when	when	SCONJ
cblr-1783	317	38	pressure	pressure	NOUN
cblr-1783	317	39	mounted	mount	VERB
cblr-1783	317	40	in	in	ADP
cblr-1783	317	41	1988	1988	NUM
cblr-1783	317	42	to	to	PART
cblr-1783	317	43	revise	revise	VERB
cblr-1783	317	44	ucc	ucc	PROPN
cblr-1783	317	45	article	article	PROPN
cblr-1783	317	46	8	8	NUM
cblr-1783	317	47	,	,	PUNCT
cblr-1783	317	48	which	which	PRON
cblr-1783	317	49	deals	deal	VERB
cblr-1783	317	50	with	with	ADP
cblr-1783	317	51	the	the	DET
cblr-1783	317	52	rights	right	NOUN
cblr-1783	317	53	of	of	ADP
cblr-1783	317	54	securities	security	NOUN
cblr-1783	317	55	intermediaries	intermediary	NOUN
cblr-1783	317	56	,	,	PUNCT
cblr-1783	317	57	part	part	NOUN
cblr-1783	317	58	of	of	ADP
cblr-1783	317	59	the	the	DET
cblr-1783	317	60	rationale	rationale	NOUN
cblr-1783	317	61	was	be	AUX
cblr-1783	317	62	grounded	ground	VERB
cblr-1783	317	63	in	in	ADP
cblr-1783	317	64	the	the	DET
cblr-1783	317	65	mitigation	mitigation	NOUN
cblr-1783	317	66	of	of	ADP
cblr-1783	317	67	systemic	systemic	ADJ
cblr-1783	317	68	risk	risk	NOUN
cblr-1783	317	69	.	.	PUNCT
cblr-1783	318	1	see	see	VERB
cblr-1783	318	2	francis	francis	PROPN
cblr-1783	318	3	j.	j.	PROPN
cblr-1783	318	4	facciolo	facciolo	PROPN
cblr-1783	318	5	,	,	PUNCT
cblr-1783	318	6	father	father	PROPN
cblr-1783	318	7	knows	know	VERB
cblr-1783	318	8	best	well	ADV
cblr-1783	318	9	:	:	PUNCT
cblr-1783	318	10	revised	revise	VERB
cblr-1783	318	11	article	article	NOUN
cblr-1783	318	12	8	8	NUM
cblr-1783	318	13	and	and	CCONJ
cblr-1783	318	14	the	the	DET
cblr-1783	318	15	individual	individual	ADJ
cblr-1783	318	16	investor	investor	NOUN
cblr-1783	318	17	,	,	PUNCT
cblr-1783	318	18	27	27	NUM
cblr-1783	318	19	fla	fla	NOUN
cblr-1783	318	20	.	.	PUNCT
cblr-1783	319	1	st	st	PROPN
cblr-1783	319	2	.	.	PROPN
cblr-1783	319	3	u.	u.	PROPN
cblr-1783	319	4	l.	l.	PROPN
cblr-1783	319	5	rev	rev	PROPN
cblr-1783	319	6	.	.	PROPN
cblr-1783	319	7	615	615	NUM
cblr-1783	319	8	,	,	PUNCT
cblr-1783	319	9	624	624	NUM
cblr-1783	319	10	(	(	PUNCT
cblr-1783	319	11	2000	2000	NUM
cblr-1783	319	12	)	)	PUNCT
cblr-1783	319	13	.	.	PUNCT
cblr-1783	320	1	the	the	DET
cblr-1783	320	2	fear	fear	NOUN
cblr-1783	320	3	was	be	AUX
cblr-1783	320	4	that	that	SCONJ
cblr-1783	320	5	without	without	ADP
cblr-1783	320	6	the	the	DET
cblr-1783	320	7	finality	finality	NOUN
cblr-1783	320	8	in	in	ADP
cblr-1783	320	9	the	the	DET
cblr-1783	320	10	transfer	transfer	NOUN
cblr-1783	320	11	of	of	ADP
cblr-1783	320	12	securities	security	NOUN
cblr-1783	320	13	conveyed	convey	VERB
cblr-1783	320	14	in	in	ADP
cblr-1783	320	15	a	a	DET
cblr-1783	320	16	more	more	ADV
cblr-1783	320	17	robust	robust	ADJ
cblr-1783	320	18	article	article	NOUN
cblr-1783	320	19	8	8	NUM
cblr-1783	320	20	,	,	PUNCT
cblr-1783	320	21	the	the	DET
cblr-1783	320	22	industry	industry	NOUN
cblr-1783	320	23	would	would	AUX
cblr-1783	320	24	suffer	suffer	VERB
cblr-1783	320	25	from	from	ADP
cblr-1783	320	26	uncertainty	uncertainty	NOUN
cblr-1783	320	27	.	.	PUNCT
cblr-1783	321	1	53	53	NUM
cblr-1783	321	2	see	see	NOUN
cblr-1783	321	3	infra	infra	NOUN
cblr-1783	321	4	section	section	NOUN
cblr-1783	321	5	iv.a	iv.a	VERB
cblr-1783	321	6	.	.	PUNCT
cblr-1783	322	1	no	no	INTJ
cblr-1783	322	2	.	.	PUNCT
cblr-1783	323	1	3:747	3:747	NUM
cblr-1783	323	2	]	]	X
cblr-1783	323	3	systemic	systemic	ADJ
cblr-1783	323	4	risk	risk	NOUN
cblr-1783	323	5	paradox	paradox	NOUN
cblr-1783	323	6	765	765	NUM
cblr-1783	323	7	public	public	ADJ
cblr-1783	323	8	utility	utility	NOUN
cblr-1783	323	9	to	to	PART
cblr-1783	323	10	justify	justify	VERB
cblr-1783	323	11	nscc	nscc	PROPN
cblr-1783	323	12	’s	’s	PART
cblr-1783	323	13	dominance.54	dominance.54	PROPN
cblr-1783	323	14	as	as	SCONJ
cblr-1783	323	15	the	the	DET
cblr-1783	323	16	d.c	d.c	PROPN
cblr-1783	323	17	.	.	PROPN
cblr-1783	323	18	circuit	circuit	PROPN
cblr-1783	323	19	succinctly	succinctly	ADV
cblr-1783	323	20	stated	state	VERB
cblr-1783	323	21	,	,	PUNCT
cblr-1783	323	22	“	"	PUNCT
cblr-1783	323	23	nscc	nscc	PROPN
cblr-1783	323	24	is	be	AUX
cblr-1783	323	25	essentially	essentially	ADV
cblr-1783	323	26	a	a	DET
cblr-1783	323	27	public	public	ADJ
cblr-1783	323	28	utility	utility	NOUN
cblr-1783	323	29	that	that	PRON
cblr-1783	323	30	is	be	AUX
cblr-1783	323	31	afforded	afford	VERB
cblr-1783	323	32	a	a	DET
cblr-1783	323	33	monopoly	monopoly	NOUN
cblr-1783	323	34	.	.	PUNCT
cblr-1783	323	35	.	.	PUNCT
cblr-1783	323	36	.	.	PUNCT
cblr-1783	324	1	.”55	.”55	PROPN
cblr-1783	325	1	2	2	X
cblr-1783	325	2	.	.	PUNCT
cblr-1783	325	3	options	option	NOUN
cblr-1783	325	4	exchanges	exchange	NOUN
cblr-1783	325	5	and	and	CCONJ
cblr-1783	325	6	clearinghouses	clearinghouse	NOUN
cblr-1783	325	7	now	now	ADV
cblr-1783	325	8	suppose	suppose	VERB
cblr-1783	325	9	that	that	SCONJ
cblr-1783	325	10	investor	investor	NOUN
cblr-1783	325	11	wants	want	VERB
cblr-1783	325	12	to	to	PART
cblr-1783	325	13	sell	sell	VERB
cblr-1783	325	14	an	an	DET
cblr-1783	325	15	option	option	NOUN
cblr-1783	325	16	in	in	ADP
cblr-1783	325	17	1000	1000	NUM
cblr-1783	325	18	shares	share	NOUN
cblr-1783	325	19	of	of	ADP
cblr-1783	325	20	exxon	exxon	PROPN
cblr-1783	325	21	mobile	mobile	ADJ
cblr-1783	325	22	stock	stock	NOUN
cblr-1783	325	23	.	.	PUNCT
cblr-1783	326	1	the	the	DET
cblr-1783	326	2	stock	stock	NOUN
cblr-1783	326	3	might	might	AUX
cblr-1783	326	4	be	be	AUX
cblr-1783	326	5	hovering	hover	VERB
cblr-1783	326	6	around	around	ADP
cblr-1783	326	7	$	$	SYM
cblr-1783	326	8	45	45	NUM
cblr-1783	326	9	/	/	SYM
cblr-1783	326	10	share	share	NOUN
cblr-1783	326	11	today	today	NOUN
cblr-1783	326	12	,	,	PUNCT
cblr-1783	326	13	but	but	CCONJ
cblr-1783	326	14	investor	investor	NOUN
cblr-1783	326	15	predicts	predict	VERB
cblr-1783	326	16	that	that	SCONJ
cblr-1783	326	17	the	the	DET
cblr-1783	326	18	company	company	NOUN
cblr-1783	326	19	’s	’s	PART
cblr-1783	326	20	stock	stock	NOUN
cblr-1783	326	21	will	will	AUX
cblr-1783	326	22	jump	jump	VERB
cblr-1783	326	23	to	to	ADP
cblr-1783	326	24	$	$	SYM
cblr-1783	326	25	60	60	NUM
cblr-1783	326	26	/	/	SYM
cblr-1783	326	27	share	share	NOUN
cblr-1783	326	28	in	in	ADP
cblr-1783	326	29	six	six	NUM
cblr-1783	326	30	months	month	NOUN
cblr-1783	326	31	.	.	PUNCT
cblr-1783	327	1	on	on	ADP
cblr-1783	327	2	that	that	DET
cblr-1783	327	3	prediction	prediction	NOUN
cblr-1783	327	4	,	,	PUNCT
cblr-1783	327	5	investor	investor	NOUN
cblr-1783	327	6	wishes	wish	VERB
cblr-1783	327	7	to	to	PART
cblr-1783	327	8	sell	sell	VERB
cblr-1783	327	9	its	its	PRON
cblr-1783	327	10	options	option	NOUN
cblr-1783	327	11	at	at	ADP
cblr-1783	327	12	a	a	DET
cblr-1783	327	13	price	price	NOUN
cblr-1783	327	14	of	of	ADP
cblr-1783	327	15	$	$	SYM
cblr-1783	327	16	60	60	NUM
cblr-1783	327	17	/	/	SYM
cblr-1783	327	18	share	share	NOUN
cblr-1783	327	19	(	(	PUNCT
cblr-1783	327	20	known	know	VERB
cblr-1783	327	21	as	as	ADP
cblr-1783	327	22	the	the	DET
cblr-1783	327	23	“	"	PUNCT
cblr-1783	327	24	strike	strike	NOUN
cblr-1783	327	25	”	"	PUNCT
cblr-1783	327	26	price	price	NOUN
cblr-1783	327	27	)	)	PUNCT
cblr-1783	327	28	.	.	PUNCT
cblr-1783	328	1	investor	investor	NOUN
cblr-1783	328	2	might	might	AUX
cblr-1783	328	3	fill	fill	VERB
cblr-1783	328	4	an	an	DET
cblr-1783	328	5	order	order	NOUN
cblr-1783	328	6	for	for	ADP
cblr-1783	328	7	a	a	DET
cblr-1783	328	8	put	put	NOUN
cblr-1783	328	9	option	option	NOUN
cblr-1783	328	10	with	with	ADP
cblr-1783	328	11	the	the	DET
cblr-1783	328	12	chicago	chicago	PROPN
cblr-1783	328	13	board	board	PROPN
cblr-1783	328	14	options	option	NOUN
cblr-1783	328	15	exchange	exchange	PROPN
cblr-1783	328	16	(	(	PUNCT
cblr-1783	328	17	cboe	cboe	PROPN
cblr-1783	328	18	)	)	PUNCT
cblr-1783	328	19	,	,	PUNCT
cblr-1783	328	20	on	on	ADP
cblr-1783	328	21	which	which	PRON
cblr-1783	328	22	options	option	NOUN
cblr-1783	328	23	in	in	ADP
cblr-1783	328	24	exxon	exxon	PROPN
cblr-1783	328	25	mobile	mobile	ADJ
cblr-1783	328	26	stock	stock	NOUN
cblr-1783	328	27	are	be	AUX
cblr-1783	328	28	traded	trade	VERB
cblr-1783	328	29	.	.	PUNCT
cblr-1783	329	1	suppose	suppose	VERB
cblr-1783	329	2	,	,	PUNCT
cblr-1783	329	3	further	far	ADV
cblr-1783	329	4	,	,	PUNCT
cblr-1783	329	5	that	that	SCONJ
cblr-1783	329	6	five	five	NUM
cblr-1783	329	7	months	month	NOUN
cblr-1783	329	8	from	from	ADP
cblr-1783	329	9	now	now	ADV
cblr-1783	329	10	,	,	PUNCT
cblr-1783	329	11	the	the	DET
cblr-1783	329	12	price	price	NOUN
cblr-1783	329	13	of	of	ADP
cblr-1783	329	14	exxon	exxon	PROPN
cblr-1783	329	15	mobile	mobile	PROPN
cblr-1783	329	16	stock	stock	NOUN
cblr-1783	329	17	jumps	jump	VERB
cblr-1783	329	18	to	to	ADP
cblr-1783	329	19	$	$	SYM
cblr-1783	329	20	70	70	NUM
cblr-1783	329	21	/	/	SYM
cblr-1783	329	22	share	share	NOUN
cblr-1783	329	23	,	,	PUNCT
cblr-1783	329	24	and	and	CCONJ
cblr-1783	329	25	pension	pension	NOUN
cblr-1783	329	26	fund	fund	NOUN
cblr-1783	329	27	would	would	AUX
cblr-1783	329	28	like	like	VERB
cblr-1783	329	29	to	to	PART
cblr-1783	329	30	buy	buy	VERB
cblr-1783	329	31	1000	1000	NUM
cblr-1783	329	32	shares	share	NOUN
cblr-1783	329	33	;	;	PUNCT
cblr-1783	329	34	however	however	ADV
cblr-1783	329	35	,	,	PUNCT
cblr-1783	329	36	pension	pension	NOUN
cblr-1783	329	37	fund	fund	NOUN
cblr-1783	329	38	would	would	AUX
cblr-1783	329	39	only	only	ADV
cblr-1783	329	40	do	do	VERB
cblr-1783	329	41	so	so	ADV
cblr-1783	329	42	if	if	SCONJ
cblr-1783	329	43	the	the	DET
cblr-1783	329	44	price	price	NOUN
cblr-1783	329	45	of	of	ADP
cblr-1783	329	46	the	the	DET
cblr-1783	329	47	stock	stock	NOUN
cblr-1783	329	48	were	be	AUX
cblr-1783	329	49	to	to	PART
cblr-1783	329	50	dip	dip	VERB
cblr-1783	329	51	to	to	ADP
cblr-1783	329	52	$	$	SYM
cblr-1783	329	53	60	60	NUM
cblr-1783	329	54	/	/	SYM
cblr-1783	329	55	share	share	NOUN
cblr-1783	329	56	.	.	PUNCT
cblr-1783	330	1	consequently	consequently	ADV
cblr-1783	330	2	,	,	PUNCT
cblr-1783	330	3	pension	pension	NOUN
cblr-1783	330	4	fund	fund	NOUN
cblr-1783	330	5	fills	fill	VERB
cblr-1783	330	6	an	an	DET
cblr-1783	330	7	order	order	NOUN
cblr-1783	330	8	with	with	ADP
cblr-1783	330	9	the	the	DET
cblr-1783	330	10	cboe	cboe	PROPN
cblr-1783	330	11	for	for	ADP
cblr-1783	330	12	a	a	DET
cblr-1783	330	13	call	call	NOUN
cblr-1783	330	14	option	option	NOUN
cblr-1783	330	15	in	in	ADP
cblr-1783	330	16	1000	1000	NUM
cblr-1783	330	17	shares	share	NOUN
cblr-1783	330	18	of	of	ADP
cblr-1783	330	19	exxon	exxon	PROPN
cblr-1783	330	20	mobile	mobile	ADJ
cblr-1783	330	21	stock	stock	NOUN
cblr-1783	330	22	.	.	PUNCT
cblr-1783	331	1	if	if	SCONJ
cblr-1783	331	2	,	,	PUNCT
cblr-1783	331	3	within	within	ADP
cblr-1783	331	4	a	a	DET
cblr-1783	331	5	month	month	NOUN
cblr-1783	331	6	,	,	PUNCT
cblr-1783	331	7	the	the	DET
cblr-1783	331	8	price	price	NOUN
cblr-1783	331	9	falls	fall	VERB
cblr-1783	331	10	to	to	ADP
cblr-1783	331	11	$	$	SYM
cblr-1783	331	12	60	60	NUM
cblr-1783	331	13	/	/	SYM
cblr-1783	331	14	share	share	NOUN
cblr-1783	331	15	(	(	PUNCT
cblr-1783	331	16	the	the	DET
cblr-1783	331	17	strike	strike	NOUN
cblr-1783	331	18	price	price	NOUN
cblr-1783	331	19	)	)	PUNCT
cblr-1783	331	20	,	,	PUNCT
cblr-1783	331	21	investor	investor	NOUN
cblr-1783	331	22	and	and	CCONJ
cblr-1783	331	23	pension	pension	NOUN
cblr-1783	331	24	fund	fund	NOUN
cblr-1783	331	25	have	have	VERB
cblr-1783	331	26	the	the	DET
cblr-1783	331	27	right	right	NOUN
cblr-1783	331	28	to	to	PART
cblr-1783	331	29	execute	execute	VERB
cblr-1783	331	30	their	their	PRON
cblr-1783	331	31	put	put	ADJ
cblr-1783	331	32	and	and	CCONJ
cblr-1783	331	33	call	call	NOUN
cblr-1783	331	34	orders	order	NOUN
cblr-1783	331	35	,	,	PUNCT
cblr-1783	331	36	respectively	respectively	ADV
cblr-1783	331	37	.	.	PUNCT
cblr-1783	332	1	if	if	SCONJ
cblr-1783	332	2	they	they	PRON
cblr-1783	332	3	do	do	VERB
cblr-1783	332	4	,	,	PUNCT
cblr-1783	332	5	then	then	ADV
cblr-1783	332	6	generally	generally	ADV
cblr-1783	332	7	the	the	DET
cblr-1783	332	8	same	same	ADJ
cblr-1783	332	9	clearing	clearing	NOUN
cblr-1783	332	10	process	process	NOUN
cblr-1783	332	11	ensues	ensue	NOUN
cblr-1783	332	12	—	—	PUNCT
cblr-1783	332	13	except	except	SCONJ
cblr-1783	332	14	that	that	SCONJ
cblr-1783	332	15	this	this	DET
cblr-1783	332	16	time	time	NOUN
cblr-1783	332	17	,	,	PUNCT
cblr-1783	332	18	the	the	DET
cblr-1783	332	19	clearinghouse	clearinghouse	NOUN
cblr-1783	332	20	is	be	AUX
cblr-1783	332	21	the	the	DET
cblr-1783	332	22	options	option	NOUN
cblr-1783	332	23	clearing	clearing	NOUN
cblr-1783	332	24	corporation	corporation	NOUN
cblr-1783	332	25	(	(	PUNCT
cblr-1783	332	26	“	"	PUNCT
cblr-1783	332	27	occ”).56	occ”).56	NOUN
cblr-1783	332	28	54	54	NUM
cblr-1783	332	29	see	see	NOUN
cblr-1783	332	30	bradford	bradford	PROPN
cblr-1783	332	31	nat’l	nat’l	PROPN
cblr-1783	332	32	clearing	clearing	PROPN
cblr-1783	332	33	corp	corp	PROPN
cblr-1783	332	34	.	.	PROPN
cblr-1783	332	35	v.	v.	PROPN
cblr-1783	332	36	sec	sec	PROPN
cblr-1783	332	37	,	,	PUNCT
cblr-1783	332	38	590	590	NUM
cblr-1783	332	39	f.2d	f.2d	NOUN
cblr-1783	332	40	1085	1085	NUM
cblr-1783	332	41	,	,	PUNCT
cblr-1783	332	42	1101	1101	NUM
cblr-1783	332	43	(	(	PUNCT
cblr-1783	332	44	d.c	d.c	PROPN
cblr-1783	332	45	.	.	PROPN
cblr-1783	332	46	cir	cir	PROPN
cblr-1783	332	47	.	.	PROPN
cblr-1783	332	48	1978	1978	NUM
cblr-1783	332	49	)	)	PUNCT
cblr-1783	332	50	;	;	PUNCT
cblr-1783	332	51	in	in	ADP
cblr-1783	332	52	the	the	DET
cblr-1783	332	53	matter	matter	NOUN
cblr-1783	332	54	of	of	ADP
cblr-1783	332	55	the	the	DET
cblr-1783	332	56	application	application	NOUN
cblr-1783	332	57	of	of	ADP
cblr-1783	332	58	the	the	DET
cblr-1783	332	59	national	national	ADJ
cblr-1783	332	60	securities	securities	PROPN
cblr-1783	332	61	clearing	clearing	NOUN
cblr-1783	332	62	corporation	corporation	NOUN
cblr-1783	332	63	for	for	ADP
cblr-1783	332	64	registration	registration	NOUN
cblr-1783	332	65	as	as	ADP
cblr-1783	332	66	a	a	DET
cblr-1783	332	67	clearing	clearing	NOUN
cblr-1783	332	68	agency	agency	NOUN
cblr-1783	332	69	,	,	PUNCT
cblr-1783	332	70	securities	security	NOUN
cblr-1783	332	71	exchange	exchange	PROPN
cblr-1783	332	72	act	act	PROPN
cblr-1783	332	73	release	release	VERB
cblr-1783	332	74	no	no	PRON
cblr-1783	332	75	.	.	NOUN
cblr-1783	332	76	13163	13163	NUM
cblr-1783	332	77	,	,	PUNCT
cblr-1783	332	78	n.198	n.198	ADJ
cblr-1783	332	79	,	,	PUNCT
cblr-1783	332	80	11	11	NUM
cblr-1783	332	81	sec	sec	PROPN
cblr-1783	332	82	docket	docket	NOUN
cblr-1783	332	83	1448	1448	NUM
cblr-1783	332	84	,	,	PUNCT
cblr-1783	332	85	1483	1483	NUM
cblr-1783	332	86	(	(	PUNCT
cblr-1783	332	87	jan	jan	PROPN
cblr-1783	332	88	.	.	PROPN
cblr-1783	332	89	13	13	NUM
cblr-1783	332	90	,	,	PUNCT
cblr-1783	332	91	1977	1977	NUM
cblr-1783	332	92	)	)	PUNCT
cblr-1783	332	93	(	(	PUNCT
cblr-1783	332	94	“	"	PUNCT
cblr-1783	332	95	moreover	moreover	ADV
cblr-1783	332	96	,	,	PUNCT
cblr-1783	332	97	even	even	ADV
cblr-1783	332	98	in	in	ADP
cblr-1783	332	99	the	the	DET
cblr-1783	332	100	absence	absence	NOUN
cblr-1783	332	101	of	of	ADP
cblr-1783	332	102	a	a	DET
cblr-1783	332	103	determination	determination	NOUN
cblr-1783	332	104	that	that	SCONJ
cblr-1783	332	105	clearing	clearing	NOUN
cblr-1783	332	106	and	and	CCONJ
cblr-1783	332	107	settlement	settlement	NOUN
cblr-1783	332	108	operations	operation	NOUN
cblr-1783	332	109	are	be	AUX
cblr-1783	332	110	a	a	DET
cblr-1783	332	111	natural	natural	ADJ
cblr-1783	332	112	monopoly	monopoly	NOUN
cblr-1783	332	113	,	,	PUNCT
cblr-1783	332	114	the	the	DET
cblr-1783	332	115	commission	commission	NOUN
cblr-1783	332	116	recognizes	recognize	VERB
cblr-1783	332	117	that	that	SCONJ
cblr-1783	332	118	at	at	ADP
cblr-1783	332	119	a	a	DET
cblr-1783	332	120	future	future	ADJ
cblr-1783	332	121	date	date	NOUN
cblr-1783	332	122	new	new	ADJ
cblr-1783	332	123	developments	development	NOUN
cblr-1783	332	124	in	in	ADP
cblr-1783	332	125	clearing	clearing	NOUN
cblr-1783	332	126	and	and	CCONJ
cblr-1783	332	127	settlement	settlement	NOUN
cblr-1783	332	128	operations	operation	NOUN
cblr-1783	332	129	may	may	AUX
cblr-1783	332	130	warrant	warrant	VERB
cblr-1783	332	131	the	the	DET
cblr-1783	332	132	performance	performance	NOUN
cblr-1783	332	133	of	of	ADP
cblr-1783	332	134	all	all	DET
cblr-1783	332	135	or	or	CCONJ
cblr-1783	332	136	discreet	discreet	ADJ
cblr-1783	332	137	portions	portion	NOUN
cblr-1783	332	138	of	of	ADP
cblr-1783	332	139	those	those	DET
cblr-1783	332	140	operations	operation	NOUN
cblr-1783	332	141	by	by	ADP
cblr-1783	332	142	a	a	DET
cblr-1783	332	143	single	single	ADJ
cblr-1783	332	144	,	,	PUNCT
cblr-1783	332	145	cooperative	cooperative	ADJ
cblr-1783	332	146	organization	organization	NOUN
cblr-1783	332	147	.	.	PUNCT
cblr-1783	332	148	”	"	PUNCT
cblr-1783	332	149	)	)	PUNCT
cblr-1783	332	150	.	.	PUNCT
cblr-1783	333	1	55	55	NUM
cblr-1783	333	2	bradford	bradford	NOUN
cblr-1783	333	3	,	,	PUNCT
cblr-1783	333	4	590	590	NUM
cblr-1783	333	5	f.2d	f.2d	NOUN
cblr-1783	333	6	at	at	ADP
cblr-1783	333	7	1101	1101	NUM
cblr-1783	333	8	.	.	PUNCT
cblr-1783	334	1	56	56	NUM
cblr-1783	334	2	one	one	NUM
cblr-1783	334	3	difference	difference	NOUN
cblr-1783	334	4	between	between	ADP
cblr-1783	334	5	the	the	DET
cblr-1783	334	6	securities	security	NOUN
cblr-1783	334	7	and	and	CCONJ
cblr-1783	334	8	derivatives	derivative	NOUN
cblr-1783	334	9	clearing	clearing	NOUN
cblr-1783	334	10	process	process	NOUN
cblr-1783	334	11	,	,	PUNCT
cblr-1783	334	12	however	however	ADV
cblr-1783	334	13	,	,	PUNCT
cblr-1783	334	14	is	be	AUX
cblr-1783	334	15	that	that	SCONJ
cblr-1783	334	16	a	a	DET
cblr-1783	334	17	trade	trade	NOUN
cblr-1783	334	18	stays	stay	VERB
cblr-1783	334	19	open	open	ADJ
cblr-1783	334	20	with	with	ADP
cblr-1783	334	21	a	a	DET
cblr-1783	334	22	derivatives	derivative	NOUN
cblr-1783	334	23	clearinghouse	clearinghouse	NOUN
cblr-1783	334	24	for	for	ADP
cblr-1783	334	25	a	a	DET
cblr-1783	334	26	much	much	ADV
cblr-1783	334	27	longer	long	ADJ
cblr-1783	334	28	period	period	NOUN
cblr-1783	334	29	.	.	PUNCT
cblr-1783	335	1	766	766	NUM
cblr-1783	335	2	columbia	columbia	PROPN
cblr-1783	335	3	business	business	NOUN
cblr-1783	335	4	law	law	PROPN
cblr-1783	335	5	review	review	NOUN
cblr-1783	335	6	[	[	X
cblr-1783	335	7	vol	vol	NOUN
cblr-1783	335	8	.	.	PUNCT
cblr-1783	335	9	2014	2014	NUM
cblr-1783	336	1	the	the	DET
cblr-1783	336	2	development	development	NOUN
cblr-1783	336	3	of	of	ADP
cblr-1783	336	4	the	the	DET
cblr-1783	336	5	occ	occ	NOUN
cblr-1783	336	6	reads	read	NOUN
cblr-1783	336	7	like	like	ADP
cblr-1783	336	8	a	a	DET
cblr-1783	336	9	compressed	compressed	ADJ
cblr-1783	336	10	timeline	timeline	NOUN
cblr-1783	336	11	of	of	ADP
cblr-1783	336	12	nscc	nscc	PROPN
cblr-1783	336	13	.	.	PUNCT
cblr-1783	337	1	in	in	ADP
cblr-1783	337	2	1973	1973	NUM
cblr-1783	337	3	,	,	PUNCT
cblr-1783	337	4	the	the	DET
cblr-1783	337	5	cboe	cboe	PROPN
cblr-1783	337	6	formed	form	VERB
cblr-1783	337	7	as	as	ADP
cblr-1783	337	8	the	the	DET
cblr-1783	337	9	first	first	ADJ
cblr-1783	337	10	exchange	exchange	NOUN
cblr-1783	337	11	serving	serve	VERB
cblr-1783	337	12	the	the	DET
cblr-1783	337	13	options	option	NOUN
cblr-1783	337	14	market	market	NOUN
cblr-1783	337	15	.	.	PUNCT
cblr-1783	338	1	prior	prior	ADV
cblr-1783	338	2	to	to	ADP
cblr-1783	338	3	that	that	PRON
cblr-1783	338	4	,	,	PUNCT
cblr-1783	338	5	options	option	NOUN
cblr-1783	338	6	,	,	PUNCT
cblr-1783	338	7	like	like	ADP
cblr-1783	338	8	most	most	ADJ
cblr-1783	338	9	derivatives	derivative	NOUN
cblr-1783	338	10	today	today	NOUN
cblr-1783	338	11	,	,	PUNCT
cblr-1783	338	12	had	have	AUX
cblr-1783	338	13	been	be	AUX
cblr-1783	338	14	traded	trade	VERB
cblr-1783	338	15	over	over	ADP
cblr-1783	338	16	-	-	PUNCT
cblr-1783	338	17	thecounter	thecounter	NOUN
cblr-1783	338	18	through	through	ADP
cblr-1783	338	19	customization	customization	NOUN
cblr-1783	338	20	by	by	ADP
cblr-1783	338	21	each	each	DET
cblr-1783	338	22	set	set	NOUN
cblr-1783	338	23	of	of	ADP
cblr-1783	338	24	counterparties.57	counterparties.57	PROPN
cblr-1783	338	25	after	after	ADP
cblr-1783	338	26	registration	registration	NOUN
cblr-1783	338	27	with	with	ADP
cblr-1783	338	28	the	the	DET
cblr-1783	338	29	sec	sec	PROPN
cblr-1783	338	30	,	,	PUNCT
cblr-1783	338	31	the	the	DET
cblr-1783	338	32	cboe	cboe	PROPN
cblr-1783	338	33	formed	form	VERB
cblr-1783	338	34	a	a	DET
cblr-1783	338	35	captive	captive	ADJ
cblr-1783	338	36	clearinghouse	clearinghouse	NOUN
cblr-1783	338	37	,	,	PUNCT
cblr-1783	338	38	the	the	DET
cblr-1783	338	39	cboe	cboe	PROPN
cblr-1783	338	40	clearing	clearing	NOUN
cblr-1783	338	41	corporation.58	corporation.58	NOUN
cblr-1783	338	42	this	this	DET
cblr-1783	338	43	duo	duo	NOUN
cblr-1783	338	44	spurred	spur	VERB
cblr-1783	338	45	a	a	DET
cblr-1783	338	46	dramatic	dramatic	ADJ
cblr-1783	338	47	rise	rise	NOUN
cblr-1783	338	48	in	in	ADP
cblr-1783	338	49	options	option	NOUN
cblr-1783	338	50	trading.59	trading.59	PRON
cblr-1783	338	51	the	the	DET
cblr-1783	338	52	existence	existence	NOUN
cblr-1783	338	53	of	of	ADP
cblr-1783	338	54	an	an	DET
cblr-1783	338	55	exchange	exchange	NOUN
cblr-1783	338	56	streamlined	streamline	VERB
cblr-1783	338	57	and	and	CCONJ
cblr-1783	338	58	standardized	standardize	VERB
cblr-1783	338	59	all	all	DET
cblr-1783	338	60	the	the	DET
cblr-1783	338	61	varieties	variety	NOUN
cblr-1783	338	62	of	of	ADP
cblr-1783	338	63	options	option	NOUN
cblr-1783	338	64	so	so	SCONJ
cblr-1783	338	65	that	that	SCONJ
cblr-1783	338	66	they	they	PRON
cblr-1783	338	67	could	could	AUX
cblr-1783	338	68	be	be	AUX
cblr-1783	338	69	traded	trade	VERB
cblr-1783	338	70	on	on	ADP
cblr-1783	338	71	an	an	DET
cblr-1783	338	72	open	open	ADJ
cblr-1783	338	73	market	market	NOUN
cblr-1783	338	74	.	.	PUNCT
cblr-1783	339	1	concomitantly	concomitantly	ADV
cblr-1783	339	2	,	,	PUNCT
cblr-1783	339	3	the	the	DET
cblr-1783	339	4	existence	existence	NOUN
cblr-1783	339	5	of	of	ADP
cblr-1783	339	6	a	a	DET
cblr-1783	339	7	clearinghouse	clearinghouse	NOUN
cblr-1783	339	8	meant	mean	VERB
cblr-1783	339	9	that	that	SCONJ
cblr-1783	339	10	trades	trade	NOUN
cblr-1783	339	11	in	in	ADP
cblr-1783	339	12	cboe	cboe	PROPN
cblr-1783	339	13	options	option	NOUN
cblr-1783	339	14	could	could	AUX
cblr-1783	339	15	now	now	ADV
cblr-1783	339	16	be	be	AUX
cblr-1783	339	17	guaranteed	guarantee	VERB
cblr-1783	339	18	.	.	PUNCT
cblr-1783	340	1	when	when	SCONJ
cblr-1783	340	2	amex	amex	PROPN
cblr-1783	340	3	and	and	CCONJ
cblr-1783	340	4	the	the	DET
cblr-1783	340	5	philadelphia	philadelphia	PROPN
cblr-1783	340	6	stock	stock	PROPN
cblr-1783	340	7	exchange	exchange	NOUN
cblr-1783	340	8	saw	see	VERB
cblr-1783	340	9	the	the	DET
cblr-1783	340	10	size	size	NOUN
cblr-1783	340	11	of	of	ADP
cblr-1783	340	12	the	the	DET
cblr-1783	340	13	market	market	NOUN
cblr-1783	340	14	that	that	PRON
cblr-1783	340	15	the	the	DET
cblr-1783	340	16	cboe	cboe	PROPN
cblr-1783	340	17	clearing	clearing	NOUN
cblr-1783	340	18	corporation	corporation	NOUN
cblr-1783	340	19	commanded	command	VERB
cblr-1783	340	20	,	,	PUNCT
cblr-1783	340	21	they	they	PRON
cblr-1783	340	22	approached	approach	VERB
cblr-1783	340	23	the	the	DET
cblr-1783	340	24	sec	sec	PROPN
cblr-1783	340	25	about	about	ADP
cblr-1783	340	26	launching	launch	VERB
cblr-1783	340	27	their	their	PRON
cblr-1783	340	28	own	own	ADJ
cblr-1783	340	29	options	option	NOUN
cblr-1783	340	30	exchanges	exchange	NOUN
cblr-1783	340	31	.	.	PUNCT
cblr-1783	341	1	in	in	ADP
cblr-1783	341	2	response	response	NOUN
cblr-1783	341	3	,	,	PUNCT
cblr-1783	341	4	the	the	DET
cblr-1783	341	5	sec	sec	PROPN
cblr-1783	341	6	pushed	push	VERB
cblr-1783	341	7	for	for	ADP
cblr-1783	341	8	the	the	DET
cblr-1783	341	9	creation	creation	NOUN
cblr-1783	341	10	of	of	ADP
cblr-1783	341	11	a	a	DET
cblr-1783	341	12	central	central	ADJ
cblr-1783	341	13	clearing	clearing	NOUN
cblr-1783	341	14	entity	entity	NOUN
cblr-1783	341	15	for	for	ADP
cblr-1783	341	16	the	the	DET
cblr-1783	341	17	options	option	NOUN
cblr-1783	341	18	market	market	NOUN
cblr-1783	341	19	.	.	PUNCT
cblr-1783	342	1	this	this	PRON
cblr-1783	342	2	became	become	VERB
cblr-1783	342	3	cboe	cboe	PROPN
cblr-1783	342	4	clearing	clearing	NOUN
cblr-1783	342	5	corporation	corporation	NOUN
cblr-1783	342	6	,	,	PUNCT
cblr-1783	342	7	which	which	PRON
cblr-1783	342	8	was	be	AUX
cblr-1783	342	9	spun	spin	VERB
cblr-1783	342	10	off	off	ADP
cblr-1783	342	11	from	from	ADP
cblr-1783	342	12	cboe	cboe	PROPN
cblr-1783	342	13	in	in	ADP
cblr-1783	342	14	1975	1975	NUM
cblr-1783	342	15	and	and	CCONJ
cblr-1783	342	16	renamed	rename	VERB
cblr-1783	342	17	the	the	DET
cblr-1783	342	18	options	option	NOUN
cblr-1783	342	19	clearing	clearing	NOUN
cblr-1783	342	20	corporation	corporation	NOUN
cblr-1783	342	21	.	.	PUNCT
cblr-1783	343	1	during	during	ADP
cblr-1783	343	2	the	the	DET
cblr-1783	343	3	financial	financial	ADJ
cblr-1783	343	4	crisis	crisis	NOUN
cblr-1783	343	5	,	,	PUNCT
cblr-1783	343	6	occ	occ	PRON
cblr-1783	343	7	expressed	express	VERB
cblr-1783	343	8	a	a	DET
cblr-1783	343	9	desire	desire	NOUN
cblr-1783	343	10	to	to	PART
cblr-1783	343	11	access	access	VERB
cblr-1783	343	12	the	the	DET
cblr-1783	343	13	federal	federal	PROPN
cblr-1783	343	14	reserve	reserve	PROPN
cblr-1783	343	15	’s	’s	PART
cblr-1783	343	16	emergency	emergency	NOUN
cblr-1783	343	17	liquidity	liquidity	NOUN
cblr-1783	343	18	funding	funding	NOUN
cblr-1783	343	19	.	.	PUNCT
cblr-1783	344	1	as	as	ADP
cblr-1783	344	2	the	the	DET
cblr-1783	344	3	lender	lender	NOUN
cblr-1783	344	4	of	of	ADP
cblr-1783	344	5	last	last	ADJ
cblr-1783	344	6	resort	resort	NOUN
cblr-1783	344	7	,	,	PUNCT
cblr-1783	344	8	the	the	DET
cblr-1783	344	9	fed	fed	PROPN
cblr-1783	344	10	can	can	AUX
cblr-1783	344	11	infuse	infuse	VERB
cblr-1783	344	12	troubled	troubled	ADJ
cblr-1783	344	13	banks	bank	NOUN
cblr-1783	344	14	with	with	ADP
cblr-1783	344	15	cash	cash	NOUN
cblr-1783	344	16	through	through	ADP
cblr-1783	344	17	its	its	PRON
cblr-1783	344	18	“	"	PUNCT
cblr-1783	344	19	discount	discount	NOUN
cblr-1783	344	20	window	window	NOUN
cblr-1783	344	21	.	.	PUNCT
cblr-1783	345	1	”60	”60	PROPN
cblr-1783	345	2	though	though	SCONJ
cblr-1783	345	3	it	it	PRON
cblr-1783	345	4	was	be	AUX
cblr-1783	345	5	not	not	PART
cblr-1783	345	6	a	a	DET
cblr-1783	345	7	bank	bank	NOUN
cblr-1783	345	8	,	,	PUNCT
cblr-1783	345	9	occ	occ	PROPN
cblr-1783	345	10	had	have	AUX
cblr-1783	345	11	requested	request	VERB
cblr-1783	345	12	access	access	NOUN
cblr-1783	345	13	to	to	ADP
cblr-1783	345	14	the	the	DET
cblr-1783	345	15	discount	discount	NOUN
cblr-1783	345	16	window	window	NOUN
cblr-1783	345	17	when	when	SCONJ
cblr-1783	345	18	tight	tight	ADJ
cblr-1783	345	19	liquidity	liquidity	NOUN
cblr-1783	345	20	in	in	ADP
cblr-1783	345	21	the	the	DET
cblr-1783	345	22	financial	financial	ADJ
cblr-1783	345	23	markets	market	NOUN
cblr-1783	345	24	created	create	VERB
cblr-1783	345	25	a	a	DET
cblr-1783	345	26	possibility	possibility	NOUN
cblr-1783	345	27	that	that	SCONJ
cblr-1783	345	28	one	one	NUM
cblr-1783	345	29	of	of	ADP
cblr-1783	345	30	its	its	PRON
cblr-1783	345	31	members	member	NOUN
cblr-1783	345	32	might	might	AUX
cblr-1783	345	33	fail	fail	VERB
cblr-1783	345	34	to	to	PART
cblr-1783	345	35	meet	meet	VERB
cblr-1783	345	36	a	a	DET
cblr-1783	345	37	margin	margin	NOUN
cblr-1783	345	38	call.61	call.61	NOUN
cblr-1783	345	39	had	have	AUX
cblr-1783	345	40	that	that	PRON
cblr-1783	345	41	happened	happen	VERB
cblr-1783	345	42	,	,	PUNCT
cblr-1783	345	43	occ	occ	NOUN
cblr-1783	345	44	might	might	AUX
cblr-1783	345	45	not	not	PART
cblr-1783	345	46	have	have	AUX
cblr-1783	345	47	had	have	VERB
cblr-1783	345	48	enough	enough	ADJ
cblr-1783	345	49	liquidity	liquidity	NOUN
cblr-1783	345	50	itself	itself	PRON
cblr-1783	345	51	to	to	PART
cblr-1783	345	52	distribute	distribute	VERB
cblr-1783	345	53	funds	fund	NOUN
cblr-1783	345	54	owed	owe	VERB
cblr-1783	345	55	to	to	ADP
cblr-1783	345	56	other	other	ADJ
cblr-1783	345	57	members	member	NOUN
cblr-1783	345	58	.	.	PUNCT
cblr-1783	346	1	while	while	SCONJ
cblr-1783	346	2	occ	occ	PRON
cblr-1783	346	3	never	never	ADV
cblr-1783	346	4	had	have	VERB
cblr-1783	346	5	to	to	PART
cblr-1783	346	6	tap	tap	VERB
cblr-1783	346	7	the	the	DET
cblr-1783	346	8	discount	discount	NOUN
cblr-1783	346	9	window	window	NOUN
cblr-1783	346	10	,	,	PUNCT
cblr-1783	346	11	57	57	NUM
cblr-1783	346	12	wolkoff	wolkoff	NOUN
cblr-1783	346	13	&	&	CCONJ
cblr-1783	346	14	werner	werner	PROPN
cblr-1783	346	15	,	,	PUNCT
cblr-1783	346	16	supra	supra	PROPN
cblr-1783	346	17	note	note	NOUN
cblr-1783	346	18	44	44	NUM
cblr-1783	346	19	,	,	PUNCT
cblr-1783	346	20	at	at	ADP
cblr-1783	346	21	339–42	339–42	NUM
cblr-1783	346	22	.	.	PUNCT
cblr-1783	347	1	58	58	NUM
cblr-1783	347	2	timeline	timeline	NOUN
cblr-1783	347	3	,	,	PUNCT
cblr-1783	347	4	options	option	NOUN
cblr-1783	347	5	clearing	clearing	PROPN
cblr-1783	347	6	corp	corp	PROPN
cblr-1783	347	7	.	.	PROPN
cblr-1783	347	8	,	,	PUNCT
cblr-1783	347	9	http://perma.cc/kn6t-bxr6	http://perma.cc/kn6t-bxr6	PROPN
cblr-1783	347	10	(	(	PUNCT
cblr-1783	347	11	last	last	ADJ
cblr-1783	347	12	visited	visit	VERB
cblr-1783	347	13	nov	nov	PROPN
cblr-1783	347	14	.	.	PROPN
cblr-1783	347	15	19	19	NUM
cblr-1783	347	16	,	,	PUNCT
cblr-1783	347	17	2014	2014	NUM
cblr-1783	347	18	)	)	PUNCT
cblr-1783	347	19	.	.	PUNCT
cblr-1783	348	1	59	59	NUM
cblr-1783	348	2	wolkoff	wolkoff	NOUN
cblr-1783	348	3	&	&	CCONJ
cblr-1783	348	4	werner	werner	PROPN
cblr-1783	348	5	,	,	PUNCT
cblr-1783	348	6	supra	supra	PROPN
cblr-1783	348	7	note	note	NOUN
cblr-1783	348	8	44	44	NUM
cblr-1783	348	9	,	,	PUNCT
cblr-1783	348	10	at	at	ADP
cblr-1783	348	11	341	341	NUM
cblr-1783	348	12	.	.	PUNCT
cblr-1783	348	13	60	60	NUM
cblr-1783	348	14	federal	federal	PROPN
cblr-1783	348	15	reserve	reserve	PROPN
cblr-1783	348	16	discount	discount	NOUN
cblr-1783	348	17	window	window	NOUN
cblr-1783	348	18	,	,	PUNCT
cblr-1783	348	19	http://perma.cc/tka9-gs6u	http://perma.cc/tka9-gs6u	PUNCT
cblr-1783	348	20	(	(	PUNCT
cblr-1783	348	21	last	last	ADV
cblr-1783	348	22	visited	visit	VERB
cblr-1783	348	23	jan	jan	PROPN
cblr-1783	348	24	.	.	PROPN
cblr-1783	348	25	30	30	NUM
cblr-1783	348	26	,	,	PUNCT
cblr-1783	348	27	2014	2014	NUM
cblr-1783	348	28	)	)	PUNCT
cblr-1783	348	29	.	.	PUNCT
cblr-1783	349	1	61	61	NUM
cblr-1783	349	2	nina	nina	PROPN
cblr-1783	349	3	mehta	mehta	PROPN
cblr-1783	349	4	,	,	PUNCT
cblr-1783	349	5	options	option	NOUN
cblr-1783	349	6	clearinghouse	clearinghouse	NOUN
cblr-1783	349	7	lobbies	lobby	NOUN
cblr-1783	349	8	for	for	ADP
cblr-1783	349	9	access	access	NOUN
cblr-1783	349	10	to	to	ADP
cblr-1783	349	11	fed	fed	PROPN
cblr-1783	349	12	funding	funding	NOUN
cblr-1783	349	13	during	during	ADP
cblr-1783	349	14	emergencies	emergency	NOUN
cblr-1783	349	15	,	,	PUNCT
cblr-1783	349	16	bloomberg	bloomberg	PROPN
cblr-1783	349	17	news	news	PROPN
cblr-1783	349	18	,	,	PUNCT
cblr-1783	349	19	june	june	PROPN
cblr-1783	349	20	23	23	NUM
cblr-1783	349	21	,	,	PUNCT
cblr-1783	349	22	2010	2010	NUM
cblr-1783	349	23	,	,	PUNCT
cblr-1783	349	24	http://perma.cc/9r8t-dmrf	http://perma.cc/9r8t-dmrf	PROPN
cblr-1783	349	25	;	;	PUNCT
cblr-1783	349	26	kress	kress	PROPN
cblr-1783	349	27	,	,	PUNCT
cblr-1783	349	28	supra	supra	PROPN
cblr-1783	349	29	note	note	NOUN
cblr-1783	349	30	12	12	NUM
cblr-1783	349	31	,	,	PUNCT
cblr-1783	349	32	at	at	ADP
cblr-1783	349	33	50	50	NUM
cblr-1783	349	34	.	.	PUNCT
cblr-1783	350	1	no	no	INTJ
cblr-1783	350	2	.	.	PUNCT
cblr-1783	351	1	3:747	3:747	NUM
cblr-1783	351	2	]	]	X
cblr-1783	351	3	systemic	systemic	ADJ
cblr-1783	351	4	risk	risk	NOUN
cblr-1783	351	5	paradox	paradox	NOUN
cblr-1783	351	6	767	767	NUM
cblr-1783	351	7	twenty	twenty	NUM
cblr-1783	351	8	years	year	NOUN
cblr-1783	351	9	earlier	early	ADV
cblr-1783	351	10	the	the	DET
cblr-1783	351	11	fed	fed	PROPN
cblr-1783	351	12	did	do	AUX
cblr-1783	351	13	have	have	VERB
cblr-1783	351	14	to	to	PART
cblr-1783	351	15	step	step	VERB
cblr-1783	351	16	in	in	ADP
cblr-1783	351	17	to	to	PART
cblr-1783	351	18	backstop	backstop	VERB
cblr-1783	351	19	occ	occ	NOUN
cblr-1783	351	20	’s	’s	PART
cblr-1783	351	21	insufficient	insufficient	ADJ
cblr-1783	351	22	capital	capital	NOUN
cblr-1783	351	23	buffer	buffer	NOUN
cblr-1783	351	24	in	in	ADP
cblr-1783	351	25	the	the	DET
cblr-1783	351	26	face	face	NOUN
cblr-1783	351	27	of	of	ADP
cblr-1783	351	28	the	the	DET
cblr-1783	351	29	stock	stock	NOUN
cblr-1783	351	30	market	market	NOUN
cblr-1783	351	31	crash	crash	NOUN
cblr-1783	351	32	of	of	ADP
cblr-1783	351	33	october	october	PROPN
cblr-1783	351	34	1987	1987	NUM
cblr-1783	351	35	.	.	PUNCT
cblr-1783	352	1	the	the	DET
cblr-1783	352	2	fed	fed	PROPN
cblr-1783	352	3	offered	offer	VERB
cblr-1783	352	4	emergency	emergency	NOUN
cblr-1783	352	5	liquidity	liquidity	NOUN
cblr-1783	352	6	to	to	ADP
cblr-1783	352	7	banks	bank	NOUN
cblr-1783	352	8	,	,	PUNCT
cblr-1783	352	9	which	which	PRON
cblr-1783	352	10	were	be	AUX
cblr-1783	352	11	then	then	ADV
cblr-1783	352	12	encouraged	encourage	VERB
cblr-1783	352	13	to	to	PART
cblr-1783	352	14	lend	lend	VERB
cblr-1783	352	15	to	to	PART
cblr-1783	352	16	keep	keep	VERB
cblr-1783	352	17	occ	occ	NOUN
cblr-1783	352	18	afloat.62	afloat.62	PROPN
cblr-1783	352	19	occ	occ	NOUN
cblr-1783	352	20	’s	’s	NOUN
cblr-1783	352	21	near	near	ADJ
cblr-1783	352	22	misses	miss	NOUN
cblr-1783	352	23	in	in	ADP
cblr-1783	352	24	1987	1987	NUM
cblr-1783	352	25	and	and	CCONJ
cblr-1783	352	26	2008	2008	NUM
cblr-1783	352	27	illustrate	illustrate	VERB
cblr-1783	352	28	the	the	DET
cblr-1783	352	29	centrality	centrality	NOUN
cblr-1783	352	30	of	of	ADP
cblr-1783	352	31	the	the	DET
cblr-1783	352	32	clearinghouse	clearinghouse	NOUN
cblr-1783	352	33	to	to	ADP
cblr-1783	352	34	the	the	DET
cblr-1783	352	35	options	option	NOUN
cblr-1783	352	36	market	market	NOUN
cblr-1783	352	37	.	.	PUNCT
cblr-1783	353	1	occ	occ	NOUN
cblr-1783	353	2	is	be	AUX
cblr-1783	353	3	so	so	ADV
cblr-1783	353	4	central	central	ADJ
cblr-1783	353	5	,	,	PUNCT
cblr-1783	353	6	in	in	ADP
cblr-1783	353	7	fact	fact	NOUN
cblr-1783	353	8	,	,	PUNCT
cblr-1783	353	9	that	that	SCONJ
cblr-1783	353	10	the	the	DET
cblr-1783	353	11	government	government	NOUN
cblr-1783	353	12	would	would	AUX
cblr-1783	353	13	likely	likely	ADV
cblr-1783	353	14	come	come	VERB
cblr-1783	353	15	to	to	ADP
cblr-1783	353	16	a	a	DET
cblr-1783	353	17	failing	fail	VERB
cblr-1783	353	18	occ	occ	PRON
cblr-1783	353	19	’s	’s	PART
cblr-1783	353	20	side	side	NOUN
cblr-1783	353	21	to	to	PART
cblr-1783	353	22	protect	protect	VERB
cblr-1783	353	23	the	the	DET
cblr-1783	353	24	financial	financial	ADJ
cblr-1783	353	25	system	system	NOUN
cblr-1783	353	26	.	.	PUNCT
cblr-1783	354	1	thus	thus	ADV
cblr-1783	354	2	,	,	PUNCT
cblr-1783	354	3	the	the	DET
cblr-1783	354	4	fragility	fragility	NOUN
cblr-1783	354	5	of	of	ADP
cblr-1783	354	6	a	a	DET
cblr-1783	354	7	horizontally	horizontally	ADV
cblr-1783	354	8	integrated	integrate	VERB
cblr-1783	354	9	clearinghouse	clearinghouse	NOUN
cblr-1783	354	10	lies	lie	VERB
cblr-1783	354	11	in	in	ADP
cblr-1783	354	12	its	its	PRON
cblr-1783	354	13	exposure	exposure	NOUN
cblr-1783	354	14	to	to	ADP
cblr-1783	354	15	a	a	DET
cblr-1783	354	16	wide	wide	ADJ
cblr-1783	354	17	universe	universe	NOUN
cblr-1783	354	18	of	of	ADP
cblr-1783	354	19	members	member	NOUN
cblr-1783	354	20	.	.	PUNCT
cblr-1783	355	1	as	as	SCONJ
cblr-1783	355	2	we	we	PRON
cblr-1783	355	3	will	will	AUX
cblr-1783	355	4	explore	explore	VERB
cblr-1783	355	5	below	below	ADV
cblr-1783	355	6	,	,	PUNCT
cblr-1783	355	7	having	have	VERB
cblr-1783	355	8	an	an	DET
cblr-1783	355	9	entire	entire	ADJ
cblr-1783	355	10	industry	industry	NOUN
cblr-1783	355	11	clear	clear	ADJ
cblr-1783	355	12	through	through	ADP
cblr-1783	355	13	one	one	NUM
cblr-1783	355	14	giant	giant	ADJ
cblr-1783	355	15	grid	grid	NOUN
cblr-1783	355	16	might	might	AUX
cblr-1783	355	17	temper	temper	NOUN
cblr-1783	355	18	credit	credit	NOUN
cblr-1783	355	19	risks	risk	NOUN
cblr-1783	355	20	within	within	ADP
cblr-1783	355	21	the	the	DET
cblr-1783	355	22	industry	industry	NOUN
cblr-1783	355	23	,	,	PUNCT
cblr-1783	355	24	but	but	CCONJ
cblr-1783	355	25	it	it	PRON
cblr-1783	355	26	exacerbates	exacerbate	VERB
cblr-1783	355	27	both	both	CCONJ
cblr-1783	355	28	the	the	DET
cblr-1783	355	29	grid	grid	NOUN
cblr-1783	355	30	’s	’s	PART
cblr-1783	355	31	significance	significance	NOUN
cblr-1783	355	32	and	and	CCONJ
cblr-1783	355	33	the	the	DET
cblr-1783	355	34	carnage	carnage	NOUN
cblr-1783	355	35	if	if	SCONJ
cblr-1783	355	36	it	it	PRON
cblr-1783	355	37	fails	fail	VERB
cblr-1783	355	38	.	.	PUNCT
cblr-1783	356	1	3	3	X
cblr-1783	356	2	.	.	X
cblr-1783	356	3	futures	future	NOUN
cblr-1783	356	4	exchanges	exchange	NOUN
cblr-1783	356	5	and	and	CCONJ
cblr-1783	356	6	clearinghouses	clearinghouse	NOUN
cblr-1783	356	7	unlike	unlike	ADP
cblr-1783	356	8	an	an	DET
cblr-1783	356	9	option	option	NOUN
cblr-1783	356	10	,	,	PUNCT
cblr-1783	356	11	which	which	PRON
cblr-1783	356	12	grants	grant	VERB
cblr-1783	356	13	buyer	buyer	NOUN
cblr-1783	356	14	and	and	CCONJ
cblr-1783	356	15	seller	seller	VERB
cblr-1783	356	16	the	the	DET
cblr-1783	356	17	right	right	NOUN
cblr-1783	356	18	to	to	PART
cblr-1783	356	19	perform	perform	VERB
cblr-1783	356	20	,	,	PUNCT
cblr-1783	356	21	a	a	DET
cblr-1783	356	22	futures	future	NOUN
cblr-1783	356	23	contract	contract	NOUN
cblr-1783	356	24	requires	require	VERB
cblr-1783	356	25	the	the	DET
cblr-1783	356	26	counterparties	counterpartie	NOUN
cblr-1783	356	27	to	to	PART
cblr-1783	356	28	perform	perform	VERB
cblr-1783	356	29	on	on	ADP
cblr-1783	356	30	the	the	DET
cblr-1783	356	31	delivery	delivery	NOUN
cblr-1783	356	32	date	date	NOUN
cblr-1783	356	33	if	if	SCONJ
cblr-1783	356	34	the	the	DET
cblr-1783	356	35	strike	strike	NOUN
cblr-1783	356	36	price	price	NOUN
cblr-1783	356	37	is	be	AUX
cblr-1783	356	38	met	meet	VERB
cblr-1783	356	39	.	.	PUNCT
cblr-1783	357	1	thus	thus	ADV
cblr-1783	357	2	,	,	PUNCT
cblr-1783	357	3	if	if	SCONJ
cblr-1783	357	4	pension	pension	NOUN
cblr-1783	357	5	fund	fund	NOUN
cblr-1783	357	6	and	and	CCONJ
cblr-1783	357	7	investor	investor	NOUN
cblr-1783	357	8	had	have	AUX
cblr-1783	357	9	executed	execute	VERB
cblr-1783	357	10	a	a	DET
cblr-1783	357	11	futures	future	NOUN
cblr-1783	357	12	contract	contract	NOUN
cblr-1783	357	13	on	on	ADP
cblr-1783	357	14	exxon	exxon	PROPN
cblr-1783	357	15	mobile	mobile	PROPN
cblr-1783	357	16	stock	stock	NOUN
cblr-1783	357	17	,	,	PUNCT
cblr-1783	357	18	they	they	PRON
cblr-1783	357	19	would	would	AUX
cblr-1783	357	20	have	have	AUX
cblr-1783	357	21	had	have	VERB
cblr-1783	357	22	to	to	PART
cblr-1783	357	23	perform	perform	VERB
cblr-1783	357	24	.	.	PUNCT
cblr-1783	358	1	for	for	ADP
cblr-1783	358	2	our	our	PRON
cblr-1783	358	3	purposes	purpose	NOUN
cblr-1783	358	4	,	,	PUNCT
cblr-1783	358	5	the	the	DET
cblr-1783	358	6	more	more	ADV
cblr-1783	358	7	important	important	ADJ
cblr-1783	358	8	difference	difference	NOUN
cblr-1783	358	9	between	between	ADP
cblr-1783	358	10	options	option	NOUN
cblr-1783	358	11	and	and	CCONJ
cblr-1783	358	12	futures	future	NOUN
cblr-1783	358	13	lies	lie	VERB
cblr-1783	358	14	in	in	ADP
cblr-1783	358	15	how	how	SCONJ
cblr-1783	358	16	they	they	PRON
cblr-1783	358	17	are	be	AUX
cblr-1783	358	18	cleared	clear	VERB
cblr-1783	358	19	and	and	CCONJ
cblr-1783	358	20	settled	settle	VERB
cblr-1783	358	21	.	.	PUNCT
cblr-1783	359	1	unlike	unlike	ADP
cblr-1783	359	2	the	the	DET
cblr-1783	359	3	centralized	centralized	ADJ
cblr-1783	359	4	occ	occ	NOUN
cblr-1783	359	5	or	or	CCONJ
cblr-1783	359	6	nscc	nscc	ADJ
cblr-1783	359	7	,	,	PUNCT
cblr-1783	359	8	futures	future	NOUN
cblr-1783	359	9	clearinghouses	clearinghouse	NOUN
cblr-1783	359	10	are	be	AUX
cblr-1783	359	11	vertically	vertically	ADV
cblr-1783	359	12	integrated	integrate	VERB
cblr-1783	359	13	—	—	PUNCT
cblr-1783	359	14	each	each	DET
cblr-1783	359	15	clearinghouse	clearinghouse	NOUN
cblr-1783	359	16	is	be	AUX
cblr-1783	359	17	owned	own	VERB
cblr-1783	359	18	by	by	ADP
cblr-1783	359	19	an	an	DET
cblr-1783	359	20	exchange.63	exchange.63	NOUN
cblr-1783	359	21	today	today	NOUN
cblr-1783	359	22	,	,	PUNCT
cblr-1783	359	23	nine	nine	NUM
cblr-1783	359	24	futures	future	NOUN
cblr-1783	359	25	clearinghouses	clearinghouse	NOUN
cblr-1783	359	26	serve	serve	VERB
cblr-1783	359	27	thirteen	thirteen	NUM
cblr-1783	359	28	futures	future	NOUN
cblr-1783	359	29	exchanges,64	exchanges,64	NUM
cblr-1783	359	30	a	a	DET
cblr-1783	359	31	scheme	scheme	NOUN
cblr-1783	359	32	which	which	PRON
cblr-1783	359	33	resembles	resemble	VERB
cblr-1783	359	34	62	62	NUM
cblr-1783	359	35	see	see	NOUN
cblr-1783	359	36	yadav	yadav	NOUN
cblr-1783	359	37	,	,	PUNCT
cblr-1783	359	38	supra	supra	PROPN
cblr-1783	359	39	note	note	PROPN
cblr-1783	359	40	12	12	NUM
cblr-1783	359	41	,	,	PUNCT
cblr-1783	359	42	at	at	ADP
cblr-1783	359	43	n.116	n.116	ADV
cblr-1783	359	44	and	and	CCONJ
cblr-1783	359	45	accompanying	accompany	VERB
cblr-1783	359	46	text	text	NOUN
cblr-1783	359	47	;	;	PUNCT
cblr-1783	360	1	bernanke	bernanke	ADJ
cblr-1783	360	2	,	,	PUNCT
cblr-1783	360	3	clearing	clearing	NOUN
cblr-1783	360	4	and	and	CCONJ
cblr-1783	360	5	settlement	settlement	NOUN
cblr-1783	360	6	during	during	ADP
cblr-1783	360	7	the	the	DET
cblr-1783	360	8	crash	crash	NOUN
cblr-1783	360	9	,	,	PUNCT
cblr-1783	360	10	supra	supra	PROPN
cblr-1783	360	11	note	note	NOUN
cblr-1783	360	12	46	46	NUM
cblr-1783	360	13	,	,	PUNCT
cblr-1783	360	14	at	at	ADP
cblr-1783	360	15	146–50	146–50	NOUN
cblr-1783	360	16	.	.	PUNCT
cblr-1783	361	1	see	see	VERB
cblr-1783	361	2	also	also	ADV
cblr-1783	361	3	u.s	u.s	PROPN
cblr-1783	361	4	.	.	PROPN
cblr-1783	361	5	securities	securities	PROPN
cblr-1783	361	6	&	&	CCONJ
cblr-1783	361	7	exchange	exchange	PROPN
cblr-1783	361	8	commission	commission	PROPN
cblr-1783	361	9	,	,	PUNCT
cblr-1783	361	10	the	the	DET
cblr-1783	361	11	october	october	PROPN
cblr-1783	361	12	1987	1987	NUM
cblr-1783	361	13	market	market	NOUN
cblr-1783	361	14	break	break	NOUN
cblr-1783	361	15	(	(	PUNCT
cblr-1783	361	16	1988	1988	NUM
cblr-1783	361	17	)	)	PUNCT
cblr-1783	361	18	.	.	PUNCT
cblr-1783	362	1	coincidentally	coincidentally	ADV
cblr-1783	362	2	,	,	PUNCT
cblr-1783	362	3	this	this	PRON
cblr-1783	362	4	was	be	AUX
cblr-1783	362	5	also	also	ADV
cblr-1783	362	6	when	when	SCONJ
cblr-1783	362	7	the	the	DET
cblr-1783	362	8	fdic	fdic	PROPN
cblr-1783	362	9	stepped	step	VERB
cblr-1783	362	10	in	in	ADP
cblr-1783	362	11	to	to	PART
cblr-1783	362	12	help	help	VERB
cblr-1783	362	13	continental	continental	PROPN
cblr-1783	362	14	illinois	illinois	PROPN
cblr-1783	362	15	.	.	PROPN
cblr-1783	363	1	63	63	NUM
cblr-1783	363	2	see	see	VERB
cblr-1783	363	3	wolkoff	wolkoff	NOUN
cblr-1783	363	4	&	&	CCONJ
cblr-1783	363	5	werner	werner	PROPN
cblr-1783	363	6	,	,	PUNCT
cblr-1783	363	7	supra	supra	PROPN
cblr-1783	363	8	note	note	NOUN
cblr-1783	363	9	44	44	NUM
cblr-1783	363	10	,	,	PUNCT
cblr-1783	363	11	at	at	ADP
cblr-1783	363	12	313	313	NUM
cblr-1783	363	13	;	;	PUNCT
cblr-1783	363	14	bernanke	bernanke	ADJ
cblr-1783	363	15	,	,	PUNCT
cblr-1783	363	16	clearing	clearing	NOUN
cblr-1783	363	17	and	and	CCONJ
cblr-1783	363	18	settlement	settlement	NOUN
cblr-1783	363	19	during	during	ADP
cblr-1783	363	20	the	the	DET
cblr-1783	363	21	crash	crash	NOUN
cblr-1783	363	22	,	,	PUNCT
cblr-1783	363	23	supra	supra	PROPN
cblr-1783	363	24	note	note	NOUN
cblr-1783	363	25	46	46	NUM
cblr-1783	363	26	,	,	PUNCT
cblr-1783	363	27	at	at	ADP
cblr-1783	363	28	135	135	NUM
cblr-1783	363	29	.	.	PUNCT
cblr-1783	363	30	64	64	NUM
cblr-1783	363	31	by	by	ADP
cblr-1783	363	32	contrast	contrast	NOUN
cblr-1783	363	33	,	,	PUNCT
cblr-1783	363	34	one	one	NUM
cblr-1783	363	35	clearinghouse	clearinghouse	NOUN
cblr-1783	363	36	,	,	PUNCT
cblr-1783	363	37	the	the	DET
cblr-1783	363	38	occ	occ	NOUN
cblr-1783	363	39	,	,	PUNCT
cblr-1783	363	40	serves	serve	VERB
cblr-1783	363	41	five	five	NUM
cblr-1783	363	42	options	option	NOUN
cblr-1783	363	43	exchanges	exchange	NOUN
cblr-1783	363	44	,	,	PUNCT
cblr-1783	363	45	and	and	CCONJ
cblr-1783	363	46	three	three	NUM
cblr-1783	363	47	clearinghouses	clearinghouse	NOUN
cblr-1783	363	48	,	,	PUNCT
cblr-1783	363	49	with	with	ADP
cblr-1783	363	50	nscc	nscc	ADV
cblr-1783	363	51	being	be	AUX
cblr-1783	363	52	dominant	dominant	ADJ
cblr-1783	363	53	,	,	PUNCT
cblr-1783	363	54	serve	serve	VERB
cblr-1783	363	55	six	six	NUM
cblr-1783	363	56	stock	stock	NOUN
cblr-1783	363	57	exchanges	exchange	NOUN
cblr-1783	363	58	.	.	PUNCT
cblr-1783	364	1	bernanke	bernanke	PROPN
cblr-1783	364	2	,	,	PUNCT
cblr-1783	364	3	clearing	clearing	NOUN
cblr-1783	364	4	and	and	CCONJ
cblr-1783	364	5	settlement	settlement	NOUN
cblr-1783	364	6	during	during	ADP
cblr-1783	364	7	the	the	DET
cblr-1783	364	8	crash	crash	NOUN
cblr-1783	364	9	,	,	PUNCT
cblr-1783	364	10	supra	supra	PROPN
cblr-1783	364	11	note	note	NOUN
cblr-1783	364	12	46	46	NUM
cblr-1783	364	13	,	,	PUNCT
cblr-1783	364	14	at	at	ADP
cblr-1783	364	15	135	135	NUM
cblr-1783	364	16	.	.	PUNCT
cblr-1783	364	17	768	768	NUM
cblr-1783	364	18	columbia	columbia	PROPN
cblr-1783	364	19	business	business	NOUN
cblr-1783	364	20	law	law	NOUN
cblr-1783	364	21	review	review	NOUN
cblr-1783	364	22	[	[	X
cblr-1783	364	23	vol	vol	NOUN
cblr-1783	364	24	.	.	NOUN
cblr-1783	364	25	2014	2014	NUM
cblr-1783	364	26	securities	security	NOUN
cblr-1783	364	27	clearance	clearance	NOUN
cblr-1783	364	28	and	and	CCONJ
cblr-1783	364	29	settlement	settlement	NOUN
cblr-1783	364	30	prior	prior	ADV
cblr-1783	364	31	to	to	ADP
cblr-1783	364	32	1975	1975	NUM
cblr-1783	364	33	.	.	PUNCT
cblr-1783	365	1	it	it	PRON
cblr-1783	365	2	is	be	AUX
cblr-1783	365	3	an	an	DET
cblr-1783	365	4	antiquated	antiquated	ADJ
cblr-1783	365	5	system	system	NOUN
cblr-1783	365	6	,	,	PUNCT
cblr-1783	365	7	little	little	ADV
cblr-1783	365	8	changed	change	VERB
cblr-1783	365	9	since	since	SCONJ
cblr-1783	365	10	the	the	DET
cblr-1783	365	11	founding	founding	NOUN
cblr-1783	365	12	of	of	ADP
cblr-1783	365	13	the	the	DET
cblr-1783	365	14	chicago	chicago	PROPN
cblr-1783	365	15	board	board	PROPN
cblr-1783	365	16	of	of	ADP
cblr-1783	365	17	trade	trade	PROPN
cblr-1783	365	18	’s	’s	PART
cblr-1783	365	19	clearing	clearing	NOUN
cblr-1783	365	20	corporation	corporation	NOUN
cblr-1783	365	21	in	in	ADP
cblr-1783	365	22	1925	1925	NUM
cblr-1783	365	23	.	.	PUNCT
cblr-1783	366	1	vertical	vertical	ADJ
cblr-1783	366	2	integration	integration	NOUN
cblr-1783	366	3	of	of	ADP
cblr-1783	366	4	futures	future	NOUN
cblr-1783	366	5	clearinghouses	clearinghouse	NOUN
cblr-1783	366	6	has	have	AUX
cblr-1783	366	7	drawn	draw	VERB
cblr-1783	366	8	criticism	criticism	NOUN
cblr-1783	366	9	for	for	ADP
cblr-1783	366	10	its	its	PRON
cblr-1783	366	11	anticompetitive	anticompetitive	ADJ
cblr-1783	366	12	effects	effect	NOUN
cblr-1783	366	13	.	.	PUNCT
cblr-1783	367	1	because	because	SCONJ
cblr-1783	367	2	each	each	DET
cblr-1783	367	3	clearinghouse	clearinghouse	NOUN
cblr-1783	367	4	clears	clear	VERB
cblr-1783	367	5	only	only	ADV
cblr-1783	367	6	the	the	DET
cblr-1783	367	7	products	product	NOUN
cblr-1783	367	8	sold	sell	VERB
cblr-1783	367	9	on	on	ADP
cblr-1783	367	10	its	its	PRON
cblr-1783	367	11	parent	parent	NOUN
cblr-1783	367	12	exchange	exchange	NOUN
cblr-1783	367	13	,	,	PUNCT
cblr-1783	367	14	an	an	DET
cblr-1783	367	15	exchange	exchange	NOUN
cblr-1783	367	16	that	that	PRON
cblr-1783	367	17	currently	currently	ADV
cblr-1783	367	18	dominates	dominate	VERB
cblr-1783	367	19	the	the	DET
cblr-1783	367	20	market	market	NOUN
cblr-1783	367	21	in	in	ADP
cblr-1783	367	22	one	one	NUM
cblr-1783	367	23	type	type	NOUN
cblr-1783	367	24	of	of	ADP
cblr-1783	367	25	future	future	NOUN
cblr-1783	367	26	is	be	AUX
cblr-1783	367	27	allowed	allow	VERB
cblr-1783	367	28	to	to	PART
cblr-1783	367	29	maintain	maintain	VERB
cblr-1783	367	30	that	that	DET
cblr-1783	367	31	dominance	dominance	NOUN
cblr-1783	367	32	through	through	ADP
cblr-1783	367	33	its	its	PRON
cblr-1783	367	34	control	control	NOUN
cblr-1783	367	35	of	of	ADP
cblr-1783	367	36	clearance	clearance	NOUN
cblr-1783	367	37	and	and	CCONJ
cblr-1783	367	38	settlement	settlement	NOUN
cblr-1783	367	39	.	.	PUNCT
cblr-1783	368	1	for	for	ADP
cblr-1783	368	2	instance	instance	NOUN
cblr-1783	368	3	,	,	PUNCT
cblr-1783	368	4	the	the	DET
cblr-1783	368	5	chicago	chicago	PROPN
cblr-1783	368	6	mercantile	mercantile	PROPN
cblr-1783	368	7	exchange	exchange	PROPN
cblr-1783	368	8	(	(	PUNCT
cblr-1783	368	9	cme	cme	PROPN
cblr-1783	368	10	)	)	PUNCT
cblr-1783	368	11	commands	command	VERB
cblr-1783	368	12	nearly	nearly	ADV
cblr-1783	368	13	100	100	NUM
cblr-1783	368	14	%	%	NOUN
cblr-1783	368	15	of	of	ADP
cblr-1783	368	16	the	the	DET
cblr-1783	368	17	dealer	dealer	NOUN
cblr-1783	368	18	market	market	NOUN
cblr-1783	368	19	for	for	ADP
cblr-1783	368	20	the	the	DET
cblr-1783	368	21	10	10	NUM
cblr-1783	368	22	-	-	PUNCT
cblr-1783	368	23	year	year	NOUN
cblr-1783	368	24	treasury	treasury	NOUN
cblr-1783	368	25	note	note	NOUN
cblr-1783	368	26	future.65	future.65	ADP
cblr-1783	368	27	if	if	SCONJ
cblr-1783	368	28	another	another	DET
cblr-1783	368	29	exchange	exchange	NOUN
cblr-1783	368	30	were	be	AUX
cblr-1783	368	31	to	to	PART
cblr-1783	368	32	offer	offer	VERB
cblr-1783	368	33	the	the	DET
cblr-1783	368	34	same	same	ADJ
cblr-1783	368	35	future	future	NOUN
cblr-1783	368	36	,	,	PUNCT
cblr-1783	368	37	it	it	PRON
cblr-1783	368	38	would	would	AUX
cblr-1783	368	39	have	have	VERB
cblr-1783	368	40	to	to	PART
cblr-1783	368	41	clear	clear	VERB
cblr-1783	368	42	trades	trade	NOUN
cblr-1783	368	43	in	in	ADP
cblr-1783	368	44	the	the	DET
cblr-1783	368	45	product	product	NOUN
cblr-1783	368	46	elsewhere	elsewhere	ADV
cblr-1783	368	47	,	,	PUNCT
cblr-1783	368	48	since	since	SCONJ
cblr-1783	368	49	cme	cme	NOUN
cblr-1783	368	50	clearing	clearing	NOUN
cblr-1783	368	51	does	do	AUX
cblr-1783	368	52	not	not	PART
cblr-1783	368	53	clear	clear	VERB
cblr-1783	368	54	non	non	ADJ
cblr-1783	368	55	-	-	ADJ
cblr-1783	368	56	cme	cme	ADJ
cblr-1783	368	57	products	product	NOUN
cblr-1783	368	58	.	.	PUNCT
cblr-1783	369	1	even	even	ADV
cblr-1783	369	2	assuming	assume	VERB
cblr-1783	369	3	that	that	SCONJ
cblr-1783	369	4	the	the	DET
cblr-1783	369	5	upstart	upstart	ADJ
cblr-1783	369	6	exchange	exchange	NOUN
cblr-1783	369	7	forms	form	VERB
cblr-1783	369	8	its	its	PRON
cblr-1783	369	9	own	own	ADJ
cblr-1783	369	10	clearinghouse	clearinghouse	NOUN
cblr-1783	369	11	,	,	PUNCT
cblr-1783	369	12	it	it	PRON
cblr-1783	369	13	would	would	AUX
cblr-1783	369	14	face	face	VERB
cblr-1783	369	15	an	an	DET
cblr-1783	369	16	uphill	uphill	ADJ
cblr-1783	369	17	battle	battle	NOUN
cblr-1783	369	18	wooing	woo	VERB
cblr-1783	369	19	customers	customer	NOUN
cblr-1783	369	20	away	away	ADV
cblr-1783	369	21	from	from	ADP
cblr-1783	369	22	cme	cme	PROPN
cblr-1783	369	23	.	.	PUNCT
cblr-1783	370	1	this	this	PRON
cblr-1783	370	2	is	be	AUX
cblr-1783	370	3	because	because	SCONJ
cblr-1783	370	4	,	,	PUNCT
cblr-1783	370	5	as	as	SCONJ
cblr-1783	370	6	noted	note	VERB
cblr-1783	370	7	above	above	ADV
cblr-1783	370	8	,	,	PUNCT
cblr-1783	370	9	size	size	NOUN
cblr-1783	370	10	begets	beget	VERB
cblr-1783	370	11	liquidity	liquidity	NOUN
cblr-1783	370	12	.	.	PUNCT
cblr-1783	371	1	with	with	ADP
cblr-1783	371	2	its	its	PRON
cblr-1783	371	3	decades	decade	NOUN
cblr-1783	371	4	-	-	PUNCT
cblr-1783	371	5	long	long	ADJ
cblr-1783	371	6	head	head	NOUN
cblr-1783	371	7	start	start	VERB
cblr-1783	371	8	,	,	PUNCT
cblr-1783	371	9	cme	cme	PROPN
cblr-1783	371	10	clearing	clearing	NOUN
cblr-1783	371	11	would	would	AUX
cblr-1783	371	12	have	have	AUX
cblr-1783	371	13	cornered	corner	VERB
cblr-1783	371	14	the	the	DET
cblr-1783	371	15	lion	lion	NOUN
cblr-1783	371	16	’s	’s	PART
cblr-1783	371	17	share	share	NOUN
cblr-1783	371	18	of	of	ADP
cblr-1783	371	19	trading	trading	NOUN
cblr-1783	371	20	in	in	ADP
cblr-1783	371	21	10	10	NUM
cblr-1783	371	22	-	-	PUNCT
cblr-1783	371	23	year	year	NOUN
cblr-1783	371	24	treasury	treasury	NOUN
cblr-1783	371	25	note	note	NOUN
cblr-1783	371	26	futures	future	NOUN
cblr-1783	371	27	.	.	PUNCT
cblr-1783	372	1	with	with	ADP
cblr-1783	372	2	more	more	ADJ
cblr-1783	372	3	contracts	contract	NOUN
cblr-1783	372	4	,	,	PUNCT
cblr-1783	372	5	cme	cme	PROPN
cblr-1783	372	6	clearing	clearing	NOUN
cblr-1783	372	7	would	would	AUX
cblr-1783	372	8	have	have	VERB
cblr-1783	372	9	access	access	NOUN
cblr-1783	372	10	to	to	ADP
cblr-1783	372	11	greater	great	ADJ
cblr-1783	372	12	margin	margin	NOUN
cblr-1783	372	13	and	and	CCONJ
cblr-1783	372	14	be	be	AUX
cblr-1783	372	15	in	in	ADP
cblr-1783	372	16	a	a	DET
cblr-1783	372	17	better	well	ADJ
cblr-1783	372	18	position	position	NOUN
cblr-1783	372	19	to	to	PART
cblr-1783	372	20	offset	offset	VERB
cblr-1783	372	21	the	the	DET
cblr-1783	372	22	liabilities	liability	NOUN
cblr-1783	372	23	of	of	ADP
cblr-1783	372	24	its	its	PRON
cblr-1783	372	25	out	out	NOUN
cblr-1783	372	26	-	-	PUNCT
cblr-1783	372	27	of	of	ADP
cblr-1783	372	28	-	-	PUNCT
cblr-1783	372	29	the	the	DET
cblr-1783	372	30	-	-	PUNCT
cblr-1783	372	31	money	money	NOUN
cblr-1783	372	32	members	member	NOUN
cblr-1783	372	33	and	and	CCONJ
cblr-1783	372	34	distribute	distribute	VERB
cblr-1783	372	35	funds	fund	NOUN
cblr-1783	372	36	to	to	ADP
cblr-1783	372	37	its	its	PRON
cblr-1783	372	38	in	in	ADP
cblr-1783	372	39	-	-	PUNCT
cblr-1783	372	40	the	the	DET
cblr-1783	372	41	-	-	PUNCT
cblr-1783	372	42	money	money	NOUN
cblr-1783	372	43	members	member	NOUN
cblr-1783	372	44	.	.	PUNCT
cblr-1783	373	1	as	as	SCONJ
cblr-1783	373	2	the	the	DET
cblr-1783	373	3	department	department	PROPN
cblr-1783	373	4	of	of	ADP
cblr-1783	373	5	justice	justice	PROPN
cblr-1783	373	6	noted	note	VERB
cblr-1783	373	7	,	,	PUNCT
cblr-1783	373	8	the	the	DET
cblr-1783	373	9	invention	invention	NOUN
cblr-1783	373	10	of	of	ADP
cblr-1783	373	11	a	a	DET
cblr-1783	373	12	novel	novel	ADJ
cblr-1783	373	13	financial	financial	ADJ
cblr-1783	373	14	future	future	NOUN
cblr-1783	373	15	is	be	AUX
cblr-1783	373	16	usually	usually	ADV
cblr-1783	373	17	followed	follow	VERB
cblr-1783	373	18	by	by	ADP
cblr-1783	373	19	a	a	DET
cblr-1783	373	20	brief	brief	ADJ
cblr-1783	373	21	period	period	NOUN
cblr-1783	373	22	of	of	ADP
cblr-1783	373	23	intense	intense	ADJ
cblr-1783	373	24	competition	competition	NOUN
cblr-1783	373	25	among	among	ADP
cblr-1783	373	26	exchanges	exchange	NOUN
cblr-1783	373	27	;	;	PUNCT
cblr-1783	373	28	then	then	ADV
cblr-1783	373	29	one	one	NUM
cblr-1783	373	30	exchange	exchange	NOUN
cblr-1783	373	31	emerges	emerge	VERB
cblr-1783	373	32	with	with	ADP
cblr-1783	373	33	most	most	ADJ
cblr-1783	373	34	of	of	ADP
cblr-1783	373	35	the	the	DET
cblr-1783	373	36	liquidity	liquidity	NOUN
cblr-1783	373	37	,	,	PUNCT
cblr-1783	373	38	and	and	CCONJ
cblr-1783	373	39	its	its	PRON
cblr-1783	373	40	competitors	competitor	NOUN
cblr-1783	373	41	exit	exit	VERB
cblr-1783	373	42	the	the	DET
cblr-1783	373	43	market.66	market.66	PROPN
cblr-1783	373	44	vertical	vertical	ADJ
cblr-1783	373	45	integration	integration	NOUN
cblr-1783	373	46	and	and	CCONJ
cblr-1783	373	47	proprietary	proprietary	ADJ
cblr-1783	373	48	clearing	clearing	NOUN
cblr-1783	373	49	are	be	AUX
cblr-1783	373	50	beset	beset	VERB
cblr-1783	373	51	by	by	ADP
cblr-1783	373	52	a	a	DET
cblr-1783	373	53	different	different	ADJ
cblr-1783	373	54	set	set	NOUN
cblr-1783	373	55	of	of	ADP
cblr-1783	373	56	problems	problem	NOUN
cblr-1783	373	57	than	than	ADP
cblr-1783	373	58	those	those	PRON
cblr-1783	373	59	of	of	ADP
cblr-1783	373	60	horizontal	horizontal	ADJ
cblr-1783	373	61	integration	integration	NOUN
cblr-1783	373	62	and	and	CCONJ
cblr-1783	373	63	open	open	ADJ
cblr-1783	373	64	clearing	clearing	NOUN
cblr-1783	373	65	.	.	PUNCT
cblr-1783	374	1	the	the	DET
cblr-1783	374	2	fragility	fragility	NOUN
cblr-1783	374	3	of	of	ADP
cblr-1783	374	4	the	the	DET
cblr-1783	374	5	futures	future	NOUN
cblr-1783	374	6	clearing	clearing	NOUN
cblr-1783	374	7	model	model	NOUN
cblr-1783	374	8	lies	lie	VERB
cblr-1783	374	9	not	not	PART
cblr-1783	374	10	with	with	ADP
cblr-1783	374	11	its	its	PRON
cblr-1783	374	12	vulnerability	vulnerability	NOUN
cblr-1783	374	13	to	to	ADP
cblr-1783	374	14	systemic	systemic	ADJ
cblr-1783	374	15	risk	risk	NOUN
cblr-1783	374	16	but	but	CCONJ
cblr-1783	374	17	,	,	PUNCT
cblr-1783	374	18	rather	rather	ADV
cblr-1783	374	19	,	,	PUNCT
cblr-1783	374	20	with	with	ADP
cblr-1783	374	21	the	the	DET
cblr-1783	374	22	threats	threat	NOUN
cblr-1783	374	23	it	it	PRON
cblr-1783	374	24	poses	pose	VERB
cblr-1783	374	25	to	to	PART
cblr-1783	374	26	competition.67	competition.67	NOUN
cblr-1783	374	27	it	it	PRON
cblr-1783	374	28	is	be	AUX
cblr-1783	374	29	65	65	NUM
cblr-1783	374	30	u.s	u.s	PROPN
cblr-1783	374	31	.	.	PROPN
cblr-1783	374	32	dep’t	dep’t	PROPN
cblr-1783	374	33	of	of	ADP
cblr-1783	374	34	justice	justice	NOUN
cblr-1783	374	35	,	,	PUNCT
cblr-1783	374	36	treas	treas	PROPN
cblr-1783	374	37	-	-	PUNCT
cblr-1783	374	38	do-2007	do-2007	NOUN
cblr-1783	374	39	-	-	PUNCT
cblr-1783	374	40	0018	0018	NUM
cblr-1783	374	41	,	,	PUNCT
cblr-1783	374	42	review	review	NOUN
cblr-1783	374	43	of	of	ADP
cblr-1783	374	44	the	the	DET
cblr-1783	374	45	regulatory	regulatory	ADJ
cblr-1783	374	46	structure	structure	NOUN
cblr-1783	374	47	associated	associate	VERB
cblr-1783	374	48	with	with	ADP
cblr-1783	374	49	financial	financial	ADJ
cblr-1783	374	50	institutions	institution	NOUN
cblr-1783	374	51	,	,	PUNCT
cblr-1783	374	52	comments	comment	NOUN
cblr-1783	374	53	before	before	ADP
cblr-1783	374	54	the	the	DET
cblr-1783	374	55	dep’t	dep’t	NOUN
cblr-1783	374	56	of	of	ADP
cblr-1783	374	57	the	the	DET
cblr-1783	374	58	treasury	treasury	PROPN
cblr-1783	374	59	10	10	NUM
cblr-1783	374	60	(	(	PUNCT
cblr-1783	374	61	2008	2008	NUM
cblr-1783	374	62	)	)	PUNCT
cblr-1783	374	63	.	.	PUNCT
cblr-1783	375	1	66	66	NUM
cblr-1783	376	1	i	i	PRON
cblr-1783	376	2	d.	d.	PROPN
cblr-1783	376	3	see	see	VERB
cblr-1783	376	4	also	also	ADV
cblr-1783	376	5	back	back	ADV
cblr-1783	376	6	to	to	ADP
cblr-1783	376	7	the	the	DET
cblr-1783	376	8	futures	future	NOUN
cblr-1783	376	9	?	?	PUNCT
cblr-1783	376	10	,	,	PUNCT
cblr-1783	376	11	economist	economist	NOUN
cblr-1783	376	12	,	,	PUNCT
cblr-1783	376	13	feb	feb	PROPN
cblr-1783	376	14	.	.	PROPN
cblr-1783	376	15	4	4	NUM
cblr-1783	376	16	,	,	PUNCT
cblr-1783	376	17	2013	2013	NUM
cblr-1783	376	18	.	.	PUNCT
cblr-1783	377	1	67	67	NUM
cblr-1783	377	2	granted	grant	VERB
cblr-1783	377	3	,	,	PUNCT
cblr-1783	377	4	captive	captive	ADJ
cblr-1783	377	5	clearing	clearing	NOUN
cblr-1783	377	6	means	mean	VERB
cblr-1783	377	7	that	that	SCONJ
cblr-1783	377	8	the	the	DET
cblr-1783	377	9	fate	fate	NOUN
cblr-1783	377	10	of	of	ADP
cblr-1783	377	11	a	a	DET
cblr-1783	377	12	clearinghouse	clearinghouse	NOUN
cblr-1783	377	13	is	be	AUX
cblr-1783	377	14	linked	link	VERB
cblr-1783	377	15	to	to	ADP
cblr-1783	377	16	its	its	PRON
cblr-1783	377	17	parent	parent	NOUN
cblr-1783	377	18	exchange	exchange	NOUN
cblr-1783	377	19	.	.	PUNCT
cblr-1783	378	1	if	if	SCONJ
cblr-1783	378	2	the	the	DET
cblr-1783	378	3	exchange	exchange	NOUN
cblr-1783	378	4	goes	go	VERB
cblr-1783	378	5	down	down	ADV
cblr-1783	378	6	,	,	PUNCT
cblr-1783	378	7	so	so	ADV
cblr-1783	378	8	too	too	ADV
cblr-1783	378	9	does	do	VERB
cblr-1783	378	10	the	the	DET
cblr-1783	378	11	no	no	NOUN
cblr-1783	378	12	.	.	PUNCT
cblr-1783	379	1	3:747	3:747	NUM
cblr-1783	379	2	]	]	X
cblr-1783	379	3	systemic	systemic	ADJ
cblr-1783	379	4	risk	risk	NOUN
cblr-1783	379	5	paradox	paradox	NOUN
cblr-1783	379	6	769	769	NUM
cblr-1783	379	7	the	the	DET
cblr-1783	379	8	risk	risk	NOUN
cblr-1783	379	9	that	that	SCONJ
cblr-1783	379	10	an	an	DET
cblr-1783	379	11	exchange	exchange	NOUN
cblr-1783	379	12	can	can	AUX
cblr-1783	379	13	use	use	VERB
cblr-1783	379	14	its	its	PRON
cblr-1783	379	15	captive	captive	ADJ
cblr-1783	379	16	clearinghouse	clearinghouse	NOUN
cblr-1783	379	17	to	to	PART
cblr-1783	379	18	foreclose	foreclose	VERB
cblr-1783	379	19	the	the	DET
cblr-1783	379	20	entry	entry	NOUN
cblr-1783	379	21	of	of	ADP
cblr-1783	379	22	the	the	DET
cblr-1783	379	23	exchange	exchange	NOUN
cblr-1783	379	24	’s	’s	PART
cblr-1783	379	25	competitors	competitor	NOUN
cblr-1783	379	26	into	into	ADP
cblr-1783	379	27	the	the	DET
cblr-1783	379	28	market	market	NOUN
cblr-1783	379	29	-	-	PUNCT
cblr-1783	379	30	making	make	VERB
cblr-1783	379	31	function	function	NOUN
cblr-1783	379	32	.	.	PUNCT
cblr-1783	380	1	in	in	ADP
cblr-1783	380	2	antitrust	antitrust	ADJ
cblr-1783	380	3	terms	term	NOUN
cblr-1783	380	4	,	,	PUNCT
cblr-1783	380	5	it	it	PRON
cblr-1783	380	6	is	be	AUX
cblr-1783	380	7	the	the	DET
cblr-1783	380	8	problem	problem	NOUN
cblr-1783	380	9	of	of	ADP
cblr-1783	380	10	leverage	leverage	NOUN
cblr-1783	380	11	.	.	PUNCT
cblr-1783	381	1	in	in	ADP
cblr-1783	381	2	bradford	bradford	PROPN
cblr-1783	381	3	v.	v.	ADP
cblr-1783	381	4	sec	sec	PROPN
cblr-1783	381	5	,	,	PUNCT
cblr-1783	381	6	where	where	SCONJ
cblr-1783	381	7	the	the	DET
cblr-1783	381	8	d.c	d.c	PROPN
cblr-1783	381	9	.	.	PROPN
cblr-1783	381	10	circuit	circuit	PROPN
cblr-1783	381	11	heard	hear	VERB
cblr-1783	381	12	a	a	DET
cblr-1783	381	13	challenge	challenge	NOUN
cblr-1783	381	14	to	to	ADP
cblr-1783	381	15	the	the	DET
cblr-1783	381	16	registration	registration	NOUN
cblr-1783	381	17	of	of	ADP
cblr-1783	381	18	nscc	nscc	ADJ
cblr-1783	381	19	,	,	PUNCT
cblr-1783	381	20	leverage	leverage	NOUN
cblr-1783	381	21	was	be	AUX
cblr-1783	381	22	at	at	ADP
cblr-1783	381	23	the	the	DET
cblr-1783	381	24	heart	heart	NOUN
cblr-1783	381	25	of	of	ADP
cblr-1783	381	26	the	the	DET
cblr-1783	381	27	plaintiff	plaintiff	NOUN
cblr-1783	381	28	’s	’s	PART
cblr-1783	381	29	claims	claim	NOUN
cblr-1783	381	30	that	that	SCONJ
cblr-1783	381	31	the	the	DET
cblr-1783	381	32	three	three	NUM
cblr-1783	381	33	dominant	dominant	ADJ
cblr-1783	381	34	stock	stock	NOUN
cblr-1783	381	35	exchanges	exchange	NOUN
cblr-1783	381	36	would	would	AUX
cblr-1783	381	37	utilize	utilize	VERB
cblr-1783	381	38	the	the	DET
cblr-1783	381	39	clearinghouse	clearinghouse	NOUN
cblr-1783	381	40	to	to	PART
cblr-1783	381	41	stifle	stifle	VERB
cblr-1783	381	42	competition	competition	NOUN
cblr-1783	381	43	from	from	ADP
cblr-1783	381	44	the	the	DET
cblr-1783	381	45	smaller	small	ADJ
cblr-1783	381	46	,	,	PUNCT
cblr-1783	381	47	regional	regional	ADJ
cblr-1783	381	48	stock	stock	NOUN
cblr-1783	381	49	exchanges	exchange	NOUN
cblr-1783	381	50	.	.	PUNCT
cblr-1783	382	1	decades	decade	NOUN
cblr-1783	382	2	later	later	ADV
cblr-1783	382	3	,	,	PUNCT
cblr-1783	382	4	the	the	DET
cblr-1783	382	5	justice	justice	PROPN
cblr-1783	382	6	department	department	PROPN
cblr-1783	382	7	showed	show	VERB
cblr-1783	382	8	that	that	SCONJ
cblr-1783	382	9	leverage	leverage	NOUN
cblr-1783	382	10	is	be	AUX
cblr-1783	382	11	real	real	ADJ
cblr-1783	382	12	,	,	PUNCT
cblr-1783	382	13	not	not	PART
cblr-1783	382	14	hypothetical.68	hypothetical.68	NOUN
cblr-1783	382	15	if	if	SCONJ
cblr-1783	382	16	futures	future	NOUN
cblr-1783	382	17	clearinghouses	clearinghouse	NOUN
cblr-1783	382	18	were	be	AUX
cblr-1783	382	19	to	to	PART
cblr-1783	382	20	openly	openly	ADV
cblr-1783	382	21	clear	clear	VERB
cblr-1783	382	22	trades	trade	NOUN
cblr-1783	382	23	regardless	regardless	ADV
cblr-1783	382	24	of	of	ADP
cblr-1783	382	25	the	the	DET
cblr-1783	382	26	exchange	exchange	NOUN
cblr-1783	382	27	of	of	ADP
cblr-1783	382	28	origination	origination	NOUN
cblr-1783	382	29	,	,	PUNCT
cblr-1783	382	30	several	several	ADJ
cblr-1783	382	31	benefits	benefit	NOUN
cblr-1783	382	32	would	would	AUX
cblr-1783	382	33	follow	follow	VERB
cblr-1783	382	34	.	.	PUNCT
cblr-1783	383	1	a	a	DET
cblr-1783	383	2	product	product	NOUN
cblr-1783	383	3	could	could	AUX
cblr-1783	383	4	be	be	AUX
cblr-1783	383	5	offered	offer	VERB
cblr-1783	383	6	on	on	ADP
cblr-1783	383	7	multiple	multiple	ADJ
cblr-1783	383	8	exchanges	exchange	NOUN
cblr-1783	383	9	,	,	PUNCT
cblr-1783	383	10	resulting	result	VERB
cblr-1783	383	11	in	in	ADP
cblr-1783	383	12	ease	ease	NOUN
cblr-1783	383	13	of	of	ADP
cblr-1783	383	14	trading	trading	NOUN
cblr-1783	383	15	and	and	CCONJ
cblr-1783	383	16	reduction	reduction	NOUN
cblr-1783	383	17	of	of	ADP
cblr-1783	383	18	trading	trading	NOUN
cblr-1783	383	19	costs.69	costs.69	NOUN
cblr-1783	383	20	the	the	DET
cblr-1783	383	21	few	few	ADJ
cblr-1783	383	22	examples	example	NOUN
cblr-1783	383	23	we	we	PRON
cblr-1783	383	24	have	have	VERB
cblr-1783	383	25	of	of	ADP
cblr-1783	383	26	head	head	NOUN
cblr-1783	383	27	-	-	PUNCT
cblr-1783	383	28	to	to	ADP
cblr-1783	383	29	-	-	PUNCT
cblr-1783	383	30	head	head	NOUN
cblr-1783	383	31	competition	competition	NOUN
cblr-1783	383	32	between	between	ADP
cblr-1783	383	33	futures	future	NOUN
cblr-1783	383	34	exchanges	exchange	NOUN
cblr-1783	383	35	have	have	AUX
cblr-1783	383	36	shown	show	VERB
cblr-1783	383	37	that	that	SCONJ
cblr-1783	383	38	when	when	SCONJ
cblr-1783	383	39	dominant	dominant	ADJ
cblr-1783	383	40	exchanges	exchange	NOUN
cblr-1783	383	41	are	be	AUX
cblr-1783	383	42	challenged	challenge	VERB
cblr-1783	383	43	,	,	PUNCT
cblr-1783	383	44	trading	trading	NOUN
cblr-1783	383	45	fees	fee	NOUN
cblr-1783	383	46	will	will	AUX
cblr-1783	383	47	decline	decline	VERB
cblr-1783	383	48	,	,	PUNCT
cblr-1783	383	49	technological	technological	ADJ
cblr-1783	383	50	innovations	innovation	NOUN
cblr-1783	383	51	ensue	ensue	VERB
cblr-1783	383	52	,	,	PUNCT
cblr-1783	383	53	and	and	CCONJ
cblr-1783	383	54	products	product	NOUN
cblr-1783	383	55	choices	choice	NOUN
cblr-1783	383	56	expand.70	expand.70	ADV
cblr-1783	383	57	these	these	PRON
cblr-1783	383	58	are	be	AUX
cblr-1783	383	59	all	all	PRON
cblr-1783	383	60	familiar	familiar	ADJ
cblr-1783	383	61	consequences	consequence	NOUN
cblr-1783	383	62	from	from	ADP
cblr-1783	383	63	the	the	DET
cblr-1783	383	64	lifting	lifting	NOUN
cblr-1783	383	65	of	of	ADP
cblr-1783	383	66	restraints	restraint	NOUN
cblr-1783	383	67	on	on	ADP
cblr-1783	383	68	trade	trade	NOUN
cblr-1783	383	69	.	.	PUNCT
cblr-1783	384	1	of	of	ADP
cblr-1783	384	2	course	course	NOUN
cblr-1783	384	3	,	,	PUNCT
cblr-1783	384	4	these	these	DET
cblr-1783	384	5	benefits	benefit	NOUN
cblr-1783	384	6	would	would	AUX
cblr-1783	384	7	have	have	VERB
cblr-1783	384	8	to	to	PART
cblr-1783	384	9	contend	contend	VERB
cblr-1783	384	10	with	with	ADP
cblr-1783	384	11	systemic	systemic	ADJ
cblr-1783	384	12	risk	risk	NOUN
cblr-1783	384	13	.	.	PUNCT
cblr-1783	385	1	from	from	ADP
cblr-1783	385	2	the	the	DET
cblr-1783	385	3	precedents	precedent	NOUN
cblr-1783	385	4	of	of	ADP
cblr-1783	385	5	nscc	nscc	PROPN
cblr-1783	385	6	and	and	CCONJ
cblr-1783	385	7	occ	occ	X
cblr-1783	385	8	in	in	ADP
cblr-1783	385	9	the	the	DET
cblr-1783	385	10	securities	security	NOUN
cblr-1783	385	11	and	and	CCONJ
cblr-1783	385	12	options	option	NOUN
cblr-1783	385	13	industries	industry	NOUN
cblr-1783	385	14	,	,	PUNCT
cblr-1783	385	15	the	the	DET
cblr-1783	385	16	open	open	ADJ
cblr-1783	385	17	clearing	clearing	NOUN
cblr-1783	385	18	environment	environment	NOUN
cblr-1783	385	19	might	might	AUX
cblr-1783	385	20	foster	foster	VERB
cblr-1783	385	21	the	the	DET
cblr-1783	385	22	growth	growth	NOUN
cblr-1783	385	23	of	of	ADP
cblr-1783	385	24	a	a	DET
cblr-1783	385	25	dominant	dominant	ADJ
cblr-1783	385	26	clearinghouse	clearinghouse	NOUN
cblr-1783	385	27	(	(	PUNCT
cblr-1783	385	28	tolerated	tolerate	VERB
cblr-1783	385	29	by	by	ADP
cblr-1783	385	30	regulation	regulation	NOUN
cblr-1783	385	31	)	)	PUNCT
cblr-1783	385	32	exposed	expose	VERB
cblr-1783	385	33	to	to	ADP
cblr-1783	385	34	a	a	DET
cblr-1783	385	35	broad	broad	ADJ
cblr-1783	385	36	universe	universe	NOUN
cblr-1783	385	37	of	of	ADP
cblr-1783	385	38	counterparties	counterpartie	NOUN
cblr-1783	385	39	.	.	PUNCT
cblr-1783	386	1	the	the	DET
cblr-1783	386	2	dilemma	dilemma	NOUN
cblr-1783	386	3	of	of	ADP
cblr-1783	386	4	dodd	dodd	PROPN
cblr-1783	386	5	-	-	PUNCT
cblr-1783	386	6	frank	frank	PROPN
cblr-1783	386	7	’s	’s	PART
cblr-1783	386	8	clearinghouse	clearinghouse	NOUN
cblr-1783	386	9	.	.	PUNCT
cblr-1783	387	1	yet	yet	ADV
cblr-1783	387	2	given	give	VERB
cblr-1783	387	3	the	the	DET
cblr-1783	387	4	fractured	fractured	ADJ
cblr-1783	387	5	futures	future	NOUN
cblr-1783	387	6	market	market	NOUN
cblr-1783	387	7	,	,	PUNCT
cblr-1783	387	8	each	each	DET
cblr-1783	387	9	clearinghouse	clearinghouse	NOUN
cblr-1783	387	10	tends	tend	VERB
cblr-1783	387	11	not	not	PART
cblr-1783	387	12	to	to	PART
cblr-1783	387	13	be	be	AUX
cblr-1783	387	14	as	as	ADP
cblr-1783	387	15	broadly	broadly	ADV
cblr-1783	387	16	exposed	expose	VERB
cblr-1783	387	17	.	.	PUNCT
cblr-1783	388	1	68	68	NUM
cblr-1783	388	2	see	see	VERB
cblr-1783	388	3	u.s	u.s	PROPN
cblr-1783	388	4	.	.	PROPN
cblr-1783	388	5	dep’t	dep’t	PROPN
cblr-1783	388	6	of	of	ADP
cblr-1783	388	7	justice	justice	NOUN
cblr-1783	388	8	,	,	PUNCT
cblr-1783	388	9	supra	supra	PROPN
cblr-1783	388	10	note	note	PROPN
cblr-1783	388	11	65	65	NUM
cblr-1783	388	12	,	,	PUNCT
cblr-1783	388	13	at	at	ADP
cblr-1783	388	14	10–16	10–16	NUM
cblr-1783	388	15	.	.	PUNCT
cblr-1783	389	1	leverage	leverage	NOUN
cblr-1783	389	2	hurts	hurt	VERB
cblr-1783	389	3	consumers	consumer	NOUN
cblr-1783	389	4	,	,	PUNCT
cblr-1783	389	5	not	not	PART
cblr-1783	389	6	just	just	ADV
cblr-1783	389	7	competitors	competitor	NOUN
cblr-1783	389	8	.	.	PUNCT
cblr-1783	390	1	by	by	ADP
cblr-1783	390	2	cutting	cut	VERB
cblr-1783	390	3	off	off	ADP
cblr-1783	390	4	the	the	DET
cblr-1783	390	5	entry	entry	NOUN
cblr-1783	390	6	of	of	ADP
cblr-1783	390	7	competitors	competitor	NOUN
cblr-1783	390	8	,	,	PUNCT
cblr-1783	390	9	the	the	DET
cblr-1783	390	10	dominant	dominant	ADJ
cblr-1783	390	11	exchanges	exchange	NOUN
cblr-1783	390	12	remain	remain	VERB
cblr-1783	390	13	dominant	dominant	ADJ
cblr-1783	390	14	,	,	PUNCT
cblr-1783	390	15	and	and	CCONJ
cblr-1783	390	16	they	they	PRON
cblr-1783	390	17	also	also	ADV
cblr-1783	390	18	ossify	ossify	VERB
cblr-1783	390	19	.	.	PUNCT
cblr-1783	391	1	marketmakers	marketmaker	NOUN
cblr-1783	391	2	have	have	VERB
cblr-1783	391	3	no	no	DET
cblr-1783	391	4	incentive	incentive	NOUN
cblr-1783	391	5	to	to	PART
cblr-1783	391	6	innovate	innovate	VERB
cblr-1783	391	7	and	and	CCONJ
cblr-1783	391	8	continue	continue	VERB
cblr-1783	391	9	to	to	PART
cblr-1783	391	10	carry	carry	VERB
cblr-1783	391	11	on	on	ADP
cblr-1783	391	12	in	in	ADP
cblr-1783	391	13	antiquated	antiquated	ADJ
cblr-1783	391	14	systems	system	NOUN
cblr-1783	391	15	because	because	SCONJ
cblr-1783	391	16	nothing	nothing	PRON
cblr-1783	391	17	more	more	ADJ
cblr-1783	391	18	is	be	AUX
cblr-1783	391	19	needed	need	VERB
cblr-1783	391	20	to	to	PART
cblr-1783	391	21	charge	charge	VERB
cblr-1783	391	22	monopoly	monopoly	NOUN
cblr-1783	391	23	rents	rent	NOUN
cblr-1783	391	24	.	.	PUNCT
cblr-1783	392	1	69	69	NUM
cblr-1783	392	2	traders	trader	NOUN
cblr-1783	392	3	could	could	AUX
cblr-1783	392	4	open	open	VERB
cblr-1783	392	5	a	a	DET
cblr-1783	392	6	position	position	NOUN
cblr-1783	392	7	on	on	ADP
cblr-1783	392	8	one	one	NUM
cblr-1783	392	9	exchange	exchange	NOUN
cblr-1783	392	10	and	and	CCONJ
cblr-1783	392	11	then	then	ADV
cblr-1783	392	12	close	close	VERB
cblr-1783	392	13	it	it	PRON
cblr-1783	392	14	on	on	ADP
cblr-1783	392	15	another	another	PRON
cblr-1783	392	16	.	.	PUNCT
cblr-1783	393	1	additionally	additionally	ADV
cblr-1783	393	2	,	,	PUNCT
cblr-1783	393	3	clearinghouses	clearinghouse	NOUN
cblr-1783	393	4	could	could	AUX
cblr-1783	393	5	net	net	ADJ
cblr-1783	393	6	positions	position	NOUN
cblr-1783	393	7	on	on	ADP
cblr-1783	393	8	one	one	NUM
cblr-1783	393	9	clearinghouse	clearinghouse	NOUN
cblr-1783	393	10	against	against	ADP
cblr-1783	393	11	positions	position	NOUN
cblr-1783	393	12	on	on	ADP
cblr-1783	393	13	another	another	PRON
cblr-1783	393	14	,	,	PUNCT
cblr-1783	393	15	resulting	result	VERB
cblr-1783	393	16	in	in	ADP
cblr-1783	393	17	a	a	DET
cblr-1783	393	18	larger	large	ADJ
cblr-1783	393	19	pool	pool	NOUN
cblr-1783	393	20	of	of	ADP
cblr-1783	393	21	liquidity	liquidity	NOUN
cblr-1783	393	22	,	,	PUNCT
cblr-1783	393	23	lower	low	ADJ
cblr-1783	393	24	margin	margin	NOUN
cblr-1783	393	25	requirements	requirement	NOUN
cblr-1783	393	26	,	,	PUNCT
cblr-1783	393	27	and	and	CCONJ
cblr-1783	393	28	savings	saving	NOUN
cblr-1783	393	29	to	to	ADP
cblr-1783	393	30	counterparties	counterpartie	NOUN
cblr-1783	393	31	.	.	PUNCT
cblr-1783	394	1	see	see	VERB
cblr-1783	394	2	u.s	u.s	PROPN
cblr-1783	394	3	.	.	PROPN
cblr-1783	394	4	dep’t	dep’t	PROPN
cblr-1783	394	5	of	of	ADP
cblr-1783	394	6	justice	justice	NOUN
cblr-1783	394	7	,	,	PUNCT
cblr-1783	394	8	supra	supra	PROPN
cblr-1783	394	9	note	note	PROPN
cblr-1783	394	10	65	65	NUM
cblr-1783	394	11	,	,	PUNCT
cblr-1783	394	12	at	at	ADP
cblr-1783	394	13	6–7	6–7	NUM
cblr-1783	394	14	.	.	PUNCT
cblr-1783	394	15	70	70	NUM
cblr-1783	395	1	i	i	PRON
cblr-1783	395	2	d.	d.	PROPN
cblr-1783	395	3	at	at	ADP
cblr-1783	395	4	10–16	10–16	NUM
cblr-1783	395	5	.	.	PUNCT
cblr-1783	396	1	770	770	NUM
cblr-1783	396	2	columbia	columbia	PROPN
cblr-1783	396	3	business	business	NOUN
cblr-1783	396	4	law	law	PROPN
cblr-1783	396	5	review	review	NOUN
cblr-1783	397	1	[	[	X
cblr-1783	397	2	vol	vol	NOUN
cblr-1783	397	3	.	.	PUNCT
cblr-1783	397	4	2014	2014	NUM
cblr-1783	397	5	open	open	ADJ
cblr-1783	397	6	-	-	PUNCT
cblr-1783	397	7	access	access	NOUN
cblr-1783	397	8	clearing	clearing	NOUN
cblr-1783	397	9	mandate	mandate	NOUN
cblr-1783	397	10	for	for	ADP
cblr-1783	397	11	dcos	dco	NOUN
cblr-1783	397	12	is	be	AUX
cblr-1783	397	13	where	where	SCONJ
cblr-1783	397	14	to	to	PART
cblr-1783	397	15	strike	strike	VERB
cblr-1783	397	16	that	that	DET
cblr-1783	397	17	balance	balance	NOUN
cblr-1783	397	18	between	between	ADP
cblr-1783	397	19	openness	openness	NOUN
cblr-1783	397	20	and	and	CCONJ
cblr-1783	397	21	risk.71	risk.71	NOUN
cblr-1783	397	22	4	4	NUM
cblr-1783	397	23	.	.	PUNCT
cblr-1783	398	1	derivatives	derivative	NOUN
cblr-1783	398	2	clearing	clear	VERB
cblr-1783	398	3	organizations	organization	NOUN
cblr-1783	398	4	among	among	ADP
cblr-1783	398	5	the	the	DET
cblr-1783	398	6	many	many	ADJ
cblr-1783	398	7	demarcations	demarcation	NOUN
cblr-1783	398	8	that	that	PRON
cblr-1783	398	9	cut	cut	VERB
cblr-1783	398	10	through	through	ADP
cblr-1783	398	11	the	the	DET
cblr-1783	398	12	derivatives	derivative	NOUN
cblr-1783	398	13	world	world	NOUN
cblr-1783	398	14	,	,	PUNCT
cblr-1783	398	15	the	the	DET
cblr-1783	398	16	most	most	ADV
cblr-1783	398	17	significant	significant	ADJ
cblr-1783	398	18	is	be	AUX
cblr-1783	398	19	that	that	SCONJ
cblr-1783	398	20	which	which	PRON
cblr-1783	398	21	separates	separate	VERB
cblr-1783	398	22	exchange	exchange	NOUN
cblr-1783	398	23	-	-	PUNCT
cblr-1783	398	24	traded	trade	VERB
cblr-1783	398	25	from	from	ADP
cblr-1783	398	26	over	over	ADP
cblr-1783	398	27	-	-	PUNCT
cblr-1783	398	28	the	the	DET
cblr-1783	398	29	-	-	PUNCT
cblr-1783	398	30	counter	counter	NOUN
cblr-1783	398	31	derivatives	derivative	NOUN
cblr-1783	398	32	.	.	PUNCT
cblr-1783	399	1	examples	example	NOUN
cblr-1783	399	2	of	of	ADP
cblr-1783	399	3	otc	otc	PROPN
cblr-1783	399	4	derivatives	derivative	NOUN
cblr-1783	399	5	include	include	VERB
cblr-1783	399	6	interest	interest	NOUN
cblr-1783	399	7	rate	rate	NOUN
cblr-1783	399	8	and	and	CCONJ
cblr-1783	399	9	credit	credit	NOUN
cblr-1783	399	10	default	default	NOUN
cblr-1783	399	11	swaps	swap	NOUN
cblr-1783	399	12	.	.	PUNCT
cblr-1783	400	1	these	these	DET
cblr-1783	400	2	products	product	NOUN
cblr-1783	400	3	were	be	AUX
cblr-1783	400	4	castigated	castigate	VERB
cblr-1783	400	5	for	for	ADP
cblr-1783	400	6	their	their	PRON
cblr-1783	400	7	role	role	NOUN
cblr-1783	400	8	in	in	ADP
cblr-1783	400	9	the	the	DET
cblr-1783	400	10	financial	financial	ADJ
cblr-1783	400	11	crisis	crisis	NOUN
cblr-1783	400	12	,	,	PUNCT
cblr-1783	400	13	for	for	ADP
cblr-1783	400	14	reasons	reason	NOUN
cblr-1783	400	15	as	as	ADV
cblr-1783	400	16	diverse	diverse	ADJ
cblr-1783	400	17	as	as	ADP
cblr-1783	400	18	exposing	expose	VERB
cblr-1783	400	19	a	a	DET
cblr-1783	400	20	web	web	NOUN
cblr-1783	400	21	of	of	ADP
cblr-1783	400	22	counterparties	counterpartie	NOUN
cblr-1783	400	23	to	to	ADP
cblr-1783	400	24	credit	credit	NOUN
cblr-1783	400	25	risk	risk	NOUN
cblr-1783	400	26	and	and	CCONJ
cblr-1783	400	27	amplifying	amplify	VERB
cblr-1783	400	28	the	the	DET
cblr-1783	400	29	effects	effect	NOUN
cblr-1783	400	30	of	of	ADP
cblr-1783	400	31	default	default	NOUN
cblr-1783	400	32	on	on	ADP
cblr-1783	400	33	otherwise	otherwise	ADV
cblr-1783	400	34	straightforward	straightforward	ADJ
cblr-1783	400	35	mortgage	mortgage	NOUN
cblr-1783	400	36	securities	security	NOUN
cblr-1783	400	37	.	.	PUNCT
cblr-1783	401	1	to	to	PART
cblr-1783	401	2	mitigate	mitigate	VERB
cblr-1783	401	3	future	future	ADJ
cblr-1783	401	4	havoc	havoc	NOUN
cblr-1783	401	5	,	,	PUNCT
cblr-1783	401	6	title	title	NOUN
cblr-1783	401	7	vii	vii	PROPN
cblr-1783	401	8	of	of	ADP
cblr-1783	401	9	dodd	dodd	PROPN
cblr-1783	401	10	-	-	PUNCT
cblr-1783	401	11	frank	frank	PROPN
cblr-1783	401	12	mandates	mandate	VERB
cblr-1783	401	13	the	the	DET
cblr-1783	401	14	clearance	clearance	NOUN
cblr-1783	401	15	and	and	CCONJ
cblr-1783	401	16	settlement	settlement	NOUN
cblr-1783	401	17	of	of	ADP
cblr-1783	401	18	trading	trading	NOUN
cblr-1783	401	19	in	in	ADP
cblr-1783	401	20	these	these	DET
cblr-1783	401	21	products	product	NOUN
cblr-1783	401	22	through	through	ADP
cblr-1783	401	23	derivatives	derivative	NOUN
cblr-1783	401	24	clearing	clearing	NOUN
cblr-1783	401	25	organizations	organization	NOUN
cblr-1783	401	26	.	.	PUNCT
cblr-1783	402	1	today	today	NOUN
cblr-1783	402	2	,	,	PUNCT
cblr-1783	402	3	the	the	DET
cblr-1783	402	4	clearance	clearance	NOUN
cblr-1783	402	5	of	of	ADP
cblr-1783	402	6	otc	otc	PROPN
cblr-1783	402	7	derivatives	derivative	NOUN
cblr-1783	402	8	resembles	resemble	VERB
cblr-1783	402	9	that	that	PRON
cblr-1783	402	10	of	of	ADP
cblr-1783	402	11	exchange	exchange	NOUN
cblr-1783	402	12	-	-	PUNCT
cblr-1783	402	13	traded	trade	VERB
cblr-1783	402	14	derivatives	derivative	NOUN
cblr-1783	402	15	—	—	PUNCT
cblr-1783	402	16	only	only	ADV
cblr-1783	402	17	without	without	ADP
cblr-1783	402	18	the	the	DET
cblr-1783	402	19	presence	presence	NOUN
cblr-1783	402	20	of	of	ADP
cblr-1783	402	21	exchanges	exchange	NOUN
cblr-1783	402	22	to	to	PART
cblr-1783	402	23	make	make	VERB
cblr-1783	402	24	a	a	DET
cblr-1783	402	25	market	market	NOUN
cblr-1783	402	26	.	.	PUNCT
cblr-1783	403	1	as	as	ADP
cblr-1783	403	2	an	an	DET
cblr-1783	403	3	illustration	illustration	NOUN
cblr-1783	403	4	,	,	PUNCT
cblr-1783	403	5	let	let	VERB
cblr-1783	403	6	us	we	PRON
cblr-1783	403	7	return	return	VERB
cblr-1783	403	8	to	to	ADP
cblr-1783	403	9	our	our	PRON
cblr-1783	403	10	hypothetical	hypothetical	ADJ
cblr-1783	403	11	investor	investor	NOUN
cblr-1783	403	12	.	.	PUNCT
cblr-1783	404	1	assume	assume	VERB
cblr-1783	404	2	that	that	SCONJ
cblr-1783	404	3	investor	investor	NOUN
cblr-1783	404	4	takes	take	VERB
cblr-1783	404	5	out	out	ADP
cblr-1783	404	6	a	a	DET
cblr-1783	404	7	loan	loan	NOUN
cblr-1783	404	8	at	at	ADP
cblr-1783	404	9	a	a	DET
cblr-1783	404	10	variable	variable	ADJ
cblr-1783	404	11	interest	interest	NOUN
cblr-1783	404	12	rate	rate	NOUN
cblr-1783	404	13	.	.	PUNCT
cblr-1783	405	1	investor	investor	NOUN
cblr-1783	405	2	does	do	AUX
cblr-1783	405	3	not	not	PART
cblr-1783	405	4	like	like	VERB
cblr-1783	405	5	the	the	DET
cblr-1783	405	6	unpredictability	unpredictability	NOUN
cblr-1783	405	7	of	of	ADP
cblr-1783	405	8	variable	variable	ADJ
cblr-1783	405	9	rates	rate	NOUN
cblr-1783	405	10	,	,	PUNCT
cblr-1783	405	11	so	so	SCONJ
cblr-1783	405	12	investor	investor	NOUN
cblr-1783	405	13	might	might	AUX
cblr-1783	405	14	buy	buy	VERB
cblr-1783	405	15	an	an	DET
cblr-1783	405	16	interest	interest	NOUN
cblr-1783	405	17	rate	rate	NOUN
cblr-1783	405	18	swap	swap	NOUN
cblr-1783	405	19	from	from	ADP
cblr-1783	405	20	a	a	DET
cblr-1783	405	21	bank	bank	NOUN
cblr-1783	405	22	(	(	PUNCT
cblr-1783	405	23	“	"	PUNCT
cblr-1783	405	24	bank	bank	NOUN
cblr-1783	405	25	”	"	PUNCT
cblr-1783	405	26	)	)	PUNCT
cblr-1783	405	27	.	.	PUNCT
cblr-1783	406	1	under	under	ADP
cblr-1783	406	2	the	the	DET
cblr-1783	406	3	swap	swap	NOUN
cblr-1783	406	4	,	,	PUNCT
cblr-1783	406	5	investor	investor	NOUN
cblr-1783	406	6	would	would	AUX
cblr-1783	406	7	pay	pay	VERB
cblr-1783	406	8	bank	bank	NOUN
cblr-1783	406	9	a	a	DET
cblr-1783	406	10	fixed	fix	VERB
cblr-1783	406	11	interest	interest	NOUN
cblr-1783	406	12	rate	rate	NOUN
cblr-1783	406	13	while	while	SCONJ
cblr-1783	406	14	bank	bank	NOUN
cblr-1783	406	15	pays	pay	VERB
cblr-1783	406	16	investor	investor	NOUN
cblr-1783	406	17	a	a	DET
cblr-1783	406	18	variable	variable	ADJ
cblr-1783	406	19	rate	rate	NOUN
cblr-1783	406	20	.	.	PUNCT
cblr-1783	407	1	when	when	SCONJ
cblr-1783	407	2	a	a	DET
cblr-1783	407	3	clearinghouse	clearinghouse	NOUN
cblr-1783	407	4	is	be	AUX
cblr-1783	407	5	interposed	interpose	VERB
cblr-1783	407	6	into	into	ADP
cblr-1783	407	7	this	this	DET
cblr-1783	407	8	exchange	exchange	NOUN
cblr-1783	407	9	of	of	ADP
cblr-1783	407	10	payments	payment	NOUN
cblr-1783	407	11	,	,	PUNCT
cblr-1783	407	12	the	the	DET
cblr-1783	407	13	positions	position	NOUN
cblr-1783	407	14	of	of	ADP
cblr-1783	407	15	investor	investor	NOUN
cblr-1783	407	16	and	and	CCONJ
cblr-1783	407	17	bank	bank	NOUN
cblr-1783	407	18	are	be	AUX
cblr-1783	407	19	novated	novate	VERB
cblr-1783	407	20	to	to	ADP
cblr-1783	407	21	a	a	DET
cblr-1783	407	22	dco	dco	NOUN
cblr-1783	407	23	—	—	PUNCT
cblr-1783	407	24	that	that	ADV
cblr-1783	407	25	is	is	ADV
cblr-1783	407	26	,	,	PUNCT
cblr-1783	407	27	the	the	DET
cblr-1783	407	28	dco	dco	PROPN
cblr-1783	407	29	becomes	become	VERB
cblr-1783	407	30	swap	swap	NOUN
cblr-1783	407	31	buyer	buyer	NOUN
cblr-1783	407	32	to	to	ADP
cblr-1783	407	33	bank	bank	NOUN
cblr-1783	407	34	and	and	CCONJ
cblr-1783	407	35	swap	swap	NOUN
cblr-1783	407	36	seller	seller	NOUN
cblr-1783	407	37	to	to	ADP
cblr-1783	407	38	investor	investor	NOUN
cblr-1783	407	39	.	.	PUNCT
cblr-1783	408	1	if	if	SCONJ
cblr-1783	408	2	investor	investor	NOUN
cblr-1783	408	3	is	be	AUX
cblr-1783	408	4	in	in	ADP
cblr-1783	408	5	-	-	PUNCT
cblr-1783	408	6	themoney	themoney	NOUN
cblr-1783	408	7	vis	vis	X
cblr-1783	408	8	-	-	X
cblr-1783	408	9	à	à	X
cblr-1783	408	10	-	-	PUNCT
cblr-1783	408	11	vis	vis	X
cblr-1783	408	12	bank	bank	NOUN
cblr-1783	408	13	,	,	PUNCT
cblr-1783	408	14	dco	dco	PROPN
cblr-1783	408	15	will	will	AUX
cblr-1783	408	16	disburse	disburse	VERB
cblr-1783	408	17	funds	fund	NOUN
cblr-1783	408	18	to	to	ADP
cblr-1783	408	19	investor.72	investor.72	VERB
cblr-1783	408	20	if	if	SCONJ
cblr-1783	408	21	bank	bank	NOUN
cblr-1783	408	22	is	be	AUX
cblr-1783	408	23	in	in	ADP
cblr-1783	408	24	-	-	PUNCT
cblr-1783	408	25	the	the	DET
cblr-1783	408	26	-	-	PUNCT
cblr-1783	408	27	money	money	NOUN
cblr-1783	408	28	vis	vis	X
cblr-1783	408	29	-	-	X
cblr-1783	408	30	à	à	X
cblr-1783	408	31	-	-	PUNCT
cblr-1783	408	32	vis	vis	X
cblr-1783	408	33	investor	investor	NOUN
cblr-1783	408	34	,	,	PUNCT
cblr-1783	408	35	then	then	ADV
cblr-1783	408	36	dco	dco	VERB
cblr-1783	408	37	disburses	disburse	NOUN
cblr-1783	408	38	funds	fund	NOUN
cblr-1783	408	39	to	to	ADP
cblr-1783	408	40	bank	bank	NOUN
cblr-1783	408	41	.	.	PUNCT
cblr-1783	409	1	71	71	NUM
cblr-1783	409	2	see	see	VERB
cblr-1783	409	3	7	7	NUM
cblr-1783	409	4	u.s.c	u.s.c	ADJ
cblr-1783	409	5	.	.	PUNCT
cblr-1783	410	1	§	§	PROPN
cblr-1783	410	2	7a-1(c)(2)(c	7a-1(c)(2)(c	NUM
cblr-1783	410	3	)	)	PUNCT
cblr-1783	410	4	(	(	PUNCT
cblr-1783	410	5	2012	2012	NUM
cblr-1783	410	6	)	)	PUNCT
cblr-1783	410	7	;	;	PUNCT
cblr-1783	410	8	infra	infra	NOUN
cblr-1783	410	9	section	section	NOUN
cblr-1783	410	10	iv.b.2	iv.b.2	NOUN
cblr-1783	410	11	.	.	PUNCT
cblr-1783	410	12	72	72	NUM
cblr-1783	410	13	this	this	PRON
cblr-1783	410	14	assumes	assume	VERB
cblr-1783	410	15	that	that	SCONJ
cblr-1783	410	16	investor	investor	NOUN
cblr-1783	410	17	does	do	AUX
cblr-1783	410	18	not	not	PART
cblr-1783	410	19	have	have	VERB
cblr-1783	410	20	a	a	DET
cblr-1783	410	21	derivative	derivative	ADJ
cblr-1783	410	22	transaction	transaction	NOUN
cblr-1783	410	23	with	with	ADP
cblr-1783	410	24	another	another	DET
cblr-1783	410	25	party	party	NOUN
cblr-1783	410	26	that	that	PRON
cblr-1783	410	27	clears	clear	VERB
cblr-1783	410	28	through	through	ADP
cblr-1783	410	29	dco	dco	PROPN
cblr-1783	410	30	against	against	ADP
cblr-1783	410	31	which	which	PRON
cblr-1783	410	32	can	can	AUX
cblr-1783	410	33	be	be	AUX
cblr-1783	410	34	netted	net	VERB
cblr-1783	410	35	.	.	PUNCT
cblr-1783	411	1	this	this	DET
cblr-1783	411	2	ability	ability	NOUN
cblr-1783	411	3	to	to	PART
cblr-1783	411	4	net	net	VERB
cblr-1783	411	5	out	out	ADP
cblr-1783	411	6	positions	position	NOUN
cblr-1783	411	7	is	be	AUX
cblr-1783	411	8	a	a	DET
cblr-1783	411	9	powerful	powerful	ADJ
cblr-1783	411	10	tool	tool	NOUN
cblr-1783	411	11	—	—	PUNCT
cblr-1783	411	12	it	it	PRON
cblr-1783	411	13	reduces	reduce	VERB
cblr-1783	411	14	the	the	DET
cblr-1783	411	15	need	need	NOUN
cblr-1783	411	16	to	to	PART
cblr-1783	411	17	exchange	exchange	VERB
cblr-1783	411	18	cash	cash	NOUN
cblr-1783	411	19	flows	flow	NOUN
cblr-1783	411	20	.	.	PUNCT
cblr-1783	412	1	no	no	INTJ
cblr-1783	412	2	.	.	PUNCT
cblr-1783	413	1	3:747	3:747	NUM
cblr-1783	413	2	]	]	X
cblr-1783	413	3	systemic	systemic	ADJ
cblr-1783	413	4	risk	risk	NOUN
cblr-1783	413	5	paradox	paradox	NOUN
cblr-1783	413	6	771	771	NUM
cblr-1783	413	7	the	the	DET
cblr-1783	413	8	benefits	benefit	NOUN
cblr-1783	413	9	of	of	ADP
cblr-1783	413	10	dcos	dco	NOUN
cblr-1783	413	11	are	be	AUX
cblr-1783	413	12	three	three	NUM
cblr-1783	413	13	-	-	NOUN
cblr-1783	413	14	fold	fold	ADJ
cblr-1783	413	15	.	.	PUNCT
cblr-1783	414	1	first	first	ADV
cblr-1783	414	2	,	,	PUNCT
cblr-1783	414	3	they	they	PRON
cblr-1783	414	4	can	can	AUX
cblr-1783	414	5	more	more	ADV
cblr-1783	414	6	effectively	effectively	ADV
cblr-1783	414	7	net	net	ADJ
cblr-1783	414	8	positions	position	NOUN
cblr-1783	414	9	than	than	ADP
cblr-1783	414	10	bilateral	bilateral	ADJ
cblr-1783	414	11	markets.73	markets.73	NOUN
cblr-1783	414	12	a	a	DET
cblr-1783	414	13	clearinghouse	clearinghouse	NOUN
cblr-1783	414	14	is	be	AUX
cblr-1783	414	15	comprised	comprise	VERB
cblr-1783	414	16	of	of	ADP
cblr-1783	414	17	,	,	PUNCT
cblr-1783	414	18	and	and	CCONJ
cblr-1783	414	19	governed	govern	VERB
cblr-1783	414	20	by	by	ADP
cblr-1783	414	21	,	,	PUNCT
cblr-1783	414	22	members	member	NOUN
cblr-1783	414	23	who	who	PRON
cblr-1783	414	24	have	have	AUX
cblr-1783	414	25	met	meet	VERB
cblr-1783	414	26	certain	certain	ADJ
cblr-1783	414	27	capitalization	capitalization	NOUN
cblr-1783	414	28	and	and	CCONJ
cblr-1783	414	29	risk	risk	NOUN
cblr-1783	414	30	management	management	NOUN
cblr-1783	414	31	requirements	requirement	NOUN
cblr-1783	414	32	.	.	PUNCT
cblr-1783	415	1	these	these	DET
cblr-1783	415	2	members	member	NOUN
cblr-1783	415	3	novate	novate	VERB
cblr-1783	415	4	their	their	PRON
cblr-1783	415	5	trades	trade	NOUN
cblr-1783	415	6	in	in	ADP
cblr-1783	415	7	qualifying	qualify	VERB
cblr-1783	415	8	instruments	instrument	NOUN
cblr-1783	415	9	to	to	ADP
cblr-1783	415	10	the	the	DET
cblr-1783	415	11	clearinghouse	clearinghouse	NOUN
cblr-1783	415	12	.	.	PUNCT
cblr-1783	416	1	as	as	ADP
cblr-1783	416	2	the	the	DET
cblr-1783	416	3	party	party	NOUN
cblr-1783	416	4	in	in	ADP
cblr-1783	416	5	the	the	DET
cblr-1783	416	6	middle	middle	NOUN
cblr-1783	416	7	,	,	PUNCT
cblr-1783	416	8	the	the	DET
cblr-1783	416	9	clearinghouse	clearinghouse	NOUN
cblr-1783	416	10	can	can	AUX
cblr-1783	416	11	quickly	quickly	ADV
cblr-1783	416	12	see	see	VERB
cblr-1783	416	13	how	how	SCONJ
cblr-1783	416	14	the	the	DET
cblr-1783	416	15	positions	position	NOUN
cblr-1783	416	16	of	of	ADP
cblr-1783	416	17	its	its	PRON
cblr-1783	416	18	members	member	NOUN
cblr-1783	416	19	offset	offset	VERB
cblr-1783	416	20	each	each	DET
cblr-1783	416	21	other	other	ADJ
cblr-1783	416	22	.	.	PUNCT
cblr-1783	417	1	the	the	DET
cblr-1783	417	2	second	second	ADJ
cblr-1783	417	3	benefit	benefit	NOUN
cblr-1783	417	4	of	of	ADP
cblr-1783	417	5	clearinghouses	clearinghouse	NOUN
cblr-1783	417	6	,	,	PUNCT
cblr-1783	417	7	which	which	PRON
cblr-1783	417	8	is	be	AUX
cblr-1783	417	9	related	relate	VERB
cblr-1783	417	10	to	to	ADP
cblr-1783	417	11	their	their	PRON
cblr-1783	417	12	netting	net	VERB
cblr-1783	417	13	capacity	capacity	NOUN
cblr-1783	417	14	,	,	PUNCT
cblr-1783	417	15	is	be	AUX
cblr-1783	417	16	that	that	SCONJ
cblr-1783	417	17	their	their	PRON
cblr-1783	417	18	birds	bird	NOUN
cblr-1783	417	19	-	-	PUNCT
cblr-1783	417	20	eye	eye	NOUN
cblr-1783	417	21	view	view	NOUN
cblr-1783	417	22	allows	allow	VERB
cblr-1783	417	23	them	they	PRON
cblr-1783	417	24	to	to	PART
cblr-1783	417	25	better	well	ADV
cblr-1783	417	26	assess	assess	VERB
cblr-1783	417	27	collateral	collateral	NOUN
cblr-1783	417	28	requirements.74	requirements.74	NOUN
cblr-1783	417	29	because	because	SCONJ
cblr-1783	417	30	the	the	DET
cblr-1783	417	31	dco	dco	PROPN
cblr-1783	417	32	has	have	VERB
cblr-1783	417	33	numerous	numerous	ADJ
cblr-1783	417	34	positions	position	NOUN
cblr-1783	417	35	to	to	PART
cblr-1783	417	36	offset	offset	VERB
cblr-1783	417	37	,	,	PUNCT
cblr-1783	417	38	the	the	DET
cblr-1783	417	39	margin	margin	NOUN
cblr-1783	417	40	that	that	PRON
cblr-1783	417	41	members	member	NOUN
cblr-1783	417	42	have	have	VERB
cblr-1783	417	43	to	to	PART
cblr-1783	417	44	post	post	VERB
cblr-1783	417	45	to	to	PART
cblr-1783	417	46	maintain	maintain	VERB
cblr-1783	417	47	their	their	PRON
cblr-1783	417	48	positions	position	NOUN
cblr-1783	417	49	will	will	AUX
cblr-1783	417	50	likely	likely	ADV
cblr-1783	417	51	be	be	AUX
cblr-1783	417	52	lower	low	ADJ
cblr-1783	417	53	than	than	ADP
cblr-1783	417	54	with	with	ADP
cblr-1783	417	55	bilateral	bilateral	ADJ
cblr-1783	417	56	clearing	clearing	NOUN
cblr-1783	417	57	.	.	PUNCT
cblr-1783	418	1	this	this	PRON
cblr-1783	418	2	lowers	lower	VERB
cblr-1783	418	3	trading	trading	NOUN
cblr-1783	418	4	costs	cost	NOUN
cblr-1783	418	5	for	for	ADP
cblr-1783	418	6	members	member	NOUN
cblr-1783	418	7	.	.	PUNCT
cblr-1783	419	1	finally	finally	ADV
cblr-1783	419	2	,	,	PUNCT
cblr-1783	419	3	the	the	DET
cblr-1783	419	4	design	design	NOUN
cblr-1783	419	5	of	of	ADP
cblr-1783	419	6	dcos	dco	NOUN
cblr-1783	419	7	allows	allow	VERB
cblr-1783	419	8	them	they	PRON
cblr-1783	419	9	to	to	PART
cblr-1783	419	10	mutualize	mutualize	VERB
cblr-1783	419	11	,	,	PUNCT
cblr-1783	419	12	or	or	CCONJ
cblr-1783	419	13	spread	spread	VERB
cblr-1783	419	14	,	,	PUNCT
cblr-1783	419	15	large	large	ADJ
cblr-1783	419	16	losses	loss	NOUN
cblr-1783	419	17	among	among	ADP
cblr-1783	419	18	their	their	PRON
cblr-1783	419	19	broad	broad	ADJ
cblr-1783	419	20	membership.75	membership.75	NOUN
cblr-1783	419	21	if	if	SCONJ
cblr-1783	419	22	one	one	NUM
cblr-1783	419	23	member	member	NOUN
cblr-1783	419	24	can	can	AUX
cblr-1783	419	25	not	not	PART
cblr-1783	419	26	honor	honor	VERB
cblr-1783	419	27	its	its	PRON
cblr-1783	419	28	obligations	obligation	NOUN
cblr-1783	419	29	in	in	ADP
cblr-1783	419	30	a	a	DET
cblr-1783	419	31	trade	trade	NOUN
cblr-1783	419	32	,	,	PUNCT
cblr-1783	419	33	the	the	DET
cblr-1783	419	34	member	member	NOUN
cblr-1783	419	35	’s	’s	PART
cblr-1783	419	36	losses	loss	NOUN
cblr-1783	419	37	are	be	AUX
cblr-1783	419	38	first	first	ADV
cblr-1783	419	39	borne	bear	VERB
cblr-1783	419	40	by	by	ADP
cblr-1783	419	41	its	its	PRON
cblr-1783	419	42	margin	margin	NOUN
cblr-1783	419	43	.	.	PUNCT
cblr-1783	420	1	if	if	SCONJ
cblr-1783	420	2	the	the	DET
cblr-1783	420	3	margin	margin	NOUN
cblr-1783	420	4	is	be	AUX
cblr-1783	420	5	insufficient	insufficient	ADJ
cblr-1783	420	6	,	,	PUNCT
cblr-1783	420	7	then	then	ADV
cblr-1783	420	8	the	the	DET
cblr-1783	420	9	dco	dco	PROPN
cblr-1783	420	10	can	can	AUX
cblr-1783	420	11	tap	tap	VERB
cblr-1783	420	12	a	a	DET
cblr-1783	420	13	default	default	NOUN
cblr-1783	420	14	fund	fund	NOUN
cblr-1783	420	15	,	,	PUNCT
cblr-1783	420	16	which	which	PRON
cblr-1783	420	17	all	all	DET
cblr-1783	420	18	members	member	NOUN
cblr-1783	420	19	pay	pay	VERB
cblr-1783	420	20	into	into	ADP
cblr-1783	420	21	as	as	ADP
cblr-1783	420	22	a	a	DET
cblr-1783	420	23	condition	condition	NOUN
cblr-1783	420	24	of	of	ADP
cblr-1783	420	25	membership.76	membership.76	PROPN
cblr-1783	420	26	spreading	spread	VERB
cblr-1783	420	27	the	the	DET
cblr-1783	420	28	loss	loss	NOUN
cblr-1783	420	29	to	to	ADP
cblr-1783	420	30	solvent	solvent	ADJ
cblr-1783	420	31	members	member	NOUN
cblr-1783	420	32	means	mean	VERB
cblr-1783	420	33	that	that	SCONJ
cblr-1783	420	34	the	the	DET
cblr-1783	420	35	defaulting	default	VERB
cblr-1783	420	36	member	member	NOUN
cblr-1783	420	37	does	do	AUX
cblr-1783	420	38	not	not	PART
cblr-1783	420	39	have	have	VERB
cblr-1783	420	40	to	to	PART
cblr-1783	420	41	absorb	absorb	VERB
cblr-1783	420	42	the	the	DET
cblr-1783	420	43	entire	entire	ADJ
cblr-1783	420	44	loss	loss	NOUN
cblr-1783	420	45	.	.	PUNCT
cblr-1783	421	1	if	if	SCONJ
cblr-1783	421	2	the	the	DET
cblr-1783	421	3	loss	loss	NOUN
cblr-1783	421	4	is	be	AUX
cblr-1783	421	5	sufficiently	sufficiently	ADV
cblr-1783	421	6	catastrophic	catastrophic	ADJ
cblr-1783	421	7	and	and	CCONJ
cblr-1783	421	8	the	the	DET
cblr-1783	421	9	defaulting	default	VERB
cblr-1783	421	10	member	member	NOUN
cblr-1783	421	11	is	be	AUX
cblr-1783	421	12	systemically	systemically	ADV
cblr-1783	421	13	significant	significant	ADJ
cblr-1783	421	14	,	,	PUNCT
cblr-1783	421	15	then	then	ADV
cblr-1783	421	16	the	the	DET
cblr-1783	421	17	shock	shock	NOUN
cblr-1783	421	18	to	to	ADP
cblr-1783	421	19	the	the	DET
cblr-1783	421	20	financial	financial	ADJ
cblr-1783	421	21	system	system	NOUN
cblr-1783	421	22	could	could	AUX
cblr-1783	421	23	be	be	AUX
cblr-1783	421	24	severe	severe	ADJ
cblr-1783	421	25	.	.	PUNCT
cblr-1783	422	1	with	with	ADP
cblr-1783	422	2	mutualization	mutualization	NOUN
cblr-1783	422	3	,	,	PUNCT
cblr-1783	422	4	however	however	ADV
cblr-1783	422	5	,	,	PUNCT
cblr-1783	422	6	clearinghouse	clearinghouse	NOUN
cblr-1783	422	7	members	member	NOUN
cblr-1783	422	8	cushion	cushion	VERB
cblr-1783	422	9	the	the	DET
cblr-1783	422	10	impact	impact	NOUN
cblr-1783	422	11	of	of	ADP
cblr-1783	422	12	the	the	DET
cblr-1783	422	13	loss	loss	NOUN
cblr-1783	422	14	.	.	PUNCT
cblr-1783	423	1	for	for	ADP
cblr-1783	423	2	all	all	DET
cblr-1783	423	3	the	the	DET
cblr-1783	423	4	benefits	benefit	NOUN
cblr-1783	423	5	conveyed	convey	VERB
cblr-1783	423	6	by	by	ADP
cblr-1783	423	7	dcos	dco	NOUN
cblr-1783	423	8	,	,	PUNCT
cblr-1783	423	9	these	these	DET
cblr-1783	423	10	intermediaries	intermediary	NOUN
cblr-1783	423	11	have	have	AUX
cblr-1783	423	12	drawn	draw	VERB
cblr-1783	423	13	criticism	criticism	NOUN
cblr-1783	423	14	as	as	ADP
cblr-1783	423	15	being	be	AUX
cblr-1783	423	16	systemically	systemically	ADV
cblr-1783	423	17	significant	significant	ADJ
cblr-1783	423	18	entities	entity	NOUN
cblr-1783	423	19	themselves	themselves	PRON
cblr-1783	423	20	.	.	PUNCT
cblr-1783	424	1	by	by	ADP
cblr-1783	424	2	centralizing	centralize	VERB
cblr-1783	424	3	all	all	DET
cblr-1783	424	4	credit	credit	NOUN
cblr-1783	424	5	and	and	CCONJ
cblr-1783	424	6	counterparty	counterparty	NOUN
cblr-1783	424	7	risks	risk	NOUN
cblr-1783	424	8	into	into	ADP
cblr-1783	424	9	a	a	DET
cblr-1783	424	10	handful	handful	NOUN
cblr-1783	424	11	of	of	ADP
cblr-1783	424	12	dcos	dco	NOUN
cblr-1783	424	13	,	,	PUNCT
cblr-1783	424	14	regulators	regulator	NOUN
cblr-1783	424	15	have	have	VERB
cblr-1783	424	16	73	73	NUM
cblr-1783	424	17	zachary	zachary	PROPN
cblr-1783	424	18	j.	j.	PROPN
cblr-1783	424	19	gubler	gubler	PROPN
cblr-1783	424	20	,	,	PUNCT
cblr-1783	424	21	the	the	DET
cblr-1783	424	22	financial	financial	ADJ
cblr-1783	424	23	innovation	innovation	NOUN
cblr-1783	424	24	process	process	NOUN
cblr-1783	424	25	:	:	PUNCT
cblr-1783	424	26	theory	theory	NOUN
cblr-1783	424	27	and	and	CCONJ
cblr-1783	424	28	application	application	NOUN
cblr-1783	424	29	,	,	PUNCT
cblr-1783	424	30	36	36	NUM
cblr-1783	424	31	del	del	PROPN
cblr-1783	424	32	.	.	PROPN
cblr-1783	424	33	j.	j.	PROPN
cblr-1783	424	34	corp	corp	PROPN
cblr-1783	424	35	.	.	PROPN
cblr-1783	424	36	l.	l.	PROPN
cblr-1783	424	37	55	55	NUM
cblr-1783	424	38	,	,	PUNCT
cblr-1783	424	39	89–93	89–93	NUM
cblr-1783	424	40	(	(	PUNCT
cblr-1783	424	41	2011	2011	NUM
cblr-1783	424	42	)	)	PUNCT
cblr-1783	424	43	.	.	PUNCT
cblr-1783	425	1	74	74	NUM
cblr-1783	426	1	i	i	PRON
cblr-1783	426	2	d.	d.	PROPN
cblr-1783	426	3	75	75	NUM
cblr-1783	426	4	see	see	VERB
cblr-1783	426	5	kress	kress	PROPN
cblr-1783	426	6	,	,	PUNCT
cblr-1783	426	7	supra	supra	PROPN
cblr-1783	426	8	note	note	PROPN
cblr-1783	426	9	12	12	NUM
cblr-1783	426	10	,	,	PUNCT
cblr-1783	426	11	at	at	ADP
cblr-1783	426	12	65–66	65–66	NUM
cblr-1783	426	13	.	.	PUNCT
cblr-1783	427	1	76	76	NUM
cblr-1783	427	2	for	for	ADP
cblr-1783	427	3	further	further	ADJ
cblr-1783	427	4	details	detail	NOUN
cblr-1783	427	5	on	on	ADP
cblr-1783	427	6	the	the	DET
cblr-1783	427	7	default	default	NOUN
cblr-1783	427	8	waterfall	waterfall	NOUN
cblr-1783	427	9	,	,	PUNCT
cblr-1783	427	10	see	see	VERB
cblr-1783	427	11	international	international	ADJ
cblr-1783	427	12	swaps	swap	NOUN
cblr-1783	427	13	and	and	CCONJ
cblr-1783	427	14	derivatives	derivative	NOUN
cblr-1783	427	15	association	association	NOUN
cblr-1783	427	16	,	,	PUNCT
cblr-1783	427	17	ccp	ccp	PROPN
cblr-1783	427	18	loss	loss	NOUN
cblr-1783	427	19	allocation	allocation	NOUN
cblr-1783	427	20	at	at	ADP
cblr-1783	427	21	the	the	DET
cblr-1783	427	22	end	end	NOUN
cblr-1783	427	23	of	of	ADP
cblr-1783	427	24	the	the	DET
cblr-1783	427	25	waterfall	waterfall	NOUN
cblr-1783	427	26	8	8	NUM
cblr-1783	427	27	(	(	PUNCT
cblr-1783	427	28	2013	2013	NUM
cblr-1783	427	29	)	)	PUNCT
cblr-1783	427	30	.	.	PUNCT
cblr-1783	428	1	772	772	NUM
cblr-1783	428	2	columbia	columbia	PROPN
cblr-1783	428	3	business	business	PROPN
cblr-1783	428	4	law	law	PROPN
cblr-1783	428	5	review	review	NOUN
cblr-1783	428	6	[	[	X
cblr-1783	428	7	vol	vol	NOUN
cblr-1783	428	8	.	.	PUNCT
cblr-1783	428	9	2014	2014	NUM
cblr-1783	428	10	merely	merely	ADV
cblr-1783	428	11	shifted	shift	VERB
cblr-1783	428	12	,	,	PUNCT
cblr-1783	428	13	rather	rather	ADV
cblr-1783	428	14	than	than	ADP
cblr-1783	428	15	reduced	reduce	VERB
cblr-1783	428	16	,	,	PUNCT
cblr-1783	428	17	systemic	systemic	ADJ
cblr-1783	428	18	risk.77	risk.77	NOUN
cblr-1783	428	19	this	this	PRON
cblr-1783	428	20	is	be	AUX
cblr-1783	428	21	essentially	essentially	ADV
cblr-1783	428	22	an	an	DET
cblr-1783	428	23	argument	argument	NOUN
cblr-1783	428	24	of	of	ADP
cblr-1783	428	25	concentration	concentration	NOUN
cblr-1783	428	26	:	:	PUNCT
cblr-1783	428	27	whereas	whereas	SCONJ
cblr-1783	428	28	prior	prior	ADV
cblr-1783	428	29	to	to	ADP
cblr-1783	428	30	dodd	dodd	PROPN
cblr-1783	428	31	-	-	PUNCT
cblr-1783	428	32	frank	frank	PROPN
cblr-1783	428	33	a	a	DET
cblr-1783	428	34	complex	complex	ADJ
cblr-1783	428	35	web	web	NOUN
cblr-1783	428	36	linked	link	VERB
cblr-1783	428	37	numerous	numerous	ADJ
cblr-1783	428	38	derivatives	derivative	NOUN
cblr-1783	428	39	counterparties	counterpartie	NOUN
cblr-1783	428	40	,	,	PUNCT
cblr-1783	428	41	now	now	ADV
cblr-1783	428	42	all	all	DET
cblr-1783	428	43	roads	road	NOUN
cblr-1783	428	44	lead	lead	VERB
cblr-1783	428	45	to	to	ADP
cblr-1783	428	46	the	the	DET
cblr-1783	428	47	dco	dco	PROPN
cblr-1783	428	48	(	(	PUNCT
cblr-1783	428	49	see	see	VERB
cblr-1783	428	50	figure	figure	NOUN
cblr-1783	428	51	1	1	NUM
cblr-1783	428	52	)	)	PUNCT
cblr-1783	428	53	.	.	PUNCT
cblr-1783	429	1	like	like	ADP
cblr-1783	429	2	nscc	nscc	ADJ
cblr-1783	429	3	and	and	CCONJ
cblr-1783	429	4	occ	occ	PROPN
cblr-1783	429	5	,	,	PUNCT
cblr-1783	429	6	the	the	DET
cblr-1783	429	7	otc	otc	PROPN
cblr-1783	429	8	derivatives	derivative	NOUN
cblr-1783	429	9	clearinghouse	clearinghouse	NOUN
cblr-1783	429	10	has	have	AUX
cblr-1783	429	11	itself	itself	PRON
cblr-1783	429	12	become	become	VERB
cblr-1783	429	13	tbtf	tbtf	ADJ
cblr-1783	429	14	.	.	PUNCT
cblr-1783	430	1	figure	figure	VERB
cblr-1783	430	2	1	1	NUM
cblr-1783	430	3	:	:	PUNCT
cblr-1783	430	4	bilateral	bilateral	ADJ
cblr-1783	430	5	(	(	PUNCT
cblr-1783	430	6	left	left	ADJ
cblr-1783	430	7	)	)	PUNCT
cblr-1783	430	8	and	and	CCONJ
cblr-1783	430	9	centralized	centralized	ADJ
cblr-1783	430	10	clearing	clearing	NOUN
cblr-1783	430	11	(	(	PUNCT
cblr-1783	430	12	right	right	ADJ
cblr-1783	430	13	)	)	PUNCT
cblr-1783	430	14	compared	compare	VERB
cblr-1783	430	15	*	*	PUNCT
cblr-1783	430	16	*	*	PUNCT
cblr-1783	430	17	dark	dark	ADJ
cblr-1783	430	18	grey	grey	ADJ
cblr-1783	430	19	circles	circle	NOUN
cblr-1783	430	20	represent	represent	VERB
cblr-1783	430	21	large	large	ADJ
cblr-1783	430	22	dealers	dealer	NOUN
cblr-1783	430	23	or	or	CCONJ
cblr-1783	430	24	banks	bank	NOUN
cblr-1783	430	25	that	that	PRON
cblr-1783	430	26	become	become	VERB
cblr-1783	430	27	clearinghouse	clearinghouse	NOUN
cblr-1783	430	28	members	member	NOUN
cblr-1783	430	29	;	;	PUNCT
cblr-1783	430	30	black	black	ADJ
cblr-1783	430	31	circles	circle	NOUN
cblr-1783	430	32	represent	represent	VERB
cblr-1783	430	33	small	small	ADJ
cblr-1783	430	34	financial	financial	ADJ
cblr-1783	430	35	institutions	institution	NOUN
cblr-1783	430	36	or	or	CCONJ
cblr-1783	430	37	end	end	VERB
cblr-1783	430	38	users	user	NOUN
cblr-1783	430	39	that	that	PRON
cblr-1783	430	40	do	do	AUX
cblr-1783	430	41	not	not	PART
cblr-1783	430	42	become	become	VERB
cblr-1783	430	43	clearinghouse	clearinghouse	NOUN
cblr-1783	430	44	members	member	NOUN
cblr-1783	430	45	.	.	PUNCT
cblr-1783	431	1	the	the	DET
cblr-1783	431	2	light	light	ADJ
cblr-1783	431	3	grey	grey	PROPN
cblr-1783	431	4	circle	circle	NOUN
cblr-1783	431	5	is	be	AUX
cblr-1783	431	6	the	the	DET
cblr-1783	431	7	clearinghouse	clearinghouse	NOUN
cblr-1783	431	8	.	.	PUNCT
cblr-1783	432	1	if	if	SCONJ
cblr-1783	432	2	anything	anything	PRON
cblr-1783	432	3	,	,	PUNCT
cblr-1783	432	4	dcos	dco	NOUN
cblr-1783	432	5	serving	serve	VERB
cblr-1783	432	6	the	the	DET
cblr-1783	432	7	otc	otc	PROPN
cblr-1783	432	8	market	market	NOUN
cblr-1783	432	9	are	be	AUX
cblr-1783	432	10	even	even	ADV
cblr-1783	432	11	more	more	ADV
cblr-1783	432	12	systemically	systemically	ADV
cblr-1783	432	13	important	important	ADJ
cblr-1783	432	14	than	than	ADP
cblr-1783	432	15	nscc	nscc	ADJ
cblr-1783	432	16	and	and	CCONJ
cblr-1783	432	17	occ	occ	X
cblr-1783	432	18	.	.	PUNCT
cblr-1783	433	1	the	the	DET
cblr-1783	433	2	trading	trading	NOUN
cblr-1783	433	3	volumes	volume	NOUN
cblr-1783	433	4	that	that	PRON
cblr-1783	433	5	otc	otc	PROPN
cblr-1783	433	6	dcos	dco	NOUN
cblr-1783	433	7	will	will	AUX
cblr-1783	433	8	have	have	VERB
cblr-1783	433	9	to	to	PART
cblr-1783	433	10	clear	clear	VERB
cblr-1783	433	11	are	be	AUX
cblr-1783	433	12	mindboggling	mindboggle	VERB
cblr-1783	433	13	,	,	PUNCT
cblr-1783	433	14	far	far	ADV
cblr-1783	433	15	higher	high	ADJ
cblr-1783	433	16	than	than	ADP
cblr-1783	433	17	those	those	PRON
cblr-1783	433	18	cleared	clear	VERB
cblr-1783	433	19	by	by	ADP
cblr-1783	433	20	nscc	nscc	PROPN
cblr-1783	433	21	and	and	CCONJ
cblr-1783	433	22	occ	occ	X
cblr-1783	433	23	.	.	PROPN
cblr-1783	434	1	in	in	ADP
cblr-1783	434	2	the	the	DET
cblr-1783	434	3	third	third	ADJ
cblr-1783	434	4	quarter	quarter	NOUN
cblr-1783	434	5	of	of	ADP
cblr-1783	434	6	2013	2013	NUM
cblr-1783	434	7	,	,	PUNCT
cblr-1783	434	8	the	the	DET
cblr-1783	434	9	notional	notional	ADJ
cblr-1783	434	10	value	value	NOUN
cblr-1783	434	11	of	of	ADP
cblr-1783	434	12	derivatives	derivative	NOUN
cblr-1783	434	13	activities	activity	NOUN
cblr-1783	434	14	at	at	ADP
cblr-1783	434	15	u.s	u.s	PROPN
cblr-1783	434	16	.	.	PROPN
cblr-1783	434	17	commercial	commercial	ADJ
cblr-1783	434	18	banks	bank	NOUN
cblr-1783	434	19	totaled	total	VERB
cblr-1783	434	20	$	$	SYM
cblr-1783	434	21	240	240	NUM
cblr-1783	434	22	trillion	trillion	NUM
cblr-1783	434	23	,	,	PUNCT
cblr-1783	434	24	with	with	ADP
cblr-1783	434	25	the	the	DET
cblr-1783	434	26	vast	vast	ADJ
cblr-1783	434	27	majority	majority	NOUN
cblr-1783	434	28	being	be	AUX
cblr-1783	434	29	otc	otc	PROPN
cblr-1783	434	30	derivatives.78	derivatives.78	NOUN
cblr-1783	434	31	here	here	ADV
cblr-1783	434	32	is	be	AUX
cblr-1783	434	33	another	another	DET
cblr-1783	434	34	perspective	perspective	NOUN
cblr-1783	434	35	:	:	PUNCT
cblr-1783	434	36	the	the	DET
cblr-1783	434	37	current	current	ADJ
cblr-1783	434	38	size	size	NOUN
cblr-1783	434	39	of	of	ADP
cblr-1783	434	40	the	the	DET
cblr-1783	434	41	global	global	ADJ
cblr-1783	434	42	otc	otc	PROPN
cblr-1783	434	43	derivatives	derivative	NOUN
cblr-1783	434	44	market	market	NOUN
cblr-1783	434	45	is	be	AUX
cblr-1783	434	46	estimated	estimate	VERB
cblr-1783	434	47	between	between	ADP
cblr-1783	434	48	$	$	SYM
cblr-1783	434	49	600	600	NUM
cblr-1783	434	50	and	and	CCONJ
cblr-1783	434	51	$	$	SYM
cblr-1783	434	52	700	700	NUM
cblr-1783	434	53	77	77	NUM
cblr-1783	434	54	mark	mark	NOUN
cblr-1783	434	55	j.	j.	PROPN
cblr-1783	434	56	roe	roe	PROPN
cblr-1783	434	57	,	,	PUNCT
cblr-1783	434	58	clearinghouse	clearinghouse	NOUN
cblr-1783	434	59	overconfidence	overconfidence	NOUN
cblr-1783	434	60	,	,	PUNCT
cblr-1783	434	61	101	101	NUM
cblr-1783	434	62	cal	cal	NOUN
cblr-1783	434	63	.	.	PUNCT
cblr-1783	435	1	l.	l.	PROPN
cblr-1783	435	2	rev	rev	PROPN
cblr-1783	435	3	.	.	PROPN
cblr-1783	435	4	1641	1641	NUM
cblr-1783	435	5	,	,	PUNCT
cblr-1783	435	6	1672	1672	NUM
cblr-1783	435	7	(	(	PUNCT
cblr-1783	435	8	2013	2013	NUM
cblr-1783	435	9	)	)	PUNCT
cblr-1783	435	10	.	.	PUNCT
cblr-1783	436	1	78	78	NUM
cblr-1783	436	2	office	office	NOUN
cblr-1783	436	3	of	of	ADP
cblr-1783	436	4	the	the	DET
cblr-1783	436	5	comptroller	comptroller	NOUN
cblr-1783	436	6	of	of	ADP
cblr-1783	436	7	the	the	DET
cblr-1783	436	8	currency	currency	NOUN
cblr-1783	436	9	,	,	PUNCT
cblr-1783	436	10	occ	occ	PROPN
cblr-1783	436	11	’s	’s	PART
cblr-1783	436	12	quarterly	quarterly	ADJ
cblr-1783	436	13	report	report	NOUN
cblr-1783	436	14	on	on	ADP
cblr-1783	436	15	bank	bank	NOUN
cblr-1783	436	16	trading	trading	NOUN
cblr-1783	436	17	and	and	CCONJ
cblr-1783	436	18	derivatives	derivative	NOUN
cblr-1783	436	19	activities	activity	NOUN
cblr-1783	436	20	,	,	PUNCT
cblr-1783	436	21	third	third	ADJ
cblr-1783	436	22	quarter	quarter	NOUN
cblr-1783	436	23	2013	2013	NUM
cblr-1783	436	24	,	,	PUNCT
cblr-1783	436	25	table	table	NOUN
cblr-1783	436	26	3	3	NUM
cblr-1783	436	27	(	(	PUNCT
cblr-1783	436	28	2013	2013	NUM
cblr-1783	436	29	)	)	PUNCT
cblr-1783	436	30	.	.	PUNCT
cblr-1783	437	1	of	of	ADP
cblr-1783	437	2	this	this	DET
cblr-1783	437	3	amount	amount	NOUN
cblr-1783	437	4	,	,	PUNCT
cblr-1783	437	5	the	the	DET
cblr-1783	437	6	top	top	ADJ
cblr-1783	437	7	twenty	twenty	NUM
cblr-1783	437	8	-	-	PUNCT
cblr-1783	437	9	five	five	NUM
cblr-1783	437	10	banks	bank	NOUN
cblr-1783	437	11	,	,	PUNCT
cblr-1783	437	12	which	which	PRON
cblr-1783	437	13	tend	tend	VERB
cblr-1783	437	14	to	to	PART
cblr-1783	437	15	be	be	AUX
cblr-1783	437	16	the	the	DET
cblr-1783	437	17	largest	large	ADJ
cblr-1783	437	18	dealers	dealer	NOUN
cblr-1783	437	19	,	,	PUNCT
cblr-1783	437	20	comprised	comprise	VERB
cblr-1783	437	21	$	$	SYM
cblr-1783	437	22	239.7	239.7	NUM
cblr-1783	437	23	trillion	trillion	NUM
cblr-1783	437	24	.	.	PUNCT
cblr-1783	438	1	by	by	ADP
cblr-1783	438	2	contrast	contrast	NOUN
cblr-1783	438	3	,	,	PUNCT
cblr-1783	438	4	the	the	DET
cblr-1783	438	5	total	total	ADJ
cblr-1783	438	6	value	value	NOUN
cblr-1783	438	7	of	of	ADP
cblr-1783	438	8	assets	asset	NOUN
cblr-1783	438	9	held	hold	VERB
cblr-1783	438	10	by	by	ADP
cblr-1783	438	11	the	the	DET
cblr-1783	438	12	top	top	ADJ
cblr-1783	438	13	twenty	twenty	NUM
cblr-1783	438	14	-	-	PUNCT
cblr-1783	438	15	five	five	NUM
cblr-1783	438	16	banks	bank	NOUN
cblr-1783	438	17	was	be	AUX
cblr-1783	438	18	only	only	ADV
cblr-1783	438	19	$	$	SYM
cblr-1783	438	20	9	9	NUM
cblr-1783	438	21	trillion	trillion	NUM
cblr-1783	438	22	.	.	PUNCT
cblr-1783	439	1	no	no	INTJ
cblr-1783	439	2	.	.	PUNCT
cblr-1783	440	1	3:747	3:747	NUM
cblr-1783	440	2	]	]	X
cblr-1783	440	3	systemic	systemic	ADJ
cblr-1783	440	4	risk	risk	NOUN
cblr-1783	440	5	paradox	paradox	NOUN
cblr-1783	440	6	773	773	NUM
cblr-1783	440	7	trillion	trillion	NUM
cblr-1783	440	8	(	(	PUNCT
cblr-1783	440	9	in	in	ADP
cblr-1783	440	10	notional	notional	ADJ
cblr-1783	440	11	terms).79	terms).79	NOUN
cblr-1783	440	12	by	by	ADP
cblr-1783	440	13	contrast	contrast	NOUN
cblr-1783	440	14	,	,	PUNCT
cblr-1783	440	15	the	the	DET
cblr-1783	440	16	combined	combined	ADJ
cblr-1783	440	17	equity	equity	NOUN
cblr-1783	440	18	market	market	NOUN
cblr-1783	440	19	capitalization	capitalization	NOUN
cblr-1783	440	20	of	of	ADP
cblr-1783	440	21	every	every	DET
cblr-1783	440	22	listed	list	VERB
cblr-1783	440	23	company	company	NOUN
cblr-1783	440	24	on	on	ADP
cblr-1783	440	25	earth	earth	NOUN
cblr-1783	440	26	is	be	AUX
cblr-1783	440	27	estimated	estimate	VERB
cblr-1783	440	28	at	at	ADP
cblr-1783	440	29	only	only	ADV
cblr-1783	440	30	$	$	SYM
cblr-1783	440	31	50	50	NUM
cblr-1783	440	32	trillion.80	trillion.80	NOUN
cblr-1783	440	33	apart	apart	ADV
cblr-1783	440	34	from	from	ADP
cblr-1783	440	35	concentration	concentration	NOUN
cblr-1783	440	36	,	,	PUNCT
cblr-1783	440	37	there	there	PRON
cblr-1783	440	38	are	be	VERB
cblr-1783	440	39	other	other	ADJ
cblr-1783	440	40	ways	way	NOUN
cblr-1783	440	41	in	in	ADP
cblr-1783	440	42	which	which	PRON
cblr-1783	440	43	centralized	centralized	ADJ
cblr-1783	440	44	clearance	clearance	NOUN
cblr-1783	440	45	might	might	AUX
cblr-1783	440	46	increase	increase	VERB
cblr-1783	440	47	systemic	systemic	ADJ
cblr-1783	440	48	risk	risk	NOUN
cblr-1783	440	49	.	.	PUNCT
cblr-1783	441	1	lulled	lull	VERB
cblr-1783	441	2	by	by	ADP
cblr-1783	441	3	a	a	DET
cblr-1783	441	4	false	false	ADJ
cblr-1783	441	5	sense	sense	NOUN
cblr-1783	441	6	of	of	ADP
cblr-1783	441	7	security	security	NOUN
cblr-1783	441	8	and	and	CCONJ
cblr-1783	441	9	goaded	goad	VERB
cblr-1783	441	10	by	by	ADP
cblr-1783	441	11	improvements	improvement	NOUN
cblr-1783	441	12	in	in	ADP
cblr-1783	441	13	hedging	hedge	VERB
cblr-1783	441	14	from	from	ADP
cblr-1783	441	15	dcos	dco	NOUN
cblr-1783	441	16	,	,	PUNCT
cblr-1783	441	17	players	player	NOUN
cblr-1783	441	18	might	might	AUX
cblr-1783	441	19	take	take	VERB
cblr-1783	441	20	on	on	ADP
cblr-1783	441	21	more	more	ADJ
cblr-1783	441	22	derivatives	derivative	NOUN
cblr-1783	441	23	at	at	ADP
cblr-1783	441	24	greater	great	ADJ
cblr-1783	441	25	notional	notional	ADJ
cblr-1783	441	26	values.81	values.81	NOUN
cblr-1783	441	27	counterparties	counterpartie	NOUN
cblr-1783	441	28	might	might	AUX
cblr-1783	441	29	monitor	monitor	VERB
cblr-1783	441	30	each	each	DET
cblr-1783	441	31	other	other	ADJ
cblr-1783	441	32	less	less	ADJ
cblr-1783	441	33	,	,	PUNCT
cblr-1783	441	34	trusting	trust	VERB
cblr-1783	441	35	that	that	SCONJ
cblr-1783	441	36	dcos	dco	NOUN
cblr-1783	441	37	are	be	AUX
cblr-1783	441	38	doing	do	VERB
cblr-1783	441	39	so82	so82	PROPN
cblr-1783	441	40	—	—	PUNCT
cblr-1783	441	41	whereas	whereas	SCONJ
cblr-1783	441	42	counterparties	counterpartie	NOUN
cblr-1783	441	43	trading	trading	NOUN
cblr-1783	441	44	bilaterally	bilaterally	ADV
cblr-1783	441	45	likely	likely	ADV
cblr-1783	441	46	understand	understand	VERB
cblr-1783	441	47	each	each	DET
cblr-1783	441	48	other	other	ADJ
cblr-1783	441	49	better	well	ADJ
cblr-1783	441	50	than	than	ADP
cblr-1783	441	51	a	a	DET
cblr-1783	441	52	dco	dco	ADJ
cblr-1783	441	53	would	would	AUX
cblr-1783	441	54	.	.	PUNCT
cblr-1783	442	1	the	the	DET
cblr-1783	442	2	precedents	precedent	NOUN
cblr-1783	442	3	for	for	ADP
cblr-1783	442	4	clearinghouses	clearinghouse	NOUN
cblr-1783	442	5	sustain	sustain	VERB
cblr-1783	442	6	this	this	DET
cblr-1783	442	7	criticism	criticism	NOUN
cblr-1783	442	8	.	.	PUNCT
cblr-1783	443	1	in	in	ADP
cblr-1783	443	2	all	all	DET
cblr-1783	443	3	three	three	NUM
cblr-1783	443	4	exchange	exchange	NOUN
cblr-1783	443	5	-	-	PUNCT
cblr-1783	443	6	traded	trade	VERB
cblr-1783	443	7	markets	market	NOUN
cblr-1783	443	8	—	—	PUNCT
cblr-1783	443	9	securities	security	NOUN
cblr-1783	443	10	,	,	PUNCT
cblr-1783	443	11	options	option	NOUN
cblr-1783	443	12	,	,	PUNCT
cblr-1783	443	13	and	and	CCONJ
cblr-1783	443	14	futures	future	NOUN
cblr-1783	443	15	—	—	PUNCT
cblr-1783	443	16	a	a	DET
cblr-1783	443	17	small	small	ADJ
cblr-1783	443	18	handful	handful	NOUN
cblr-1783	443	19	of	of	ADP
cblr-1783	443	20	clearinghouses	clearinghouse	NOUN
cblr-1783	443	21	have	have	AUX
cblr-1783	443	22	emerged	emerge	VERB
cblr-1783	443	23	dominant	dominant	ADJ
cblr-1783	443	24	,	,	PUNCT
cblr-1783	443	25	with	with	ADP
cblr-1783	443	26	or	or	CCONJ
cblr-1783	443	27	without	without	ADP
cblr-1783	443	28	coordination	coordination	NOUN
cblr-1783	443	29	among	among	ADP
cblr-1783	443	30	competitors	competitor	NOUN
cblr-1783	443	31	.	.	PUNCT
cblr-1783	444	1	post	post	ADJ
cblr-1783	444	2	-	-	ADJ
cblr-1783	444	3	dodd	dodd	ADJ
cblr-1783	444	4	-	-	PUNCT
cblr-1783	444	5	frank	frank	ADJ
cblr-1783	444	6	developments	development	NOUN
cblr-1783	444	7	further	far	ADV
cblr-1783	444	8	confirm	confirm	VERB
cblr-1783	444	9	this	this	DET
cblr-1783	444	10	trend	trend	NOUN
cblr-1783	444	11	.	.	PUNCT
cblr-1783	445	1	clearinghouses	clearinghouse	NOUN
cblr-1783	445	2	must	must	AUX
cblr-1783	445	3	register	register	VERB
cblr-1783	445	4	with	with	ADP
cblr-1783	445	5	the	the	DET
cblr-1783	445	6	securities	securities	PROPN
cblr-1783	445	7	exchange	exchange	PROPN
cblr-1783	445	8	commission	commission	PROPN
cblr-1783	445	9	(	(	PUNCT
cblr-1783	445	10	sec	sec	PROPN
cblr-1783	445	11	)	)	PUNCT
cblr-1783	445	12	as	as	ADP
cblr-1783	445	13	clearing	clear	VERB
cblr-1783	445	14	agencies	agency	NOUN
cblr-1783	445	15	or	or	CCONJ
cblr-1783	445	16	the	the	DET
cblr-1783	445	17	commodity	commodity	NOUN
cblr-1783	445	18	futures	futures	PROPN
cblr-1783	445	19	trading	trading	PROPN
cblr-1783	445	20	commission	commission	PROPN
cblr-1783	445	21	(	(	PUNCT
cblr-1783	445	22	cftc	cftc	PROPN
cblr-1783	445	23	)	)	PUNCT
cblr-1783	445	24	as	as	SCONJ
cblr-1783	445	25	dcos.83	dcos.83	VERB
cblr-1783	445	26	at	at	ADP
cblr-1783	445	27	the	the	DET
cblr-1783	445	28	time	time	NOUN
cblr-1783	445	29	of	of	ADP
cblr-1783	445	30	writing	writing	NOUN
cblr-1783	445	31	,	,	PUNCT
cblr-1783	445	32	there	there	PRON
cblr-1783	445	33	were	be	VERB
cblr-1783	445	34	only	only	ADV
cblr-1783	445	35	twenty	twenty	NUM
cblr-1783	445	36	-	-	PUNCT
cblr-1783	445	37	five	five	NUM
cblr-1783	445	38	dcos	dco	NOUN
cblr-1783	445	39	registered	register	VERB
cblr-1783	445	40	with	with	ADP
cblr-1783	445	41	the	the	DET
cblr-1783	445	42	cftc	cftc	NOUN
cblr-1783	445	43	;	;	PUNCT
cblr-1783	445	44	excluding	exclude	VERB
cblr-1783	445	45	those	those	PRON
cblr-1783	445	46	with	with	ADP
cblr-1783	445	47	“	"	PUNCT
cblr-1783	445	48	dormant	dormant	ADJ
cblr-1783	445	49	,	,	PUNCT
cblr-1783	445	50	”	"	PUNCT
cblr-1783	445	51	“	"	PUNCT
cblr-1783	445	52	pending	pende	VERB
cblr-1783	445	53	,	,	PUNCT
cblr-1783	445	54	”	"	PUNCT
cblr-1783	445	55	or	or	CCONJ
cblr-1783	445	56	“	"	PUNCT
cblr-1783	445	57	vacated	vacated	ADJ
cblr-1783	445	58	”	"	PUNCT
cblr-1783	445	59	status	status	NOUN
cblr-1783	445	60	,	,	PUNCT
cblr-1783	445	61	this	this	DET
cblr-1783	445	62	number	number	NOUN
cblr-1783	445	63	decreases	decrease	VERB
cblr-1783	445	64	to	to	ADP
cblr-1783	445	65	fourteen.84	fourteen.84	VERB
cblr-1783	445	66	most	most	ADV
cblr-1783	445	67	active	active	ADJ
cblr-1783	445	68	registrants	registrant	NOUN
cblr-1783	445	69	,	,	PUNCT
cblr-1783	445	70	like	like	ADP
cblr-1783	445	71	occ	occ	NOUN
cblr-1783	445	72	,	,	PUNCT
cblr-1783	445	73	are	be	AUX
cblr-1783	445	74	holdovers	holdover	NOUN
cblr-1783	445	75	79	79	NUM
cblr-1783	445	76	see	see	VERB
cblr-1783	445	77	bank	bank	NOUN
cblr-1783	445	78	for	for	ADP
cblr-1783	445	79	int’l	int’l	NUM
cblr-1783	445	80	settlements	settlement	NOUN
cblr-1783	445	81	,	,	PUNCT
cblr-1783	445	82	supra	supra	PROPN
cblr-1783	445	83	note	note	NOUN
cblr-1783	445	84	7	7	NUM
cblr-1783	445	85	.	.	SYM
cblr-1783	445	86	80	80	NUM
cblr-1783	445	87	see	see	NOUN
cblr-1783	445	88	economist	economist	NOUN
cblr-1783	445	89	,	,	PUNCT
cblr-1783	445	90	supra	supra	PROPN
cblr-1783	445	91	note	note	NOUN
cblr-1783	445	92	66	66	NUM
cblr-1783	445	93	.	.	PUNCT
cblr-1783	446	1	the	the	DET
cblr-1783	446	2	$	$	SYM
cblr-1783	446	3	700	700	NUM
cblr-1783	446	4	trillion	trillion	NUM
cblr-1783	446	5	number	number	NOUN
cblr-1783	446	6	is	be	AUX
cblr-1783	446	7	also	also	ADV
cblr-1783	446	8	more	more	ADJ
cblr-1783	446	9	than	than	ADP
cblr-1783	446	10	ten	ten	NUM
cblr-1783	446	11	times	time	NOUN
cblr-1783	446	12	the	the	DET
cblr-1783	446	13	size	size	NOUN
cblr-1783	446	14	of	of	ADP
cblr-1783	446	15	the	the	DET
cblr-1783	446	16	entire	entire	ADJ
cblr-1783	446	17	world	world	NOUN
cblr-1783	446	18	economy	economy	NOUN
cblr-1783	446	19	.	.	PUNCT
cblr-1783	447	1	see	see	VERB
cblr-1783	447	2	steve	steve	PROPN
cblr-1783	447	3	denning	denning	NOUN
cblr-1783	447	4	,	,	PUNCT
cblr-1783	447	5	big	big	ADJ
cblr-1783	447	6	banks	bank	NOUN
cblr-1783	447	7	and	and	CCONJ
cblr-1783	447	8	derivatives	derivative	NOUN
cblr-1783	447	9	:	:	PUNCT
cblr-1783	447	10	why	why	SCONJ
cblr-1783	447	11	another	another	DET
cblr-1783	447	12	financial	financial	ADJ
cblr-1783	447	13	crisis	crisis	NOUN
cblr-1783	447	14	is	be	AUX
cblr-1783	447	15	inevitable	inevitable	ADJ
cblr-1783	447	16	,	,	PUNCT
cblr-1783	447	17	forbes	forbes	PROPN
cblr-1783	447	18	(	(	PUNCT
cblr-1783	447	19	jan	jan	PROPN
cblr-1783	447	20	.	.	PROPN
cblr-1783	447	21	8	8	NUM
cblr-1783	447	22	,	,	PUNCT
cblr-1783	447	23	2013	2013	NUM
cblr-1783	447	24	)	)	PUNCT
cblr-1783	447	25	,	,	PUNCT
cblr-1783	447	26	http://perma.cc/6z32-nhc4	http://perma.cc/6z32-nhc4	PROPN
cblr-1783	447	27	.	.	PROPN
cblr-1783	447	28	81	81	NUM
cblr-1783	447	29	craig	craig	PROPN
cblr-1783	447	30	pirrong	pirrong	PROPN
cblr-1783	447	31	,	,	PUNCT
cblr-1783	447	32	the	the	DET
cblr-1783	447	33	economics	economic	NOUN
cblr-1783	447	34	of	of	ADP
cblr-1783	447	35	clearing	clear	VERB
cblr-1783	447	36	in	in	ADP
cblr-1783	447	37	derivatives	derivative	NOUN
cblr-1783	447	38	markets	market	NOUN
cblr-1783	447	39	:	:	PUNCT
cblr-1783	447	40	netting	net	VERB
cblr-1783	447	41	,	,	PUNCT
cblr-1783	447	42	asymmetric	asymmetric	ADJ
cblr-1783	447	43	information	information	NOUN
cblr-1783	447	44	,	,	PUNCT
cblr-1783	447	45	and	and	CCONJ
cblr-1783	447	46	the	the	DET
cblr-1783	447	47	sharing	sharing	NOUN
cblr-1783	447	48	of	of	ADP
cblr-1783	447	49	default	default	NOUN
cblr-1783	447	50	risks	risk	NOUN
cblr-1783	447	51	through	through	ADP
cblr-1783	447	52	a	a	DET
cblr-1783	447	53	central	central	ADJ
cblr-1783	447	54	counterparty	counterparty	NOUN
cblr-1783	447	55	53–63	53–63	NUM
cblr-1783	447	56	(	(	PUNCT
cblr-1783	447	57	univ	univ	PROPN
cblr-1783	447	58	.	.	PROPN
cblr-1783	447	59	of	of	ADP
cblr-1783	447	60	houston	houston	PROPN
cblr-1783	447	61	,	,	PUNCT
cblr-1783	447	62	working	working	NOUN
cblr-1783	447	63	paper	paper	NOUN
cblr-1783	447	64	,	,	PUNCT
cblr-1783	447	65	2009	2009	NUM
cblr-1783	447	66	)	)	PUNCT
cblr-1783	447	67	,	,	PUNCT
cblr-1783	447	68	available	available	ADJ
cblr-1783	447	69	at	at	ADP
cblr-1783	447	70	http://perma.cc/8yw3-jvet	http://perma.cc/8yw3-jvet	PROPN
cblr-1783	447	71	.	.	PROPN
cblr-1783	447	72	82	82	NUM
cblr-1783	448	1	i	i	PRON
cblr-1783	448	2	d.	d.	PROPN
cblr-1783	448	3	at	at	ADP
cblr-1783	448	4	61	61	NUM
cblr-1783	448	5	.	.	PUNCT
cblr-1783	448	6	83	83	NUM
cblr-1783	448	7	7	7	NUM
cblr-1783	448	8	u.s.c	u.s.c	NOUN
cblr-1783	448	9	.	.	PUNCT
cblr-1783	449	1	§	§	PROPN
cblr-1783	449	2	2(h	2(h	NUM
cblr-1783	449	3	)	)	PUNCT
cblr-1783	449	4	(	(	PUNCT
cblr-1783	449	5	2012	2012	NUM
cblr-1783	449	6	)	)	PUNCT
cblr-1783	449	7	;	;	PUNCT
cblr-1783	449	8	15	15	NUM
cblr-1783	449	9	u.s.c	u.s.c	NOUN
cblr-1783	449	10	.	.	PUNCT
cblr-1783	450	1	§	§	PROPN
cblr-1783	450	2	78c-3(a)(1	78c-3(a)(1	NOUN
cblr-1783	450	3	)	)	PUNCT
cblr-1783	450	4	(	(	PUNCT
cblr-1783	450	5	2012	2012	NUM
cblr-1783	450	6	)	)	PUNCT
cblr-1783	450	7	.	.	PUNCT
cblr-1783	451	1	see	see	AUX
cblr-1783	451	2	also	also	ADV
cblr-1783	451	3	clearing	clear	VERB
cblr-1783	451	4	agencies	agency	NOUN
cblr-1783	451	5	,	,	PUNCT
cblr-1783	451	6	securities	security	NOUN
cblr-1783	451	7	and	and	CCONJ
cblr-1783	451	8	exchange	exchange	NOUN
cblr-1783	451	9	comm’n	comm’n	NOUN
cblr-1783	451	10	,	,	PUNCT
cblr-1783	451	11	http://perma.cc/sxu9-dlyz	http://perma.cc/sxu9-dlyz	PROPN
cblr-1783	451	12	;	;	PUNCT
cblr-1783	451	13	derivatives	derivative	NOUN
cblr-1783	451	14	clearing	clearing	NOUN
cblr-1783	451	15	organizations	organization	NOUN
cblr-1783	451	16	,	,	PUNCT
cblr-1783	451	17	commodity	commodity	NOUN
cblr-1783	451	18	futures	future	NOUN
cblr-1783	451	19	trading	trading	NOUN
cblr-1783	451	20	comm’n	comm’n	NOUN
cblr-1783	451	21	,	,	PUNCT
cblr-1783	451	22	http://perma.cc/mqa3-2m3j	http://perma.cc/mqa3-2m3j	PROPN
cblr-1783	451	23	(	(	PUNCT
cblr-1783	451	24	last	last	ADV
cblr-1783	451	25	visited	visit	VERB
cblr-1783	451	26	nov	nov	PROPN
cblr-1783	451	27	.	.	PROPN
cblr-1783	451	28	19	19	NUM
cblr-1783	451	29	,	,	PUNCT
cblr-1783	451	30	2014	2014	NUM
cblr-1783	451	31	)	)	PUNCT
cblr-1783	451	32	.	.	PUNCT
cblr-1783	452	1	84	84	NUM
cblr-1783	452	2	see	see	VERB
cblr-1783	452	3	derivatives	derivative	NOUN
cblr-1783	452	4	clearing	clearing	NOUN
cblr-1783	452	5	organizations	organization	NOUN
cblr-1783	452	6	,	,	PUNCT
cblr-1783	452	7	commodity	commodity	NOUN
cblr-1783	452	8	futures	future	NOUN
cblr-1783	452	9	trading	trading	NOUN
cblr-1783	452	10	comm’n	comm’n	NOUN
cblr-1783	452	11	,	,	PUNCT
cblr-1783	452	12	http://perma.cc/r3kb-ezv2	http://perma.cc/r3kb-ezv2	X
cblr-1783	453	1	(	(	PUNCT
cblr-1783	453	2	last	last	ADV
cblr-1783	453	3	visited	visit	VERB
cblr-1783	453	4	nov	nov	PROPN
cblr-1783	453	5	.	.	PROPN
cblr-1783	453	6	19	19	NUM
cblr-1783	453	7	,	,	PUNCT
cblr-1783	453	8	2014	2014	NUM
cblr-1783	453	9	)	)	PUNCT
cblr-1783	453	10	.	.	PUNCT
cblr-1783	454	1	774	774	NUM
cblr-1783	454	2	columbia	columbia	PROPN
cblr-1783	454	3	business	business	NOUN
cblr-1783	454	4	law	law	PROPN
cblr-1783	454	5	review	review	NOUN
cblr-1783	455	1	[	[	X
cblr-1783	455	2	vol	vol	NOUN
cblr-1783	455	3	.	.	PUNCT
cblr-1783	455	4	2014	2014	NUM
cblr-1783	455	5	from	from	ADP
cblr-1783	455	6	the	the	DET
cblr-1783	455	7	pre	pre	NOUN
cblr-1783	455	8	-	-	PROPN
cblr-1783	455	9	dodd	dodd	ADJ
cblr-1783	455	10	-	-	PUNCT
cblr-1783	455	11	frank	frank	ADJ
cblr-1783	455	12	days	day	NOUN
cblr-1783	455	13	.	.	PUNCT
cblr-1783	456	1	this	this	PRON
cblr-1783	456	2	leaves	leave	VERB
cblr-1783	456	3	the	the	DET
cblr-1783	456	4	number	number	NOUN
cblr-1783	456	5	of	of	ADP
cblr-1783	456	6	dodd	dodd	PROPN
cblr-1783	456	7	-	-	PUNCT
cblr-1783	456	8	frank	frank	ADJ
cblr-1783	456	9	-	-	PUNCT
cblr-1783	456	10	era	era	NOUN
cblr-1783	456	11	dcos	dco	NOUN
cblr-1783	456	12	at	at	ADP
cblr-1783	456	13	five.85	five.85	NOUN
cblr-1783	456	14	a	a	DET
cblr-1783	456	15	number	number	NOUN
cblr-1783	456	16	of	of	ADP
cblr-1783	456	17	these	these	DET
cblr-1783	456	18	registrants	registrant	NOUN
cblr-1783	456	19	are	be	AUX
cblr-1783	456	20	owned	own	VERB
cblr-1783	456	21	by	by	ADP
cblr-1783	456	22	the	the	DET
cblr-1783	456	23	same	same	ADJ
cblr-1783	456	24	entity.86	entity.86	NOUN
cblr-1783	456	25	mergers	merger	NOUN
cblr-1783	456	26	have	have	AUX
cblr-1783	456	27	also	also	ADV
cblr-1783	456	28	permeated	permeate	VERB
cblr-1783	456	29	the	the	DET
cblr-1783	456	30	industry	industry	NOUN
cblr-1783	456	31	,	,	PUNCT
cblr-1783	456	32	cutting	cut	VERB
cblr-1783	456	33	down	down	ADP
cblr-1783	456	34	the	the	DET
cblr-1783	456	35	number	number	NOUN
cblr-1783	456	36	of	of	ADP
cblr-1783	456	37	clearinghouses	clearinghouse	NOUN
cblr-1783	456	38	over	over	ADP
cblr-1783	456	39	time.87	time.87	PROPN
cblr-1783	456	40	these	these	DET
cblr-1783	456	41	trends	trend	NOUN
cblr-1783	456	42	render	render	VERB
cblr-1783	456	43	it	it	PRON
cblr-1783	456	44	inevitable	inevitable	ADJ
cblr-1783	456	45	that	that	SCONJ
cblr-1783	456	46	only	only	ADV
cblr-1783	456	47	a	a	DET
cblr-1783	456	48	small	small	ADJ
cblr-1783	456	49	number	number	NOUN
cblr-1783	456	50	of	of	ADP
cblr-1783	456	51	dcos	dco	NOUN
cblr-1783	456	52	will	will	AUX
cblr-1783	456	53	persist	persist	VERB
cblr-1783	456	54	after	after	SCONJ
cblr-1783	456	55	the	the	DET
cblr-1783	456	56	rules	rule	NOUN
cblr-1783	456	57	under	under	ADP
cblr-1783	456	58	dodd	dodd	PROPN
cblr-1783	456	59	-	-	PUNCT
cblr-1783	456	60	frank	frank	PROPN
cblr-1783	456	61	are	be	AUX
cblr-1783	456	62	fully	fully	ADV
cblr-1783	456	63	implemented	implement	VERB
cblr-1783	456	64	.	.	PUNCT
cblr-1783	457	1	anticipating	anticipate	VERB
cblr-1783	457	2	these	these	DET
cblr-1783	457	3	staggering	staggering	ADJ
cblr-1783	457	4	prospects	prospect	NOUN
cblr-1783	457	5	,	,	PUNCT
cblr-1783	457	6	title	title	NOUN
cblr-1783	457	7	viii	viii	VERB
cblr-1783	457	8	under	under	ADP
cblr-1783	457	9	dodd	dodd	PROPN
cblr-1783	457	10	-	-	PUNCT
cblr-1783	457	11	frank	frank	PROPN
cblr-1783	457	12	prescribes	prescribe	VERB
cblr-1783	457	13	several	several	ADJ
cblr-1783	457	14	risk	risk	NOUN
cblr-1783	457	15	-	-	PUNCT
cblr-1783	457	16	management	management	NOUN
cblr-1783	457	17	mechanisms	mechanism	NOUN
cblr-1783	457	18	for	for	ADP
cblr-1783	457	19	dcos	dco	NOUN
cblr-1783	457	20	,	,	PUNCT
cblr-1783	457	21	including	include	VERB
cblr-1783	457	22	prudential	prudential	ADJ
cblr-1783	457	23	standards	standard	NOUN
cblr-1783	457	24	and	and	CCONJ
cblr-1783	457	25	administrative	administrative	ADJ
cblr-1783	457	26	supervision	supervision	NOUN
cblr-1783	457	27	.	.	PUNCT
cblr-1783	458	1	dcos	dco	NOUN
cblr-1783	458	2	designated	designate	VERB
cblr-1783	458	3	as	as	ADP
cblr-1783	458	4	systemically	systemically	ADV
cblr-1783	458	5	important	important	ADJ
cblr-1783	458	6	(	(	PUNCT
cblr-1783	458	7	“	"	PUNCT
cblr-1783	458	8	sidcos	sidco	NOUN
cblr-1783	458	9	”	"	PUNCT
cblr-1783	458	10	)	)	PUNCT
cblr-1783	458	11	by	by	ADP
cblr-1783	458	12	the	the	DET
cblr-1783	458	13	financial	financial	ADJ
cblr-1783	458	14	stability	stability	NOUN
cblr-1783	458	15	oversight	oversight	NOUN
cblr-1783	458	16	council	council	NOUN
cblr-1783	458	17	will	will	AUX
cblr-1783	458	18	be	be	AUX
cblr-1783	458	19	held	hold	VERB
cblr-1783	458	20	to	to	ADP
cblr-1783	458	21	higher	high	ADJ
cblr-1783	458	22	standards.88	standards.88	PROPN
cblr-1783	458	23	additionally	additionally	ADV
cblr-1783	458	24	,	,	PUNCT
cblr-1783	458	25	dcos	dco	NOUN
cblr-1783	458	26	will	will	AUX
cblr-1783	458	27	have	have	VERB
cblr-1783	458	28	access	access	NOUN
cblr-1783	458	29	to	to	ADP
cblr-1783	458	30	the	the	DET
cblr-1783	458	31	discount	discount	NOUN
cblr-1783	458	32	window	window	NOUN
cblr-1783	458	33	in	in	ADP
cblr-1783	458	34	times	time	NOUN
cblr-1783	458	35	of	of	ADP
cblr-1783	458	36	exigency	exigency	NOUN
cblr-1783	458	37	,	,	PUNCT
cblr-1783	458	38	a	a	DET
cblr-1783	458	39	formerly	formerly	ADV
cblr-1783	458	40	de	de	X
cblr-1783	458	41	facto	facto	X
cblr-1783	458	42	policy	policy	NOUN
cblr-1783	458	43	that	that	PRON
cblr-1783	458	44	dodd	dodd	PROPN
cblr-1783	458	45	-	-	PUNCT
cblr-1783	458	46	frank	frank	PROPN
cblr-1783	458	47	codifies.89	codifies.89	PROPN
cblr-1783	458	48	finally	finally	ADV
cblr-1783	458	49	,	,	PUNCT
cblr-1783	458	50	section	section	NOUN
cblr-1783	458	51	725	725	NUM
cblr-1783	458	52	of	of	ADP
cblr-1783	458	53	dodd	dodd	PROPN
cblr-1783	458	54	-	-	PUNCT
cblr-1783	458	55	frank	frank	PROPN
cblr-1783	458	56	restates	restate	VERB
cblr-1783	458	57	the	the	DET
cblr-1783	458	58	principles	principle	NOUN
cblr-1783	458	59	governing	govern	VERB
cblr-1783	458	60	clearinghouses	clearinghouse	NOUN
cblr-1783	458	61	under	under	ADP
cblr-1783	458	62	the	the	DET
cblr-1783	458	63	commodity	commodity	NOUN
cblr-1783	458	64	exchange	exchange	PROPN
cblr-1783	458	65	act	act	NOUN
cblr-1783	458	66	to	to	PART
cblr-1783	458	67	include	include	VERB
cblr-1783	458	68	antitrust	antitrust	ADJ
cblr-1783	458	69	considerations	consideration	NOUN
cblr-1783	458	70	.	.	PUNCT
cblr-1783	459	1	specifically	specifically	ADV
cblr-1783	459	2	,	,	PUNCT
cblr-1783	459	3	core	core	ADJ
cblr-1783	459	4	principle	principle	NOUN
cblr-1783	459	5	n	n	PRON
cblr-1783	459	6	forbids	forbid	VERB
cblr-1783	459	7	restraints	restraint	NOUN
cblr-1783	459	8	on	on	ADP
cblr-1783	459	9	trade	trade	NOUN
cblr-1783	459	10	and	and	CCONJ
cblr-1783	459	11	anticompetitive	anticompetitive	ADJ
cblr-1783	459	12	burdens	burden	NOUN
cblr-1783	459	13	on	on	ADP
cblr-1783	459	14	trading.90	trading.90	NOUN
cblr-1783	459	15	these	these	DET
cblr-1783	459	16	provisions	provision	NOUN
cblr-1783	459	17	do	do	AUX
cblr-1783	459	18	not	not	PART
cblr-1783	459	19	instill	instill	VERB
cblr-1783	459	20	great	great	ADJ
cblr-1783	459	21	confidence	confidence	NOUN
cblr-1783	459	22	in	in	ADP
cblr-1783	459	23	the	the	DET
cblr-1783	459	24	ability	ability	NOUN
cblr-1783	459	25	of	of	ADP
cblr-1783	459	26	regulators	regulator	NOUN
cblr-1783	459	27	to	to	PART
cblr-1783	459	28	oversee	oversee	VERB
cblr-1783	459	29	dcos	dco	NOUN
cblr-1783	459	30	.	.	PUNCT
cblr-1783	460	1	the	the	DET
cblr-1783	460	2	tremendous	tremendous	ADJ
cblr-1783	460	3	85	85	NUM
cblr-1783	460	4	as	as	ADP
cblr-1783	460	5	of	of	ADP
cblr-1783	460	6	the	the	DET
cblr-1783	460	7	time	time	NOUN
cblr-1783	460	8	of	of	ADP
cblr-1783	460	9	writing	writing	NOUN
cblr-1783	460	10	,	,	PUNCT
cblr-1783	460	11	cantor	cantor	NOUN
cblr-1783	460	12	clearinghouse	clearinghouse	NOUN
cblr-1783	460	13	,	,	PUNCT
cblr-1783	460	14	l.p	l.p	PROPN
cblr-1783	460	15	.	.	PROPN
cblr-1783	460	16	,	,	PUNCT
cblr-1783	460	17	ice	ice	NOUN
cblr-1783	460	18	clear	clear	ADJ
cblr-1783	460	19	credit	credit	PROPN
cblr-1783	460	20	llc	llc	PROPN
cblr-1783	460	21	,	,	PUNCT
cblr-1783	460	22	ice	ice	PROPN
cblr-1783	460	23	clear	clear	PROPN
cblr-1783	460	24	europe	europe	PROPN
cblr-1783	460	25	limited	limit	VERB
cblr-1783	460	26	,	,	PUNCT
cblr-1783	460	27	lch.clearnet	lch.clearnet	PROPN
cblr-1783	460	28	sa	sa	PROPN
cblr-1783	460	29	,	,	PUNCT
cblr-1783	460	30	and	and	CCONJ
cblr-1783	460	31	singapore	singapore	PROPN
cblr-1783	460	32	exchange	exchange	PROPN
cblr-1783	460	33	derivatives	derivative	NOUN
cblr-1783	460	34	clearing	clear	VERB
cblr-1783	460	35	limited	limit	VERB
cblr-1783	460	36	are	be	AUX
cblr-1783	460	37	the	the	DET
cblr-1783	460	38	only	only	ADJ
cblr-1783	460	39	active	active	ADJ
cblr-1783	460	40	dcos	dco	NOUN
cblr-1783	460	41	registered	register	VERB
cblr-1783	460	42	since	since	SCONJ
cblr-1783	460	43	2010	2010	NUM
cblr-1783	460	44	.	.	PUNCT
cblr-1783	461	1	see	see	VERB
cblr-1783	461	2	i	i	PRON
cblr-1783	461	3	d.	d.	PROPN
cblr-1783	461	4	86	86	NUM
cblr-1783	461	5	for	for	ADP
cblr-1783	461	6	example	example	NOUN
cblr-1783	461	7	,	,	PUNCT
cblr-1783	461	8	several	several	ADJ
cblr-1783	461	9	dcos	dco	NOUN
cblr-1783	461	10	are	be	AUX
cblr-1783	461	11	part	part	NOUN
cblr-1783	461	12	of	of	ADP
cblr-1783	461	13	the	the	DET
cblr-1783	461	14	lch	lch	NOUN
cblr-1783	461	15	or	or	CCONJ
cblr-1783	461	16	ice	ice	NOUN
cblr-1783	461	17	consortia	consortia	NOUN
cblr-1783	461	18	.	.	PUNCT
cblr-1783	462	1	87	87	NUM
cblr-1783	462	2	for	for	ADP
cblr-1783	462	3	example	example	NOUN
cblr-1783	462	4	,	,	PUNCT
cblr-1783	462	5	the	the	DET
cblr-1783	462	6	parent	parent	NOUN
cblr-1783	462	7	company	company	NOUN
cblr-1783	462	8	of	of	ADP
cblr-1783	462	9	the	the	DET
cblr-1783	462	10	chicago	chicago	PROPN
cblr-1783	462	11	mercantile	mercantile	PROPN
cblr-1783	462	12	exchange	exchange	PROPN
cblr-1783	462	13	acquired	acquire	VERB
cblr-1783	462	14	the	the	DET
cblr-1783	462	15	parent	parent	NOUN
cblr-1783	462	16	company	company	NOUN
cblr-1783	462	17	of	of	ADP
cblr-1783	462	18	the	the	DET
cblr-1783	462	19	cbot	cbot	PROPN
cblr-1783	462	20	dco	dco	PROPN
cblr-1783	462	21	in	in	ADP
cblr-1783	462	22	2007	2007	NUM
cblr-1783	462	23	.	.	PUNCT
cblr-1783	463	1	see	see	VERB
cblr-1783	463	2	timeline	timeline	NOUN
cblr-1783	463	3	of	of	ADP
cblr-1783	463	4	achievements	achievement	NOUN
cblr-1783	463	5	,	,	PUNCT
cblr-1783	463	6	cme	cme	PROPN
cblr-1783	463	7	group	group	NOUN
cblr-1783	463	8	,	,	PUNCT
cblr-1783	463	9	http://perma.cc/8xec-ulfv	http://perma.cc/8xec-ulfv	PROPN
cblr-1783	463	10	(	(	PUNCT
cblr-1783	463	11	last	last	ADV
cblr-1783	463	12	visited	visit	VERB
cblr-1783	463	13	nov	nov	PROPN
cblr-1783	463	14	.	.	PROPN
cblr-1783	463	15	19	19	NUM
cblr-1783	463	16	,	,	PUNCT
cblr-1783	463	17	2014	2014	NUM
cblr-1783	463	18	)	)	PUNCT
cblr-1783	463	19	.	.	PUNCT
cblr-1783	464	1	ice	ice	NOUN
cblr-1783	464	2	also	also	ADV
cblr-1783	464	3	happens	happen	VERB
cblr-1783	464	4	to	to	PART
cblr-1783	464	5	own	own	VERB
cblr-1783	464	6	several	several	ADJ
cblr-1783	464	7	dcos	dco	NOUN
cblr-1783	464	8	.	.	PUNCT
cblr-1783	464	9	88	88	NUM
cblr-1783	464	10	whereas	whereas	SCONJ
cblr-1783	464	11	a	a	DET
cblr-1783	464	12	dco	dco	PROPN
cblr-1783	464	13	must	must	AUX
cblr-1783	464	14	have	have	VERB
cblr-1783	464	15	the	the	DET
cblr-1783	464	16	financial	financial	ADJ
cblr-1783	464	17	reserves	reserve	NOUN
cblr-1783	464	18	to	to	PART
cblr-1783	464	19	withstand	withstand	VERB
cblr-1783	464	20	the	the	DET
cblr-1783	464	21	default	default	NOUN
cblr-1783	464	22	of	of	ADP
cblr-1783	464	23	its	its	PRON
cblr-1783	464	24	largest	large	ADJ
cblr-1783	464	25	member	member	NOUN
cblr-1783	464	26	,	,	PUNCT
cblr-1783	464	27	a	a	DET
cblr-1783	464	28	sidco	sidco	NOUN
cblr-1783	464	29	must	must	AUX
cblr-1783	464	30	have	have	VERB
cblr-1783	464	31	the	the	DET
cblr-1783	464	32	reserves	reserve	NOUN
cblr-1783	464	33	to	to	PART
cblr-1783	464	34	withstand	withstand	VERB
cblr-1783	464	35	the	the	DET
cblr-1783	464	36	default	default	NOUN
cblr-1783	464	37	of	of	ADP
cblr-1783	464	38	its	its	PRON
cblr-1783	464	39	two	two	NUM
cblr-1783	464	40	largest	large	ADJ
cblr-1783	464	41	members	member	NOUN
cblr-1783	464	42	.	.	PUNCT
cblr-1783	465	1	commodity	commodity	NOUN
cblr-1783	465	2	futures	future	NOUN
cblr-1783	465	3	trading	trading	NOUN
cblr-1783	465	4	comm’n	comm’n	NOUN
cblr-1783	465	5	,	,	PUNCT
cblr-1783	465	6	enhanced	enhance	VERB
cblr-1783	465	7	risk	risk	NOUN
cblr-1783	465	8	management	management	NOUN
cblr-1783	465	9	standards	standard	NOUN
cblr-1783	465	10	for	for	ADP
cblr-1783	465	11	systemically	systemically	ADV
cblr-1783	465	12	important	important	ADJ
cblr-1783	465	13	derivatives	derivative	NOUN
cblr-1783	465	14	clearing	clearing	NOUN
cblr-1783	465	15	organizations	organization	NOUN
cblr-1783	465	16	,	,	PUNCT
cblr-1783	465	17	78	78	NUM
cblr-1783	465	18	fed	feed	VERB
cblr-1783	465	19	.	.	PUNCT
cblr-1783	466	1	reg	reg	PROPN
cblr-1783	466	2	.	.	PUNCT
cblr-1783	467	1	49663	49663	NUM
cblr-1783	467	2	(	(	PUNCT
cblr-1783	467	3	aug	aug	PROPN
cblr-1783	467	4	.	.	PROPN
cblr-1783	467	5	15	15	NUM
cblr-1783	467	6	,	,	PUNCT
cblr-1783	467	7	2013	2013	NUM
cblr-1783	467	8	)	)	PUNCT
cblr-1783	467	9	(	(	PUNCT
cblr-1783	467	10	to	to	PART
cblr-1783	467	11	be	be	AUX
cblr-1783	467	12	codified	codify	VERB
cblr-1783	467	13	at	at	ADP
cblr-1783	467	14	17	17	NUM
cblr-1783	467	15	c.f.r	c.f.r	NOUN
cblr-1783	467	16	.	.	PUNCT
cblr-1783	468	1	pt	pt	PROPN
cblr-1783	468	2	.	.	PROPN
cblr-1783	468	3	39	39	NUM
cblr-1783	468	4	)	)	PUNCT
cblr-1783	468	5	.	.	PUNCT
cblr-1783	469	1	89	89	NUM
cblr-1783	469	2	see	see	VERB
cblr-1783	469	3	12	12	NUM
cblr-1783	469	4	u.s.c	u.s.c	ADJ
cblr-1783	469	5	.	.	PUNCT
cblr-1783	470	1	§	§	PROPN
cblr-1783	470	2	5465(b	5465(b	PROPN
cblr-1783	470	3	)	)	PUNCT
cblr-1783	470	4	(	(	PUNCT
cblr-1783	470	5	2012	2012	NUM
cblr-1783	470	6	)	)	PUNCT
cblr-1783	470	7	.	.	PUNCT
cblr-1783	471	1	see	see	VERB
cblr-1783	471	2	also	also	ADV
cblr-1783	471	3	colleen	colleen	PROPN
cblr-1783	471	4	baker	baker	PROPN
cblr-1783	471	5	,	,	PUNCT
cblr-1783	471	6	the	the	DET
cblr-1783	471	7	federal	federal	PROPN
cblr-1783	471	8	reserve	reserve	PROPN
cblr-1783	471	9	as	as	ADP
cblr-1783	471	10	last	last	ADJ
cblr-1783	471	11	resort	resort	NOUN
cblr-1783	471	12	,	,	PUNCT
cblr-1783	471	13	46	46	NUM
cblr-1783	471	14	u.	u.	PROPN
cblr-1783	471	15	mich	mich	PROPN
cblr-1783	471	16	.	.	PUNCT
cblr-1783	472	1	j.l	j.l	PROPN
cblr-1783	472	2	.	.	PROPN
cblr-1783	472	3	reform	reform	PROPN
cblr-1783	472	4	69	69	NUM
cblr-1783	472	5	,	,	PUNCT
cblr-1783	472	6	83–97	83–97	NUM
cblr-1783	472	7	(	(	PUNCT
cblr-1783	472	8	2012	2012	NUM
cblr-1783	472	9	)	)	PUNCT
cblr-1783	472	10	.	.	PUNCT
cblr-1783	473	1	90	90	NUM
cblr-1783	473	2	see	see	VERB
cblr-1783	473	3	7	7	NUM
cblr-1783	473	4	u.s.c	u.s.c	ADJ
cblr-1783	473	5	.	.	PUNCT
cblr-1783	474	1	§	§	PROPN
cblr-1783	474	2	7a-1(c)(2)(n	7a-1(c)(2)(n	NUM
cblr-1783	474	3	)	)	PUNCT
cblr-1783	474	4	(	(	PUNCT
cblr-1783	474	5	2012	2012	NUM
cblr-1783	474	6	)	)	PUNCT
cblr-1783	474	7	.	.	PUNCT
cblr-1783	475	1	no	no	INTJ
cblr-1783	475	2	.	.	PUNCT
cblr-1783	476	1	3:747	3:747	NUM
cblr-1783	476	2	]	]	X
cblr-1783	476	3	systemic	systemic	ADJ
cblr-1783	476	4	risk	risk	NOUN
cblr-1783	476	5	paradox	paradox	NOUN
cblr-1783	476	6	775	775	NUM
cblr-1783	476	7	responsibilities	responsibility	NOUN
cblr-1783	476	8	that	that	PRON
cblr-1783	476	9	title	title	VERB
cblr-1783	476	10	vii	vii	PROPN
cblr-1783	476	11	thrusts	thrust	VERB
cblr-1783	476	12	upon	upon	SCONJ
cblr-1783	476	13	derivatives	derivative	NOUN
cblr-1783	476	14	clearinghouses	clearinghouse	NOUN
cblr-1783	476	15	effectively	effectively	ADV
cblr-1783	476	16	create	create	VERB
cblr-1783	476	17	another	another	DET
cblr-1783	476	18	set	set	NOUN
cblr-1783	476	19	of	of	ADP
cblr-1783	476	20	tbtf	tbtf	ADJ
cblr-1783	476	21	intermediaries	intermediary	NOUN
cblr-1783	476	22	that	that	PRON
cblr-1783	476	23	are	be	AUX
cblr-1783	476	24	charged	charge	VERB
cblr-1783	476	25	with	with	ADP
cblr-1783	476	26	offloading	offload	VERB
cblr-1783	476	27	credit	credit	NOUN
cblr-1783	476	28	and	and	CCONJ
cblr-1783	476	29	counterparty	counterparty	NOUN
cblr-1783	476	30	risk	risk	NOUN
cblr-1783	476	31	.	.	PUNCT
cblr-1783	477	1	for	for	ADP
cblr-1783	477	2	the	the	DET
cblr-1783	477	3	reasons	reason	NOUN
cblr-1783	477	4	outlined	outline	VERB
cblr-1783	477	5	above	above	ADV
cblr-1783	477	6	,	,	PUNCT
cblr-1783	477	7	clearinghouses	clearinghouse	NOUN
cblr-1783	477	8	will	will	AUX
cblr-1783	477	9	consolidate	consolidate	VERB
cblr-1783	477	10	and	and	CCONJ
cblr-1783	477	11	grow	grow	VERB
cblr-1783	477	12	into	into	ADP
cblr-1783	477	13	systemic	systemic	ADJ
cblr-1783	477	14	significance	significance	NOUN
cblr-1783	477	15	.	.	PUNCT
cblr-1783	478	1	and	and	CCONJ
cblr-1783	478	2	when	when	SCONJ
cblr-1783	478	3	they	they	PRON
cblr-1783	478	4	fail	fail	VERB
cblr-1783	478	5	,	,	PUNCT
cblr-1783	478	6	they	they	PRON
cblr-1783	478	7	will	will	AUX
cblr-1783	478	8	have	have	VERB
cblr-1783	478	9	access	access	NOUN
cblr-1783	478	10	to	to	ADP
cblr-1783	478	11	the	the	DET
cblr-1783	478	12	discount	discount	NOUN
cblr-1783	478	13	window	window	NOUN
cblr-1783	478	14	and	and	CCONJ
cblr-1783	478	15	almost	almost	ADV
cblr-1783	478	16	certainly	certainly	ADV
cblr-1783	478	17	follow	follow	VERB
cblr-1783	478	18	the	the	DET
cblr-1783	478	19	tried	try	VERB
cblr-1783	478	20	-	-	PUNCT
cblr-1783	478	21	andtrue	andtrue	ADJ
cblr-1783	478	22	model	model	NOUN
cblr-1783	478	23	of	of	ADP
cblr-1783	478	24	taxpayer	taxpayer	NOUN
cblr-1783	478	25	-	-	PUNCT
cblr-1783	478	26	funded	fund	VERB
cblr-1783	478	27	bailouts	bailout	NOUN
cblr-1783	478	28	.	.	PUNCT
cblr-1783	479	1	despite	despite	SCONJ
cblr-1783	479	2	the	the	DET
cblr-1783	479	3	mandate	mandate	NOUN
cblr-1783	479	4	of	of	ADP
cblr-1783	479	5	core	core	NOUN
cblr-1783	479	6	principle	principle	PROPN
cblr-1783	479	7	n	n	CCONJ
cblr-1783	479	8	,	,	PUNCT
cblr-1783	479	9	dcos	dco	NOUN
cblr-1783	479	10	can	can	AUX
cblr-1783	479	11	also	also	ADV
cblr-1783	479	12	restrain	restrain	VERB
cblr-1783	479	13	competition	competition	NOUN
cblr-1783	479	14	.	.	PUNCT
cblr-1783	480	1	the	the	DET
cblr-1783	480	2	typical	typical	ADJ
cblr-1783	480	3	dco	dco	PROPN
cblr-1783	480	4	member	member	NOUN
cblr-1783	480	5	is	be	AUX
cblr-1783	480	6	a	a	DET
cblr-1783	480	7	big	big	ADJ
cblr-1783	480	8	bank	bank	NOUN
cblr-1783	480	9	(	(	PUNCT
cblr-1783	480	10	dealer	dealer	NOUN
cblr-1783	480	11	)	)	PUNCT
cblr-1783	480	12	that	that	PRON
cblr-1783	480	13	makes	make	VERB
cblr-1783	480	14	a	a	DET
cblr-1783	480	15	market	market	NOUN
cblr-1783	480	16	in	in	ADP
cblr-1783	480	17	otc	otc	PROPN
cblr-1783	480	18	derivatives	derivative	NOUN
cblr-1783	480	19	much	much	ADV
cblr-1783	480	20	the	the	DET
cblr-1783	480	21	same	same	ADJ
cblr-1783	480	22	way	way	NOUN
cblr-1783	480	23	that	that	PRON
cblr-1783	480	24	stock	stock	NOUN
cblr-1783	480	25	markets	market	NOUN
cblr-1783	480	26	do	do	VERB
cblr-1783	480	27	.	.	PUNCT
cblr-1783	481	1	such	such	ADJ
cblr-1783	481	2	members	member	NOUN
cblr-1783	481	3	have	have	VERB
cblr-1783	481	4	the	the	DET
cblr-1783	481	5	greatest	great	ADJ
cblr-1783	481	6	say	say	NOUN
cblr-1783	481	7	in	in	ADP
cblr-1783	481	8	how	how	SCONJ
cblr-1783	481	9	dcos	dco	NOUN
cblr-1783	481	10	conduct	conduct	VERB
cblr-1783	481	11	their	their	PRON
cblr-1783	481	12	business	business	NOUN
cblr-1783	481	13	.	.	PUNCT
cblr-1783	482	1	as	as	ADP
cblr-1783	482	2	the	the	DET
cblr-1783	482	3	futures	future	NOUN
cblr-1783	482	4	market	market	NOUN
cblr-1783	482	5	shows	show	NOUN
cblr-1783	482	6	,	,	PUNCT
cblr-1783	482	7	where	where	SCONJ
cblr-1783	482	8	market	market	NOUN
cblr-1783	482	9	-	-	PUNCT
cblr-1783	482	10	makers	maker	NOUN
cblr-1783	482	11	control	control	NOUN
cblr-1783	482	12	clearinghouses	clearinghouse	NOUN
cblr-1783	482	13	,	,	PUNCT
cblr-1783	482	14	there	there	PRON
cblr-1783	482	15	are	be	VERB
cblr-1783	482	16	many	many	ADJ
cblr-1783	482	17	novel	novel	ADJ
cblr-1783	482	18	ways	way	NOUN
cblr-1783	482	19	to	to	AUX
cblr-1783	482	20	pre	pre	VERB
cblr-1783	482	21	-	-	VERB
cblr-1783	482	22	empt	empt	ADJ
cblr-1783	482	23	competitors	competitor	NOUN
cblr-1783	482	24	.	.	PUNCT
cblr-1783	483	1	to	to	PART
cblr-1783	483	2	be	be	AUX
cblr-1783	483	3	sure	sure	ADJ
cblr-1783	483	4	,	,	PUNCT
cblr-1783	483	5	dodd	dodd	PROPN
cblr-1783	483	6	-	-	PUNCT
cblr-1783	483	7	frank	frank	PROPN
cblr-1783	483	8	does	do	AUX
cblr-1783	483	9	mandate	mandate	VERB
cblr-1783	483	10	open	open	ADJ
cblr-1783	483	11	clearing	clearing	NOUN
cblr-1783	483	12	for	for	ADP
cblr-1783	483	13	dcos	dco	NOUN
cblr-1783	483	14	,	,	PUNCT
cblr-1783	483	15	which	which	PRON
cblr-1783	483	16	avoids	avoid	VERB
cblr-1783	483	17	many	many	ADJ
cblr-1783	483	18	of	of	ADP
cblr-1783	483	19	the	the	DET
cblr-1783	483	20	problems	problem	NOUN
cblr-1783	483	21	of	of	ADP
cblr-1783	483	22	the	the	DET
cblr-1783	483	23	futures	future	NOUN
cblr-1783	483	24	market	market	NOUN
cblr-1783	483	25	.	.	PUNCT
cblr-1783	484	1	yet	yet	ADV
cblr-1783	484	2	members	member	NOUN
cblr-1783	484	3	can	can	AUX
cblr-1783	484	4	still	still	ADV
cblr-1783	484	5	restrain	restrain	VERB
cblr-1783	484	6	competition	competition	NOUN
cblr-1783	484	7	from	from	ADP
cblr-1783	484	8	other	other	ADJ
cblr-1783	484	9	members	member	NOUN
cblr-1783	484	10	through	through	ADP
cblr-1783	484	11	the	the	DET
cblr-1783	484	12	imposition	imposition	NOUN
cblr-1783	484	13	of	of	ADP
cblr-1783	484	14	higher	high	ADJ
cblr-1783	484	15	fees	fee	NOUN
cblr-1783	484	16	or	or	CCONJ
cblr-1783	484	17	tougher	tough	ADJ
cblr-1783	484	18	membership	membership	NOUN
cblr-1783	484	19	conditions	condition	NOUN
cblr-1783	484	20	.	.	PUNCT
cblr-1783	485	1	iii	iii	X
cblr-1783	485	2	.	.	PUNCT
cblr-1783	486	1	making	make	VERB
cblr-1783	486	2	sense	sense	NOUN
cblr-1783	486	3	of	of	ADP
cblr-1783	486	4	the	the	DET
cblr-1783	486	5	paradox	paradox	NOUN
cblr-1783	486	6	whether	whether	SCONJ
cblr-1783	486	7	as	as	ADP
cblr-1783	486	8	a	a	DET
cblr-1783	486	9	result	result	NOUN
cblr-1783	486	10	of	of	ADP
cblr-1783	486	11	regulatory	regulatory	ADJ
cblr-1783	486	12	complicity	complicity	NOUN
cblr-1783	486	13	or	or	CCONJ
cblr-1783	486	14	regulatory	regulatory	ADJ
cblr-1783	486	15	inaction	inaction	NOUN
cblr-1783	486	16	,	,	PUNCT
cblr-1783	486	17	clearinghouses	clearinghouse	NOUN
cblr-1783	486	18	in	in	ADP
cblr-1783	486	19	the	the	DET
cblr-1783	486	20	exchange	exchange	NOUN
cblr-1783	486	21	-	-	PUNCT
cblr-1783	486	22	traded	trade	VERB
cblr-1783	486	23	derivatives	derivative	NOUN
cblr-1783	486	24	markets	market	NOUN
cblr-1783	486	25	have	have	AUX
cblr-1783	486	26	already	already	ADV
cblr-1783	486	27	maneuvered	maneuver	VERB
cblr-1783	486	28	their	their	PRON
cblr-1783	486	29	way	way	NOUN
cblr-1783	486	30	to	to	ADP
cblr-1783	486	31	systemic	systemic	ADJ
cblr-1783	486	32	significance	significance	NOUN
cblr-1783	486	33	.	.	PUNCT
cblr-1783	487	1	now	now	ADV
cblr-1783	487	2	,	,	PUNCT
cblr-1783	487	3	clearinghouses	clearinghouse	NOUN
cblr-1783	487	4	in	in	ADP
cblr-1783	487	5	the	the	DET
cblr-1783	487	6	otc	otc	PROPN
cblr-1783	487	7	derivatives	derivative	NOUN
cblr-1783	487	8	market	market	NOUN
cblr-1783	487	9	,	,	PUNCT
cblr-1783	487	10	whose	whose	DET
cblr-1783	487	11	size	size	NOUN
cblr-1783	487	12	dwarfs	dwarf	VERB
cblr-1783	487	13	that	that	PRON
cblr-1783	487	14	of	of	ADP
cblr-1783	487	15	all	all	DET
cblr-1783	487	16	exchange	exchange	NOUN
cblr-1783	487	17	-	-	PUNCT
cblr-1783	487	18	traded	trade	VERB
cblr-1783	487	19	markets	market	NOUN
cblr-1783	487	20	combined	combine	VERB
cblr-1783	487	21	,	,	PUNCT
cblr-1783	487	22	are	be	AUX
cblr-1783	487	23	being	be	AUX
cblr-1783	487	24	built	build	VERB
cblr-1783	487	25	in	in	ADP
cblr-1783	487	26	a	a	DET
cblr-1783	487	27	framework	framework	NOUN
cblr-1783	487	28	that	that	PRON
cblr-1783	487	29	has	have	AUX
cblr-1783	487	30	learned	learn	VERB
cblr-1783	487	31	little	little	ADJ
cblr-1783	487	32	from	from	ADP
cblr-1783	487	33	the	the	DET
cblr-1783	487	34	big	big	ADJ
cblr-1783	487	35	bank	bank	NOUN
cblr-1783	487	36	failures	failure	NOUN
cblr-1783	487	37	and	and	CCONJ
cblr-1783	487	38	clearinghouse	clearinghouse	NOUN
cblr-1783	487	39	near	near	ADP
cblr-1783	487	40	misses	miss	NOUN
cblr-1783	487	41	of	of	ADP
cblr-1783	487	42	the	the	DET
cblr-1783	487	43	past	past	NOUN
cblr-1783	487	44	.	.	PUNCT
cblr-1783	488	1	inevitably	inevitably	ADV
cblr-1783	488	2	,	,	PUNCT
cblr-1783	488	3	these	these	DET
cblr-1783	488	4	clearinghouses	clearinghouse	NOUN
cblr-1783	488	5	too	too	ADV
cblr-1783	488	6	will	will	AUX
cblr-1783	488	7	become	become	VERB
cblr-1783	488	8	behemoths	behemoth	NOUN
cblr-1783	488	9	.	.	PUNCT
cblr-1783	489	1	yet	yet	ADV
cblr-1783	489	2	regulators	regulator	NOUN
cblr-1783	489	3	have	have	AUX
cblr-1783	489	4	generally	generally	ADV
cblr-1783	489	5	not	not	PART
cblr-1783	489	6	applied	apply	VERB
cblr-1783	489	7	preventative	preventative	ADJ
cblr-1783	489	8	measures	measure	NOUN
cblr-1783	489	9	to	to	PART
cblr-1783	489	10	pre	pre	VERB
cblr-1783	489	11	-	-	VERB
cblr-1783	489	12	empt	empt	VERB
cblr-1783	489	13	tbtf	tbtf	NOUN
cblr-1783	489	14	with	with	ADP
cblr-1783	489	15	the	the	DET
cblr-1783	489	16	same	same	ADJ
cblr-1783	489	17	rigor	rigor	NOUN
cblr-1783	489	18	that	that	PRON
cblr-1783	489	19	has	have	AUX
cblr-1783	489	20	been	be	AUX
cblr-1783	489	21	displayed	display	VERB
cblr-1783	489	22	for	for	ADP
cblr-1783	489	23	banks	bank	NOUN
cblr-1783	489	24	.	.	PUNCT
cblr-1783	490	1	banks	bank	NOUN
cblr-1783	490	2	and	and	CCONJ
cblr-1783	490	3	clearinghouses	clearinghouse	NOUN
cblr-1783	490	4	are	be	AUX
cblr-1783	490	5	vastly	vastly	ADV
cblr-1783	490	6	different	different	ADJ
cblr-1783	490	7	institutions	institution	NOUN
cblr-1783	490	8	,	,	PUNCT
cblr-1783	490	9	but	but	CCONJ
cblr-1783	490	10	they	they	PRON
cblr-1783	490	11	can	can	AUX
cblr-1783	490	12	both	both	ADV
cblr-1783	490	13	arrive	arrive	VERB
cblr-1783	490	14	at	at	ADP
cblr-1783	490	15	systemic	systemic	ADJ
cblr-1783	490	16	importance	importance	NOUN
cblr-1783	490	17	.	.	PUNCT
cblr-1783	491	1	both	both	DET
cblr-1783	491	2	institutions	institution	NOUN
cblr-1783	491	3	can	can	AUX
cblr-1783	491	4	threaten	threaten	VERB
cblr-1783	491	5	the	the	DET
cblr-1783	491	6	global	global	ADJ
cblr-1783	491	7	financial	financial	ADJ
cblr-1783	491	8	architecture	architecture	NOUN
cblr-1783	491	9	in	in	ADP
cblr-1783	491	10	two	two	NUM
cblr-1783	491	11	fundamental	fundamental	ADJ
cblr-1783	491	12	ways	way	NOUN
cblr-1783	491	13	:	:	PUNCT
cblr-1783	491	14	776	776	NUM
cblr-1783	491	15	columbia	columbia	PROPN
cblr-1783	491	16	business	business	NOUN
cblr-1783	491	17	law	law	PROPN
cblr-1783	491	18	review	review	NOUN
cblr-1783	492	1	[	[	X
cblr-1783	492	2	vol	vol	NOUN
cblr-1783	492	3	.	.	NOUN
cblr-1783	492	4	2014	2014	NUM
cblr-1783	492	5	illiquidity	illiquidity	NOUN
cblr-1783	492	6	and	and	CCONJ
cblr-1783	492	7	insolvency.91	insolvency.91	PROPN
cblr-1783	492	8	dodd	dodd	PROPN
cblr-1783	492	9	-	-	PUNCT
cblr-1783	492	10	frank	frank	PROPN
cblr-1783	492	11	squarely	squarely	ADV
cblr-1783	492	12	addresses	address	VERB
cblr-1783	492	13	both	both	DET
cblr-1783	492	14	possibilities	possibility	NOUN
cblr-1783	492	15	for	for	ADP
cblr-1783	492	16	systemically	systemically	ADV
cblr-1783	492	17	important	important	ADJ
cblr-1783	492	18	banks	bank	NOUN
cblr-1783	492	19	but	but	CCONJ
cblr-1783	492	20	only	only	ADV
cblr-1783	492	21	remedies	remedy	VERB
cblr-1783	492	22	illiquidity	illiquidity	NOUN
cblr-1783	492	23	for	for	ADP
cblr-1783	492	24	systemically	systemically	ADV
cblr-1783	492	25	important	important	ADJ
cblr-1783	492	26	clearinghouses	clearinghouse	NOUN
cblr-1783	492	27	.	.	PUNCT
cblr-1783	493	1	the	the	DET
cblr-1783	493	2	ensuing	ensue	VERB
cblr-1783	493	3	impression	impression	NOUN
cblr-1783	493	4	is	be	AUX
cblr-1783	493	5	one	one	NUM
cblr-1783	493	6	of	of	ADP
cblr-1783	493	7	either	either	DET
cblr-1783	493	8	ignorance	ignorance	NOUN
cblr-1783	493	9	(	(	PUNCT
cblr-1783	493	10	i.e.	i.e.	X
cblr-1783	493	11	,	,	PUNCT
cblr-1783	493	12	that	that	SCONJ
cblr-1783	493	13	regulators	regulator	NOUN
cblr-1783	493	14	are	be	AUX
cblr-1783	493	15	unaware	unaware	ADJ
cblr-1783	493	16	that	that	SCONJ
cblr-1783	493	17	clearinghouse	clearinghouse	NOUN
cblr-1783	493	18	insolvency	insolvency	NOUN
cblr-1783	493	19	poses	pose	VERB
cblr-1783	493	20	serious	serious	ADJ
cblr-1783	493	21	systemic	systemic	ADJ
cblr-1783	493	22	risks	risk	NOUN
cblr-1783	493	23	)	)	PUNCT
cblr-1783	493	24	or	or	CCONJ
cblr-1783	493	25	,	,	PUNCT
cblr-1783	493	26	worse	bad	ADJ
cblr-1783	493	27	yet	yet	ADV
cblr-1783	493	28	,	,	PUNCT
cblr-1783	493	29	confusion	confusion	NOUN
cblr-1783	493	30	(	(	PUNCT
cblr-1783	493	31	i.e.	i.e.	X
cblr-1783	493	32	,	,	PUNCT
cblr-1783	493	33	that	that	SCONJ
cblr-1783	493	34	regulators	regulator	NOUN
cblr-1783	493	35	are	be	AUX
cblr-1783	493	36	aware	aware	ADJ
cblr-1783	493	37	but	but	CCONJ
cblr-1783	493	38	uncertain	uncertain	ADJ
cblr-1783	493	39	what	what	PRON
cblr-1783	493	40	to	to	PART
cblr-1783	493	41	do	do	VERB
cblr-1783	493	42	about	about	ADP
cblr-1783	493	43	it	it	PRON
cblr-1783	493	44	)	)	PUNCT
cblr-1783	493	45	.	.	PUNCT
cblr-1783	494	1	this	this	DET
cblr-1783	494	2	section	section	NOUN
cblr-1783	494	3	delves	delve	VERB
cblr-1783	494	4	deeper	deeply	ADV
cblr-1783	494	5	into	into	ADP
cblr-1783	494	6	the	the	DET
cblr-1783	494	7	systemic	systemic	ADJ
cblr-1783	494	8	risk	risk	NOUN
cblr-1783	494	9	paradox	paradox	NOUN
cblr-1783	494	10	in	in	ADP
cblr-1783	494	11	three	three	NUM
cblr-1783	494	12	ways	way	NOUN
cblr-1783	494	13	.	.	PUNCT
cblr-1783	495	1	(	(	PUNCT
cblr-1783	495	2	i	i	NOUN
cblr-1783	495	3	)	)	PUNCT
cblr-1783	495	4	first	first	ADV
cblr-1783	495	5	,	,	PUNCT
cblr-1783	495	6	this	this	DET
cblr-1783	495	7	section	section	NOUN
cblr-1783	495	8	begins	begin	VERB
cblr-1783	495	9	by	by	ADP
cblr-1783	495	10	exploring	explore	VERB
cblr-1783	495	11	the	the	DET
cblr-1783	495	12	theoretical	theoretical	ADJ
cblr-1783	495	13	and	and	CCONJ
cblr-1783	495	14	policy	policy	NOUN
cblr-1783	495	15	rationales	rationale	NOUN
cblr-1783	495	16	for	for	ADP
cblr-1783	495	17	large	large	ADJ
cblr-1783	495	18	clearinghouses	clearinghouse	NOUN
cblr-1783	495	19	.	.	PUNCT
cblr-1783	496	1	(	(	PUNCT
cblr-1783	496	2	ii	ii	NOUN
cblr-1783	496	3	)	)	PUNCT
cblr-1783	496	4	next	next	ADV
cblr-1783	496	5	,	,	PUNCT
cblr-1783	496	6	it	it	PRON
cblr-1783	496	7	looks	look	VERB
cblr-1783	496	8	into	into	ADP
cblr-1783	496	9	the	the	DET
cblr-1783	496	10	core	core	NOUN
cblr-1783	496	11	differences	difference	NOUN
cblr-1783	496	12	between	between	ADP
cblr-1783	496	13	banks	bank	NOUN
cblr-1783	496	14	and	and	CCONJ
cblr-1783	496	15	clearinghouses	clearinghouse	NOUN
cblr-1783	496	16	to	to	PART
cblr-1783	496	17	determine	determine	VERB
cblr-1783	496	18	whether	whether	SCONJ
cblr-1783	496	19	the	the	DET
cblr-1783	496	20	disparate	disparate	ADJ
cblr-1783	496	21	approaches	approach	NOUN
cblr-1783	496	22	to	to	ADP
cblr-1783	496	23	systemic	systemic	ADJ
cblr-1783	496	24	risk	risk	NOUN
cblr-1783	496	25	are	be	AUX
cblr-1783	496	26	justifiable	justifiable	ADJ
cblr-1783	496	27	.	.	PUNCT
cblr-1783	497	1	on	on	ADP
cblr-1783	497	2	the	the	DET
cblr-1783	497	3	surface	surface	NOUN
cblr-1783	497	4	,	,	PUNCT
cblr-1783	497	5	at	at	ADP
cblr-1783	497	6	least	least	ADJ
cblr-1783	497	7	,	,	PUNCT
cblr-1783	497	8	it	it	PRON
cblr-1783	497	9	seems	seem	VERB
cblr-1783	497	10	that	that	SCONJ
cblr-1783	497	11	banks	bank	NOUN
cblr-1783	497	12	are	be	AUX
cblr-1783	497	13	intensely	intensely	ADV
cblr-1783	497	14	regulated	regulate	VERB
cblr-1783	497	15	to	to	PART
cblr-1783	497	16	head	head	VERB
cblr-1783	497	17	off	off	ADP
cblr-1783	497	18	systemic	systemic	ADJ
cblr-1783	497	19	risk	risk	NOUN
cblr-1783	497	20	,	,	PUNCT
cblr-1783	497	21	while	while	SCONJ
cblr-1783	497	22	clearinghouses	clearinghouse	NOUN
cblr-1783	497	23	are	be	AUX
cblr-1783	497	24	permitted	permit	VERB
cblr-1783	497	25	to	to	PART
cblr-1783	497	26	consolidate	consolidate	VERB
cblr-1783	497	27	their	their	PRON
cblr-1783	497	28	way	way	NOUN
cblr-1783	497	29	to	to	ADP
cblr-1783	497	30	systemic	systemic	ADJ
cblr-1783	497	31	significance	significance	NOUN
cblr-1783	497	32	.	.	PUNCT
cblr-1783	498	1	(	(	PUNCT
cblr-1783	498	2	iii	iii	NOUN
cblr-1783	498	3	)	)	PUNCT
cblr-1783	498	4	finally	finally	ADV
cblr-1783	498	5	,	,	PUNCT
cblr-1783	498	6	this	this	DET
cblr-1783	498	7	section	section	NOUN
cblr-1783	498	8	ponders	ponder	VERB
cblr-1783	498	9	what	what	PRON
cblr-1783	498	10	should	should	AUX
cblr-1783	498	11	be	be	AUX
cblr-1783	498	12	made	make	VERB
cblr-1783	498	13	of	of	ADP
cblr-1783	498	14	the	the	DET
cblr-1783	498	15	attempt	attempt	NOUN
cblr-1783	498	16	to	to	PART
cblr-1783	498	17	bring	bring	VERB
cblr-1783	498	18	clearinghouses	clearinghouse	NOUN
cblr-1783	498	19	into	into	ADP
cblr-1783	498	20	the	the	DET
cblr-1783	498	21	fold	fold	NOUN
cblr-1783	498	22	of	of	ADP
cblr-1783	498	23	the	the	DET
cblr-1783	498	24	federal	federal	PROPN
cblr-1783	498	25	reserve	reserve	PROPN
cblr-1783	498	26	’s	’s	PART
cblr-1783	498	27	lender	lender	NOUN
cblr-1783	498	28	-	-	PUNCT
cblr-1783	498	29	of	of	ADP
cblr-1783	498	30	-	-	PUNCT
cblr-1783	498	31	last	last	ADJ
cblr-1783	498	32	-	-	PUNCT
cblr-1783	498	33	resort	resort	NOUN
cblr-1783	498	34	power––which	power––which	PROPN
cblr-1783	498	35	is	be	AUX
cblr-1783	498	36	designed	design	VERB
cblr-1783	498	37	to	to	PART
cblr-1783	498	38	bolster	bolster	VERB
cblr-1783	498	39	liquidity––despite	liquidity––despite	PROPN
cblr-1783	498	40	the	the	DET
cblr-1783	498	41	fact	fact	NOUN
cblr-1783	498	42	that	that	SCONJ
cblr-1783	498	43	clearinghouses	clearinghouse	NOUN
cblr-1783	498	44	are	be	AUX
cblr-1783	498	45	not	not	PART
cblr-1783	498	46	expressly	expressly	ADV
cblr-1783	498	47	covered	cover	VERB
cblr-1783	498	48	under	under	ADP
cblr-1783	498	49	orderly	orderly	ADJ
cblr-1783	498	50	liquidation	liquidation	NOUN
cblr-1783	498	51	authority	authority	NOUN
cblr-1783	498	52	–	–	PUNCT
cblr-1783	498	53	–	–	PUNCT
cblr-1783	498	54	which	which	PRON
cblr-1783	498	55	is	be	AUX
cblr-1783	498	56	designed	design	VERB
cblr-1783	498	57	to	to	PART
cblr-1783	498	58	end	end	VERB
cblr-1783	498	59	tbtf	tbtf	PROPN
cblr-1783	498	60	.	.	PUNCT
cblr-1783	499	1	a.	a.	NOUN
cblr-1783	499	2	justifications	justification	NOUN
cblr-1783	499	3	for	for	ADP
cblr-1783	499	4	large	large	ADJ
cblr-1783	499	5	clearinghouses	clearinghouse	NOUN
cblr-1783	499	6	there	there	PRON
cblr-1783	499	7	are	be	VERB
cblr-1783	499	8	both	both	PRON
cblr-1783	499	9	regulatory	regulatory	ADJ
cblr-1783	499	10	and	and	CCONJ
cblr-1783	499	11	market	market	NOUN
cblr-1783	499	12	justifications	justification	NOUN
cblr-1783	499	13	for	for	ADP
cblr-1783	499	14	the	the	DET
cblr-1783	499	15	size	size	NOUN
cblr-1783	499	16	of	of	ADP
cblr-1783	499	17	clearinghouses	clearinghouse	NOUN
cblr-1783	499	18	.	.	PUNCT
cblr-1783	500	1	the	the	DET
cblr-1783	500	2	explanations	explanation	NOUN
cblr-1783	500	3	are	be	AUX
cblr-1783	500	4	intertwined	intertwine	VERB
cblr-1783	500	5	,	,	PUNCT
cblr-1783	500	6	and	and	CCONJ
cblr-1783	500	7	both	both	PRON
cblr-1783	500	8	have	have	VERB
cblr-1783	500	9	their	their	PRON
cblr-1783	500	10	flaws	flaw	NOUN
cblr-1783	500	11	.	.	PUNCT
cblr-1783	501	1	1	1	X
cblr-1783	501	2	.	.	X
cblr-1783	501	3	the	the	DET
cblr-1783	501	4	clearinghouse	clearinghouse	NOUN
cblr-1783	501	5	as	as	ADP
cblr-1783	501	6	loss	loss	NOUN
cblr-1783	501	7	-	-	PUNCT
cblr-1783	501	8	mutualizing	mutualize	VERB
cblr-1783	501	9	guarantor	guarantor	NOUN
cblr-1783	501	10	regulators	regulator	NOUN
cblr-1783	501	11	tolerate	tolerate	VERB
cblr-1783	501	12	the	the	DET
cblr-1783	501	13	systemic	systemic	ADJ
cblr-1783	501	14	risks	risk	NOUN
cblr-1783	501	15	of	of	ADP
cblr-1783	501	16	clearinghouses	clearinghouse	NOUN
cblr-1783	501	17	more	more	ADV
cblr-1783	501	18	comfortably	comfortably	ADV
cblr-1783	501	19	than	than	ADP
cblr-1783	501	20	the	the	DET
cblr-1783	501	21	systemic	systemic	ADJ
cblr-1783	501	22	risks	risk	NOUN
cblr-1783	501	23	of	of	ADP
cblr-1783	501	24	big	big	ADJ
cblr-1783	501	25	banks	bank	NOUN
cblr-1783	501	26	.	.	PUNCT
cblr-1783	502	1	this	this	PRON
cblr-1783	502	2	is	be	AUX
cblr-1783	502	3	because	because	SCONJ
cblr-1783	502	4	,	,	PUNCT
cblr-1783	502	5	as	as	SCONJ
cblr-1783	502	6	discussed	discuss	VERB
cblr-1783	502	7	in	in	ADP
cblr-1783	502	8	section	section	NOUN
cblr-1783	502	9	i	i	PRON
cblr-1783	502	10	,	,	PUNCT
cblr-1783	502	11	clearinghouses	clearinghouse	NOUN
cblr-1783	502	12	have	have	VERB
cblr-1783	502	13	91	91	NUM
cblr-1783	502	14	illiquidity	illiquidity	NOUN
cblr-1783	502	15	and	and	CCONJ
cblr-1783	502	16	insolvency	insolvency	NOUN
cblr-1783	502	17	are	be	AUX
cblr-1783	502	18	the	the	DET
cblr-1783	502	19	two	two	NUM
cblr-1783	502	20	particularly	particularly	ADV
cblr-1783	502	21	acute	acute	ADJ
cblr-1783	502	22	vulnerabilities	vulnerability	NOUN
cblr-1783	502	23	that	that	PRON
cblr-1783	502	24	banks	bank	NOUN
cblr-1783	502	25	face	face	VERB
cblr-1783	502	26	.	.	PUNCT
cblr-1783	503	1	heidi	heidi	PROPN
cblr-1783	503	2	mandanis	mandanis	PROPN
cblr-1783	503	3	schooner	schooner	PROPN
cblr-1783	503	4	&	&	CCONJ
cblr-1783	503	5	michael	michael	PROPN
cblr-1783	503	6	w.	w.	PROPN
cblr-1783	503	7	taylor	taylor	PROPN
cblr-1783	503	8	,	,	PUNCT
cblr-1783	503	9	global	global	ADJ
cblr-1783	503	10	bank	bank	PROPN
cblr-1783	503	11	regulation	regulation	NOUN
cblr-1783	503	12	23	23	NUM
cblr-1783	503	13	(	(	PUNCT
cblr-1783	503	14	2010	2010	NUM
cblr-1783	503	15	)	)	PUNCT
cblr-1783	503	16	.	.	PUNCT
cblr-1783	504	1	no	no	INTJ
cblr-1783	504	2	.	.	PUNCT
cblr-1783	505	1	3:747	3:747	NUM
cblr-1783	505	2	]	]	X
cblr-1783	505	3	systemic	systemic	ADJ
cblr-1783	505	4	risk	risk	NOUN
cblr-1783	505	5	paradox	paradox	NOUN
cblr-1783	505	6	777	777	NUM
cblr-1783	505	7	been	be	AUX
cblr-1783	505	8	tasked	task	VERB
cblr-1783	505	9	with	with	ADP
cblr-1783	505	10	mitigating	mitigate	VERB
cblr-1783	505	11	risk	risk	NOUN
cblr-1783	505	12	in	in	ADP
cblr-1783	505	13	the	the	DET
cblr-1783	505	14	derivatives	derivative	NOUN
cblr-1783	505	15	markets	market	NOUN
cblr-1783	505	16	.	.	PUNCT
cblr-1783	506	1	after	after	ADP
cblr-1783	506	2	the	the	DET
cblr-1783	506	3	passage	passage	NOUN
cblr-1783	506	4	of	of	ADP
cblr-1783	506	5	dodd	dodd	PROPN
cblr-1783	506	6	-	-	PUNCT
cblr-1783	506	7	frank	frank	ADJ
cblr-1783	506	8	,	,	PUNCT
cblr-1783	506	9	numerous	numerous	ADJ
cblr-1783	506	10	commentators	commentator	NOUN
cblr-1783	506	11	remarked	remark	VERB
cblr-1783	506	12	that	that	SCONJ
cblr-1783	506	13	an	an	DET
cblr-1783	506	14	unintended	unintended	ADJ
cblr-1783	506	15	consequence	consequence	NOUN
cblr-1783	506	16	of	of	ADP
cblr-1783	506	17	mandatory	mandatory	ADJ
cblr-1783	506	18	clearing	clearing	NOUN
cblr-1783	506	19	would	would	AUX
cblr-1783	506	20	be	be	AUX
cblr-1783	506	21	the	the	DET
cblr-1783	506	22	creation	creation	NOUN
cblr-1783	506	23	of	of	ADP
cblr-1783	506	24	another	another	DET
cblr-1783	506	25	set	set	NOUN
cblr-1783	506	26	of	of	ADP
cblr-1783	506	27	systemically	systemically	ADV
cblr-1783	506	28	important	important	ADJ
cblr-1783	506	29	institutions.92	institutions.92	PROPN
cblr-1783	506	30	clearinghouses	clearinghouse	NOUN
cblr-1783	506	31	,	,	PUNCT
cblr-1783	506	32	apparently	apparently	ADV
cblr-1783	506	33	,	,	PUNCT
cblr-1783	506	34	are	be	AUX
cblr-1783	506	35	simply	simply	ADV
cblr-1783	506	36	different	different	ADJ
cblr-1783	506	37	from	from	ADP
cblr-1783	506	38	banks	bank	NOUN
cblr-1783	506	39	.	.	PUNCT
cblr-1783	507	1	a	a	DET
cblr-1783	507	2	clearinghouse	clearinghouse	NOUN
cblr-1783	507	3	can	can	AUX
cblr-1783	507	4	be	be	AUX
cblr-1783	507	5	construed	construe	VERB
cblr-1783	507	6	as	as	ADP
cblr-1783	507	7	a	a	DET
cblr-1783	507	8	very	very	ADV
cblr-1783	507	9	large	large	ADJ
cblr-1783	507	10	and	and	CCONJ
cblr-1783	507	11	sophisticated	sophisticated	ADJ
cblr-1783	507	12	guarantor	guarantor	NOUN
cblr-1783	507	13	—	—	PUNCT
cblr-1783	507	14	an	an	DET
cblr-1783	507	15	insurance	insurance	NOUN
cblr-1783	507	16	company	company	NOUN
cblr-1783	507	17	.	.	PUNCT
cblr-1783	508	1	as	as	ADP
cblr-1783	508	2	the	the	DET
cblr-1783	508	3	central	central	ADJ
cblr-1783	508	4	party	party	NOUN
cblr-1783	508	5	in	in	ADP
cblr-1783	508	6	each	each	DET
cblr-1783	508	7	trade	trade	NOUN
cblr-1783	508	8	,	,	PUNCT
cblr-1783	508	9	a	a	DET
cblr-1783	508	10	clearinghouse	clearinghouse	NOUN
cblr-1783	508	11	is	be	AUX
cblr-1783	508	12	obliged	oblige	VERB
cblr-1783	508	13	to	to	PART
cblr-1783	508	14	make	make	VERB
cblr-1783	508	15	one	one	NUM
cblr-1783	508	16	party	party	NOUN
cblr-1783	508	17	whole	whole	NOUN
cblr-1783	508	18	in	in	ADP
cblr-1783	508	19	the	the	DET
cblr-1783	508	20	event	event	NOUN
cblr-1783	508	21	of	of	ADP
cblr-1783	508	22	the	the	DET
cblr-1783	508	23	counterparty	counterparty	NOUN
cblr-1783	508	24	’s	’s	PART
cblr-1783	508	25	default	default	NOUN
cblr-1783	508	26	,	,	PUNCT
cblr-1783	508	27	either	either	CCONJ
cblr-1783	508	28	by	by	ADP
cblr-1783	508	29	utilizing	utilize	VERB
cblr-1783	508	30	the	the	DET
cblr-1783	508	31	counterparty	counterparty	NOUN
cblr-1783	508	32	’s	’s	PART
cblr-1783	508	33	margin	margin	NOUN
cblr-1783	508	34	or	or	CCONJ
cblr-1783	508	35	a	a	DET
cblr-1783	508	36	guaranty	guaranty	NOUN
cblr-1783	508	37	fund	fund	NOUN
cblr-1783	508	38	pooled	pool	VERB
cblr-1783	508	39	from	from	ADP
cblr-1783	508	40	all	all	DET
cblr-1783	508	41	members	member	NOUN
cblr-1783	508	42	.	.	PUNCT
cblr-1783	509	1	this	this	DET
cblr-1783	509	2	role	role	NOUN
cblr-1783	509	3	is	be	AUX
cblr-1783	509	4	analogous	analogous	ADJ
cblr-1783	509	5	to	to	ADP
cblr-1783	509	6	an	an	DET
cblr-1783	509	7	insurer	insurer	NOUN
cblr-1783	509	8	’s	’s	PART
cblr-1783	509	9	duty	duty	NOUN
cblr-1783	509	10	to	to	PART
cblr-1783	509	11	step	step	VERB
cblr-1783	509	12	in	in	ADP
cblr-1783	509	13	for	for	ADP
cblr-1783	509	14	an	an	DET
cblr-1783	509	15	obligation	obligation	NOUN
cblr-1783	509	16	of	of	ADP
cblr-1783	509	17	its	its	PRON
cblr-1783	509	18	insured	insure	VERB
cblr-1783	509	19	.	.	PUNCT
cblr-1783	510	1	in	in	ADP
cblr-1783	510	2	principle	principle	NOUN
cblr-1783	510	3	,	,	PUNCT
cblr-1783	510	4	a	a	DET
cblr-1783	510	5	large	large	ADJ
cblr-1783	510	6	insurer	insurer	NOUN
cblr-1783	510	7	tends	tend	VERB
cblr-1783	510	8	to	to	PART
cblr-1783	510	9	be	be	AUX
cblr-1783	510	10	more	more	ADV
cblr-1783	510	11	stable	stable	ADJ
cblr-1783	510	12	than	than	ADP
cblr-1783	510	13	a	a	DET
cblr-1783	510	14	smaller	small	ADJ
cblr-1783	510	15	one	one	NOUN
cblr-1783	510	16	,	,	PUNCT
cblr-1783	510	17	since	since	SCONJ
cblr-1783	510	18	it	it	PRON
cblr-1783	510	19	will	will	AUX
cblr-1783	510	20	have	have	VERB
cblr-1783	510	21	a	a	DET
cblr-1783	510	22	larger	large	ADJ
cblr-1783	510	23	pool	pool	NOUN
cblr-1783	510	24	of	of	ADP
cblr-1783	510	25	insureds	insured	NOUN
cblr-1783	510	26	from	from	ADP
cblr-1783	510	27	whom	whom	PRON
cblr-1783	510	28	to	to	PART
cblr-1783	510	29	collect	collect	VERB
cblr-1783	510	30	premiums	premium	NOUN
cblr-1783	510	31	to	to	PART
cblr-1783	510	32	fund	fund	VERB
cblr-1783	510	33	payouts.93	payouts.93	NOUN
cblr-1783	510	34	the	the	PRON
cblr-1783	510	35	larger	large	ADJ
cblr-1783	510	36	the	the	DET
cblr-1783	510	37	insurer	insurer	NOUN
cblr-1783	510	38	,	,	PUNCT
cblr-1783	510	39	the	the	DET
cblr-1783	510	40	more	more	ADV
cblr-1783	510	41	likely	likely	ADJ
cblr-1783	510	42	it	it	PRON
cblr-1783	510	43	is	be	AUX
cblr-1783	510	44	to	to	PART
cblr-1783	510	45	be	be	AUX
cblr-1783	510	46	robust	robust	ADJ
cblr-1783	510	47	.	.	PUNCT
cblr-1783	511	1	the	the	DET
cblr-1783	511	2	inverse	inverse	NOUN
cblr-1783	511	3	proposition	proposition	NOUN
cblr-1783	511	4	has	have	AUX
cblr-1783	511	5	frequently	frequently	ADV
cblr-1783	511	6	proven	prove	VERB
cblr-1783	511	7	to	to	PART
cblr-1783	511	8	hold	hold	VERB
cblr-1783	511	9	as	as	ADV
cblr-1783	511	10	well	well	ADV
cblr-1783	511	11	—	—	PUNCT
cblr-1783	511	12	that	that	ADV
cblr-1783	511	13	is	is	ADV
cblr-1783	511	14	,	,	PUNCT
cblr-1783	511	15	an	an	DET
cblr-1783	511	16	insurance	insurance	NOUN
cblr-1783	511	17	market	market	NOUN
cblr-1783	511	18	with	with	ADP
cblr-1783	511	19	numerous	numerous	ADJ
cblr-1783	511	20	small	small	ADJ
cblr-1783	511	21	insurers	insurer	NOUN
cblr-1783	511	22	does	do	VERB
cblr-1783	511	23	a	a	DET
cblr-1783	511	24	poorer	poor	ADJ
cblr-1783	511	25	job	job	NOUN
cblr-1783	511	26	at	at	ADP
cblr-1783	511	27	mitigating	mitigate	VERB
cblr-1783	511	28	risk	risk	NOUN
cblr-1783	511	29	and	and	CCONJ
cblr-1783	511	30	promoting	promote	VERB
cblr-1783	511	31	stability	stability	NOUN
cblr-1783	511	32	.	.	PUNCT
cblr-1783	512	1	to	to	PART
cblr-1783	512	2	extend	extend	VERB
cblr-1783	512	3	the	the	DET
cblr-1783	512	4	analogy	analogy	NOUN
cblr-1783	512	5	,	,	PUNCT
cblr-1783	512	6	we	we	PRON
cblr-1783	512	7	can	can	AUX
cblr-1783	512	8	turn	turn	VERB
cblr-1783	512	9	to	to	ADP
cblr-1783	512	10	the	the	DET
cblr-1783	512	11	fledgling	fledgling	NOUN
cblr-1783	512	12	years	year	NOUN
cblr-1783	512	13	of	of	ADP
cblr-1783	512	14	american	american	PROPN
cblr-1783	512	15	casualty	casualty	PROPN
cblr-1783	512	16	insurance	insurance	NOUN
cblr-1783	512	17	regulation	regulation	NOUN
cblr-1783	512	18	,	,	PUNCT
cblr-1783	512	19	which	which	PRON
cblr-1783	512	20	were	be	AUX
cblr-1783	512	21	characterized	characterize	VERB
cblr-1783	512	22	by	by	ADP
cblr-1783	512	23	a	a	DET
cblr-1783	512	24	multitude	multitude	NOUN
cblr-1783	512	25	of	of	ADP
cblr-1783	512	26	insurance	insurance	NOUN
cblr-1783	512	27	companies	company	NOUN
cblr-1783	512	28	jostling	jostle	VERB
cblr-1783	512	29	to	to	ADP
cblr-1783	512	30	out	out	ADV
cblr-1783	512	31	-	-	PUNCT
cblr-1783	512	32	compete	compete	VERB
cblr-1783	512	33	one	one	NUM
cblr-1783	512	34	another.94	another.94	NOUN
cblr-1783	512	35	they	they	PRON
cblr-1783	512	36	fought	fight	VERB
cblr-1783	512	37	to	to	PART
cblr-1783	512	38	offer	offer	VERB
cblr-1783	512	39	policyholders	policyholder	NOUN
cblr-1783	512	40	low	low	ADJ
cblr-1783	512	41	premiums	premium	NOUN
cblr-1783	512	42	,	,	PUNCT
cblr-1783	512	43	driving	drive	VERB
cblr-1783	512	44	each	each	DET
cblr-1783	512	45	other	other	ADJ
cblr-1783	512	46	out	out	ADP
cblr-1783	512	47	of	of	ADP
cblr-1783	512	48	business	business	NOUN
cblr-1783	512	49	in	in	ADP
cblr-1783	512	50	swift	swift	ADJ
cblr-1783	512	51	cycles	cycle	NOUN
cblr-1783	512	52	,	,	PUNCT
cblr-1783	512	53	until	until	SCONJ
cblr-1783	512	54	periods	period	NOUN
cblr-1783	512	55	of	of	ADP
cblr-1783	512	56	mass	mass	ADJ
cblr-1783	512	57	claims	claim	NOUN
cblr-1783	512	58	such	such	ADJ
cblr-1783	512	59	as	as	ADP
cblr-1783	512	60	the	the	DET
cblr-1783	512	61	chicago	chicago	PROPN
cblr-1783	512	62	and	and	CCONJ
cblr-1783	512	63	boston	boston	PROPN
cblr-1783	512	64	fires	fire	NOUN
cblr-1783	512	65	of	of	ADP
cblr-1783	512	66	1871	1871	NUM
cblr-1783	512	67	and	and	CCONJ
cblr-1783	512	68	1872	1872	NUM
cblr-1783	512	69	forced	force	VERB
cblr-1783	512	70	insurance	insurance	NOUN
cblr-1783	512	71	cartels	cartel	NOUN
cblr-1783	512	72	to	to	PART
cblr-1783	512	73	set	set	VERB
cblr-1783	512	74	rates	rate	NOUN
cblr-1783	512	75	so	so	SCONJ
cblr-1783	512	76	as	as	SCONJ
cblr-1783	512	77	to	to	PART
cblr-1783	512	78	restrain	restrain	VERB
cblr-1783	512	79	competition.95	competition.95	NOUN
cblr-1783	512	80	92	92	NUM
cblr-1783	512	81	see	see	NOUN
cblr-1783	512	82	,	,	PUNCT
cblr-1783	512	83	e.g.	e.g.	ADV
cblr-1783	512	84	,	,	PUNCT
cblr-1783	513	1	kristin	kristin	PROPN
cblr-1783	513	2	n.	n.	PROPN
cblr-1783	513	3	johnson	johnson	PROPN
cblr-1783	513	4	,	,	PUNCT
cblr-1783	513	5	governing	govern	VERB
cblr-1783	513	6	financial	financial	ADJ
cblr-1783	513	7	markets	market	NOUN
cblr-1783	513	8	:	:	PUNCT
cblr-1783	513	9	regulating	regulate	VERB
cblr-1783	513	10	conflicts	conflict	NOUN
cblr-1783	513	11	,	,	PUNCT
cblr-1783	513	12	88	88	NUM
cblr-1783	513	13	wash	wash	NOUN
cblr-1783	513	14	.	.	PUNCT
cblr-1783	514	1	l.	l.	PROPN
cblr-1783	514	2	rev	rev	PROPN
cblr-1783	514	3	.	.	PROPN
cblr-1783	514	4	185	185	NUM
cblr-1783	514	5	(	(	PUNCT
cblr-1783	514	6	2013	2013	NUM
cblr-1783	514	7	)	)	PUNCT
cblr-1783	514	8	;	;	PUNCT
cblr-1783	514	9	jeffrey	jeffrey	PROPN
cblr-1783	514	10	manns	manns	PROPN
cblr-1783	514	11	,	,	PUNCT
cblr-1783	514	12	insuring	insure	VERB
cblr-1783	514	13	against	against	ADP
cblr-1783	514	14	a	a	DET
cblr-1783	514	15	derivative	derivative	ADJ
cblr-1783	514	16	disaster	disaster	NOUN
cblr-1783	514	17	:	:	PUNCT
cblr-1783	514	18	the	the	DET
cblr-1783	514	19	case	case	NOUN
cblr-1783	514	20	for	for	ADP
cblr-1783	514	21	decentralized	decentralized	ADJ
cblr-1783	514	22	risk	risk	NOUN
cblr-1783	514	23	management	management	NOUN
cblr-1783	514	24	,	,	PUNCT
cblr-1783	514	25	98	98	NUM
cblr-1783	514	26	iowa	iowa	PROPN
cblr-1783	514	27	l.	l.	PROPN
cblr-1783	514	28	rev	rev	PROPN
cblr-1783	514	29	.	.	PROPN
cblr-1783	514	30	1575	1575	NUM
cblr-1783	514	31	(	(	PUNCT
cblr-1783	514	32	2013	2013	NUM
cblr-1783	514	33	)	)	PUNCT
cblr-1783	514	34	;	;	PUNCT
cblr-1783	514	35	allen	allen	PROPN
cblr-1783	514	36	,	,	PUNCT
cblr-1783	514	37	supra	supra	PROPN
cblr-1783	514	38	note	note	PROPN
cblr-1783	514	39	12	12	NUM
cblr-1783	514	40	;	;	PUNCT
cblr-1783	514	41	griffith	griffith	PROPN
cblr-1783	514	42	,	,	PUNCT
cblr-1783	514	43	supra	supra	PROPN
cblr-1783	514	44	note	note	PROPN
cblr-1783	514	45	12	12	NUM
cblr-1783	514	46	;	;	PUNCT
cblr-1783	514	47	yadav	yadav	PROPN
cblr-1783	514	48	,	,	PUNCT
cblr-1783	514	49	supra	supra	PROPN
cblr-1783	514	50	note	note	PROPN
cblr-1783	514	51	12	12	NUM
cblr-1783	514	52	;	;	PUNCT
cblr-1783	514	53	roe	roe	NOUN
cblr-1783	514	54	,	,	PUNCT
cblr-1783	514	55	supra	supra	PROPN
cblr-1783	514	56	note	note	NOUN
cblr-1783	514	57	77	77	NUM
cblr-1783	514	58	.	.	PUNCT
cblr-1783	515	1	93	93	NUM
cblr-1783	515	2	size	size	NOUN
cblr-1783	515	3	is	be	AUX
cblr-1783	515	4	no	no	DET
cblr-1783	515	5	guaranty	guaranty	NOUN
cblr-1783	515	6	of	of	ADP
cblr-1783	515	7	stability	stability	NOUN
cblr-1783	515	8	,	,	PUNCT
cblr-1783	515	9	though	though	ADV
cblr-1783	515	10	,	,	PUNCT
cblr-1783	515	11	as	as	SCONJ
cblr-1783	515	12	the	the	DET
cblr-1783	515	13	bailout	bailout	NOUN
cblr-1783	515	14	of	of	ADP
cblr-1783	515	15	american	american	PROPN
cblr-1783	515	16	international	international	PROPN
cblr-1783	515	17	group	group	NOUN
cblr-1783	515	18	during	during	ADP
cblr-1783	515	19	the	the	DET
cblr-1783	515	20	financial	financial	ADJ
cblr-1783	515	21	crisis	crisis	NOUN
cblr-1783	515	22	demonstrates	demonstrate	VERB
cblr-1783	515	23	.	.	PUNCT
cblr-1783	516	1	see	see	VERB
cblr-1783	516	2	seema	seema	PROPN
cblr-1783	516	3	g.	g.	PROPN
cblr-1783	516	4	sharma	sharma	PROPN
cblr-1783	516	5	,	,	PUNCT
cblr-1783	516	6	over	over	ADP
cblr-1783	516	7	-	-	PUNCT
cblr-1783	516	8	the	the	DET
cblr-1783	516	9	-	-	PUNCT
cblr-1783	516	10	counter	counter	NOUN
cblr-1783	516	11	derivatives	derivative	NOUN
cblr-1783	516	12	:	:	PUNCT
cblr-1783	516	13	a	a	DET
cblr-1783	516	14	new	new	ADJ
cblr-1783	516	15	era	era	NOUN
cblr-1783	516	16	of	of	ADP
cblr-1783	516	17	financial	financial	ADJ
cblr-1783	516	18	regulation	regulation	NOUN
cblr-1783	516	19	,	,	PUNCT
cblr-1783	516	20	17	17	NUM
cblr-1783	516	21	l.	l.	PROPN
cblr-1783	516	22	&	&	CCONJ
cblr-1783	516	23	bus	bus	PROPN
cblr-1783	516	24	.	.	PUNCT
cblr-1783	517	1	rev	rev	PROPN
cblr-1783	517	2	.	.	PROPN
cblr-1783	517	3	am	be	AUX
cblr-1783	517	4	.	.	PUNCT
cblr-1783	518	1	279	279	NUM
cblr-1783	518	2	,	,	PUNCT
cblr-1783	518	3	293	293	NUM
cblr-1783	518	4	(	(	PUNCT
cblr-1783	518	5	2011	2011	NUM
cblr-1783	518	6	)	)	PUNCT
cblr-1783	518	7	.	.	PUNCT
cblr-1783	519	1	94	94	NUM
cblr-1783	519	2	see	see	VERB
cblr-1783	519	3	angelo	angelo	PROPN
cblr-1783	519	4	borselli	borselli	PROPN
cblr-1783	519	5	,	,	PUNCT
cblr-1783	519	6	insurance	insurance	NOUN
cblr-1783	519	7	rates	rate	NOUN
cblr-1783	519	8	regulation	regulation	NOUN
cblr-1783	519	9	in	in	ADP
cblr-1783	519	10	comparison	comparison	NOUN
cblr-1783	519	11	with	with	ADP
cblr-1783	519	12	open	open	ADJ
cblr-1783	519	13	competition	competition	NOUN
cblr-1783	519	14	,	,	PUNCT
cblr-1783	519	15	18	18	NUM
cblr-1783	519	16	conn	conn	NOUN
cblr-1783	519	17	.	.	PUNCT
cblr-1783	520	1	ins	ins	PROPN
cblr-1783	520	2	.	.	PUNCT
cblr-1783	521	1	l.j	l.j	PROPN
cblr-1783	521	2	.	.	PROPN
cblr-1783	521	3	109	109	NUM
cblr-1783	521	4	,	,	PUNCT
cblr-1783	521	5	113	113	NUM
cblr-1783	521	6	(	(	PUNCT
cblr-1783	521	7	2011	2011	NUM
cblr-1783	521	8	)	)	PUNCT
cblr-1783	521	9	.	.	PUNCT
cblr-1783	522	1	95	95	NUM
cblr-1783	523	1	i	i	PRON
cblr-1783	523	2	d.	d.	PROPN
cblr-1783	523	3	at	at	ADP
cblr-1783	523	4	113–14	113–14	PROPN
cblr-1783	523	5	.	.	PUNCT
cblr-1783	524	1	778	778	NUM
cblr-1783	524	2	columbia	columbia	PROPN
cblr-1783	524	3	business	business	NOUN
cblr-1783	524	4	law	law	PROPN
cblr-1783	524	5	review	review	NOUN
cblr-1783	525	1	[	[	X
cblr-1783	525	2	vol	vol	NOUN
cblr-1783	525	3	.	.	PUNCT
cblr-1783	525	4	2014	2014	NUM
cblr-1783	525	5	nonetheless	nonetheless	ADV
cblr-1783	525	6	,	,	PUNCT
cblr-1783	525	7	cartel	cartel	NOUN
cblr-1783	525	8	members	member	NOUN
cblr-1783	525	9	would	would	AUX
cblr-1783	525	10	surreptitiously	surreptitiously	ADV
cblr-1783	525	11	underprice	underprice	VERB
cblr-1783	525	12	each	each	DET
cblr-1783	525	13	other	other	ADJ
cblr-1783	525	14	,	,	PUNCT
cblr-1783	525	15	while	while	SCONJ
cblr-1783	525	16	competition	competition	NOUN
cblr-1783	525	17	from	from	ADP
cblr-1783	525	18	non	non	ADJ
cblr-1783	525	19	-	-	NOUN
cblr-1783	525	20	members	member	NOUN
cblr-1783	525	21	would	would	AUX
cblr-1783	525	22	assail	assail	VERB
cblr-1783	525	23	the	the	DET
cblr-1783	525	24	cartel	cartel	NOUN
cblr-1783	525	25	itself.96	itself.96	PROPN
cblr-1783	525	26	very	very	ADV
cblr-1783	525	27	soon	soon	ADV
cblr-1783	525	28	,	,	PUNCT
cblr-1783	525	29	states	state	NOUN
cblr-1783	525	30	had	have	VERB
cblr-1783	525	31	to	to	PART
cblr-1783	525	32	step	step	VERB
cblr-1783	525	33	in	in	ADV
cblr-1783	525	34	and	and	CCONJ
cblr-1783	525	35	regulate	regulate	VERB
cblr-1783	525	36	rates	rate	NOUN
cblr-1783	525	37	to	to	PART
cblr-1783	525	38	protect	protect	VERB
cblr-1783	525	39	policyholders	policyholder	NOUN
cblr-1783	525	40	from	from	ADP
cblr-1783	525	41	“	"	PUNCT
cblr-1783	525	42	ruinous	ruinous	ADJ
cblr-1783	525	43	competition	competition	NOUN
cblr-1783	525	44	.	.	PUNCT
cblr-1783	526	1	”97	”97	NOUN
cblr-1783	526	2	the	the	DET
cblr-1783	526	3	insurance	insurance	NOUN
cblr-1783	526	4	example	example	NOUN
cblr-1783	526	5	teaches	teach	VERB
cblr-1783	526	6	that	that	PRON
cblr-1783	526	7	excessive	excessive	ADJ
cblr-1783	526	8	competition	competition	NOUN
cblr-1783	526	9	undercuts	undercut	VERB
cblr-1783	526	10	the	the	DET
cblr-1783	526	11	rates	rate	NOUN
cblr-1783	526	12	and	and	CCONJ
cblr-1783	526	13	reserves	reserve	NOUN
cblr-1783	526	14	needed	need	VERB
cblr-1783	526	15	to	to	PART
cblr-1783	526	16	mitigate	mitigate	VERB
cblr-1783	526	17	risk	risk	NOUN
cblr-1783	526	18	and	and	CCONJ
cblr-1783	526	19	protect	protect	VERB
cblr-1783	526	20	policyholders	policyholder	NOUN
cblr-1783	526	21	.	.	PUNCT
cblr-1783	527	1	numerous	numerous	ADJ
cblr-1783	527	2	small	small	ADJ
cblr-1783	527	3	players	player	NOUN
cblr-1783	527	4	,	,	PUNCT
cblr-1783	527	5	none	none	NOUN
cblr-1783	527	6	of	of	ADP
cblr-1783	527	7	whom	whom	PRON
cblr-1783	527	8	manages	manage	VERB
cblr-1783	527	9	to	to	PART
cblr-1783	527	10	prevail	prevail	VERB
cblr-1783	527	11	for	for	ADP
cblr-1783	527	12	long	long	ADJ
cblr-1783	527	13	enough	enough	ADV
cblr-1783	527	14	to	to	PART
cblr-1783	527	15	grow	grow	VERB
cblr-1783	527	16	large	large	ADJ
cblr-1783	527	17	or	or	CCONJ
cblr-1783	527	18	attain	attain	VERB
cblr-1783	527	19	market	market	NOUN
cblr-1783	527	20	dominance	dominance	NOUN
cblr-1783	527	21	,	,	PUNCT
cblr-1783	527	22	populate	populate	VERB
cblr-1783	527	23	the	the	DET
cblr-1783	527	24	resulting	result	VERB
cblr-1783	527	25	market	market	NOUN
cblr-1783	527	26	.	.	PUNCT
cblr-1783	528	1	in	in	ADP
cblr-1783	528	2	essence	essence	NOUN
cblr-1783	528	3	,	,	PUNCT
cblr-1783	528	4	size	size	NOUN
cblr-1783	528	5	becomes	become	VERB
cblr-1783	528	6	a	a	DET
cblr-1783	528	7	proxy	proxy	NOUN
cblr-1783	528	8	for	for	ADP
cblr-1783	528	9	stability	stability	NOUN
cblr-1783	528	10	.	.	PUNCT
cblr-1783	529	1	as	as	ADP
cblr-1783	529	2	with	with	ADP
cblr-1783	529	3	any	any	DET
cblr-1783	529	4	insurer	insurer	NOUN
cblr-1783	529	5	,	,	PUNCT
cblr-1783	529	6	a	a	DET
cblr-1783	529	7	clearinghouse	clearinghouse	NOUN
cblr-1783	529	8	represents	represent	VERB
cblr-1783	529	9	the	the	DET
cblr-1783	529	10	coming	come	VERB
cblr-1783	529	11	together	together	ADV
cblr-1783	529	12	and	and	CCONJ
cblr-1783	529	13	pooling	pool	VERB
cblr-1783	529	14	of	of	ADP
cblr-1783	529	15	risk	risk	NOUN
cblr-1783	529	16	—	—	PUNCT
cblr-1783	529	17	not	not	PART
cblr-1783	529	18	just	just	ADV
cblr-1783	529	19	of	of	ADP
cblr-1783	529	20	its	its	PRON
cblr-1783	529	21	members	member	NOUN
cblr-1783	529	22	,	,	PUNCT
cblr-1783	529	23	but	but	CCONJ
cblr-1783	529	24	also	also	ADV
cblr-1783	529	25	of	of	ADP
cblr-1783	529	26	entities	entity	NOUN
cblr-1783	529	27	that	that	PRON
cblr-1783	529	28	must	must	AUX
cblr-1783	529	29	clear	clear	VERB
cblr-1783	529	30	through	through	ADP
cblr-1783	529	31	those	those	DET
cblr-1783	529	32	members	member	NOUN
cblr-1783	529	33	because	because	SCONJ
cblr-1783	529	34	they	they	PRON
cblr-1783	529	35	themselves	themselves	PRON
cblr-1783	529	36	are	be	AUX
cblr-1783	529	37	ineligible	ineligible	ADJ
cblr-1783	529	38	for	for	ADP
cblr-1783	529	39	membership	membership	NOUN
cblr-1783	529	40	(	(	PUNCT
cblr-1783	529	41	recall	recall	NOUN
cblr-1783	529	42	figure	figure	NOUN
cblr-1783	529	43	1	1	NUM
cblr-1783	529	44	)	)	PUNCT
cblr-1783	529	45	.	.	PUNCT
cblr-1783	530	1	thus	thus	ADV
cblr-1783	530	2	,	,	PUNCT
cblr-1783	530	3	a	a	DET
cblr-1783	530	4	clearinghouse	clearinghouse	NOUN
cblr-1783	530	5	pools	pool	NOUN
cblr-1783	530	6	all	all	DET
cblr-1783	530	7	risk	risk	NOUN
cblr-1783	530	8	in	in	ADP
cblr-1783	530	9	a	a	DET
cblr-1783	530	10	market	market	NOUN
cblr-1783	530	11	.	.	PUNCT
cblr-1783	531	1	yet	yet	CCONJ
cblr-1783	531	2	the	the	DET
cblr-1783	531	3	clearinghouse	clearinghouse	NOUN
cblr-1783	531	4	’s	’s	PART
cblr-1783	531	5	ability	ability	NOUN
cblr-1783	531	6	to	to	PART
cblr-1783	531	7	handle	handle	VERB
cblr-1783	531	8	so	so	ADV
cblr-1783	531	9	much	much	ADJ
cblr-1783	531	10	risk	risk	NOUN
cblr-1783	531	11	—	—	PUNCT
cblr-1783	531	12	and	and	CCONJ
cblr-1783	531	13	even	even	ADV
cblr-1783	531	14	whether	whether	SCONJ
cblr-1783	531	15	risk	risk	NOUN
cblr-1783	531	16	should	should	AUX
cblr-1783	531	17	be	be	AUX
cblr-1783	531	18	offloaded	offload	VERB
cblr-1783	531	19	to	to	ADP
cblr-1783	531	20	clearinghouses	clearinghouse	NOUN
cblr-1783	531	21	at	at	ADV
cblr-1783	531	22	all	all	ADV
cblr-1783	531	23	—	—	PUNCT
cblr-1783	531	24	has	have	AUX
cblr-1783	531	25	been	be	AUX
cblr-1783	531	26	questioned.98	questioned.98	VERB
cblr-1783	531	27	by	by	ADP
cblr-1783	531	28	guaranteeing	guarantee	VERB
cblr-1783	531	29	its	its	PRON
cblr-1783	531	30	members	member	NOUN
cblr-1783	531	31	’	'	PUNCT
cblr-1783	531	32	obligations	obligation	NOUN
cblr-1783	531	33	,	,	PUNCT
cblr-1783	531	34	a	a	DET
cblr-1783	531	35	clearinghouse	clearinghouse	NOUN
cblr-1783	531	36	takes	take	VERB
cblr-1783	531	37	on	on	ADP
cblr-1783	531	38	risk	risk	NOUN
cblr-1783	531	39	that	that	PRON
cblr-1783	531	40	might	might	AUX
cblr-1783	531	41	have	have	AUX
cblr-1783	531	42	dissipated	dissipate	VERB
cblr-1783	531	43	naturally	naturally	ADV
cblr-1783	531	44	had	have	AUX
cblr-1783	531	45	,	,	PUNCT
cblr-1783	531	46	say	say	INTJ
cblr-1783	531	47	,	,	PUNCT
cblr-1783	531	48	a	a	DET
cblr-1783	531	49	nonsystemically	nonsystemically	ADV
cblr-1783	531	50	vital	vital	ADJ
cblr-1783	531	51	member	member	NOUN
cblr-1783	531	52	been	be	AUX
cblr-1783	531	53	allowed	allow	VERB
cblr-1783	531	54	to	to	PART
cblr-1783	531	55	default	default	VERB
cblr-1783	531	56	on	on	ADP
cblr-1783	531	57	a	a	DET
cblr-1783	531	58	trade	trade	NOUN
cblr-1783	531	59	.	.	PUNCT
cblr-1783	532	1	with	with	ADP
cblr-1783	532	2	central	central	ADJ
cblr-1783	532	3	clearing	clearing	NOUN
cblr-1783	532	4	,	,	PUNCT
cblr-1783	532	5	however	however	ADV
cblr-1783	532	6	,	,	PUNCT
cblr-1783	532	7	a	a	DET
cblr-1783	532	8	clearinghouse	clearinghouse	NOUN
cblr-1783	532	9	has	have	AUX
cblr-1783	532	10	now	now	ADV
cblr-1783	532	11	assumed	assume	VERB
cblr-1783	532	12	the	the	DET
cblr-1783	532	13	losses	loss	NOUN
cblr-1783	532	14	of	of	ADP
cblr-1783	532	15	the	the	DET
cblr-1783	532	16	defaulting	default	VERB
cblr-1783	532	17	member	member	NOUN
cblr-1783	532	18	,	,	PUNCT
cblr-1783	532	19	thereby	thereby	ADV
cblr-1783	532	20	concentrating	concentrate	VERB
cblr-1783	532	21	that	that	DET
cblr-1783	532	22	risk	risk	NOUN
cblr-1783	532	23	within	within	ADP
cblr-1783	532	24	itself	itself	PRON
cblr-1783	532	25	.	.	PUNCT
cblr-1783	533	1	and	and	CCONJ
cblr-1783	533	2	if	if	SCONJ
cblr-1783	533	3	margin	margin	NOUN
cblr-1783	533	4	were	be	AUX
cblr-1783	533	5	insufficient	insufficient	ADJ
cblr-1783	533	6	,	,	PUNCT
cblr-1783	533	7	the	the	DET
cblr-1783	533	8	otherwise	otherwise	ADV
cblr-1783	533	9	innocuous	innocuous	ADJ
cblr-1783	533	10	risk	risk	NOUN
cblr-1783	533	11	would	would	AUX
cblr-1783	533	12	be	be	AUX
cblr-1783	533	13	transmitted	transmit	VERB
cblr-1783	533	14	to	to	ADP
cblr-1783	533	15	other	other	ADJ
cblr-1783	533	16	members.99	members.99	PROPN
cblr-1783	533	17	96	96	NUM
cblr-1783	534	1	i	i	PRON
cblr-1783	534	2	d.	d.	PROPN
cblr-1783	534	3	at	at	ADP
cblr-1783	534	4	114	114	NUM
cblr-1783	534	5	.	.	PUNCT
cblr-1783	535	1	97	97	NUM
cblr-1783	536	1	i	i	PRON
cblr-1783	536	2	d.	d.	PROPN
cblr-1783	536	3	at	at	ADP
cblr-1783	536	4	115	115	NUM
cblr-1783	536	5	.	.	PUNCT
cblr-1783	537	1	in	in	ADP
cblr-1783	537	2	a	a	DET
cblr-1783	537	3	pattern	pattern	NOUN
cblr-1783	537	4	repeated	repeat	VERB
cblr-1783	537	5	in	in	ADP
cblr-1783	537	6	many	many	ADJ
cblr-1783	537	7	other	other	ADJ
cblr-1783	537	8	regulated	regulated	ADJ
cblr-1783	537	9	industries	industry	NOUN
cblr-1783	537	10	,	,	PUNCT
cblr-1783	537	11	rate	rate	NOUN
cblr-1783	537	12	regulation	regulation	NOUN
cblr-1783	537	13	prevailed	prevail	VERB
cblr-1783	537	14	in	in	ADP
cblr-1783	537	15	insurance	insurance	NOUN
cblr-1783	537	16	until	until	SCONJ
cblr-1783	537	17	deregulation	deregulation	NOUN
cblr-1783	537	18	caught	catch	VERB
cblr-1783	537	19	on	on	ADP
cblr-1783	537	20	.	.	PUNCT
cblr-1783	538	1	starting	start	VERB
cblr-1783	538	2	in	in	ADP
cblr-1783	538	3	the	the	DET
cblr-1783	538	4	1960s	1960	NOUN
cblr-1783	538	5	,	,	PUNCT
cblr-1783	538	6	states	state	NOUN
cblr-1783	538	7	experimented	experiment	VERB
cblr-1783	538	8	with	with	ADP
cblr-1783	538	9	less	less	ADV
cblr-1783	538	10	intrusive	intrusive	ADJ
cblr-1783	538	11	means	mean	NOUN
cblr-1783	538	12	of	of	ADP
cblr-1783	538	13	rate	rate	NOUN
cblr-1783	538	14	regulation	regulation	NOUN
cblr-1783	538	15	and	and	CCONJ
cblr-1783	538	16	allowed	allow	VERB
cblr-1783	538	17	competition	competition	NOUN
cblr-1783	538	18	to	to	PART
cblr-1783	538	19	trickle	trickle	VERB
cblr-1783	538	20	back	back	ADV
cblr-1783	538	21	into	into	ADP
cblr-1783	538	22	the	the	DET
cblr-1783	538	23	industry	industry	NOUN
cblr-1783	538	24	.	.	PUNCT
cblr-1783	539	1	i	i	PRON
cblr-1783	539	2	d.	d.	PROPN
cblr-1783	539	3	at	at	ADP
cblr-1783	539	4	115–27	115–27	NUM
cblr-1783	539	5	.	.	PUNCT
cblr-1783	540	1	98	98	NUM
cblr-1783	540	2	see	see	VERB
cblr-1783	540	3	,	,	PUNCT
cblr-1783	540	4	e.g.	e.g.	ADV
cblr-1783	540	5	,	,	PUNCT
cblr-1783	540	6	roe	roe	NOUN
cblr-1783	540	7	,	,	PUNCT
cblr-1783	540	8	supra	supra	PROPN
cblr-1783	540	9	note	note	PROPN
cblr-1783	540	10	77	77	NUM
cblr-1783	540	11	,	,	PUNCT
cblr-1783	540	12	at	at	ADP
cblr-1783	540	13	1663–74	1663–74	NUM
cblr-1783	540	14	;	;	PUNCT
cblr-1783	540	15	pirrong	pirrong	PROPN
cblr-1783	540	16	,	,	PUNCT
cblr-1783	540	17	supra	supra	PROPN
cblr-1783	540	18	note	note	NOUN
cblr-1783	540	19	81	81	NUM
cblr-1783	540	20	,	,	PUNCT
cblr-1783	540	21	at	at	ADP
cblr-1783	540	22	4–5	4–5	PROPN
cblr-1783	540	23	.	.	PROPN
cblr-1783	540	24	99	99	NUM
cblr-1783	540	25	see	see	VERB
cblr-1783	540	26	roe	roe	NOUN
cblr-1783	540	27	,	,	PUNCT
cblr-1783	540	28	supra	supra	PROPN
cblr-1783	540	29	note	note	PROPN
cblr-1783	540	30	77	77	NUM
cblr-1783	540	31	,	,	PUNCT
cblr-1783	540	32	at	at	ADP
cblr-1783	540	33	1675–78	1675–78	NUM
cblr-1783	540	34	.	.	PUNCT
cblr-1783	541	1	see	see	VERB
cblr-1783	541	2	also	also	ADV
cblr-1783	541	3	manns	manns	PROPN
cblr-1783	541	4	,	,	PUNCT
cblr-1783	541	5	supra	supra	PROPN
cblr-1783	541	6	note	note	NOUN
cblr-1783	541	7	92	92	NUM
cblr-1783	541	8	,	,	PUNCT
cblr-1783	541	9	at	at	ADP
cblr-1783	541	10	1607	1607	NUM
cblr-1783	541	11	.	.	PUNCT
cblr-1783	542	1	no	no	INTJ
cblr-1783	542	2	.	.	PUNCT
cblr-1783	543	1	3:747	3:747	NUM
cblr-1783	543	2	]	]	X
cblr-1783	543	3	systemic	systemic	ADJ
cblr-1783	543	4	risk	risk	NOUN
cblr-1783	543	5	paradox	paradox	NOUN
cblr-1783	543	6	779	779	NUM
cblr-1783	543	7	for	for	ADP
cblr-1783	543	8	any	any	DET
cblr-1783	543	9	single	single	ADJ
cblr-1783	543	10	counterparty	counterparty	NOUN
cblr-1783	543	11	,	,	PUNCT
cblr-1783	543	12	the	the	DET
cblr-1783	543	13	risks	risk	NOUN
cblr-1783	543	14	that	that	PRON
cblr-1783	543	15	inhere	inhere	VERB
cblr-1783	543	16	in	in	ADP
cblr-1783	543	17	trading	trading	NOUN
cblr-1783	543	18	can	can	AUX
cblr-1783	543	19	be	be	AUX
cblr-1783	543	20	difficult	difficult	ADJ
cblr-1783	543	21	to	to	PART
cblr-1783	543	22	quantify	quantify	VERB
cblr-1783	543	23	due	due	ADP
cblr-1783	543	24	to	to	ADP
cblr-1783	543	25	their	their	PRON
cblr-1783	543	26	complexity.100	complexity.100	NOUN
cblr-1783	543	27	the	the	DET
cblr-1783	543	28	interjection	interjection	NOUN
cblr-1783	543	29	of	of	ADP
cblr-1783	543	30	a	a	DET
cblr-1783	543	31	clearinghouse	clearinghouse	NOUN
cblr-1783	543	32	can	can	AUX
cblr-1783	543	33	amplify	amplify	VERB
cblr-1783	543	34	those	those	DET
cblr-1783	543	35	risks	risk	NOUN
cblr-1783	543	36	by	by	ADP
cblr-1783	543	37	creating	create	VERB
cblr-1783	543	38	a	a	DET
cblr-1783	543	39	network	network	NOUN
cblr-1783	543	40	that	that	PRON
cblr-1783	543	41	pools	pool	VERB
cblr-1783	543	42	and	and	CCONJ
cblr-1783	543	43	transmits	transmit	VERB
cblr-1783	543	44	them	they	PRON
cblr-1783	543	45	to	to	ADP
cblr-1783	543	46	other	other	ADJ
cblr-1783	543	47	clearinghouse	clearinghouse	NOUN
cblr-1783	543	48	members	member	NOUN
cblr-1783	543	49	.	.	PUNCT
cblr-1783	544	1	given	give	VERB
cblr-1783	544	2	the	the	DET
cblr-1783	544	3	frequent	frequent	ADJ
cblr-1783	544	4	correlation	correlation	NOUN
cblr-1783	544	5	in	in	ADP
cblr-1783	544	6	positions	position	NOUN
cblr-1783	544	7	in	in	ADP
cblr-1783	544	8	any	any	DET
cblr-1783	544	9	given	give	VERB
cblr-1783	544	10	market	market	NOUN
cblr-1783	544	11	(	(	PUNCT
cblr-1783	544	12	for	for	ADP
cblr-1783	544	13	example	example	NOUN
cblr-1783	544	14	,	,	PUNCT
cblr-1783	544	15	where	where	SCONJ
cblr-1783	544	16	most	most	ADJ
cblr-1783	544	17	parties	party	NOUN
cblr-1783	544	18	might	might	AUX
cblr-1783	544	19	be	be	AUX
cblr-1783	544	20	betting	bet	VERB
cblr-1783	544	21	long	long	ADV
cblr-1783	544	22	on	on	ADP
cblr-1783	544	23	the	the	DET
cblr-1783	544	24	price	price	NOUN
cblr-1783	544	25	of	of	ADP
cblr-1783	544	26	a	a	DET
cblr-1783	544	27	commodity	commodity	NOUN
cblr-1783	544	28	with	with	ADP
cblr-1783	544	29	no	no	DET
cblr-1783	544	30	parties	party	NOUN
cblr-1783	544	31	taking	take	VERB
cblr-1783	544	32	the	the	DET
cblr-1783	544	33	offsetting	offset	VERB
cblr-1783	544	34	short	short	ADJ
cblr-1783	544	35	position	position	NOUN
cblr-1783	544	36	)	)	PUNCT
cblr-1783	544	37	and	and	CCONJ
cblr-1783	544	38	the	the	DET
cblr-1783	544	39	velocities	velocity	NOUN
cblr-1783	544	40	at	at	ADP
cblr-1783	544	41	which	which	PRON
cblr-1783	544	42	losses	loss	NOUN
cblr-1783	544	43	can	can	AUX
cblr-1783	544	44	accelerate	accelerate	VERB
cblr-1783	544	45	due	due	ADJ
cblr-1783	544	46	to	to	ADP
cblr-1783	544	47	technological	technological	ADJ
cblr-1783	544	48	advances	advance	NOUN
cblr-1783	544	49	in	in	ADP
cblr-1783	544	50	trading,101	trading,101	PROPN
cblr-1783	544	51	the	the	DET
cblr-1783	544	52	concentration	concentration	NOUN
cblr-1783	544	53	and	and	CCONJ
cblr-1783	544	54	transmission	transmission	NOUN
cblr-1783	544	55	of	of	ADP
cblr-1783	544	56	risk	risk	NOUN
cblr-1783	544	57	could	could	AUX
cblr-1783	544	58	easily	easily	ADV
cblr-1783	544	59	turn	turn	VERB
cblr-1783	544	60	into	into	ADP
cblr-1783	544	61	a	a	DET
cblr-1783	544	62	systemic	systemic	ADJ
cblr-1783	544	63	contagion	contagion	NOUN
cblr-1783	544	64	.	.	PUNCT
cblr-1783	545	1	102	102	NUM
cblr-1783	545	2	ultimately	ultimately	ADV
cblr-1783	545	3	,	,	PUNCT
cblr-1783	545	4	the	the	DET
cblr-1783	545	5	dogma	dogma	NOUN
cblr-1783	545	6	that	that	PRON
cblr-1783	545	7	clearinghouses	clearinghouse	NOUN
cblr-1783	545	8	are	be	AUX
cblr-1783	545	9	lossmutualizing	lossmutualize	VERB
cblr-1783	545	10	guarantors	guarantor	NOUN
cblr-1783	545	11	justifies	justify	VERB
cblr-1783	545	12	the	the	DET
cblr-1783	545	13	existence	existence	NOUN
cblr-1783	545	14	of	of	ADP
cblr-1783	545	15	large	large	ADJ
cblr-1783	545	16	clearinghouses	clearinghouse	NOUN
cblr-1783	545	17	.	.	PUNCT
cblr-1783	546	1	this	this	PRON
cblr-1783	546	2	is	be	AUX
cblr-1783	546	3	so	so	ADV
cblr-1783	546	4	even	even	ADV
cblr-1783	546	5	though	though	SCONJ
cblr-1783	546	6	the	the	DET
cblr-1783	546	7	assumptions	assumption	NOUN
cblr-1783	546	8	supporting	support	VERB
cblr-1783	546	9	that	that	SCONJ
cblr-1783	546	10	guaranty	guaranty	NOUN
cblr-1783	546	11	function	function	NOUN
cblr-1783	546	12	are	be	AUX
cblr-1783	546	13	weak	weak	ADJ
cblr-1783	546	14	.	.	PUNCT
cblr-1783	547	1	in	in	ADP
cblr-1783	547	2	the	the	DET
cblr-1783	547	3	end	end	NOUN
cblr-1783	547	4	,	,	PUNCT
cblr-1783	547	5	the	the	DET
cblr-1783	547	6	goal	goal	NOUN
cblr-1783	547	7	of	of	ADP
cblr-1783	547	8	containing	contain	VERB
cblr-1783	547	9	counterparty	counterparty	NOUN
cblr-1783	547	10	credit	credit	NOUN
cblr-1783	547	11	risk	risk	NOUN
cblr-1783	547	12	simply	simply	ADV
cblr-1783	547	13	overshadows	overshadow	VERB
cblr-1783	547	14	the	the	DET
cblr-1783	547	15	threat	threat	NOUN
cblr-1783	547	16	of	of	ADP
cblr-1783	547	17	perpetuating	perpetuate	VERB
cblr-1783	547	18	systemic	systemic	ADJ
cblr-1783	547	19	risk.103	risk.103	PROPN
cblr-1783	547	20	2	2	NUM
cblr-1783	547	21	.	.	PUNCT
cblr-1783	548	1	the	the	DET
cblr-1783	548	2	clearinghouse	clearinghouse	NOUN
cblr-1783	548	3	as	as	ADP
cblr-1783	548	4	efficiently	efficiently	ADV
cblr-1783	548	5	netting	net	VERB
cblr-1783	548	6	ccp	ccp	PROPN
cblr-1783	548	7	intertwined	intertwine	VERB
cblr-1783	548	8	with	with	ADP
cblr-1783	548	9	the	the	DET
cblr-1783	548	10	regulatory	regulatory	ADJ
cblr-1783	548	11	justification	justification	NOUN
cblr-1783	548	12	of	of	ADP
cblr-1783	548	13	clearinghouse	clearinghouse	NOUN
cblr-1783	548	14	size	size	NOUN
cblr-1783	548	15	is	be	AUX
cblr-1783	548	16	a	a	DET
cblr-1783	548	17	market	market	NOUN
cblr-1783	548	18	justification	justification	NOUN
cblr-1783	548	19	:	:	PUNCT
cblr-1783	548	20	due	due	ADP
cblr-1783	548	21	to	to	ADP
cblr-1783	548	22	netting	net	VERB
cblr-1783	548	23	efficiency	efficiency	NOUN
cblr-1783	548	24	,	,	PUNCT
cblr-1783	548	25	the	the	DET
cblr-1783	548	26	growth	growth	NOUN
cblr-1783	548	27	and	and	CCONJ
cblr-1783	548	28	consolidation	consolidation	NOUN
cblr-1783	548	29	of	of	ADP
cblr-1783	548	30	clearinghouses	clearinghouse	NOUN
cblr-1783	548	31	is	be	AUX
cblr-1783	548	32	inevitable	inevitable	ADJ
cblr-1783	548	33	and	and	CCONJ
cblr-1783	548	34	even	even	ADV
cblr-1783	548	35	desirable	desirable	ADJ
cblr-1783	548	36	.	.	PUNCT
cblr-1783	549	1	100	100	NUM
cblr-1783	549	2	iman	iman	PROPN
cblr-1783	549	3	anabtawi	anabtawi	PROPN
cblr-1783	549	4	&	&	CCONJ
cblr-1783	549	5	steven	steven	PROPN
cblr-1783	549	6	l.	l.	PROPN
cblr-1783	549	7	schwarcz	schwarcz	PROPN
cblr-1783	549	8	,	,	PUNCT
cblr-1783	549	9	regulating	regulate	VERB
cblr-1783	549	10	systemic	systemic	ADJ
cblr-1783	549	11	risk	risk	NOUN
cblr-1783	549	12	:	:	PUNCT
cblr-1783	549	13	towards	towards	ADP
cblr-1783	549	14	an	an	DET
cblr-1783	549	15	analytical	analytical	ADJ
cblr-1783	549	16	framework	framework	NOUN
cblr-1783	549	17	,	,	PUNCT
cblr-1783	549	18	86	86	NUM
cblr-1783	549	19	notre	notre	PROPN
cblr-1783	549	20	dame	dame	PROPN
cblr-1783	549	21	l.	l.	PROPN
cblr-1783	549	22	rev	rev	PROPN
cblr-1783	549	23	.	.	PROPN
cblr-1783	549	24	1349	1349	NUM
cblr-1783	549	25	,	,	PUNCT
cblr-1783	549	26	1368–70	1368–70	NUM
cblr-1783	549	27	(	(	PUNCT
cblr-1783	549	28	2011	2011	NUM
cblr-1783	549	29	)	)	PUNCT
cblr-1783	549	30	.	.	PUNCT
cblr-1783	550	1	101	101	NUM
cblr-1783	550	2	see	see	VERB
cblr-1783	550	3	i	i	PRON
cblr-1783	550	4	d.	d.	PROPN
cblr-1783	550	5	at	at	ADP
cblr-1783	550	6	1373–80	1373–80	PROPN
cblr-1783	550	7	.	.	PUNCT
cblr-1783	551	1	see	see	AUX
cblr-1783	551	2	also	also	ADV
cblr-1783	551	3	turing	ture	VERB
cblr-1783	551	4	,	,	PUNCT
cblr-1783	551	5	supra	supra	ADJ
cblr-1783	551	6	note	note	NOUN
cblr-1783	551	7	5	5	NUM
cblr-1783	551	8	,	,	PUNCT
cblr-1783	551	9	§	§	PROPN
cblr-1783	551	10	5.6(2)(c	5.6(2)(c	PROPN
cblr-1783	551	11	)	)	PUNCT
cblr-1783	551	12	(	(	PUNCT
cblr-1783	551	13	describing	describe	VERB
cblr-1783	551	14	wrong	wrong	ADJ
cblr-1783	551	15	-	-	PUNCT
cblr-1783	551	16	way	way	NOUN
cblr-1783	551	17	risk	risk	NOUN
cblr-1783	551	18	)	)	PUNCT
cblr-1783	551	19	.	.	PUNCT
cblr-1783	552	1	102	102	NUM
cblr-1783	552	2	on	on	ADP
cblr-1783	552	3	the	the	DET
cblr-1783	552	4	threat	threat	NOUN
cblr-1783	552	5	of	of	ADP
cblr-1783	552	6	correlated	correlate	VERB
cblr-1783	552	7	losses	loss	NOUN
cblr-1783	552	8	posed	pose	VERB
cblr-1783	552	9	by	by	ADP
cblr-1783	552	10	clearinghouses	clearinghouse	NOUN
cblr-1783	552	11	,	,	PUNCT
cblr-1783	552	12	see	see	VERB
cblr-1783	552	13	roe	roe	NOUN
cblr-1783	552	14	,	,	PUNCT
cblr-1783	552	15	supra	supra	PROPN
cblr-1783	552	16	note	note	PROPN
cblr-1783	552	17	77	77	NUM
cblr-1783	552	18	,	,	PUNCT
cblr-1783	552	19	at	at	ADP
cblr-1783	552	20	1677–78	1677–78	NUM
cblr-1783	552	21	.	.	PUNCT
cblr-1783	552	22	103	103	NUM
cblr-1783	552	23	asked	ask	VERB
cblr-1783	552	24	whether	whether	SCONJ
cblr-1783	552	25	clearinghouses	clearinghouse	NOUN
cblr-1783	552	26	could	could	AUX
cblr-1783	552	27	“	"	PUNCT
cblr-1783	552	28	introduce	introduce	VERB
cblr-1783	552	29	new	new	ADJ
cblr-1783	552	30	systemic	systemic	ADJ
cblr-1783	552	31	risks	risk	NOUN
cblr-1783	552	32	or	or	CCONJ
cblr-1783	552	33	become	become	VERB
cblr-1783	552	34	too	too	ADV
cblr-1783	552	35	big	big	ADJ
cblr-1783	552	36	to	to	PART
cblr-1783	552	37	fail	fail	VERB
cblr-1783	552	38	in	in	ADP
cblr-1783	552	39	their	their	PRON
cblr-1783	552	40	own	own	ADJ
cblr-1783	552	41	right	right	NOUN
cblr-1783	552	42	,	,	PUNCT
cblr-1783	552	43	”	"	PUNCT
cblr-1783	552	44	cftc	cftc	PROPN
cblr-1783	552	45	chairman	chairman	PROPN
cblr-1783	552	46	gary	gary	PROPN
cblr-1783	552	47	gensler	gensler	PROPN
cblr-1783	552	48	,	,	PUNCT
cblr-1783	552	49	perhaps	perhaps	ADV
cblr-1783	552	50	the	the	DET
cblr-1783	552	51	staunchest	staunch	ADJ
cblr-1783	552	52	proponent	proponent	NOUN
cblr-1783	552	53	of	of	ADP
cblr-1783	552	54	dcos	dco	NOUN
cblr-1783	552	55	,	,	PUNCT
cblr-1783	552	56	responded	respond	VERB
cblr-1783	552	57	:	:	PUNCT
cblr-1783	552	58	“	"	PUNCT
cblr-1783	552	59	they	they	PRON
cblr-1783	552	60	are	be	AUX
cblr-1783	552	61	far	far	ADV
cblr-1783	552	62	better	well	ADJ
cblr-1783	552	63	than	than	ADP
cblr-1783	552	64	leaving	leave	VERB
cblr-1783	552	65	the	the	DET
cblr-1783	552	66	risks	risk	NOUN
cblr-1783	552	67	inside	inside	ADP
cblr-1783	552	68	the	the	DET
cblr-1783	552	69	banks	bank	NOUN
cblr-1783	552	70	,	,	PUNCT
cblr-1783	552	71	though	though	SCONJ
cblr-1783	552	72	the	the	DET
cblr-1783	552	73	clearinghouses	clearinghouse	NOUN
cblr-1783	552	74	have	have	VERB
cblr-1783	552	75	to	to	PART
cblr-1783	552	76	be	be	AUX
cblr-1783	552	77	fully	fully	ADV
cblr-1783	552	78	regulated	regulate	VERB
cblr-1783	552	79	and	and	CCONJ
cblr-1783	552	80	live	live	VERB
cblr-1783	552	81	up	up	ADP
cblr-1783	552	82	to	to	ADP
cblr-1783	552	83	strong	strong	ADJ
cblr-1783	552	84	risk	risk	NOUN
cblr-1783	552	85	management	management	NOUN
cblr-1783	552	86	.	.	PUNCT
cblr-1783	553	1	but	but	CCONJ
cblr-1783	553	2	it	it	PRON
cblr-1783	553	3	’s	’	VERB
cblr-1783	553	4	better	well	ADJ
cblr-1783	553	5	than	than	ADP
cblr-1783	553	6	leaving	leave	VERB
cblr-1783	553	7	the	the	DET
cblr-1783	553	8	risks	risk	NOUN
cblr-1783	553	9	for	for	ADP
cblr-1783	553	10	the	the	DET
cblr-1783	553	11	next	next	ADJ
cblr-1783	553	12	aig	aig	PROPN
cblr-1783	553	13	.	.	PUNCT
cblr-1783	553	14	”	"	PUNCT
cblr-1783	554	1	mike	mike	PROPN
cblr-1783	554	2	konczal	konczal	PROPN
cblr-1783	554	3	,	,	PUNCT
cblr-1783	554	4	interview	interview	NOUN
cblr-1783	554	5	:	:	PUNCT
cblr-1783	554	6	gary	gary	PROPN
cblr-1783	554	7	gensler	gensler	NOUN
cblr-1783	554	8	explains	explain	VERB
cblr-1783	554	9	how	how	SCONJ
cblr-1783	554	10	financial	financial	ADJ
cblr-1783	554	11	reform	reform	NOUN
cblr-1783	554	12	is	be	AUX
cblr-1783	554	13	going	go	VERB
cblr-1783	554	14	,	,	PUNCT
cblr-1783	554	15	wash	wash	NOUN
cblr-1783	554	16	.	.	PUNCT
cblr-1783	555	1	post	post	NOUN
cblr-1783	555	2	wonkblog	wonkblog	PROPN
cblr-1783	555	3	,	,	PUNCT
cblr-1783	555	4	oct	oct	PROPN
cblr-1783	555	5	.	.	PROPN
cblr-1783	555	6	19	19	NUM
cblr-1783	555	7	,	,	PUNCT
cblr-1783	555	8	2013	2013	NUM
cblr-1783	555	9	,	,	PUNCT
cblr-1783	555	10	http://perma.cc/r46swbmv	http://perma.cc/r46swbmv	NOUN
cblr-1783	555	11	.	.	PUNCT
cblr-1783	555	12	780	780	NUM
cblr-1783	555	13	columbia	columbia	PROPN
cblr-1783	555	14	business	business	NOUN
cblr-1783	555	15	law	law	NOUN
cblr-1783	555	16	review	review	NOUN
cblr-1783	555	17	[	[	X
cblr-1783	555	18	vol	vol	NOUN
cblr-1783	555	19	.	.	PUNCT
cblr-1783	555	20	2014	2014	NUM
cblr-1783	555	21	because	because	SCONJ
cblr-1783	555	22	a	a	DET
cblr-1783	555	23	clearinghouse	clearinghouse	NOUN
cblr-1783	555	24	is	be	AUX
cblr-1783	555	25	the	the	DET
cblr-1783	555	26	central	central	ADJ
cblr-1783	555	27	counterparty	counterparty	NOUN
cblr-1783	555	28	(	(	PUNCT
cblr-1783	555	29	“	"	PUNCT
cblr-1783	555	30	ccp	ccp	PROPN
cblr-1783	555	31	”	"	PUNCT
cblr-1783	555	32	)	)	PUNCT
cblr-1783	555	33	that	that	PRON
cblr-1783	555	34	modulates	modulate	VERB
cblr-1783	555	35	every	every	DET
cblr-1783	555	36	trade	trade	NOUN
cblr-1783	555	37	,	,	PUNCT
cblr-1783	555	38	it	it	PRON
cblr-1783	555	39	has	have	VERB
cblr-1783	555	40	a	a	DET
cblr-1783	555	41	birds	bird	NOUN
cblr-1783	555	42	-	-	PUNCT
cblr-1783	555	43	eye	eye	NOUN
cblr-1783	555	44	view	view	NOUN
cblr-1783	555	45	of	of	ADP
cblr-1783	555	46	the	the	DET
cblr-1783	555	47	obligations	obligation	NOUN
cblr-1783	555	48	of	of	ADP
cblr-1783	555	49	all	all	DET
cblr-1783	555	50	counterparties	counterpartie	NOUN
cblr-1783	555	51	.	.	PUNCT
cblr-1783	556	1	the	the	DET
cblr-1783	556	2	clearinghouse	clearinghouse	NOUN
cblr-1783	556	3	is	be	AUX
cblr-1783	556	4	able	able	ADJ
cblr-1783	556	5	to	to	PART
cblr-1783	556	6	offset	offset	VERB
cblr-1783	556	7	counterparty	counterparty	NOUN
cblr-1783	556	8	positions	position	NOUN
cblr-1783	556	9	against	against	ADP
cblr-1783	556	10	each	each	DET
cblr-1783	556	11	other	other	ADJ
cblr-1783	556	12	and	and	CCONJ
cblr-1783	556	13	lower	low	ADJ
cblr-1783	556	14	the	the	DET
cblr-1783	556	15	margin	margin	NOUN
cblr-1783	556	16	that	that	PRON
cblr-1783	556	17	parties	party	NOUN
cblr-1783	556	18	are	be	AUX
cblr-1783	556	19	required	require	VERB
cblr-1783	556	20	to	to	PART
cblr-1783	556	21	post	post	VERB
cblr-1783	556	22	.	.	PUNCT
cblr-1783	557	1	multilateral	multilateral	ADJ
cblr-1783	557	2	netting	netting	NOUN
cblr-1783	557	3	of	of	ADP
cblr-1783	557	4	this	this	DET
cblr-1783	557	5	sort	sort	NOUN
cblr-1783	557	6	reduces	reduce	VERB
cblr-1783	557	7	the	the	DET
cblr-1783	557	8	aggregate	aggregate	ADJ
cblr-1783	557	9	exposure	exposure	NOUN
cblr-1783	557	10	of	of	ADP
cblr-1783	557	11	counterparties	counterpartie	NOUN
cblr-1783	557	12	,	,	PUNCT
cblr-1783	557	13	thereby	thereby	ADV
cblr-1783	557	14	tempering	temper	VERB
cblr-1783	557	15	counterparty	counterparty	NOUN
cblr-1783	557	16	credit	credit	NOUN
cblr-1783	557	17	risk.104	risk.104	NOUN
cblr-1783	557	18	the	the	PRON
cblr-1783	557	19	larger	large	ADJ
cblr-1783	557	20	the	the	DET
cblr-1783	557	21	ccp	ccp	PROPN
cblr-1783	557	22	,	,	PUNCT
cblr-1783	557	23	the	the	DET
cblr-1783	557	24	more	more	ADV
cblr-1783	557	25	novated	novate	VERB
cblr-1783	557	26	positions	position	NOUN
cblr-1783	557	27	can	can	AUX
cblr-1783	557	28	be	be	AUX
cblr-1783	557	29	netted	net	VERB
cblr-1783	557	30	against	against	ADP
cblr-1783	557	31	each	each	DET
cblr-1783	557	32	other	other	ADJ
cblr-1783	557	33	.	.	PUNCT
cblr-1783	558	1	from	from	ADP
cblr-1783	558	2	the	the	DET
cblr-1783	558	3	perspective	perspective	NOUN
cblr-1783	558	4	of	of	ADP
cblr-1783	558	5	counterparties	counterpartie	NOUN
cblr-1783	558	6	,	,	PUNCT
cblr-1783	558	7	a	a	DET
cblr-1783	558	8	large	large	ADJ
cblr-1783	558	9	ccp	ccp	NOUN
cblr-1783	558	10	with	with	ADP
cblr-1783	558	11	robust	robust	ADJ
cblr-1783	558	12	membership	membership	NOUN
cblr-1783	558	13	is	be	AUX
cblr-1783	558	14	also	also	ADV
cblr-1783	558	15	attractive	attractive	ADJ
cblr-1783	558	16	because	because	SCONJ
cblr-1783	558	17	netting	net	VERB
cblr-1783	558	18	lowers	lower	VERB
cblr-1783	558	19	funding	funding	NOUN
cblr-1783	558	20	costs	cost	NOUN
cblr-1783	558	21	.	.	PUNCT
cblr-1783	559	1	counterparties	counterpartie	NOUN
cblr-1783	559	2	do	do	AUX
cblr-1783	559	3	not	not	PART
cblr-1783	559	4	have	have	VERB
cblr-1783	559	5	to	to	PART
cblr-1783	559	6	post	post	VERB
cblr-1783	559	7	as	as	ADV
cblr-1783	559	8	much	much	ADJ
cblr-1783	559	9	margin	margin	NOUN
cblr-1783	559	10	to	to	PART
cblr-1783	559	11	collateralize	collateralize	VERB
cblr-1783	559	12	trades.105	trades.105	NOUN
cblr-1783	559	13	all	all	DET
cblr-1783	559	14	else	else	ADV
cblr-1783	559	15	being	be	AUX
cblr-1783	559	16	equal	equal	ADJ
cblr-1783	559	17	,	,	PUNCT
cblr-1783	559	18	counterparties	counterpartie	NOUN
cblr-1783	559	19	will	will	AUX
cblr-1783	559	20	select	select	VERB
cblr-1783	559	21	larger	large	ADJ
cblr-1783	559	22	clearinghouses	clearinghouse	NOUN
cblr-1783	559	23	—	—	PUNCT
cblr-1783	559	24	and	and	CCONJ
cblr-1783	559	25	larger	large	ADJ
cblr-1783	559	26	clearinghouses	clearinghouse	NOUN
cblr-1783	559	27	will	will	AUX
cblr-1783	559	28	beat	beat	VERB
cblr-1783	559	29	out	out	ADP
cblr-1783	559	30	smaller	small	ADJ
cblr-1783	559	31	ones	one	NOUN
cblr-1783	559	32	.	.	PUNCT
cblr-1783	560	1	recent	recent	ADJ
cblr-1783	560	2	scholarship	scholarship	NOUN
cblr-1783	560	3	suggests	suggest	VERB
cblr-1783	560	4	that	that	SCONJ
cblr-1783	560	5	counterparty	counterparty	NOUN
cblr-1783	560	6	credit	credit	NOUN
cblr-1783	560	7	risk	risk	NOUN
cblr-1783	560	8	could	could	AUX
cblr-1783	560	9	be	be	AUX
cblr-1783	560	10	even	even	ADV
cblr-1783	560	11	more	more	ADV
cblr-1783	560	12	efficiently	efficiently	ADV
cblr-1783	560	13	reduced	reduce	VERB
cblr-1783	560	14	if	if	SCONJ
cblr-1783	560	15	a	a	DET
cblr-1783	560	16	very	very	ADV
cblr-1783	560	17	small	small	ADJ
cblr-1783	560	18	number	number	NOUN
cblr-1783	560	19	of	of	ADP
cblr-1783	560	20	clearinghouses	clearinghouse	NOUN
cblr-1783	560	21	dominated	dominate	VERB
cblr-1783	560	22	multiple	multiple	NOUN
cblr-1783	560	23	industries.106	industries.106	NUM
cblr-1783	560	24	currently	currently	ADV
cblr-1783	560	25	,	,	PUNCT
cblr-1783	560	26	clearinghouses	clearinghouse	NOUN
cblr-1783	560	27	tend	tend	VERB
cblr-1783	560	28	not	not	PART
cblr-1783	560	29	to	to	PART
cblr-1783	560	30	clear	clear	VERB
cblr-1783	560	31	across	across	ADP
cblr-1783	560	32	product	product	NOUN
cblr-1783	560	33	lines.107	lines.107	NOUN
cblr-1783	560	34	each	each	DET
cblr-1783	560	35	product	product	NOUN
cblr-1783	560	36	has	have	VERB
cblr-1783	560	37	its	its	PRON
cblr-1783	560	38	own	own	ADJ
cblr-1783	560	39	primary	primary	ADJ
cblr-1783	560	40	clearinghouse	clearinghouse	NOUN
cblr-1783	560	41	—	—	PUNCT
cblr-1783	560	42	nscc	nscc	ADJ
cblr-1783	560	43	in	in	ADP
cblr-1783	560	44	securities	security	NOUN
cblr-1783	560	45	,	,	PUNCT
cblr-1783	560	46	occ	occ	NOUN
cblr-1783	560	47	in	in	ADP
cblr-1783	560	48	options	option	NOUN
cblr-1783	560	49	,	,	PUNCT
cblr-1783	560	50	lch	lch	PROPN
cblr-1783	560	51	in	in	ADP
cblr-1783	560	52	interest	interest	NOUN
cblr-1783	560	53	rate	rate	NOUN
cblr-1783	560	54	swaps	swap	NOUN
cblr-1783	560	55	,	,	PUNCT
cblr-1783	560	56	ice	ice	NOUN
cblr-1783	560	57	clear	clear	ADJ
cblr-1783	560	58	credit	credit	NOUN
cblr-1783	560	59	in	in	ADP
cblr-1783	560	60	credit	credit	NOUN
cblr-1783	560	61	default	default	NOUN
cblr-1783	560	62	swaps	swap	NOUN
cblr-1783	560	63	,	,	PUNCT
cblr-1783	560	64	etc	etc	X
cblr-1783	560	65	.	.	X
cblr-1783	561	1	(	(	PUNCT
cblr-1783	561	2	see	see	VERB
cblr-1783	561	3	figure	figure	NOUN
cblr-1783	561	4	2	2	NUM
cblr-1783	561	5	)	)	PUNCT
cblr-1783	561	6	.	.	PUNCT
cblr-1783	562	1	even	even	ADV
cblr-1783	562	2	though	though	SCONJ
cblr-1783	562	3	clearinghouse	clearinghouse	NOUN
cblr-1783	562	4	ownership	ownership	NOUN
cblr-1783	562	5	is	be	AUX
cblr-1783	562	6	trending	trend	VERB
cblr-1783	562	7	toward	toward	ADP
cblr-1783	562	8	consolidation	consolidation	NOUN
cblr-1783	562	9	,	,	PUNCT
cblr-1783	562	10	the	the	DET
cblr-1783	562	11	clearinghouses	clearinghouse	NOUN
cblr-1783	562	12	have	have	AUX
cblr-1783	562	13	typically	typically	ADV
cblr-1783	562	14	not	not	PART
cblr-1783	562	15	deviated	deviate	VERB
cblr-1783	562	16	from	from	ADP
cblr-1783	562	17	serving	serve	VERB
cblr-1783	562	18	single	single	ADJ
cblr-1783	562	19	markets	market	NOUN
cblr-1783	562	20	.	.	PUNCT
cblr-1783	563	1	104	104	NUM
cblr-1783	563	2	see	see	VERB
cblr-1783	563	3	kress	kress	PROPN
cblr-1783	563	4	,	,	PUNCT
cblr-1783	563	5	supra	supra	PROPN
cblr-1783	563	6	note	note	NOUN
cblr-1783	563	7	12	12	NUM
cblr-1783	563	8	,	,	PUNCT
cblr-1783	563	9	at	at	ADP
cblr-1783	563	10	67–69	67–69	NUM
cblr-1783	563	11	.	.	PUNCT
cblr-1783	564	1	105	105	NUM
cblr-1783	564	2	see	see	VERB
cblr-1783	564	3	,	,	PUNCT
cblr-1783	564	4	e.g.	e.g.	ADV
cblr-1783	564	5	,	,	PUNCT
cblr-1783	564	6	depository	depository	NOUN
cblr-1783	564	7	trust	trust	PROPN
cblr-1783	564	8	&	&	CCONJ
cblr-1783	564	9	clearing	clearing	PROPN
cblr-1783	564	10	corp	corp	PROPN
cblr-1783	564	11	.	.	PROPN
cblr-1783	564	12	,	,	PUNCT
cblr-1783	564	13	supra	supra	PROPN
cblr-1783	564	14	note	note	PROPN
cblr-1783	564	15	7	7	NUM
cblr-1783	564	16	,	,	PUNCT
cblr-1783	564	17	at	at	ADP
cblr-1783	564	18	1	1	NUM
cblr-1783	564	19	(	(	PUNCT
cblr-1783	564	20	claiming	claim	VERB
cblr-1783	564	21	a	a	DET
cblr-1783	564	22	netting	net	VERB
cblr-1783	564	23	factor	factor	NOUN
cblr-1783	564	24	of	of	ADP
cblr-1783	564	25	98	98	NUM
cblr-1783	564	26	%	%	NOUN
cblr-1783	564	27	for	for	ADP
cblr-1783	564	28	nscc	nscc	ADJ
cblr-1783	564	29	so	so	SCONJ
cblr-1783	564	30	that	that	SCONJ
cblr-1783	564	31	$	$	SYM
cblr-1783	564	32	186	186	NUM
cblr-1783	564	33	trillion	trillion	NUM
cblr-1783	564	34	in	in	ADP
cblr-1783	564	35	transactions	transaction	NOUN
cblr-1783	564	36	in	in	ADP
cblr-1783	564	37	2012	2012	NUM
cblr-1783	564	38	was	be	AUX
cblr-1783	564	39	net	net	NOUN
cblr-1783	564	40	settled	settle	VERB
cblr-1783	564	41	to	to	ADP
cblr-1783	564	42	$	$	SYM
cblr-1783	564	43	6	6	NUM
cblr-1783	564	44	trillion	trillion	NUM
cblr-1783	564	45	)	)	PUNCT
cblr-1783	564	46	.	.	PUNCT
cblr-1783	565	1	106	106	NUM
cblr-1783	565	2	see	see	VERB
cblr-1783	565	3	duffie	duffie	PROPN
cblr-1783	565	4	&	&	CCONJ
cblr-1783	565	5	zhu	zhu	PROPN
cblr-1783	565	6	,	,	PUNCT
cblr-1783	565	7	supra	supra	PROPN
cblr-1783	565	8	note	note	PROPN
cblr-1783	565	9	13	13	NUM
cblr-1783	565	10	.	.	PUNCT
cblr-1783	565	11	107	107	NUM
cblr-1783	566	1	some	some	DET
cblr-1783	566	2	members	member	NOUN
cblr-1783	566	3	of	of	ADP
cblr-1783	566	4	the	the	DET
cblr-1783	566	5	powerhouse	powerhouse	NOUN
cblr-1783	566	6	clearing	clearing	NOUN
cblr-1783	566	7	consortia	consortium	NOUN
cblr-1783	566	8	,	,	PUNCT
cblr-1783	566	9	however	however	ADV
cblr-1783	566	10	,	,	PUNCT
cblr-1783	566	11	currently	currently	ADV
cblr-1783	566	12	have	have	VERB
cblr-1783	566	13	operations	operation	NOUN
cblr-1783	566	14	that	that	PRON
cblr-1783	566	15	can	can	AUX
cblr-1783	566	16	handle	handle	VERB
cblr-1783	566	17	multiple	multiple	ADJ
cblr-1783	566	18	assets	asset	NOUN
cblr-1783	566	19	.	.	PUNCT
cblr-1783	567	1	no	no	INTJ
cblr-1783	567	2	.	.	PUNCT
cblr-1783	568	1	3:747	3:747	NUM
cblr-1783	568	2	]	]	X
cblr-1783	568	3	systemic	systemic	ADJ
cblr-1783	568	4	risk	risk	NOUN
cblr-1783	568	5	paradox	paradox	NOUN
cblr-1783	568	6	781	781	NUM
cblr-1783	568	7	figure	figure	NOUN
cblr-1783	568	8	2	2	NUM
cblr-1783	568	9	:	:	PUNCT
cblr-1783	568	10	multilateral	multilateral	NOUN
cblr-1783	568	11	netting	net	VERB
cblr-1783	568	12	with	with	ADP
cblr-1783	568	13	single	single	ADJ
cblr-1783	568	14	-	-	PUNCT
cblr-1783	568	15	product	product	NOUN
cblr-1783	568	16	ccps	ccp	NOUN
cblr-1783	568	17	despite	despite	SCONJ
cblr-1783	568	18	dodd	dodd	PROPN
cblr-1783	568	19	-	-	PUNCT
cblr-1783	568	20	frank	frank	PROPN
cblr-1783	568	21	’s	’s	PART
cblr-1783	568	22	efforts	effort	NOUN
cblr-1783	568	23	to	to	PART
cblr-1783	568	24	shift	shift	VERB
cblr-1783	568	25	otc	otc	PROPN
cblr-1783	568	26	derivatives	derivative	NOUN
cblr-1783	568	27	markets	market	NOUN
cblr-1783	568	28	from	from	ADP
cblr-1783	568	29	bilateral	bilateral	ADJ
cblr-1783	568	30	to	to	ADP
cblr-1783	568	31	multilateral	multilateral	ADJ
cblr-1783	568	32	netting	netting	NOUN
cblr-1783	568	33	,	,	PUNCT
cblr-1783	568	34	it	it	PRON
cblr-1783	568	35	is	be	AUX
cblr-1783	568	36	not	not	PART
cblr-1783	568	37	altogether	altogether	ADV
cblr-1783	568	38	settled	settle	VERB
cblr-1783	568	39	that	that	SCONJ
cblr-1783	568	40	the	the	DET
cblr-1783	568	41	gains	gain	NOUN
cblr-1783	568	42	of	of	ADP
cblr-1783	568	43	moving	move	VERB
cblr-1783	568	44	to	to	ADP
cblr-1783	568	45	one	one	NUM
cblr-1783	568	46	ccp	ccp	PROPN
cblr-1783	568	47	per	per	ADP
cblr-1783	568	48	asset	asset	NOUN
cblr-1783	568	49	offset	offset	VERB
cblr-1783	568	50	the	the	DET
cblr-1783	568	51	losses	loss	NOUN
cblr-1783	568	52	from	from	ADP
cblr-1783	568	53	abandoning	abandon	VERB
cblr-1783	568	54	bilateral	bilateral	ADJ
cblr-1783	568	55	netting	netting	NOUN
cblr-1783	568	56	between	between	ADP
cblr-1783	568	57	two	two	NUM
cblr-1783	568	58	counterparties	counterpartie	NOUN
cblr-1783	568	59	across	across	ADP
cblr-1783	568	60	different	different	ADJ
cblr-1783	568	61	assets	asset	NOUN
cblr-1783	568	62	.	.	PUNCT
cblr-1783	569	1	as	as	ADP
cblr-1783	569	2	an	an	DET
cblr-1783	569	3	illustration	illustration	NOUN
cblr-1783	569	4	of	of	ADP
cblr-1783	569	5	bilateral	bilateral	ADJ
cblr-1783	569	6	netting	netting	NOUN
cblr-1783	569	7	,	,	PUNCT
cblr-1783	569	8	assume	assume	VERB
cblr-1783	569	9	that	that	SCONJ
cblr-1783	569	10	there	there	PRON
cblr-1783	569	11	are	be	VERB
cblr-1783	569	12	two	two	NUM
cblr-1783	569	13	dealers	dealer	NOUN
cblr-1783	569	14	—	—	PUNCT
cblr-1783	569	15	x	x	X
cblr-1783	569	16	,	,	PUNCT
cblr-1783	569	17	a	a	DET
cblr-1783	569	18	large	large	ADJ
cblr-1783	569	19	midwestern	midwestern	ADJ
cblr-1783	569	20	bank	bank	NOUN
cblr-1783	569	21	that	that	PRON
cblr-1783	569	22	sells	sell	VERB
cblr-1783	569	23	interest	interest	NOUN
cblr-1783	569	24	rate	rate	NOUN
cblr-1783	569	25	and	and	CCONJ
cblr-1783	569	26	credit	credit	NOUN
cblr-1783	569	27	default	default	NOUN
cblr-1783	569	28	swaps	swap	NOUN
cblr-1783	569	29	to	to	PART
cblr-1783	569	30	end	end	VERB
cblr-1783	569	31	users	user	NOUN
cblr-1783	569	32	in	in	ADP
cblr-1783	569	33	the	the	DET
cblr-1783	569	34	midwest	midwest	NOUN
cblr-1783	569	35	,	,	PUNCT
cblr-1783	569	36	and	and	CCONJ
cblr-1783	569	37	y	y	PROPN
cblr-1783	569	38	,	,	PUNCT
cblr-1783	569	39	a	a	DET
cblr-1783	569	40	new	new	PROPN
cblr-1783	569	41	york	york	PROPN
cblr-1783	569	42	-	-	PUNCT
cblr-1783	569	43	based	base	VERB
cblr-1783	569	44	behemoth	behemoth	NOUN
cblr-1783	569	45	bank	bank	NOUN
cblr-1783	569	46	with	with	ADP
cblr-1783	569	47	whom	whom	PRON
cblr-1783	569	48	x	x	PUNCT
cblr-1783	569	49	has	have	AUX
cblr-1783	569	50	back	back	ADV
cblr-1783	569	51	-	-	PUNCT
cblr-1783	569	52	tobacked	tobacke	VERB
cblr-1783	569	53	its	its	PRON
cblr-1783	569	54	exposures	exposure	NOUN
cblr-1783	569	55	on	on	ADP
cblr-1783	569	56	interest	interest	NOUN
cblr-1783	569	57	rate	rate	NOUN
cblr-1783	569	58	and	and	CCONJ
cblr-1783	569	59	credit	credit	NOUN
cblr-1783	569	60	default	default	NOUN
cblr-1783	569	61	swaps	swap	NOUN
cblr-1783	569	62	.	.	PUNCT
cblr-1783	570	1	prior	prior	ADV
cblr-1783	570	2	to	to	ADP
cblr-1783	570	3	dodd	dodd	PROPN
cblr-1783	570	4	-	-	PUNCT
cblr-1783	570	5	frank	frank	PROPN
cblr-1783	570	6	,	,	PUNCT
cblr-1783	570	7	x	x	X
cblr-1783	570	8	and	and	CCONJ
cblr-1783	570	9	y	y	PROPN
cblr-1783	570	10	could	could	AUX
cblr-1783	570	11	have	have	AUX
cblr-1783	570	12	netted	net	VERB
cblr-1783	570	13	their	their	PRON
cblr-1783	570	14	positions	position	NOUN
cblr-1783	570	15	on	on	ADP
cblr-1783	570	16	interest	interest	NOUN
cblr-1783	570	17	rate	rate	NOUN
cblr-1783	570	18	swaps	swap	NOUN
cblr-1783	570	19	against	against	ADP
cblr-1783	570	20	their	their	PRON
cblr-1783	570	21	positions	position	NOUN
cblr-1783	570	22	on	on	ADP
cblr-1783	570	23	,	,	PUNCT
cblr-1783	570	24	say	say	INTJ
cblr-1783	570	25	,	,	PUNCT
cblr-1783	570	26	credit	credit	NOUN
cblr-1783	570	27	default	default	NOUN
cblr-1783	570	28	swaps	swap	NOUN
cblr-1783	570	29	,	,	PUNCT
cblr-1783	570	30	options	option	NOUN
cblr-1783	570	31	,	,	PUNCT
cblr-1783	570	32	and	and	CCONJ
cblr-1783	570	33	any	any	DET
cblr-1783	570	34	number	number	NOUN
cblr-1783	570	35	of	of	ADP
cblr-1783	570	36	instruments	instrument	NOUN
cblr-1783	570	37	.	.	PUNCT
cblr-1783	571	1	now	now	ADV
cblr-1783	571	2	,	,	PUNCT
cblr-1783	571	3	with	with	ADP
cblr-1783	571	4	the	the	DET
cblr-1783	571	5	introduction	introduction	NOUN
cblr-1783	571	6	of	of	ADP
cblr-1783	571	7	a	a	DET
cblr-1783	571	8	ccp	ccp	PROPN
cblr-1783	571	9	for	for	ADP
cblr-1783	571	10	each	each	DET
cblr-1783	571	11	asset	asset	NOUN
cblr-1783	571	12	,	,	PUNCT
cblr-1783	571	13	one	one	NUM
cblr-1783	571	14	ccp	ccp	PROPN
cblr-1783	571	15	can	can	AUX
cblr-1783	571	16	net	net	VERB
cblr-1783	571	17	across	across	ADP
cblr-1783	571	18	multiple	multiple	ADJ
cblr-1783	571	19	counterparties	counterpartie	NOUN
cblr-1783	571	20	,	,	PUNCT
cblr-1783	571	21	but	but	CCONJ
cblr-1783	571	22	the	the	DET
cblr-1783	571	23	ccp	ccp	PROPN
cblr-1783	571	24	in	in	ADP
cblr-1783	571	25	interest	interest	NOUN
cblr-1783	571	26	rate	rate	NOUN
cblr-1783	571	27	swaps	swap	NOUN
cblr-1783	571	28	is	be	AUX
cblr-1783	571	29	not	not	PART
cblr-1783	571	30	the	the	DET
cblr-1783	571	31	same	same	ADJ
cblr-1783	571	32	ccp	ccp	NOUN
cblr-1783	571	33	in	in	ADP
cblr-1783	571	34	credit	credit	NOUN
cblr-1783	571	35	default	default	NOUN
cblr-1783	571	36	swaps	swap	NOUN
cblr-1783	571	37	.	.	PUNCT
cblr-1783	572	1	hence	hence	ADV
cblr-1783	572	2	,	,	PUNCT
cblr-1783	572	3	the	the	DET
cblr-1783	572	4	ccps	ccp	NOUN
cblr-1783	572	5	can	can	AUX
cblr-1783	572	6	not	not	PART
cblr-1783	572	7	net	net	VERB
cblr-1783	572	8	their	their	PRON
cblr-1783	572	9	positions	position	NOUN
cblr-1783	572	10	across	across	ADP
cblr-1783	572	11	assets	asset	NOUN
cblr-1783	572	12	.	.	PUNCT
cblr-1783	573	1	as	as	SCONJ
cblr-1783	573	2	quantified	quantify	VERB
cblr-1783	573	3	by	by	ADP
cblr-1783	573	4	empirical	empirical	ADJ
cblr-1783	573	5	literature	literature	NOUN
cblr-1783	573	6	,	,	PUNCT
cblr-1783	573	7	multilateral	multilateral	NOUN
cblr-1783	573	8	netting	net	VERB
cblr-1783	573	9	for	for	ADP
cblr-1783	573	10	one	one	NUM
cblr-1783	573	11	asset	asset	NOUN
cblr-1783	573	12	is	be	AUX
cblr-1783	573	13	only	only	ADV
cblr-1783	573	14	marginally	marginally	ADV
cblr-1783	573	15	better	well	ADJ
cblr-1783	573	16	than	than	ADP
cblr-1783	573	17	bilateral	bilateral	ADJ
cblr-1783	573	18	netting	netting	NOUN
cblr-1783	573	19	across	across	ADP
cblr-1783	573	20	several	several	ADJ
cblr-1783	573	21	assets.108	assets.108	PRON
cblr-1783	573	22	however	however	ADV
cblr-1783	573	23	,	,	PUNCT
cblr-1783	573	24	multilateral	multilateral	ADJ
cblr-1783	573	25	netting	net	VERB
cblr-1783	573	26	across	across	ADP
cblr-1783	573	27	several	several	ADJ
cblr-1783	573	28	assets	asset	NOUN
cblr-1783	573	29	beats	beat	NOUN
cblr-1783	573	30	both	both	PRON
cblr-1783	573	31	of	of	ADP
cblr-1783	573	32	the	the	DET
cblr-1783	573	33	above.109	above.109	NOUN
cblr-1783	573	34	the	the	DET
cblr-1783	573	35	best	good	ADJ
cblr-1783	573	36	way	way	NOUN
cblr-1783	573	37	to	to	ADP
cblr-1783	573	38	108	108	NUM
cblr-1783	573	39	see	see	VERB
cblr-1783	573	40	duffie	duffie	PROPN
cblr-1783	573	41	&	&	CCONJ
cblr-1783	573	42	zhu	zhu	PROPN
cblr-1783	573	43	,	,	PUNCT
cblr-1783	573	44	supra	supra	PROPN
cblr-1783	573	45	note	note	PROPN
cblr-1783	573	46	13	13	NUM
cblr-1783	573	47	.	.	PUNCT
cblr-1783	574	1	109	109	NUM
cblr-1783	574	2	see	see	VERB
cblr-1783	574	3	i	i	PROPN
cblr-1783	574	4	d.	d.	PROPN
cblr-1783	574	5	782	782	NUM
cblr-1783	574	6	columbia	columbia	PROPN
cblr-1783	574	7	business	business	NOUN
cblr-1783	574	8	law	law	PROPN
cblr-1783	574	9	review	review	NOUN
cblr-1783	574	10	[	[	X
cblr-1783	574	11	vol	vol	NOUN
cblr-1783	574	12	.	.	PUNCT
cblr-1783	574	13	2014	2014	NUM
cblr-1783	574	14	maximize	maximize	VERB
cblr-1783	574	15	netting	netting	NOUN
cblr-1783	574	16	efficiency	efficiency	NOUN
cblr-1783	574	17	—	—	PUNCT
cblr-1783	574	18	and	and	CCONJ
cblr-1783	574	19	,	,	PUNCT
cblr-1783	574	20	incidentally	incidentally	ADV
cblr-1783	574	21	,	,	PUNCT
cblr-1783	574	22	to	to	PART
cblr-1783	574	23	reduce	reduce	VERB
cblr-1783	574	24	counterparty	counterparty	NOUN
cblr-1783	574	25	credit	credit	NOUN
cblr-1783	574	26	risk	risk	NOUN
cblr-1783	574	27	—	—	PUNCT
cblr-1783	574	28	is	be	AUX
cblr-1783	574	29	to	to	PART
cblr-1783	574	30	facilitate	facilitate	VERB
cblr-1783	574	31	clearing	clear	VERB
cblr-1783	574	32	across	across	ADP
cblr-1783	574	33	assets	asset	NOUN
cblr-1783	574	34	by	by	ADP
cblr-1783	574	35	a	a	DET
cblr-1783	574	36	very	very	ADV
cblr-1783	574	37	small	small	ADJ
cblr-1783	574	38	number	number	NOUN
cblr-1783	574	39	of	of	ADP
cblr-1783	574	40	giant	giant	ADJ
cblr-1783	574	41	clearinghouses	clearinghouse	NOUN
cblr-1783	574	42	(	(	PUNCT
cblr-1783	574	43	see	see	VERB
cblr-1783	574	44	figure	figure	NOUN
cblr-1783	574	45	3	3	NUM
cblr-1783	574	46	)	)	PUNCT
cblr-1783	574	47	.	.	PUNCT
cblr-1783	575	1	that	that	DET
cblr-1783	575	2	solution	solution	NOUN
cblr-1783	575	3	is	be	AUX
cblr-1783	575	4	redolent	redolent	NOUN
cblr-1783	575	5	of	of	ADP
cblr-1783	575	6	public	public	ADJ
cblr-1783	575	7	utility	utility	NOUN
cblr-1783	575	8	,	,	PUNCT
cblr-1783	575	9	the	the	DET
cblr-1783	575	10	moniker	moniker	NOUN
cblr-1783	575	11	conveyed	convey	VERB
cblr-1783	575	12	to	to	ADP
cblr-1783	575	13	nscc	nscc	PROPN
cblr-1783	575	14	during	during	ADP
cblr-1783	575	15	its	its	PRON
cblr-1783	575	16	controversial	controversial	ADJ
cblr-1783	575	17	birth	birth	NOUN
cblr-1783	575	18	.	.	PUNCT
cblr-1783	576	1	a	a	DET
cblr-1783	576	2	clearinghouse	clearinghouse	NOUN
cblr-1783	576	3	that	that	PRON
cblr-1783	576	4	clears	clear	VERB
cblr-1783	576	5	for	for	ADP
cblr-1783	576	6	even	even	ADV
cblr-1783	576	7	half	half	NOUN
cblr-1783	576	8	of	of	ADP
cblr-1783	576	9	the	the	DET
cblr-1783	576	10	otc	otc	PROPN
cblr-1783	576	11	derivatives	derivative	NOUN
cblr-1783	576	12	market	market	NOUN
cblr-1783	576	13	would	would	AUX
cblr-1783	576	14	truly	truly	ADV
cblr-1783	576	15	be	be	AUX
cblr-1783	576	16	gargantuan	gargantuan	ADJ
cblr-1783	576	17	.	.	PUNCT
cblr-1783	577	1	it	it	PRON
cblr-1783	577	2	could	could	AUX
cblr-1783	577	3	beat	beat	VERB
cblr-1783	577	4	out	out	ADP
cblr-1783	577	5	all	all	DET
cblr-1783	577	6	competition	competition	NOUN
cblr-1783	577	7	,	,	PUNCT
cblr-1783	577	8	and	and	CCONJ
cblr-1783	577	9	its	its	PRON
cblr-1783	577	10	monopoly	monopoly	NOUN
cblr-1783	577	11	would	would	AUX
cblr-1783	577	12	have	have	VERB
cblr-1783	577	13	to	to	PART
cblr-1783	577	14	be	be	AUX
cblr-1783	577	15	protected	protect	VERB
cblr-1783	577	16	by	by	ADP
cblr-1783	577	17	explicit	explicit	ADJ
cblr-1783	577	18	government	government	NOUN
cblr-1783	577	19	regulation	regulation	NOUN
cblr-1783	577	20	.	.	PUNCT
cblr-1783	578	1	it	it	PRON
cblr-1783	578	2	is	be	AUX
cblr-1783	578	3	for	for	ADP
cblr-1783	578	4	these	these	DET
cblr-1783	578	5	reasons	reason	NOUN
cblr-1783	578	6	,	,	PUNCT
cblr-1783	578	7	perhaps	perhaps	ADV
cblr-1783	578	8	,	,	PUNCT
cblr-1783	578	9	that	that	SCONJ
cblr-1783	578	10	the	the	DET
cblr-1783	578	11	idea	idea	NOUN
cblr-1783	578	12	of	of	ADP
cblr-1783	578	13	a	a	DET
cblr-1783	578	14	public	public	ADJ
cblr-1783	578	15	utility	utility	NOUN
cblr-1783	578	16	clearinghouse	clearinghouse	NOUN
cblr-1783	578	17	has	have	AUX
cblr-1783	578	18	not	not	PART
cblr-1783	578	19	gained	gain	VERB
cblr-1783	578	20	much	much	ADJ
cblr-1783	578	21	traction.110	traction.110	NOUN
cblr-1783	578	22	figure	figure	NOUN
cblr-1783	578	23	3	3	NUM
cblr-1783	578	24	:	:	PUNCT
cblr-1783	578	25	multilateral	multilateral	NOUN
cblr-1783	578	26	netting	net	VERB
cblr-1783	578	27	with	with	ADP
cblr-1783	578	28	a	a	DET
cblr-1783	578	29	multiproduct	multiproduct	NOUN
cblr-1783	578	30	clearinghouse	clearinghouse	NOUN
cblr-1783	578	31	apart	apart	ADV
cblr-1783	578	32	from	from	ADP
cblr-1783	578	33	antitrust	antitrust	ADJ
cblr-1783	578	34	considerations	consideration	NOUN
cblr-1783	578	35	,	,	PUNCT
cblr-1783	578	36	a	a	DET
cblr-1783	578	37	colossus	colossus	NOUN
cblr-1783	578	38	that	that	PRON
cblr-1783	578	39	can	can	AUX
cblr-1783	578	40	clear	clear	VERB
cblr-1783	578	41	across	across	ADP
cblr-1783	578	42	different	different	ADJ
cblr-1783	578	43	assets	asset	NOUN
cblr-1783	578	44	faces	face	VERB
cblr-1783	578	45	some	some	DET
cblr-1783	578	46	practical	practical	ADJ
cblr-1783	578	47	challenges	challenge	NOUN
cblr-1783	578	48	.	.	PUNCT
cblr-1783	579	1	first	first	ADV
cblr-1783	579	2	,	,	PUNCT
cblr-1783	579	3	its	its	PRON
cblr-1783	579	4	operators	operator	NOUN
cblr-1783	579	5	must	must	AUX
cblr-1783	579	6	possess	possess	VERB
cblr-1783	579	7	the	the	DET
cblr-1783	579	8	expertise	expertise	NOUN
cblr-1783	579	9	to	to	PART
cblr-1783	579	10	value	value	VERB
cblr-1783	579	11	member	member	NOUN
cblr-1783	579	12	positions	position	NOUN
cblr-1783	579	13	for	for	ADP
cblr-1783	579	14	all	all	DET
cblr-1783	579	15	the	the	DET
cblr-1783	579	16	assets	asset	NOUN
cblr-1783	579	17	that	that	PRON
cblr-1783	579	18	it	it	PRON
cblr-1783	579	19	serves	serve	VERB
cblr-1783	579	20	.	.	PUNCT
cblr-1783	580	1	the	the	DET
cblr-1783	580	2	difficulty	difficulty	NOUN
cblr-1783	580	3	of	of	ADP
cblr-1783	580	4	this	this	DET
cblr-1783	580	5	mark	mark	NOUN
cblr-1783	580	6	-	-	PUNCT
cblr-1783	580	7	to	to	ADP
cblr-1783	580	8	-	-	PUNCT
cblr-1783	580	9	market	market	NOUN
cblr-1783	580	10	function	function	NOUN
cblr-1783	580	11	triggered	trigger	VERB
cblr-1783	580	12	the	the	DET
cblr-1783	580	13	financial	financial	ADJ
cblr-1783	580	14	crisis	crisis	NOUN
cblr-1783	580	15	,	,	PUNCT
cblr-1783	580	16	because	because	SCONJ
cblr-1783	580	17	counterparties	counterpartie	NOUN
cblr-1783	580	18	might	might	AUX
cblr-1783	580	19	have	have	AUX
cblr-1783	580	20	used	use	VERB
cblr-1783	580	21	110	110	NUM
cblr-1783	580	22	see	see	NOUN
cblr-1783	580	23	,	,	PUNCT
cblr-1783	580	24	e.g.	e.g.	ADV
cblr-1783	580	25	,	,	PUNCT
cblr-1783	580	26	adam	adam	PROPN
cblr-1783	580	27	l.	l.	PROPN
cblr-1783	580	28	levitin	levitin	PROPN
cblr-1783	580	29	,	,	PUNCT
cblr-1783	580	30	response	response	NOUN
cblr-1783	580	31	:	:	PUNCT
cblr-1783	580	32	the	the	DET
cblr-1783	580	33	tenuous	tenuous	ADJ
cblr-1783	580	34	case	case	NOUN
cblr-1783	580	35	for	for	ADP
cblr-1783	580	36	derivatives	derivative	NOUN
cblr-1783	580	37	,	,	PUNCT
cblr-1783	580	38	101	101	NUM
cblr-1783	580	39	geo	geo	PROPN
cblr-1783	580	40	.	.	PUNCT
cblr-1783	581	1	l.j	l.j	PROPN
cblr-1783	581	2	.	.	PROPN
cblr-1783	581	3	445	445	NUM
cblr-1783	581	4	,	,	PUNCT
cblr-1783	581	5	464	464	NUM
cblr-1783	581	6	n.75	n.75	PROPN
cblr-1783	581	7	(	(	PUNCT
cblr-1783	581	8	2013	2013	NUM
cblr-1783	581	9	)	)	PUNCT
cblr-1783	581	10	.	.	PUNCT
cblr-1783	582	1	but	but	CCONJ
cblr-1783	582	2	see	see	VERB
cblr-1783	582	3	paul	paul	PROPN
cblr-1783	582	4	tucker	tucker	PROPN
cblr-1783	582	5	,	,	PUNCT
cblr-1783	582	6	are	be	AUX
cblr-1783	582	7	clearinghouses	clearinghouse	NOUN
cblr-1783	582	8	the	the	DET
cblr-1783	582	9	new	new	ADJ
cblr-1783	582	10	central	central	ADJ
cblr-1783	582	11	banks	bank	NOUN
cblr-1783	582	12	?	?	PUNCT
cblr-1783	582	13	,	,	PUNCT
cblr-1783	582	14	keynote	keynote	ADJ
cblr-1783	582	15	speech	speech	NOUN
cblr-1783	582	16	at	at	ADP
cblr-1783	582	17	the	the	DET
cblr-1783	582	18	federal	federal	PROPN
cblr-1783	582	19	reserve	reserve	PROPN
cblr-1783	582	20	bank	bank	PROPN
cblr-1783	582	21	of	of	ADP
cblr-1783	582	22	chicago	chicago	PROPN
cblr-1783	582	23	over	over	ADP
cblr-1783	582	24	-	-	PUNCT
cblr-1783	582	25	the	the	DET
cblr-1783	582	26	-	-	PUNCT
cblr-1783	582	27	counter	counter	NOUN
cblr-1783	582	28	derivatives	derivative	NOUN
cblr-1783	582	29	symposium	symposium	NOUN
cblr-1783	582	30	,	,	PUNCT
cblr-1783	582	31	april	april	PROPN
cblr-1783	582	32	11	11	NUM
cblr-1783	582	33	,	,	PUNCT
cblr-1783	582	34	2014	2014	NUM
cblr-1783	582	35	,	,	PUNCT
cblr-1783	582	36	chicago	chicago	PROPN
cblr-1783	582	37	,	,	PUNCT
cblr-1783	582	38	available	available	ADJ
cblr-1783	582	39	at	at	ADP
cblr-1783	582	40	http://perma.cc/5qj4-rcwb	http://perma.cc/5qj4-rcwb	PROPN
cblr-1783	582	41	;	;	PUNCT
cblr-1783	582	42	manmohan	manmohan	PROPN
cblr-1783	582	43	singh	singh	PROPN
cblr-1783	582	44	,	,	PUNCT
cblr-1783	582	45	making	make	VERB
cblr-1783	582	46	otc	otc	PROPN
cblr-1783	582	47	derivatives	derivative	NOUN
cblr-1783	582	48	safe	safe	ADJ
cblr-1783	582	49	—	—	PUNCT
cblr-1783	582	50	a	a	DET
cblr-1783	582	51	fresh	fresh	ADJ
cblr-1783	582	52	look	look	NOUN
cblr-1783	582	53	17–18	17–18	NUM
cblr-1783	582	54	(	(	PUNCT
cblr-1783	582	55	int’l	int’l	NUM
cblr-1783	582	56	monetary	monetary	ADJ
cblr-1783	582	57	fund	fund	NOUN
cblr-1783	582	58	,	,	PUNCT
cblr-1783	582	59	working	working	NOUN
cblr-1783	582	60	paper	paper	NOUN
cblr-1783	582	61	no	no	INTJ
cblr-1783	582	62	.	.	PUNCT
cblr-1783	583	1	11/66	11/66	NUM
cblr-1783	583	2	,	,	PUNCT
cblr-1783	583	3	2011	2011	NUM
cblr-1783	583	4	)	)	PUNCT
cblr-1783	583	5	,	,	PUNCT
cblr-1783	583	6	available	available	ADJ
cblr-1783	583	7	at	at	ADP
cblr-1783	584	1	http://perma.cc/m4cysrph	http://perma.cc/m4cysrph	SCONJ
cblr-1783	584	2	[	[	X
cblr-1783	584	3	hereinafter	hereinafter	NOUN
cblr-1783	584	4	singh	singh	NOUN
cblr-1783	584	5	,	,	PUNCT
cblr-1783	584	6	making	make	VERB
cblr-1783	584	7	otc	otc	PROPN
cblr-1783	584	8	derivatives	derivative	NOUN
cblr-1783	584	9	safe	safe	ADJ
cblr-1783	584	10	]	]	X
cblr-1783	584	11	.	.	PUNCT
cblr-1783	585	1	no	no	INTJ
cblr-1783	585	2	.	.	PUNCT
cblr-1783	586	1	3:747	3:747	NUM
cblr-1783	586	2	]	]	X
cblr-1783	586	3	systemic	systemic	ADJ
cblr-1783	586	4	risk	risk	NOUN
cblr-1783	586	5	paradox	paradox	NOUN
cblr-1783	586	6	783	783	NUM
cblr-1783	586	7	entirely	entirely	ADV
cblr-1783	586	8	different	different	ADJ
cblr-1783	586	9	valuations	valuation	NOUN
cblr-1783	586	10	for	for	ADP
cblr-1783	586	11	the	the	DET
cblr-1783	586	12	same	same	ADJ
cblr-1783	586	13	trade.111	trade.111	NOUN
cblr-1783	586	14	hence	hence	ADV
cblr-1783	586	15	,	,	PUNCT
cblr-1783	586	16	despite	despite	SCONJ
cblr-1783	586	17	the	the	DET
cblr-1783	586	18	theoretical	theoretical	ADJ
cblr-1783	586	19	benefits	benefit	NOUN
cblr-1783	586	20	of	of	ADP
cblr-1783	586	21	multi	multi	ADJ
cblr-1783	586	22	-	-	NOUN
cblr-1783	586	23	product	product	NOUN
cblr-1783	586	24	netting	net	VERB
cblr-1783	586	25	across	across	ADP
cblr-1783	586	26	asset	asset	NOUN
cblr-1783	586	27	classes	class	NOUN
cblr-1783	586	28	,	,	PUNCT
cblr-1783	586	29	multilateral	multilateral	ADJ
cblr-1783	586	30	netting	netting	NOUN
cblr-1783	586	31	might	might	AUX
cblr-1783	586	32	be	be	AUX
cblr-1783	586	33	best	well	ADV
cblr-1783	586	34	circumscribed	circumscribe	VERB
cblr-1783	586	35	to	to	ADP
cblr-1783	586	36	single	single	ADJ
cblr-1783	586	37	products	product	NOUN
cblr-1783	586	38	.	.	PUNCT
cblr-1783	587	1	in	in	ADP
cblr-1783	587	2	addition	addition	NOUN
cblr-1783	587	3	,	,	PUNCT
cblr-1783	587	4	multi	multi	ADJ
cblr-1783	587	5	-	-	NOUN
cblr-1783	587	6	product	product	NOUN
cblr-1783	587	7	netting	netting	NOUN
cblr-1783	587	8	depends	depend	VERB
cblr-1783	587	9	on	on	ADP
cblr-1783	587	10	the	the	DET
cblr-1783	587	11	ability	ability	NOUN
cblr-1783	587	12	of	of	ADP
cblr-1783	587	13	existing	exist	VERB
cblr-1783	587	14	clearinghouses	clearinghouse	NOUN
cblr-1783	587	15	to	to	PART
cblr-1783	587	16	interoperate	interoperate	VERB
cblr-1783	587	17	.	.	PUNCT
cblr-1783	588	1	interoperability	interoperability	NOUN
cblr-1783	588	2	,	,	PUNCT
cblr-1783	588	3	meanwhile	meanwhile	ADV
cblr-1783	588	4	,	,	PUNCT
cblr-1783	588	5	turns	turn	VERB
cblr-1783	588	6	upon	upon	SCONJ
cblr-1783	588	7	the	the	DET
cblr-1783	588	8	willingness	willingness	NOUN
cblr-1783	588	9	of	of	ADP
cblr-1783	588	10	members	member	NOUN
cblr-1783	588	11	of	of	ADP
cblr-1783	588	12	one	one	NUM
cblr-1783	588	13	clearinghouse	clearinghouse	NOUN
cblr-1783	588	14	to	to	PART
cblr-1783	588	15	sync	sync	VERB
cblr-1783	588	16	up	up	ADP
cblr-1783	588	17	with	with	ADP
cblr-1783	588	18	members	member	NOUN
cblr-1783	588	19	of	of	ADP
cblr-1783	588	20	another	another	PRON
cblr-1783	588	21	,	,	PUNCT
cblr-1783	588	22	which	which	PRON
cblr-1783	588	23	may	may	AUX
cblr-1783	588	24	dilute	dilute	VERB
cblr-1783	588	25	the	the	DET
cblr-1783	588	26	market	market	NOUN
cblr-1783	588	27	shares	share	NOUN
cblr-1783	588	28	of	of	ADP
cblr-1783	588	29	both	both	DET
cblr-1783	588	30	sets	set	NOUN
cblr-1783	588	31	of	of	ADP
cblr-1783	588	32	members.112	members.112	NOUN
cblr-1783	588	33	interoperability	interoperability	NOUN
cblr-1783	588	34	is	be	AUX
cblr-1783	588	35	also	also	ADV
cblr-1783	588	36	complicated	complicate	VERB
cblr-1783	588	37	by	by	ADP
cblr-1783	588	38	the	the	DET
cblr-1783	588	39	fact	fact	NOUN
cblr-1783	588	40	that	that	SCONJ
cblr-1783	588	41	a	a	DET
cblr-1783	588	42	multi	multi	ADJ
cblr-1783	588	43	-	-	ADJ
cblr-1783	588	44	product	product	ADJ
cblr-1783	588	45	clearinghouse	clearinghouse	NOUN
cblr-1783	588	46	would	would	AUX
cblr-1783	588	47	straddle	straddle	VERB
cblr-1783	588	48	the	the	DET
cblr-1783	588	49	bankruptcy	bankruptcy	NOUN
cblr-1783	588	50	laws	law	NOUN
cblr-1783	588	51	of	of	ADP
cblr-1783	588	52	multiple	multiple	ADJ
cblr-1783	588	53	jurisdictions.113	jurisdictions.113	PROPN
cblr-1783	588	54	whether	whether	SCONJ
cblr-1783	588	55	across	across	ADP
cblr-1783	588	56	product	product	NOUN
cblr-1783	588	57	lines	line	NOUN
cblr-1783	588	58	or	or	CCONJ
cblr-1783	588	59	not	not	PART
cblr-1783	588	60	,	,	PUNCT
cblr-1783	588	61	the	the	DET
cblr-1783	588	62	benefits	benefit	NOUN
cblr-1783	588	63	of	of	ADP
cblr-1783	588	64	netting	netting	NOUN
cblr-1783	588	65	are	be	AUX
cblr-1783	588	66	coming	come	VERB
cblr-1783	588	67	under	under	ADP
cblr-1783	588	68	fire	fire	NOUN
cblr-1783	588	69	.	.	PUNCT
cblr-1783	589	1	netting	net	VERB
cblr-1783	589	2	favors	favor	VERB
cblr-1783	589	3	some	some	DET
cblr-1783	589	4	creditors	creditor	NOUN
cblr-1783	589	5	at	at	ADP
cblr-1783	589	6	the	the	DET
cblr-1783	589	7	expense	expense	NOUN
cblr-1783	589	8	of	of	ADP
cblr-1783	589	9	others.114	others.114	NOUN
cblr-1783	589	10	more	more	ADV
cblr-1783	589	11	concretely	concretely	ADV
cblr-1783	589	12	,	,	PUNCT
cblr-1783	589	13	assume	assume	VERB
cblr-1783	589	14	that	that	SCONJ
cblr-1783	589	15	a	a	DET
cblr-1783	589	16	clearinghouse	clearinghouse	NOUN
cblr-1783	589	17	member	member	NOUN
cblr-1783	589	18	(	(	PUNCT
cblr-1783	589	19	“	"	PUNCT
cblr-1783	589	20	a	a	PRON
cblr-1783	589	21	”	"	PUNCT
cblr-1783	589	22	)	)	PUNCT
cblr-1783	589	23	is	be	AUX
cblr-1783	589	24	in	in	ADP
cblr-1783	589	25	-	-	PUNCT
cblr-1783	589	26	the	the	DET
cblr-1783	589	27	-	-	PUNCT
cblr-1783	589	28	money	money	NOUN
cblr-1783	589	29	on	on	ADP
cblr-1783	589	30	a	a	DET
cblr-1783	589	31	trade	trade	NOUN
cblr-1783	589	32	with	with	ADP
cblr-1783	589	33	another	another	DET
cblr-1783	589	34	member	member	NOUN
cblr-1783	589	35	(	(	PUNCT
cblr-1783	589	36	“	"	PUNCT
cblr-1783	589	37	b	b	NOUN
cblr-1783	589	38	”	"	PUNCT
cblr-1783	589	39	)	)	PUNCT
cblr-1783	589	40	.	.	PUNCT
cblr-1783	590	1	further	far	ADV
cblr-1783	590	2	,	,	PUNCT
cblr-1783	590	3	a	a	PRON
cblr-1783	590	4	happens	happen	VERB
cblr-1783	590	5	to	to	PART
cblr-1783	590	6	be	be	AUX
cblr-1783	590	7	out	out	ADV
cblr-1783	590	8	-	-	PUNCT
cblr-1783	590	9	of	of	ADP
cblr-1783	590	10	-	-	PUNCT
cblr-1783	590	11	themoney	themoney	NOUN
cblr-1783	590	12	on	on	ADP
cblr-1783	590	13	a	a	DET
cblr-1783	590	14	trade	trade	NOUN
cblr-1783	590	15	with	with	ADP
cblr-1783	590	16	a	a	DET
cblr-1783	590	17	third	third	ADJ
cblr-1783	590	18	member	member	NOUN
cblr-1783	590	19	(	(	PUNCT
cblr-1783	590	20	“	"	PUNCT
cblr-1783	590	21	c	c	NOUN
cblr-1783	590	22	”	"	PUNCT
cblr-1783	590	23	)	)	PUNCT
cblr-1783	590	24	.	.	PUNCT
cblr-1783	591	1	a	a	DET
cblr-1783	591	2	’s	’s	NOUN
cblr-1783	591	3	in	in	ADP
cblr-1783	591	4	-	-	PUNCT
cblr-1783	591	5	themoney	themoney	NOUN
cblr-1783	591	6	position	position	NOUN
cblr-1783	591	7	is	be	AUX
cblr-1783	591	8	an	an	DET
cblr-1783	591	9	asset	asset	NOUN
cblr-1783	591	10	that	that	PRON
cblr-1783	591	11	can	can	AUX
cblr-1783	591	12	be	be	AUX
cblr-1783	591	13	set	set	VERB
cblr-1783	591	14	off	off	ADP
cblr-1783	591	15	against	against	ADP
cblr-1783	591	16	its	its	PRON
cblr-1783	591	17	outof	outof	PROPN
cblr-1783	591	18	-	-	PUNCT
cblr-1783	591	19	the	the	DET
cblr-1783	591	20	-	-	PUNCT
cblr-1783	591	21	money	money	NOUN
cblr-1783	591	22	position	position	NOUN
cblr-1783	591	23	with	with	ADP
cblr-1783	591	24	c.	c.	NOUN
cblr-1783	592	1	yet	yet	ADV
cblr-1783	592	2	once	once	ADV
cblr-1783	592	3	that	that	PRON
cblr-1783	592	4	is	be	AUX
cblr-1783	592	5	done	do	VERB
cblr-1783	592	6	,	,	PUNCT
cblr-1783	592	7	the	the	DET
cblr-1783	592	8	asset	asset	NOUN
cblr-1783	592	9	is	be	AUX
cblr-1783	592	10	no	no	ADV
cblr-1783	592	11	longer	long	ADV
cblr-1783	592	12	available	available	ADJ
cblr-1783	592	13	for	for	ADP
cblr-1783	592	14	a	a	DET
cblr-1783	592	15	’s	’s	ADJ
cblr-1783	592	16	other	other	ADJ
cblr-1783	592	17	creditors	creditor	NOUN
cblr-1783	592	18	,	,	PUNCT
cblr-1783	592	19	especially	especially	ADV
cblr-1783	592	20	nonmember	nonmember	NOUN
cblr-1783	592	21	creditors	creditor	NOUN
cblr-1783	592	22	who	who	PRON
cblr-1783	592	23	do	do	AUX
cblr-1783	592	24	not	not	PART
cblr-1783	592	25	have	have	VERB
cblr-1783	592	26	the	the	DET
cblr-1783	592	27	benefit	benefit	NOUN
cblr-1783	592	28	of	of	ADP
cblr-1783	592	29	a	a	DET
cblr-1783	592	30	clearinghouse	clearinghouse	NOUN
cblr-1783	592	31	to	to	PART
cblr-1783	592	32	redirect	redirect	VERB
cblr-1783	592	33	assets	asset	NOUN
cblr-1783	592	34	.	.	PUNCT
cblr-1783	593	1	in	in	ADP
cblr-1783	593	2	this	this	DET
cblr-1783	593	3	sense	sense	NOUN
cblr-1783	593	4	,	,	PUNCT
cblr-1783	593	5	netting	netting	NOUN
cblr-1783	593	6	has	have	AUX
cblr-1783	593	7	been	be	AUX
cblr-1783	593	8	criticized	criticize	VERB
cblr-1783	593	9	as	as	ADP
cblr-1783	593	10	redistributing	redistribute	VERB
cblr-1783	593	11	assets	asset	NOUN
cblr-1783	593	12	from	from	ADP
cblr-1783	593	13	outsiders	outsider	NOUN
cblr-1783	593	14	(	(	PUNCT
cblr-1783	593	15	nonmember	nonmember	NOUN
cblr-1783	593	16	creditors	creditor	NOUN
cblr-1783	593	17	)	)	PUNCT
cblr-1783	593	18	to	to	ADP
cblr-1783	593	19	insiders	insider	NOUN
cblr-1783	593	20	(	(	PUNCT
cblr-1783	593	21	creditors).115	creditors).115	PROPN
cblr-1783	593	22	if	if	SCONJ
cblr-1783	593	23	those	those	DET
cblr-1783	593	24	nonmember	nonmember	PROPN
cblr-1783	593	25	creditors	creditor	NOUN
cblr-1783	593	26	are	be	AUX
cblr-1783	593	27	more	more	ADV
cblr-1783	593	28	systemically	systemically	ADV
cblr-1783	593	29	important	important	ADJ
cblr-1783	593	30	than	than	ADP
cblr-1783	593	31	insiders	insider	NOUN
cblr-1783	593	32	(	(	PUNCT
cblr-1783	593	33	counterparties	counterpartie	NOUN
cblr-1783	593	34	)	)	PUNCT
cblr-1783	593	35	,	,	PUNCT
cblr-1783	593	36	then	then	ADV
cblr-1783	593	37	the	the	DET
cblr-1783	593	38	financial	financial	ADJ
cblr-1783	593	39	system	system	NOUN
cblr-1783	593	40	is	be	AUX
cblr-1783	593	41	jeopardized	jeopardize	VERB
cblr-1783	593	42	.	.	PUNCT
cblr-1783	594	1	the	the	DET
cblr-1783	594	2	salience	salience	NOUN
cblr-1783	594	3	of	of	ADP
cblr-1783	594	4	these	these	DET
cblr-1783	594	5	criticisms	criticism	NOUN
cblr-1783	594	6	is	be	AUX
cblr-1783	594	7	an	an	DET
cblr-1783	594	8	empirical	empirical	ADJ
cblr-1783	594	9	issue	issue	NOUN
cblr-1783	594	10	.	.	PUNCT
cblr-1783	595	1	the	the	DET
cblr-1783	595	2	modeling	modeling	NOUN
cblr-1783	595	3	done	do	VERB
cblr-1783	595	4	by	by	ADP
cblr-1783	595	5	proponents	proponent	NOUN
cblr-1783	595	6	of	of	ADP
cblr-1783	595	7	clearinghouses	clearinghouse	NOUN
cblr-1783	595	8	suggests	suggest	VERB
cblr-1783	595	9	that	that	SCONJ
cblr-1783	595	10	111	111	NUM
cblr-1783	595	11	see	see	VERB
cblr-1783	595	12	denning	denning	NOUN
cblr-1783	595	13	,	,	PUNCT
cblr-1783	595	14	supra	supra	PROPN
cblr-1783	595	15	note	note	PROPN
cblr-1783	595	16	80	80	NUM
cblr-1783	595	17	;	;	PUNCT
cblr-1783	595	18	frank	frank	PROPN
cblr-1783	595	19	partnoy	partnoy	PROPN
cblr-1783	595	20	&	&	CCONJ
cblr-1783	595	21	jesse	jesse	PROPN
cblr-1783	595	22	eisenger	eisenger	PROPN
cblr-1783	595	23	,	,	PUNCT
cblr-1783	595	24	what	what	PRON
cblr-1783	595	25	’s	’	VERB
cblr-1783	595	26	inside	inside	ADP
cblr-1783	595	27	america	america	PROPN
cblr-1783	595	28	’s	’s	PART
cblr-1783	595	29	banks	bank	NOUN
cblr-1783	595	30	?	?	PUNCT
cblr-1783	595	31	,	,	PUNCT
cblr-1783	595	32	atlantic	atlantic	PROPN
cblr-1783	595	33	monthly	monthly	ADV
cblr-1783	595	34	,	,	PUNCT
cblr-1783	595	35	jan./feb	jan./feb	PROPN
cblr-1783	595	36	.	.	PROPN
cblr-1783	595	37	2013	2013	NUM
cblr-1783	595	38	,	,	PUNCT
cblr-1783	595	39	at	at	ADP
cblr-1783	595	40	60–71	60–71	NOUN
cblr-1783	595	41	.	.	PUNCT
cblr-1783	596	1	112	112	NUM
cblr-1783	596	2	for	for	ADP
cblr-1783	596	3	more	more	ADJ
cblr-1783	596	4	on	on	ADP
cblr-1783	596	5	how	how	SCONJ
cblr-1783	596	6	members	member	NOUN
cblr-1783	596	7	leverage	leverage	VERB
cblr-1783	596	8	clearinghouses	clearinghouse	NOUN
cblr-1783	596	9	to	to	PART
cblr-1783	596	10	consolidate	consolidate	VERB
cblr-1783	596	11	shares	share	NOUN
cblr-1783	596	12	of	of	ADP
cblr-1783	596	13	the	the	DET
cblr-1783	596	14	dealer	dealer	NOUN
cblr-1783	596	15	market	market	NOUN
cblr-1783	596	16	,	,	PUNCT
cblr-1783	596	17	see	see	VERB
cblr-1783	596	18	infra	infra	NOUN
cblr-1783	596	19	section	section	NOUN
cblr-1783	596	20	iv.b	iv.b	PROPN
cblr-1783	596	21	.	.	PROPN
cblr-1783	596	22	113	113	NUM
cblr-1783	596	23	see	see	VERB
cblr-1783	596	24	singh	singh	PROPN
cblr-1783	596	25	,	,	PUNCT
cblr-1783	596	26	making	make	VERB
cblr-1783	596	27	otc	otc	PROPN
cblr-1783	596	28	derivatives	derivative	NOUN
cblr-1783	596	29	safe	safe	ADJ
cblr-1783	596	30	,	,	PUNCT
cblr-1783	596	31	supra	supra	ADJ
cblr-1783	596	32	note	note	NOUN
cblr-1783	596	33	110	110	NUM
cblr-1783	596	34	,	,	PUNCT
cblr-1783	596	35	at	at	ADP
cblr-1783	596	36	7	7	NUM
cblr-1783	596	37	.	.	NUM
cblr-1783	596	38	114	114	NUM
cblr-1783	596	39	see	see	VERB
cblr-1783	596	40	roe	roe	NOUN
cblr-1783	596	41	,	,	PUNCT
cblr-1783	596	42	supra	supra	PROPN
cblr-1783	596	43	note	note	PROPN
cblr-1783	596	44	77	77	NUM
cblr-1783	596	45	,	,	PUNCT
cblr-1783	596	46	at	at	ADP
cblr-1783	596	47	1663–68	1663–68	PROPN
cblr-1783	596	48	.	.	PUNCT
cblr-1783	597	1	see	see	VERB
cblr-1783	597	2	also	also	ADV
cblr-1783	597	3	pirrong	pirrong	NOUN
cblr-1783	597	4	,	,	PUNCT
cblr-1783	597	5	supra	supra	ADJ
cblr-1783	597	6	note	note	NOUN
cblr-1783	597	7	81	81	NUM
cblr-1783	597	8	,	,	PUNCT
cblr-1783	597	9	§	§	PROPN
cblr-1783	597	10	5	5	NUM
cblr-1783	597	11	.	.	SYM
cblr-1783	597	12	115	115	NUM
cblr-1783	597	13	mark	mark	PROPN
cblr-1783	597	14	roe	roe	PROPN
cblr-1783	597	15	,	,	PUNCT
cblr-1783	597	16	clearinghouse	clearinghouse	VERB
cblr-1783	597	17	over	over	ADP
cblr-1783	597	18	-	-	PUNCT
cblr-1783	597	19	confidence	confidence	NOUN
cblr-1783	597	20	,	,	PUNCT
cblr-1783	597	21	project	project	NOUN
cblr-1783	597	22	syndicate	syndicate	NOUN
cblr-1783	597	23	(	(	PUNCT
cblr-1783	597	24	oct	oct	PROPN
cblr-1783	597	25	.	.	PROPN
cblr-1783	597	26	26	26	NUM
cblr-1783	597	27	,	,	PUNCT
cblr-1783	597	28	2011	2011	NUM
cblr-1783	597	29	)	)	PUNCT
cblr-1783	597	30	,	,	PUNCT
cblr-1783	597	31	http://perma.cc/wph9-xkfm	http://perma.cc/wph9-xkfm	PROPN
cblr-1783	597	32	.	.	PUNCT
cblr-1783	598	1	784	784	NUM
cblr-1783	598	2	columbia	columbia	PROPN
cblr-1783	598	3	business	business	NOUN
cblr-1783	598	4	law	law	PROPN
cblr-1783	598	5	review	review	NOUN
cblr-1783	598	6	[	[	X
cblr-1783	598	7	vol	vol	NOUN
cblr-1783	598	8	.	.	PUNCT
cblr-1783	598	9	2014	2014	NUM
cblr-1783	599	1	the	the	DET
cblr-1783	599	2	benefits	benefit	NOUN
cblr-1783	599	3	of	of	ADP
cblr-1783	599	4	multilateral	multilateral	ADJ
cblr-1783	599	5	netting	netting	NOUN
cblr-1783	599	6	outweigh	outweigh	VERB
cblr-1783	599	7	the	the	DET
cblr-1783	599	8	drawbacks	drawback	NOUN
cblr-1783	599	9	—	—	PUNCT
cblr-1783	599	10	especially	especially	ADV
cblr-1783	599	11	if	if	SCONJ
cblr-1783	599	12	netting	net	VERB
cblr-1783	599	13	across	across	ADP
cblr-1783	599	14	different	different	ADJ
cblr-1783	599	15	assets	asset	NOUN
cblr-1783	599	16	can	can	AUX
cblr-1783	599	17	be	be	AUX
cblr-1783	599	18	achieved	achieve	VERB
cblr-1783	599	19	.	.	PUNCT
cblr-1783	600	1	this	this	DET
cblr-1783	600	2	line	line	NOUN
cblr-1783	600	3	of	of	ADP
cblr-1783	600	4	thinking	thinking	NOUN
cblr-1783	600	5	,	,	PUNCT
cblr-1783	600	6	which	which	PRON
cblr-1783	600	7	trumpets	trumpet	VERB
cblr-1783	600	8	the	the	DET
cblr-1783	600	9	netting	net	VERB
cblr-1783	600	10	efficiency	efficiency	NOUN
cblr-1783	600	11	of	of	ADP
cblr-1783	600	12	ccps	ccp	NOUN
cblr-1783	600	13	,	,	PUNCT
cblr-1783	600	14	has	have	AUX
cblr-1783	600	15	held	hold	VERB
cblr-1783	600	16	sway	sway	NOUN
cblr-1783	600	17	for	for	ADP
cblr-1783	600	18	regulators	regulator	NOUN
cblr-1783	600	19	.	.	PUNCT
cblr-1783	601	1	because	because	SCONJ
cblr-1783	601	2	the	the	DET
cblr-1783	601	3	overarching	overarching	ADJ
cblr-1783	601	4	goal	goal	NOUN
cblr-1783	601	5	is	be	AUX
cblr-1783	601	6	to	to	PART
cblr-1783	601	7	mitigate	mitigate	VERB
cblr-1783	601	8	counterparty	counterparty	NOUN
cblr-1783	601	9	credit	credit	NOUN
cblr-1783	601	10	risk	risk	NOUN
cblr-1783	601	11	,	,	PUNCT
cblr-1783	601	12	the	the	DET
cblr-1783	601	13	growth	growth	NOUN
cblr-1783	601	14	and	and	CCONJ
cblr-1783	601	15	consolidation	consolidation	NOUN
cblr-1783	601	16	of	of	ADP
cblr-1783	601	17	clearinghouses	clearinghouse	NOUN
cblr-1783	601	18	,	,	PUNCT
cblr-1783	601	19	as	as	ADV
cblr-1783	601	20	well	well	ADV
cblr-1783	601	21	as	as	ADP
cblr-1783	601	22	their	their	PRON
cblr-1783	601	23	systemic	systemic	ADJ
cblr-1783	601	24	risks	risk	NOUN
cblr-1783	601	25	,	,	PUNCT
cblr-1783	601	26	will	will	AUX
cblr-1783	601	27	be	be	AUX
cblr-1783	601	28	tolerated	tolerate	VERB
cblr-1783	601	29	.	.	PUNCT
cblr-1783	602	1	b.	b.	PROPN
cblr-1783	602	2	core	core	PROPN
cblr-1783	602	3	differences	difference	NOUN
cblr-1783	602	4	between	between	ADP
cblr-1783	602	5	banks	bank	NOUN
cblr-1783	602	6	and	and	CCONJ
cblr-1783	602	7	clearinghouses	clearinghouse	NOUN
cblr-1783	602	8	so	so	ADV
cblr-1783	602	9	far	far	ADV
cblr-1783	602	10	,	,	PUNCT
cblr-1783	602	11	this	this	DET
cblr-1783	602	12	article	article	NOUN
cblr-1783	602	13	has	have	AUX
cblr-1783	602	14	proffered	proffer	VERB
cblr-1783	602	15	the	the	DET
cblr-1783	602	16	(	(	PUNCT
cblr-1783	602	17	i	i	NOUN
cblr-1783	602	18	)	)	PUNCT
cblr-1783	602	19	guaranty	guaranty	NOUN
cblr-1783	602	20	,	,	PUNCT
cblr-1783	602	21	(	(	PUNCT
cblr-1783	602	22	ii	ii	NOUN
cblr-1783	602	23	)	)	PUNCT
cblr-1783	602	24	risk	risk	NOUN
cblr-1783	602	25	mutualization	mutualization	NOUN
cblr-1783	602	26	,	,	PUNCT
cblr-1783	602	27	and	and	CCONJ
cblr-1783	602	28	(	(	PUNCT
cblr-1783	602	29	iii	iii	NOUN
cblr-1783	602	30	)	)	PUNCT
cblr-1783	602	31	netting	net	VERB
cblr-1783	602	32	functions	function	NOUN
cblr-1783	602	33	of	of	ADP
cblr-1783	602	34	clearinghouses	clearinghouse	NOUN
cblr-1783	602	35	as	as	ADP
cblr-1783	602	36	justifications	justification	NOUN
cblr-1783	602	37	for	for	ADP
cblr-1783	602	38	their	their	PRON
cblr-1783	602	39	size	size	NOUN
cblr-1783	602	40	—	—	PUNCT
cblr-1783	602	41	functions	function	NOUN
cblr-1783	602	42	that	that	PRON
cblr-1783	602	43	banks	bank	NOUN
cblr-1783	602	44	clearly	clearly	ADV
cblr-1783	602	45	do	do	AUX
cblr-1783	602	46	not	not	PART
cblr-1783	602	47	share	share	VERB
cblr-1783	602	48	.	.	PUNCT
cblr-1783	603	1	to	to	PART
cblr-1783	603	2	enrich	enrich	VERB
cblr-1783	603	3	the	the	DET
cblr-1783	603	4	discussion	discussion	NOUN
cblr-1783	603	5	of	of	ADP
cblr-1783	603	6	the	the	DET
cblr-1783	603	7	uniqueness	uniqueness	NOUN
cblr-1783	603	8	of	of	ADP
cblr-1783	603	9	clearinghouses	clearinghouse	NOUN
cblr-1783	603	10	,	,	PUNCT
cblr-1783	603	11	this	this	DET
cblr-1783	603	12	subsection	subsection	NOUN
cblr-1783	603	13	explores	explore	VERB
cblr-1783	603	14	an	an	DET
cblr-1783	603	15	additional	additional	ADJ
cblr-1783	603	16	point	point	NOUN
cblr-1783	603	17	of	of	ADP
cblr-1783	603	18	distinction	distinction	NOUN
cblr-1783	603	19	between	between	ADP
cblr-1783	603	20	the	the	DET
cblr-1783	603	21	two	two	NUM
cblr-1783	603	22	institutions	institution	NOUN
cblr-1783	603	23	:	:	PUNCT
cblr-1783	603	24	(	(	PUNCT
cblr-1783	603	25	iv	iv	X
cblr-1783	603	26	)	)	PUNCT
cblr-1783	603	27	the	the	DET
cblr-1783	603	28	composition	composition	NOUN
cblr-1783	603	29	of	of	ADP
cblr-1783	603	30	their	their	PRON
cblr-1783	603	31	assets	asset	NOUN
cblr-1783	603	32	and	and	CCONJ
cblr-1783	603	33	liabilities	liability	NOUN
cblr-1783	603	34	.	.	PUNCT
cblr-1783	604	1	banks	bank	NOUN
cblr-1783	604	2	hold	hold	VERB
cblr-1783	604	3	illiquid	illiquid	ADJ
cblr-1783	604	4	assets	asset	NOUN
cblr-1783	604	5	while	while	SCONJ
cblr-1783	604	6	owing	owe	VERB
cblr-1783	604	7	liquid	liquid	NOUN
cblr-1783	604	8	liabilities.116	liabilities.116	ADP
cblr-1783	604	9	this	this	DET
cblr-1783	604	10	classic	classic	ADJ
cblr-1783	604	11	problem	problem	NOUN
cblr-1783	604	12	makes	make	VERB
cblr-1783	604	13	banks	bank	NOUN
cblr-1783	604	14	vulnerable	vulnerable	ADJ
cblr-1783	604	15	to	to	ADP
cblr-1783	604	16	runs	run	NOUN
cblr-1783	604	17	by	by	ADP
cblr-1783	604	18	depositors	depositor	NOUN
cblr-1783	604	19	.	.	PUNCT
cblr-1783	605	1	continental	continental	PROPN
cblr-1783	605	2	illinois	illinois	PROPN
cblr-1783	605	3	demonstrates	demonstrate	VERB
cblr-1783	605	4	that	that	SCONJ
cblr-1783	605	5	if	if	SCONJ
cblr-1783	605	6	a	a	DET
cblr-1783	605	7	bank	bank	NOUN
cblr-1783	605	8	is	be	AUX
cblr-1783	605	9	large	large	ADJ
cblr-1783	605	10	or	or	CCONJ
cblr-1783	605	11	interconnected	interconnected	ADJ
cblr-1783	605	12	enough	enough	ADV
cblr-1783	605	13	,	,	PUNCT
cblr-1783	605	14	a	a	DET
cblr-1783	605	15	run	run	NOUN
cblr-1783	605	16	could	could	AUX
cblr-1783	605	17	infect	infect	VERB
cblr-1783	605	18	the	the	DET
cblr-1783	605	19	financial	financial	ADJ
cblr-1783	605	20	system	system	NOUN
cblr-1783	605	21	.	.	PUNCT
cblr-1783	606	1	hence	hence	ADV
cblr-1783	606	2	,	,	PUNCT
cblr-1783	606	3	federal	federal	ADJ
cblr-1783	606	4	deposit	deposit	NOUN
cblr-1783	606	5	insurance	insurance	NOUN
cblr-1783	606	6	serves	serve	VERB
cblr-1783	606	7	as	as	ADP
cblr-1783	606	8	a	a	DET
cblr-1783	606	9	backstop	backstop	NOUN
cblr-1783	606	10	for	for	ADP
cblr-1783	606	11	bank	bank	NOUN
cblr-1783	606	12	liabilities.117	liabilities.117	NUM
cblr-1783	606	13	after	after	ADP
cblr-1783	606	14	the	the	DET
cblr-1783	606	15	financial	financial	ADJ
cblr-1783	606	16	crisis	crisis	NOUN
cblr-1783	606	17	,	,	PUNCT
cblr-1783	606	18	u.s	u.s	PROPN
cblr-1783	606	19	.	.	PROPN
cblr-1783	606	20	and	and	CCONJ
cblr-1783	606	21	international	international	ADJ
cblr-1783	606	22	prudential	prudential	ADJ
cblr-1783	606	23	regulators	regulator	NOUN
cblr-1783	606	24	endeavored	endeavor	VERB
cblr-1783	606	25	to	to	PART
cblr-1783	606	26	shore	shore	VERB
cblr-1783	606	27	up	up	ADP
cblr-1783	606	28	bank	bank	NOUN
cblr-1783	606	29	assets	asset	NOUN
cblr-1783	606	30	and	and	CCONJ
cblr-1783	606	31	pare	pare	VERB
cblr-1783	606	32	down	down	ADP
cblr-1783	606	33	their	their	PRON
cblr-1783	606	34	liabilities	liability	NOUN
cblr-1783	606	35	.	.	PUNCT
cblr-1783	607	1	the	the	DET
cblr-1783	607	2	heightened	heighten	VERB
cblr-1783	607	3	capital	capital	NOUN
cblr-1783	607	4	requirements	requirement	NOUN
cblr-1783	607	5	under	under	ADP
cblr-1783	607	6	basel	basel	PROPN
cblr-1783	607	7	iii	iii	PROPN
cblr-1783	607	8	,	,	PUNCT
cblr-1783	607	9	for	for	ADP
cblr-1783	607	10	instance	instance	NOUN
cblr-1783	607	11	,	,	PUNCT
cblr-1783	607	12	represent	represent	VERB
cblr-1783	607	13	efforts	effort	NOUN
cblr-1783	607	14	to	to	PART
cblr-1783	607	15	bolster	bolster	VERB
cblr-1783	607	16	bank	bank	NOUN
cblr-1783	607	17	reserves.118	reserves.118	PROPN
cblr-1783	607	18	in	in	ADP
cblr-1783	607	19	preventing	prevent	VERB
cblr-1783	607	20	banks	bank	NOUN
cblr-1783	607	21	from	from	ADP
cblr-1783	607	22	trading	trade	VERB
cblr-1783	607	23	proprietarily	proprietarily	ADV
cblr-1783	607	24	or	or	CCONJ
cblr-1783	607	25	engaging	engage	VERB
cblr-1783	607	26	in	in	ADP
cblr-1783	607	27	derivatives	derivative	NOUN
cblr-1783	607	28	transactions	transaction	NOUN
cblr-1783	607	29	without	without	ADP
cblr-1783	607	30	the	the	DET
cblr-1783	607	31	standardizing	standardize	VERB
cblr-1783	607	32	effect	effect	NOUN
cblr-1783	607	33	of	of	ADP
cblr-1783	607	34	116	116	NUM
cblr-1783	607	35	daniel	daniel	PROPN
cblr-1783	607	36	r.	r.	PROPN
cblr-1783	607	37	fischel	fischel	PROPN
cblr-1783	607	38	et	et	PROPN
cblr-1783	607	39	al	al	PROPN
cblr-1783	607	40	.	.	PROPN
cblr-1783	607	41	,	,	PUNCT
cblr-1783	607	42	the	the	DET
cblr-1783	607	43	regulation	regulation	NOUN
cblr-1783	607	44	of	of	ADP
cblr-1783	607	45	banks	bank	NOUN
cblr-1783	607	46	and	and	CCONJ
cblr-1783	607	47	bank	bank	NOUN
cblr-1783	607	48	holding	hold	VERB
cblr-1783	607	49	companies	company	NOUN
cblr-1783	607	50	,	,	PUNCT
cblr-1783	607	51	73	73	NUM
cblr-1783	607	52	va	va	NOUN
cblr-1783	607	53	.	.	PUNCT
cblr-1783	608	1	l.	l.	PROPN
cblr-1783	608	2	rev	rev	PROPN
cblr-1783	608	3	.	.	PROPN
cblr-1783	608	4	301	301	NUM
cblr-1783	608	5	,	,	PUNCT
cblr-1783	608	6	306–07	306–07	NUM
cblr-1783	608	7	(	(	PUNCT
cblr-1783	608	8	1987	1987	NUM
cblr-1783	608	9	)	)	PUNCT
cblr-1783	608	10	(	(	PUNCT
cblr-1783	608	11	“	"	PUNCT
cblr-1783	608	12	by	by	ADP
cblr-1783	608	13	contrast	contrast	NOUN
cblr-1783	608	14	,	,	PUNCT
cblr-1783	608	15	money	money	NOUN
cblr-1783	608	16	market	market	NOUN
cblr-1783	608	17	funds	fund	NOUN
cblr-1783	608	18	have	have	VERB
cblr-1783	608	19	liquid	liquid	ADJ
cblr-1783	608	20	assets	asset	NOUN
cblr-1783	608	21	and	and	CCONJ
cblr-1783	608	22	liabilities	liability	NOUN
cblr-1783	608	23	;	;	PUNCT
cblr-1783	608	24	pension	pension	NOUN
cblr-1783	608	25	funds	fund	NOUN
cblr-1783	608	26	have	have	VERB
cblr-1783	608	27	illiquid	illiquid	ADJ
cblr-1783	608	28	assets	asset	NOUN
cblr-1783	608	29	and	and	CCONJ
cblr-1783	608	30	liabilities	liability	NOUN
cblr-1783	608	31	.	.	PUNCT
cblr-1783	609	1	no	no	DET
cblr-1783	609	2	other	other	ADJ
cblr-1783	609	3	entity	entity	NOUN
cblr-1783	609	4	combines	combine	VERB
cblr-1783	609	5	liquid	liquid	ADJ
cblr-1783	609	6	liabilities	liability	NOUN
cblr-1783	609	7	with	with	ADP
cblr-1783	609	8	illiquid	illiquid	ADJ
cblr-1783	609	9	assets	asset	NOUN
cblr-1783	609	10	in	in	ADP
cblr-1783	609	11	the	the	DET
cblr-1783	609	12	same	same	ADJ
cblr-1783	609	13	manner	manner	NOUN
cblr-1783	609	14	as	as	ADP
cblr-1783	609	15	banks	bank	NOUN
cblr-1783	609	16	.	.	PUNCT
cblr-1783	609	17	”	"	PUNCT
cblr-1783	609	18	)	)	PUNCT
cblr-1783	609	19	.	.	PUNCT
cblr-1783	610	1	117	117	NUM
cblr-1783	610	2	see	see	VERB
cblr-1783	610	3	i	i	PROPN
cblr-1783	610	4	d.	d.	PROPN
cblr-1783	610	5	118	118	NUM
cblr-1783	610	6	see	see	VERB
cblr-1783	610	7	basel	basel	PROPN
cblr-1783	610	8	comm	comm	NOUN
cblr-1783	610	9	.	.	PUNCT
cblr-1783	611	1	on	on	ADP
cblr-1783	611	2	banking	banking	NOUN
cblr-1783	611	3	supervision	supervision	NOUN
cblr-1783	611	4	,	,	PUNCT
cblr-1783	611	5	basel	basel	PROPN
cblr-1783	611	6	iii	iii	PROPN
cblr-1783	611	7	:	:	PUNCT
cblr-1783	611	8	a	a	DET
cblr-1783	611	9	global	global	ADJ
cblr-1783	611	10	regulatory	regulatory	ADJ
cblr-1783	611	11	framework	framework	NOUN
cblr-1783	611	12	for	for	ADP
cblr-1783	611	13	more	more	ADV
cblr-1783	611	14	resilient	resilient	ADJ
cblr-1783	611	15	banks	bank	NOUN
cblr-1783	611	16	and	and	CCONJ
cblr-1783	611	17	banking	banking	NOUN
cblr-1783	611	18	systems	system	NOUN
cblr-1783	611	19	(	(	PUNCT
cblr-1783	611	20	2010	2010	NUM
cblr-1783	611	21	)	)	PUNCT
cblr-1783	611	22	,	,	PUNCT
cblr-1783	611	23	available	available	ADJ
cblr-1783	611	24	at	at	ADP
cblr-1783	611	25	http://perma.cc/8295-7tjr	http://perma.cc/8295-7tjr	PROPN
cblr-1783	611	26	.	.	PUNCT
cblr-1783	612	1	no	no	INTJ
cblr-1783	612	2	.	.	PUNCT
cblr-1783	613	1	3:747	3:747	NUM
cblr-1783	613	2	]	]	X
cblr-1783	613	3	systemic	systemic	ADJ
cblr-1783	613	4	risk	risk	NOUN
cblr-1783	613	5	paradox	paradox	NOUN
cblr-1783	613	6	785	785	NUM
cblr-1783	613	7	clearinghouses	clearinghouse	NOUN
cblr-1783	613	8	,	,	PUNCT
cblr-1783	613	9	the	the	DET
cblr-1783	613	10	volcker	volcker	NOUN
cblr-1783	613	11	rule	rule	NOUN
cblr-1783	613	12	and	and	CCONJ
cblr-1783	613	13	title	title	NOUN
cblr-1783	613	14	vii	vii	PROPN
cblr-1783	613	15	under	under	ADP
cblr-1783	613	16	doddfrank	doddfrank	NOUN
cblr-1783	613	17	attempt	attempt	NOUN
cblr-1783	613	18	to	to	PART
cblr-1783	613	19	simplify	simplify	VERB
cblr-1783	613	20	the	the	DET
cblr-1783	613	21	liabilities	liability	NOUN
cblr-1783	613	22	side	side	NOUN
cblr-1783	613	23	.	.	PUNCT
cblr-1783	614	1	clearinghouses	clearinghouse	NOUN
cblr-1783	614	2	,	,	PUNCT
cblr-1783	614	3	however	however	ADV
cblr-1783	614	4	,	,	PUNCT
cblr-1783	614	5	are	be	AUX
cblr-1783	614	6	designed	design	VERB
cblr-1783	614	7	to	to	PART
cblr-1783	614	8	avoid	avoid	VERB
cblr-1783	614	9	the	the	DET
cblr-1783	614	10	assetliability	assetliability	NOUN
cblr-1783	614	11	mismatch	mismatch	NOUN
cblr-1783	614	12	that	that	PRON
cblr-1783	614	13	plagues	plague	VERB
cblr-1783	614	14	banks	bank	NOUN
cblr-1783	614	15	.	.	PUNCT
cblr-1783	615	1	conceptually	conceptually	ADV
cblr-1783	615	2	,	,	PUNCT
cblr-1783	615	3	clearinghouses	clearinghouse	NOUN
cblr-1783	615	4	sit	sit	VERB
cblr-1783	615	5	atop	atop	ADP
cblr-1783	615	6	a	a	DET
cblr-1783	615	7	fortress	fortress	NOUN
cblr-1783	615	8	of	of	ADP
cblr-1783	615	9	margin	margin	NOUN
cblr-1783	615	10	pledged	pledge	VERB
cblr-1783	615	11	by	by	ADP
cblr-1783	615	12	members	member	NOUN
cblr-1783	615	13	to	to	PART
cblr-1783	615	14	collateralize	collateralize	VERB
cblr-1783	615	15	trades	trade	NOUN
cblr-1783	615	16	.	.	PUNCT
cblr-1783	616	1	since	since	SCONJ
cblr-1783	616	2	the	the	DET
cblr-1783	616	3	financial	financial	ADJ
cblr-1783	616	4	crisis	crisis	NOUN
cblr-1783	616	5	,	,	PUNCT
cblr-1783	616	6	there	there	PRON
cblr-1783	616	7	has	have	AUX
cblr-1783	616	8	been	be	AUX
cblr-1783	616	9	a	a	DET
cblr-1783	616	10	push	push	NOUN
cblr-1783	616	11	by	by	ADP
cblr-1783	616	12	both	both	CCONJ
cblr-1783	616	13	american	american	ADJ
cblr-1783	616	14	and	and	CCONJ
cblr-1783	616	15	european	european	ADJ
cblr-1783	616	16	regulators	regulator	NOUN
cblr-1783	616	17	to	to	PART
cblr-1783	616	18	ensure	ensure	VERB
cblr-1783	616	19	that	that	SCONJ
cblr-1783	616	20	collateral	collateral	NOUN
cblr-1783	616	21	is	be	AUX
cblr-1783	616	22	comprised	comprise	VERB
cblr-1783	616	23	of	of	ADP
cblr-1783	616	24	liquid	liquid	ADJ
cblr-1783	616	25	instruments.119	instruments.119	NOUN
cblr-1783	616	26	today	today	NOUN
cblr-1783	616	27	,	,	PUNCT
cblr-1783	616	28	clearinghouses	clearinghouse	NOUN
cblr-1783	616	29	have	have	AUX
cblr-1783	616	30	generally	generally	ADV
cblr-1783	616	31	stipulated	stipulate	VERB
cblr-1783	616	32	that	that	SCONJ
cblr-1783	616	33	margin	margin	NOUN
cblr-1783	616	34	consist	consist	NOUN
cblr-1783	616	35	of	of	ADP
cblr-1783	616	36	cash	cash	NOUN
cblr-1783	616	37	or	or	CCONJ
cblr-1783	616	38	treasuries	treasury	NOUN
cblr-1783	616	39	—	—	PUNCT
cblr-1783	616	40	or	or	CCONJ
cblr-1783	616	41	that	that	SCONJ
cblr-1783	616	42	,	,	PUNCT
cblr-1783	616	43	to	to	ADP
cblr-1783	616	44	the	the	DET
cblr-1783	616	45	extent	extent	NOUN
cblr-1783	616	46	other	other	ADJ
cblr-1783	616	47	instruments	instrument	NOUN
cblr-1783	616	48	are	be	AUX
cblr-1783	616	49	acceptable	acceptable	ADJ
cblr-1783	616	50	,	,	PUNCT
cblr-1783	616	51	the	the	DET
cblr-1783	616	52	proportion	proportion	NOUN
cblr-1783	616	53	of	of	ADP
cblr-1783	616	54	non	non	ADJ
cblr-1783	616	55	-	-	ADJ
cblr-1783	616	56	cash	cash	ADJ
cblr-1783	616	57	and	and	CCONJ
cblr-1783	616	58	non	non	ADJ
cblr-1783	616	59	-	-	ADJ
cblr-1783	616	60	treasuries	treasury	NOUN
cblr-1783	616	61	be	be	AUX
cblr-1783	616	62	capped	cap	VERB
cblr-1783	616	63	.	.	PUNCT
cblr-1783	617	1	in	in	ADP
cblr-1783	617	2	collateralizing	collateralize	VERB
cblr-1783	617	3	cds	cd	NOUN
cblr-1783	617	4	trades	trade	NOUN
cblr-1783	617	5	,	,	PUNCT
cblr-1783	617	6	for	for	ADP
cblr-1783	617	7	example	example	NOUN
cblr-1783	617	8	,	,	PUNCT
cblr-1783	617	9	ice	ice	NOUN
cblr-1783	617	10	clear	clear	ADJ
cblr-1783	617	11	credit	credit	NOUN
cblr-1783	617	12	accepts	accept	VERB
cblr-1783	617	13	only	only	ADJ
cblr-1783	617	14	cash	cash	NOUN
cblr-1783	617	15	and	and	CCONJ
cblr-1783	617	16	treasuries,120	treasuries,120	PROPN
cblr-1783	617	17	ice	ice	NOUN
cblr-1783	617	18	clear	clear	ADJ
cblr-1783	617	19	europe	europe	PROPN
cblr-1783	617	20	accepts	accept	VERB
cblr-1783	617	21	a	a	DET
cblr-1783	617	22	few	few	ADJ
cblr-1783	617	23	additional	additional	ADJ
cblr-1783	617	24	instruments	instrument	NOUN
cblr-1783	617	25	but	but	CCONJ
cblr-1783	617	26	subject	subject	ADJ
cblr-1783	617	27	to	to	ADP
cblr-1783	617	28	conditions,121	conditions,121	ADJ
cblr-1783	617	29	lch.clearnet	lch.clearnet	PROPN
cblr-1783	617	30	accepts	accept	VERB
cblr-1783	617	31	only	only	ADJ
cblr-1783	617	32	cash	cash	NOUN
cblr-1783	617	33	,	,	PUNCT
cblr-1783	617	34	securities	security	NOUN
cblr-1783	617	35	,	,	PUNCT
cblr-1783	617	36	and	and	CCONJ
cblr-1783	617	37	precious	precious	ADJ
cblr-1783	617	38	metals	metal	NOUN
cblr-1783	617	39	for	for	ADP
cblr-1783	617	40	initial	initial	ADJ
cblr-1783	617	41	margin	margin	NOUN
cblr-1783	617	42	and	and	CCONJ
cblr-1783	617	43	cash	cash	NOUN
cblr-1783	617	44	for	for	ADP
cblr-1783	617	45	variation	variation	NOUN
cblr-1783	617	46	margin,122	margin,122	PROPN
cblr-1783	617	47	and	and	CCONJ
cblr-1783	617	48	cme	cme	PROPN
cblr-1783	617	49	clearing	clearing	NOUN
cblr-1783	617	50	accepts	accept	VERB
cblr-1783	617	51	cash	cash	NOUN
cblr-1783	617	52	,	,	PUNCT
cblr-1783	617	53	treasuries	treasury	NOUN
cblr-1783	617	54	,	,	PUNCT
cblr-1783	617	55	and	and	CCONJ
cblr-1783	617	56	119	119	NUM
cblr-1783	617	57	see	see	VERB
cblr-1783	617	58	,	,	PUNCT
cblr-1783	617	59	e.g.	e.g.	ADV
cblr-1783	617	60	,	,	PUNCT
cblr-1783	617	61	commodity	commodity	NOUN
cblr-1783	617	62	futures	future	NOUN
cblr-1783	617	63	trading	trading	NOUN
cblr-1783	617	64	comm’n	comm’n	NOUN
cblr-1783	617	65	,	,	PUNCT
cblr-1783	617	66	risk	risk	NOUN
cblr-1783	617	67	management	management	NOUN
cblr-1783	617	68	requirements	requirement	NOUN
cblr-1783	617	69	for	for	ADP
cblr-1783	617	70	derivatives	derivative	NOUN
cblr-1783	617	71	clearing	clearing	NOUN
cblr-1783	617	72	organizations	organization	NOUN
cblr-1783	617	73	,	,	PUNCT
cblr-1783	617	74	76	76	NUM
cblr-1783	617	75	fed	fed	PROPN
cblr-1783	617	76	.	.	PUNCT
cblr-1783	618	1	reg	reg	PROPN
cblr-1783	618	2	.	.	PUNCT
cblr-1783	619	1	3698	3698	NUM
cblr-1783	619	2	,	,	PUNCT
cblr-1783	619	3	3724	3724	NUM
cblr-1783	619	4	(	(	PUNCT
cblr-1783	619	5	jan	jan	PROPN
cblr-1783	619	6	.	.	PROPN
cblr-1783	619	7	20	20	NUM
cblr-1783	619	8	,	,	PUNCT
cblr-1783	619	9	2011	2011	NUM
cblr-1783	619	10	)	)	PUNCT
cblr-1783	619	11	(	(	PUNCT
cblr-1783	619	12	to	to	PART
cblr-1783	619	13	be	be	AUX
cblr-1783	619	14	codified	codify	VERB
cblr-1783	619	15	at	at	ADP
cblr-1783	619	16	17	17	NUM
cblr-1783	619	17	c.f.r	c.f.r	NOUN
cblr-1783	619	18	.	.	PUNCT
cblr-1783	620	1	39.15(c)(1	39.15(c)(1	NUM
cblr-1783	620	2	)	)	PUNCT
cblr-1783	620	3	)	)	PUNCT
cblr-1783	621	1	[	[	X
cblr-1783	621	2	hereinafter	hereinafter	NOUN
cblr-1783	621	3	cftc	cftc	NOUN
cblr-1783	621	4	,	,	PUNCT
cblr-1783	621	5	risk	risk	NOUN
cblr-1783	621	6	management	management	NOUN
cblr-1783	621	7	requirements	requirement	NOUN
cblr-1783	621	8	for	for	ADP
cblr-1783	621	9	dcos	dco	NOUN
cblr-1783	621	10	]	]	X
cblr-1783	621	11	(	(	PUNCT
cblr-1783	621	12	“	"	PUNCT
cblr-1783	621	13	a	a	DET
cblr-1783	621	14	derivatives	derivative	NOUN
cblr-1783	621	15	clearing	clearing	NOUN
cblr-1783	621	16	organization	organization	NOUN
cblr-1783	621	17	shall	shall	AUX
cblr-1783	621	18	limit	limit	VERB
cblr-1783	621	19	the	the	DET
cblr-1783	621	20	assets	asset	NOUN
cblr-1783	621	21	it	it	PRON
cblr-1783	621	22	accepts	accept	VERB
cblr-1783	621	23	as	as	ADP
cblr-1783	621	24	initial	initial	ADJ
cblr-1783	621	25	margin	margin	NOUN
cblr-1783	621	26	to	to	ADP
cblr-1783	621	27	those	those	PRON
cblr-1783	621	28	that	that	PRON
cblr-1783	621	29	are	be	AUX
cblr-1783	621	30	[	[	X
cblr-1783	621	31	sic	sic	ADJ
cblr-1783	621	32	]	]	PUNCT
cblr-1783	621	33	have	have	VERB
cblr-1783	621	34	minimal	minimal	ADJ
cblr-1783	621	35	credit	credit	NOUN
cblr-1783	621	36	,	,	PUNCT
cblr-1783	621	37	market	market	NOUN
cblr-1783	621	38	,	,	PUNCT
cblr-1783	621	39	and	and	CCONJ
cblr-1783	621	40	liquidity	liquidity	NOUN
cblr-1783	621	41	risks	risk	NOUN
cblr-1783	621	42	.	.	PUNCT
cblr-1783	621	43	”	"	PUNCT
cblr-1783	621	44	)	)	PUNCT
cblr-1783	621	45	;	;	PUNCT
cblr-1783	621	46	council	council	NOUN
cblr-1783	621	47	regulation	regulation	NOUN
cblr-1783	621	48	648/2012	648/2012	NUM
cblr-1783	621	49	,	,	PUNCT
cblr-1783	621	50	of	of	ADP
cblr-1783	621	51	the	the	DET
cblr-1783	621	52	european	european	ADJ
cblr-1783	621	53	parliament	parliament	NOUN
cblr-1783	621	54	and	and	CCONJ
cblr-1783	621	55	of	of	ADP
cblr-1783	621	56	the	the	DET
cblr-1783	621	57	council	council	NOUN
cblr-1783	621	58	of	of	ADP
cblr-1783	621	59	4	4	NUM
cblr-1783	621	60	july	july	PROPN
cblr-1783	621	61	2012	2012	NUM
cblr-1783	621	62	on	on	ADP
cblr-1783	621	63	otc	otc	PROPN
cblr-1783	621	64	derivatives	derivative	NOUN
cblr-1783	621	65	,	,	PUNCT
cblr-1783	621	66	central	central	ADJ
cblr-1783	621	67	counterparties	counterpartie	NOUN
cblr-1783	621	68	and	and	CCONJ
cblr-1783	621	69	trade	trade	NOUN
cblr-1783	621	70	repositories	repository	NOUN
cblr-1783	621	71	,	,	PUNCT
cblr-1783	621	72	art	art	NOUN
cblr-1783	621	73	.	.	PUNCT
cblr-1783	622	1	46	46	NUM
cblr-1783	622	2	,	,	PUNCT
cblr-1783	622	3	2012	2012	NUM
cblr-1783	622	4	o.j	o.j	PROPN
cblr-1783	622	5	.	.	PUNCT
cblr-1783	622	6	(	(	PUNCT
cblr-1783	622	7	l	l	NOUN
cblr-1783	622	8	201	201	NUM
cblr-1783	622	9	)	)	PUNCT
cblr-1783	622	10	38	38	NUM
cblr-1783	622	11	(	(	PUNCT
cblr-1783	622	12	“	"	PUNCT
cblr-1783	622	13	a	a	DET
cblr-1783	622	14	ccp	ccp	PROPN
cblr-1783	622	15	shall	shall	AUX
cblr-1783	622	16	accept	accept	VERB
cblr-1783	622	17	highly	highly	ADV
cblr-1783	622	18	liquid	liquid	ADJ
cblr-1783	622	19	collateral	collateral	NOUN
cblr-1783	622	20	with	with	ADP
cblr-1783	622	21	minimal	minimal	ADJ
cblr-1783	622	22	credit	credit	NOUN
cblr-1783	622	23	and	and	CCONJ
cblr-1783	622	24	market	market	NOUN
cblr-1783	622	25	risk	risk	NOUN
cblr-1783	622	26	to	to	PART
cblr-1783	622	27	cover	cover	VERB
cblr-1783	622	28	its	its	PRON
cblr-1783	622	29	initial	initial	ADJ
cblr-1783	622	30	and	and	CCONJ
cblr-1783	622	31	ongoing	ongoing	ADJ
cblr-1783	622	32	exposure	exposure	NOUN
cblr-1783	622	33	to	to	ADP
cblr-1783	622	34	its	its	PRON
cblr-1783	622	35	clearing	clearing	NOUN
cblr-1783	622	36	members	member	NOUN
cblr-1783	622	37	.	.	PUNCT
cblr-1783	622	38	”	"	PUNCT
cblr-1783	622	39	)	)	PUNCT
cblr-1783	623	1	[	[	X
cblr-1783	623	2	commonly	commonly	ADV
cblr-1783	623	3	known	know	VERB
cblr-1783	623	4	as	as	ADP
cblr-1783	623	5	the	the	DET
cblr-1783	623	6	european	european	ADJ
cblr-1783	623	7	market	market	NOUN
cblr-1783	623	8	infrastructure	infrastructure	NOUN
cblr-1783	623	9	regulation	regulation	NOUN
cblr-1783	623	10	(	(	PUNCT
cblr-1783	623	11	emir	emir	NOUN
cblr-1783	623	12	)	)	PUNCT
cblr-1783	623	13	]	]	PUNCT
cblr-1783	623	14	.	.	PUNCT
cblr-1783	624	1	120	120	NUM
cblr-1783	624	2	see	see	VERB
cblr-1783	624	3	,	,	PUNCT
cblr-1783	624	4	e.g.	e.g.	ADV
cblr-1783	624	5	,	,	PUNCT
cblr-1783	624	6	ice	ice	NOUN
cblr-1783	624	7	clear	clear	ADJ
cblr-1783	624	8	credit	credit	NOUN
cblr-1783	624	9	,	,	PUNCT
cblr-1783	624	10	clearing	clear	VERB
cblr-1783	624	11	rules	rule	NOUN
cblr-1783	624	12	schedule	schedule	VERB
cblr-1783	624	13	401	401	NUM
cblr-1783	624	14	(	(	PUNCT
cblr-1783	624	15	june	june	PROPN
cblr-1783	624	16	6	6	NUM
cblr-1783	624	17	,	,	PUNCT
cblr-1783	624	18	2014	2014	NUM
cblr-1783	624	19	)	)	PUNCT
cblr-1783	624	20	,	,	PUNCT
cblr-1783	624	21	available	available	ADJ
cblr-1783	624	22	at	at	ADP
cblr-1783	624	23	http://perma.cc/4hl-k4g8	http://perma.cc/4hl-k4g8	PROPN
cblr-1783	624	24	.	.	PROPN
cblr-1783	624	25	121	121	NUM
cblr-1783	624	26	for	for	ADP
cblr-1783	624	27	example	example	NOUN
cblr-1783	624	28	,	,	PUNCT
cblr-1783	624	29	gold	gold	NOUN
cblr-1783	624	30	bullion	bullion	NOUN
cblr-1783	624	31	is	be	AUX
cblr-1783	624	32	capped	cap	VERB
cblr-1783	624	33	at	at	ADP
cblr-1783	624	34	the	the	DET
cblr-1783	624	35	lower	low	ADJ
cblr-1783	624	36	of	of	ADP
cblr-1783	624	37	$	$	SYM
cblr-1783	624	38	250	250	NUM
cblr-1783	624	39	million	million	NUM
cblr-1783	624	40	or	or	CCONJ
cblr-1783	624	41	30	30	NUM
cblr-1783	624	42	%	%	NOUN
cblr-1783	624	43	of	of	ADP
cblr-1783	624	44	the	the	DET
cblr-1783	624	45	initial	initial	ADJ
cblr-1783	624	46	margin	margin	NOUN
cblr-1783	624	47	and	and	CCONJ
cblr-1783	624	48	subject	subject	NOUN
cblr-1783	624	49	to	to	ADP
cblr-1783	624	50	haircuts	haircut	NOUN
cblr-1783	624	51	,	,	PUNCT
cblr-1783	624	52	while	while	SCONJ
cblr-1783	624	53	letters	letter	NOUN
cblr-1783	624	54	of	of	ADP
cblr-1783	624	55	credit	credit	NOUN
cblr-1783	624	56	must	must	AUX
cblr-1783	624	57	strictly	strictly	ADV
cblr-1783	624	58	abide	abide	VERB
cblr-1783	624	59	by	by	ADP
cblr-1783	624	60	protocols	protocol	NOUN
cblr-1783	624	61	that	that	PRON
cblr-1783	624	62	ice	ice	NOUN
cblr-1783	624	63	sets	set	NOUN
cblr-1783	624	64	.	.	PUNCT
cblr-1783	625	1	see	see	VERB
cblr-1783	625	2	finance	finance	NOUN
cblr-1783	625	3	procedures	procedure	NOUN
cblr-1783	625	4	,	,	PUNCT
cblr-1783	625	5	ice	ice	NOUN
cblr-1783	625	6	clear	clear	ADJ
cblr-1783	625	7	europe	europe	PROPN
cblr-1783	625	8	§	§	PROPN
cblr-1783	625	9	§	§	PROPN
cblr-1783	625	10	10.2	10.2	NUM
cblr-1783	625	11	,	,	PUNCT
cblr-1783	625	12	12.4	12.4	NUM
cblr-1783	625	13	(	(	PUNCT
cblr-1783	625	14	july	july	PROPN
cblr-1783	625	15	16	16	NUM
cblr-1783	625	16	,	,	PUNCT
cblr-1783	625	17	2011	2011	NUM
cblr-1783	625	18	)	)	PUNCT
cblr-1783	625	19	,	,	PUNCT
cblr-1783	625	20	http://perma.cc/cxu8hxgb	http://perma.cc/cxu8hxgb	X
cblr-1783	625	21	.	.	PUNCT
cblr-1783	626	1	see	see	VERB
cblr-1783	626	2	also	also	ADV
cblr-1783	626	3	list	list	NOUN
cblr-1783	626	4	of	of	ADP
cblr-1783	626	5	permitted	permit	VERB
cblr-1783	626	6	cover	cover	NOUN
cblr-1783	626	7	and	and	CCONJ
cblr-1783	626	8	limits	limit	NOUN
cblr-1783	626	9	on	on	ADP
cblr-1783	626	10	collateral	collateral	NOUN
cblr-1783	626	11	,	,	PUNCT
cblr-1783	626	12	ice	ice	NOUN
cblr-1783	626	13	clear	clear	ADJ
cblr-1783	626	14	europe	europe	PROPN
cblr-1783	626	15	(	(	PUNCT
cblr-1783	626	16	july	july	PROPN
cblr-1783	626	17	2014	2014	NUM
cblr-1783	626	18	)	)	PUNCT
cblr-1783	626	19	,	,	PUNCT
cblr-1783	626	20	https://www.theice.com/publicdocs/	https://www.theice.com/publicdocs/	PROPN
cblr-1783	626	21	clear_europe	clear_europe	NOUN
cblr-1783	626	22	/	/	SYM
cblr-1783	626	23	list	list	NOUN
cblr-1783	626	24	-	-	PUNCT
cblr-1783	626	25	of	of	ADP
cblr-1783	626	26	-	-	PUNCT
cblr-1783	626	27	permitted	permit	VERB
cblr-1783	626	28	-	-	PUNCT
cblr-1783	626	29	covers.pdf	covers.pdf	X
cblr-1783	626	30	.	.	NOUN
cblr-1783	626	31	122	122	NUM
cblr-1783	626	32	acceptable	acceptable	ADJ
cblr-1783	626	33	collateral	collateral	PROPN
cblr-1783	626	34	ltd	ltd	PROPN
cblr-1783	626	35	,	,	PUNCT
cblr-1783	626	36	lch.clearnet	lch.clearnet	PROPN
cblr-1783	626	37	,	,	PUNCT
cblr-1783	626	38	http://perma.cc/4w7q74f4	http://perma.cc/4w7q74f4	PROPN
cblr-1783	626	39	(	(	PUNCT
cblr-1783	626	40	last	last	ADV
cblr-1783	626	41	visited	visit	VERB
cblr-1783	626	42	nov	nov	PROPN
cblr-1783	626	43	.	.	PROPN
cblr-1783	626	44	19	19	NUM
cblr-1783	626	45	,	,	PUNCT
cblr-1783	626	46	2014	2014	NUM
cblr-1783	626	47	)	)	PUNCT
cblr-1783	626	48	.	.	PUNCT
cblr-1783	627	1	786	786	NUM
cblr-1783	627	2	columbia	columbia	PROPN
cblr-1783	627	3	business	business	NOUN
cblr-1783	627	4	law	law	PROPN
cblr-1783	627	5	review	review	NOUN
cblr-1783	628	1	[	[	X
cblr-1783	628	2	vol	vol	NOUN
cblr-1783	628	3	.	.	NOUN
cblr-1783	628	4	2014	2014	NUM
cblr-1783	628	5	money	money	NOUN
cblr-1783	628	6	market	market	NOUN
cblr-1783	628	7	funds	fund	NOUN
cblr-1783	628	8	at	at	ADP
cblr-1783	628	9	no	no	DET
cblr-1783	628	10	cap	cap	NOUN
cblr-1783	628	11	and	and	CCONJ
cblr-1783	628	12	then	then	ADV
cblr-1783	628	13	additional	additional	ADJ
cblr-1783	628	14	instruments	instrument	NOUN
cblr-1783	628	15	for	for	ADP
cblr-1783	628	16	no	no	ADV
cblr-1783	628	17	greater	great	ADJ
cblr-1783	628	18	than	than	ADP
cblr-1783	628	19	40	40	NUM
cblr-1783	628	20	%	%	NOUN
cblr-1783	628	21	of	of	ADP
cblr-1783	628	22	margin	margin	NOUN
cblr-1783	628	23	requirements.123	requirements.123	VERB
cblr-1783	628	24	on	on	ADP
cblr-1783	628	25	the	the	DET
cblr-1783	628	26	liabilities	liability	NOUN
cblr-1783	628	27	side	side	NOUN
cblr-1783	628	28	,	,	PUNCT
cblr-1783	628	29	clearinghouse	clearinghouse	NOUN
cblr-1783	628	30	obligations	obligation	NOUN
cblr-1783	628	31	are	be	AUX
cblr-1783	628	32	comparatively	comparatively	ADV
cblr-1783	628	33	streamlined	streamlined	ADJ
cblr-1783	628	34	—	—	PUNCT
cblr-1783	628	35	basically	basically	ADV
cblr-1783	628	36	,	,	PUNCT
cblr-1783	628	37	to	to	PART
cblr-1783	628	38	stand	stand	VERB
cblr-1783	628	39	in	in	ADP
cblr-1783	628	40	for	for	ADP
cblr-1783	628	41	members	member	NOUN
cblr-1783	628	42	when	when	SCONJ
cblr-1783	628	43	they	they	PRON
cblr-1783	628	44	are	be	AUX
cblr-1783	628	45	unable	unable	ADJ
cblr-1783	628	46	to	to	PART
cblr-1783	628	47	honor	honor	VERB
cblr-1783	628	48	their	their	PRON
cblr-1783	628	49	obligations	obligation	NOUN
cblr-1783	628	50	.	.	PUNCT
cblr-1783	629	1	clearinghouses	clearinghouse	NOUN
cblr-1783	629	2	are	be	AUX
cblr-1783	629	3	also	also	ADV
cblr-1783	629	4	in	in	ADP
cblr-1783	629	5	a	a	DET
cblr-1783	629	6	prime	prime	ADJ
cblr-1783	629	7	position	position	NOUN
cblr-1783	629	8	to	to	PART
cblr-1783	629	9	keep	keep	VERB
cblr-1783	629	10	abreast	abreast	ADV
cblr-1783	629	11	of	of	ADP
cblr-1783	629	12	liabilities	liability	NOUN
cblr-1783	629	13	,	,	PUNCT
cblr-1783	629	14	for	for	SCONJ
cblr-1783	629	15	their	their	PRON
cblr-1783	629	16	very	very	ADJ
cblr-1783	629	17	presence	presence	NOUN
cblr-1783	629	18	injects	inject	VERB
cblr-1783	629	19	transparency	transparency	NOUN
cblr-1783	629	20	into	into	ADP
cblr-1783	629	21	otherwise	otherwise	ADV
cblr-1783	629	22	opaque	opaque	ADJ
cblr-1783	629	23	otc	otc	PROPN
cblr-1783	629	24	derivatives	derivative	NOUN
cblr-1783	629	25	markets.124	markets.124	NOUN
cblr-1783	629	26	the	the	DET
cblr-1783	629	27	insertion	insertion	NOUN
cblr-1783	629	28	of	of	ADP
cblr-1783	629	29	a	a	DET
cblr-1783	629	30	ccp	ccp	PROPN
cblr-1783	629	31	minimizes	minimize	VERB
cblr-1783	629	32	the	the	DET
cblr-1783	629	33	volatility	volatility	NOUN
cblr-1783	629	34	that	that	PRON
cblr-1783	629	35	characterized	characterize	VERB
cblr-1783	629	36	bilateral	bilateral	ADJ
cblr-1783	629	37	clearing	clearing	NOUN
cblr-1783	629	38	,	,	PUNCT
cblr-1783	629	39	where	where	SCONJ
cblr-1783	629	40	counterparties	counterpartie	NOUN
cblr-1783	629	41	may	may	AUX
cblr-1783	629	42	have	have	AUX
cblr-1783	629	43	valued	value	VERB
cblr-1783	629	44	their	their	PRON
cblr-1783	629	45	positions	position	NOUN
cblr-1783	629	46	very	very	ADV
cblr-1783	629	47	differently.125	differently.125	VERB
cblr-1783	629	48	ccps	ccp	NOUN
cblr-1783	629	49	also	also	ADV
cblr-1783	629	50	tend	tend	VERB
cblr-1783	629	51	to	to	PART
cblr-1783	629	52	standardize	standardize	VERB
cblr-1783	629	53	the	the	DET
cblr-1783	629	54	instruments	instrument	NOUN
cblr-1783	629	55	that	that	PRON
cblr-1783	629	56	they	they	PRON
cblr-1783	629	57	clear	clear	VERB
cblr-1783	629	58	,	,	PUNCT
cblr-1783	629	59	thereby	thereby	ADV
cblr-1783	629	60	rendering	render	VERB
cblr-1783	629	61	instruments	instrument	NOUN
cblr-1783	629	62	more	more	ADJ
cblr-1783	629	63	liquid	liquid	ADJ
cblr-1783	629	64	and	and	CCONJ
cblr-1783	629	65	less	less	ADJ
cblr-1783	629	66	unpredictable.126	unpredictable.126	NOUN
cblr-1783	629	67	in	in	ADP
cblr-1783	629	68	this	this	DET
cblr-1783	629	69	respect	respect	NOUN
cblr-1783	629	70	,	,	PUNCT
cblr-1783	629	71	clearinghouses	clearinghouse	NOUN
cblr-1783	629	72	are	be	AUX
cblr-1783	629	73	better	well	ADV
cblr-1783	629	74	able	able	ADJ
cblr-1783	629	75	than	than	SCONJ
cblr-1783	629	76	banks	bank	NOUN
cblr-1783	629	77	to	to	PART
cblr-1783	629	78	gauge	gauge	VERB
cblr-1783	629	79	their	their	PRON
cblr-1783	629	80	liabilities	liability	NOUN
cblr-1783	629	81	and	and	CCONJ
cblr-1783	629	82	head	head	VERB
cblr-1783	629	83	off	off	ADP
cblr-1783	629	84	losses	loss	NOUN
cblr-1783	629	85	.	.	PUNCT
cblr-1783	630	1	given	give	VERB
cblr-1783	630	2	these	these	DET
cblr-1783	630	3	differences	difference	NOUN
cblr-1783	630	4	in	in	ADP
cblr-1783	630	5	assets	asset	NOUN
cblr-1783	630	6	and	and	CCONJ
cblr-1783	630	7	liabilities	liability	NOUN
cblr-1783	630	8	,	,	PUNCT
cblr-1783	630	9	the	the	DET
cblr-1783	630	10	balance	balance	NOUN
cblr-1783	630	11	sheets	sheet	NOUN
cblr-1783	630	12	of	of	ADP
cblr-1783	630	13	clearinghouses	clearinghouse	NOUN
cblr-1783	630	14	are	be	AUX
cblr-1783	630	15	much	much	ADV
cblr-1783	630	16	more	more	ADV
cblr-1783	630	17	straightforward	straightforward	ADJ
cblr-1783	630	18	than	than	ADP
cblr-1783	630	19	those	those	PRON
cblr-1783	630	20	of	of	ADP
cblr-1783	630	21	banks.127	banks.127	NOUN
cblr-1783	630	22	123	123	NUM
cblr-1783	630	23	see	see	VERB
cblr-1783	630	24	standard	standard	ADJ
cblr-1783	630	25	acceptable	acceptable	ADJ
cblr-1783	630	26	collateral	collateral	NOUN
cblr-1783	630	27	and	and	CCONJ
cblr-1783	630	28	resources	resource	NOUN
cblr-1783	630	29	,	,	PUNCT
cblr-1783	630	30	cme	cme	PROPN
cblr-1783	630	31	group	group	NOUN
cblr-1783	630	32	,	,	PUNCT
cblr-1783	630	33	http://perma.cc/qqx8-4h2n	http://perma.cc/qqx8-4h2n	PROPN
cblr-1783	630	34	(	(	PUNCT
cblr-1783	630	35	follow	follow	VERB
cblr-1783	630	36	“	"	PUNCT
cblr-1783	630	37	cds	cds	PROPN
cblr-1783	630	38	”	"	PUNCT
cblr-1783	630	39	hyperlink	hyperlink	NOUN
cblr-1783	630	40	)	)	PUNCT
cblr-1783	630	41	(	(	PUNCT
cblr-1783	630	42	last	last	ADV
cblr-1783	630	43	visited	visit	VERB
cblr-1783	630	44	nov	nov	PROPN
cblr-1783	630	45	.	.	PROPN
cblr-1783	630	46	19	19	NUM
cblr-1783	630	47	,	,	PUNCT
cblr-1783	630	48	2014	2014	NUM
cblr-1783	630	49	)	)	PUNCT
cblr-1783	630	50	.	.	PUNCT
cblr-1783	631	1	124	124	NUM
cblr-1783	631	2	see	see	VERB
cblr-1783	631	3	financial	financial	ADJ
cblr-1783	631	4	stability	stability	PROPN
cblr-1783	631	5	board	board	NOUN
cblr-1783	631	6	,	,	PUNCT
cblr-1783	631	7	implementing	implement	VERB
cblr-1783	631	8	otc	otc	PROPN
cblr-1783	631	9	derivatives	derivative	NOUN
cblr-1783	631	10	market	market	NOUN
cblr-1783	631	11	reforms	reform	NOUN
cblr-1783	631	12	10	10	NUM
cblr-1783	631	13	(	(	PUNCT
cblr-1783	631	14	2010	2010	NUM
cblr-1783	631	15	)	)	PUNCT
cblr-1783	631	16	,	,	PUNCT
cblr-1783	631	17	available	available	ADJ
cblr-1783	631	18	at	at	ADP
cblr-1783	631	19	http://perma.cc/xr96-hscq	http://perma.cc/xr96-hscq	PROPN
cblr-1783	631	20	.	.	PROPN
cblr-1783	632	1	125	125	NUM
cblr-1783	632	2	of	of	ADP
cblr-1783	632	3	course	course	NOUN
cblr-1783	632	4	,	,	PUNCT
cblr-1783	632	5	since	since	SCONJ
cblr-1783	632	6	little	little	ADJ
cblr-1783	632	7	is	be	AUX
cblr-1783	632	8	straightforward	straightforward	ADJ
cblr-1783	632	9	with	with	ADP
cblr-1783	632	10	clearinghouses	clearinghouse	NOUN
cblr-1783	632	11	,	,	PUNCT
cblr-1783	632	12	there	there	PRON
cblr-1783	632	13	are	be	VERB
cblr-1783	632	14	criticisms	criticism	NOUN
cblr-1783	632	15	about	about	ADP
cblr-1783	632	16	the	the	DET
cblr-1783	632	17	purported	purport	VERB
cblr-1783	632	18	transparency	transparency	NOUN
cblr-1783	632	19	and	and	CCONJ
cblr-1783	632	20	standardization	standardization	NOUN
cblr-1783	632	21	of	of	ADP
cblr-1783	632	22	ccps	ccp	NOUN
cblr-1783	632	23	as	as	ADV
cblr-1783	632	24	well	well	ADV
cblr-1783	632	25	.	.	PUNCT
cblr-1783	633	1	they	they	PRON
cblr-1783	633	2	include	include	VERB
cblr-1783	633	3	arguments	argument	NOUN
cblr-1783	633	4	that	that	SCONJ
cblr-1783	633	5	(	(	PUNCT
cblr-1783	633	6	i	i	NOUN
cblr-1783	633	7	)	)	PUNCT
cblr-1783	633	8	transparency	transparency	NOUN
cblr-1783	633	9	does	do	VERB
cblr-1783	633	10	little	little	ADJ
cblr-1783	633	11	to	to	PART
cblr-1783	633	12	simplify	simplify	VERB
cblr-1783	633	13	the	the	DET
cblr-1783	633	14	complexity	complexity	NOUN
cblr-1783	633	15	of	of	ADP
cblr-1783	633	16	trading	trading	NOUN
cblr-1783	633	17	in	in	ADP
cblr-1783	633	18	exotic	exotic	ADJ
cblr-1783	633	19	instruments	instrument	NOUN
cblr-1783	633	20	,	,	PUNCT
cblr-1783	633	21	see	see	VERB
cblr-1783	633	22	yadav	yadav	PROPN
cblr-1783	633	23	,	,	PUNCT
cblr-1783	633	24	supra	supra	PROPN
cblr-1783	633	25	note	note	PROPN
cblr-1783	633	26	12	12	NUM
cblr-1783	633	27	,	,	PUNCT
cblr-1783	633	28	at	at	ADP
cblr-1783	633	29	420	420	NUM
cblr-1783	633	30	,	,	PUNCT
cblr-1783	633	31	(	(	PUNCT
cblr-1783	633	32	ii	ii	NOUN
cblr-1783	633	33	)	)	PUNCT
cblr-1783	633	34	standardization	standardization	NOUN
cblr-1783	633	35	reduces	reduce	VERB
cblr-1783	633	36	hedging	hedging	NOUN
cblr-1783	633	37	efficiency	efficiency	NOUN
cblr-1783	633	38	,	,	PUNCT
cblr-1783	633	39	see	see	VERB
cblr-1783	633	40	kent	kent	PROPN
cblr-1783	633	41	cherny	cherny	PROPN
cblr-1783	633	42	&	&	CCONJ
cblr-1783	633	43	ben	ben	PROPN
cblr-1783	633	44	r.	r.	PROPN
cblr-1783	633	45	craig	craig	PROPN
cblr-1783	633	46	,	,	PUNCT
cblr-1783	633	47	reforming	reform	VERB
cblr-1783	633	48	the	the	DET
cblr-1783	633	49	over	over	ADP
cblr-1783	633	50	-	-	PUNCT
cblr-1783	633	51	the	the	DET
cblr-1783	633	52	-	-	PUNCT
cblr-1783	633	53	counter	counter	NOUN
cblr-1783	633	54	derivatives	derivative	NOUN
cblr-1783	633	55	market	market	NOUN
cblr-1783	634	1	:	:	PUNCT
cblr-1783	634	2	what	what	PRON
cblr-1783	634	3	’s	’	VERB
cblr-1783	634	4	to	to	PART
cblr-1783	634	5	be	be	AUX
cblr-1783	634	6	gained	gain	VERB
cblr-1783	634	7	?	?	PUNCT
cblr-1783	634	8	,	,	PUNCT
cblr-1783	634	9	econ	econ	PROPN
cblr-1783	634	10	.	.	PUNCT
cblr-1783	634	11	comment	comment	NOUN
cblr-1783	634	12	.	.	PUNCT
cblr-1783	635	1	(	(	PUNCT
cblr-1783	635	2	fed	fed	PROPN
cblr-1783	635	3	.	.	PROPN
cblr-1783	635	4	reserve	reserve	PROPN
cblr-1783	635	5	bank	bank	PROPN
cblr-1783	635	6	of	of	ADP
cblr-1783	635	7	cleveland	cleveland	PROPN
cblr-1783	635	8	research	research	PROPN
cblr-1783	635	9	dep’t	dep’t	PROPN
cblr-1783	635	10	)	)	PUNCT
cblr-1783	635	11	july	july	PROPN
cblr-1783	635	12	7	7	NUM
cblr-1783	635	13	,	,	PUNCT
cblr-1783	635	14	2010	2010	NUM
cblr-1783	635	15	,	,	PUNCT
cblr-1783	635	16	available	available	ADJ
cblr-1783	635	17	at	at	ADP
cblr-1783	635	18	http://perma.cc/3cw9-upqy	http://perma.cc/3cw9-upqy	PROPN
cblr-1783	635	19	(	(	PUNCT
cblr-1783	635	20	“	"	PUNCT
cblr-1783	635	21	for	for	ADP
cblr-1783	635	22	those	those	PRON
cblr-1783	635	23	looking	look	VERB
cblr-1783	635	24	to	to	PART
cblr-1783	635	25	hedge	hedge	VERB
cblr-1783	635	26	,	,	PUNCT
cblr-1783	635	27	some	some	DET
cblr-1783	635	28	efficiency	efficiency	NOUN
cblr-1783	635	29	may	may	AUX
cblr-1783	635	30	be	be	AUX
cblr-1783	635	31	lost	lose	VERB
cblr-1783	635	32	as	as	SCONJ
cblr-1783	635	33	hedging	hedging	NOUN
cblr-1783	635	34	strategies	strategy	NOUN
cblr-1783	635	35	have	have	VERB
cblr-1783	635	36	to	to	PART
cblr-1783	635	37	be	be	AUX
cblr-1783	635	38	‘	'	PUNCT
cblr-1783	635	39	shoehorned	shoehorn	VERB
cblr-1783	635	40	’	'	PUNCT
cblr-1783	635	41	into	into	ADP
cblr-1783	635	42	standardized	standardized	ADJ
cblr-1783	635	43	instruments	instrument	NOUN
cblr-1783	635	44	.	.	PUNCT
cblr-1783	635	45	”	"	PUNCT
cblr-1783	635	46	)	)	PUNCT
cblr-1783	635	47	,	,	PUNCT
cblr-1783	635	48	and	and	CCONJ
cblr-1783	635	49	(	(	PUNCT
cblr-1783	635	50	iii	iii	NOUN
cblr-1783	635	51	)	)	PUNCT
cblr-1783	635	52	standardization	standardization	NOUN
cblr-1783	635	53	in	in	ADP
cblr-1783	635	54	cleared	clear	VERB
cblr-1783	635	55	derivatives	derivative	NOUN
cblr-1783	635	56	will	will	AUX
cblr-1783	635	57	simply	simply	ADV
cblr-1783	635	58	shunt	shunt	VERB
cblr-1783	635	59	risk	risk	NOUN
cblr-1783	635	60	into	into	ADP
cblr-1783	635	61	the	the	DET
cblr-1783	635	62	other	other	ADJ
cblr-1783	635	63	markets	market	NOUN
cblr-1783	635	64	,	,	PUNCT
cblr-1783	635	65	see	see	VERB
cblr-1783	635	66	turing	turing	NOUN
cblr-1783	635	67	,	,	PUNCT
cblr-1783	635	68	supra	supra	ADJ
cblr-1783	635	69	note	note	NOUN
cblr-1783	635	70	5	5	NUM
cblr-1783	635	71	,	,	PUNCT
cblr-1783	635	72	§	§	PROPN
cblr-1783	635	73	5.7	5.7	NUM
cblr-1783	635	74	.	.	PUNCT
cblr-1783	636	1	126	126	NUM
cblr-1783	636	2	see	see	VERB
cblr-1783	636	3	roe	roe	NOUN
cblr-1783	636	4	,	,	PUNCT
cblr-1783	636	5	supra	supra	PROPN
cblr-1783	636	6	note	note	PROPN
cblr-1783	636	7	77	77	NUM
cblr-1783	636	8	,	,	PUNCT
cblr-1783	636	9	at	at	ADP
cblr-1783	636	10	1658	1658	NUM
cblr-1783	636	11	.	.	PUNCT
cblr-1783	637	1	127	127	NUM
cblr-1783	637	2	compare	compare	NOUN
cblr-1783	637	3	nat’l	nat’l	PROPN
cblr-1783	637	4	sec	sec	PROPN
cblr-1783	637	5	.	.	PUNCT
cblr-1783	637	6	clearing	clearing	PROPN
cblr-1783	637	7	corp	corp	PROPN
cblr-1783	637	8	.	.	PROPN
cblr-1783	637	9	,	,	PUNCT
cblr-1783	637	10	consolidated	consolidated	ADJ
cblr-1783	637	11	financial	financial	ADJ
cblr-1783	637	12	statements	statement	NOUN
cblr-1783	637	13	as	as	ADP
cblr-1783	637	14	of	of	ADP
cblr-1783	637	15	and	and	CCONJ
cblr-1783	637	16	for	for	ADP
cblr-1783	637	17	the	the	DET
cblr-1783	637	18	years	year	NOUN
cblr-1783	637	19	ended	end	VERB
cblr-1783	637	20	december	december	PROPN
cblr-1783	637	21	31	31	NUM
cblr-1783	637	22	,	,	PUNCT
cblr-1783	637	23	2012	2012	NUM
cblr-1783	637	24	and	and	CCONJ
cblr-1783	637	25	2011	2011	NUM
cblr-1783	637	26	,	,	PUNCT
cblr-1783	637	27	and	and	CCONJ
cblr-1783	637	28	independent	independent	ADJ
cblr-1783	637	29	auditors	auditor	NOUN
cblr-1783	637	30	’	’	PART
cblr-1783	637	31	report	report	VERB
cblr-1783	637	32	2	2	NUM
cblr-1783	637	33	(	(	PUNCT
cblr-1783	637	34	2013	2013	NUM
cblr-1783	637	35	)	)	PUNCT
cblr-1783	637	36	,	,	PUNCT
cblr-1783	637	37	and	and	CCONJ
cblr-1783	637	38	intercontinentalexchange	intercontinentalexchange	PROPN
cblr-1783	637	39	,	,	PUNCT
cblr-1783	637	40	inc	inc	PROPN
cblr-1783	637	41	.	.	PROPN
cblr-1783	637	42	,	,	PUNCT
cblr-1783	637	43	annual	annual	ADJ
cblr-1783	637	44	report	report	NOUN
cblr-1783	637	45	(	(	PUNCT
cblr-1783	637	46	form	form	NOUN
cblr-1783	637	47	10	10	NUM
cblr-1783	637	48	-	-	PUNCT
cblr-1783	637	49	k	k	NOUN
cblr-1783	637	50	)	)	PUNCT
cblr-1783	637	51	,	,	PUNCT
cblr-1783	637	52	item	item	NOUN
cblr-1783	637	53	8	8	NUM
cblr-1783	637	54	(	(	PUNCT
cblr-1783	637	55	feb	feb	PROPN
cblr-1783	637	56	.	.	PUNCT
cblr-1783	638	1	no	no	INTJ
cblr-1783	638	2	.	.	PUNCT
cblr-1783	639	1	3:747	3:747	NUM
cblr-1783	639	2	]	]	X
cblr-1783	639	3	systemic	systemic	ADJ
cblr-1783	639	4	risk	risk	NOUN
cblr-1783	639	5	paradox	paradox	NOUN
cblr-1783	639	6	787	787	NUM
cblr-1783	639	7	in	in	ADP
cblr-1783	639	8	conjunction	conjunction	NOUN
cblr-1783	639	9	,	,	PUNCT
cblr-1783	639	10	the	the	DET
cblr-1783	639	11	core	core	NOUN
cblr-1783	639	12	traits	trait	NOUN
cblr-1783	639	13	of	of	ADP
cblr-1783	639	14	clearinghouses	clearinghouse	NOUN
cblr-1783	639	15	paint	paint	VERB
cblr-1783	639	16	a	a	DET
cblr-1783	639	17	picture	picture	NOUN
cblr-1783	639	18	of	of	ADP
cblr-1783	639	19	entities	entity	NOUN
cblr-1783	639	20	that	that	PRON
cblr-1783	639	21	perform	perform	VERB
cblr-1783	639	22	critical	critical	ADJ
cblr-1783	639	23	functions	function	NOUN
cblr-1783	639	24	for	for	ADP
cblr-1783	639	25	the	the	DET
cblr-1783	639	26	financial	financial	ADJ
cblr-1783	639	27	system	system	NOUN
cblr-1783	639	28	and	and	CCONJ
cblr-1783	639	29	are	be	AUX
cblr-1783	639	30	capitalized	capitalize	VERB
cblr-1783	639	31	robustly	robustly	ADV
cblr-1783	639	32	enough	enough	ADV
cblr-1783	639	33	to	to	PART
cblr-1783	639	34	do	do	VERB
cblr-1783	639	35	so	so	ADV
cblr-1783	639	36	.	.	PUNCT
cblr-1783	640	1	the	the	DET
cblr-1783	640	2	certainty	certainty	NOUN
cblr-1783	640	3	of	of	ADP
cblr-1783	640	4	this	this	DET
cblr-1783	640	5	proposition	proposition	NOUN
cblr-1783	640	6	diminishes	diminish	VERB
cblr-1783	640	7	if	if	SCONJ
cblr-1783	640	8	clearinghouses	clearinghouse	NOUN
cblr-1783	640	9	engage	engage	VERB
cblr-1783	640	10	in	in	ADP
cblr-1783	640	11	a	a	DET
cblr-1783	640	12	race	race	NOUN
cblr-1783	640	13	to	to	ADP
cblr-1783	640	14	the	the	DET
cblr-1783	640	15	bottom	bottom	NOUN
cblr-1783	640	16	to	to	PART
cblr-1783	640	17	compete	compete	VERB
cblr-1783	640	18	for	for	ADP
cblr-1783	640	19	market	market	NOUN
cblr-1783	640	20	share	share	NOUN
cblr-1783	640	21	,	,	PUNCT
cblr-1783	640	22	as	as	SCONJ
cblr-1783	640	23	insurance	insurance	NOUN
cblr-1783	640	24	companies	company	NOUN
cblr-1783	640	25	have	have	AUX
cblr-1783	640	26	done	do	VERB
cblr-1783	640	27	in	in	ADP
cblr-1783	640	28	the	the	DET
cblr-1783	640	29	past.128	past.128	NOUN
cblr-1783	640	30	to	to	PART
cblr-1783	640	31	prevent	prevent	VERB
cblr-1783	640	32	that	that	DET
cblr-1783	640	33	possibility	possibility	NOUN
cblr-1783	640	34	,	,	PUNCT
cblr-1783	640	35	dodd	dodd	PROPN
cblr-1783	640	36	-	-	PUNCT
cblr-1783	640	37	frank	frank	PROPN
cblr-1783	640	38	empowers	empower	VERB
cblr-1783	640	39	regulators	regulator	NOUN
cblr-1783	640	40	with	with	ADP
cblr-1783	640	41	intimate	intimate	ADJ
cblr-1783	640	42	oversight	oversight	NOUN
cblr-1783	640	43	of	of	ADP
cblr-1783	640	44	clearinghouses	clearinghouse	NOUN
cblr-1783	640	45	,	,	PUNCT
cblr-1783	640	46	especially	especially	ADV
cblr-1783	640	47	the	the	DET
cblr-1783	640	48	systemically	systemically	ADV
cblr-1783	640	49	important	important	ADJ
cblr-1783	640	50	ones	one	NOUN
cblr-1783	640	51	,	,	PUNCT
cblr-1783	640	52	in	in	ADP
cblr-1783	640	53	certain	certain	ADJ
cblr-1783	640	54	areas	area	NOUN
cblr-1783	640	55	.	.	PUNCT
cblr-1783	641	1	c.	c.	NOUN
cblr-1783	641	2	selective	selective	ADJ
cblr-1783	641	3	regulatory	regulatory	ADJ
cblr-1783	641	4	convergence	convergence	NOUN
cblr-1783	641	5	the	the	DET
cblr-1783	641	6	justifications	justification	NOUN
cblr-1783	641	7	for	for	ADP
cblr-1783	641	8	large	large	ADJ
cblr-1783	641	9	clearinghouses	clearinghouse	NOUN
cblr-1783	641	10	are	be	AUX
cblr-1783	641	11	grounded	ground	VERB
cblr-1783	641	12	in	in	ADP
cblr-1783	641	13	traits	trait	NOUN
cblr-1783	641	14	that	that	PRON
cblr-1783	641	15	banks	bank	NOUN
cblr-1783	641	16	do	do	AUX
cblr-1783	641	17	not	not	PART
cblr-1783	641	18	share	share	VERB
cblr-1783	641	19	.	.	PUNCT
cblr-1783	642	1	nonetheless	nonetheless	ADV
cblr-1783	642	2	,	,	PUNCT
cblr-1783	642	3	both	both	DET
cblr-1783	642	4	sets	set	NOUN
cblr-1783	642	5	of	of	ADP
cblr-1783	642	6	financial	financial	ADJ
cblr-1783	642	7	institutions	institution	NOUN
cblr-1783	642	8	can	can	AUX
cblr-1783	642	9	pose	pose	VERB
cblr-1783	642	10	systemic	systemic	ADJ
cblr-1783	642	11	risks	risk	NOUN
cblr-1783	642	12	due	due	ADP
cblr-1783	642	13	to	to	ADP
cblr-1783	642	14	their	their	PRON
cblr-1783	642	15	size	size	NOUN
cblr-1783	642	16	and	and	CCONJ
cblr-1783	642	17	interconnectivity	interconnectivity	NOUN
cblr-1783	642	18	.	.	PUNCT
cblr-1783	643	1	this	this	DET
cblr-1783	643	2	subsection	subsection	NOUN
cblr-1783	643	3	explores	explore	VERB
cblr-1783	643	4	how	how	SCONJ
cblr-1783	643	5	regulators	regulator	NOUN
cblr-1783	643	6	would	would	AUX
cblr-1783	643	7	handle	handle	VERB
cblr-1783	643	8	crisis	crisis	NOUN
cblr-1783	643	9	situations	situation	NOUN
cblr-1783	643	10	for	for	ADP
cblr-1783	643	11	big	big	ADJ
cblr-1783	643	12	banks	bank	NOUN
cblr-1783	643	13	and	and	CCONJ
cblr-1783	643	14	big	big	ADJ
cblr-1783	643	15	clearinghouses	clearinghouse	NOUN
cblr-1783	643	16	,	,	PUNCT
cblr-1783	643	17	where	where	SCONJ
cblr-1783	643	18	preventative	preventative	ADJ
cblr-1783	643	19	measures	measure	NOUN
cblr-1783	643	20	are	be	AUX
cblr-1783	643	21	needed	need	VERB
cblr-1783	643	22	to	to	PART
cblr-1783	643	23	prevent	prevent	VERB
cblr-1783	643	24	bailout	bailout	NOUN
cblr-1783	643	25	and	and	CCONJ
cblr-1783	643	26	tbtf	tbtf	ADJ
cblr-1783	643	27	.	.	PUNCT
cblr-1783	644	1	as	as	SCONJ
cblr-1783	644	2	will	will	AUX
cblr-1783	644	3	become	become	VERB
cblr-1783	644	4	clear	clear	ADJ
cblr-1783	644	5	,	,	PUNCT
cblr-1783	644	6	there	there	PRON
cblr-1783	644	7	would	would	AUX
cblr-1783	644	8	be	be	AUX
cblr-1783	644	9	a	a	DET
cblr-1783	644	10	convergence	convergence	NOUN
cblr-1783	644	11	of	of	ADP
cblr-1783	644	12	solutions	solution	NOUN
cblr-1783	644	13	for	for	ADP
cblr-1783	644	14	a	a	DET
cblr-1783	644	15	liquidity	liquidity	NOUN
cblr-1783	644	16	crisis	crisis	NOUN
cblr-1783	644	17	but	but	CCONJ
cblr-1783	644	18	confusion	confusion	NOUN
cblr-1783	644	19	for	for	ADP
cblr-1783	644	20	insolvency	insolvency	NOUN
cblr-1783	644	21	.	.	PUNCT
cblr-1783	645	1	1	1	X
cblr-1783	645	2	.	.	X
cblr-1783	645	3	liquidity	liquidity	NOUN
cblr-1783	645	4	under	under	ADP
cblr-1783	645	5	title	title	NOUN
cblr-1783	645	6	viii	viii	NOUN
cblr-1783	645	7	of	of	ADP
cblr-1783	645	8	dodd	dodd	PROPN
cblr-1783	645	9	-	-	PUNCT
cblr-1783	645	10	frank	frank	PROPN
cblr-1783	645	11	,	,	PUNCT
cblr-1783	645	12	clearinghouses	clearinghouse	NOUN
cblr-1783	645	13	deemed	deem	VERB
cblr-1783	645	14	systemically	systemically	ADV
cblr-1783	645	15	important	important	ADJ
cblr-1783	645	16	financial	financial	ADJ
cblr-1783	645	17	market	market	NOUN
cblr-1783	645	18	utilities	utility	NOUN
cblr-1783	645	19	(	(	PUNCT
cblr-1783	645	20	“	"	PUNCT
cblr-1783	645	21	sifmus	sifmus	ADJ
cblr-1783	645	22	”	"	PUNCT
cblr-1783	645	23	)	)	PUNCT
cblr-1783	645	24	have	have	VERB
cblr-1783	645	25	access	access	NOUN
cblr-1783	645	26	to	to	ADP
cblr-1783	645	27	the	the	DET
cblr-1783	645	28	federal	federal	PROPN
cblr-1783	645	29	reserve	reserve	PROPN
cblr-1783	645	30	’s	’s	PART
cblr-1783	645	31	discount	discount	NOUN
cblr-1783	645	32	window	window	NOUN
cblr-1783	645	33	as	as	ADP
cblr-1783	645	34	a	a	DET
cblr-1783	645	35	source	source	NOUN
cblr-1783	645	36	of	of	ADP
cblr-1783	645	37	emergency	emergency	NOUN
cblr-1783	645	38	liquidity.129	liquidity.129	NOUN
cblr-1783	645	39	this	this	DET
cblr-1783	645	40	policy	policy	NOUN
cblr-1783	645	41	made	make	VERB
cblr-1783	645	42	its	its	PRON
cblr-1783	645	43	way	way	NOUN
cblr-1783	645	44	6	6	NUM
cblr-1783	645	45	,	,	PUNCT
cblr-1783	645	46	2013	2013	NUM
cblr-1783	645	47	)	)	PUNCT
cblr-1783	645	48	,	,	PUNCT
cblr-1783	645	49	with	with	ADP
cblr-1783	645	50	jpmorgan	jpmorgan	PROPN
cblr-1783	645	51	chase	chase	PROPN
cblr-1783	645	52	&	&	CCONJ
cblr-1783	645	53	co.	co.	PROPN
cblr-1783	645	54	,	,	PUNCT
cblr-1783	645	55	annual	annual	ADJ
cblr-1783	645	56	report	report	NOUN
cblr-1783	645	57	(	(	PUNCT
cblr-1783	645	58	form	form	NOUN
cblr-1783	645	59	10	10	NUM
cblr-1783	645	60	-	-	PUNCT
cblr-1783	645	61	k	k	NOUN
cblr-1783	645	62	)	)	PUNCT
cblr-1783	645	63	,	,	PUNCT
cblr-1783	645	64	item	item	NOUN
cblr-1783	645	65	8	8	NUM
cblr-1783	645	66	(	(	PUNCT
cblr-1783	645	67	feb	feb	PROPN
cblr-1783	645	68	.	.	PROPN
cblr-1783	645	69	28	28	NUM
cblr-1783	645	70	,	,	PUNCT
cblr-1783	645	71	2013	2013	NUM
cblr-1783	645	72	)	)	PUNCT
cblr-1783	645	73	.	.	PUNCT
cblr-1783	646	1	128	128	NUM
cblr-1783	646	2	as	as	SCONJ
cblr-1783	646	3	professor	professor	NOUN
cblr-1783	646	4	levitin	levitin	NOUN
cblr-1783	646	5	sums	sum	VERB
cblr-1783	646	6	up	up	ADP
cblr-1783	646	7	:	:	PUNCT
cblr-1783	646	8	ultimately	ultimately	ADV
cblr-1783	646	9	,	,	PUNCT
cblr-1783	646	10	it	it	PRON
cblr-1783	646	11	is	be	AUX
cblr-1783	646	12	capital	capital	NOUN
cblr-1783	646	13	.	.	PUNCT
cblr-1783	646	14	.	.	PUNCT
cblr-1783	646	15	.	.	PUNCT
cblr-1783	647	1	that	that	PRON
cblr-1783	647	2	will	will	AUX
cblr-1783	647	3	determine	determine	VERB
cblr-1783	647	4	the	the	DET
cblr-1783	647	5	success	success	NOUN
cblr-1783	647	6	of	of	ADP
cblr-1783	647	7	clearinghouses	clearinghouse	NOUN
cblr-1783	647	8	.	.	PUNCT
cblr-1783	648	1	well	well	ADV
cblr-1783	648	2	-	-	PUNCT
cblr-1783	648	3	capitalized	capitalize	VERB
cblr-1783	648	4	clearinghouses	clearinghouse	NOUN
cblr-1783	648	5	can	can	AUX
cblr-1783	648	6	absorb	absorb	VERB
cblr-1783	648	7	and	and	CCONJ
cblr-1783	648	8	diffuse	diffuse	VERB
cblr-1783	648	9	losses	loss	NOUN
cblr-1783	648	10	,	,	PUNCT
cblr-1783	648	11	serving	serve	VERB
cblr-1783	648	12	as	as	ADP
cblr-1783	648	13	systemic	systemic	ADJ
cblr-1783	648	14	lightning	lightning	NOUN
cblr-1783	648	15	rods	rod	NOUN
cblr-1783	648	16	.	.	PUNCT
cblr-1783	649	1	but	but	CCONJ
cblr-1783	649	2	without	without	ADP
cblr-1783	649	3	sufficient	sufficient	ADJ
cblr-1783	649	4	capital	capital	NOUN
cblr-1783	649	5	(	(	PUNCT
cblr-1783	649	6	protected	protect	VERB
cblr-1783	649	7	by	by	ADP
cblr-1783	649	8	regulation	regulation	NOUN
cblr-1783	649	9	)	)	PUNCT
cblr-1783	649	10	,	,	PUNCT
cblr-1783	649	11	clearinghouses	clearinghouse	NOUN
cblr-1783	649	12	present	present	VERB
cblr-1783	649	13	vulnerable	vulnerable	ADJ
cblr-1783	649	14	points	point	NOUN
cblr-1783	649	15	of	of	ADP
cblr-1783	649	16	financial	financial	ADJ
cblr-1783	649	17	interconnectivity	interconnectivity	NOUN
cblr-1783	649	18	that	that	PRON
cblr-1783	649	19	may	may	AUX
cblr-1783	649	20	incur	incur	VERB
cblr-1783	649	21	excessive	excessive	ADJ
cblr-1783	649	22	risk	risk	NOUN
cblr-1783	649	23	in	in	ADP
cblr-1783	649	24	a	a	DET
cblr-1783	649	25	race	race	NOUN
cblr-1783	649	26	for	for	ADP
cblr-1783	649	27	market	market	NOUN
cblr-1783	649	28	share	share	NOUN
cblr-1783	649	29	.	.	PUNCT
cblr-1783	650	1	levitin	levitin	PROPN
cblr-1783	650	2	,	,	PUNCT
cblr-1783	650	3	supra	supra	PROPN
cblr-1783	650	4	note	note	NOUN
cblr-1783	650	5	110	110	NUM
cblr-1783	650	6	,	,	PUNCT
cblr-1783	650	7	at	at	ADP
cblr-1783	650	8	448	448	NUM
cblr-1783	650	9	.	.	PUNCT
cblr-1783	651	1	129	129	NUM
cblr-1783	651	2	see	see	VERB
cblr-1783	651	3	12	12	NUM
cblr-1783	651	4	u.s.c	u.s.c	ADJ
cblr-1783	651	5	.	.	PUNCT
cblr-1783	652	1	§	§	PROPN
cblr-1783	652	2	§	§	PROPN
cblr-1783	652	3	5462(3	5462(3	PROPN
cblr-1783	652	4	)	)	PUNCT
cblr-1783	652	5	,	,	PUNCT
cblr-1783	652	6	5462(4	5462(4	NUM
cblr-1783	652	7	)	)	PUNCT
cblr-1783	652	8	,	,	PUNCT
cblr-1783	652	9	5465(b	5465(b	NUM
cblr-1783	652	10	)	)	PUNCT
cblr-1783	652	11	(	(	PUNCT
cblr-1783	652	12	2012	2012	NUM
cblr-1783	652	13	)	)	PUNCT
cblr-1783	652	14	.	.	PUNCT
cblr-1783	653	1	a	a	DET
cblr-1783	653	2	financial	financial	ADJ
cblr-1783	653	3	market	market	NOUN
cblr-1783	653	4	utility	utility	NOUN
cblr-1783	653	5	is	be	AUX
cblr-1783	653	6	defined	define	VERB
cblr-1783	653	7	as	as	ADP
cblr-1783	653	8	“	"	PUNCT
cblr-1783	653	9	any	any	DET
cblr-1783	653	10	person	person	NOUN
cblr-1783	653	11	that	that	PRON
cblr-1783	653	12	manages	manage	VERB
cblr-1783	653	13	or	or	CCONJ
cblr-1783	653	14	operates	operate	VERB
cblr-1783	653	15	a	a	DET
cblr-1783	653	16	788	788	NUM
cblr-1783	653	17	columbia	columbia	PROPN
cblr-1783	653	18	business	business	NOUN
cblr-1783	653	19	law	law	NOUN
cblr-1783	653	20	review	review	NOUN
cblr-1783	653	21	[	[	X
cblr-1783	653	22	vol	vol	NOUN
cblr-1783	653	23	.	.	NOUN
cblr-1783	653	24	2014	2014	NUM
cblr-1783	653	25	into	into	ADP
cblr-1783	653	26	dodd	dodd	PROPN
cblr-1783	653	27	-	-	PUNCT
cblr-1783	653	28	frank	frank	PROPN
cblr-1783	653	29	early	early	ADV
cblr-1783	653	30	on	on	ADV
cblr-1783	653	31	,	,	PUNCT
cblr-1783	653	32	in	in	ADP
cblr-1783	653	33	recognition	recognition	NOUN
cblr-1783	653	34	of	of	ADP
cblr-1783	653	35	the	the	DET
cblr-1783	653	36	fact	fact	NOUN
cblr-1783	653	37	that	that	SCONJ
cblr-1783	653	38	if	if	SCONJ
cblr-1783	653	39	liquidity	liquidity	NOUN
cblr-1783	653	40	dries	dry	VERB
cblr-1783	653	41	up	up	ADP
cblr-1783	653	42	,	,	PUNCT
cblr-1783	653	43	the	the	DET
cblr-1783	653	44	federal	federal	PROPN
cblr-1783	653	45	reserve	reserve	PROPN
cblr-1783	653	46	will	will	AUX
cblr-1783	653	47	inevitably	inevitably	ADV
cblr-1783	653	48	step	step	VERB
cblr-1783	653	49	in	in	ADP
cblr-1783	653	50	to	to	ADP
cblr-1783	653	51	back	back	NOUN
cblr-1783	653	52	clearinghouse	clearinghouse	NOUN
cblr-1783	653	53	obligations	obligation	NOUN
cblr-1783	653	54	.	.	PUNCT
cblr-1783	654	1	its	its	PRON
cblr-1783	654	2	expression	expression	NOUN
cblr-1783	654	3	in	in	ADP
cblr-1783	654	4	title	title	NOUN
cblr-1783	654	5	viii	viii	NOUN
cblr-1783	654	6	clarifies	clarifie	NOUN
cblr-1783	654	7	that	that	SCONJ
cblr-1783	654	8	the	the	DET
cblr-1783	654	9	federal	federal	PROPN
cblr-1783	654	10	reserve	reserve	PROPN
cblr-1783	654	11	has	have	AUX
cblr-1783	654	12	the	the	DET
cblr-1783	654	13	power	power	NOUN
cblr-1783	654	14	to	to	PART
cblr-1783	654	15	intervene	intervene	VERB
cblr-1783	654	16	on	on	ADP
cblr-1783	654	17	behalf	behalf	NOUN
cblr-1783	654	18	of	of	ADP
cblr-1783	654	19	market	market	NOUN
cblr-1783	654	20	makers	maker	NOUN
cblr-1783	654	21	and	and	CCONJ
cblr-1783	654	22	clearinghouses	clearinghouse	NOUN
cblr-1783	654	23	;	;	PUNCT
cblr-1783	654	24	previously	previously	ADV
cblr-1783	654	25	,	,	PUNCT
cblr-1783	654	26	the	the	DET
cblr-1783	654	27	federal	federal	PROPN
cblr-1783	654	28	reserve	reserve	PROPN
cblr-1783	654	29	could	could	AUX
cblr-1783	654	30	only	only	ADV
cblr-1783	654	31	look	look	VERB
cblr-1783	654	32	to	to	ADP
cblr-1783	654	33	a	a	DET
cblr-1783	654	34	“	"	PUNCT
cblr-1783	654	35	patchwork	patchwork	NOUN
cblr-1783	654	36	of	of	ADP
cblr-1783	654	37	authorities	authority	NOUN
cblr-1783	654	38	,	,	PUNCT
cblr-1783	654	39	largely	largely	ADV
cblr-1783	654	40	derived	derive	VERB
cblr-1783	654	41	from	from	ADP
cblr-1783	654	42	[	[	X
cblr-1783	654	43	its	its	PRON
cblr-1783	654	44	]	]	X
cblr-1783	654	45	role	role	NOUN
cblr-1783	654	46	as	as	ADP
cblr-1783	654	47	a	a	DET
cblr-1783	654	48	banking	banking	NOUN
cblr-1783	654	49	supervisor	supervisor	NOUN
cblr-1783	654	50	,	,	PUNCT
cblr-1783	654	51	as	as	ADV
cblr-1783	654	52	well	well	ADV
cblr-1783	654	53	as	as	ADP
cblr-1783	654	54	on	on	ADP
cblr-1783	654	55	moral	moral	ADJ
cblr-1783	654	56	suasion	suasion	NOUN
cblr-1783	654	57	.	.	PUNCT
cblr-1783	654	58	”130	”130	PROPN
cblr-1783	655	1	it	it	PRON
cblr-1783	655	2	was	be	AUX
cblr-1783	655	3	within	within	ADP
cblr-1783	655	4	this	this	DET
cblr-1783	655	5	loose	loose	ADJ
cblr-1783	655	6	framework	framework	NOUN
cblr-1783	655	7	that	that	PRON
cblr-1783	655	8	the	the	DET
cblr-1783	655	9	central	central	ADJ
cblr-1783	655	10	bank	bank	NOUN
cblr-1783	655	11	acted	act	VERB
cblr-1783	655	12	in	in	ADP
cblr-1783	655	13	1987	1987	NUM
cblr-1783	655	14	to	to	PART
cblr-1783	655	15	buttress	buttress	VERB
cblr-1783	655	16	the	the	DET
cblr-1783	655	17	options	option	NOUN
cblr-1783	655	18	clearing	clearing	NOUN
cblr-1783	655	19	corporation	corporation	NOUN
cblr-1783	655	20	’s	’s	PART
cblr-1783	655	21	liquidity	liquidity	NOUN
cblr-1783	655	22	.	.	PUNCT
cblr-1783	656	1	when	when	SCONJ
cblr-1783	656	2	precarious	precarious	ADJ
cblr-1783	656	3	swings	swing	NOUN
cblr-1783	656	4	in	in	ADP
cblr-1783	656	5	the	the	DET
cblr-1783	656	6	equities	equity	NOUN
cblr-1783	656	7	markets	market	NOUN
cblr-1783	656	8	caused	cause	VERB
cblr-1783	656	9	occ	occ	AUX
cblr-1783	656	10	to	to	PART
cblr-1783	656	11	make	make	VERB
cblr-1783	656	12	margin	margin	NOUN
cblr-1783	656	13	calls	call	NOUN
cblr-1783	656	14	that	that	SCONJ
cblr-1783	656	15	some	some	DET
cblr-1783	656	16	members	member	NOUN
cblr-1783	656	17	could	could	AUX
cblr-1783	656	18	not	not	PART
cblr-1783	656	19	honor	honor	VERB
cblr-1783	656	20	,	,	PUNCT
cblr-1783	656	21	the	the	DET
cblr-1783	656	22	fed	fed	PROPN
cblr-1783	656	23	used	use	VERB
cblr-1783	656	24	its	its	PRON
cblr-1783	656	25	lender	lender	NOUN
cblr-1783	656	26	-	-	PUNCT
cblr-1783	656	27	of	of	ADP
cblr-1783	656	28	-	-	PUNCT
cblr-1783	656	29	last	last	ADJ
cblr-1783	656	30	-	-	PUNCT
cblr-1783	656	31	resort	resort	NOUN
cblr-1783	656	32	(	(	PUNCT
cblr-1783	656	33	“	"	PUNCT
cblr-1783	656	34	lolr	lolr	NOUN
cblr-1783	656	35	”	"	PUNCT
cblr-1783	656	36	)	)	PUNCT
cblr-1783	656	37	powers	power	NOUN
cblr-1783	656	38	to	to	PART
cblr-1783	656	39	induce	induce	VERB
cblr-1783	656	40	and	and	CCONJ
cblr-1783	656	41	cajole	cajole	VERB
cblr-1783	656	42	the	the	DET
cblr-1783	656	43	money	money	NOUN
cblr-1783	656	44	center	center	NOUN
cblr-1783	656	45	banks	bank	NOUN
cblr-1783	656	46	into	into	ADP
cblr-1783	656	47	lending	lending	NOUN
cblr-1783	656	48	to	to	ADP
cblr-1783	656	49	occ.131	occ.131	NOUN
cblr-1783	656	50	this	this	DET
cblr-1783	656	51	stratagem	stratagem	NOUN
cblr-1783	656	52	was	be	AUX
cblr-1783	656	53	circuitous	circuitous	ADJ
cblr-1783	656	54	,	,	PUNCT
cblr-1783	656	55	for	for	SCONJ
cblr-1783	656	56	the	the	DET
cblr-1783	656	57	regulator	regulator	NOUN
cblr-1783	656	58	could	could	AUX
cblr-1783	656	59	only	only	ADV
cblr-1783	656	60	aid	aid	VERB
cblr-1783	656	61	the	the	DET
cblr-1783	656	62	clearinghouse	clearinghouse	NOUN
cblr-1783	656	63	by	by	ADP
cblr-1783	656	64	guaranteeing	guarantee	VERB
cblr-1783	656	65	the	the	DET
cblr-1783	656	66	solvency	solvency	NOUN
cblr-1783	656	67	of	of	ADP
cblr-1783	656	68	the	the	DET
cblr-1783	656	69	banks	bank	NOUN
cblr-1783	656	70	that	that	PRON
cblr-1783	656	71	lent	lend	VERB
cblr-1783	656	72	to	to	ADP
cblr-1783	656	73	it	it	PRON
cblr-1783	656	74	.	.	PUNCT
cblr-1783	657	1	today	today	NOUN
cblr-1783	657	2	,	,	PUNCT
cblr-1783	657	3	the	the	DET
cblr-1783	657	4	federal	federal	PROPN
cblr-1783	657	5	reserve	reserve	PROPN
cblr-1783	657	6	can	can	AUX
cblr-1783	657	7	lend	lend	VERB
cblr-1783	657	8	directly	directly	ADV
cblr-1783	657	9	to	to	ADP
cblr-1783	657	10	sifmus	sifmus	NOUN
cblr-1783	657	11	;	;	PUNCT
cblr-1783	657	12	in	in	ADP
cblr-1783	657	13	this	this	DET
cblr-1783	657	14	way	way	NOUN
cblr-1783	657	15	,	,	PUNCT
cblr-1783	657	16	the	the	DET
cblr-1783	657	17	regulator	regulator	NOUN
cblr-1783	657	18	has	have	AUX
cblr-1783	657	19	become	become	VERB
cblr-1783	657	20	the	the	DET
cblr-1783	657	21	“	"	PUNCT
cblr-1783	657	22	insurer	insurer	NOUN
cblr-1783	657	23	of	of	ADP
cblr-1783	657	24	last	last	ADJ
cblr-1783	657	25	resort	resort	NOUN
cblr-1783	657	26	”	"	PUNCT
cblr-1783	657	27	for	for	ADP
cblr-1783	657	28	the	the	DET
cblr-1783	657	29	financial	financial	ADJ
cblr-1783	657	30	markets132	markets132	PROPN
cblr-1783	657	31	—	—	PUNCT
cblr-1783	657	32	or	or	CCONJ
cblr-1783	657	33	,	,	PUNCT
cblr-1783	657	34	the	the	DET
cblr-1783	657	35	“	"	PUNCT
cblr-1783	657	36	market	market	NOUN
cblr-1783	657	37	-	-	PUNCT
cblr-1783	657	38	maker	maker	NOUN
cblr-1783	657	39	of	of	ADP
cblr-1783	657	40	last	last	ADJ
cblr-1783	657	41	resort	resort	NOUN
cblr-1783	657	42	.	.	PUNCT
cblr-1783	658	1	”133	”133	VERB
cblr-1783	658	2	banks	bank	NOUN
cblr-1783	658	3	are	be	AUX
cblr-1783	658	4	well	well	ADV
cblr-1783	658	5	-	-	PUNCT
cblr-1783	658	6	acquainted	acquaint	VERB
cblr-1783	658	7	with	with	ADP
cblr-1783	658	8	the	the	DET
cblr-1783	658	9	federal	federal	PROPN
cblr-1783	658	10	reserve	reserve	PROPN
cblr-1783	658	11	’s	’s	PART
cblr-1783	658	12	“	"	PUNCT
cblr-1783	658	13	bedrock	bedrock	NOUN
cblr-1783	658	14	function	function	NOUN
cblr-1783	658	15	”	"	PUNCT
cblr-1783	658	16	as	as	ADP
cblr-1783	658	17	the	the	DET
cblr-1783	658	18	lolr.134	lolr.134	NOUN
cblr-1783	658	19	to	to	PART
cblr-1783	658	20	prevent	prevent	VERB
cblr-1783	658	21	a	a	DET
cblr-1783	658	22	run	run	NOUN
cblr-1783	658	23	and	and	CCONJ
cblr-1783	658	24	the	the	DET
cblr-1783	658	25	ensuing	ensue	VERB
cblr-1783	658	26	panic	panic	NOUN
cblr-1783	658	27	,	,	PUNCT
cblr-1783	658	28	the	the	DET
cblr-1783	658	29	regulator	regulator	NOUN
cblr-1783	658	30	can	can	AUX
cblr-1783	658	31	inject	inject	VERB
cblr-1783	658	32	liquidity	liquidity	NOUN
cblr-1783	658	33	into	into	ADP
cblr-1783	658	34	a	a	DET
cblr-1783	658	35	bank	bank	NOUN
cblr-1783	658	36	’s	’s	PART
cblr-1783	658	37	balance	balance	NOUN
cblr-1783	658	38	sheets	sheet	NOUN
cblr-1783	658	39	to	to	PART
cblr-1783	658	40	bridge	bridge	VERB
cblr-1783	658	41	the	the	DET
cblr-1783	658	42	gap	gap	NOUN
cblr-1783	658	43	between	between	ADP
cblr-1783	658	44	its	its	PRON
cblr-1783	658	45	generally	generally	ADV
cblr-1783	658	46	shortterm	shortterm	VERB
cblr-1783	658	47	liabilities	liability	NOUN
cblr-1783	658	48	and	and	CCONJ
cblr-1783	658	49	long	long	ADJ
cblr-1783	658	50	-	-	PUNCT
cblr-1783	658	51	term	term	NOUN
cblr-1783	658	52	assets.135	assets.135	NOUN
cblr-1783	658	53	this	this	DET
cblr-1783	658	54	function	function	NOUN
cblr-1783	658	55	has	have	AUX
cblr-1783	658	56	been	be	AUX
cblr-1783	658	57	invoked	invoke	VERB
cblr-1783	658	58	numerous	numerous	ADJ
cblr-1783	658	59	times	time	NOUN
cblr-1783	658	60	in	in	ADP
cblr-1783	658	61	the	the	DET
cblr-1783	658	62	name	name	NOUN
cblr-1783	658	63	of	of	ADP
cblr-1783	658	64	stabilizing	stabilize	VERB
cblr-1783	658	65	the	the	DET
cblr-1783	658	66	multilateral	multilateral	ADJ
cblr-1783	658	67	system	system	NOUN
cblr-1783	658	68	for	for	ADP
cblr-1783	658	69	the	the	DET
cblr-1783	658	70	purpose	purpose	NOUN
cblr-1783	658	71	of	of	ADP
cblr-1783	658	72	transferring	transferring	NOUN
cblr-1783	658	73	,	,	PUNCT
cblr-1783	658	74	clearing	clearing	NOUN
cblr-1783	658	75	,	,	PUNCT
cblr-1783	658	76	or	or	CCONJ
cblr-1783	658	77	settling	settle	VERB
cblr-1783	658	78	payments	payment	NOUN
cblr-1783	658	79	,	,	PUNCT
cblr-1783	658	80	securities	security	NOUN
cblr-1783	658	81	,	,	PUNCT
cblr-1783	658	82	or	or	CCONJ
cblr-1783	658	83	other	other	ADJ
cblr-1783	658	84	financial	financial	ADJ
cblr-1783	658	85	transactions	transaction	NOUN
cblr-1783	658	86	among	among	ADP
cblr-1783	658	87	financial	financial	ADJ
cblr-1783	658	88	institutions	institution	NOUN
cblr-1783	658	89	or	or	CCONJ
cblr-1783	658	90	between	between	ADP
cblr-1783	658	91	financial	financial	ADJ
cblr-1783	658	92	institutions	institution	NOUN
cblr-1783	658	93	and	and	CCONJ
cblr-1783	658	94	the	the	DET
cblr-1783	658	95	person	person	NOUN
cblr-1783	658	96	.	.	PUNCT
cblr-1783	658	97	”	"	PUNCT
cblr-1783	659	1	12	12	NUM
cblr-1783	659	2	u.s.c	u.s.c	ADJ
cblr-1783	659	3	.	.	PUNCT
cblr-1783	660	1	§	§	PROPN
cblr-1783	660	2	5462(6	5462(6	NUM
cblr-1783	660	3	)	)	PUNCT
cblr-1783	660	4	(	(	PUNCT
cblr-1783	660	5	2012	2012	NUM
cblr-1783	660	6	)	)	PUNCT
cblr-1783	660	7	.	.	PUNCT
cblr-1783	661	1	baker	baker	PROPN
cblr-1783	661	2	argues	argue	VERB
cblr-1783	661	3	that	that	SCONJ
cblr-1783	661	4	title	title	NOUN
cblr-1783	661	5	viii	viii	NOUN
cblr-1783	661	6	could	could	AUX
cblr-1783	661	7	even	even	ADV
cblr-1783	661	8	grant	grant	VERB
cblr-1783	661	9	sifmus	sifmus	ADJ
cblr-1783	661	10	nonemergency	nonemergency	NOUN
cblr-1783	661	11	access	access	NOUN
cblr-1783	661	12	to	to	ADP
cblr-1783	661	13	the	the	DET
cblr-1783	661	14	discount	discount	NOUN
cblr-1783	661	15	window	window	NOUN
cblr-1783	661	16	.	.	PUNCT
cblr-1783	662	1	see	see	VERB
cblr-1783	662	2	baker	baker	PROPN
cblr-1783	662	3	,	,	PUNCT
cblr-1783	662	4	supra	supra	PROPN
cblr-1783	662	5	note	note	PROPN
cblr-1783	662	6	89	89	NUM
cblr-1783	662	7	,	,	PUNCT
cblr-1783	662	8	at	at	ADP
cblr-1783	662	9	111	111	NUM
cblr-1783	662	10	.	.	PUNCT
cblr-1783	663	1	130	130	NUM
cblr-1783	663	2	systemic	systemic	ADJ
cblr-1783	663	3	risks	risk	NOUN
cblr-1783	663	4	and	and	CCONJ
cblr-1783	663	5	the	the	DET
cblr-1783	663	6	financial	financial	ADJ
cblr-1783	663	7	markets	market	NOUN
cblr-1783	663	8	:	:	PUNCT
cblr-1783	663	9	hearing	hear	VERB
cblr-1783	663	10	before	before	ADP
cblr-1783	663	11	the	the	DET
cblr-1783	663	12	h.	h.	PROPN
cblr-1783	663	13	comm	comm	NOUN
cblr-1783	663	14	.	.	PUNCT
cblr-1783	664	1	on	on	ADP
cblr-1783	664	2	fin	fin	NOUN
cblr-1783	664	3	.	.	PUNCT
cblr-1783	665	1	servs	servs	PROPN
cblr-1783	665	2	.	.	PROPN
cblr-1783	665	3	,	,	PUNCT
cblr-1783	665	4	110th	110th	ADJ
cblr-1783	665	5	cong	cong	NOUN
cblr-1783	665	6	.	.	PUNCT
cblr-1783	666	1	11	11	NUM
cblr-1783	666	2	(	(	PUNCT
cblr-1783	666	3	2008	2008	NUM
cblr-1783	666	4	)	)	PUNCT
cblr-1783	667	1	(	(	PUNCT
cblr-1783	667	2	statement	statement	NOUN
cblr-1783	667	3	of	of	ADP
cblr-1783	667	4	ben	ben	PROPN
cblr-1783	667	5	s.	s.	PROPN
cblr-1783	667	6	bernanke	bernanke	PROPN
cblr-1783	667	7	,	,	PUNCT
cblr-1783	667	8	chairman	chairman	NOUN
cblr-1783	667	9	,	,	PUNCT
cblr-1783	667	10	bd	bd	PROPN
cblr-1783	667	11	.	.	PROPN
cblr-1783	667	12	of	of	ADP
cblr-1783	667	13	governors	governor	NOUN
cblr-1783	667	14	of	of	ADP
cblr-1783	667	15	the	the	DET
cblr-1783	667	16	fed	fed	PROPN
cblr-1783	667	17	.	.	PUNCT
cblr-1783	668	1	reserve	reserve	PROPN
cblr-1783	668	2	sys	sys	PROPN
cblr-1783	668	3	.	.	PUNCT
cblr-1783	668	4	)	)	PUNCT
cblr-1783	668	5	.	.	PUNCT
cblr-1783	669	1	131	131	NUM
cblr-1783	669	2	see	see	VERB
cblr-1783	669	3	bernanke	bernanke	NOUN
cblr-1783	669	4	,	,	PUNCT
cblr-1783	669	5	supra	supra	PROPN
cblr-1783	669	6	note	note	NOUN
cblr-1783	669	7	46	46	NUM
cblr-1783	669	8	,	,	PUNCT
cblr-1783	669	9	at	at	ADP
cblr-1783	669	10	145–50	145–50	ADJ
cblr-1783	669	11	.	.	PUNCT
cblr-1783	670	1	132	132	NUM
cblr-1783	670	2	i	i	PRON
cblr-1783	670	3	d.	d.	PROPN
cblr-1783	670	4	at	at	ADP
cblr-1783	670	5	150	150	NUM
cblr-1783	670	6	.	.	PUNCT
cblr-1783	671	1	133	133	NUM
cblr-1783	671	2	see	see	VERB
cblr-1783	671	3	baker	baker	PROPN
cblr-1783	671	4	,	,	PUNCT
cblr-1783	671	5	supra	supra	PROPN
cblr-1783	671	6	note	note	PROPN
cblr-1783	671	7	89	89	NUM
cblr-1783	671	8	,	,	PUNCT
cblr-1783	671	9	at	at	ADP
cblr-1783	671	10	71	71	NUM
cblr-1783	671	11	.	.	PUNCT
cblr-1783	671	12	134	134	NUM
cblr-1783	672	1	i	i	PRON
cblr-1783	672	2	d.	d.	NOUN
cblr-1783	672	3	at	at	ADP
cblr-1783	672	4	84–85	84–85	NUM
cblr-1783	672	5	.	.	PUNCT
cblr-1783	673	1	135	135	NUM
cblr-1783	673	2	i	i	PRON
cblr-1783	673	3	d.	d.	NOUN
cblr-1783	673	4	at	at	ADP
cblr-1783	673	5	85–86	85–86	NUM
cblr-1783	673	6	.	.	PUNCT
cblr-1783	674	1	no	no	INTJ
cblr-1783	674	2	.	.	PUNCT
cblr-1783	675	1	3:747	3:747	NUM
cblr-1783	675	2	]	]	X
cblr-1783	675	3	systemic	systemic	ADJ
cblr-1783	675	4	risk	risk	NOUN
cblr-1783	675	5	paradox	paradox	NOUN
cblr-1783	675	6	789	789	NUM
cblr-1783	675	7	financial	financial	ADJ
cblr-1783	675	8	system	system	NOUN
cblr-1783	675	9	;	;	PUNCT
cblr-1783	675	10	during	during	ADP
cblr-1783	675	11	the	the	DET
cblr-1783	675	12	crisis	crisis	NOUN
cblr-1783	675	13	,	,	PUNCT
cblr-1783	675	14	liquidity	liquidity	NOUN
cblr-1783	675	15	was	be	AUX
cblr-1783	675	16	liberally	liberally	ADV
cblr-1783	675	17	dispensed	dispense	VERB
cblr-1783	675	18	,	,	PUNCT
cblr-1783	675	19	and	and	CCONJ
cblr-1783	675	20	the	the	DET
cblr-1783	675	21	federal	federal	PROPN
cblr-1783	675	22	reserve	reserve	PROPN
cblr-1783	675	23	indiscriminately	indiscriminately	ADV
cblr-1783	675	24	purchased	purchase	VERB
cblr-1783	675	25	toxic	toxic	ADJ
cblr-1783	675	26	assets	asset	NOUN
cblr-1783	675	27	,	,	PUNCT
cblr-1783	675	28	for	for	ADP
cblr-1783	675	29	the	the	DET
cblr-1783	675	30	benefit	benefit	NOUN
cblr-1783	675	31	of	of	ADP
cblr-1783	675	32	commercial	commercial	ADJ
cblr-1783	675	33	and	and	CCONJ
cblr-1783	675	34	investment	investment	NOUN
cblr-1783	675	35	banks	bank	NOUN
cblr-1783	675	36	alike.136	alike.136	VERB
cblr-1783	675	37	this	this	DET
cblr-1783	675	38	role	role	NOUN
cblr-1783	675	39	is	be	AUX
cblr-1783	675	40	not	not	PART
cblr-1783	675	41	without	without	ADP
cblr-1783	675	42	its	its	PRON
cblr-1783	675	43	criticisms	criticism	NOUN
cblr-1783	675	44	,	,	PUNCT
cblr-1783	675	45	including	include	VERB
cblr-1783	675	46	,	,	PUNCT
cblr-1783	675	47	most	most	ADV
cblr-1783	675	48	prominently	prominently	ADV
cblr-1783	675	49	,	,	PUNCT
cblr-1783	675	50	the	the	DET
cblr-1783	675	51	moral	moral	ADJ
cblr-1783	675	52	hazard	hazard	NOUN
cblr-1783	675	53	of	of	ADP
cblr-1783	675	54	saving	save	VERB
cblr-1783	675	55	institutions	institution	NOUN
cblr-1783	675	56	that	that	PRON
cblr-1783	675	57	should	should	AUX
cblr-1783	675	58	otherwise	otherwise	ADV
cblr-1783	675	59	be	be	AUX
cblr-1783	675	60	left	leave	VERB
cblr-1783	675	61	to	to	PART
cblr-1783	675	62	reap	reap	VERB
cblr-1783	675	63	their	their	PRON
cblr-1783	675	64	poor	poor	ADJ
cblr-1783	675	65	financial	financial	ADJ
cblr-1783	675	66	gambles.137	gambles.137	NOUN
cblr-1783	675	67	in	in	ADP
cblr-1783	675	68	this	this	DET
cblr-1783	675	69	spirit	spirit	NOUN
cblr-1783	675	70	,	,	PUNCT
cblr-1783	675	71	dodd	dodd	PROPN
cblr-1783	675	72	-	-	PUNCT
cblr-1783	675	73	frank	frank	PROPN
cblr-1783	675	74	restrains	restrain	VERB
cblr-1783	675	75	the	the	DET
cblr-1783	675	76	federal	federal	PROPN
cblr-1783	675	77	reserve	reserve	PROPN
cblr-1783	675	78	’s	’s	PART
cblr-1783	675	79	lolr	lolr	NOUN
cblr-1783	675	80	powers	power	NOUN
cblr-1783	675	81	by	by	ADP
cblr-1783	675	82	requiring	require	VERB
cblr-1783	675	83	,	,	PUNCT
cblr-1783	675	84	among	among	ADP
cblr-1783	675	85	other	other	ADJ
cblr-1783	675	86	things	thing	NOUN
cblr-1783	675	87	,	,	PUNCT
cblr-1783	675	88	coordination	coordination	NOUN
cblr-1783	675	89	with	with	ADP
cblr-1783	675	90	treasury	treasury	PROPN
cblr-1783	675	91	and	and	CCONJ
cblr-1783	675	92	congress	congress	PROPN
cblr-1783	675	93	,	,	PUNCT
cblr-1783	675	94	ex	ex	NOUN
cblr-1783	675	95	ante	ante	NOUN
cblr-1783	675	96	policies	policy	NOUN
cblr-1783	675	97	and	and	CCONJ
cblr-1783	675	98	procedures	procedure	NOUN
cblr-1783	675	99	,	,	PUNCT
cblr-1783	675	100	and	and	CCONJ
cblr-1783	675	101	collateralization	collateralization	NOUN
cblr-1783	675	102	for	for	ADP
cblr-1783	675	103	emergency	emergency	NOUN
cblr-1783	675	104	lending.138	lending.138	NOUN
cblr-1783	675	105	consistent	consistent	ADJ
cblr-1783	675	106	with	with	ADP
cblr-1783	675	107	the	the	DET
cblr-1783	675	108	limits	limit	NOUN
cblr-1783	675	109	placed	place	VERB
cblr-1783	675	110	upon	upon	SCONJ
cblr-1783	675	111	the	the	DET
cblr-1783	675	112	lolr	lolr	NOUN
cblr-1783	675	113	powers	power	NOUN
cblr-1783	675	114	,	,	PUNCT
cblr-1783	675	115	designated	designate	VERB
cblr-1783	675	116	clearinghouses	clearinghouse	NOUN
cblr-1783	675	117	must	must	AUX
cblr-1783	675	118	submit	submit	VERB
cblr-1783	675	119	to	to	ADP
cblr-1783	675	120	broad	broad	ADJ
cblr-1783	675	121	conditions	condition	NOUN
cblr-1783	675	122	under	under	ADP
cblr-1783	675	123	title	title	NOUN
cblr-1783	675	124	viii	viii	NOUN
cblr-1783	675	125	in	in	ADP
cblr-1783	675	126	return	return	NOUN
cblr-1783	675	127	for	for	ADP
cblr-1783	675	128	emergency	emergency	NOUN
cblr-1783	675	129	funding	funding	NOUN
cblr-1783	675	130	.	.	PUNCT
cblr-1783	676	1	the	the	DET
cblr-1783	676	2	force	force	NOUN
cblr-1783	676	3	of	of	ADP
cblr-1783	676	4	this	this	DET
cblr-1783	676	5	corner	corner	NOUN
cblr-1783	676	6	of	of	ADP
cblr-1783	676	7	dodd	dodd	PROPN
cblr-1783	676	8	-	-	PUNCT
cblr-1783	676	9	frank	frank	PROPN
cblr-1783	676	10	is	be	AUX
cblr-1783	676	11	obscured	obscure	VERB
cblr-1783	676	12	by	by	ADP
cblr-1783	676	13	its	its	PRON
cblr-1783	676	14	brevity	brevity	NOUN
cblr-1783	676	15	.	.	PUNCT
cblr-1783	677	1	title	title	NOUN
cblr-1783	677	2	viii	viii	ADJ
cblr-1783	677	3	empowers	empower	NOUN
cblr-1783	677	4	the	the	DET
cblr-1783	677	5	federal	federal	PROPN
cblr-1783	677	6	reserve	reserve	PROPN
cblr-1783	677	7	to	to	PART
cblr-1783	677	8	prescribe	prescribe	VERB
cblr-1783	677	9	risk	risk	NOUN
cblr-1783	677	10	management	management	NOUN
cblr-1783	677	11	standards	standard	NOUN
cblr-1783	677	12	for	for	ADP
cblr-1783	677	13	sifmus	sifmus	NOUN
cblr-1783	677	14	—	—	PUNCT
cblr-1783	677	15	and	and	CCONJ
cblr-1783	677	16	even	even	ADV
cblr-1783	677	17	to	to	PART
cblr-1783	677	18	potentially	potentially	ADV
cblr-1783	677	19	override	override	VERB
cblr-1783	677	20	the	the	DET
cblr-1783	677	21	standards	standard	NOUN
cblr-1783	677	22	set	set	VERB
cblr-1783	677	23	by	by	ADP
cblr-1783	677	24	the	the	DET
cblr-1783	677	25	sec	sec	PROPN
cblr-1783	677	26	and	and	CCONJ
cblr-1783	677	27	cftc	cftc	PROPN
cblr-1783	677	28	if	if	SCONJ
cblr-1783	677	29	such	such	ADJ
cblr-1783	677	30	standards	standard	NOUN
cblr-1783	677	31	“	"	PUNCT
cblr-1783	677	32	are	be	AUX
cblr-1783	677	33	insufficient	insufficient	ADJ
cblr-1783	677	34	to	to	PART
cblr-1783	677	35	prevent	prevent	VERB
cblr-1783	677	36	or	or	CCONJ
cblr-1783	677	37	mitigate	mitigate	VERB
cblr-1783	677	38	significant	significant	ADJ
cblr-1783	677	39	liquidity	liquidity	NOUN
cblr-1783	677	40	,	,	PUNCT
cblr-1783	677	41	credit	credit	NOUN
cblr-1783	677	42	,	,	PUNCT
cblr-1783	677	43	operational	operational	ADJ
cblr-1783	677	44	,	,	PUNCT
cblr-1783	677	45	or	or	CCONJ
cblr-1783	677	46	other	other	ADJ
cblr-1783	677	47	risks	risk	NOUN
cblr-1783	677	48	to	to	ADP
cblr-1783	677	49	the	the	DET
cblr-1783	677	50	financial	financial	ADJ
cblr-1783	677	51	markets	market	NOUN
cblr-1783	677	52	or	or	CCONJ
cblr-1783	677	53	to	to	ADP
cblr-1783	677	54	the	the	DET
cblr-1783	677	55	financial	financial	ADJ
cblr-1783	677	56	stability	stability	NOUN
cblr-1783	677	57	of	of	ADP
cblr-1783	677	58	the	the	DET
cblr-1783	677	59	united	united	PROPN
cblr-1783	677	60	states	states	PROPN
cblr-1783	677	61	.	.	PUNCT
cblr-1783	678	1	”139	”139	PUNCT
cblr-1783	679	1	designated	designate	VERB
cblr-1783	679	2	fmus	fmus	NOUN
cblr-1783	679	3	must	must	AUX
cblr-1783	679	4	also	also	ADV
cblr-1783	679	5	provide	provide	VERB
cblr-1783	679	6	regulators	regulator	NOUN
cblr-1783	679	7	with	with	ADP
cblr-1783	679	8	advance	advance	NOUN
cblr-1783	679	9	notice	notice	NOUN
cblr-1783	679	10	of	of	ADP
cblr-1783	679	11	changes	change	NOUN
cblr-1783	679	12	to	to	ADP
cblr-1783	679	13	rules	rule	NOUN
cblr-1783	679	14	,	,	PUNCT
cblr-1783	679	15	procedures	procedure	NOUN
cblr-1783	679	16	,	,	PUNCT
cblr-1783	679	17	or	or	CCONJ
cblr-1783	679	18	operations	operation	NOUN
cblr-1783	679	19	that	that	PRON
cblr-1783	679	20	could	could	AUX
cblr-1783	679	21	“	"	PUNCT
cblr-1783	679	22	materially	materially	ADV
cblr-1783	679	23	affect	affect	VERB
cblr-1783	679	24	”	"	PUNCT
cblr-1783	679	25	the	the	DET
cblr-1783	679	26	fmu	fmu	PROPN
cblr-1783	679	27	’s	’s	PART
cblr-1783	679	28	“	"	PUNCT
cblr-1783	679	29	nature	nature	NOUN
cblr-1783	679	30	or	or	CCONJ
cblr-1783	679	31	level	level	NOUN
cblr-1783	679	32	of	of	ADP
cblr-1783	679	33	risks	risk	NOUN
cblr-1783	679	34	.	.	PUNCT
cblr-1783	680	1	”140	”140	ADV
cblr-1783	680	2	furthermore	furthermore	ADV
cblr-1783	680	3	,	,	PUNCT
cblr-1783	680	4	the	the	DET
cblr-1783	680	5	federal	federal	PROPN
cblr-1783	680	6	reserve	reserve	PROPN
cblr-1783	680	7	,	,	PUNCT
cblr-1783	680	8	sec	sec	PROPN
cblr-1783	680	9	,	,	PUNCT
cblr-1783	680	10	and	and	CCONJ
cblr-1783	680	11	cftc	cftc	PROPN
cblr-1783	680	12	may	may	AUX
cblr-1783	680	13	also	also	ADV
cblr-1783	680	14	conduct	conduct	VERB
cblr-1783	680	15	examinations	examination	NOUN
cblr-1783	680	16	of	of	ADP
cblr-1783	680	17	,	,	PUNCT
cblr-1783	680	18	request	request	VERB
cblr-1783	680	19	information	information	NOUN
cblr-1783	680	20	from	from	ADP
cblr-1783	680	21	,	,	PUNCT
cblr-1783	680	22	and	and	CCONJ
cblr-1783	680	23	pursue	pursue	VERB
cblr-1783	680	24	enforcement	enforcement	NOUN
cblr-1783	680	25	actions	action	NOUN
cblr-1783	680	26	against	against	ADP
cblr-1783	680	27	sifmus	sifmus	NOUN
cblr-1783	680	28	concerning	concern	VERB
cblr-1783	680	29	their	their	PRON
cblr-1783	680	30	risks	risk	NOUN
cblr-1783	680	31	,	,	PUNCT
cblr-1783	680	32	safety	safety	NOUN
cblr-1783	680	33	and	and	CCONJ
cblr-1783	680	34	soundness	soundness	NOUN
cblr-1783	680	35	,	,	PUNCT
cblr-1783	680	36	and	and	CCONJ
cblr-1783	680	37	compliance	compliance	NOUN
cblr-1783	680	38	with	with	ADP
cblr-1783	680	39	regulations.141	regulations.141	ADJ
cblr-1783	680	40	as	as	ADP
cblr-1783	680	41	of	of	ADP
cblr-1783	680	42	the	the	DET
cblr-1783	680	43	time	time	NOUN
cblr-1783	680	44	of	of	ADP
cblr-1783	680	45	writing	writing	NOUN
cblr-1783	680	46	,	,	PUNCT
cblr-1783	680	47	there	there	PRON
cblr-1783	680	48	have	have	AUX
cblr-1783	680	49	been	be	AUX
cblr-1783	680	50	eight	eight	NUM
cblr-1783	680	51	fmus	fmus	NOUN
cblr-1783	680	52	designated	designate	VERB
cblr-1783	680	53	as	as	ADP
cblr-1783	680	54	systemically	systemically	ADV
cblr-1783	680	55	important.142	important.142	NOUN
cblr-1783	680	56	several	several	ADJ
cblr-1783	680	57	are	be	AUX
cblr-1783	680	58	well	well	ADV
cblr-1783	680	59	136	136	NUM
cblr-1783	681	1	see	see	VERB
cblr-1783	681	2	i	i	PRON
cblr-1783	681	3	d.	d.	PROPN
cblr-1783	681	4	at	at	ADP
cblr-1783	681	5	86–88	86–88	NUM
cblr-1783	681	6	;	;	PUNCT
cblr-1783	681	7	schooner	schooner	PROPN
cblr-1783	681	8	&	&	CCONJ
cblr-1783	681	9	taylor	taylor	PROPN
cblr-1783	681	10	,	,	PUNCT
cblr-1783	681	11	supra	supra	PROPN
cblr-1783	681	12	note	note	NOUN
cblr-1783	681	13	91	91	NUM
cblr-1783	681	14	,	,	PUNCT
cblr-1783	681	15	at	at	ADP
cblr-1783	681	16	55–56	55–56	NUM
cblr-1783	681	17	.	.	PUNCT
cblr-1783	682	1	137	137	NUM
cblr-1783	682	2	see	see	VERB
cblr-1783	682	3	schooner	schooner	NOUN
cblr-1783	682	4	&	&	CCONJ
cblr-1783	682	5	taylor	taylor	PROPN
cblr-1783	682	6	,	,	PUNCT
cblr-1783	682	7	supra	supra	PROPN
cblr-1783	682	8	note	note	PROPN
cblr-1783	682	9	91	91	NUM
cblr-1783	682	10	,	,	PUNCT
cblr-1783	682	11	at	at	ADP
cblr-1783	682	12	52–53	52–53	NUM
cblr-1783	682	13	.	.	PUNCT
cblr-1783	683	1	138	138	NUM
cblr-1783	683	2	see	see	PROPN
cblr-1783	683	3	baker	baker	PROPN
cblr-1783	683	4	,	,	PUNCT
cblr-1783	683	5	supra	supra	PROPN
cblr-1783	683	6	note	note	PROPN
cblr-1783	683	7	89	89	NUM
cblr-1783	683	8	,	,	PUNCT
cblr-1783	683	9	at	at	ADP
cblr-1783	683	10	88–89	88–89	NUM
cblr-1783	683	11	.	.	PUNCT
cblr-1783	684	1	139	139	NUM
cblr-1783	684	2	12	12	NUM
cblr-1783	684	3	u.s.c	u.s.c	NOUN
cblr-1783	684	4	.	.	PUNCT
cblr-1783	685	1	§	§	PROPN
cblr-1783	685	2	5464(a)(2)(b	5464(a)(2)(b	NUM
cblr-1783	685	3	)	)	PUNCT
cblr-1783	685	4	(	(	PUNCT
cblr-1783	685	5	2012	2012	NUM
cblr-1783	685	6	)	)	PUNCT
cblr-1783	685	7	.	.	PUNCT
cblr-1783	686	1	140	140	NUM
cblr-1783	687	1	i	i	PRON
cblr-1783	687	2	d.	d.	PROPN
cblr-1783	687	3	§	§	PROPN
cblr-1783	687	4	5465(e)(1)(a	5465(e)(1)(a	NUM
cblr-1783	687	5	)	)	PUNCT
cblr-1783	687	6	.	.	PUNCT
cblr-1783	688	1	141	141	NUM
cblr-1783	689	1	i	i	PRON
cblr-1783	689	2	d.	d.	PROPN
cblr-1783	689	3	§	§	PROPN
cblr-1783	689	4	§	§	PROPN
cblr-1783	689	5	5466	5466	NUM
cblr-1783	689	6	,	,	PUNCT
cblr-1783	689	7	5468	5468	NUM
cblr-1783	689	8	.	.	PUNCT
cblr-1783	690	1	142	142	NUM
cblr-1783	690	2	see	see	VERB
cblr-1783	690	3	u.s	u.s	PROPN
cblr-1783	690	4	.	.	PROPN
cblr-1783	690	5	dep’t	dep’t	NOUN
cblr-1783	690	6	of	of	ADP
cblr-1783	690	7	the	the	DET
cblr-1783	690	8	treasury	treasury	NOUN
cblr-1783	690	9	,	,	PUNCT
cblr-1783	690	10	financial	financial	ADJ
cblr-1783	690	11	stability	stability	NOUN
cblr-1783	690	12	oversight	oversight	NOUN
cblr-1783	690	13	council	council	PROPN
cblr-1783	690	14	makes	make	VERB
cblr-1783	690	15	first	first	ADJ
cblr-1783	690	16	designations	designation	NOUN
cblr-1783	690	17	in	in	ADP
cblr-1783	690	18	effort	effort	NOUN
cblr-1783	690	19	to	to	PART
cblr-1783	690	20	protect	protect	VERB
cblr-1783	690	21	against	against	ADP
cblr-1783	690	22	790	790	NUM
cblr-1783	690	23	columbia	columbia	PROPN
cblr-1783	690	24	business	business	NOUN
cblr-1783	690	25	law	law	PROPN
cblr-1783	690	26	review	review	NOUN
cblr-1783	690	27	[	[	X
cblr-1783	690	28	vol	vol	NOUN
cblr-1783	690	29	.	.	PUNCT
cblr-1783	690	30	2014	2014	NUM
cblr-1783	690	31	known	know	VERB
cblr-1783	690	32	clearinghouses	clearinghouse	NOUN
cblr-1783	690	33	(	(	PUNCT
cblr-1783	690	34	cme	cme	PROPN
cblr-1783	690	35	,	,	PUNCT
cblr-1783	690	36	ice	ice	NOUN
cblr-1783	690	37	clear	clear	ADJ
cblr-1783	690	38	credit	credit	NOUN
cblr-1783	690	39	,	,	PUNCT
cblr-1783	690	40	nscc	nscc	ADJ
cblr-1783	690	41	,	,	PUNCT
cblr-1783	690	42	and	and	CCONJ
cblr-1783	690	43	occ	occ	NOUN
cblr-1783	690	44	)	)	PUNCT
cblr-1783	690	45	,	,	PUNCT
cblr-1783	690	46	while	while	SCONJ
cblr-1783	690	47	others	other	NOUN
cblr-1783	690	48	are	be	AUX
cblr-1783	690	49	settlement	settlement	NOUN
cblr-1783	690	50	systems	system	NOUN
cblr-1783	690	51	(	(	PUNCT
cblr-1783	690	52	dtc	dtc	VERB
cblr-1783	690	53	and	and	CCONJ
cblr-1783	690	54	clearing	clear	VERB
cblr-1783	690	55	house	house	NOUN
cblr-1783	690	56	interbank	interbank	NOUN
cblr-1783	690	57	payments	payment	NOUN
cblr-1783	690	58	system	system	NOUN
cblr-1783	690	59	)	)	PUNCT
cblr-1783	690	60	.	.	PUNCT
cblr-1783	691	1	among	among	ADP
cblr-1783	691	2	the	the	DET
cblr-1783	691	3	clearinghouses	clearinghouse	NOUN
cblr-1783	691	4	,	,	PUNCT
cblr-1783	691	5	nscc	nscc	ADJ
cblr-1783	691	6	,	,	PUNCT
cblr-1783	691	7	occ	occ	NOUN
cblr-1783	691	8	,	,	PUNCT
cblr-1783	691	9	and	and	CCONJ
cblr-1783	691	10	cme	cme	PROPN
cblr-1783	691	11	are	be	AUX
cblr-1783	691	12	to	to	PART
cblr-1783	691	13	be	be	AUX
cblr-1783	691	14	expected	expect	VERB
cblr-1783	691	15	,	,	PUNCT
cblr-1783	691	16	owing	owe	VERB
cblr-1783	691	17	to	to	ADP
cblr-1783	691	18	their	their	PRON
cblr-1783	691	19	longstanding	longstanding	ADJ
cblr-1783	691	20	domination	domination	NOUN
cblr-1783	691	21	in	in	ADP
cblr-1783	691	22	the	the	DET
cblr-1783	691	23	securities	security	NOUN
cblr-1783	691	24	,	,	PUNCT
cblr-1783	691	25	options	option	NOUN
cblr-1783	691	26	,	,	PUNCT
cblr-1783	691	27	and	and	CCONJ
cblr-1783	691	28	futures	future	NOUN
cblr-1783	691	29	markets	market	NOUN
cblr-1783	691	30	,	,	PUNCT
cblr-1783	691	31	respectively	respectively	ADV
cblr-1783	691	32	.	.	PUNCT
cblr-1783	692	1	ice	ice	NOUN
cblr-1783	692	2	clear	clear	ADJ
cblr-1783	692	3	credit	credit	NOUN
cblr-1783	692	4	,	,	PUNCT
cblr-1783	692	5	however	however	ADV
cblr-1783	692	6	,	,	PUNCT
cblr-1783	692	7	only	only	ADV
cblr-1783	692	8	became	become	VERB
cblr-1783	692	9	a	a	DET
cblr-1783	692	10	cds	cds	NOUN
cblr-1783	692	11	clearinghouse	clearinghouse	NOUN
cblr-1783	692	12	in	in	ADP
cblr-1783	692	13	2009.143	2009.143	NUM
cblr-1783	692	14	its	its	PRON
cblr-1783	692	15	rapid	rapid	ADJ
cblr-1783	692	16	rise	rise	NOUN
cblr-1783	692	17	exemplifies	exemplify	VERB
cblr-1783	692	18	the	the	DET
cblr-1783	692	19	crucial	crucial	ADJ
cblr-1783	692	20	risk	risk	NOUN
cblr-1783	692	21	-	-	PUNCT
cblr-1783	692	22	mitigation	mitigation	NOUN
cblr-1783	692	23	role	role	NOUN
cblr-1783	692	24	that	that	PRON
cblr-1783	692	25	dodd	dodd	PROPN
cblr-1783	692	26	-	-	PUNCT
cblr-1783	692	27	frank	frank	PROPN
cblr-1783	692	28	has	have	AUX
cblr-1783	692	29	thrust	thrust	VERB
cblr-1783	692	30	upon	upon	SCONJ
cblr-1783	692	31	clearinghouses	clearinghouse	NOUN
cblr-1783	692	32	and	and	CCONJ
cblr-1783	692	33	corroborates	corroborate	VERB
cblr-1783	692	34	the	the	DET
cblr-1783	692	35	justice	justice	PROPN
cblr-1783	692	36	department	department	PROPN
cblr-1783	692	37	’s	’s	PART
cblr-1783	692	38	assertion	assertion	NOUN
cblr-1783	692	39	that	that	SCONJ
cblr-1783	692	40	early	early	ADJ
cblr-1783	692	41	entrants	entrant	NOUN
cblr-1783	692	42	into	into	ADP
cblr-1783	692	43	a	a	DET
cblr-1783	692	44	clearing	clearing	NOUN
cblr-1783	692	45	market	market	NOUN
cblr-1783	692	46	can	can	AUX
cblr-1783	692	47	quickly	quickly	ADV
cblr-1783	692	48	become	become	VERB
cblr-1783	692	49	entrenched	entrenched	ADJ
cblr-1783	692	50	as	as	ADP
cblr-1783	692	51	dominant	dominant	ADJ
cblr-1783	692	52	providers	provider	NOUN
cblr-1783	692	53	.	.	PUNCT
cblr-1783	693	1	ice	ice	NOUN
cblr-1783	693	2	clear	clear	ADJ
cblr-1783	693	3	credit	credit	NOUN
cblr-1783	693	4	’s	’s	PART
cblr-1783	693	5	member	member	NOUN
cblr-1783	693	6	list	list	NOUN
cblr-1783	693	7	also	also	ADV
cblr-1783	693	8	reads	read	VERB
cblr-1783	693	9	like	like	ADP
cblr-1783	693	10	a	a	DET
cblr-1783	693	11	who’s	who’s	NOUN
cblr-1783	693	12	-	-	PUNCT
cblr-1783	693	13	who	who	PRON
cblr-1783	693	14	of	of	ADP
cblr-1783	693	15	cds	cd	NOUN
cblr-1783	693	16	marketmakers.144	marketmakers.144	NOUN
cblr-1783	693	17	notwithstanding	notwithstanding	ADP
cblr-1783	693	18	the	the	DET
cblr-1783	693	19	deep	deep	ADJ
cblr-1783	693	20	pools	pool	NOUN
cblr-1783	693	21	of	of	ADP
cblr-1783	693	22	liquidity	liquidity	NOUN
cblr-1783	693	23	that	that	PRON
cblr-1783	693	24	these	these	DET
cblr-1783	693	25	members	member	NOUN
cblr-1783	693	26	can	can	AUX
cblr-1783	693	27	provide	provide	VERB
cblr-1783	693	28	in	in	ADP
cblr-1783	693	29	margin	margin	NOUN
cblr-1783	693	30	and	and	CCONJ
cblr-1783	693	31	default	default	NOUN
cblr-1783	693	32	funding	funding	NOUN
cblr-1783	693	33	,	,	PUNCT
cblr-1783	693	34	ice	ice	NOUN
cblr-1783	693	35	clear	clear	ADJ
cblr-1783	693	36	credit	credit	NOUN
cblr-1783	693	37	is	be	AUX
cblr-1783	693	38	a	a	DET
cblr-1783	693	39	paradigmatic	paradigmatic	ADJ
cblr-1783	693	40	example	example	NOUN
cblr-1783	693	41	of	of	ADP
cblr-1783	693	42	how	how	SCONJ
cblr-1783	693	43	central	central	ADJ
cblr-1783	693	44	clearing	clearing	NOUN
cblr-1783	693	45	can	can	AUX
cblr-1783	693	46	centralize	centralize	VERB
cblr-1783	693	47	risk	risk	NOUN
cblr-1783	693	48	,	,	PUNCT
cblr-1783	693	49	by	by	ADP
cblr-1783	693	50	pooling	pool	VERB
cblr-1783	693	51	it	it	PRON
cblr-1783	693	52	from	from	ADP
cblr-1783	693	53	the	the	DET
cblr-1783	693	54	largest	large	ADJ
cblr-1783	693	55	dealers	dealer	NOUN
cblr-1783	693	56	in	in	ADP
cblr-1783	693	57	the	the	DET
cblr-1783	693	58	world	world	NOUN
cblr-1783	693	59	.	.	PUNCT
cblr-1783	694	1	still	still	ADV
cblr-1783	694	2	,	,	PUNCT
cblr-1783	694	3	the	the	DET
cblr-1783	694	4	sifmu	sifmu	NOUN
cblr-1783	694	5	designation	designation	NOUN
cblr-1783	694	6	for	for	ADP
cblr-1783	694	7	this	this	DET
cblr-1783	694	8	clearinghouse	clearinghouse	NOUN
cblr-1783	694	9	demonstrates	demonstrate	VERB
cblr-1783	694	10	that	that	SCONJ
cblr-1783	694	11	regulators	regulator	NOUN
cblr-1783	694	12	understand	understand	VERB
cblr-1783	694	13	how	how	SCONJ
cblr-1783	694	14	clearinghouses	clearinghouse	NOUN
cblr-1783	694	15	have	have	AUX
cblr-1783	694	16	become	become	VERB
cblr-1783	694	17	large	large	ADJ
cblr-1783	694	18	and	and	CCONJ
cblr-1783	694	19	interconnected	interconnected	ADJ
cblr-1783	694	20	enough	enough	ADV
cblr-1783	694	21	that	that	SCONJ
cblr-1783	694	22	their	their	PRON
cblr-1783	694	23	credit	credit	NOUN
cblr-1783	694	24	crunch	crunch	NOUN
cblr-1783	694	25	jeopardizes	jeopardize	VERB
cblr-1783	694	26	liquidity	liquidity	NOUN
cblr-1783	694	27	for	for	ADP
cblr-1783	694	28	the	the	DET
cblr-1783	694	29	rest	rest	NOUN
cblr-1783	694	30	of	of	ADP
cblr-1783	694	31	the	the	DET
cblr-1783	694	32	financial	financial	ADJ
cblr-1783	694	33	system	system	NOUN
cblr-1783	694	34	.	.	PUNCT
cblr-1783	695	1	2	2	X
cblr-1783	695	2	.	.	X
cblr-1783	695	3	insolvency	insolvency	NOUN
cblr-1783	695	4	clearinghouses	clearinghouse	NOUN
cblr-1783	695	5	fit	fit	VERB
cblr-1783	695	6	more	more	ADV
cblr-1783	695	7	tenuously	tenuously	ADV
cblr-1783	695	8	into	into	ADP
cblr-1783	695	9	the	the	DET
cblr-1783	695	10	insolvency	insolvency	NOUN
cblr-1783	695	11	regime	regime	NOUN
cblr-1783	695	12	for	for	ADP
cblr-1783	695	13	systemically	systemically	ADV
cblr-1783	695	14	significant	significant	ADJ
cblr-1783	695	15	banks	bank	NOUN
cblr-1783	695	16	.	.	PUNCT
cblr-1783	696	1	currently	currently	ADV
cblr-1783	696	2	,	,	PUNCT
cblr-1783	696	3	ola	ola	PROPN
cblr-1783	696	4	future	future	ADJ
cblr-1783	696	5	financial	financial	ADJ
cblr-1783	696	6	crises	crisis	NOUN
cblr-1783	696	7	(	(	PUNCT
cblr-1783	696	8	july	july	PROPN
cblr-1783	696	9	18	18	NUM
cblr-1783	696	10	,	,	PUNCT
cblr-1783	696	11	2012	2012	NUM
cblr-1783	696	12	)	)	PUNCT
cblr-1783	696	13	,	,	PUNCT
cblr-1783	696	14	available	available	ADJ
cblr-1783	696	15	at	at	ADP
cblr-1783	696	16	http://perma.cc/52ek-a3zw	http://perma.cc/52ek-a3zw	PROPN
cblr-1783	696	17	.	.	PUNCT
cblr-1783	697	1	the	the	DET
cblr-1783	697	2	eight	eight	NUM
cblr-1783	697	3	are	be	AUX
cblr-1783	697	4	clearing	clear	VERB
cblr-1783	697	5	house	house	NOUN
cblr-1783	697	6	payments	payment	NOUN
cblr-1783	697	7	company	company	NOUN
cblr-1783	697	8	,	,	PUNCT
cblr-1783	697	9	l.l.c	l.l.c	NOUN
cblr-1783	697	10	.	.	PROPN
cblr-1783	697	11	,	,	PUNCT
cblr-1783	697	12	cls	cls	PROPN
cblr-1783	697	13	bank	bank	PROPN
cblr-1783	697	14	international	international	PROPN
cblr-1783	697	15	,	,	PUNCT
cblr-1783	697	16	chicago	chicago	PROPN
cblr-1783	697	17	mercantile	mercantile	PROPN
cblr-1783	697	18	exchange	exchange	PROPN
cblr-1783	697	19	,	,	PUNCT
cblr-1783	697	20	inc	inc	PROPN
cblr-1783	697	21	.	.	PROPN
cblr-1783	697	22	,	,	PUNCT
cblr-1783	697	23	depository	depository	NOUN
cblr-1783	697	24	trust	trust	NOUN
cblr-1783	697	25	company	company	NOUN
cblr-1783	697	26	,	,	PUNCT
cblr-1783	697	27	fixed	fix	VERB
cblr-1783	697	28	income	income	NOUN
cblr-1783	697	29	clearing	clearing	NOUN
cblr-1783	697	30	corporation	corporation	NOUN
cblr-1783	697	31	,	,	PUNCT
cblr-1783	697	32	ice	ice	NOUN
cblr-1783	697	33	clear	clear	ADJ
cblr-1783	697	34	credit	credit	PROPN
cblr-1783	697	35	llc	llc	PROPN
cblr-1783	697	36	,	,	PUNCT
cblr-1783	697	37	nscc	nscc	ADJ
cblr-1783	697	38	,	,	PUNCT
cblr-1783	697	39	and	and	CCONJ
cblr-1783	697	40	occ	occ	X
cblr-1783	697	41	.	.	PROPN
cblr-1783	697	42	143	143	NUM
cblr-1783	697	43	see	see	VERB
cblr-1783	697	44	intercontinental	intercontinental	ADJ
cblr-1783	697	45	exchange	exchange	NOUN
cblr-1783	697	46	,	,	PUNCT
cblr-1783	697	47	ice	ice	NOUN
cblr-1783	697	48	clear	clear	ADJ
cblr-1783	697	49	credit	credit	NOUN
cblr-1783	697	50	,	,	PUNCT
cblr-1783	697	51	available	available	ADJ
cblr-1783	697	52	at	at	ADP
cblr-1783	697	53	http://perma.cc/vd9e-w7gw	http://perma.cc/vd9e-w7gw	PROPN
cblr-1783	697	54	.	.	PUNCT
cblr-1783	698	1	144	144	NUM
cblr-1783	698	2	see	see	VERB
cblr-1783	698	3	intercontinental	intercontinental	ADJ
cblr-1783	698	4	exchange	exchange	NOUN
cblr-1783	698	5	,	,	PUNCT
cblr-1783	698	6	ice	ice	NOUN
cblr-1783	698	7	clear	clear	ADJ
cblr-1783	698	8	credit	credit	NOUN
cblr-1783	698	9	participant	participant	NOUN
cblr-1783	698	10	list	list	NOUN
cblr-1783	698	11	,	,	PUNCT
cblr-1783	698	12	available	available	ADJ
cblr-1783	698	13	at	at	ADP
cblr-1783	698	14	http://perma.cc/hwk5-cjxv	http://perma.cc/hwk5-cjxv	PROPN
cblr-1783	698	15	(	(	PUNCT
cblr-1783	698	16	listing	list	VERB
cblr-1783	698	17	affiliates	affiliate	NOUN
cblr-1783	698	18	as	as	ADP
cblr-1783	698	19	bank	bank	PROPN
cblr-1783	698	20	of	of	ADP
cblr-1783	698	21	america	america	PROPN
cblr-1783	698	22	,	,	PUNCT
cblr-1783	698	23	barclays	barclays	PROPN
cblr-1783	698	24	,	,	PUNCT
cblr-1783	698	25	bnp	bnp	PROPN
cblr-1783	698	26	paribas	paribas	PROPN
cblr-1783	698	27	,	,	PUNCT
cblr-1783	698	28	citigroup	citigroup	NOUN
cblr-1783	698	29	,	,	PUNCT
cblr-1783	698	30	credit	credit	NOUN
cblr-1783	698	31	suisse	suisse	PROPN
cblr-1783	698	32	,	,	PUNCT
cblr-1783	698	33	deutsche	deutsche	PROPN
cblr-1783	698	34	bank	bank	PROPN
cblr-1783	698	35	,	,	PUNCT
cblr-1783	698	36	goldman	goldman	PROPN
cblr-1783	698	37	sachs	sachs	PROPN
cblr-1783	698	38	,	,	PUNCT
cblr-1783	698	39	hsbc	hsbc	PROPN
cblr-1783	698	40	,	,	PUNCT
cblr-1783	698	41	jpmorgan	jpmorgan	PROPN
cblr-1783	698	42	,	,	PUNCT
cblr-1783	698	43	merrill	merrill	PROPN
cblr-1783	698	44	lynch	lynch	PROPN
cblr-1783	698	45	,	,	PUNCT
cblr-1783	698	46	morgan	morgan	PROPN
cblr-1783	698	47	stanley	stanley	PROPN
cblr-1783	698	48	,	,	PUNCT
cblr-1783	698	49	nomura	nomura	PROPN
cblr-1783	698	50	,	,	PUNCT
cblr-1783	698	51	société	société	PROPN
cblr-1783	698	52	générale	générale	PROPN
cblr-1783	698	53	,	,	PUNCT
cblr-1783	698	54	bank	bank	PROPN
cblr-1783	698	55	of	of	ADP
cblr-1783	698	56	nova	nova	PROPN
cblr-1783	698	57	scotia	scotia	PROPN
cblr-1783	698	58	,	,	PUNCT
cblr-1783	698	59	royal	royal	PROPN
cblr-1783	698	60	bank	bank	PROPN
cblr-1783	698	61	of	of	ADP
cblr-1783	698	62	scotland	scotland	PROPN
cblr-1783	698	63	,	,	PUNCT
cblr-1783	698	64	and	and	CCONJ
cblr-1783	698	65	ubs	ub	NOUN
cblr-1783	698	66	)	)	PUNCT
cblr-1783	698	67	.	.	PUNCT
cblr-1783	699	1	no	no	INTJ
cblr-1783	699	2	.	.	PUNCT
cblr-1783	700	1	3:747	3:747	NUM
cblr-1783	700	2	]	]	X
cblr-1783	700	3	systemic	systemic	ADJ
cblr-1783	700	4	risk	risk	NOUN
cblr-1783	700	5	paradox	paradox	NOUN
cblr-1783	700	6	791	791	NUM
cblr-1783	700	7	under	under	ADP
cblr-1783	700	8	title	title	NOUN
cblr-1783	700	9	ii	ii	PROPN
cblr-1783	700	10	of	of	ADP
cblr-1783	700	11	dodd	dodd	PROPN
cblr-1783	700	12	-	-	PUNCT
cblr-1783	700	13	frank	frank	PROPN
cblr-1783	700	14	puts	put	VERB
cblr-1783	700	15	failing	fail	VERB
cblr-1783	700	16	sifis	sifi	VERB
cblr-1783	700	17	into	into	ADP
cblr-1783	700	18	fdic	fdic	PROPN
cblr-1783	700	19	receivership	receivership	NOUN
cblr-1783	700	20	.	.	PUNCT
cblr-1783	701	1	while	while	SCONJ
cblr-1783	701	2	banks	bank	NOUN
cblr-1783	701	3	and	and	CCONJ
cblr-1783	701	4	non	non	NOUN
cblr-1783	701	5	-	-	NOUN
cblr-1783	701	6	banks	bank	NOUN
cblr-1783	701	7	alike	alike	ADV
cblr-1783	701	8	can	can	AUX
cblr-1783	701	9	be	be	AUX
cblr-1783	701	10	designated	designate	VERB
cblr-1783	701	11	sifis	sifi	VERB
cblr-1783	701	12	,	,	PUNCT
cblr-1783	701	13	to	to	ADP
cblr-1783	701	14	date	date	NOUN
cblr-1783	701	15	only	only	ADV
cblr-1783	701	16	american	american	PROPN
cblr-1783	701	17	international	international	ADJ
cblr-1783	701	18	group	group	NOUN
cblr-1783	701	19	,	,	PUNCT
cblr-1783	701	20	general	general	ADJ
cblr-1783	701	21	electric	electric	PROPN
cblr-1783	701	22	capital	capital	NOUN
cblr-1783	701	23	corporation	corporation	NOUN
cblr-1783	701	24	,	,	PUNCT
cblr-1783	701	25	and	and	CCONJ
cblr-1783	701	26	prudential	prudential	PROPN
cblr-1783	701	27	financial	financial	PROPN
cblr-1783	701	28	have	have	AUX
cblr-1783	701	29	been	be	AUX
cblr-1783	701	30	named	name	VERB
cblr-1783	701	31	as	as	SCONJ
cblr-1783	701	32	such.145	such.145	NOUN
cblr-1783	701	33	clearinghouses	clearinghouse	NOUN
cblr-1783	701	34	can	can	AUX
cblr-1783	701	35	be	be	AUX
cblr-1783	701	36	flagged	flag	VERB
cblr-1783	701	37	as	as	ADP
cblr-1783	701	38	sifmus	sifmus	ADJ
cblr-1783	701	39	under	under	ADP
cblr-1783	701	40	title	title	NOUN
cblr-1783	701	41	viii	viii	NOUN
cblr-1783	701	42	,	,	PUNCT
cblr-1783	701	43	but	but	CCONJ
cblr-1783	701	44	that	that	SCONJ
cblr-1783	701	45	designation	designation	NOUN
cblr-1783	701	46	merely	merely	ADV
cblr-1783	701	47	triggers	trigger	VERB
cblr-1783	701	48	heightened	heightened	ADJ
cblr-1783	701	49	supervision	supervision	NOUN
cblr-1783	701	50	and	and	CCONJ
cblr-1783	701	51	prudential	prudential	ADJ
cblr-1783	701	52	regulation	regulation	NOUN
cblr-1783	701	53	without	without	ADP
cblr-1783	701	54	implicating	implicate	VERB
cblr-1783	701	55	any	any	DET
cblr-1783	701	56	liquidation	liquidation	NOUN
cblr-1783	701	57	consequences.146	consequences.146	NOUN
cblr-1783	701	58	conceptually	conceptually	ADV
cblr-1783	701	59	,	,	PUNCT
cblr-1783	701	60	the	the	DET
cblr-1783	701	61	systemic	systemic	ADJ
cblr-1783	701	62	importance	importance	NOUN
cblr-1783	701	63	of	of	ADP
cblr-1783	701	64	financial	financial	ADJ
cblr-1783	701	65	institutions	institution	NOUN
cblr-1783	701	66	seems	seem	VERB
cblr-1783	701	67	to	to	PART
cblr-1783	701	68	proceed	proceed	VERB
cblr-1783	701	69	along	along	ADP
cblr-1783	701	70	two	two	NUM
cblr-1783	701	71	tracks	track	NOUN
cblr-1783	701	72	:	:	PUNCT
cblr-1783	701	73	sifis	sifi	VERB
cblr-1783	701	74	under	under	ADP
cblr-1783	701	75	titles	title	NOUN
cblr-1783	701	76	i	i	PRON
cblr-1783	701	77	and	and	CCONJ
cblr-1783	701	78	ii	ii	NOUN
cblr-1783	701	79	,	,	PUNCT
cblr-1783	701	80	and	and	CCONJ
cblr-1783	701	81	sifmus	sifmus	ADJ
cblr-1783	701	82	under	under	ADP
cblr-1783	701	83	title	title	NOUN
cblr-1783	701	84	viii	viii	VERB
cblr-1783	701	85	.	.	PUNCT
cblr-1783	702	1	industry	industry	NOUN
cblr-1783	702	2	and	and	CCONJ
cblr-1783	702	3	commentators	commentator	NOUN
cblr-1783	702	4	alike	alike	ADV
cblr-1783	702	5	have	have	AUX
cblr-1783	702	6	queried	query	VERB
cblr-1783	702	7	whether	whether	SCONJ
cblr-1783	702	8	the	the	DET
cblr-1783	702	9	two	two	NUM
cblr-1783	702	10	can	can	AUX
cblr-1783	702	11	meet.147	meet.147	VERB
cblr-1783	702	12	the	the	DET
cblr-1783	702	13	financial	financial	ADJ
cblr-1783	702	14	stability	stability	PROPN
cblr-1783	702	15	board	board	PROPN
cblr-1783	702	16	’s	’s	PART
cblr-1783	702	17	most	most	ADV
cblr-1783	702	18	recent	recent	ADJ
cblr-1783	702	19	pronouncement	pronouncement	NOUN
cblr-1783	702	20	on	on	ADP
cblr-1783	702	21	sifis	sifis	PROPN
cblr-1783	702	22	sidesteps	sidestep	NOUN
cblr-1783	702	23	ola	ola	PROPN
cblr-1783	702	24	’s	’s	PART
cblr-1783	702	25	applicability	applicability	NOUN
cblr-1783	702	26	but	but	CCONJ
cblr-1783	702	27	references	reference	NOUN
cblr-1783	702	28	an	an	DET
cblr-1783	702	29	international	international	ADJ
cblr-1783	702	30	regulatory	regulatory	ADJ
cblr-1783	702	31	presumption	presumption	NOUN
cblr-1783	702	32	that	that	SCONJ
cblr-1783	702	33	financial	financial	ADJ
cblr-1783	702	34	market	market	NOUN
cblr-1783	702	35	intermediaries	intermediary	NOUN
cblr-1783	702	36	(	(	PUNCT
cblr-1783	702	37	which	which	PRON
cblr-1783	702	38	include	include	VERB
cblr-1783	702	39	clearinghouses	clearinghouse	NOUN
cblr-1783	702	40	)	)	PUNCT
cblr-1783	702	41	are	be	AUX
cblr-1783	702	42	systemically	systemically	ADV
cblr-1783	702	43	important	important	ADJ
cblr-1783	702	44	,	,	PUNCT
cblr-1783	702	45	at	at	ADP
cblr-1783	702	46	least	least	ADJ
cblr-1783	702	47	in	in	ADP
cblr-1783	702	48	the	the	DET
cblr-1783	702	49	jurisdictions	jurisdiction	NOUN
cblr-1783	702	50	in	in	ADP
cblr-1783	702	51	which	which	PRON
cblr-1783	702	52	they	they	PRON
cblr-1783	702	53	are	be	AUX
cblr-1783	702	54	located.148	located.148	PROPN
cblr-1783	702	55	145	145	NUM
cblr-1783	702	56	u.s	u.s	PROPN
cblr-1783	702	57	.	.	PROPN
cblr-1783	702	58	dep’t	dep’t	NOUN
cblr-1783	702	59	of	of	ADP
cblr-1783	702	60	the	the	DET
cblr-1783	702	61	treasury	treasury	NOUN
cblr-1783	702	62	,	,	PUNCT
cblr-1783	702	63	financial	financial	ADJ
cblr-1783	702	64	stability	stability	NOUN
cblr-1783	702	65	oversight	oversight	NOUN
cblr-1783	702	66	council	council	PROPN
cblr-1783	702	67	:	:	PUNCT
cblr-1783	702	68	designations	designation	NOUN
cblr-1783	702	69	(	(	PUNCT
cblr-1783	702	70	dec	dec	PROPN
cblr-1783	702	71	.	.	PROPN
cblr-1783	702	72	17	17	NUM
cblr-1783	702	73	,	,	PUNCT
cblr-1783	702	74	2013	2013	NUM
cblr-1783	702	75	,	,	PUNCT
cblr-1783	702	76	3:47	3:47	NUM
cblr-1783	702	77	pm	pm	NOUN
cblr-1783	702	78	)	)	PUNCT
cblr-1783	702	79	,	,	PUNCT
cblr-1783	702	80	http://perma.cc/c3zr-hrjc	http://perma.cc/c3zr-hrjc	PROPN
cblr-1783	702	81	.	.	PUNCT
cblr-1783	703	1	146	146	NUM
cblr-1783	703	2	see	see	VERB
cblr-1783	703	3	i	i	PRON
cblr-1783	703	4	d.	d.	PROPN
cblr-1783	703	5	147	147	NUM
cblr-1783	703	6	see	see	VERB
cblr-1783	703	7	letter	letter	NOUN
cblr-1783	703	8	from	from	ADP
cblr-1783	703	9	kathleen	kathleen	PROPN
cblr-1783	703	10	m.	m.	PROPN
cblr-1783	703	11	cronin	cronin	PROPN
cblr-1783	703	12	,	,	PUNCT
cblr-1783	703	13	managing	manage	VERB
cblr-1783	703	14	dir	dir	PROPN
cblr-1783	703	15	.	.	PUNCT
cblr-1783	703	16	,	,	PUNCT
cblr-1783	703	17	gen	gen	PROPN
cblr-1783	703	18	.	.	PROPN
cblr-1783	703	19	counsel	counsel	PROPN
cblr-1783	703	20	,	,	PUNCT
cblr-1783	703	21	&	&	CCONJ
cblr-1783	703	22	corp	corp	PROPN
cblr-1783	703	23	.	.	PROPN
cblr-1783	703	24	sec’y	sec’y	PROPN
cblr-1783	703	25	,	,	PUNCT
cblr-1783	703	26	cme	cme	PROPN
cblr-1783	703	27	group	group	NOUN
cblr-1783	703	28	,	,	PUNCT
cblr-1783	703	29	to	to	ADP
cblr-1783	703	30	robert	robert	PROPN
cblr-1783	703	31	e.	e.	PROPN
cblr-1783	703	32	feldman	feldman	PROPN
cblr-1783	703	33	,	,	PUNCT
cblr-1783	703	34	exec	exec	NOUN
cblr-1783	703	35	.	.	PUNCT
cblr-1783	704	1	sec’y	sec’y	PROPN
cblr-1783	704	2	,	,	PUNCT
cblr-1783	704	3	fdic	fdic	PROPN
cblr-1783	704	4	(	(	PUNCT
cblr-1783	704	5	nov	nov	PROPN
cblr-1783	704	6	.	.	PROPN
cblr-1783	704	7	18	18	NUM
cblr-1783	704	8	,	,	PUNCT
cblr-1783	704	9	2010	2010	NUM
cblr-1783	704	10	)	)	PUNCT
cblr-1783	704	11	,	,	PUNCT
cblr-1783	704	12	available	available	ADJ
cblr-1783	704	13	at	at	ADP
cblr-1783	704	14	http://perma.cc/9xpf-vrls	http://perma.cc/9xpf-vrl	NOUN
cblr-1783	704	15	(	(	PUNCT
cblr-1783	704	16	requesting	request	VERB
cblr-1783	704	17	clarification	clarification	NOUN
cblr-1783	704	18	that	that	SCONJ
cblr-1783	704	19	cme	cme	PROPN
cblr-1783	704	20	is	be	AUX
cblr-1783	704	21	not	not	PART
cblr-1783	704	22	a	a	DET
cblr-1783	704	23	“	"	PUNCT
cblr-1783	704	24	financial	financial	ADJ
cblr-1783	704	25	company	company	NOUN
cblr-1783	704	26	”	"	PUNCT
cblr-1783	704	27	subject	subject	NOUN
cblr-1783	704	28	to	to	ADP
cblr-1783	704	29	ola	ola	PROPN
cblr-1783	704	30	)	)	PUNCT
cblr-1783	704	31	;	;	PUNCT
cblr-1783	704	32	mark	mark	PROPN
cblr-1783	704	33	d.	d.	PROPN
cblr-1783	704	34	sherrill	sherrill	PROPN
cblr-1783	704	35	,	,	PUNCT
cblr-1783	704	36	are	be	AUX
cblr-1783	704	37	there	there	PRON
cblr-1783	704	38	futures	future	NOUN
cblr-1783	704	39	in	in	ADP
cblr-1783	704	40	your	your	PRON
cblr-1783	704	41	futures	future	NOUN
cblr-1783	704	42	?	?	PUNCT
cblr-1783	704	43	,	,	PUNCT
cblr-1783	704	44	am	be	AUX
cblr-1783	704	45	.	.	PUNCT
cblr-1783	705	1	bankr	bankr	PROPN
cblr-1783	705	2	.	.	PUNCT
cblr-1783	706	1	inst	inst	PROPN
cblr-1783	706	2	.	.	PUNCT
cblr-1783	707	1	j.	j.	PROPN
cblr-1783	707	2	16	16	NUM
cblr-1783	707	3	(	(	PUNCT
cblr-1783	707	4	2013	2013	NUM
cblr-1783	707	5	)	)	PUNCT
cblr-1783	707	6	(	(	PUNCT
cblr-1783	707	7	positing	posit	VERB
cblr-1783	707	8	that	that	SCONJ
cblr-1783	707	9	ola	ola	PROPN
cblr-1783	707	10	can	can	AUX
cblr-1783	707	11	apply	apply	VERB
cblr-1783	707	12	on	on	ADP
cblr-1783	707	13	the	the	DET
cblr-1783	707	14	basis	basis	NOUN
cblr-1783	707	15	of	of	ADP
cblr-1783	707	16	an	an	DET
cblr-1783	707	17	ad	ad	NOUN
cblr-1783	707	18	hoc	hoc	X
cblr-1783	707	19	determination	determination	NOUN
cblr-1783	707	20	of	of	ADP
cblr-1783	707	21	systemic	systemic	ADJ
cblr-1783	707	22	risk	risk	NOUN
cblr-1783	707	23	)	)	PUNCT
cblr-1783	707	24	;	;	PUNCT
cblr-1783	707	25	allen	allen	PROPN
cblr-1783	707	26	,	,	PUNCT
cblr-1783	707	27	supra	supra	PROPN
cblr-1783	707	28	note	note	NOUN
cblr-1783	707	29	12	12	NUM
cblr-1783	707	30	,	,	PUNCT
cblr-1783	707	31	at	at	ADP
cblr-1783	707	32	1100–02	1100–02	PROPN
cblr-1783	707	33	(	(	PUNCT
cblr-1783	707	34	making	make	VERB
cblr-1783	707	35	the	the	DET
cblr-1783	707	36	case	case	NOUN
cblr-1783	707	37	for	for	ADP
cblr-1783	707	38	applying	apply	VERB
cblr-1783	707	39	ola	ola	PROPN
cblr-1783	707	40	to	to	ADP
cblr-1783	707	41	failing	fail	VERB
cblr-1783	707	42	clearinghouses	clearinghouse	NOUN
cblr-1783	707	43	despite	despite	SCONJ
cblr-1783	707	44	statutory	statutory	ADJ
cblr-1783	707	45	uncertainty	uncertainty	NOUN
cblr-1783	707	46	)	)	PUNCT
cblr-1783	707	47	.	.	PUNCT
cblr-1783	708	1	the	the	DET
cblr-1783	708	2	ambiguity	ambiguity	NOUN
cblr-1783	708	3	stems	stem	VERB
cblr-1783	708	4	from	from	ADP
cblr-1783	708	5	dodd	dodd	PROPN
cblr-1783	708	6	-	-	PUNCT
cblr-1783	708	7	frank	frank	PROPN
cblr-1783	708	8	’s	’s	PART
cblr-1783	708	9	exclusion	exclusion	NOUN
cblr-1783	708	10	of	of	ADP
cblr-1783	708	11	dcos	dco	NOUN
cblr-1783	708	12	from	from	ADP
cblr-1783	708	13	the	the	DET
cblr-1783	708	14	definition	definition	NOUN
cblr-1783	708	15	of	of	ADP
cblr-1783	708	16	“	"	PUNCT
cblr-1783	708	17	financial	financial	ADJ
cblr-1783	708	18	company	company	NOUN
cblr-1783	708	19	”	"	PUNCT
cblr-1783	708	20	and	and	CCONJ
cblr-1783	708	21	,	,	PUNCT
cblr-1783	708	22	by	by	ADP
cblr-1783	708	23	implication	implication	NOUN
cblr-1783	708	24	,	,	PUNCT
cblr-1783	708	25	from	from	ADP
cblr-1783	708	26	ola	ola	PROPN
cblr-1783	708	27	,	,	PUNCT
cblr-1783	708	28	which	which	PRON
cblr-1783	708	29	applies	apply	VERB
cblr-1783	708	30	only	only	ADV
cblr-1783	708	31	to	to	PART
cblr-1783	708	32	covered	cover	VERB
cblr-1783	708	33	financial	financial	ADJ
cblr-1783	708	34	companies	company	NOUN
cblr-1783	708	35	.	.	PUNCT
cblr-1783	709	1	see	see	VERB
cblr-1783	709	2	12	12	NUM
cblr-1783	709	3	u.s.c	u.s.c	ADJ
cblr-1783	709	4	.	.	PUNCT
cblr-1783	710	1	§	§	PROPN
cblr-1783	710	2	5381(a)(11	5381(a)(11	PROPN
cblr-1783	710	3	)	)	PUNCT
cblr-1783	710	4	(	(	PUNCT
cblr-1783	710	5	2012	2012	NUM
cblr-1783	710	6	)	)	PUNCT
cblr-1783	710	7	.	.	PUNCT
cblr-1783	711	1	however	however	ADV
cblr-1783	711	2	,	,	PUNCT
cblr-1783	711	3	the	the	DET
cblr-1783	711	4	definition	definition	NOUN
cblr-1783	711	5	includes	include	VERB
cblr-1783	711	6	any	any	DET
cblr-1783	711	7	company	company	NOUN
cblr-1783	711	8	that	that	PRON
cblr-1783	711	9	the	the	DET
cblr-1783	711	10	federal	federal	PROPN
cblr-1783	711	11	reserve	reserve	PROPN
cblr-1783	711	12	has	have	AUX
cblr-1783	711	13	determined	determine	VERB
cblr-1783	711	14	to	to	PART
cblr-1783	711	15	be	be	AUX
cblr-1783	711	16	predominantly	predominantly	ADV
cblr-1783	711	17	engaged	engage	VERB
cblr-1783	711	18	in	in	ADP
cblr-1783	711	19	activities	activity	NOUN
cblr-1783	711	20	that	that	PRON
cblr-1783	711	21	are	be	AUX
cblr-1783	711	22	“	"	PUNCT
cblr-1783	711	23	financial	financial	ADJ
cblr-1783	711	24	in	in	ADP
cblr-1783	711	25	nature	nature	NOUN
cblr-1783	711	26	or	or	CCONJ
cblr-1783	711	27	incidental	incidental	ADJ
cblr-1783	711	28	thereto	thereto	VERB
cblr-1783	711	29	,	,	PUNCT
cblr-1783	711	30	”	"	PUNCT
cblr-1783	711	31	see	see	VERB
cblr-1783	711	32	i	i	PRON
cblr-1783	711	33	d.	d.	PROPN
cblr-1783	711	34	at	at	ADP
cblr-1783	711	35	§	§	PROPN
cblr-1783	711	36	5381(a)(11)(b)(iii	5381(a)(11)(b)(iii	NUM
cblr-1783	711	37	)	)	PUNCT
cblr-1783	711	38	,	,	PUNCT
cblr-1783	711	39	which	which	PRON
cblr-1783	711	40	may	may	AUX
cblr-1783	711	41	encompass	encompass	VERB
cblr-1783	711	42	clearinghouses	clearinghouse	NOUN
cblr-1783	711	43	,	,	PUNCT
cblr-1783	711	44	telephone	telephone	NOUN
cblr-1783	711	45	interview	interview	NOUN
cblr-1783	711	46	with	with	ADP
cblr-1783	711	47	robert	robert	PROPN
cblr-1783	711	48	steigerwald	steigerwald	PROPN
cblr-1783	711	49	,	,	PUNCT
cblr-1783	711	50	senior	senior	ADJ
cblr-1783	711	51	policy	policy	NOUN
cblr-1783	711	52	advisor	advisor	NOUN
cblr-1783	711	53	,	,	PUNCT
cblr-1783	711	54	fed	fed	PROPN
cblr-1783	711	55	.	.	PUNCT
cblr-1783	712	1	reserve	reserve	PROPN
cblr-1783	712	2	bank	bank	PROPN
cblr-1783	712	3	of	of	ADP
cblr-1783	712	4	chi	chi	PROPN
cblr-1783	712	5	.	.	PUNCT
cblr-1783	713	1	(	(	PUNCT
cblr-1783	713	2	feb	feb	PROPN
cblr-1783	713	3	.	.	PROPN
cblr-1783	713	4	24	24	NUM
cblr-1783	713	5	,	,	PUNCT
cblr-1783	713	6	2014	2014	NUM
cblr-1783	713	7	)	)	PUNCT
cblr-1783	713	8	.	.	PUNCT
cblr-1783	714	1	148	148	NUM
cblr-1783	714	2	financial	financial	ADJ
cblr-1783	714	3	stability	stability	NOUN
cblr-1783	714	4	bd	bd	PROPN
cblr-1783	714	5	.	.	PROPN
cblr-1783	714	6	,	,	PUNCT
cblr-1783	714	7	assessment	assessment	NOUN
cblr-1783	714	8	methodologies	methodology	NOUN
cblr-1783	714	9	for	for	ADP
cblr-1783	714	10	identifying	identify	VERB
cblr-1783	714	11	non	non	ADJ
cblr-1783	714	12	-	-	ADJ
cblr-1783	714	13	bank	bank	ADJ
cblr-1783	714	14	non	non	ADJ
cblr-1783	714	15	-	-	ADJ
cblr-1783	714	16	issuer	issuer	ADJ
cblr-1783	714	17	globally	globally	ADV
cblr-1783	714	18	systemic	systemic	ADJ
cblr-1783	714	19	important	important	ADJ
cblr-1783	714	20	financial	financial	ADJ
cblr-1783	714	21	institutions	institution	NOUN
cblr-1783	714	22	(	(	PUNCT
cblr-1783	714	23	jan	jan	PROPN
cblr-1783	714	24	.	.	PROPN
cblr-1783	714	25	8	8	NUM
cblr-1783	714	26	,	,	PUNCT
cblr-1783	714	27	2014	2014	NUM
cblr-1783	714	28	)	)	PUNCT
cblr-1783	714	29	,	,	PUNCT
cblr-1783	714	30	available	available	ADJ
cblr-1783	714	31	at	at	ADP
cblr-1783	714	32	http://perma.cc/u8en	http://perma.cc/u8en	NUM
cblr-1783	714	33	792	792	NUM
cblr-1783	714	34	columbia	columbia	PROPN
cblr-1783	714	35	business	business	NOUN
cblr-1783	714	36	law	law	PROPN
cblr-1783	714	37	review	review	NOUN
cblr-1783	714	38	[	[	X
cblr-1783	714	39	vol	vol	NOUN
cblr-1783	714	40	.	.	PUNCT
cblr-1783	714	41	2014	2014	NUM
cblr-1783	714	42	the	the	DET
cblr-1783	714	43	silence	silence	NOUN
cblr-1783	714	44	from	from	ADP
cblr-1783	714	45	regulators	regulator	NOUN
cblr-1783	714	46	on	on	ADP
cblr-1783	714	47	insolvency	insolvency	NOUN
cblr-1783	714	48	and	and	CCONJ
cblr-1783	714	49	resolution	resolution	NOUN
cblr-1783	714	50	mechanisms	mechanism	NOUN
cblr-1783	714	51	for	for	ADP
cblr-1783	714	52	large	large	ADJ
cblr-1783	714	53	clearinghouses	clearinghouse	NOUN
cblr-1783	714	54	is	be	AUX
cblr-1783	714	55	odd	odd	ADJ
cblr-1783	714	56	,	,	PUNCT
cblr-1783	714	57	given	give	VERB
cblr-1783	714	58	the	the	DET
cblr-1783	714	59	growing	grow	VERB
cblr-1783	714	60	recognition	recognition	NOUN
cblr-1783	714	61	of	of	ADP
cblr-1783	714	62	their	their	PRON
cblr-1783	714	63	systemic	systemic	ADJ
cblr-1783	714	64	risks	risk	NOUN
cblr-1783	714	65	and	and	CCONJ
cblr-1783	714	66	the	the	DET
cblr-1783	714	67	concession	concession	NOUN
cblr-1783	714	68	under	under	ADP
cblr-1783	714	69	title	title	NOUN
cblr-1783	714	70	viii	viii	NOUN
cblr-1783	714	71	that	that	SCONJ
cblr-1783	714	72	the	the	DET
cblr-1783	714	73	federal	federal	PROPN
cblr-1783	714	74	reserve	reserve	PROPN
cblr-1783	714	75	would	would	AUX
cblr-1783	714	76	step	step	VERB
cblr-1783	714	77	in	in	ADP
cblr-1783	714	78	during	during	ADP
cblr-1783	714	79	a	a	DET
cblr-1783	714	80	liquidity	liquidity	NOUN
cblr-1783	714	81	crisis	crisis	NOUN
cblr-1783	714	82	.	.	PUNCT
cblr-1783	715	1	nearly	nearly	ADV
cblr-1783	715	2	four	four	NUM
cblr-1783	715	3	years	year	NOUN
cblr-1783	715	4	after	after	ADP
cblr-1783	715	5	dodd	dodd	PROPN
cblr-1783	715	6	-	-	PUNCT
cblr-1783	715	7	frank	frank	PROPN
cblr-1783	715	8	’s	’s	PART
cblr-1783	715	9	passage	passage	NOUN
cblr-1783	715	10	,	,	PUNCT
cblr-1783	715	11	the	the	DET
cblr-1783	715	12	glaring	glaring	ADJ
cblr-1783	715	13	persistence	persistence	NOUN
cblr-1783	715	14	of	of	ADP
cblr-1783	715	15	this	this	DET
cblr-1783	715	16	ambiguity	ambiguity	NOUN
cblr-1783	715	17	suggests	suggest	VERB
cblr-1783	715	18	that	that	SCONJ
cblr-1783	715	19	regulators	regulator	NOUN
cblr-1783	715	20	are	be	AUX
cblr-1783	715	21	still	still	ADV
cblr-1783	715	22	uncertain	uncertain	ADJ
cblr-1783	715	23	over	over	ADP
cblr-1783	715	24	how	how	SCONJ
cblr-1783	715	25	to	to	PART
cblr-1783	715	26	address	address	VERB
cblr-1783	715	27	the	the	DET
cblr-1783	715	28	systemic	systemic	ADJ
cblr-1783	715	29	risks	risk	NOUN
cblr-1783	715	30	of	of	ADP
cblr-1783	715	31	clearinghouses	clearinghouse	NOUN
cblr-1783	715	32	.	.	PUNCT
cblr-1783	716	1	if	if	SCONJ
cblr-1783	716	2	,	,	PUNCT
cblr-1783	716	3	however	however	ADV
cblr-1783	716	4	,	,	PUNCT
cblr-1783	716	5	a	a	DET
cblr-1783	716	6	systemically	systemically	ADV
cblr-1783	716	7	important	important	ADJ
cblr-1783	716	8	clearinghouse	clearinghouse	NOUN
cblr-1783	716	9	were	be	AUX
cblr-1783	716	10	to	to	PART
cblr-1783	716	11	teeter	teeter	VERB
cblr-1783	716	12	on	on	ADP
cblr-1783	716	13	the	the	DET
cblr-1783	716	14	brink	brink	NOUN
cblr-1783	716	15	of	of	ADP
cblr-1783	716	16	insolvency149	insolvency149	NOUN
cblr-1783	716	17	and	and	CCONJ
cblr-1783	716	18	,	,	PUNCT
cblr-1783	716	19	as	as	SCONJ
cblr-1783	716	20	predicted	predict	VERB
cblr-1783	716	21	,	,	PUNCT
cblr-1783	716	22	the	the	DET
cblr-1783	716	23	fdic	fdic	PROPN
cblr-1783	716	24	swoops	swoop	VERB
cblr-1783	716	25	in	in	ADP
cblr-1783	716	26	under	under	ADP
cblr-1783	716	27	the	the	DET
cblr-1783	716	28	auspice	auspice	NOUN
cblr-1783	716	29	of	of	ADP
cblr-1783	716	30	ola,150	ola,150	ADP
cblr-1783	716	31	what	what	PRON
cblr-1783	716	32	might	might	AUX
cblr-1783	716	33	that	that	DET
cblr-1783	716	34	resolution	resolution	NOUN
cblr-1783	716	35	process	process	NOUN
cblr-1783	716	36	look	look	VERB
cblr-1783	716	37	like	like	ADP
cblr-1783	716	38	?	?	PUNCT
cblr-1783	717	1	title	title	PROPN
cblr-1783	717	2	ii	ii	PROPN
cblr-1783	717	3	authorizes	authorize	VERB
cblr-1783	717	4	the	the	DET
cblr-1783	717	5	fdic	fdic	PROPN
cblr-1783	717	6	to	to	PART
cblr-1783	717	7	oversee	oversee	VERB
cblr-1783	717	8	the	the	DET
cblr-1783	717	9	sale	sale	NOUN
cblr-1783	717	10	of	of	ADP
cblr-1783	717	11	a	a	DET
cblr-1783	717	12	failing	fail	VERB
cblr-1783	717	13	institution	institution	NOUN
cblr-1783	717	14	’s	’s	PART
cblr-1783	717	15	assets	asset	NOUN
cblr-1783	717	16	as	as	ADV
cblr-1783	717	17	well	well	ADV
cblr-1783	717	18	as	as	ADP
cblr-1783	717	19	its	its	PRON
cblr-1783	717	20	transfer	transfer	NOUN
cblr-1783	717	21	to	to	ADP
cblr-1783	717	22	a	a	DET
cblr-1783	717	23	bridge	bridge	NOUN
cblr-1783	717	24	company.151	company.151	NOUN
cblr-1783	717	25	due	due	ADP
cblr-1783	717	26	to	to	ADP
cblr-1783	717	27	the	the	DET
cblr-1783	717	28	unique	unique	ADJ
cblr-1783	717	29	nature	nature	NOUN
cblr-1783	717	30	of	of	ADP
cblr-1783	717	31	clearing	clearing	NOUN
cblr-1783	717	32	and	and	CCONJ
cblr-1783	717	33	settlement	settlement	NOUN
cblr-1783	717	34	,	,	PUNCT
cblr-1783	717	35	if	if	SCONJ
cblr-1783	717	36	a	a	DET
cblr-1783	717	37	sale	sale	NOUN
cblr-1783	717	38	is	be	AUX
cblr-1783	717	39	pursued	pursue	VERB
cblr-1783	717	40	,	,	PUNCT
cblr-1783	717	41	the	the	DET
cblr-1783	717	42	only	only	ADJ
cblr-1783	717	43	viable	viable	ADJ
cblr-1783	717	44	purchasers	purchaser	NOUN
cblr-1783	717	45	may	may	AUX
cblr-1783	717	46	well	well	ADV
cblr-1783	717	47	be	be	AUX
cblr-1783	717	48	other	other	ADJ
cblr-1783	717	49	clearinghouses.152	clearinghouses.152	ADJ
cblr-1783	717	50	even	even	ADV
cblr-1783	717	51	if	if	SCONJ
cblr-1783	717	52	legal	legal	ADJ
cblr-1783	717	53	impediments	impediment	NOUN
cblr-1783	717	54	(	(	PUNCT
cblr-1783	717	55	e.g.	e.g.	ADV
cblr-1783	717	56	,	,	PUNCT
cblr-1783	717	57	consent	consent	NOUN
cblr-1783	717	58	to	to	PART
cblr-1783	717	59	novate	novate	VERB
cblr-1783	717	60	)	)	PUNCT
cblr-1783	717	61	could	could	AUX
cblr-1783	717	62	be	be	AUX
cblr-1783	717	63	overcome	overcome	VERB
cblr-1783	717	64	,	,	PUNCT
cblr-1783	717	65	prospective	prospective	ADJ
cblr-1783	717	66	buyers	buyer	NOUN
cblr-1783	717	67	may	may	AUX
cblr-1783	717	68	be	be	AUX
cblr-1783	717	69	loath	loath	ADJ
cblr-1783	717	70	to	to	PART
cblr-1783	717	71	take	take	VERB
cblr-1783	717	72	on	on	ADP
cblr-1783	717	73	the	the	DET
cblr-1783	717	74	risk.153	risk.153	NOUN
cblr-1783	717	75	if	if	SCONJ
cblr-1783	717	76	the	the	DET
cblr-1783	717	77	fdic	fdic	PROPN
cblr-1783	717	78	proceeds	proceed	VERB
cblr-1783	717	79	down	down	ADP
cblr-1783	717	80	the	the	DET
cblr-1783	717	81	path	path	NOUN
cblr-1783	717	82	of	of	ADP
cblr-1783	717	83	a	a	DET
cblr-1783	717	84	bridge	bridge	NOUN
cblr-1783	717	85	institution	institution	NOUN
cblr-1783	717	86	,	,	PUNCT
cblr-1783	717	87	the	the	DET
cblr-1783	717	88	receiver	receiver	NOUN
cblr-1783	717	89	would	would	AUX
cblr-1783	717	90	face	face	VERB
cblr-1783	717	91	a	a	DET
cblr-1783	717	92	steep	steep	ADJ
cblr-1783	717	93	learning	learning	NOUN
cblr-1783	717	94	curve	curve	NOUN
cblr-1783	717	95	in	in	ADP
cblr-1783	717	96	taking	take	VERB
cblr-1783	717	97	the	the	DET
cblr-1783	717	98	helm	helm	NOUN
cblr-1783	717	99	of	of	ADP
cblr-1783	717	100	clearinghouse	clearinghouse	NOUN
cblr-1783	717	101	operations	operation	NOUN
cblr-1783	717	102	,	,	PUNCT
cblr-1783	717	103	which	which	PRON
cblr-1783	717	104	may	may	AUX
cblr-1783	717	105	be	be	AUX
cblr-1783	717	106	specialized	specialized	ADJ
cblr-1783	717	107	and	and	CCONJ
cblr-1783	717	108	9a8l	9a8l	NOUN
cblr-1783	717	109	.	.	PUNCT
cblr-1783	718	1	see	see	AUX
cblr-1783	718	2	also	also	ADV
cblr-1783	718	3	bank	bank	VERB
cblr-1783	718	4	for	for	ADP
cblr-1783	718	5	int’l	int’l	NUM
cblr-1783	718	6	settlements	settlement	NOUN
cblr-1783	718	7	&	&	CCONJ
cblr-1783	718	8	oicu	oicu	NOUN
cblr-1783	718	9	-	-	PUNCT
cblr-1783	718	10	iosco	iosco	NOUN
cblr-1783	718	11	,	,	PUNCT
cblr-1783	718	12	principles	principle	NOUN
cblr-1783	718	13	for	for	ADP
cblr-1783	718	14	financial	financial	ADJ
cblr-1783	718	15	market	market	NOUN
cblr-1783	718	16	infrastructures	infrastructure	NOUN
cblr-1783	718	17	(	(	PUNCT
cblr-1783	718	18	2012	2012	NUM
cblr-1783	718	19	)	)	PUNCT
cblr-1783	718	20	,	,	PUNCT
cblr-1783	718	21	available	available	ADJ
cblr-1783	718	22	at	at	ADP
cblr-1783	718	23	http://perma.cc/z2db-jpwp	http://perma.cc/z2db-jpwp	NOUN
cblr-1783	718	24	.	.	PUNCT
cblr-1783	719	1	149	149	NUM
cblr-1783	719	2	a	a	DET
cblr-1783	719	3	clearinghouse	clearinghouse	NOUN
cblr-1783	719	4	might	might	AUX
cblr-1783	719	5	spiral	spiral	VERB
cblr-1783	719	6	into	into	ADP
cblr-1783	719	7	insolvency	insolvency	NOUN
cblr-1783	719	8	if	if	SCONJ
cblr-1783	719	9	its	its	PRON
cblr-1783	719	10	losses	loss	NOUN
cblr-1783	719	11	from	from	ADP
cblr-1783	719	12	uncollateralized	uncollateralized	ADJ
cblr-1783	719	13	member	member	NOUN
cblr-1783	719	14	positions	position	NOUN
cblr-1783	719	15	or	or	CCONJ
cblr-1783	719	16	operational	operational	ADJ
cblr-1783	719	17	problems	problem	NOUN
cblr-1783	719	18	exceed	exceed	VERB
cblr-1783	719	19	total	total	ADJ
cblr-1783	719	20	or	or	CCONJ
cblr-1783	719	21	liquid	liquid	ADJ
cblr-1783	719	22	assets	asset	NOUN
cblr-1783	719	23	.	.	PUNCT
cblr-1783	720	1	a	a	DET
cblr-1783	720	2	clearinghouse	clearinghouse	NOUN
cblr-1783	720	3	might	might	AUX
cblr-1783	720	4	teeter	teeter	VERB
cblr-1783	720	5	on	on	ADP
cblr-1783	720	6	the	the	DET
cblr-1783	720	7	brink	brink	NOUN
cblr-1783	720	8	of	of	ADP
cblr-1783	720	9	insolvency	insolvency	NOUN
cblr-1783	720	10	if	if	SCONJ
cblr-1783	720	11	its	its	PRON
cblr-1783	720	12	default	default	NOUN
cblr-1783	720	13	management	management	NOUN
cblr-1783	720	14	system	system	NOUN
cblr-1783	720	15	is	be	AUX
cblr-1783	720	16	failing	fail	VERB
cblr-1783	720	17	or	or	CCONJ
cblr-1783	720	18	likely	likely	ADJ
cblr-1783	720	19	to	to	PART
cblr-1783	720	20	fail	fail	VERB
cblr-1783	720	21	.	.	PUNCT
cblr-1783	721	1	manmohan	manmohan	PROPN
cblr-1783	721	2	singh	singh	PROPN
cblr-1783	721	3	,	,	PUNCT
cblr-1783	721	4	when	when	SCONJ
cblr-1783	721	5	financial	financial	ADJ
cblr-1783	721	6	plumbing	plumbing	NOUN
cblr-1783	721	7	fails	fail	VERB
cblr-1783	721	8	recovery	recovery	NOUN
cblr-1783	721	9	and	and	CCONJ
cblr-1783	721	10	resolution	resolution	NOUN
cblr-1783	721	11	of	of	ADP
cblr-1783	721	12	ccps	ccp	NOUN
cblr-1783	721	13	11	11	NUM
cblr-1783	721	14	(	(	PUNCT
cblr-1783	721	15	2014	2014	NUM
cblr-1783	721	16	)	)	PUNCT
cblr-1783	721	17	(	(	PUNCT
cblr-1783	721	18	unpublished	unpublished	ADJ
cblr-1783	721	19	manuscript	manuscript	NOUN
cblr-1783	721	20	on	on	ADP
cblr-1783	721	21	file	file	NOUN
cblr-1783	721	22	with	with	ADP
cblr-1783	721	23	author	author	NOUN
cblr-1783	721	24	)	)	PUNCT
cblr-1783	722	1	[	[	X
cblr-1783	722	2	hereinafter	hereinafter	NOUN
cblr-1783	722	3	singh	singh	NOUN
cblr-1783	722	4	,	,	PUNCT
cblr-1783	722	5	when	when	SCONJ
cblr-1783	722	6	financial	financial	ADJ
cblr-1783	722	7	plumbing	plumbing	NOUN
cblr-1783	722	8	fails	fail	VERB
cblr-1783	722	9	]	]	PUNCT
cblr-1783	722	10	.	.	PUNCT
cblr-1783	722	11	150	150	NUM
cblr-1783	722	12	see	see	VERB
cblr-1783	722	13	cronin	cronin	PROPN
cblr-1783	722	14	,	,	PUNCT
cblr-1783	722	15	supra	supra	PROPN
cblr-1783	722	16	note	note	PROPN
cblr-1783	722	17	147	147	NUM
cblr-1783	722	18	.	.	PUNCT
cblr-1783	722	19	151	151	NUM
cblr-1783	722	20	see	see	VERB
cblr-1783	722	21	dodd	dodd	PROPN
cblr-1783	722	22	-	-	PUNCT
cblr-1783	722	23	frank	frank	PROPN
cblr-1783	722	24	wall	wall	PROPN
cblr-1783	722	25	street	street	PROPN
cblr-1783	722	26	reform	reform	PROPN
cblr-1783	722	27	and	and	CCONJ
cblr-1783	722	28	consumer	consumer	NOUN
cblr-1783	722	29	protection	protection	PROPN
cblr-1783	722	30	act	act	PROPN
cblr-1783	722	31	,	,	PUNCT
cblr-1783	722	32	12	12	NUM
cblr-1783	722	33	u.s.c	u.s.c	ADJ
cblr-1783	722	34	.	.	PUNCT
cblr-1783	723	1	§	§	PROPN
cblr-1783	723	2	§	§	PROPN
cblr-1783	723	3	5384	5384	NUM
cblr-1783	723	4	,	,	PUNCT
cblr-1783	723	5	5390	5390	NUM
cblr-1783	723	6	(	(	PUNCT
cblr-1783	723	7	2012	2012	NUM
cblr-1783	723	8	)	)	PUNCT
cblr-1783	723	9	.	.	PUNCT
cblr-1783	724	1	152	152	NUM
cblr-1783	724	2	see	see	VERB
cblr-1783	724	3	singh	singh	PROPN
cblr-1783	724	4	,	,	PUNCT
cblr-1783	724	5	supra	supra	PROPN
cblr-1783	724	6	note	note	NOUN
cblr-1783	724	7	149	149	NUM
cblr-1783	724	8	,	,	PUNCT
cblr-1783	724	9	at	at	ADP
cblr-1783	724	10	12–13	12–13	NUM
cblr-1783	724	11	.	.	PUNCT
cblr-1783	725	1	153	153	NUM
cblr-1783	725	2	see	see	VERB
cblr-1783	725	3	i	i	PROPN
cblr-1783	725	4	d.	d.	PROPN
cblr-1783	725	5	further	far	ADV
cblr-1783	725	6	,	,	PUNCT
cblr-1783	725	7	willing	willing	ADJ
cblr-1783	725	8	buyers	buyer	NOUN
cblr-1783	725	9	must	must	AUX
cblr-1783	725	10	be	be	AUX
cblr-1783	725	11	able	able	ADJ
cblr-1783	725	12	to	to	PART
cblr-1783	725	13	figure	figure	VERB
cblr-1783	725	14	out	out	ADP
cblr-1783	725	15	how	how	SCONJ
cblr-1783	725	16	to	to	PART
cblr-1783	725	17	interoperate	interoperate	VERB
cblr-1783	725	18	with	with	ADP
cblr-1783	725	19	the	the	DET
cblr-1783	725	20	seller	seller	NOUN
cblr-1783	725	21	’s	’s	PART
cblr-1783	725	22	systems	system	NOUN
cblr-1783	725	23	.	.	PUNCT
cblr-1783	726	1	no	no	INTJ
cblr-1783	726	2	.	.	PUNCT
cblr-1783	727	1	3:747	3:747	NUM
cblr-1783	727	2	]	]	X
cblr-1783	727	3	systemic	systemic	ADJ
cblr-1783	727	4	risk	risk	NOUN
cblr-1783	727	5	paradox	paradox	NOUN
cblr-1783	727	6	793	793	NUM
cblr-1783	727	7	idiosyncratic.154	idiosyncratic.154	NOUN
cblr-1783	727	8	either	either	DET
cblr-1783	727	9	way	way	NOUN
cblr-1783	727	10	,	,	PUNCT
cblr-1783	727	11	it	it	PRON
cblr-1783	727	12	is	be	AUX
cblr-1783	727	13	unlikely	unlikely	ADJ
cblr-1783	727	14	that	that	SCONJ
cblr-1783	727	15	the	the	DET
cblr-1783	727	16	deployment	deployment	NOUN
cblr-1783	727	17	of	of	ADP
cblr-1783	727	18	bailout	bailout	NOUN
cblr-1783	727	19	funds	fund	NOUN
cblr-1783	727	20	could	could	AUX
cblr-1783	727	21	be	be	AUX
cblr-1783	727	22	avoided.155	avoided.155	VERB
cblr-1783	727	23	a	a	DET
cblr-1783	727	24	bailout	bailout	NOUN
cblr-1783	727	25	would	would	AUX
cblr-1783	727	26	invite	invite	VERB
cblr-1783	727	27	instant	instant	ADJ
cblr-1783	727	28	comparison	comparison	NOUN
cblr-1783	727	29	to	to	ADP
cblr-1783	727	30	the	the	DET
cblr-1783	727	31	inconsistent	inconsistent	ADJ
cblr-1783	727	32	government	government	NOUN
cblr-1783	727	33	intervention	intervention	NOUN
cblr-1783	727	34	during	during	ADP
cblr-1783	727	35	the	the	DET
cblr-1783	727	36	financial	financial	ADJ
cblr-1783	727	37	crisis	crisis	NOUN
cblr-1783	727	38	(	(	PUNCT
cblr-1783	727	39	e.g.	e.g.	ADV
cblr-1783	727	40	,	,	PUNCT
cblr-1783	727	41	saving	save	VERB
cblr-1783	727	42	bear	bear	NOUN
cblr-1783	727	43	stearns	stearn	NOUN
cblr-1783	727	44	but	but	CCONJ
cblr-1783	727	45	not	not	PART
cblr-1783	727	46	lehman	lehman	PROPN
cblr-1783	727	47	brothers	brother	NOUN
cblr-1783	727	48	)	)	PUNCT
cblr-1783	727	49	and	and	CCONJ
cblr-1783	727	50	all	all	DET
cblr-1783	727	51	the	the	DET
cblr-1783	727	52	criticisms	criticism	NOUN
cblr-1783	727	53	of	of	ADP
cblr-1783	727	54	moral	moral	ADJ
cblr-1783	727	55	hazard	hazard	NOUN
cblr-1783	727	56	(	(	PUNCT
cblr-1783	727	57	e.g.	e.g.	ADV
cblr-1783	727	58	,	,	PUNCT
cblr-1783	727	59	$	$	SYM
cblr-1783	727	60	700	700	NUM
cblr-1783	727	61	billion	billion	NUM
cblr-1783	727	62	bailout	bailout	NOUN
cblr-1783	727	63	of	of	ADP
cblr-1783	727	64	banks	bank	NOUN
cblr-1783	727	65	embroiled	embroil	VERB
cblr-1783	727	66	in	in	ADP
cblr-1783	727	67	risky	risky	ADJ
cblr-1783	727	68	derivatives	derivative	NOUN
cblr-1783	727	69	trades	trade	NOUN
cblr-1783	727	70	)	)	PUNCT
cblr-1783	727	71	,	,	PUNCT
cblr-1783	727	72	whether	whether	SCONJ
cblr-1783	727	73	nuanced	nuanced	ADJ
cblr-1783	727	74	or	or	CCONJ
cblr-1783	727	75	not.156	not.156	NOUN
cblr-1783	727	76	for	for	ADP
cblr-1783	727	77	clearinghouses	clearinghouse	NOUN
cblr-1783	727	78	,	,	PUNCT
cblr-1783	727	79	bailouts	bailout	NOUN
cblr-1783	727	80	might	might	AUX
cblr-1783	727	81	encourage	encourage	VERB
cblr-1783	727	82	questionable	questionable	ADJ
cblr-1783	727	83	practices	practice	NOUN
cblr-1783	727	84	,	,	PUNCT
cblr-1783	727	85	including	include	VERB
cblr-1783	727	86	failing	fail	VERB
cblr-1783	727	87	to	to	PART
cblr-1783	727	88	demand	demand	VERB
cblr-1783	727	89	sufficient	sufficient	ADJ
cblr-1783	727	90	margin	margin	NOUN
cblr-1783	727	91	or	or	CCONJ
cblr-1783	727	92	to	to	PART
cblr-1783	727	93	devise	devise	VERB
cblr-1783	727	94	adequate	adequate	ADJ
cblr-1783	727	95	risk	risk	NOUN
cblr-1783	727	96	mitigation	mitigation	NOUN
cblr-1783	727	97	procedures.157	procedures.157	NOUN
cblr-1783	727	98	beyond	beyond	ADP
cblr-1783	727	99	clearinghouses	clearinghouse	NOUN
cblr-1783	727	100	,	,	PUNCT
cblr-1783	727	101	a	a	DET
cblr-1783	727	102	bailout	bailout	NOUN
cblr-1783	727	103	would	would	AUX
cblr-1783	727	104	also	also	ADV
cblr-1783	727	105	subsidize	subsidize	VERB
cblr-1783	727	106	the	the	DET
cblr-1783	727	107	decision	decision	NOUN
cblr-1783	727	108	of	of	ADP
cblr-1783	727	109	members	member	NOUN
cblr-1783	727	110	to	to	PART
cblr-1783	727	111	engage	engage	VERB
cblr-1783	727	112	in	in	ADP
cblr-1783	727	113	unwise	unwise	ADJ
cblr-1783	727	114	trades	trade	NOUN
cblr-1783	727	115	.	.	PUNCT
cblr-1783	728	1	the	the	DET
cblr-1783	728	2	bargain	bargain	NOUN
cblr-1783	728	3	that	that	PRON
cblr-1783	728	4	all	all	DET
cblr-1783	728	5	parties	party	NOUN
cblr-1783	728	6	had	have	AUX
cblr-1783	728	7	struck	strike	VERB
cblr-1783	728	8	was	be	AUX
cblr-1783	728	9	clear	clear	ADJ
cblr-1783	728	10	well	well	ADV
cblr-1783	728	11	in	in	ADP
cblr-1783	728	12	advance	advance	NOUN
cblr-1783	728	13	of	of	ADP
cblr-1783	728	14	insolvency	insolvency	NOUN
cblr-1783	728	15	:	:	PUNCT
cblr-1783	728	16	an	an	DET
cblr-1783	728	17	in	in	ADP
cblr-1783	728	18	-	-	PUNCT
cblr-1783	728	19	the	the	DET
cblr-1783	728	20	-	-	PUNCT
cblr-1783	728	21	money	money	NOUN
cblr-1783	728	22	member	member	NOUN
cblr-1783	728	23	is	be	AUX
cblr-1783	728	24	to	to	PART
cblr-1783	728	25	have	have	VERB
cblr-1783	728	26	first	first	ADJ
cblr-1783	728	27	dibs	dib	NOUN
cblr-1783	728	28	on	on	ADP
cblr-1783	728	29	its	its	PRON
cblr-1783	728	30	counterparty	counterparty	NOUN
cblr-1783	728	31	’s	’s	NOUN
cblr-1783	728	32	in	in	ADP
cblr-1783	728	33	-	-	PUNCT
cblr-1783	728	34	the	the	DET
cblr-1783	728	35	-	-	PUNCT
cblr-1783	728	36	money	money	NOUN
cblr-1783	728	37	positions	position	NOUN
cblr-1783	728	38	elsewhere	elsewhere	ADV
cblr-1783	728	39	,	,	PUNCT
cblr-1783	728	40	and	and	CCONJ
cblr-1783	728	41	the	the	DET
cblr-1783	728	42	clearinghouse	clearinghouse	NOUN
cblr-1783	728	43	is	be	AUX
cblr-1783	728	44	to	to	PART
cblr-1783	728	45	administer	administer	VERB
cblr-1783	728	46	the	the	DET
cblr-1783	728	47	netting	netting	NOUN
cblr-1783	728	48	.	.	PUNCT
cblr-1783	729	1	also	also	ADV
cblr-1783	729	2	,	,	PUNCT
cblr-1783	729	3	prior	prior	ADV
cblr-1783	729	4	to	to	ADP
cblr-1783	729	5	insolvency	insolvency	NOUN
cblr-1783	729	6	each	each	DET
cblr-1783	729	7	member	member	NOUN
cblr-1783	729	8	knew	know	VERB
cblr-1783	729	9	its	its	PRON
cblr-1783	729	10	place	place	NOUN
cblr-1783	729	11	in	in	ADP
cblr-1783	729	12	the	the	DET
cblr-1783	729	13	default	default	NOUN
cblr-1783	729	14	waterfall	waterfall	NOUN
cblr-1783	729	15	.	.	PUNCT
cblr-1783	730	1	and	and	CCONJ
cblr-1783	730	2	while	while	SCONJ
cblr-1783	730	3	the	the	DET
cblr-1783	730	4	impulse	impulse	NOUN
cblr-1783	730	5	of	of	ADP
cblr-1783	730	6	regulators	regulator	NOUN
cblr-1783	730	7	is	be	AUX
cblr-1783	730	8	to	to	PART
cblr-1783	730	9	stop	stop	VERB
cblr-1783	730	10	the	the	DET
cblr-1783	730	11	decline	decline	NOUN
cblr-1783	730	12	of	of	ADP
cblr-1783	730	13	a	a	DET
cblr-1783	730	14	sifi	sifi	NOUN
cblr-1783	730	15	much	much	ADV
cblr-1783	730	16	earlier	early	ADV
cblr-1783	730	17	than	than	ADP
cblr-1783	730	18	traditional	traditional	ADJ
cblr-1783	730	19	bankruptcy	bankruptcy	NOUN
cblr-1783	730	20	or	or	CCONJ
cblr-1783	730	21	ad	ad	X
cblr-1783	730	22	hoc	hoc	X
cblr-1783	730	23	bailout	bailout	NOUN
cblr-1783	730	24	,	,	PUNCT
cblr-1783	730	25	to	to	PART
cblr-1783	730	26	graft	graft	VERB
cblr-1783	730	27	ola	ola	PROPN
cblr-1783	730	28	onto	onto	ADP
cblr-1783	730	29	the	the	DET
cblr-1783	730	30	clearinghouse	clearinghouse	NOUN
cblr-1783	730	31	resolution	resolution	NOUN
cblr-1783	730	32	process	process	NOUN
cblr-1783	730	33	undoes	undo	VERB
cblr-1783	730	34	the	the	DET
cblr-1783	730	35	private	private	ADJ
cblr-1783	730	36	ordering	ordering	NOUN
cblr-1783	730	37	for	for	ADP
cblr-1783	730	38	which	which	PRON
cblr-1783	730	39	a	a	DET
cblr-1783	730	40	clearinghouse	clearinghouse	NOUN
cblr-1783	730	41	and	and	CCONJ
cblr-1783	730	42	its	its	PRON
cblr-1783	730	43	members	member	NOUN
cblr-1783	730	44	had	have	VERB
cblr-1783	730	45	contracted.158	contracted.158	NOUN
cblr-1783	730	46	how	how	SCONJ
cblr-1783	730	47	to	to	PART
cblr-1783	730	48	balance	balance	VERB
cblr-1783	730	49	those	those	DET
cblr-1783	730	50	two	two	NUM
cblr-1783	730	51	extremes	extreme	NOUN
cblr-1783	730	52	is	be	AUX
cblr-1783	730	53	the	the	DET
cblr-1783	730	54	unenviable	unenviable	ADJ
cblr-1783	730	55	choice	choice	NOUN
cblr-1783	730	56	that	that	PRON
cblr-1783	730	57	regulators	regulator	NOUN
cblr-1783	730	58	must	must	AUX
cblr-1783	730	59	make.159	make.159	VERB
cblr-1783	730	60	154	154	NUM
cblr-1783	730	61	see	see	NOUN
cblr-1783	730	62	allen	allen	PROPN
cblr-1783	730	63	,	,	PUNCT
cblr-1783	730	64	supra	supra	PROPN
cblr-1783	730	65	note	note	NOUN
cblr-1783	730	66	12	12	NUM
cblr-1783	730	67	,	,	PUNCT
cblr-1783	730	68	at	at	ADP
cblr-1783	730	69	1103–05	1103–05	NUM
cblr-1783	730	70	.	.	PUNCT
cblr-1783	731	1	155	155	NUM
cblr-1783	731	2	funds	fund	NOUN
cblr-1783	731	3	might	might	AUX
cblr-1783	731	4	be	be	AUX
cblr-1783	731	5	deployed	deploy	VERB
cblr-1783	731	6	to	to	PART
cblr-1783	731	7	absorb	absorb	VERB
cblr-1783	731	8	some	some	PRON
cblr-1783	731	9	of	of	ADP
cblr-1783	731	10	the	the	DET
cblr-1783	731	11	clearinghouse	clearinghouse	NOUN
cblr-1783	731	12	liabilities	liability	NOUN
cblr-1783	731	13	,	,	PUNCT
cblr-1783	731	14	so	so	SCONJ
cblr-1783	731	15	as	as	SCONJ
cblr-1783	731	16	to	to	PART
cblr-1783	731	17	sweeten	sweeten	VERB
cblr-1783	731	18	the	the	DET
cblr-1783	731	19	pot	pot	NOUN
cblr-1783	731	20	for	for	ADP
cblr-1783	731	21	prospective	prospective	ADJ
cblr-1783	731	22	purchasers	purchaser	NOUN
cblr-1783	731	23	.	.	PUNCT
cblr-1783	732	1	alternatively	alternatively	ADV
cblr-1783	732	2	,	,	PUNCT
cblr-1783	732	3	funds	fund	NOUN
cblr-1783	732	4	might	might	AUX
cblr-1783	732	5	also	also	ADV
cblr-1783	732	6	go	go	VERB
cblr-1783	732	7	toward	toward	ADP
cblr-1783	732	8	the	the	DET
cblr-1783	732	9	operations	operation	NOUN
cblr-1783	732	10	of	of	ADP
cblr-1783	732	11	the	the	DET
cblr-1783	732	12	receivership	receivership	NOUN
cblr-1783	732	13	or	or	CCONJ
cblr-1783	732	14	bridge	bridge	NOUN
cblr-1783	732	15	company	company	NOUN
cblr-1783	732	16	.	.	PUNCT
cblr-1783	733	1	see	see	VERB
cblr-1783	733	2	lee	lee	PROPN
cblr-1783	733	3	,	,	PUNCT
cblr-1783	733	4	supra	supra	PROPN
cblr-1783	733	5	note	note	PROPN
cblr-1783	733	6	12	12	NUM
cblr-1783	733	7	,	,	PUNCT
cblr-1783	733	8	at	at	ADP
cblr-1783	733	9	780	780	NUM
cblr-1783	733	10	(	(	PUNCT
cblr-1783	733	11	discussing	discuss	VERB
cblr-1783	733	12	12	12	NUM
cblr-1783	733	13	u.s.c	u.s.c	ADJ
cblr-1783	733	14	.	.	PUNCT
cblr-1783	734	1	§	§	PROPN
cblr-1783	734	2	5384(d	5384(d	PROPN
cblr-1783	734	3	)	)	PUNCT
cblr-1783	734	4	(	(	PUNCT
cblr-1783	734	5	2012	2012	NUM
cblr-1783	734	6	)	)	PUNCT
cblr-1783	734	7	)	)	PUNCT
cblr-1783	734	8	.	.	PUNCT
cblr-1783	735	1	156	156	NUM
cblr-1783	735	2	for	for	ADP
cblr-1783	735	3	an	an	DET
cblr-1783	735	4	example	example	NOUN
cblr-1783	735	5	of	of	ADP
cblr-1783	735	6	nuanced	nuanced	ADJ
cblr-1783	735	7	criticisms	criticism	NOUN
cblr-1783	735	8	,	,	PUNCT
cblr-1783	735	9	see	see	VERB
cblr-1783	735	10	kenneth	kenneth	PROPN
cblr-1783	735	11	ayotte	ayotte	PROPN
cblr-1783	735	12	&	&	CCONJ
cblr-1783	735	13	david	david	PROPN
cblr-1783	735	14	a.	a.	PROPN
cblr-1783	735	15	skeel	skeel	PROPN
cblr-1783	735	16	,	,	PUNCT
cblr-1783	735	17	jr	jr	PROPN
cblr-1783	735	18	.	.	PROPN
cblr-1783	735	19	,	,	PUNCT
cblr-1783	735	20	bankruptcy	bankruptcy	NOUN
cblr-1783	735	21	or	or	CCONJ
cblr-1783	735	22	bailouts	bailout	NOUN
cblr-1783	735	23	?	?	PUNCT
cblr-1783	735	24	,	,	PUNCT
cblr-1783	735	25	35	35	NUM
cblr-1783	735	26	j.	j.	PROPN
cblr-1783	735	27	corp	corp	PROPN
cblr-1783	735	28	.	.	PROPN
cblr-1783	735	29	l.	l.	PROPN
cblr-1783	735	30	469	469	NUM
cblr-1783	735	31	(	(	PUNCT
cblr-1783	735	32	2010	2010	NUM
cblr-1783	735	33	)	)	PUNCT
cblr-1783	735	34	.	.	PUNCT
cblr-1783	736	1	157	157	NUM
cblr-1783	736	2	improper	improper	ADJ
cblr-1783	736	3	collateralization	collateralization	NOUN
cblr-1783	736	4	would	would	AUX
cblr-1783	736	5	be	be	AUX
cblr-1783	736	6	especially	especially	ADV
cblr-1783	736	7	salient	salient	ADJ
cblr-1783	736	8	if	if	SCONJ
cblr-1783	736	9	a	a	DET
cblr-1783	736	10	clearinghouse	clearinghouse	NOUN
cblr-1783	736	11	had	have	AUX
cblr-1783	736	12	engaged	engage	VERB
cblr-1783	736	13	in	in	ADP
cblr-1783	736	14	competitive	competitive	ADJ
cblr-1783	736	15	margining	margining	NOUN
cblr-1783	736	16	to	to	PART
cblr-1783	736	17	attract	attract	VERB
cblr-1783	736	18	membership	membership	NOUN
cblr-1783	736	19	.	.	PUNCT
cblr-1783	737	1	158	158	NUM
cblr-1783	737	2	see	see	VERB
cblr-1783	737	3	singh	singh	PROPN
cblr-1783	737	4	,	,	PUNCT
cblr-1783	737	5	supra	supra	PROPN
cblr-1783	737	6	note	note	NOUN
cblr-1783	737	7	149	149	NUM
cblr-1783	737	8	,	,	PUNCT
cblr-1783	737	9	at	at	ADP
cblr-1783	737	10	11	11	NUM
cblr-1783	737	11	.	.	PUNCT
cblr-1783	737	12	159	159	NUM
cblr-1783	737	13	see	see	VERB
cblr-1783	737	14	ayotte	ayotte	PROPN
cblr-1783	737	15	&	&	CCONJ
cblr-1783	737	16	skeel	skeel	PROPN
cblr-1783	737	17	,	,	PUNCT
cblr-1783	737	18	supra	supra	PROPN
cblr-1783	737	19	note	note	PROPN
cblr-1783	737	20	156	156	NUM
cblr-1783	737	21	,	,	PUNCT
cblr-1783	737	22	at	at	ADP
cblr-1783	737	23	472	472	NUM
cblr-1783	737	24	(	(	PUNCT
cblr-1783	737	25	“	"	PUNCT
cblr-1783	737	26	the	the	DET
cblr-1783	737	27	distress	distress	NOUN
cblr-1783	737	28	of	of	ADP
cblr-1783	737	29	financial	financial	ADJ
cblr-1783	737	30	firms	firm	NOUN
cblr-1783	737	31	thus	thus	ADV
cblr-1783	737	32	poses	pose	VERB
cblr-1783	737	33	an	an	DET
cblr-1783	737	34	inescapable	inescapable	ADJ
cblr-1783	737	35	choice	choice	NOUN
cblr-1783	737	36	:	:	PUNCT
cblr-1783	737	37	regulators	regulator	NOUN
cblr-1783	737	38	must	must	AUX
cblr-1783	737	39	either	either	CCONJ
cblr-1783	737	40	allow	allow	VERB
cblr-1783	737	41	counterparties	counterpartie	NOUN
cblr-1783	737	42	to	to	PART
cblr-1783	737	43	take	take	VERB
cblr-1783	737	44	losses	loss	NOUN
cblr-1783	737	45	,	,	PUNCT
cblr-1783	737	46	and	and	CCONJ
cblr-1783	737	47	thus	thus	ADV
cblr-1783	737	48	confront	confront	VERB
cblr-1783	737	49	the	the	DET
cblr-1783	737	50	possibility	possibility	NOUN
cblr-1783	737	51	of	of	ADP
cblr-1783	737	52	794	794	NUM
cblr-1783	737	53	columbia	columbia	PROPN
cblr-1783	737	54	business	business	NOUN
cblr-1783	737	55	law	law	PROPN
cblr-1783	737	56	review	review	NOUN
cblr-1783	737	57	[	[	X
cblr-1783	737	58	vol	vol	NOUN
cblr-1783	737	59	.	.	PUNCT
cblr-1783	737	60	2014	2014	NUM
cblr-1783	738	1	yet	yet	CCONJ
cblr-1783	738	2	the	the	DET
cblr-1783	738	3	problem	problem	NOUN
cblr-1783	738	4	with	with	ADP
cblr-1783	738	5	the	the	DET
cblr-1783	738	6	insolvency	insolvency	NOUN
cblr-1783	738	7	regime	regime	NOUN
cblr-1783	738	8	for	for	ADP
cblr-1783	738	9	systemically	systemically	ADV
cblr-1783	738	10	important	important	ADJ
cblr-1783	738	11	clearinghouses	clearinghouse	NOUN
cblr-1783	738	12	is	be	AUX
cblr-1783	738	13	the	the	DET
cblr-1783	738	14	signal	signal	NOUN
cblr-1783	738	15	it	it	PRON
cblr-1783	738	16	sends	send	VERB
cblr-1783	738	17	when	when	SCONJ
cblr-1783	738	18	juxtaposed	juxtapose	VERB
cblr-1783	738	19	against	against	ADP
cblr-1783	738	20	the	the	DET
cblr-1783	738	21	liquidity	liquidity	NOUN
cblr-1783	738	22	backstop	backstop	NOUN
cblr-1783	738	23	for	for	ADP
cblr-1783	738	24	sifmus	sifmus	NOUN
cblr-1783	738	25	.	.	PUNCT
cblr-1783	739	1	what	what	PRON
cblr-1783	739	2	do	do	AUX
cblr-1783	739	3	regulators	regulator	NOUN
cblr-1783	739	4	imply	imply	VERB
cblr-1783	739	5	when	when	SCONJ
cblr-1783	739	6	they	they	PRON
cblr-1783	739	7	explicitly	explicitly	ADV
cblr-1783	739	8	stand	stand	VERB
cblr-1783	739	9	behind	behind	ADP
cblr-1783	739	10	the	the	DET
cblr-1783	739	11	extension	extension	NOUN
cblr-1783	739	12	of	of	ADP
cblr-1783	739	13	lolr	lolr	NOUN
cblr-1783	739	14	assistance	assistance	NOUN
cblr-1783	739	15	to	to	ADP
cblr-1783	739	16	clearinghouses	clearinghouse	NOUN
cblr-1783	739	17	but	but	CCONJ
cblr-1783	739	18	refuse	refuse	VERB
cblr-1783	739	19	to	to	PART
cblr-1783	739	20	address	address	VERB
cblr-1783	739	21	the	the	DET
cblr-1783	739	22	likelihood	likelihood	NOUN
cblr-1783	739	23	of	of	ADP
cblr-1783	739	24	clearinghouse	clearinghouse	NOUN
cblr-1783	739	25	insolvency	insolvency	NOUN
cblr-1783	739	26	?	?	PUNCT
cblr-1783	740	1	they	they	PRON
cblr-1783	740	2	imply	imply	VERB
cblr-1783	740	3	that	that	SCONJ
cblr-1783	740	4	clearinghouses	clearinghouse	NOUN
cblr-1783	740	5	are	be	AUX
cblr-1783	740	6	essential	essential	ADJ
cblr-1783	740	7	to	to	ADP
cblr-1783	740	8	the	the	DET
cblr-1783	740	9	financial	financial	ADJ
cblr-1783	740	10	system	system	NOUN
cblr-1783	740	11	but	but	CCONJ
cblr-1783	740	12	that	that	SCONJ
cblr-1783	740	13	the	the	DET
cblr-1783	740	14	regulators	regulator	NOUN
cblr-1783	740	15	are	be	AUX
cblr-1783	740	16	either	either	CCONJ
cblr-1783	740	17	too	too	ADV
cblr-1783	740	18	timid	timid	ADJ
cblr-1783	740	19	or	or	CCONJ
cblr-1783	740	20	too	too	ADV
cblr-1783	740	21	confused	confused	ADJ
cblr-1783	740	22	to	to	PART
cblr-1783	740	23	commit	commit	VERB
cblr-1783	740	24	to	to	ADP
cblr-1783	740	25	a	a	DET
cblr-1783	740	26	resolution	resolution	NOUN
cblr-1783	740	27	mechanism	mechanism	NOUN
cblr-1783	740	28	.	.	PUNCT
cblr-1783	741	1	or	or	CCONJ
cblr-1783	741	2	perhaps	perhaps	ADV
cblr-1783	741	3	they	they	PRON
cblr-1783	741	4	indicate	indicate	VERB
cblr-1783	741	5	that	that	SCONJ
cblr-1783	741	6	by	by	ADP
cblr-1783	741	7	prudential	prudential	ADJ
cblr-1783	741	8	regulation	regulation	NOUN
cblr-1783	741	9	and	and	CCONJ
cblr-1783	741	10	market	market	NOUN
cblr-1783	741	11	discipline	discipline	NOUN
cblr-1783	741	12	alone	alone	ADV
cblr-1783	741	13	,	,	PUNCT
cblr-1783	741	14	clearinghouses	clearinghouse	NOUN
cblr-1783	741	15	will	will	AUX
cblr-1783	741	16	never	never	ADV
cblr-1783	741	17	fail	fail	VERB
cblr-1783	741	18	.	.	PUNCT
cblr-1783	742	1	iv	iv	X
cblr-1783	742	2	.	.	PUNCT
cblr-1783	742	3	who	who	PRON
cblr-1783	742	4	benefits	benefit	VERB
cblr-1783	742	5	from	from	ADP
cblr-1783	742	6	the	the	DET
cblr-1783	742	7	paradox	paradox	NOUN
cblr-1783	742	8	?	?	PUNCT
cblr-1783	743	1	who	who	PRON
cblr-1783	743	2	gains	gain	VERB
cblr-1783	743	3	from	from	ADP
cblr-1783	743	4	the	the	DET
cblr-1783	743	5	divergent	divergent	ADJ
cblr-1783	743	6	regulation	regulation	NOUN
cblr-1783	743	7	of	of	ADP
cblr-1783	743	8	systemic	systemic	ADJ
cblr-1783	743	9	risk	risk	NOUN
cblr-1783	743	10	in	in	ADP
cblr-1783	743	11	clearinghouses	clearinghouse	NOUN
cblr-1783	743	12	and	and	CCONJ
cblr-1783	743	13	banks	bank	NOUN
cblr-1783	743	14	?	?	PUNCT
cblr-1783	744	1	clearinghouses	clearinghouse	NOUN
cblr-1783	744	2	,	,	PUNCT
cblr-1783	744	3	for	for	ADP
cblr-1783	744	4	one.160	one.160	PROPN
cblr-1783	744	5	if	if	SCONJ
cblr-1783	744	6	we	we	PRON
cblr-1783	744	7	are	be	AUX
cblr-1783	744	8	serious	serious	ADJ
cblr-1783	744	9	about	about	ADP
cblr-1783	744	10	netting	net	VERB
cblr-1783	744	11	efficiency	efficiency	NOUN
cblr-1783	744	12	and	and	CCONJ
cblr-1783	744	13	minimizing	minimize	VERB
cblr-1783	744	14	counterparty	counterparty	NOUN
cblr-1783	744	15	credit	credit	NOUN
cblr-1783	744	16	risk	risk	NOUN
cblr-1783	744	17	,	,	PUNCT
cblr-1783	744	18	then	then	ADV
cblr-1783	744	19	we	we	PRON
cblr-1783	744	20	must	must	AUX
cblr-1783	744	21	tolerate	tolerate	VERB
cblr-1783	744	22	the	the	DET
cblr-1783	744	23	steps	step	NOUN
cblr-1783	744	24	that	that	PRON
cblr-1783	744	25	large	large	ADJ
cblr-1783	744	26	clearinghouses	clearinghouse	NOUN
cblr-1783	744	27	take	take	VERB
cblr-1783	744	28	on	on	ADP
cblr-1783	744	29	a	a	DET
cblr-1783	744	30	daily	daily	ADJ
cblr-1783	744	31	basis	basis	NOUN
cblr-1783	744	32	,	,	PUNCT
cblr-1783	744	33	in	in	ADP
cblr-1783	744	34	normal	normal	ADJ
cblr-1783	744	35	economic	economic	ADJ
cblr-1783	744	36	times	time	NOUN
cblr-1783	744	37	,	,	PUNCT
cblr-1783	744	38	to	to	PART
cblr-1783	744	39	attain	attain	VERB
cblr-1783	744	40	market	market	NOUN
cblr-1783	744	41	dominance	dominance	NOUN
cblr-1783	744	42	.	.	PUNCT
cblr-1783	745	1	the	the	DET
cblr-1783	745	2	end	end	NOUN
cblr-1783	745	3	result	result	NOUN
cblr-1783	745	4	will	will	AUX
cblr-1783	745	5	be	be	AUX
cblr-1783	745	6	a	a	DET
cblr-1783	745	7	small	small	ADJ
cblr-1783	745	8	circle	circle	NOUN
cblr-1783	745	9	of	of	ADP
cblr-1783	745	10	giant	giant	ADJ
cblr-1783	745	11	clearinghouses	clearinghouse	NOUN
cblr-1783	745	12	best	well	ADV
cblr-1783	745	13	able	able	ADJ
cblr-1783	745	14	to	to	PART
cblr-1783	745	15	stabilize	stabilize	VERB
cblr-1783	745	16	the	the	DET
cblr-1783	745	17	markets	market	NOUN
cblr-1783	745	18	in	in	ADP
cblr-1783	745	19	the	the	DET
cblr-1783	745	20	most	most	ADV
cblr-1783	745	21	volatile	volatile	ADJ
cblr-1783	745	22	of	of	ADP
cblr-1783	745	23	times	time	NOUN
cblr-1783	745	24	.	.	PUNCT
cblr-1783	746	1	but	but	CCONJ
cblr-1783	746	2	stability	stability	NOUN
cblr-1783	746	3	can	can	AUX
cblr-1783	746	4	not	not	PART
cblr-1783	746	5	possibly	possibly	ADV
cblr-1783	746	6	trump	trump	VERB
cblr-1783	746	7	competition	competition	NOUN
cblr-1783	746	8	in	in	ADP
cblr-1783	746	9	perpetuity	perpetuity	NOUN
cblr-1783	746	10	;	;	PUNCT
cblr-1783	746	11	this	this	PRON
cblr-1783	746	12	is	be	AUX
cblr-1783	746	13	an	an	DET
cblr-1783	746	14	age	age	NOUN
cblr-1783	746	15	-	-	PUNCT
cblr-1783	746	16	old	old	ADJ
cblr-1783	746	17	balance	balance	NOUN
cblr-1783	746	18	that	that	PRON
cblr-1783	746	19	recalibrates	recalibrate	VERB
cblr-1783	746	20	when	when	SCONJ
cblr-1783	746	21	we	we	PRON
cblr-1783	746	22	progress	progress	VERB
cblr-1783	746	23	beyond	beyond	ADP
cblr-1783	746	24	a	a	DET
cblr-1783	746	25	crisis	crisis	NOUN
cblr-1783	746	26	.	.	PUNCT
cblr-1783	747	1	nearly	nearly	ADV
cblr-1783	747	2	six	six	NUM
cblr-1783	747	3	years	year	NOUN
cblr-1783	747	4	have	have	AUX
cblr-1783	747	5	elapsed	elapse	VERB
cblr-1783	747	6	since	since	SCONJ
cblr-1783	747	7	the	the	DET
cblr-1783	747	8	collapse	collapse	NOUN
cblr-1783	747	9	of	of	ADP
cblr-1783	747	10	lehman	lehman	PROPN
cblr-1783	747	11	brothers	brother	NOUN
cblr-1783	747	12	and	and	CCONJ
cblr-1783	747	13	four	four	NUM
cblr-1783	747	14	years	year	NOUN
cblr-1783	747	15	since	since	SCONJ
cblr-1783	747	16	the	the	DET
cblr-1783	747	17	passage	passage	NOUN
cblr-1783	747	18	of	of	ADP
cblr-1783	747	19	dodd	dodd	PROPN
cblr-1783	747	20	-	-	PUNCT
cblr-1783	747	21	frank	frank	PROPN
cblr-1783	747	22	.	.	PUNCT
cblr-1783	748	1	it	it	PRON
cblr-1783	748	2	is	be	AUX
cblr-1783	748	3	time	time	NOUN
cblr-1783	748	4	to	to	PART
cblr-1783	748	5	revisit	revisit	VERB
cblr-1783	748	6	the	the	DET
cblr-1783	748	7	degree	degree	NOUN
cblr-1783	748	8	to	to	PART
cblr-1783	748	9	which	which	DET
cblr-1783	748	10	antitrust	antitrust	NOUN
cblr-1783	748	11	should	should	AUX
cblr-1783	748	12	complement	complement	VERB
cblr-1783	748	13	financial	financial	ADJ
cblr-1783	748	14	regulation	regulation	NOUN
cblr-1783	748	15	,	,	PUNCT
cblr-1783	748	16	particularly	particularly	ADV
cblr-1783	748	17	as	as	SCONJ
cblr-1783	748	18	regulators	regulator	NOUN
cblr-1783	748	19	build	build	VERB
cblr-1783	748	20	an	an	DET
cblr-1783	748	21	otc	otc	ADJ
cblr-1783	748	22	clearing	clearing	NOUN
cblr-1783	748	23	architecture	architecture	NOUN
cblr-1783	748	24	systemic	systemic	ADJ
cblr-1783	748	25	effects	effect	NOUN
cblr-1783	748	26	,	,	PUNCT
cblr-1783	748	27	or	or	CCONJ
cblr-1783	748	28	they	they	PRON
cblr-1783	748	29	must	must	AUX
cblr-1783	748	30	use	use	VERB
cblr-1783	748	31	taxpayer	taxpayer	NOUN
cblr-1783	748	32	money	money	NOUN
cblr-1783	748	33	to	to	PART
cblr-1783	748	34	prevent	prevent	VERB
cblr-1783	748	35	the	the	DET
cblr-1783	748	36	losses	loss	NOUN
cblr-1783	748	37	from	from	ADP
cblr-1783	748	38	being	be	AUX
cblr-1783	748	39	realized	realize	VERB
cblr-1783	748	40	.	.	PUNCT
cblr-1783	748	41	”	"	PUNCT
cblr-1783	748	42	)	)	PUNCT
cblr-1783	748	43	.	.	PUNCT
cblr-1783	749	1	160	160	NUM
cblr-1783	749	2	additionally	additionally	ADV
cblr-1783	749	3	,	,	PUNCT
cblr-1783	749	4	those	those	PRON
cblr-1783	749	5	who	who	PRON
cblr-1783	749	6	can	can	AUX
cblr-1783	749	7	offload	offload	VERB
cblr-1783	749	8	risk	risk	NOUN
cblr-1783	749	9	onto	onto	ADP
cblr-1783	749	10	clearinghouses	clearinghouse	NOUN
cblr-1783	749	11	also	also	ADV
cblr-1783	749	12	benefit	benefit	VERB
cblr-1783	749	13	.	.	PUNCT
cblr-1783	750	1	for	for	ADP
cblr-1783	750	2	instance	instance	NOUN
cblr-1783	750	3	,	,	PUNCT
cblr-1783	750	4	a	a	DET
cblr-1783	750	5	party	party	NOUN
cblr-1783	750	6	to	to	ADP
cblr-1783	750	7	a	a	DET
cblr-1783	750	8	derivatives	derivative	NOUN
cblr-1783	750	9	trade	trade	NOUN
cblr-1783	750	10	would	would	AUX
cblr-1783	750	11	have	have	AUX
cblr-1783	750	12	closely	closely	ADV
cblr-1783	750	13	monitored	monitor	VERB
cblr-1783	750	14	the	the	DET
cblr-1783	750	15	positions	position	NOUN
cblr-1783	750	16	and	and	CCONJ
cblr-1783	750	17	creditworthiness	creditworthiness	NOUN
cblr-1783	750	18	of	of	ADP
cblr-1783	750	19	its	its	PRON
cblr-1783	750	20	counterparty	counterparty	NOUN
cblr-1783	750	21	under	under	ADP
cblr-1783	750	22	bilateral	bilateral	ADJ
cblr-1783	750	23	clearing	clearing	NOUN
cblr-1783	750	24	;	;	PUNCT
cblr-1783	750	25	under	under	ADP
cblr-1783	750	26	centralized	centralized	ADJ
cblr-1783	750	27	clearing	clearing	NOUN
cblr-1783	750	28	,	,	PUNCT
cblr-1783	750	29	however	however	ADV
cblr-1783	750	30	,	,	PUNCT
cblr-1783	750	31	that	that	SCONJ
cblr-1783	750	32	monitoring	monitoring	NOUN
cblr-1783	750	33	function	function	NOUN
cblr-1783	750	34	now	now	ADV
cblr-1783	750	35	resides	reside	VERB
cblr-1783	750	36	with	with	ADP
cblr-1783	750	37	the	the	DET
cblr-1783	750	38	clearinghouse	clearinghouse	NOUN
cblr-1783	750	39	,	,	PUNCT
cblr-1783	750	40	and	and	CCONJ
cblr-1783	750	41	the	the	DET
cblr-1783	750	42	counterparties	counterpartie	NOUN
cblr-1783	750	43	have	have	VERB
cblr-1783	750	44	less	less	ADJ
cblr-1783	750	45	incentive	incentive	NOUN
cblr-1783	750	46	to	to	PART
cblr-1783	750	47	watch	watch	VERB
cblr-1783	750	48	each	each	DET
cblr-1783	750	49	other	other	ADJ
cblr-1783	750	50	closely	closely	ADV
cblr-1783	750	51	and	and	CCONJ
cblr-1783	750	52	demand	demand	VERB
cblr-1783	750	53	collateral	collateral	NOUN
cblr-1783	750	54	.	.	PUNCT
cblr-1783	751	1	see	see	VERB
cblr-1783	751	2	roe	roe	PROPN
cblr-1783	751	3	,	,	PUNCT
cblr-1783	751	4	supra	supra	PROPN
cblr-1783	751	5	note	note	PROPN
cblr-1783	751	6	77	77	NUM
cblr-1783	751	7	,	,	PUNCT
cblr-1783	751	8	at	at	ADP
cblr-1783	751	9	1694–95	1694–95	NUM
cblr-1783	751	10	.	.	PUNCT
cblr-1783	752	1	more	more	ADV
cblr-1783	752	2	generally	generally	ADV
cblr-1783	752	3	on	on	ADP
cblr-1783	752	4	the	the	DET
cblr-1783	752	5	transferring	transferring	NOUN
cblr-1783	752	6	and	and	CCONJ
cblr-1783	752	7	monitoring	monitoring	NOUN
cblr-1783	752	8	of	of	ADP
cblr-1783	752	9	counterparty	counterparty	NOUN
cblr-1783	752	10	balance	balance	NOUN
cblr-1783	752	11	sheet	sheet	NOUN
cblr-1783	752	12	risk	risk	NOUN
cblr-1783	752	13	,	,	PUNCT
cblr-1783	752	14	see	see	VERB
cblr-1783	752	15	pirrong	pirrong	NOUN
cblr-1783	752	16	,	,	PUNCT
cblr-1783	752	17	supra	supra	PROPN
cblr-1783	752	18	note	note	NOUN
cblr-1783	752	19	81	81	NUM
cblr-1783	752	20	;	;	PUNCT
cblr-1783	752	21	yadav	yadav	PROPN
cblr-1783	752	22	,	,	PUNCT
cblr-1783	752	23	supra	supra	PROPN
cblr-1783	752	24	note	note	NOUN
cblr-1783	752	25	12	12	NUM
cblr-1783	752	26	.	.	PUNCT
cblr-1783	753	1	no	no	INTJ
cblr-1783	753	2	.	.	PUNCT
cblr-1783	754	1	3:747	3:747	NUM
cblr-1783	754	2	]	]	X
cblr-1783	754	3	systemic	systemic	ADJ
cblr-1783	754	4	risk	risk	NOUN
cblr-1783	754	5	paradox	paradox	NOUN
cblr-1783	754	6	795	795	NUM
cblr-1783	754	7	from	from	ADP
cblr-1783	754	8	scratch	scratch	NOUN
cblr-1783	754	9	.	.	PUNCT
cblr-1783	755	1	large	large	ADJ
cblr-1783	755	2	clearinghouses	clearinghouse	NOUN
cblr-1783	755	3	trigger	trigger	VERB
cblr-1783	755	4	anticompetitive	anticompetitive	ADJ
cblr-1783	755	5	concerns	concern	NOUN
cblr-1783	755	6	that	that	PRON
cblr-1783	755	7	,	,	PUNCT
cblr-1783	755	8	even	even	ADV
cblr-1783	755	9	if	if	SCONJ
cblr-1783	755	10	tolerated	tolerate	VERB
cblr-1783	755	11	,	,	PUNCT
cblr-1783	755	12	should	should	AUX
cblr-1783	755	13	be	be	AUX
cblr-1783	755	14	accounted	account	VERB
cblr-1783	755	15	for	for	ADP
cblr-1783	755	16	in	in	ADP
cblr-1783	755	17	the	the	DET
cblr-1783	755	18	regulatory	regulatory	ADJ
cblr-1783	755	19	calculus	calculus	NOUN
cblr-1783	755	20	.	.	PUNCT
cblr-1783	756	1	while	while	SCONJ
cblr-1783	756	2	competition	competition	NOUN
cblr-1783	756	3	generally	generally	ADV
cblr-1783	756	4	yields	yield	VERB
cblr-1783	756	5	to	to	ADP
cblr-1783	756	6	stability	stability	NOUN
cblr-1783	756	7	,	,	PUNCT
cblr-1783	756	8	there	there	PRON
cblr-1783	756	9	are	be	VERB
cblr-1783	756	10	at	at	ADV
cblr-1783	756	11	least	least	ADJ
cblr-1783	756	12	two	two	NUM
cblr-1783	756	13	situations	situation	NOUN
cblr-1783	756	14	in	in	ADP
cblr-1783	756	15	which	which	PRON
cblr-1783	756	16	antitrust	antitrust	NOUN
cblr-1783	756	17	must	must	AUX
cblr-1783	756	18	be	be	AUX
cblr-1783	756	19	given	give	VERB
cblr-1783	756	20	greater	great	ADJ
cblr-1783	756	21	deference	deference	NOUN
cblr-1783	756	22	.	.	PUNCT
cblr-1783	757	1	the	the	DET
cblr-1783	757	2	first	first	ADJ
cblr-1783	757	3	is	be	AUX
cblr-1783	757	4	when	when	SCONJ
cblr-1783	757	5	clearinghouses	clearinghouse	NOUN
cblr-1783	757	6	skirt	skirt	VERB
cblr-1783	757	7	their	their	PRON
cblr-1783	757	8	utility	utility	NOUN
cblr-1783	757	9	obligations	obligation	NOUN
cblr-1783	757	10	,	,	PUNCT
cblr-1783	757	11	such	such	ADJ
cblr-1783	757	12	as	as	ADP
cblr-1783	757	13	providing	provide	VERB
cblr-1783	757	14	nondiscriminatory	nondiscriminatory	ADJ
cblr-1783	757	15	access.161	access.161	ADJ
cblr-1783	757	16	clearinghouses	clearinghouse	NOUN
cblr-1783	757	17	are	be	AUX
cblr-1783	757	18	fundamentally	fundamentally	ADV
cblr-1783	757	19	a	a	DET
cblr-1783	757	20	natural	natural	ADJ
cblr-1783	757	21	monopoly	monopoly	NOUN
cblr-1783	757	22	—	—	PUNCT
cblr-1783	757	23	in	in	ADP
cblr-1783	757	24	each	each	DET
cblr-1783	757	25	market	market	NOUN
cblr-1783	757	26	,	,	PUNCT
cblr-1783	757	27	production	production	NOUN
cblr-1783	757	28	by	by	ADP
cblr-1783	757	29	a	a	DET
cblr-1783	757	30	dominant	dominant	ADJ
cblr-1783	757	31	clearinghouse	clearinghouse	NOUN
cblr-1783	757	32	decreases	decrease	NOUN
cblr-1783	757	33	rather	rather	ADV
cblr-1783	757	34	than	than	ADP
cblr-1783	757	35	increases	increase	VERB
cblr-1783	757	36	costs	cost	NOUN
cblr-1783	757	37	.	.	PUNCT
cblr-1783	758	1	when	when	SCONJ
cblr-1783	758	2	such	such	DET
cblr-1783	758	3	a	a	DET
cblr-1783	758	4	naturally	naturally	ADV
cblr-1783	758	5	dominant	dominant	ADJ
cblr-1783	758	6	player	player	NOUN
cblr-1783	758	7	starts	start	VERB
cblr-1783	758	8	to	to	PART
cblr-1783	758	9	extract	extract	VERB
cblr-1783	758	10	monopoly	monopoly	NOUN
cblr-1783	758	11	rents	rent	NOUN
cblr-1783	758	12	and	and	CCONJ
cblr-1783	758	13	obstruct	obstruct	VERB
cblr-1783	758	14	allocative	allocative	ADJ
cblr-1783	758	15	efficiency	efficiency	NOUN
cblr-1783	758	16	,	,	PUNCT
cblr-1783	758	17	antitrust	antitrust	ADJ
cblr-1783	758	18	will	will	AUX
cblr-1783	758	19	take	take	VERB
cblr-1783	758	20	corrective	corrective	ADJ
cblr-1783	758	21	action	action	NOUN
cblr-1783	758	22	.	.	PUNCT
cblr-1783	759	1	second	second	ADJ
cblr-1783	759	2	,	,	PUNCT
cblr-1783	759	3	because	because	SCONJ
cblr-1783	759	4	big	big	ADJ
cblr-1783	759	5	banks	bank	NOUN
cblr-1783	759	6	,	,	PUNCT
cblr-1783	759	7	which	which	PRON
cblr-1783	759	8	tend	tend	VERB
cblr-1783	759	9	to	to	PART
cblr-1783	759	10	also	also	ADV
cblr-1783	759	11	be	be	AUX
cblr-1783	759	12	the	the	DET
cblr-1783	759	13	powerhouse	powerhouse	NOUN
cblr-1783	759	14	derivatives	derivative	NOUN
cblr-1783	759	15	dealers	dealer	NOUN
cblr-1783	759	16	,	,	PUNCT
cblr-1783	759	17	control	control	NOUN
cblr-1783	759	18	clearinghouses	clearinghouse	NOUN
cblr-1783	759	19	,	,	PUNCT
cblr-1783	759	20	there	there	PRON
cblr-1783	759	21	is	be	VERB
cblr-1783	759	22	a	a	DET
cblr-1783	759	23	danger	danger	NOUN
cblr-1783	759	24	that	that	SCONJ
cblr-1783	759	25	big	big	ADJ
cblr-1783	759	26	banks	bank	NOUN
cblr-1783	759	27	can	can	AUX
cblr-1783	759	28	leverage	leverage	VERB
cblr-1783	759	29	the	the	DET
cblr-1783	759	30	dominance	dominance	NOUN
cblr-1783	759	31	of	of	ADP
cblr-1783	759	32	clearinghouses	clearinghouse	NOUN
cblr-1783	759	33	to	to	PART
cblr-1783	759	34	consolidate	consolidate	VERB
cblr-1783	759	35	their	their	PRON
cblr-1783	759	36	shares	share	NOUN
cblr-1783	759	37	of	of	ADP
cblr-1783	759	38	the	the	DET
cblr-1783	759	39	dealer	dealer	NOUN
cblr-1783	759	40	market	market	NOUN
cblr-1783	759	41	.	.	PUNCT
cblr-1783	760	1	here	here	ADV
cblr-1783	760	2	,	,	PUNCT
cblr-1783	760	3	antitrust	antitrust	NOUN
cblr-1783	760	4	is	be	AUX
cblr-1783	760	5	also	also	ADV
cblr-1783	760	6	particularly	particularly	ADV
cblr-1783	760	7	good	good	ADJ
cblr-1783	760	8	at	at	ADP
cblr-1783	760	9	anticipating	anticipate	VERB
cblr-1783	760	10	misconduct	misconduct	NOUN
cblr-1783	760	11	and	and	CCONJ
cblr-1783	760	12	devising	devise	VERB
cblr-1783	760	13	solutions	solution	NOUN
cblr-1783	760	14	.	.	PUNCT
cblr-1783	761	1	as	as	SCONJ
cblr-1783	761	2	others	other	NOUN
cblr-1783	761	3	have	have	VERB
cblr-1783	761	4	noted,162	noted,162	PROPN
cblr-1783	761	5	no	no	DET
cblr-1783	761	6	discussion	discussion	NOUN
cblr-1783	761	7	of	of	ADP
cblr-1783	761	8	clearinghouses	clearinghouse	NOUN
cblr-1783	761	9	is	be	AUX
cblr-1783	761	10	complete	complete	ADJ
cblr-1783	761	11	without	without	ADP
cblr-1783	761	12	scrutinizing	scrutinize	VERB
cblr-1783	761	13	the	the	DET
cblr-1783	761	14	role	role	NOUN
cblr-1783	761	15	of	of	ADP
cblr-1783	761	16	dealers	dealer	NOUN
cblr-1783	761	17	.	.	PUNCT
cblr-1783	762	1	taking	take	VERB
cblr-1783	762	2	a	a	DET
cblr-1783	762	3	closer	close	ADJ
cblr-1783	762	4	look	look	NOUN
cblr-1783	762	5	at	at	ADP
cblr-1783	762	6	who	who	PRON
cblr-1783	762	7	benefits	benefit	VERB
cblr-1783	762	8	from	from	ADP
cblr-1783	762	9	the	the	DET
cblr-1783	762	10	systemic	systemic	ADJ
cblr-1783	762	11	risk	risk	NOUN
cblr-1783	762	12	paradox	paradox	NOUN
cblr-1783	762	13	,	,	PUNCT
cblr-1783	762	14	we	we	PRON
cblr-1783	762	15	will	will	AUX
cblr-1783	762	16	find	find	VERB
cblr-1783	762	17	that	that	SCONJ
cblr-1783	762	18	large	large	ADJ
cblr-1783	762	19	banks	bank	NOUN
cblr-1783	762	20	benefit	benefit	VERB
cblr-1783	762	21	—	—	PUNCT
cblr-1783	762	22	large	large	ADJ
cblr-1783	762	23	banks	bank	NOUN
cblr-1783	762	24	,	,	PUNCT
cblr-1783	762	25	which	which	PRON
cblr-1783	762	26	comprise	comprise	VERB
cblr-1783	762	27	the	the	DET
cblr-1783	762	28	majority	majority	NOUN
cblr-1783	762	29	of	of	ADP
cblr-1783	762	30	clearinghouse	clearinghouse	NOUN
cblr-1783	762	31	members	member	NOUN
cblr-1783	762	32	and	and	CCONJ
cblr-1783	762	33	which	which	PRON
cblr-1783	762	34	,	,	PUNCT
cblr-1783	762	35	as	as	SCONJ
cblr-1783	762	36	sifis	sifi	VERB
cblr-1783	762	37	,	,	PUNCT
cblr-1783	762	38	are	be	AUX
cblr-1783	762	39	heavily	heavily	ADV
cblr-1783	762	40	regulated	regulate	VERB
cblr-1783	762	41	under	under	ADP
cblr-1783	762	42	dodd	dodd	NOUN
cblr-1783	762	43	-	-	PUNCT
cblr-1783	762	44	frank	frank	PROPN
cblr-1783	762	45	in	in	ADP
cblr-1783	762	46	nearly	nearly	ADV
cblr-1783	762	47	all	all	PRON
cblr-1783	762	48	aspects	aspect	NOUN
cblr-1783	762	49	.	.	PUNCT
cblr-1783	763	1	this	this	DET
cblr-1783	763	2	section	section	NOUN
cblr-1783	763	3	evaluates	evaluate	VERB
cblr-1783	763	4	the	the	DET
cblr-1783	763	5	beneficiaries	beneficiary	NOUN
cblr-1783	763	6	of	of	ADP
cblr-1783	763	7	the	the	DET
cblr-1783	763	8	systemic	systemic	ADJ
cblr-1783	763	9	risk	risk	NOUN
cblr-1783	763	10	paradox	paradox	NOUN
cblr-1783	763	11	from	from	ADP
cblr-1783	763	12	the	the	DET
cblr-1783	763	13	lens	lens	NOUN
cblr-1783	763	14	of	of	ADP
cblr-1783	763	15	antitrust	antitrust	ADJ
cblr-1783	763	16	.	.	PUNCT
cblr-1783	764	1	it	it	PRON
cblr-1783	764	2	begins	begin	VERB
cblr-1783	764	3	by	by	ADP
cblr-1783	764	4	exploring	explore	VERB
cblr-1783	764	5	the	the	DET
cblr-1783	764	6	balance	balance	NOUN
cblr-1783	764	7	between	between	ADP
cblr-1783	764	8	stability	stability	NOUN
cblr-1783	764	9	and	and	CCONJ
cblr-1783	764	10	competition	competition	NOUN
cblr-1783	764	11	in	in	ADP
cblr-1783	764	12	financial	financial	ADJ
cblr-1783	764	13	regulation	regulation	NOUN
cblr-1783	764	14	.	.	PUNCT
cblr-1783	765	1	then	then	ADV
cblr-1783	765	2	it	it	PRON
cblr-1783	765	3	considers	consider	VERB
cblr-1783	765	4	adapting	adapt	VERB
cblr-1783	765	5	antitrust	antitrust	ADJ
cblr-1783	765	6	solutions	solution	NOUN
cblr-1783	765	7	for	for	ADP
cblr-1783	765	8	natural	natural	ADJ
cblr-1783	765	9	monopolies	monopoly	NOUN
cblr-1783	765	10	to	to	ADP
cblr-1783	765	11	clearinghouses	clearinghouse	NOUN
cblr-1783	765	12	.	.	PUNCT
cblr-1783	766	1	doing	do	VERB
cblr-1783	766	2	so	so	ADV
cblr-1783	766	3	would	would	AUX
cblr-1783	766	4	insulate	insulate	VERB
cblr-1783	766	5	clearinghouses	clearinghouse	NOUN
cblr-1783	766	6	from	from	ADP
cblr-1783	766	7	destructive	destructive	ADJ
cblr-1783	766	8	competition	competition	NOUN
cblr-1783	766	9	while	while	SCONJ
cblr-1783	766	10	simultaneously	simultaneously	ADV
cblr-1783	766	11	protecting	protect	VERB
cblr-1783	766	12	consumers	consumer	NOUN
cblr-1783	766	13	from	from	ADP
cblr-1783	766	14	abuse	abuse	NOUN
cblr-1783	766	15	of	of	ADP
cblr-1783	766	16	dominance	dominance	NOUN
cblr-1783	766	17	.	.	PUNCT
cblr-1783	767	1	finally	finally	ADV
cblr-1783	767	2	,	,	PUNCT
cblr-1783	767	3	this	this	DET
cblr-1783	767	4	section	section	NOUN
cblr-1783	767	5	concludes	conclude	VERB
cblr-1783	767	6	with	with	ADP
cblr-1783	767	7	broader	broad	ADJ
cblr-1783	767	8	161	161	NUM
cblr-1783	767	9	see	see	NOUN
cblr-1783	767	10	infra	infra	NOUN
cblr-1783	767	11	section	section	NOUN
cblr-1783	767	12	iv.b.2	iv.b.2	NOUN
cblr-1783	767	13	.	.	PUNCT
cblr-1783	768	1	162	162	NUM
cblr-1783	768	2	see	see	VERB
cblr-1783	768	3	,	,	PUNCT
cblr-1783	768	4	e.g.	e.g.	ADV
cblr-1783	768	5	,	,	PUNCT
cblr-1783	768	6	griffith	griffith	PROPN
cblr-1783	768	7	,	,	PUNCT
cblr-1783	768	8	supra	supra	PROPN
cblr-1783	768	9	note	note	NOUN
cblr-1783	768	10	12	12	NUM
cblr-1783	768	11	,	,	PUNCT
cblr-1783	768	12	at	at	ADP
cblr-1783	768	13	1190–1204	1190–1204	NUM
cblr-1783	768	14	;	;	PUNCT
cblr-1783	768	15	johnson	johnson	PROPN
cblr-1783	768	16	,	,	PUNCT
cblr-1783	768	17	supra	supra	PROPN
cblr-1783	768	18	note	note	PROPN
cblr-1783	768	19	12	12	NUM
cblr-1783	768	20	,	,	PUNCT
cblr-1783	768	21	at	at	ADP
cblr-1783	768	22	696	696	NUM
cblr-1783	768	23	.	.	PUNCT
cblr-1783	769	1	796	796	NUM
cblr-1783	769	2	columbia	columbia	PROPN
cblr-1783	769	3	business	business	NOUN
cblr-1783	769	4	law	law	PROPN
cblr-1783	769	5	review	review	NOUN
cblr-1783	770	1	[	[	X
cblr-1783	770	2	vol	vol	NOUN
cblr-1783	770	3	.	.	PUNCT
cblr-1783	770	4	2014	2014	NUM
cblr-1783	770	5	observations	observation	NOUN
cblr-1783	770	6	about	about	ADP
cblr-1783	770	7	the	the	DET
cblr-1783	770	8	interplay	interplay	NOUN
cblr-1783	770	9	between	between	ADP
cblr-1783	770	10	regulation	regulation	NOUN
cblr-1783	770	11	and	and	CCONJ
cblr-1783	770	12	antitrust	antitrust	ADJ
cblr-1783	770	13	.	.	PUNCT
cblr-1783	771	1	a.	a.	NOUN
cblr-1783	771	2	stability	stability	NOUN
cblr-1783	771	3	and	and	CCONJ
cblr-1783	771	4	competition	competition	NOUN
cblr-1783	771	5	this	this	DET
cblr-1783	771	6	subsection	subsection	NOUN
cblr-1783	771	7	examines	examine	VERB
cblr-1783	771	8	how	how	SCONJ
cblr-1783	771	9	stability	stability	NOUN
cblr-1783	771	10	and	and	CCONJ
cblr-1783	771	11	competition	competition	NOUN
cblr-1783	771	12	were	be	AUX
cblr-1783	771	13	balanced	balance	VERB
cblr-1783	771	14	at	at	ADP
cblr-1783	771	15	crucial	crucial	ADJ
cblr-1783	771	16	junctures	juncture	NOUN
cblr-1783	771	17	in	in	ADP
cblr-1783	771	18	the	the	DET
cblr-1783	771	19	past	past	NOUN
cblr-1783	771	20	.	.	PUNCT
cblr-1783	772	1	it	it	PRON
cblr-1783	772	2	further	far	ADV
cblr-1783	772	3	situates	situate	VERB
cblr-1783	772	4	the	the	DET
cblr-1783	772	5	case	case	NOUN
cblr-1783	772	6	for	for	ADP
cblr-1783	772	7	clearinghouses	clearinghouse	NOUN
cblr-1783	772	8	within	within	ADP
cblr-1783	772	9	that	that	DET
cblr-1783	772	10	history	history	NOUN
cblr-1783	772	11	,	,	PUNCT
cblr-1783	772	12	as	as	ADV
cblr-1783	772	13	well	well	ADV
cblr-1783	772	14	as	as	ADP
cblr-1783	772	15	the	the	DET
cblr-1783	772	16	latest	late	ADJ
cblr-1783	772	17	empirical	empirical	ADJ
cblr-1783	772	18	literature	literature	NOUN
cblr-1783	772	19	.	.	PUNCT
cblr-1783	773	1	1	1	X
cblr-1783	773	2	.	.	X
cblr-1783	773	3	ebbs	ebb	NOUN
cblr-1783	773	4	and	and	CCONJ
cblr-1783	773	5	flows	flow	NOUN
cblr-1783	773	6	of	of	ADP
cblr-1783	773	7	financial	financial	ADJ
cblr-1783	773	8	regulation	regulation	NOUN
cblr-1783	773	9	considering	consider	VERB
cblr-1783	773	10	the	the	DET
cblr-1783	773	11	history	history	NOUN
cblr-1783	773	12	of	of	ADP
cblr-1783	773	13	american	american	ADJ
cblr-1783	773	14	banking	banking	NOUN
cblr-1783	773	15	,	,	PUNCT
cblr-1783	773	16	the	the	DET
cblr-1783	773	17	evidence	evidence	NOUN
cblr-1783	773	18	is	be	AUX
cblr-1783	773	19	mixed	mix	VERB
cblr-1783	773	20	at	at	ADV
cblr-1783	773	21	best	good	ADJ
cblr-1783	773	22	on	on	ADP
cblr-1783	773	23	whether	whether	SCONJ
cblr-1783	773	24	competition	competition	NOUN
cblr-1783	773	25	detracts	detract	VERB
cblr-1783	773	26	from	from	ADP
cblr-1783	773	27	or	or	CCONJ
cblr-1783	773	28	enhances	enhance	VERB
cblr-1783	773	29	stability	stability	NOUN
cblr-1783	773	30	.	.	PUNCT
cblr-1783	774	1	banks	bank	NOUN
cblr-1783	774	2	failed	fail	VERB
cblr-1783	774	3	when	when	SCONJ
cblr-1783	774	4	intensely	intensely	ADV
cblr-1783	774	5	regulated	regulate	VERB
cblr-1783	774	6	under	under	ADP
cblr-1783	774	7	a	a	DET
cblr-1783	774	8	rubric	rubric	NOUN
cblr-1783	774	9	that	that	PRON
cblr-1783	774	10	prioritized	prioritize	VERB
cblr-1783	774	11	stability	stability	NOUN
cblr-1783	774	12	above	above	ADP
cblr-1783	774	13	all	all	PRON
cblr-1783	774	14	else	else	ADV
cblr-1783	774	15	(	(	PUNCT
cblr-1783	774	16	continental	continental	PROPN
cblr-1783	774	17	illinois	illinois	PROPN
cblr-1783	774	18	,	,	PUNCT
cblr-1783	774	19	1981),163	1981),163	NUM
cblr-1783	775	1	and	and	CCONJ
cblr-1783	775	2	they	they	PRON
cblr-1783	775	3	failed	fail	VERB
cblr-1783	775	4	during	during	ADP
cblr-1783	775	5	the	the	DET
cblr-1783	775	6	go	go	VERB
cblr-1783	775	7	-	-	PUNCT
cblr-1783	775	8	go	go	NOUN
cblr-1783	775	9	days	day	NOUN
cblr-1783	775	10	of	of	ADP
cblr-1783	775	11	deregulation	deregulation	NOUN
cblr-1783	775	12	in	in	ADP
cblr-1783	775	13	the	the	DET
cblr-1783	775	14	1990s	1990s	NUM
cblr-1783	775	15	through	through	ADP
cblr-1783	775	16	the	the	DET
cblr-1783	775	17	early	early	ADJ
cblr-1783	775	18	2000s	2000s	NUM
cblr-1783	775	19	(	(	PUNCT
cblr-1783	775	20	wachovia	wachovia	PROPN
cblr-1783	775	21	,	,	PUNCT
cblr-1783	775	22	washington	washington	PROPN
cblr-1783	775	23	mutual	mutual	ADJ
cblr-1783	775	24	)	)	PUNCT
cblr-1783	775	25	.	.	PUNCT
cblr-1783	776	1	it	it	PRON
cblr-1783	776	2	is	be	AUX
cblr-1783	776	3	difficult	difficult	ADJ
cblr-1783	776	4	,	,	PUNCT
cblr-1783	776	5	therefore	therefore	ADV
cblr-1783	776	6	,	,	PUNCT
cblr-1783	776	7	to	to	PART
cblr-1783	776	8	draw	draw	VERB
cblr-1783	776	9	firm	firm	ADJ
cblr-1783	776	10	conclusions	conclusion	NOUN
cblr-1783	776	11	on	on	ADP
cblr-1783	776	12	the	the	DET
cblr-1783	776	13	relationship	relationship	NOUN
cblr-1783	776	14	between	between	ADP
cblr-1783	776	15	stability	stability	NOUN
cblr-1783	776	16	and	and	CCONJ
cblr-1783	776	17	competition	competition	NOUN
cblr-1783	776	18	by	by	ADP
cblr-1783	776	19	examining	examine	VERB
cblr-1783	776	20	the	the	DET
cblr-1783	776	21	ebbs	ebb	NOUN
cblr-1783	776	22	and	and	CCONJ
cblr-1783	776	23	flows	flow	NOUN
cblr-1783	776	24	of	of	ADP
cblr-1783	776	25	financial	financial	ADJ
cblr-1783	776	26	regulation	regulation	NOUN
cblr-1783	776	27	.	.	PUNCT
cblr-1783	777	1	finance	finance	NOUN
cblr-1783	777	2	in	in	ADP
cblr-1783	777	3	the	the	DET
cblr-1783	777	4	nation	nation	NOUN
cblr-1783	777	5	’s	’s	PART
cblr-1783	777	6	early	early	ADJ
cblr-1783	777	7	years	year	NOUN
cblr-1783	777	8	was	be	AUX
cblr-1783	777	9	an	an	DET
cblr-1783	777	10	unregulated	unregulated	ADJ
cblr-1783	777	11	free	free	ADJ
cblr-1783	777	12	-	-	PUNCT
cblr-1783	777	13	for	for	ADP
cblr-1783	777	14	-	-	PUNCT
cblr-1783	777	15	all	all	PRON
cblr-1783	777	16	,	,	PUNCT
cblr-1783	777	17	with	with	ADP
cblr-1783	777	18	state	state	NOUN
cblr-1783	777	19	-	-	PUNCT
cblr-1783	777	20	chartered	charter	VERB
cblr-1783	777	21	banks	bank	NOUN
cblr-1783	777	22	minting	mint	VERB
cblr-1783	777	23	their	their	PRON
cblr-1783	777	24	own	own	ADJ
cblr-1783	777	25	currency	currency	NOUN
cblr-1783	777	26	and	and	CCONJ
cblr-1783	777	27	vying	vie	VERB
cblr-1783	777	28	so	so	ADV
cblr-1783	777	29	ruthlessly	ruthlessly	ADV
cblr-1783	777	30	for	for	ADP
cblr-1783	777	31	depositors	depositor	NOUN
cblr-1783	777	32	that	that	SCONJ
cblr-1783	777	33	they	they	PRON
cblr-1783	777	34	epitomized	epitomize	VERB
cblr-1783	777	35	destructive	destructive	ADJ
cblr-1783	777	36	competition.164	competition.164	NOUN
cblr-1783	777	37	this	this	DET
cblr-1783	777	38	period	period	NOUN
cblr-1783	777	39	was	be	AUX
cblr-1783	777	40	followed	follow	VERB
cblr-1783	777	41	by	by	ADP
cblr-1783	777	42	a	a	DET
cblr-1783	777	43	slow	slow	ADJ
cblr-1783	777	44	march	march	NOUN
cblr-1783	777	45	toward	toward	ADP
cblr-1783	777	46	larger	large	ADJ
cblr-1783	777	47	,	,	PUNCT
cblr-1783	777	48	national	national	ADJ
cblr-1783	777	49	banks	bank	NOUN
cblr-1783	777	50	,	,	PUNCT
cblr-1783	777	51	163	163	NUM
cblr-1783	777	52	then	then	ADV
cblr-1783	777	53	the	the	DET
cblr-1783	777	54	seventh	seventh	ADJ
cblr-1783	777	55	largest	large	ADJ
cblr-1783	777	56	bank	bank	NOUN
cblr-1783	777	57	in	in	ADP
cblr-1783	777	58	the	the	DET
cblr-1783	777	59	country	country	NOUN
cblr-1783	777	60	,	,	PUNCT
cblr-1783	777	61	with	with	ADP
cblr-1783	777	62	$	$	SYM
cblr-1783	777	63	45	45	NUM
cblr-1783	777	64	billion	billion	NUM
cblr-1783	777	65	in	in	ADP
cblr-1783	777	66	assets	asset	NOUN
cblr-1783	777	67	,	,	PUNCT
cblr-1783	777	68	continental	continental	PROPN
cblr-1783	777	69	illinois	illinois	PROPN
cblr-1783	777	70	was	be	AUX
cblr-1783	777	71	the	the	DET
cblr-1783	777	72	most	most	ADV
cblr-1783	777	73	visible	visible	ADJ
cblr-1783	777	74	example	example	NOUN
cblr-1783	777	75	of	of	ADP
cblr-1783	777	76	tbtf	tbtf	PROPN
cblr-1783	777	77	in	in	ADP
cblr-1783	777	78	the	the	DET
cblr-1783	777	79	1980s	1980s	NUM
cblr-1783	777	80	.	.	PUNCT
cblr-1783	778	1	see	see	VERB
cblr-1783	778	2	fed	fed	PROPN
cblr-1783	778	3	.	.	PUNCT
cblr-1783	779	1	deposit	deposit	PROPN
cblr-1783	779	2	insurance	insurance	PROPN
cblr-1783	779	3	corp	corp	PROPN
cblr-1783	779	4	.	.	PROPN
cblr-1783	779	5	,	,	PUNCT
cblr-1783	779	6	supra	supra	PROPN
cblr-1783	779	7	note	note	PROPN
cblr-1783	779	8	19	19	NUM
cblr-1783	779	9	,	,	PUNCT
cblr-1783	779	10	at	at	ADP
cblr-1783	779	11	42	42	NUM
cblr-1783	779	12	(	(	PUNCT
cblr-1783	779	13	“	"	PUNCT
cblr-1783	779	14	regulators	regulator	NOUN
cblr-1783	779	15	’	'	PUNCT
cblr-1783	779	16	preference	preference	NOUN
cblr-1783	779	17	for	for	ADP
cblr-1783	779	18	solutions	solution	NOUN
cblr-1783	779	19	that	that	PRON
cblr-1783	779	20	promoted	promote	VERB
cblr-1783	779	21	stability	stability	NOUN
cblr-1783	779	22	rather	rather	ADV
cblr-1783	779	23	than	than	ADP
cblr-1783	779	24	market	market	NOUN
cblr-1783	779	25	discipline	discipline	NOUN
cblr-1783	779	26	is	be	AUX
cblr-1783	779	27	apparent	apparent	ADJ
cblr-1783	779	28	in	in	ADP
cblr-1783	779	29	the	the	DET
cblr-1783	779	30	treatment	treatment	NOUN
cblr-1783	779	31	of	of	ADP
cblr-1783	779	32	large	large	ADJ
cblr-1783	779	33	banks	bank	NOUN
cblr-1783	779	34	.	.	PUNCT
cblr-1783	779	35	.	.	PUNCT
cblr-1783	779	36	.	.	PUNCT
cblr-1783	780	1	.	.	PUNCT
cblr-1783	781	1	at	at	ADP
cblr-1783	781	2	various	various	ADJ
cblr-1783	781	3	times	time	NOUN
cblr-1783	781	4	and	and	CCONJ
cblr-1783	781	5	for	for	ADP
cblr-1783	781	6	various	various	ADJ
cblr-1783	781	7	reasons	reason	NOUN
cblr-1783	781	8	,	,	PUNCT
cblr-1783	781	9	regulators	regulator	NOUN
cblr-1783	781	10	generally	generally	ADV
cblr-1783	781	11	concluded	conclude	VERB
cblr-1783	781	12	that	that	SCONJ
cblr-1783	781	13	good	good	ADJ
cblr-1783	781	14	public	public	ADJ
cblr-1783	781	15	policy	policy	NOUN
cblr-1783	781	16	required	require	VERB
cblr-1783	781	17	that	that	SCONJ
cblr-1783	781	18	big	big	ADJ
cblr-1783	781	19	banks	bank	NOUN
cblr-1783	781	20	in	in	ADP
cblr-1783	781	21	trouble	trouble	NOUN
cblr-1783	781	22	be	be	AUX
cblr-1783	781	23	shielded	shield	VERB
cblr-1783	781	24	from	from	ADP
cblr-1783	781	25	the	the	DET
cblr-1783	781	26	full	full	ADJ
cblr-1783	781	27	impact	impact	NOUN
cblr-1783	781	28	of	of	ADP
cblr-1783	781	29	market	market	NOUN
cblr-1783	781	30	forces	force	NOUN
cblr-1783	781	31	.	.	PUNCT
cblr-1783	781	32	.	.	PUNCT
cblr-1783	781	33	.	.	PUNCT
cblr-1783	781	34	.	.	PUNCT
cblr-1783	781	35	”	"	PUNCT
cblr-1783	781	36	)	)	PUNCT
cblr-1783	781	37	.	.	PUNCT
cblr-1783	782	1	164	164	NUM
cblr-1783	782	2	see	see	VERB
cblr-1783	782	3	1	1	NUM
cblr-1783	782	4	jerry	jerry	PROPN
cblr-1783	782	5	w.	w.	PROPN
cblr-1783	782	6	markham	markham	PROPN
cblr-1783	782	7	,	,	PUNCT
cblr-1783	782	8	a	a	DET
cblr-1783	782	9	financial	financial	ADJ
cblr-1783	782	10	history	history	NOUN
cblr-1783	782	11	of	of	ADP
cblr-1783	782	12	the	the	DET
cblr-1783	782	13	united	united	PROPN
cblr-1783	782	14	states	states	PROPN
cblr-1783	782	15	(	(	PUNCT
cblr-1783	782	16	1st	1st	ADJ
cblr-1783	782	17	ed	ed	NOUN
cblr-1783	782	18	.	.	PROPN
cblr-1783	782	19	2002	2002	NUM
cblr-1783	782	20	)	)	PUNCT
cblr-1783	782	21	,	,	PUNCT
cblr-1783	782	22	ch	ch	NOUN
cblr-1783	782	23	.	.	PROPN
cblr-1783	782	24	2	2	NUM
cblr-1783	782	25	§	§	PROPN
cblr-1783	782	26	§	§	PROPN
cblr-1783	782	27	1	1	NUM
cblr-1783	782	28	,	,	PUNCT
cblr-1783	782	29	4	4	NUM
cblr-1783	782	30	.	.	PUNCT
cblr-1783	782	31	from	from	ADP
cblr-1783	782	32	1782	1782	NUM
cblr-1783	782	33	to	to	ADP
cblr-1783	782	34	1837	1837	NUM
cblr-1783	782	35	,	,	PUNCT
cblr-1783	782	36	over	over	ADP
cblr-1783	782	37	700	700	NUM
cblr-1783	782	38	banks	bank	NOUN
cblr-1783	782	39	sprang	spring	VERB
cblr-1783	782	40	up	up	ADP
cblr-1783	782	41	in	in	ADP
cblr-1783	782	42	the	the	DET
cblr-1783	782	43	country	country	NOUN
cblr-1783	782	44	;	;	PUNCT
cblr-1783	782	45	in	in	ADP
cblr-1783	782	46	the	the	DET
cblr-1783	782	47	two	two	NUM
cblr-1783	782	48	years	year	NOUN
cblr-1783	782	49	between	between	ADP
cblr-1783	782	50	1811	1811	NUM
cblr-1783	782	51	and	and	CCONJ
cblr-1783	782	52	1813	1813	NUM
cblr-1783	782	53	alone	alone	ADV
cblr-1783	782	54	,	,	PUNCT
cblr-1783	782	55	120	120	NUM
cblr-1783	782	56	new	new	ADJ
cblr-1783	782	57	state	state	NOUN
cblr-1783	782	58	banks	bank	NOUN
cblr-1783	782	59	were	be	AUX
cblr-1783	782	60	chartered	charter	VERB
cblr-1783	782	61	,	,	PUNCT
cblr-1783	782	62	but	but	CCONJ
cblr-1783	782	63	within	within	ADP
cblr-1783	782	64	a	a	DET
cblr-1783	782	65	decade	decade	NOUN
cblr-1783	782	66	,	,	PUNCT
cblr-1783	782	67	numerous	numerous	ADJ
cblr-1783	782	68	banks	bank	NOUN
cblr-1783	782	69	would	would	AUX
cblr-1783	782	70	fail	fail	VERB
cblr-1783	782	71	,	,	PUNCT
cblr-1783	782	72	with	with	ADP
cblr-1783	782	73	losses	loss	NOUN
cblr-1783	782	74	to	to	ADP
cblr-1783	782	75	the	the	DET
cblr-1783	782	76	united	united	PROPN
cblr-1783	782	77	states	states	PROPN
cblr-1783	782	78	exceeding	exceed	VERB
cblr-1783	782	79	$	$	SYM
cblr-1783	782	80	1	1	NUM
cblr-1783	782	81	million	million	NUM
cblr-1783	782	82	by	by	ADP
cblr-1783	782	83	1815	1815	NUM
cblr-1783	782	84	.	.	PUNCT
cblr-1783	783	1	i	i	PRON
cblr-1783	783	2	d.	d.	PROPN
cblr-1783	783	3	no	no	INTJ
cblr-1783	783	4	.	.	PUNCT
cblr-1783	784	1	3:747	3:747	NUM
cblr-1783	784	2	]	]	X
cblr-1783	784	3	systemic	systemic	ADJ
cblr-1783	784	4	risk	risk	NOUN
cblr-1783	784	5	paradox	paradox	NOUN
cblr-1783	784	6	797	797	NUM
cblr-1783	784	7	spurred	spur	VERB
cblr-1783	784	8	less	less	ADJ
cblr-1783	784	9	by	by	ADP
cblr-1783	784	10	the	the	DET
cblr-1783	784	11	need	need	NOUN
cblr-1783	784	12	for	for	ADP
cblr-1783	784	13	stability	stability	NOUN
cblr-1783	784	14	than	than	ADP
cblr-1783	784	15	the	the	DET
cblr-1783	784	16	desire	desire	NOUN
cblr-1783	784	17	to	to	PART
cblr-1783	784	18	create	create	VERB
cblr-1783	784	19	a	a	DET
cblr-1783	784	20	unified	unified	ADJ
cblr-1783	784	21	national	national	ADJ
cblr-1783	784	22	currency.165	currency.165	NOUN
cblr-1783	784	23	the	the	DET
cblr-1783	784	24	regulatory	regulatory	ADJ
cblr-1783	784	25	climate	climate	NOUN
cblr-1783	784	26	changed	change	VERB
cblr-1783	784	27	remarkably	remarkably	ADV
cblr-1783	784	28	after	after	ADP
cblr-1783	784	29	the	the	DET
cblr-1783	784	30	great	great	ADJ
cblr-1783	784	31	depression	depression	NOUN
cblr-1783	784	32	,	,	PUNCT
cblr-1783	784	33	when	when	SCONJ
cblr-1783	784	34	the	the	DET
cblr-1783	784	35	decimation	decimation	NOUN
cblr-1783	784	36	of	of	ADP
cblr-1783	784	37	american	american	ADJ
cblr-1783	784	38	financial	financial	ADJ
cblr-1783	784	39	institutions	institution	NOUN
cblr-1783	784	40	prompted	prompt	VERB
cblr-1783	784	41	a	a	DET
cblr-1783	784	42	more	more	ADV
cblr-1783	784	43	heavy	heavy	ADJ
cblr-1783	784	44	-	-	PUNCT
cblr-1783	784	45	handed	handed	ADJ
cblr-1783	784	46	approach	approach	NOUN
cblr-1783	784	47	favoring	favor	VERB
cblr-1783	784	48	stability	stability	NOUN
cblr-1783	784	49	and	and	CCONJ
cblr-1783	784	50	risk	risk	NOUN
cblr-1783	784	51	mitigation.166	mitigation.166	NOUN
cblr-1783	784	52	the	the	DET
cblr-1783	784	53	high	high	ADJ
cblr-1783	784	54	-	-	PUNCT
cblr-1783	784	55	water	water	NOUN
cblr-1783	784	56	mark	mark	NOUN
cblr-1783	784	57	of	of	ADP
cblr-1783	784	58	government	government	NOUN
cblr-1783	784	59	regulation	regulation	NOUN
cblr-1783	784	60	in	in	ADP
cblr-1783	784	61	the	the	DET
cblr-1783	784	62	banking	banking	NOUN
cblr-1783	784	63	sector	sector	NOUN
cblr-1783	784	64	was	be	AUX
cblr-1783	784	65	the	the	DET
cblr-1783	784	66	glass	glass	NOUN
cblr-1783	784	67	-	-	PUNCT
cblr-1783	784	68	steagall	steagall	PROPN
cblr-1783	784	69	act	act	PROPN
cblr-1783	784	70	,	,	PUNCT
cblr-1783	784	71	which	which	PRON
cblr-1783	784	72	separated	separate	VERB
cblr-1783	784	73	commercial	commercial	ADJ
cblr-1783	784	74	banking	banking	NOUN
cblr-1783	784	75	from	from	ADP
cblr-1783	784	76	investment	investment	NOUN
cblr-1783	784	77	banking.167	banking.167	SCONJ
cblr-1783	784	78	the	the	DET
cblr-1783	784	79	firewall	firewall	NOUN
cblr-1783	784	80	kept	keep	VERB
cblr-1783	784	81	the	the	DET
cblr-1783	784	82	entities	entity	NOUN
cblr-1783	784	83	that	that	PRON
cblr-1783	784	84	dominated	dominate	VERB
cblr-1783	784	85	these	these	DET
cblr-1783	784	86	two	two	NUM
cblr-1783	784	87	sectors	sector	NOUN
cblr-1783	784	88	—	—	PUNCT
cblr-1783	784	89	banks	bank	NOUN
cblr-1783	784	90	and	and	CCONJ
cblr-1783	784	91	underwriters	underwriter	NOUN
cblr-1783	784	92	—	—	PUNCT
cblr-1783	784	93	from	from	ADP
cblr-1783	784	94	going	go	VERB
cblr-1783	784	95	head	head	NOUN
cblr-1783	784	96	-	-	PUNCT
cblr-1783	784	97	tohead.168	tohead.168	NOUN
cblr-1783	784	98	by	by	ADP
cblr-1783	784	99	setting	set	VERB
cblr-1783	784	100	commercial	commercial	ADJ
cblr-1783	784	101	banking	banking	NOUN
cblr-1783	784	102	apart	apart	ADV
cblr-1783	784	103	for	for	ADP
cblr-1783	784	104	heightened	heightened	ADJ
cblr-1783	784	105	regulation	regulation	NOUN
cblr-1783	784	106	,	,	PUNCT
cblr-1783	784	107	bank	bank	NOUN
cblr-1783	784	108	regulators	regulator	NOUN
cblr-1783	784	109	acted	act	VERB
cblr-1783	784	110	as	as	ADP
cblr-1783	784	111	gatekeepers	gatekeeper	NOUN
cblr-1783	784	112	that	that	PRON
cblr-1783	784	113	restricted	restrict	VERB
cblr-1783	784	114	entry	entry	NOUN
cblr-1783	784	115	into	into	ADP
cblr-1783	784	116	this	this	DET
cblr-1783	784	117	sector	sector	NOUN
cblr-1783	784	118	.	.	PUNCT
cblr-1783	785	1	the	the	DET
cblr-1783	785	2	resulting	result	VERB
cblr-1783	785	3	set	set	NOUN
cblr-1783	785	4	of	of	ADP
cblr-1783	785	5	institutions	institution	NOUN
cblr-1783	785	6	allowed	allow	VERB
cblr-1783	785	7	to	to	PART
cblr-1783	785	8	play	play	VERB
cblr-1783	785	9	in	in	ADP
cblr-1783	785	10	this	this	DET
cblr-1783	785	11	space	space	NOUN
cblr-1783	785	12	was	be	AUX
cblr-1783	785	13	heavily	heavily	ADV
cblr-1783	785	14	regulated	regulate	VERB
cblr-1783	785	15	,	,	PUNCT
cblr-1783	785	16	but	but	CCONJ
cblr-1783	785	17	it	it	PRON
cblr-1783	785	18	also	also	ADV
cblr-1783	785	19	approximated	approximate	VERB
cblr-1783	785	20	a	a	DET
cblr-1783	785	21	government	government	NOUN
cblr-1783	785	22	-	-	PUNCT
cblr-1783	785	23	set	set	VERB
cblr-1783	785	24	cartel	cartel	NOUN
cblr-1783	785	25	with	with	ADP
cblr-1783	785	26	a	a	DET
cblr-1783	785	27	lock	lock	NOUN
cblr-1783	785	28	on	on	ADP
cblr-1783	785	29	lending	lending	NOUN
cblr-1783	785	30	and	and	CCONJ
cblr-1783	785	31	a	a	DET
cblr-1783	785	32	cushion	cushion	NOUN
cblr-1783	785	33	from	from	ADP
cblr-1783	785	34	the	the	DET
cblr-1783	785	35	intense	intense	ADJ
cblr-1783	785	36	competition	competition	NOUN
cblr-1783	785	37	that	that	PRON
cblr-1783	785	38	characterizes	characterize	VERB
cblr-1783	785	39	other	other	ADJ
cblr-1783	785	40	sectors.169	sectors.169	NUM
cblr-1783	785	41	165	165	NUM
cblr-1783	785	42	see	see	VERB
cblr-1783	785	43	i	i	PRON
cblr-1783	785	44	d.	d.	PROPN
cblr-1783	785	45	at	at	ADP
cblr-1783	785	46	ch	ch	PROPN
cblr-1783	785	47	.	.	PROPN
cblr-1783	785	48	2	2	NUM
cblr-1783	785	49	§	§	PROPN
cblr-1783	785	50	4	4	NUM
cblr-1783	785	51	,	,	PUNCT
cblr-1783	785	52	ch	ch	NOUN
cblr-1783	785	53	.	.	PROPN
cblr-1783	785	54	3	3	NUM
cblr-1783	786	1	§	§	PROPN
cblr-1783	786	2	§	§	PROPN
cblr-1783	786	3	1–3	1–3	NOUN
cblr-1783	786	4	.	.	PROPN
cblr-1783	786	5	166	166	NUM
cblr-1783	786	6	see	see	VERB
cblr-1783	786	7	2	2	NUM
cblr-1783	787	1	i	i	PRON
cblr-1783	787	2	d.	d.	PROPN
cblr-1783	787	3	at	at	ADP
cblr-1783	787	4	ch	ch	PROPN
cblr-1783	787	5	.	.	PROPN
cblr-1783	787	6	3	3	NUM
cblr-1783	787	7	§	§	PROPN
cblr-1783	787	8	4	4	NUM
cblr-1783	787	9	.	.	PUNCT
cblr-1783	787	10	by	by	ADP
cblr-1783	787	11	1932	1932	NUM
cblr-1783	787	12	,	,	PUNCT
cblr-1783	787	13	one	one	NUM
cblr-1783	787	14	in	in	ADP
cblr-1783	787	15	four	four	NUM
cblr-1783	787	16	american	american	ADJ
cblr-1783	787	17	banks	bank	NOUN
cblr-1783	787	18	had	have	AUX
cblr-1783	787	19	failed	fail	VERB
cblr-1783	787	20	,	,	PUNCT
cblr-1783	787	21	including	include	VERB
cblr-1783	787	22	the	the	DET
cblr-1783	787	23	bank	bank	NOUN
cblr-1783	787	24	of	of	ADP
cblr-1783	787	25	the	the	DET
cblr-1783	787	26	united	united	PROPN
cblr-1783	787	27	states	states	PROPN
cblr-1783	787	28	(	(	PUNCT
cblr-1783	787	29	not	not	PART
cblr-1783	787	30	to	to	PART
cblr-1783	787	31	be	be	AUX
cblr-1783	787	32	confused	confuse	VERB
cblr-1783	787	33	with	with	ADP
cblr-1783	787	34	the	the	DET
cblr-1783	787	35	first	first	ADJ
cblr-1783	787	36	or	or	CCONJ
cblr-1783	787	37	second	second	ADJ
cblr-1783	787	38	bank	bank	NOUN
cblr-1783	787	39	of	of	ADP
cblr-1783	787	40	the	the	DET
cblr-1783	787	41	united	united	PROPN
cblr-1783	787	42	states	states	PROPN
cblr-1783	787	43	)	)	PUNCT
cblr-1783	787	44	,	,	PUNCT
cblr-1783	787	45	at	at	ADP
cblr-1783	787	46	the	the	DET
cblr-1783	787	47	time	time	NOUN
cblr-1783	787	48	the	the	DET
cblr-1783	787	49	largest	large	ADJ
cblr-1783	787	50	bank	bank	NOUN
cblr-1783	787	51	failure	failure	NOUN
cblr-1783	787	52	in	in	ADP
cblr-1783	787	53	history	history	NOUN
cblr-1783	787	54	.	.	PUNCT
cblr-1783	788	1	i	i	PRON
cblr-1783	788	2	d.	d.	PROPN
cblr-1783	788	3	at	at	ADP
cblr-1783	788	4	ch	ch	PROPN
cblr-1783	788	5	.	.	PROPN
cblr-1783	789	1	3	3	X
cblr-1783	789	2	.	.	X
cblr-1783	790	1	within	within	ADP
cblr-1783	790	2	two	two	NUM
cblr-1783	790	3	years	year	NOUN
cblr-1783	790	4	,	,	PUNCT
cblr-1783	790	5	the	the	DET
cblr-1783	790	6	securities	security	NOUN
cblr-1783	790	7	act	act	NOUN
cblr-1783	790	8	of	of	ADP
cblr-1783	790	9	1933	1933	NUM
cblr-1783	790	10	,	,	PUNCT
cblr-1783	790	11	the	the	DET
cblr-1783	790	12	securities	securities	PROPN
cblr-1783	790	13	exchange	exchange	PROPN
cblr-1783	790	14	act	act	NOUN
cblr-1783	790	15	of	of	ADP
cblr-1783	790	16	1934	1934	NUM
cblr-1783	790	17	,	,	PUNCT
cblr-1783	790	18	and	and	CCONJ
cblr-1783	790	19	the	the	DET
cblr-1783	790	20	banking	banking	NOUN
cblr-1783	790	21	act	act	NOUN
cblr-1783	790	22	of	of	ADP
cblr-1783	790	23	1933	1933	NUM
cblr-1783	790	24	(	(	PUNCT
cblr-1783	790	25	glass	glass	NOUN
cblr-1783	790	26	-	-	PUNCT
cblr-1783	790	27	steagall	steagall	NOUN
cblr-1783	790	28	)	)	PUNCT
cblr-1783	790	29	would	would	AUX
cblr-1783	790	30	be	be	AUX
cblr-1783	790	31	passed	pass	VERB
cblr-1783	790	32	.	.	PUNCT
cblr-1783	791	1	see	see	VERB
cblr-1783	791	2	i	i	PRON
cblr-1783	791	3	d.	d.	PROPN
cblr-1783	791	4	167	167	NUM
cblr-1783	791	5	glass	glass	NOUN
cblr-1783	791	6	-	-	PUNCT
cblr-1783	791	7	steagall	steagall	PROPN
cblr-1783	791	8	act	act	PROPN
cblr-1783	791	9	,	,	PUNCT
cblr-1783	791	10	pub	pub	NOUN
cblr-1783	791	11	.	.	PUNCT
cblr-1783	792	1	l.	l.	PROPN
cblr-1783	792	2	no	no	INTJ
cblr-1783	792	3	.	.	PUNCT
cblr-1783	793	1	73–66	73–66	NUM
cblr-1783	793	2	,	,	PUNCT
cblr-1783	793	3	48	48	NUM
cblr-1783	793	4	stat	stat	NOUN
cblr-1783	793	5	.	.	PUNCT
cblr-1783	794	1	162	162	NUM
cblr-1783	794	2	(	(	PUNCT
cblr-1783	794	3	codified	codify	VERB
cblr-1783	794	4	in	in	ADP
cblr-1783	794	5	scattered	scatter	VERB
cblr-1783	794	6	sections	section	NOUN
cblr-1783	794	7	of	of	ADP
cblr-1783	794	8	12	12	NUM
cblr-1783	794	9	u.s.c	u.s.c	ADJ
cblr-1783	794	10	.	.	PUNCT
cblr-1783	794	11	)	)	PUNCT
cblr-1783	794	12	.	.	PUNCT
cblr-1783	795	1	see	see	VERB
cblr-1783	795	2	also	also	ADV
cblr-1783	795	3	melanie	melanie	PROPN
cblr-1783	795	4	l.	l.	PROPN
cblr-1783	795	5	fein	fein	PROPN
cblr-1783	795	6	,	,	PUNCT
cblr-1783	795	7	securities	security	NOUN
cblr-1783	795	8	activities	activity	NOUN
cblr-1783	795	9	of	of	ADP
cblr-1783	795	10	banks	bank	NOUN
cblr-1783	795	11	§	§	PROPN
cblr-1783	795	12	4.01	4.01	NUM
cblr-1783	795	13	(	(	PUNCT
cblr-1783	795	14	3d	3d	NUM
cblr-1783	795	15	ed	ed	NOUN
cblr-1783	795	16	.	.	PROPN
cblr-1783	795	17	1997	1997	NUM
cblr-1783	795	18	)	)	PUNCT
cblr-1783	795	19	.	.	PUNCT
cblr-1783	796	1	168	168	NUM
cblr-1783	796	2	in	in	ADP
cblr-1783	796	3	a	a	DET
cblr-1783	796	4	regulated	regulated	ADJ
cblr-1783	796	5	space	space	NOUN
cblr-1783	796	6	,	,	PUNCT
cblr-1783	796	7	government	government	NOUN
cblr-1783	796	8	rules	rule	NOUN
cblr-1783	796	9	often	often	ADV
cblr-1783	796	10	restrict	restrict	VERB
cblr-1783	796	11	entry	entry	NOUN
cblr-1783	796	12	of	of	ADP
cblr-1783	796	13	newcomers	newcomer	NOUN
cblr-1783	796	14	or	or	CCONJ
cblr-1783	796	15	give	give	VERB
cblr-1783	796	16	incumbent	incumbent	ADJ
cblr-1783	796	17	firms	firm	NOUN
cblr-1783	796	18	an	an	DET
cblr-1783	796	19	advantage	advantage	NOUN
cblr-1783	796	20	.	.	PUNCT
cblr-1783	797	1	see	see	VERB
cblr-1783	797	2	herbert	herbert	PROPN
cblr-1783	797	3	hovenkamp	hovenkamp	PROPN
cblr-1783	797	4	,	,	PUNCT
cblr-1783	797	5	federal	federal	ADJ
cblr-1783	797	6	antitrust	antitrust	ADJ
cblr-1783	797	7	policy	policy	NOUN
cblr-1783	797	8	:	:	PUNCT
cblr-1783	797	9	the	the	DET
cblr-1783	797	10	law	law	NOUN
cblr-1783	797	11	of	of	ADP
cblr-1783	797	12	competition	competition	NOUN
cblr-1783	797	13	and	and	CCONJ
cblr-1783	797	14	its	its	PRON
cblr-1783	797	15	practice	practice	NOUN
cblr-1783	797	16	§	§	PROPN
cblr-1783	797	17	19.2	19.2	NUM
cblr-1783	797	18	(	(	PUNCT
cblr-1783	797	19	4th	4th	ADJ
cblr-1783	797	20	ed	ed	NOUN
cblr-1783	797	21	.	.	PROPN
cblr-1783	797	22	2011	2011	NUM
cblr-1783	797	23	)	)	PUNCT
cblr-1783	797	24	.	.	PUNCT
cblr-1783	798	1	169	169	NUM
cblr-1783	798	2	soon	soon	ADV
cblr-1783	798	3	,	,	PUNCT
cblr-1783	798	4	a	a	DET
cblr-1783	798	5	wave	wave	NOUN
cblr-1783	798	6	of	of	ADP
cblr-1783	798	7	laws	law	NOUN
cblr-1783	798	8	and	and	CCONJ
cblr-1783	798	9	decisions	decision	NOUN
cblr-1783	798	10	would	would	AUX
cblr-1783	798	11	attempt	attempt	VERB
cblr-1783	798	12	to	to	PART
cblr-1783	798	13	clarify	clarify	VERB
cblr-1783	798	14	how	how	SCONJ
cblr-1783	798	15	much	much	ADJ
cblr-1783	798	16	concentration	concentration	NOUN
cblr-1783	798	17	was	be	AUX
cblr-1783	798	18	permissible	permissible	ADJ
cblr-1783	798	19	in	in	ADP
cblr-1783	798	20	commercial	commercial	ADJ
cblr-1783	798	21	banking	banking	NOUN
cblr-1783	798	22	.	.	PUNCT
cblr-1783	799	1	see	see	VERB
cblr-1783	799	2	,	,	PUNCT
cblr-1783	799	3	e.g.	e.g.	ADV
cblr-1783	799	4	,	,	PUNCT
cblr-1783	799	5	bank	bank	NOUN
cblr-1783	799	6	holding	hold	VERB
cblr-1783	799	7	company	company	NOUN
cblr-1783	799	8	act	act	NOUN
cblr-1783	799	9	of	of	ADP
cblr-1783	799	10	1956	1956	NUM
cblr-1783	799	11	,	,	PUNCT
cblr-1783	799	12	12	12	NUM
cblr-1783	799	13	u.s.c	u.s.c	ADJ
cblr-1783	799	14	.	.	PUNCT
cblr-1783	800	1	§	§	PROPN
cblr-1783	800	2	1841–1852	1841–1852	NUM
cblr-1783	800	3	(	(	PUNCT
cblr-1783	800	4	2012	2012	NUM
cblr-1783	800	5	)	)	PUNCT
cblr-1783	800	6	;	;	PUNCT
cblr-1783	800	7	bank	bank	NOUN
cblr-1783	800	8	merger	merger	PROPN
cblr-1783	800	9	act	act	NOUN
cblr-1783	800	10	of	of	ADP
cblr-1783	800	11	1960	1960	NUM
cblr-1783	800	12	,	,	PUNCT
cblr-1783	800	13	12	12	NUM
cblr-1783	800	14	u.s.c	u.s.c	ADJ
cblr-1783	800	15	.	.	PUNCT
cblr-1783	801	1	§	§	PROPN
cblr-1783	801	2	1828	1828	NUM
cblr-1783	801	3	(	(	PUNCT
cblr-1783	801	4	2012	2012	NUM
cblr-1783	801	5	)	)	PUNCT
cblr-1783	801	6	;	;	PUNCT
cblr-1783	801	7	united	united	PROPN
cblr-1783	801	8	states	states	PROPN
cblr-1783	801	9	v.	v.	ADP
cblr-1783	801	10	philadelphia	philadelphia	PROPN
cblr-1783	801	11	nat’l	nat’l	PROPN
cblr-1783	801	12	bank	bank	PROPN
cblr-1783	801	13	,	,	PUNCT
cblr-1783	801	14	374	374	NUM
cblr-1783	801	15	u.s	u.s	PROPN
cblr-1783	801	16	.	.	PROPN
cblr-1783	801	17	321	321	NUM
cblr-1783	801	18	(	(	PUNCT
cblr-1783	801	19	1963	1963	NUM
cblr-1783	801	20	)	)	PUNCT
cblr-1783	801	21	.	.	PUNCT
cblr-1783	802	1	the	the	DET
cblr-1783	802	2	permissiveness	permissiveness	NOUN
cblr-1783	802	3	of	of	ADP
cblr-1783	802	4	bank	bank	NOUN
cblr-1783	802	5	regulators	regulator	NOUN
cblr-1783	802	6	in	in	ADP
cblr-1783	802	7	utilizing	utilize	VERB
cblr-1783	802	8	a	a	DET
cblr-1783	802	9	public	public	ADJ
cblr-1783	802	10	interest	interest	NOUN
cblr-1783	802	11	exception	exception	NOUN
cblr-1783	802	12	to	to	PART
cblr-1783	802	13	approve	approve	VERB
cblr-1783	802	14	mergers	merger	NOUN
cblr-1783	802	15	with	with	ADP
cblr-1783	802	16	anticompetitive	anticompetitive	ADJ
cblr-1783	802	17	effects	effect	NOUN
cblr-1783	802	18	was	be	AUX
cblr-1783	802	19	often	often	ADV
cblr-1783	802	20	out	out	ADP
cblr-1783	802	21	of	of	ADP
cblr-1783	802	22	step	step	NOUN
cblr-1783	802	23	with	with	ADP
cblr-1783	802	24	antitrust	antitrust	ADJ
cblr-1783	802	25	regulators	regulator	NOUN
cblr-1783	802	26	,	,	PUNCT
cblr-1783	802	27	who	who	PRON
cblr-1783	802	28	were	be	AUX
cblr-1783	802	29	less	less	ADV
cblr-1783	802	30	inclined	inclined	ADJ
cblr-1783	802	31	to	to	PART
cblr-1783	802	32	issue	issue	VERB
cblr-1783	802	33	approvals	approval	NOUN
cblr-1783	802	34	.	.	PUNCT
cblr-1783	803	1	see	see	VERB
cblr-1783	803	2	edward	edward	PROPN
cblr-1783	803	3	pekarek	pekarek	PROPN
cblr-1783	803	4	&	&	CCONJ
cblr-1783	803	5	michela	michela	PROPN
cblr-1783	803	6	huth	huth	PROPN
cblr-1783	803	7	,	,	PUNCT
cblr-1783	803	8	bank	bank	NOUN
cblr-1783	803	9	merger	merger	NOUN
cblr-1783	803	10	reform	reform	NOUN
cblr-1783	803	11	takes	take	VERB
cblr-1783	803	12	an	an	DET
cblr-1783	803	13	extended	extended	ADJ
cblr-1783	803	14	philadelphia	philadelphia	PROPN
cblr-1783	803	15	national	national	PROPN
cblr-1783	803	16	bank	bank	PROPN
cblr-1783	803	17	holiday	holiday	NOUN
cblr-1783	803	18	,	,	PUNCT
cblr-1783	803	19	13	13	NUM
cblr-1783	803	20	fordham	fordham	PROPN
cblr-1783	803	21	j.	j.	PROPN
cblr-1783	803	22	corp	corp	PROPN
cblr-1783	803	23	.	.	PROPN
cblr-1783	803	24	&	&	CCONJ
cblr-1783	803	25	fin	fin	PROPN
cblr-1783	803	26	.	.	PUNCT
cblr-1783	804	1	l.	l.	PROPN
cblr-1783	804	2	595	595	NUM
cblr-1783	804	3	,	,	PUNCT
cblr-1783	804	4	622–23	622–23	NUM
cblr-1783	804	5	(	(	PUNCT
cblr-1783	804	6	2008	2008	NUM
cblr-1783	804	7	)	)	PUNCT
cblr-1783	804	8	.	.	PUNCT
cblr-1783	805	1	798	798	NUM
cblr-1783	805	2	columbia	columbia	PROPN
cblr-1783	805	3	business	business	NOUN
cblr-1783	805	4	law	law	NOUN
cblr-1783	805	5	review	review	NOUN
cblr-1783	806	1	[	[	X
cblr-1783	806	2	vol	vol	NOUN
cblr-1783	806	3	.	.	PUNCT
cblr-1783	806	4	2014	2014	NUM
cblr-1783	806	5	gradually	gradually	ADV
cblr-1783	806	6	,	,	PUNCT
cblr-1783	806	7	however	however	ADV
cblr-1783	806	8	,	,	PUNCT
cblr-1783	806	9	the	the	DET
cblr-1783	806	10	dominance	dominance	NOUN
cblr-1783	806	11	of	of	ADP
cblr-1783	806	12	banks	bank	NOUN
cblr-1783	806	13	over	over	ADP
cblr-1783	806	14	traditional	traditional	ADJ
cblr-1783	806	15	commercial	commercial	ADJ
cblr-1783	806	16	banking	banking	NOUN
cblr-1783	806	17	was	be	AUX
cblr-1783	806	18	eroded	erode	VERB
cblr-1783	806	19	on	on	ADP
cblr-1783	806	20	two	two	NUM
cblr-1783	806	21	fronts	front	NOUN
cblr-1783	806	22	.	.	PUNCT
cblr-1783	807	1	first	first	ADV
cblr-1783	807	2	,	,	PUNCT
cblr-1783	807	3	the	the	DET
cblr-1783	807	4	rest	rest	NOUN
cblr-1783	807	5	of	of	ADP
cblr-1783	807	6	the	the	DET
cblr-1783	807	7	financial	financial	ADJ
cblr-1783	807	8	industry	industry	NOUN
cblr-1783	807	9	innovated	innovate	VERB
cblr-1783	807	10	so	so	ADV
cblr-1783	807	11	quickly	quickly	ADV
cblr-1783	807	12	that	that	SCONJ
cblr-1783	807	13	many	many	ADJ
cblr-1783	807	14	of	of	ADP
cblr-1783	807	15	the	the	DET
cblr-1783	807	16	new	new	ADJ
cblr-1783	807	17	products	product	NOUN
cblr-1783	807	18	undercut	undercut	VERB
cblr-1783	807	19	the	the	DET
cblr-1783	807	20	edge	edge	NOUN
cblr-1783	807	21	that	that	PRON
cblr-1783	807	22	banks	bank	NOUN
cblr-1783	807	23	had	have	AUX
cblr-1783	807	24	enjoyed	enjoy	VERB
cblr-1783	807	25	as	as	ADP
cblr-1783	807	26	providers	provider	NOUN
cblr-1783	807	27	of	of	ADP
cblr-1783	807	28	credit	credit	NOUN
cblr-1783	807	29	.	.	PUNCT
cblr-1783	808	1	for	for	ADP
cblr-1783	808	2	example	example	NOUN
cblr-1783	808	3	,	,	PUNCT
cblr-1783	808	4	credit	credit	NOUN
cblr-1783	808	5	card	card	NOUN
cblr-1783	808	6	companies	company	NOUN
cblr-1783	808	7	became	become	VERB
cblr-1783	808	8	an	an	DET
cblr-1783	808	9	attractive	attractive	ADJ
cblr-1783	808	10	alternative	alternative	NOUN
cblr-1783	808	11	for	for	ADP
cblr-1783	808	12	small	small	ADJ
cblr-1783	808	13	businesses.170	businesses.170	NOUN
cblr-1783	808	14	second	second	ADJ
cblr-1783	808	15	,	,	PUNCT
cblr-1783	808	16	administrative	administrative	ADJ
cblr-1783	808	17	orders	order	NOUN
cblr-1783	808	18	slowly	slowly	ADV
cblr-1783	808	19	whittled	whittle	VERB
cblr-1783	808	20	away	away	ADV
cblr-1783	808	21	the	the	DET
cblr-1783	808	22	demarcations	demarcation	NOUN
cblr-1783	808	23	separating	separate	VERB
cblr-1783	808	24	commercial	commercial	ADJ
cblr-1783	808	25	banking	banking	NOUN
cblr-1783	808	26	from	from	ADP
cblr-1783	808	27	other	other	ADJ
cblr-1783	808	28	activities	activity	NOUN
cblr-1783	808	29	.	.	PUNCT
cblr-1783	809	1	between	between	ADP
cblr-1783	809	2	the	the	DET
cblr-1783	809	3	mid-1980s	mid-1980	NOUN
cblr-1783	809	4	and	and	CCONJ
cblr-1783	809	5	2008	2008	NUM
cblr-1783	809	6	,	,	PUNCT
cblr-1783	809	7	regulators	regulator	NOUN
cblr-1783	809	8	expanded	expand	VERB
cblr-1783	809	9	the	the	DET
cblr-1783	809	10	ability	ability	NOUN
cblr-1783	809	11	of	of	ADP
cblr-1783	809	12	banks	bank	NOUN
cblr-1783	809	13	and	and	CCONJ
cblr-1783	809	14	bank	bank	NOUN
cblr-1783	809	15	affiliates	affiliate	NOUN
cblr-1783	809	16	to	to	PART
cblr-1783	809	17	engage	engage	VERB
cblr-1783	809	18	in	in	ADP
cblr-1783	809	19	derivatives	derivative	NOUN
cblr-1783	809	20	activities,171	activities,171	AUX
cblr-1783	809	21	tie	tie	VERB
cblr-1783	809	22	nontraditional	nontraditional	ADJ
cblr-1783	809	23	bank	bank	NOUN
cblr-1783	809	24	products	product	NOUN
cblr-1783	809	25	to	to	AUX
cblr-1783	809	26	credit,172	credit,172	PUNCT
cblr-1783	809	27	trade	trade	VERB
cblr-1783	809	28	proprietarily,173	proprietarily,173	PROPN
cblr-1783	809	29	and	and	CCONJ
cblr-1783	809	30	merge	merge	VERB
cblr-1783	809	31	with	with	ADP
cblr-1783	809	32	investment	investment	NOUN
cblr-1783	809	33	banks.174	banks.174	ADJ
cblr-1783	809	34	commercial	commercial	ADJ
cblr-1783	809	35	banks	bank	NOUN
cblr-1783	809	36	and	and	CCONJ
cblr-1783	809	37	nonbank	nonbank	PROPN
cblr-1783	809	38	financial	financial	ADJ
cblr-1783	809	39	institutions	institution	NOUN
cblr-1783	809	40	such	such	ADJ
cblr-1783	809	41	as	as	ADP
cblr-1783	809	42	underwriters	underwriter	NOUN
cblr-1783	809	43	,	,	PUNCT
cblr-1783	809	44	credit	credit	NOUN
cblr-1783	809	45	cards	card	NOUN
cblr-1783	809	46	,	,	PUNCT
cblr-1783	809	47	and	and	CCONJ
cblr-1783	809	48	mutual	mutual	ADJ
cblr-1783	809	49	funds	fund	NOUN
cblr-1783	809	50	were	be	AUX
cblr-1783	809	51	once	once	ADV
cblr-1783	809	52	again	again	ADV
cblr-1783	809	53	owning	own	VERB
cblr-1783	809	54	each	each	DET
cblr-1783	809	55	other	other	ADJ
cblr-1783	809	56	and	and	CCONJ
cblr-1783	809	57	competing	compete	VERB
cblr-1783	809	58	on	on	ADP
cblr-1783	809	59	equal	equal	ADJ
cblr-1783	809	60	footing	footing	NOUN
cblr-1783	809	61	.	.	PUNCT
cblr-1783	810	1	this	this	DET
cblr-1783	810	2	frenetic	frenetic	ADJ
cblr-1783	810	3	competition	competition	NOUN
cblr-1783	810	4	was	be	AUX
cblr-1783	810	5	widely	widely	ADV
cblr-1783	810	6	blamed	blame	VERB
cblr-1783	810	7	for	for	ADP
cblr-1783	810	8	the	the	DET
cblr-1783	810	9	2008	2008	NUM
cblr-1783	810	10	financial	financial	ADJ
cblr-1783	810	11	crisis	crisis	NOUN
cblr-1783	810	12	.	.	PUNCT
cblr-1783	811	1	critics	critic	NOUN
cblr-1783	811	2	charged	charge	VERB
cblr-1783	811	3	that	that	SCONJ
cblr-1783	811	4	heady	heady	ADJ
cblr-1783	811	5	competition	competition	NOUN
cblr-1783	811	6	by	by	ADP
cblr-1783	811	7	banks	bank	NOUN
cblr-1783	811	8	led	lead	VERB
cblr-1783	811	9	to	to	ADP
cblr-1783	811	10	a	a	DET
cblr-1783	811	11	race	race	NOUN
cblr-1783	811	12	to	to	ADP
cblr-1783	811	13	the	the	DET
cblr-1783	811	14	bottom	bottom	NOUN
cblr-1783	811	15	in	in	ADP
cblr-1783	811	16	lending	lending	NOUN
cblr-1783	811	17	—	—	PUNCT
cblr-1783	811	18	and	and	CCONJ
cblr-1783	811	19	once	once	SCONJ
cblr-1783	811	20	borrowers	borrower	NOUN
cblr-1783	811	21	defaulted	default	VERB
cblr-1783	811	22	on	on	ADP
cblr-1783	811	23	poorly	poorly	ADV
cblr-1783	811	24	underwritten	underwritten	ADJ
cblr-1783	811	25	loans	loan	NOUN
cblr-1783	811	26	,	,	PUNCT
cblr-1783	811	27	the	the	DET
cblr-1783	811	28	simultaneous	simultaneous	ADJ
cblr-1783	811	29	positions	position	NOUN
cblr-1783	811	30	that	that	PRON
cblr-1783	811	31	banks	bank	NOUN
cblr-1783	811	32	had	have	AUX
cblr-1783	811	33	taken	take	VERB
cblr-1783	811	34	in	in	ADP
cblr-1783	811	35	the	the	DET
cblr-1783	811	36	secondary	secondary	ADJ
cblr-1783	811	37	market	market	NOUN
cblr-1783	811	38	on	on	ADP
cblr-1783	811	39	those	those	DET
cblr-1783	811	40	very	very	ADJ
cblr-1783	811	41	loans	loan	NOUN
cblr-1783	811	42	amplified	amplify	VERB
cblr-1783	811	43	losses.175	losses.175	PROPN
cblr-1783	811	44	170	170	NUM
cblr-1783	811	45	pekarek	pekarek	PROPN
cblr-1783	811	46	&	&	CCONJ
cblr-1783	811	47	huth	huth	PROPN
cblr-1783	811	48	,	,	PUNCT
cblr-1783	811	49	supra	supra	PROPN
cblr-1783	811	50	note	note	PROPN
cblr-1783	811	51	169	169	NUM
cblr-1783	811	52	,	,	PUNCT
cblr-1783	811	53	at	at	ADP
cblr-1783	811	54	635–36	635–36	NUM
cblr-1783	811	55	.	.	PUNCT
cblr-1783	812	1	171	171	NUM
cblr-1783	812	2	saule	saule	PROPN
cblr-1783	812	3	t.	t.	PROPN
cblr-1783	812	4	omarova	omarova	PROPN
cblr-1783	812	5	,	,	PUNCT
cblr-1783	812	6	the	the	DET
cblr-1783	812	7	quiet	quiet	ADJ
cblr-1783	812	8	metamorphosis	metamorphosis	NOUN
cblr-1783	812	9	:	:	PUNCT
cblr-1783	812	10	how	how	SCONJ
cblr-1783	812	11	derivatives	derivative	NOUN
cblr-1783	812	12	changed	change	VERB
cblr-1783	812	13	the	the	DET
cblr-1783	812	14	“	"	PUNCT
cblr-1783	812	15	business	business	NOUN
cblr-1783	812	16	of	of	ADP
cblr-1783	812	17	banking	banking	NOUN
cblr-1783	812	18	”	"	PUNCT
cblr-1783	812	19	,	,	PUNCT
cblr-1783	812	20	63	63	NUM
cblr-1783	812	21	u.	u.	PROPN
cblr-1783	812	22	miami	miami	PROPN
cblr-1783	812	23	l.	l.	PROPN
cblr-1783	812	24	rev	rev	PROPN
cblr-1783	812	25	.	.	PROPN
cblr-1783	812	26	1041	1041	NUM
cblr-1783	812	27	(	(	PUNCT
cblr-1783	812	28	2009	2009	NUM
cblr-1783	812	29	)	)	PUNCT
cblr-1783	812	30	.	.	PUNCT
cblr-1783	813	1	172	172	NUM
cblr-1783	813	2	see	see	VERB
cblr-1783	813	3	revisions	revision	NOUN
cblr-1783	813	4	regarding	regard	VERB
cblr-1783	813	5	tying	tie	VERB
cblr-1783	813	6	restrictions	restriction	NOUN
cblr-1783	813	7	,	,	PUNCT
cblr-1783	813	8	60	60	NUM
cblr-1783	813	9	fed	feed	VERB
cblr-1783	813	10	.	.	PUNCT
cblr-1783	814	1	reg	reg	PROPN
cblr-1783	814	2	.	.	PUNCT
cblr-1783	815	1	20186	20186	NUM
cblr-1783	815	2	(	(	PUNCT
cblr-1783	815	3	apr	apr	PROPN
cblr-1783	815	4	.	.	PROPN
cblr-1783	815	5	25	25	NUM
cblr-1783	815	6	,	,	PUNCT
cblr-1783	815	7	1995	1995	NUM
cblr-1783	815	8	)	)	PUNCT
cblr-1783	815	9	(	(	PUNCT
cblr-1783	815	10	promulgating	promulgate	VERB
cblr-1783	815	11	the	the	DET
cblr-1783	815	12	“	"	PUNCT
cblr-1783	815	13	combined	combined	ADJ
cblr-1783	815	14	balance	balance	NOUN
cblr-1783	815	15	discount	discount	NOUN
cblr-1783	815	16	”	"	PUNCT
cblr-1783	815	17	safe	safe	ADJ
cblr-1783	815	18	harbor	harbor	NOUN
cblr-1783	815	19	,	,	PUNCT
cblr-1783	815	20	which	which	PRON
cblr-1783	815	21	permitted	permit	VERB
cblr-1783	815	22	the	the	DET
cblr-1783	815	23	tying	tying	NOUN
cblr-1783	815	24	of	of	ADP
cblr-1783	815	25	nontraditional	nontraditional	ADJ
cblr-1783	815	26	bank	bank	NOUN
cblr-1783	815	27	products	product	NOUN
cblr-1783	815	28	)	)	PUNCT
cblr-1783	815	29	;	;	PUNCT
cblr-1783	815	30	chang	chang	PROPN
cblr-1783	815	31	,	,	PUNCT
cblr-1783	815	32	supra	supra	PROPN
cblr-1783	815	33	note	note	PROPN
cblr-1783	815	34	15	15	NUM
cblr-1783	815	35	.	.	NOUN
cblr-1783	815	36	173	173	NUM
cblr-1783	815	37	see	see	VERB
cblr-1783	815	38	dombalagian	dombalagian	PROPN
cblr-1783	815	39	,	,	PUNCT
cblr-1783	815	40	supra	supra	PROPN
cblr-1783	815	41	note	note	NOUN
cblr-1783	815	42	4	4	NUM
cblr-1783	815	43	,	,	PUNCT
cblr-1783	815	44	at	at	ADP
cblr-1783	815	45	515–18	515–18	NUM
cblr-1783	815	46	(	(	PUNCT
cblr-1783	815	47	detailing	detail	VERB
cblr-1783	815	48	regulation	regulation	NOUN
cblr-1783	815	49	of	of	ADP
cblr-1783	815	50	proprietary	proprietary	ADJ
cblr-1783	815	51	trading	trading	NOUN
cblr-1783	815	52	prior	prior	ADV
cblr-1783	815	53	to	to	ADP
cblr-1783	815	54	the	the	DET
cblr-1783	815	55	volcker	volcker	NOUN
cblr-1783	815	56	rule	rule	NOUN
cblr-1783	815	57	)	)	PUNCT
cblr-1783	815	58	.	.	PUNCT
cblr-1783	816	1	174	174	NUM
cblr-1783	816	2	see	see	VERB
cblr-1783	816	3	fed	fed	PROPN
cblr-1783	816	4	.	.	PUNCT
cblr-1783	817	1	reserve	reserve	PROPN
cblr-1783	817	2	sys	sys	PROPN
cblr-1783	817	3	.	.	PROPN
cblr-1783	817	4	,	,	PUNCT
cblr-1783	817	5	order	order	VERB
cblr-1783	817	6	approving	approve	VERB
cblr-1783	817	7	formation	formation	NOUN
cblr-1783	817	8	of	of	ADP
cblr-1783	817	9	a	a	DET
cblr-1783	817	10	bank	bank	NOUN
cblr-1783	817	11	holding	hold	VERB
cblr-1783	817	12	company	company	NOUN
cblr-1783	817	13	and	and	CCONJ
cblr-1783	817	14	notice	notice	VERB
cblr-1783	817	15	to	to	PART
cblr-1783	817	16	engage	engage	VERB
cblr-1783	817	17	in	in	ADP
cblr-1783	817	18	nonbanking	nonbanking	ADJ
cblr-1783	817	19	activities	activity	NOUN
cblr-1783	817	20	,	,	PUNCT
cblr-1783	817	21	96–97	96–97	NUM
cblr-1783	817	22	(	(	PUNCT
cblr-1783	817	23	sept	sept	PROPN
cblr-1783	817	24	.	.	PROPN
cblr-1783	817	25	23	23	NUM
cblr-1783	817	26	,	,	PUNCT
cblr-1783	817	27	1998	1998	NUM
cblr-1783	817	28	)	)	PUNCT
cblr-1783	817	29	,	,	PUNCT
cblr-1783	817	30	available	available	ADJ
cblr-1783	817	31	at	at	ADP
cblr-1783	817	32	http://perma.cc/b263-bgzc	http://perma.cc/b263-bgzc	PROPN
cblr-1783	817	33	(	(	PUNCT
cblr-1783	817	34	permitting	permit	VERB
cblr-1783	817	35	travelers	traveler	NOUN
cblr-1783	817	36	group	group	NOUN
cblr-1783	817	37	’s	’s	PART
cblr-1783	817	38	acquisition	acquisition	NOUN
cblr-1783	817	39	of	of	ADP
cblr-1783	817	40	citibank	citibank	PROPN
cblr-1783	817	41	while	while	SCONJ
cblr-1783	817	42	retaining	retain	VERB
cblr-1783	817	43	insurance	insurance	NOUN
cblr-1783	817	44	underwriting	underwriting	NOUN
cblr-1783	817	45	and	and	CCONJ
cblr-1783	817	46	investment	investment	NOUN
cblr-1783	817	47	banking	banking	NOUN
cblr-1783	817	48	functions	function	NOUN
cblr-1783	817	49	)	)	PUNCT
cblr-1783	817	50	.	.	PUNCT
cblr-1783	818	1	175	175	NUM
cblr-1783	818	2	see	see	VERB
cblr-1783	818	3	testimony	testimony	NOUN
cblr-1783	818	4	of	of	ADP
cblr-1783	818	5	professor	professor	NOUN
cblr-1783	818	6	michael	michael	PROPN
cblr-1783	818	7	greenberger	greenberger	PROPN
cblr-1783	818	8	,	,	PUNCT
cblr-1783	818	9	hearing	hear	VERB
cblr-1783	818	10	before	before	ADP
cblr-1783	818	11	the	the	DET
cblr-1783	818	12	financial	financial	ADJ
cblr-1783	818	13	crisis	crisis	NOUN
cblr-1783	818	14	inquiry	inquiry	NOUN
cblr-1783	818	15	commission	commission	NOUN
cblr-1783	818	16	hearing	hearing	NOUN
cblr-1783	818	17	regarding	regard	VERB
cblr-1783	818	18	the	the	DET
cblr-1783	818	19	role	role	NOUN
cblr-1783	818	20	of	of	ADP
cblr-1783	818	21	derivatives	derivative	NOUN
cblr-1783	818	22	in	in	ADP
cblr-1783	818	23	the	the	DET
cblr-1783	818	24	financial	financial	ADJ
cblr-1783	818	25	crisis	crisis	NOUN
cblr-1783	818	26	(	(	PUNCT
cblr-1783	818	27	2010	2010	NUM
cblr-1783	818	28	)	)	PUNCT
cblr-1783	818	29	,	,	PUNCT
cblr-1783	818	30	available	available	ADJ
cblr-1783	818	31	at	at	ADP
cblr-1783	818	32	http://perma.cc/x7yh-ns67	http://perma.cc/x7yh-ns67	NOUN
cblr-1783	818	33	.	.	PUNCT
cblr-1783	819	1	no	no	INTJ
cblr-1783	819	2	.	.	PUNCT
cblr-1783	820	1	3:747	3:747	NUM
cblr-1783	820	2	]	]	X
cblr-1783	820	3	systemic	systemic	ADJ
cblr-1783	820	4	risk	risk	NOUN
cblr-1783	820	5	paradox	paradox	NOUN
cblr-1783	820	6	799	799	NUM
cblr-1783	820	7	there	there	PRON
cblr-1783	820	8	were	be	VERB
cblr-1783	820	9	calls	call	NOUN
cblr-1783	820	10	to	to	PART
cblr-1783	820	11	reinstitute	reinstitute	VERB
cblr-1783	820	12	glass	glass	NOUN
cblr-1783	820	13	-	-	PUNCT
cblr-1783	820	14	steagall	steagall	NOUN
cblr-1783	820	15	or	or	CCONJ
cblr-1783	820	16	some	some	DET
cblr-1783	820	17	other	other	ADJ
cblr-1783	820	18	bifurcation	bifurcation	NOUN
cblr-1783	820	19	of	of	ADP
cblr-1783	820	20	commercial	commercial	ADJ
cblr-1783	820	21	lending	lending	NOUN
cblr-1783	820	22	from	from	ADP
cblr-1783	820	23	riskier	risky	ADJ
cblr-1783	820	24	activities	activity	NOUN
cblr-1783	820	25	such	such	ADJ
cblr-1783	820	26	as	as	ADP
cblr-1783	820	27	proprietary	proprietary	ADJ
cblr-1783	820	28	trading	trading	NOUN
cblr-1783	820	29	,	,	PUNCT
cblr-1783	820	30	private	private	ADJ
cblr-1783	820	31	equity	equity	NOUN
cblr-1783	820	32	investments	investment	NOUN
cblr-1783	820	33	,	,	PUNCT
cblr-1783	820	34	and	and	CCONJ
cblr-1783	820	35	derivatives	derivative	NOUN
cblr-1783	820	36	sales.176	sales.176	NOUN
cblr-1783	820	37	and	and	CCONJ
cblr-1783	820	38	yet	yet	ADV
cblr-1783	820	39	regulators	regulator	NOUN
cblr-1783	820	40	approved	approve	VERB
cblr-1783	820	41	some	some	PRON
cblr-1783	820	42	of	of	ADP
cblr-1783	820	43	the	the	DET
cblr-1783	820	44	largest	large	ADJ
cblr-1783	820	45	mergers	merger	NOUN
cblr-1783	820	46	in	in	ADP
cblr-1783	820	47	banking	banking	NOUN
cblr-1783	820	48	history	history	NOUN
cblr-1783	820	49	.	.	PUNCT
cblr-1783	821	1	after	after	ADP
cblr-1783	821	2	the	the	DET
cblr-1783	821	3	failure	failure	NOUN
cblr-1783	821	4	of	of	ADP
cblr-1783	821	5	lehman	lehman	PROPN
cblr-1783	821	6	brothers	brother	NOUN
cblr-1783	821	7	in	in	ADP
cblr-1783	821	8	september	september	PROPN
cblr-1783	821	9	2008	2008	NUM
cblr-1783	821	10	,	,	PUNCT
cblr-1783	821	11	jpmorgan	jpmorgan	PROPN
cblr-1783	821	12	chase	chase	PROPN
cblr-1783	821	13	purchased	purchase	VERB
cblr-1783	821	14	the	the	DET
cblr-1783	821	15	investment	investment	NOUN
cblr-1783	821	16	bank	bank	NOUN
cblr-1783	821	17	bear	bear	PROPN
cblr-1783	821	18	stearns	stearns	PROPN
cblr-1783	821	19	and	and	CCONJ
cblr-1783	821	20	savings	saving	NOUN
cblr-1783	821	21	bank	bank	PROPN
cblr-1783	821	22	washington	washington	PROPN
cblr-1783	821	23	mutual	mutual	ADJ
cblr-1783	821	24	,	,	PUNCT
cblr-1783	821	25	while	while	SCONJ
cblr-1783	821	26	citigroup	citigroup	PROPN
cblr-1783	821	27	and	and	CCONJ
cblr-1783	821	28	wells	wells	PROPN
cblr-1783	821	29	fargo	fargo	PROPN
cblr-1783	821	30	acquired	acquire	VERB
cblr-1783	821	31	the	the	DET
cblr-1783	821	32	banking	banking	NOUN
cblr-1783	821	33	operations	operation	NOUN
cblr-1783	821	34	of	of	ADP
cblr-1783	821	35	wachovia	wachovia	PROPN
cblr-1783	821	36	.	.	PUNCT
cblr-1783	822	1	all	all	PRON
cblr-1783	822	2	were	be	AUX
cblr-1783	822	3	deals	deal	NOUN
cblr-1783	822	4	brokered	broker	VERB
cblr-1783	822	5	by	by	ADP
cblr-1783	822	6	the	the	DET
cblr-1783	822	7	federal	federal	PROPN
cblr-1783	822	8	reserve	reserve	PROPN
cblr-1783	822	9	;	;	PUNCT
cblr-1783	822	10	all	all	PRON
cblr-1783	822	11	likely	likely	ADV
cblr-1783	822	12	would	would	AUX
cblr-1783	822	13	have	have	AUX
cblr-1783	822	14	run	run	VERB
cblr-1783	822	15	afoul	afoul	ADV
cblr-1783	822	16	of	of	ADP
cblr-1783	822	17	banking	banking	NOUN
cblr-1783	822	18	and	and	CCONJ
cblr-1783	822	19	antitrust	antitrust	ADJ
cblr-1783	822	20	restrictions	restriction	NOUN
cblr-1783	822	21	just	just	ADV
cblr-1783	822	22	a	a	DET
cblr-1783	822	23	few	few	ADJ
cblr-1783	822	24	years	year	NOUN
cblr-1783	822	25	earlier	early	ADV
cblr-1783	822	26	.	.	PUNCT
cblr-1783	823	1	facing	face	VERB
cblr-1783	823	2	hostility	hostility	NOUN
cblr-1783	823	3	for	for	ADP
cblr-1783	823	4	bending	bend	VERB
cblr-1783	823	5	their	their	PRON
cblr-1783	823	6	own	own	ADJ
cblr-1783	823	7	rules	rule	NOUN
cblr-1783	823	8	,	,	PUNCT
cblr-1783	823	9	lawmakers	lawmaker	NOUN
cblr-1783	823	10	and	and	CCONJ
cblr-1783	823	11	regulators	regulator	NOUN
cblr-1783	823	12	resorted	resort	VERB
cblr-1783	823	13	to	to	ADP
cblr-1783	823	14	the	the	DET
cblr-1783	823	15	defense	defense	NOUN
cblr-1783	823	16	of	of	ADP
cblr-1783	823	17	exigency	exigency	PROPN
cblr-1783	823	18	.	.	PUNCT
cblr-1783	824	1	again	again	ADV
cblr-1783	824	2	and	and	CCONJ
cblr-1783	824	3	again	again	ADV
cblr-1783	824	4	,	,	PUNCT
cblr-1783	824	5	they	they	PRON
cblr-1783	824	6	argued	argue	VERB
cblr-1783	824	7	that	that	SCONJ
cblr-1783	824	8	a	a	DET
cblr-1783	824	9	financial	financial	ADJ
cblr-1783	824	10	crisis	crisis	NOUN
cblr-1783	824	11	trumps	trump	VERB
cblr-1783	824	12	normal	normal	ADJ
cblr-1783	824	13	competition	competition	NOUN
cblr-1783	824	14	and	and	CCONJ
cblr-1783	824	15	prudential	prudential	ADJ
cblr-1783	824	16	concerns	concern	NOUN
cblr-1783	824	17	.	.	PUNCT
cblr-1783	825	1	this	this	DET
cblr-1783	825	2	argument	argument	NOUN
cblr-1783	825	3	stemmed	stem	VERB
cblr-1783	825	4	from	from	ADP
cblr-1783	825	5	a	a	DET
cblr-1783	825	6	contrarian	contrarian	ADJ
cblr-1783	825	7	line	line	NOUN
cblr-1783	825	8	of	of	ADP
cblr-1783	825	9	thinking	think	VERB
cblr-1783	825	10	that	that	SCONJ
cblr-1783	825	11	glass	glass	NOUN
cblr-1783	825	12	-	-	PUNCT
cblr-1783	825	13	steagall	steagall	PROPN
cblr-1783	825	14	’s	’s	PART
cblr-1783	825	15	repeal	repeal	NOUN
cblr-1783	825	16	actually	actually	ADV
cblr-1783	825	17	stabilized	stabilize	VERB
cblr-1783	825	18	the	the	DET
cblr-1783	825	19	financial	financial	ADJ
cblr-1783	825	20	industry,177	industry,177	PROPN
cblr-1783	825	21	but	but	CCONJ
cblr-1783	825	22	over	over	ADP
cblr-1783	825	23	time	time	NOUN
cblr-1783	825	24	it	it	PRON
cblr-1783	825	25	was	be	AUX
cblr-1783	825	26	refined	refine	VERB
cblr-1783	825	27	to	to	ADP
cblr-1783	825	28	a	a	DET
cblr-1783	825	29	more	more	ADV
cblr-1783	825	30	general	general	ADJ
cblr-1783	825	31	position	position	NOUN
cblr-1783	825	32	that	that	SCONJ
cblr-1783	825	33	competition	competition	NOUN
cblr-1783	825	34	must	must	AUX
cblr-1783	825	35	yield	yield	VERB
cblr-1783	825	36	to	to	ADP
cblr-1783	825	37	stability	stability	NOUN
cblr-1783	825	38	in	in	ADP
cblr-1783	825	39	times	time	NOUN
cblr-1783	825	40	of	of	ADP
cblr-1783	825	41	crisis.178	crisis.178	PROPN
cblr-1783	825	42	176	176	NUM
cblr-1783	825	43	see	see	NOUN
cblr-1783	825	44	tom	tom	PROPN
cblr-1783	825	45	braithwaite	braithwaite	PROPN
cblr-1783	825	46	&	&	CCONJ
cblr-1783	825	47	shahien	shahien	PROPN
cblr-1783	825	48	nasiripour	nasiripour	ADV
cblr-1783	825	49	,	,	PUNCT
cblr-1783	825	50	ex	ex	PROPN
cblr-1783	825	51	-	-	ADJ
cblr-1783	825	52	citi	citi	ADJ
cblr-1783	825	53	chief	chief	NOUN
cblr-1783	825	54	weill	weill	PROPN
cblr-1783	825	55	urges	urge	VERB
cblr-1783	825	56	bank	bank	NOUN
cblr-1783	825	57	break	break	NOUN
cblr-1783	825	58	-	-	PUNCT
cblr-1783	825	59	up	up	NOUN
cblr-1783	825	60	,	,	PUNCT
cblr-1783	825	61	fin	fin	NOUN
cblr-1783	825	62	.	.	PUNCT
cblr-1783	825	63	times	times	PROPN
cblr-1783	825	64	,	,	PUNCT
cblr-1783	825	65	july	july	PROPN
cblr-1783	825	66	25	25	NUM
cblr-1783	825	67	,	,	PUNCT
cblr-1783	825	68	2012	2012	NUM
cblr-1783	825	69	,	,	PUNCT
cblr-1783	825	70	http://perma.cc/hp9j24bn	http://perma.cc/hp9j24bn	NOUN
cblr-1783	825	71	.	.	PUNCT
cblr-1783	826	1	177	177	NUM
cblr-1783	826	2	see	see	VERB
cblr-1783	826	3	paul	paul	PROPN
cblr-1783	826	4	saltzman	saltzman	PROPN
cblr-1783	826	5	et	et	PROPN
cblr-1783	826	6	al	al	PROPN
cblr-1783	826	7	.	.	PROPN
cblr-1783	826	8	,	,	PUNCT
cblr-1783	826	9	a	a	DET
cblr-1783	826	10	spirited	spirited	ADJ
cblr-1783	826	11	conversation	conversation	NOUN
cblr-1783	826	12	assessing	assess	VERB
cblr-1783	826	13	the	the	DET
cblr-1783	826	14	risks	risk	NOUN
cblr-1783	826	15	and	and	CCONJ
cblr-1783	826	16	benefits	benefit	NOUN
cblr-1783	826	17	of	of	ADP
cblr-1783	826	18	big	big	ADJ
cblr-1783	826	19	banks	bank	NOUN
cblr-1783	826	20	,	,	PUNCT
cblr-1783	826	21	16	16	NUM
cblr-1783	826	22	n.c	n.c	PROPN
cblr-1783	826	23	.	.	PROPN
cblr-1783	826	24	banking	banking	NOUN
cblr-1783	826	25	inst	inst	PROPN
cblr-1783	826	26	.	.	PROPN
cblr-1783	827	1	1	1	NUM
cblr-1783	827	2	,	,	PUNCT
cblr-1783	827	3	7	7	NUM
cblr-1783	827	4	(	(	PUNCT
cblr-1783	827	5	2012	2012	NUM
cblr-1783	827	6	)	)	PUNCT
cblr-1783	827	7	(	(	PUNCT
cblr-1783	827	8	comments	comment	NOUN
cblr-1783	827	9	of	of	ADP
cblr-1783	827	10	john	john	PROPN
cblr-1783	827	11	c.	c.	PROPN
cblr-1783	827	12	dugan	dugan	PROPN
cblr-1783	827	13	,	,	PUNCT
cblr-1783	827	14	covington	covington	PROPN
cblr-1783	827	15	&	&	CCONJ
cblr-1783	827	16	burling	burling	PROPN
cblr-1783	827	17	)	)	PUNCT
cblr-1783	827	18	(	(	PUNCT
cblr-1783	827	19	“	"	PUNCT
cblr-1783	827	20	[	[	X
cblr-1783	827	21	m]any	m]any	NOUN
cblr-1783	827	22	of	of	ADP
cblr-1783	827	23	these	these	DET
cblr-1783	827	24	stabilizing	stabilize	VERB
cblr-1783	827	25	acquisitions	acquisition	NOUN
cblr-1783	827	26	[	[	X
cblr-1783	827	27	of	of	ADP
cblr-1783	827	28	troubled	troubled	ADJ
cblr-1783	827	29	banks	bank	NOUN
cblr-1783	827	30	]	]	PUNCT
cblr-1783	827	31	and	and	CCONJ
cblr-1783	827	32	conversions	conversion	NOUN
cblr-1783	827	33	[	[	X
cblr-1783	827	34	into	into	ADP
cblr-1783	827	35	bank	bank	NOUN
cblr-1783	827	36	holding	hold	VERB
cblr-1783	827	37	companies	company	NOUN
cblr-1783	827	38	]	]	PUNCT
cblr-1783	827	39	could	could	AUX
cblr-1783	827	40	not	not	PART
cblr-1783	827	41	have	have	AUX
cblr-1783	827	42	been	be	AUX
cblr-1783	827	43	accomplished	accomplish	VERB
cblr-1783	827	44	if	if	SCONJ
cblr-1783	827	45	glass	glass	NOUN
cblr-1783	827	46	-	-	PUNCT
cblr-1783	827	47	steagall	steagall	NOUN
cblr-1783	827	48	were	be	AUX
cblr-1783	827	49	still	still	ADV
cblr-1783	827	50	in	in	ADP
cblr-1783	827	51	effect	effect	NOUN
cblr-1783	827	52	.	.	PUNCT
cblr-1783	828	1	rather	rather	ADV
cblr-1783	828	2	than	than	ADP
cblr-1783	828	3	causing	cause	VERB
cblr-1783	828	4	the	the	DET
cblr-1783	828	5	financial	financial	ADJ
cblr-1783	828	6	crisis	crisis	NOUN
cblr-1783	828	7	,	,	PUNCT
cblr-1783	828	8	as	as	SCONJ
cblr-1783	828	9	some	some	PRON
cblr-1783	828	10	have	have	AUX
cblr-1783	828	11	asserted	assert	VERB
cblr-1783	828	12	,	,	PUNCT
cblr-1783	828	13	the	the	DET
cblr-1783	828	14	glass	glass	NOUN
cblr-1783	828	15	-	-	PUNCT
cblr-1783	828	16	steagall	steagall	PROPN
cblr-1783	828	17	act	act	PROPN
cblr-1783	828	18	repeal	repeal	NOUN
cblr-1783	828	19	actually	actually	ADV
cblr-1783	828	20	helped	help	VERB
cblr-1783	828	21	dampen	dampen	VERB
cblr-1783	828	22	its	its	PRON
cblr-1783	828	23	effects	effect	NOUN
cblr-1783	828	24	by	by	ADP
cblr-1783	828	25	allowing	allow	VERB
cblr-1783	828	26	these	these	DET
cblr-1783	828	27	combinations	combination	NOUN
cblr-1783	828	28	at	at	ADP
cblr-1783	828	29	a	a	DET
cblr-1783	828	30	very	very	ADV
cblr-1783	828	31	critical	critical	ADJ
cblr-1783	828	32	moment	moment	NOUN
cblr-1783	828	33	.	.	PUNCT
cblr-1783	828	34	”	"	PUNCT
cblr-1783	828	35	)	)	PUNCT
cblr-1783	828	36	.	.	PUNCT
cblr-1783	829	1	for	for	ADP
cblr-1783	829	2	additional	additional	ADJ
cblr-1783	829	3	theoretical	theoretical	ADJ
cblr-1783	829	4	support	support	NOUN
cblr-1783	829	5	,	,	PUNCT
cblr-1783	829	6	see	see	VERB
cblr-1783	829	7	fischel	fischel	PROPN
cblr-1783	829	8	et	et	PROPN
cblr-1783	829	9	al	al	PROPN
cblr-1783	829	10	.	.	PROPN
cblr-1783	829	11	,	,	PUNCT
cblr-1783	829	12	supra	supra	PROPN
cblr-1783	829	13	note	note	PROPN
cblr-1783	829	14	116	116	NUM
cblr-1783	829	15	,	,	PUNCT
cblr-1783	829	16	at	at	ADP
cblr-1783	829	17	320–21	320–21	NUM
cblr-1783	829	18	(	(	PUNCT
cblr-1783	829	19	extrapolating	extrapolate	VERB
cblr-1783	829	20	from	from	ADP
cblr-1783	829	21	diversification	diversification	NOUN
cblr-1783	829	22	in	in	ADP
cblr-1783	829	23	investing	invest	VERB
cblr-1783	829	24	as	as	ADP
cblr-1783	829	25	a	a	DET
cblr-1783	829	26	risk	risk	NOUN
cblr-1783	829	27	mitigator	mitigator	NOUN
cblr-1783	829	28	to	to	PART
cblr-1783	829	29	argue	argue	VERB
cblr-1783	829	30	for	for	ADP
cblr-1783	829	31	bank	bank	NOUN
cblr-1783	829	32	diversification	diversification	NOUN
cblr-1783	829	33	beyond	beyond	ADP
cblr-1783	829	34	traditional	traditional	ADJ
cblr-1783	829	35	banking	banking	NOUN
cblr-1783	829	36	activities	activity	NOUN
cblr-1783	829	37	)	)	PUNCT
cblr-1783	829	38	.	.	PUNCT
cblr-1783	830	1	178	178	NUM
cblr-1783	830	2	see	see	VERB
cblr-1783	830	3	iftekhar	iftekhar	PROPN
cblr-1783	830	4	hasan	hasan	PROPN
cblr-1783	830	5	&	&	CCONJ
cblr-1783	830	6	matej	matej	PROPN
cblr-1783	830	7	marinč	marinč	PROPN
cblr-1783	830	8	,	,	PUNCT
cblr-1783	830	9	should	should	AUX
cblr-1783	830	10	competition	competition	VERB
cblr-1783	830	11	policy	policy	NOUN
cblr-1783	830	12	in	in	ADP
cblr-1783	830	13	banking	banking	NOUN
cblr-1783	830	14	be	be	AUX
cblr-1783	830	15	amended	amend	VERB
cblr-1783	830	16	during	during	ADP
cblr-1783	830	17	crises	crisis	NOUN
cblr-1783	830	18	?	?	PUNCT
cblr-1783	831	1	lessons	lesson	NOUN
cblr-1783	831	2	from	from	ADP
cblr-1783	831	3	the	the	DET
cblr-1783	831	4	eu	eu	PROPN
cblr-1783	831	5	,	,	PUNCT
cblr-1783	831	6	14–16	14–16	NUM
cblr-1783	831	7	(	(	PUNCT
cblr-1783	831	8	may	may	PROPN
cblr-1783	831	9	12	12	NUM
cblr-1783	831	10	,	,	PUNCT
cblr-1783	831	11	2013	2013	NUM
cblr-1783	831	12	)	)	PUNCT
cblr-1783	831	13	,	,	PUNCT
cblr-1783	831	14	available	available	ADJ
cblr-1783	831	15	at	at	ADP
cblr-1783	831	16	http://perma.cc/59ke-gwbs	http://perma.cc/59ke-gwbs	PROPN
cblr-1783	831	17	;	;	PUNCT
cblr-1783	831	18	arthur	arthur	PROPN
cblr-1783	831	19	e.	e.	PROPN
cblr-1783	831	20	wilmarth	wilmarth	PROPN
cblr-1783	831	21	,	,	PUNCT
cblr-1783	831	22	jr	jr	PROPN
cblr-1783	831	23	.	.	PROPN
cblr-1783	831	24	,	,	PUNCT
cblr-1783	831	25	the	the	DET
cblr-1783	831	26	transformation	transformation	NOUN
cblr-1783	831	27	of	of	ADP
cblr-1783	831	28	the	the	DET
cblr-1783	831	29	u.s	u.s	PROPN
cblr-1783	831	30	.	.	PROPN
cblr-1783	831	31	financial	financial	PROPN
cblr-1783	831	32	services	service	NOUN
cblr-1783	831	33	industry	industry	NOUN
cblr-1783	831	34	,	,	PUNCT
cblr-1783	831	35	1975–2000	1975–2000	NUM
cblr-1783	831	36	:	:	PUNCT
cblr-1783	831	37	competition	competition	NOUN
cblr-1783	831	38	,	,	PUNCT
cblr-1783	831	39	consolidation	consolidation	NOUN
cblr-1783	831	40	,	,	PUNCT
cblr-1783	831	41	and	and	CCONJ
cblr-1783	831	42	increased	increase	VERB
cblr-1783	831	43	risks	risk	NOUN
cblr-1783	831	44	,	,	PUNCT
cblr-1783	831	45	2002	2002	NUM
cblr-1783	831	46	u.	u.	PROPN
cblr-1783	831	47	ill	ill	PROPN
cblr-1783	831	48	.	.	PUNCT
cblr-1783	832	1	l.	l.	PROPN
cblr-1783	832	2	rev	rev	PROPN
cblr-1783	832	3	.	.	PROPN
cblr-1783	832	4	215	215	NUM
cblr-1783	832	5	,	,	PUNCT
cblr-1783	832	6	309	309	NUM
cblr-1783	832	7	(	(	PUNCT
cblr-1783	832	8	2002	2002	NUM
cblr-1783	832	9	)	)	PUNCT
cblr-1783	832	10	(	(	PUNCT
cblr-1783	832	11	“	"	PUNCT
cblr-1783	832	12	this	this	DET
cblr-1783	832	13	nearly	nearly	ADV
cblr-1783	832	14	universal	universal	ADJ
cblr-1783	832	15	adoption	adoption	NOUN
cblr-1783	832	16	of	of	ADP
cblr-1783	832	17	the	the	DET
cblr-1783	832	18	tbtf	tbtf	ADJ
cblr-1783	832	19	policy	policy	NOUN
cblr-1783	832	20	reflects	reflect	VERB
cblr-1783	832	21	a	a	DET
cblr-1783	832	22	general	general	ADJ
cblr-1783	832	23	international	international	ADJ
cblr-1783	832	24	consensus	consensus	NOUN
cblr-1783	832	25	that	that	SCONJ
cblr-1783	832	26	governments	government	NOUN
cblr-1783	832	27	must	must	AUX
cblr-1783	832	28	protect	protect	VERB
cblr-1783	832	29	depositors	depositor	NOUN
cblr-1783	832	30	http://perma.cc/59ke-gwbs	http://perma.cc/59ke-gwbs	PROPN
cblr-1783	832	31	800	800	NUM
cblr-1783	832	32	columbia	columbia	PROPN
cblr-1783	832	33	business	business	NOUN
cblr-1783	832	34	law	law	NOUN
cblr-1783	832	35	review	review	NOUN
cblr-1783	833	1	[	[	X
cblr-1783	833	2	vol	vol	NOUN
cblr-1783	833	3	.	.	PUNCT
cblr-1783	833	4	2014	2014	NUM
cblr-1783	833	5	throughout	throughout	ADP
cblr-1783	833	6	each	each	PRON
cblr-1783	833	7	of	of	ADP
cblr-1783	833	8	the	the	DET
cblr-1783	833	9	above	above	ADJ
cblr-1783	833	10	periods	period	NOUN
cblr-1783	833	11	,	,	PUNCT
cblr-1783	833	12	there	there	PRON
cblr-1783	833	13	were	be	VERB
cblr-1783	833	14	spectacular	spectacular	ADJ
cblr-1783	833	15	bank	bank	NOUN
cblr-1783	833	16	failures	failure	NOUN
cblr-1783	833	17	and	and	CCONJ
cblr-1783	833	18	questionable	questionable	ADJ
cblr-1783	833	19	mergers	merger	NOUN
cblr-1783	833	20	.	.	PUNCT
cblr-1783	834	1	if	if	SCONJ
cblr-1783	834	2	one	one	PRON
cblr-1783	834	3	can	can	AUX
cblr-1783	834	4	draw	draw	VERB
cblr-1783	834	5	any	any	DET
cblr-1783	834	6	conclusion	conclusion	NOUN
cblr-1783	834	7	at	at	ADV
cblr-1783	834	8	all	all	ADV
cblr-1783	834	9	on	on	ADP
cblr-1783	834	10	the	the	DET
cblr-1783	834	11	causal	causal	ADJ
cblr-1783	834	12	connection	connection	NOUN
cblr-1783	834	13	between	between	ADP
cblr-1783	834	14	systemic	systemic	ADJ
cblr-1783	834	15	soundness	soundness	NOUN
cblr-1783	834	16	and	and	CCONJ
cblr-1783	834	17	competition	competition	NOUN
cblr-1783	834	18	,	,	PUNCT
cblr-1783	834	19	it	it	PRON
cblr-1783	834	20	is	be	AUX
cblr-1783	834	21	that	that	PRON
cblr-1783	834	22	antitrust	antitrust	ADJ
cblr-1783	834	23	routinely	routinely	ADV
cblr-1783	834	24	defers	defer	VERB
cblr-1783	834	25	to	to	ADP
cblr-1783	834	26	how	how	SCONJ
cblr-1783	834	27	financial	financial	ADJ
cblr-1783	834	28	regulations	regulation	NOUN
cblr-1783	834	29	have	have	AUX
cblr-1783	834	30	balanced	balance	VERB
cblr-1783	834	31	these	these	DET
cblr-1783	834	32	interests	interest	NOUN
cblr-1783	834	33	.	.	PUNCT
cblr-1783	835	1	the	the	DET
cblr-1783	835	2	constant	constant	ADJ
cblr-1783	835	3	thread	thread	NOUN
cblr-1783	835	4	in	in	ADP
cblr-1783	835	5	the	the	DET
cblr-1783	835	6	cycles	cycle	NOUN
cblr-1783	835	7	of	of	ADP
cblr-1783	835	8	banking	banking	NOUN
cblr-1783	835	9	regulation	regulation	NOUN
cblr-1783	835	10	is	be	AUX
cblr-1783	835	11	that	that	SCONJ
cblr-1783	835	12	bank	bank	NOUN
cblr-1783	835	13	regulators	regulator	NOUN
cblr-1783	835	14	first	first	ADV
cblr-1783	835	15	lay	lie	VERB
cblr-1783	835	16	the	the	DET
cblr-1783	835	17	ground	ground	NOUN
cblr-1783	835	18	rules	rule	NOUN
cblr-1783	835	19	,	,	PUNCT
cblr-1783	835	20	and	and	CCONJ
cblr-1783	835	21	then	then	ADV
cblr-1783	835	22	antitrust	antitrust	ADJ
cblr-1783	835	23	regulators	regulator	NOUN
cblr-1783	835	24	operate	operate	VERB
cblr-1783	835	25	within	within	ADP
cblr-1783	835	26	those	those	DET
cblr-1783	835	27	parameters.179	parameters.179	NOUN
cblr-1783	835	28	2	2	NUM
cblr-1783	835	29	.	.	NOUN
cblr-1783	835	30	empirical	empirical	ADJ
cblr-1783	835	31	evidence	evidence	NOUN
cblr-1783	835	32	and	and	CCONJ
cblr-1783	835	33	the	the	DET
cblr-1783	835	34	case	case	NOUN
cblr-1783	835	35	for	for	ADP
cblr-1783	835	36	stable	stable	ADJ
cblr-1783	835	37	clearinghouses	clearinghouse	NOUN
cblr-1783	835	38	the	the	DET
cblr-1783	835	39	academic	academic	ADJ
cblr-1783	835	40	literature	literature	NOUN
cblr-1783	835	41	is	be	AUX
cblr-1783	835	42	also	also	ADV
cblr-1783	835	43	inconclusive	inconclusive	ADJ
cblr-1783	835	44	as	as	ADP
cblr-1783	835	45	to	to	ADP
cblr-1783	835	46	whether	whether	SCONJ
cblr-1783	835	47	competition	competition	NOUN
cblr-1783	835	48	enhances	enhance	VERB
cblr-1783	835	49	or	or	CCONJ
cblr-1783	835	50	detracts	detract	VERB
cblr-1783	835	51	from	from	ADP
cblr-1783	835	52	stability	stability	NOUN
cblr-1783	835	53	in	in	ADP
cblr-1783	835	54	the	the	DET
cblr-1783	835	55	financial	financial	ADJ
cblr-1783	835	56	sector	sector	NOUN
cblr-1783	835	57	.	.	PUNCT
cblr-1783	836	1	in	in	ADP
cblr-1783	836	2	the	the	DET
cblr-1783	836	3	benefits	benefit	NOUN
cblr-1783	836	4	column	column	NOUN
cblr-1783	836	5	are	be	AUX
cblr-1783	836	6	studies	study	NOUN
cblr-1783	836	7	that	that	PRON
cblr-1783	836	8	show	show	VERB
cblr-1783	836	9	that	that	SCONJ
cblr-1783	836	10	competition	competition	NOUN
cblr-1783	836	11	weeds	weed	VERB
cblr-1783	836	12	out	out	ADP
cblr-1783	836	13	inefficient	inefficient	ADJ
cblr-1783	836	14	banks	bank	NOUN
cblr-1783	836	15	,	,	PUNCT
cblr-1783	836	16	promotes	promote	VERB
cblr-1783	836	17	bank	bank	NOUN
cblr-1783	836	18	monitoring	monitoring	NOUN
cblr-1783	836	19	and	and	CCONJ
cblr-1783	836	20	credit	credit	NOUN
cblr-1783	836	21	allocation	allocation	NOUN
cblr-1783	836	22	,	,	PUNCT
cblr-1783	836	23	and	and	CCONJ
cblr-1783	836	24	increases	increase	VERB
cblr-1783	836	25	sector	sector	NOUN
cblr-1783	836	26	specialization.180	specialization.180	NOUN
cblr-1783	836	27	in	in	ADP
cblr-1783	836	28	the	the	DET
cblr-1783	836	29	detriments	detriment	NOUN
cblr-1783	836	30	column	column	NOUN
cblr-1783	836	31	are	be	AUX
cblr-1783	836	32	studies	study	NOUN
cblr-1783	836	33	that	that	PRON
cblr-1783	836	34	link	link	VERB
cblr-1783	836	35	competition	competition	NOUN
cblr-1783	836	36	to	to	ADP
cblr-1783	836	37	erosion	erosion	NOUN
cblr-1783	836	38	in	in	ADP
cblr-1783	836	39	capitalization	capitalization	NOUN
cblr-1783	836	40	(	(	PUNCT
cblr-1783	836	41	a	a	DET
cblr-1783	836	42	variation	variation	NOUN
cblr-1783	836	43	of	of	ADP
cblr-1783	836	44	the	the	DET
cblr-1783	836	45	destructive	destructive	ADJ
cblr-1783	836	46	rate	rate	NOUN
cblr-1783	836	47	competition	competition	NOUN
cblr-1783	836	48	argument	argument	NOUN
cblr-1783	836	49	)	)	PUNCT
cblr-1783	836	50	and	and	CCONJ
cblr-1783	836	51	to	to	ADP
cblr-1783	836	52	an	an	DET
cblr-1783	836	53	increase	increase	NOUN
cblr-1783	836	54	in	in	ADP
cblr-1783	836	55	risk	risk	NOUN
cblr-1783	836	56	-	-	PUNCT
cblr-1783	836	57	taking	taking	NOUN
cblr-1783	836	58	(	(	PUNCT
cblr-1783	836	59	an	an	DET
cblr-1783	836	60	argument	argument	NOUN
cblr-1783	836	61	that	that	PRON
cblr-1783	836	62	often	often	ADV
cblr-1783	836	63	surfaced	surface	VERB
cblr-1783	836	64	during	during	ADP
cblr-1783	836	65	the	the	DET
cblr-1783	836	66	financial	financial	ADJ
cblr-1783	836	67	crisis).181	crisis).181	PROPN
cblr-1783	836	68	while	while	SCONJ
cblr-1783	836	69	the	the	DET
cblr-1783	836	70	links	link	NOUN
cblr-1783	836	71	between	between	ADP
cblr-1783	836	72	competition	competition	NOUN
cblr-1783	836	73	and	and	CCONJ
cblr-1783	836	74	stability	stability	NOUN
cblr-1783	836	75	may	may	AUX
cblr-1783	836	76	be	be	AUX
cblr-1783	836	77	unclear	unclear	ADJ
cblr-1783	836	78	,	,	PUNCT
cblr-1783	836	79	some	some	DET
cblr-1783	836	80	scholars	scholar	NOUN
cblr-1783	836	81	have	have	AUX
cblr-1783	836	82	harmonized	harmonize	VERB
cblr-1783	836	83	the	the	DET
cblr-1783	836	84	disparate	disparate	ADJ
cblr-1783	836	85	findings	finding	NOUN
cblr-1783	836	86	with	with	ADP
cblr-1783	836	87	these	these	DET
cblr-1783	836	88	general	general	ADJ
cblr-1783	836	89	thoughts	thought	NOUN
cblr-1783	836	90	:	:	PUNCT
cblr-1783	836	91	(	(	PUNCT
cblr-1783	836	92	i	i	NOUN
cblr-1783	836	93	)	)	PUNCT
cblr-1783	836	94	competition	competition	NOUN
cblr-1783	836	95	may	may	AUX
cblr-1783	836	96	be	be	AUX
cblr-1783	836	97	more	more	ADV
cblr-1783	836	98	intense	intense	ADJ
cblr-1783	836	99	in	in	ADP
cblr-1783	836	100	some	some	DET
cblr-1783	836	101	sectors	sector	NOUN
cblr-1783	836	102	and	and	CCONJ
cblr-1783	836	103	among	among	ADP
cblr-1783	836	104	certain	certain	ADJ
cblr-1783	836	105	banks	bank	NOUN
cblr-1783	836	106	than	than	ADP
cblr-1783	836	107	others	other	NOUN
cblr-1783	836	108	(	(	PUNCT
cblr-1783	836	109	e.g.	e.g.	ADV
cblr-1783	836	110	,	,	PUNCT
cblr-1783	836	111	fiercer	fiercer	ADJ
cblr-1783	836	112	among	among	ADP
cblr-1783	836	113	the	the	DET
cblr-1783	836	114	small	small	ADJ
cblr-1783	836	115	circle	circle	NOUN
cblr-1783	836	116	of	of	ADP
cblr-1783	836	117	large	large	ADJ
cblr-1783	836	118	banks	bank	NOUN
cblr-1783	836	119	than	than	ADP
cblr-1783	836	120	among	among	ADP
cblr-1783	836	121	the	the	DET
cblr-1783	836	122	numerous	numerous	ADJ
cblr-1783	836	123	regional	regional	ADJ
cblr-1783	836	124	banks	bank	NOUN
cblr-1783	836	125	)	)	PUNCT
cblr-1783	836	126	;	;	PUNCT
cblr-1783	836	127	(	(	PUNCT
cblr-1783	836	128	ii	ii	X
cblr-1783	836	129	)	)	PUNCT
cblr-1783	836	130	the	the	DET
cblr-1783	836	131	benefits	benefit	NOUN
cblr-1783	836	132	of	of	ADP
cblr-1783	836	133	competition	competition	NOUN
cblr-1783	836	134	may	may	AUX
cblr-1783	836	135	adhere	adhere	VERB
cblr-1783	836	136	more	more	ADV
cblr-1783	836	137	during	during	ADP
cblr-1783	836	138	normal	normal	ADJ
cblr-1783	836	139	times	time	NOUN
cblr-1783	836	140	than	than	ADP
cblr-1783	836	141	during	during	ADP
cblr-1783	836	142	financial	financial	ADJ
cblr-1783	836	143	and	and	CCONJ
cblr-1783	836	144	other	other	ADJ
cblr-1783	836	145	payments	payment	NOUN
cblr-1783	836	146	system	system	NOUN
cblr-1783	836	147	creditors	creditor	NOUN
cblr-1783	836	148	of	of	ADP
cblr-1783	836	149	their	their	PRON
cblr-1783	836	150	major	major	ADJ
cblr-1783	836	151	banks	bank	NOUN
cblr-1783	836	152	in	in	ADP
cblr-1783	836	153	order	order	NOUN
cblr-1783	836	154	to	to	PART
cblr-1783	836	155	avoid	avoid	VERB
cblr-1783	836	156	the	the	DET
cblr-1783	836	157	risk	risk	NOUN
cblr-1783	836	158	of	of	ADP
cblr-1783	836	159	a	a	DET
cblr-1783	836	160	systemic	systemic	ADJ
cblr-1783	836	161	economic	economic	ADJ
cblr-1783	836	162	crisis	crisis	NOUN
cblr-1783	836	163	.	.	PUNCT
cblr-1783	836	164	”	"	PUNCT
cblr-1783	836	165	)	)	PUNCT
cblr-1783	836	166	.	.	PUNCT
cblr-1783	837	1	179	179	NUM
cblr-1783	837	2	outside	outside	ADP
cblr-1783	837	3	of	of	ADP
cblr-1783	837	4	banking	banking	NOUN
cblr-1783	837	5	,	,	PUNCT
cblr-1783	837	6	securities	security	NOUN
cblr-1783	837	7	regulations	regulation	NOUN
cblr-1783	837	8	have	have	AUX
cblr-1783	837	9	also	also	ADV
cblr-1783	837	10	trumped	trump	VERB
cblr-1783	837	11	antitrust	antitrust	ADJ
cblr-1783	837	12	.	.	PUNCT
cblr-1783	838	1	see	see	VERB
cblr-1783	838	2	credit	credit	NOUN
cblr-1783	838	3	suisse	suisse	NOUN
cblr-1783	838	4	securities	security	NOUN
cblr-1783	838	5	(	(	PUNCT
cblr-1783	838	6	usa	usa	PROPN
cblr-1783	838	7	)	)	PUNCT
cblr-1783	838	8	llc	llc	PROPN
cblr-1783	838	9	v.	v.	CCONJ
cblr-1783	838	10	billing	billing	PROPN
cblr-1783	838	11	,	,	PUNCT
cblr-1783	838	12	551	551	NUM
cblr-1783	838	13	u.s	u.s	PROPN
cblr-1783	838	14	.	.	PROPN
cblr-1783	838	15	264	264	NUM
cblr-1783	838	16	(	(	PUNCT
cblr-1783	838	17	2007	2007	NUM
cblr-1783	838	18	)	)	PUNCT
cblr-1783	838	19	(	(	PUNCT
cblr-1783	838	20	collusive	collusive	ADJ
cblr-1783	838	21	underwriting	underwriting	NOUN
cblr-1783	838	22	)	)	PUNCT
cblr-1783	838	23	.	.	PUNCT
cblr-1783	839	1	of	of	ADP
cblr-1783	839	2	course	course	NOUN
cblr-1783	839	3	,	,	PUNCT
cblr-1783	839	4	this	this	DET
cblr-1783	839	5	statutory	statutory	ADJ
cblr-1783	839	6	deference	deference	NOUN
cblr-1783	839	7	is	be	AUX
cblr-1783	839	8	enshrined	enshrine	VERB
cblr-1783	839	9	in	in	ADP
cblr-1783	839	10	antitrust	antitrust	ADJ
cblr-1783	839	11	law	law	NOUN
cblr-1783	839	12	itself	itself	PRON
cblr-1783	839	13	.	.	PUNCT
cblr-1783	840	1	see	see	VERB
cblr-1783	840	2	shelanski	shelanski	NOUN
cblr-1783	840	3	,	,	PUNCT
cblr-1783	840	4	supra	supra	PROPN
cblr-1783	840	5	note	note	NOUN
cblr-1783	840	6	17	17	NUM
cblr-1783	840	7	.	.	PUNCT
cblr-1783	841	1	infra	infra	NOUN
cblr-1783	841	2	section	section	NOUN
cblr-1783	841	3	iv.c	iv.c	VERB
cblr-1783	841	4	briefly	briefly	NOUN
cblr-1783	841	5	considers	consider	VERB
cblr-1783	841	6	the	the	DET
cblr-1783	841	7	balance	balance	NOUN
cblr-1783	841	8	between	between	ADP
cblr-1783	841	9	antitrust	antitrust	ADJ
cblr-1783	841	10	and	and	CCONJ
cblr-1783	841	11	regulation	regulation	NOUN
cblr-1783	841	12	,	,	PUNCT
cblr-1783	841	13	but	but	CCONJ
cblr-1783	841	14	a	a	DET
cblr-1783	841	15	full	full	ADJ
cblr-1783	841	16	exploration	exploration	NOUN
cblr-1783	841	17	is	be	AUX
cblr-1783	841	18	beyond	beyond	ADP
cblr-1783	841	19	the	the	DET
cblr-1783	841	20	scope	scope	NOUN
cblr-1783	841	21	of	of	ADP
cblr-1783	841	22	this	this	DET
cblr-1783	841	23	article	article	NOUN
cblr-1783	841	24	.	.	PUNCT
cblr-1783	842	1	180	180	NUM
cblr-1783	842	2	see	see	VERB
cblr-1783	842	3	hasan	hasan	PROPN
cblr-1783	842	4	&	&	CCONJ
cblr-1783	842	5	marinč	marinč	PROPN
cblr-1783	842	6	,	,	PUNCT
cblr-1783	842	7	supra	supra	ADJ
cblr-1783	842	8	note	note	NOUN
cblr-1783	842	9	178	178	NUM
cblr-1783	842	10	,	,	PUNCT
cblr-1783	842	11	at	at	ADP
cblr-1783	842	12	2–3	2–3	NUM
cblr-1783	842	13	and	and	CCONJ
cblr-1783	842	14	citations	citation	NOUN
cblr-1783	842	15	therein	therein	ADV
cblr-1783	842	16	.	.	PUNCT
cblr-1783	843	1	181	181	NUM
cblr-1783	843	2	see	see	VERB
cblr-1783	843	3	i	i	PRON
cblr-1783	843	4	d.	d.	PROPN
cblr-1783	843	5	at	at	ADP
cblr-1783	843	6	3–4	3–4	NUM
cblr-1783	843	7	and	and	CCONJ
cblr-1783	843	8	citations	citation	NOUN
cblr-1783	843	9	therein	therein	ADV
cblr-1783	843	10	.	.	PUNCT
cblr-1783	844	1	no	no	INTJ
cblr-1783	844	2	.	.	PUNCT
cblr-1783	845	1	3:747	3:747	NUM
cblr-1783	845	2	]	]	X
cblr-1783	845	3	systemic	systemic	ADJ
cblr-1783	845	4	risk	risk	NOUN
cblr-1783	845	5	paradox	paradox	NOUN
cblr-1783	845	6	801	801	NUM
cblr-1783	845	7	crises	crisis	NOUN
cblr-1783	845	8	;	;	PUNCT
cblr-1783	845	9	and	and	CCONJ
cblr-1783	845	10	(	(	PUNCT
cblr-1783	845	11	iii	iii	X
cblr-1783	845	12	)	)	PUNCT
cblr-1783	845	13	competition	competition	NOUN
cblr-1783	845	14	may	may	AUX
cblr-1783	845	15	strengthen	strengthen	VERB
cblr-1783	845	16	the	the	DET
cblr-1783	845	17	banking	banking	NOUN
cblr-1783	845	18	system	system	NOUN
cblr-1783	845	19	more	more	ADV
cblr-1783	845	20	in	in	ADP
cblr-1783	845	21	the	the	DET
cblr-1783	845	22	long	long	ADJ
cblr-1783	845	23	run	run	NOUN
cblr-1783	845	24	than	than	ADP
cblr-1783	845	25	in	in	ADP
cblr-1783	845	26	the	the	DET
cblr-1783	845	27	short	short	ADJ
cblr-1783	845	28	run.182	run.182	NOUN
cblr-1783	845	29	these	these	DET
cblr-1783	845	30	principles	principle	NOUN
cblr-1783	845	31	suggest	suggest	VERB
cblr-1783	845	32	that	that	SCONJ
cblr-1783	845	33	the	the	DET
cblr-1783	845	34	relationship	relationship	NOUN
cblr-1783	845	35	between	between	ADP
cblr-1783	845	36	competition	competition	NOUN
cblr-1783	845	37	and	and	CCONJ
cblr-1783	845	38	stability	stability	NOUN
cblr-1783	845	39	may	may	AUX
cblr-1783	845	40	be	be	AUX
cblr-1783	845	41	at	at	ADP
cblr-1783	845	42	its	its	PRON
cblr-1783	845	43	most	most	ADJ
cblr-1783	845	44	inverse	inverse	NOUN
cblr-1783	845	45	during	during	ADP
cblr-1783	845	46	times	time	NOUN
cblr-1783	845	47	of	of	ADP
cblr-1783	845	48	crisis	crisis	NOUN
cblr-1783	845	49	.	.	PUNCT
cblr-1783	846	1	that	that	PRON
cblr-1783	846	2	is	be	AUX
cblr-1783	846	3	,	,	PUNCT
cblr-1783	846	4	in	in	ADP
cblr-1783	846	5	a	a	DET
cblr-1783	846	6	financial	financial	ADJ
cblr-1783	846	7	crisis	crisis	NOUN
cblr-1783	846	8	,	,	PUNCT
cblr-1783	846	9	the	the	DET
cblr-1783	846	10	sheer	sheer	ADJ
cblr-1783	846	11	scale	scale	NOUN
cblr-1783	846	12	of	of	ADP
cblr-1783	846	13	mergers	merger	NOUN
cblr-1783	846	14	and	and	CCONJ
cblr-1783	846	15	bailouts	bailout	NOUN
cblr-1783	846	16	that	that	PRON
cblr-1783	846	17	regulators	regulator	NOUN
cblr-1783	846	18	confront	confront	VERB
cblr-1783	846	19	makes	make	VERB
cblr-1783	846	20	it	it	PRON
cblr-1783	846	21	likely	likely	ADJ
cblr-1783	846	22	that	that	SCONJ
cblr-1783	846	23	a	a	DET
cblr-1783	846	24	vote	vote	NOUN
cblr-1783	846	25	for	for	ADP
cblr-1783	846	26	stability	stability	NOUN
cblr-1783	846	27	(	(	PUNCT
cblr-1783	846	28	via	via	ADP
cblr-1783	846	29	merger	merger	NOUN
cblr-1783	846	30	approval	approval	NOUN
cblr-1783	846	31	or	or	CCONJ
cblr-1783	846	32	government	government	NOUN
cblr-1783	846	33	subsidy	subsidy	NOUN
cblr-1783	846	34	)	)	PUNCT
cblr-1783	846	35	is	be	AUX
cblr-1783	846	36	a	a	DET
cblr-1783	846	37	vote	vote	NOUN
cblr-1783	846	38	against	against	ADP
cblr-1783	846	39	competition	competition	NOUN
cblr-1783	846	40	.	.	PUNCT
cblr-1783	847	1	after	after	ADV
cblr-1783	847	2	all	all	ADV
cblr-1783	847	3	,	,	PUNCT
cblr-1783	847	4	big	big	ADJ
cblr-1783	847	5	banks	bank	NOUN
cblr-1783	847	6	are	be	AUX
cblr-1783	847	7	the	the	DET
cblr-1783	847	8	tbtf	tbtf	ADJ
cblr-1783	847	9	institutions	institution	NOUN
cblr-1783	847	10	that	that	PRON
cblr-1783	847	11	tend	tend	VERB
cblr-1783	847	12	to	to	PART
cblr-1783	847	13	get	get	AUX
cblr-1783	847	14	bailed	bail	VERB
cblr-1783	847	15	out	out	ADP
cblr-1783	847	16	;	;	PUNCT
cblr-1783	847	17	big	big	ADJ
cblr-1783	847	18	banks	bank	NOUN
cblr-1783	847	19	also	also	ADV
cblr-1783	847	20	implicate	implicate	VERB
cblr-1783	847	21	higher	high	ADJ
cblr-1783	847	22	levels	level	NOUN
cblr-1783	847	23	of	of	ADP
cblr-1783	847	24	concentration	concentration	NOUN
cblr-1783	847	25	and	and	CCONJ
cblr-1783	847	26	more	more	ADJ
cblr-1783	847	27	antitrust	antitrust	ADJ
cblr-1783	847	28	concerns	concern	NOUN
cblr-1783	847	29	.	.	PUNCT
cblr-1783	848	1	for	for	ADP
cblr-1783	848	2	our	our	PRON
cblr-1783	848	3	purposes	purpose	NOUN
cblr-1783	848	4	,	,	PUNCT
cblr-1783	848	5	the	the	DET
cblr-1783	848	6	above	above	ADJ
cblr-1783	848	7	three	three	NUM
cblr-1783	848	8	axioms	axiom	NOUN
cblr-1783	848	9	lead	lead	VERB
cblr-1783	848	10	to	to	ADP
cblr-1783	848	11	the	the	DET
cblr-1783	848	12	following	following	ADJ
cblr-1783	848	13	question	question	NOUN
cblr-1783	848	14	:	:	PUNCT
cblr-1783	848	15	which	which	DET
cblr-1783	848	16	set	set	NOUN
cblr-1783	848	17	of	of	ADP
cblr-1783	848	18	concerns	concern	NOUN
cblr-1783	848	19	should	should	AUX
cblr-1783	848	20	prevail	prevail	VERB
cblr-1783	848	21	in	in	ADP
cblr-1783	848	22	clearinghouse	clearinghouse	NOUN
cblr-1783	848	23	regulation	regulation	NOUN
cblr-1783	848	24	—	—	PUNCT
cblr-1783	848	25	stability	stability	NOUN
cblr-1783	848	26	or	or	CCONJ
cblr-1783	848	27	competition	competition	NOUN
cblr-1783	848	28	?	?	PUNCT
cblr-1783	849	1	the	the	DET
cblr-1783	849	2	answer	answer	NOUN
cblr-1783	849	3	hinges	hinge	VERB
cblr-1783	849	4	on	on	ADP
cblr-1783	849	5	a	a	DET
cblr-1783	849	6	related	related	ADJ
cblr-1783	849	7	question	question	NOUN
cblr-1783	849	8	:	:	PUNCT
cblr-1783	849	9	in	in	ADP
cblr-1783	849	10	designing	design	VERB
cblr-1783	849	11	the	the	DET
cblr-1783	849	12	clearinghouse	clearinghouse	NOUN
cblr-1783	849	13	system	system	NOUN
cblr-1783	849	14	,	,	PUNCT
cblr-1783	849	15	are	be	AUX
cblr-1783	849	16	we	we	PRON
cblr-1783	849	17	building	build	VERB
cblr-1783	849	18	a	a	DET
cblr-1783	849	19	regulatory	regulatory	ADJ
cblr-1783	849	20	framework	framework	NOUN
cblr-1783	849	21	for	for	ADP
cblr-1783	849	22	the	the	DET
cblr-1783	849	23	worst	bad	ADJ
cblr-1783	849	24	of	of	ADP
cblr-1783	849	25	times	time	NOUN
cblr-1783	849	26	,	,	PUNCT
cblr-1783	849	27	or	or	CCONJ
cblr-1783	849	28	simply	simply	ADV
cblr-1783	849	29	one	one	NUM
cblr-1783	849	30	that	that	PRON
cblr-1783	849	31	hobbles	hobble	VERB
cblr-1783	849	32	along	along	ADP
cblr-1783	849	33	during	during	ADP
cblr-1783	849	34	normal	normal	ADJ
cblr-1783	849	35	times	time	NOUN
cblr-1783	849	36	?	?	PUNCT
cblr-1783	850	1	the	the	DET
cblr-1783	850	2	answer	answer	NOUN
cblr-1783	850	3	must	must	AUX
cblr-1783	850	4	be	be	AUX
cblr-1783	850	5	that	that	SCONJ
cblr-1783	850	6	clearinghouses	clearinghouse	NOUN
cblr-1783	850	7	are	be	AUX
cblr-1783	850	8	meant	mean	VERB
cblr-1783	850	9	to	to	PART
cblr-1783	850	10	withstand	withstand	VERB
cblr-1783	850	11	the	the	DET
cblr-1783	850	12	worst	bad	ADJ
cblr-1783	850	13	of	of	ADP
cblr-1783	850	14	financial	financial	ADJ
cblr-1783	850	15	crises	crisis	NOUN
cblr-1783	850	16	.	.	PUNCT
cblr-1783	851	1	in	in	ADP
cblr-1783	851	2	fact	fact	NOUN
cblr-1783	851	3	,	,	PUNCT
cblr-1783	851	4	that	that	DET
cblr-1783	851	5	spirit	spirit	NOUN
cblr-1783	851	6	pervades	pervade	VERB
cblr-1783	851	7	dodd	dodd	PROPN
cblr-1783	851	8	-	-	PUNCT
cblr-1783	851	9	frank	frank	PROPN
cblr-1783	851	10	,	,	PUNCT
cblr-1783	851	11	which	which	PRON
cblr-1783	851	12	touted	tout	VERB
cblr-1783	851	13	clearinghouses	clearinghouse	NOUN
cblr-1783	851	14	as	as	ADP
cblr-1783	851	15	the	the	DET
cblr-1783	851	16	panacea	panacea	NOUN
cblr-1783	851	17	for	for	ADP
cblr-1783	851	18	most	most	ADJ
cblr-1783	851	19	types	type	NOUN
cblr-1783	851	20	of	of	ADP
cblr-1783	851	21	risk	risk	NOUN
cblr-1783	851	22	in	in	ADP
cblr-1783	851	23	the	the	DET
cblr-1783	851	24	derivatives	derivative	NOUN
cblr-1783	851	25	markets	market	NOUN
cblr-1783	851	26	.	.	PUNCT
cblr-1783	852	1	in	in	ADP
cblr-1783	852	2	mandating	mandate	VERB
cblr-1783	852	3	clearing	clearing	NOUN
cblr-1783	852	4	in	in	ADP
cblr-1783	852	5	markets	market	NOUN
cblr-1783	852	6	that	that	PRON
cblr-1783	852	7	exchanges	exchange	NOUN
cblr-1783	852	8	previously	previously	ADV
cblr-1783	852	9	had	have	AUX
cblr-1783	852	10	not	not	PART
cblr-1783	852	11	even	even	ADV
cblr-1783	852	12	served	serve	VERB
cblr-1783	852	13	,	,	PUNCT
cblr-1783	852	14	the	the	DET
cblr-1783	852	15	law	law	NOUN
cblr-1783	852	16	leaned	lean	VERB
cblr-1783	852	17	heavily	heavily	ADV
cblr-1783	852	18	on	on	ADP
cblr-1783	852	19	clearinghouses	clearinghouse	NOUN
cblr-1783	852	20	to	to	PART
cblr-1783	852	21	backstop	backstop	VERB
cblr-1783	852	22	losses	loss	NOUN
cblr-1783	852	23	(	(	PUNCT
cblr-1783	852	24	and	and	CCONJ
cblr-1783	852	25	thereby	thereby	ADV
cblr-1783	852	26	impede	impede	VERB
cblr-1783	852	27	panics	panic	NOUN
cblr-1783	852	28	)	)	PUNCT
cblr-1783	852	29	during	during	ADP
cblr-1783	852	30	market	market	NOUN
cblr-1783	852	31	upheaval	upheaval	NOUN
cblr-1783	852	32	.	.	PUNCT
cblr-1783	853	1	as	as	SCONJ
cblr-1783	853	2	explored	explore	VERB
cblr-1783	853	3	in	in	ADP
cblr-1783	853	4	the	the	DET
cblr-1783	853	5	prior	prior	ADJ
cblr-1783	853	6	subsection	subsection	NOUN
cblr-1783	853	7	,	,	PUNCT
cblr-1783	853	8	clearinghouses	clearinghouse	NOUN
cblr-1783	853	9	can	can	AUX
cblr-1783	853	10	diffuse	diffuse	VERB
cblr-1783	853	11	the	the	DET
cblr-1783	853	12	fallout	fallout	NOUN
cblr-1783	853	13	from	from	ADP
cblr-1783	853	14	losses	loss	NOUN
cblr-1783	853	15	by	by	ADP
cblr-1783	853	16	systemically	systemically	ADV
cblr-1783	853	17	significant	significant	ADJ
cblr-1783	853	18	parties	party	NOUN
cblr-1783	853	19	in	in	ADP
cblr-1783	853	20	several	several	ADJ
cblr-1783	853	21	ways	way	NOUN
cblr-1783	853	22	.	.	PUNCT
cblr-1783	854	1	losses	loss	NOUN
cblr-1783	854	2	are	be	AUX
cblr-1783	854	3	first	first	ADV
cblr-1783	854	4	mitigated	mitigate	VERB
cblr-1783	854	5	by	by	ADP
cblr-1783	854	6	the	the	DET
cblr-1783	854	7	out	out	NOUN
cblr-1783	854	8	-	-	PUNCT
cblr-1783	854	9	of	of	ADP
cblr-1783	854	10	-	-	PUNCT
cblr-1783	854	11	the	the	DET
cblr-1783	854	12	-	-	PUNCT
cblr-1783	854	13	money	money	NOUN
cblr-1783	854	14	counterparty	counterparty	NOUN
cblr-1783	854	15	’s	’s	PART
cblr-1783	854	16	margin	margin	NOUN
cblr-1783	854	17	,	,	PUNCT
cblr-1783	854	18	then	then	ADV
cblr-1783	854	19	mutualized	mutualize	VERB
cblr-1783	854	20	among	among	ADP
cblr-1783	854	21	clearing	clear	VERB
cblr-1783	854	22	members	member	NOUN
cblr-1783	854	23	by	by	ADP
cblr-1783	854	24	the	the	DET
cblr-1783	854	25	guaranty	guaranty	NOUN
cblr-1783	854	26	fund	fund	NOUN
cblr-1783	854	27	,	,	PUNCT
cblr-1783	854	28	then	then	ADV
cblr-1783	854	29	further	far	ADV
cblr-1783	854	30	mitigated	mitigate	VERB
cblr-1783	854	31	by	by	ADP
cblr-1783	854	32	a	a	DET
cblr-1783	854	33	capital	capital	NOUN
cblr-1783	854	34	call	call	NOUN
cblr-1783	854	35	upon	upon	SCONJ
cblr-1783	854	36	members	member	NOUN
cblr-1783	854	37	and	and	CCONJ
cblr-1783	854	38	,	,	PUNCT
cblr-1783	854	39	if	if	SCONJ
cblr-1783	854	40	necessary	necessary	ADJ
cblr-1783	854	41	,	,	PUNCT
cblr-1783	854	42	by	by	ADP
cblr-1783	854	43	access	access	NOUN
cblr-1783	854	44	to	to	ADP
cblr-1783	854	45	the	the	DET
cblr-1783	854	46	discount	discount	NOUN
cblr-1783	854	47	window.183	window.183	NOUN
cblr-1783	854	48	this	this	DET
cblr-1783	854	49	ability	ability	NOUN
cblr-1783	854	50	to	to	PART
cblr-1783	854	51	slow	slow	VERB
cblr-1783	854	52	the	the	DET
cblr-1783	854	53	velocity	velocity	NOUN
cblr-1783	854	54	of	of	ADP
cblr-1783	854	55	damage	damage	NOUN
cblr-1783	854	56	from	from	ADP
cblr-1783	854	57	a	a	DET
cblr-1783	854	58	major	major	ADJ
cblr-1783	854	59	trading	trading	NOUN
cblr-1783	854	60	loss	loss	NOUN
cblr-1783	854	61	is	be	AUX
cblr-1783	854	62	the	the	DET
cblr-1783	854	63	key	key	ADJ
cblr-1783	854	64	advantage	advantage	NOUN
cblr-1783	854	65	of	of	ADP
cblr-1783	854	66	clearinghouses	clearinghouse	NOUN
cblr-1783	854	67	—	—	PUNCT
cblr-1783	854	68	182	182	NUM
cblr-1783	854	69	i	i	PRON
cblr-1783	854	70	d.	d.	NOUN
cblr-1783	854	71	at	at	ADP
cblr-1783	854	72	5	5	NUM
cblr-1783	854	73	.	.	PUNCT
cblr-1783	854	74	admittedly	admittedly	ADV
cblr-1783	854	75	,	,	PUNCT
cblr-1783	854	76	the	the	DET
cblr-1783	854	77	literature	literature	NOUN
cblr-1783	854	78	on	on	ADP
cblr-1783	854	79	competition	competition	NOUN
cblr-1783	854	80	versus	versus	ADP
cblr-1783	854	81	stability	stability	NOUN
cblr-1783	854	82	tracks	track	VERB
cblr-1783	854	83	the	the	DET
cblr-1783	854	84	banking	banking	NOUN
cblr-1783	854	85	sector	sector	NOUN
cblr-1783	854	86	much	much	ADV
cblr-1783	854	87	more	more	ADV
cblr-1783	854	88	closely	closely	ADV
cblr-1783	854	89	than	than	ADP
cblr-1783	854	90	anywhere	anywhere	ADV
cblr-1783	854	91	else	else	ADV
cblr-1783	854	92	.	.	PUNCT
cblr-1783	855	1	and	and	CCONJ
cblr-1783	855	2	while	while	SCONJ
cblr-1783	855	3	clearinghouses	clearinghouse	NOUN
cblr-1783	855	4	are	be	AUX
cblr-1783	855	5	different	different	ADJ
cblr-1783	855	6	than	than	ADP
cblr-1783	855	7	banks	bank	NOUN
cblr-1783	855	8	,	,	PUNCT
cblr-1783	855	9	the	the	DET
cblr-1783	855	10	findings	finding	NOUN
cblr-1783	855	11	on	on	ADP
cblr-1783	855	12	competition	competition	NOUN
cblr-1783	855	13	’s	’s	PART
cblr-1783	855	14	effects	effect	NOUN
cblr-1783	855	15	on	on	ADP
cblr-1783	855	16	stability	stability	NOUN
cblr-1783	855	17	are	be	AUX
cblr-1783	855	18	nevertheless	nevertheless	ADV
cblr-1783	855	19	illuminating	illuminate	VERB
cblr-1783	855	20	.	.	PUNCT
cblr-1783	856	1	183	183	NUM
cblr-1783	856	2	see	see	VERB
cblr-1783	856	3	levitin	levitin	NOUN
cblr-1783	856	4	,	,	PUNCT
cblr-1783	856	5	supra	supra	PROPN
cblr-1783	856	6	note	note	NOUN
cblr-1783	856	7	110	110	NUM
cblr-1783	856	8	,	,	PUNCT
cblr-1783	856	9	at	at	ADP
cblr-1783	856	10	462	462	NUM
cblr-1783	856	11	.	.	NOUN
cblr-1783	856	12	802	802	NUM
cblr-1783	856	13	columbia	columbia	PROPN
cblr-1783	856	14	business	business	NOUN
cblr-1783	856	15	law	law	PROPN
cblr-1783	856	16	review	review	NOUN
cblr-1783	857	1	[	[	X
cblr-1783	857	2	vol	vol	NOUN
cblr-1783	857	3	.	.	PUNCT
cblr-1783	857	4	2014	2014	NUM
cblr-1783	858	1	and	and	CCONJ
cblr-1783	858	2	also	also	ADV
cblr-1783	858	3	what	what	PRON
cblr-1783	858	4	drove	drive	VERB
cblr-1783	858	5	the	the	DET
cblr-1783	858	6	legislative	legislative	ADJ
cblr-1783	858	7	effort	effort	NOUN
cblr-1783	858	8	to	to	PART
cblr-1783	858	9	push	push	VERB
cblr-1783	858	10	trading	trading	NOUN
cblr-1783	858	11	onto	onto	ADP
cblr-1783	858	12	the	the	DET
cblr-1783	858	13	clearing	clearing	NOUN
cblr-1783	858	14	grid.184	grid.184	NOUN
cblr-1783	858	15	these	these	PRON
cblr-1783	858	16	are	be	AUX
cblr-1783	858	17	the	the	DET
cblr-1783	858	18	same	same	ADJ
cblr-1783	858	19	features	feature	NOUN
cblr-1783	858	20	that	that	PRON
cblr-1783	858	21	lch.clearnet	lch.clearnet	PROPN
cblr-1783	858	22	brought	bring	VERB
cblr-1783	858	23	to	to	ADP
cblr-1783	858	24	the	the	DET
cblr-1783	858	25	table	table	NOUN
cblr-1783	858	26	as	as	SCONJ
cblr-1783	858	27	lehman	lehman	PROPN
cblr-1783	858	28	brothers	brother	NOUN
cblr-1783	858	29	was	be	AUX
cblr-1783	858	30	collapsing	collapse	VERB
cblr-1783	858	31	in	in	ADP
cblr-1783	858	32	2008	2008	NUM
cblr-1783	858	33	,	,	PUNCT
cblr-1783	858	34	when	when	SCONJ
cblr-1783	858	35	lehman	lehman	PROPN
cblr-1783	858	36	affiliates	affiliate	NOUN
cblr-1783	858	37	defaulted	default	VERB
cblr-1783	858	38	on	on	ADP
cblr-1783	858	39	$	$	SYM
cblr-1783	858	40	9	9	NUM
cblr-1783	858	41	trillion	trillion	NUM
cblr-1783	858	42	in	in	ADP
cblr-1783	858	43	interest	interest	NOUN
cblr-1783	858	44	rate	rate	NOUN
cblr-1783	858	45	swaps.185	swaps.185	PROPN
cblr-1783	858	46	lch.clearnet	lch.clearnet	PROPN
cblr-1783	858	47	,	,	PUNCT
cblr-1783	858	48	the	the	DET
cblr-1783	858	49	dominant	dominant	ADJ
cblr-1783	858	50	clearinghouse	clearinghouse	NOUN
cblr-1783	858	51	for	for	ADP
cblr-1783	858	52	interest	interest	NOUN
cblr-1783	858	53	rate	rate	NOUN
cblr-1783	858	54	swaps	swap	NOUN
cblr-1783	858	55	,	,	PUNCT
cblr-1783	858	56	utilized	utilize	VERB
cblr-1783	858	57	lehman	lehman	NOUN
cblr-1783	858	58	’s	’s	PART
cblr-1783	858	59	margins	margin	NOUN
cblr-1783	858	60	to	to	ADP
cblr-1783	858	61	cushion	cushion	NOUN
cblr-1783	858	62	losses	loss	NOUN
cblr-1783	858	63	before	before	ADP
cblr-1783	858	64	auctioning	auction	VERB
cblr-1783	858	65	off	off	ADP
cblr-1783	858	66	lehman	lehman	PROPN
cblr-1783	858	67	’s	’s	PART
cblr-1783	858	68	portfolio	portfolio	NOUN
cblr-1783	858	69	of	of	ADP
cblr-1783	858	70	positions.186	positions.186	PROPN
cblr-1783	858	71	ultimately	ultimately	ADV
cblr-1783	858	72	,	,	PUNCT
cblr-1783	858	73	lch.clearnet	lch.clearnet	PROPN
cblr-1783	858	74	was	be	AUX
cblr-1783	858	75	able	able	ADJ
cblr-1783	858	76	to	to	PART
cblr-1783	858	77	minimize	minimize	VERB
cblr-1783	858	78	the	the	DET
cblr-1783	858	79	damage	damage	NOUN
cblr-1783	858	80	to	to	ADP
cblr-1783	858	81	lehman	lehman	PROPN
cblr-1783	858	82	’s	’s	PART
cblr-1783	858	83	counterparties	counterpartie	NOUN
cblr-1783	858	84	and	and	CCONJ
cblr-1783	858	85	the	the	DET
cblr-1783	858	86	broader	broad	ADJ
cblr-1783	858	87	interest	interest	NOUN
cblr-1783	858	88	rate	rate	NOUN
cblr-1783	858	89	swaps	swap	NOUN
cblr-1783	858	90	market	market	NOUN
cblr-1783	858	91	,	,	PUNCT
cblr-1783	858	92	all	all	ADV
cblr-1783	858	93	without	without	ADP
cblr-1783	858	94	tapping	tap	VERB
cblr-1783	858	95	the	the	DET
cblr-1783	858	96	default	default	NOUN
cblr-1783	858	97	fund.187	fund.187	NUM
cblr-1783	858	98	lch.clearnet	lch.clearnet	NOUN
cblr-1783	858	99	even	even	ADV
cblr-1783	858	100	managed	manage	VERB
cblr-1783	858	101	to	to	PART
cblr-1783	858	102	return	return	VERB
cblr-1783	858	103	some	some	PRON
cblr-1783	858	104	of	of	ADP
cblr-1783	858	105	lehman	lehman	PROPN
cblr-1783	858	106	’s	’s	PART
cblr-1783	858	107	margin	margin	NOUN
cblr-1783	858	108	to	to	ADP
cblr-1783	858	109	the	the	DET
cblr-1783	858	110	lehman	lehman	PROPN
cblr-1783	858	111	bankruptcy	bankruptcy	NOUN
cblr-1783	858	112	administrators.188	administrators.188	VERB
cblr-1783	858	113	our	our	PRON
cblr-1783	858	114	postulate	postulate	NOUN
cblr-1783	858	115	that	that	SCONJ
cblr-1783	858	116	large	large	ADJ
cblr-1783	858	117	clearinghouses	clearinghouse	NOUN
cblr-1783	858	118	are	be	AUX
cblr-1783	858	119	in	in	ADP
cblr-1783	858	120	the	the	DET
cblr-1783	858	121	best	good	ADJ
cblr-1783	858	122	position	position	NOUN
cblr-1783	858	123	to	to	PART
cblr-1783	858	124	weather	weather	VERB
cblr-1783	858	125	financial	financial	ADJ
cblr-1783	858	126	crises	crisis	NOUN
cblr-1783	858	127	is	be	AUX
cblr-1783	858	128	borne	bear	VERB
cblr-1783	858	129	out	out	ADP
cblr-1783	858	130	in	in	ADP
cblr-1783	858	131	lch.clearnet	lch.clearnet	PROPN
cblr-1783	858	132	’s	’s	PART
cblr-1783	858	133	maneuvers	maneuver	NOUN
cblr-1783	858	134	to	to	PART
cblr-1783	858	135	avoid	avoid	VERB
cblr-1783	858	136	the	the	DET
cblr-1783	858	137	worst	bad	ADJ
cblr-1783	858	138	consequences	consequence	NOUN
cblr-1783	858	139	of	of	ADP
cblr-1783	858	140	lehman	lehman	PROPN
cblr-1783	858	141	’s	’s	PART
cblr-1783	858	142	default	default	NOUN
cblr-1783	858	143	.	.	PUNCT
cblr-1783	859	1	and	and	CCONJ
cblr-1783	859	2	yet	yet	ADV
cblr-1783	859	3	,	,	PUNCT
cblr-1783	859	4	as	as	ADP
cblr-1783	859	5	one	one	NUM
cblr-1783	859	6	of	of	ADP
cblr-1783	859	7	the	the	DET
cblr-1783	859	8	world	world	NOUN
cblr-1783	859	9	’s	’s	PART
cblr-1783	859	10	largest	large	ADJ
cblr-1783	859	11	clearinghouses	clearinghouse	NOUN
cblr-1783	859	12	,	,	PUNCT
cblr-1783	859	13	lch.clearnet	lch.clearnet	PROPN
cblr-1783	859	14	owes	owe	VERB
cblr-1783	859	15	its	its	PRON
cblr-1783	859	16	dominance	dominance	NOUN
cblr-1783	859	17	to	to	ADP
cblr-1783	859	18	a	a	DET
cblr-1783	859	19	spate	spate	NOUN
cblr-1783	859	20	of	of	ADP
cblr-1783	859	21	earlier	early	ADJ
cblr-1783	859	22	combinations	combination	NOUN
cblr-1783	859	23	.	.	PUNCT
cblr-1783	860	1	the	the	DET
cblr-1783	860	2	clearinghouse	clearinghouse	NOUN
cblr-1783	860	3	itself	itself	PRON
cblr-1783	860	4	is	be	AUX
cblr-1783	860	5	the	the	DET
cblr-1783	860	6	product	product	NOUN
cblr-1783	860	7	of	of	ADP
cblr-1783	860	8	a	a	DET
cblr-1783	860	9	2003	2003	NUM
cblr-1783	860	10	merger	merger	NOUN
cblr-1783	860	11	between	between	ADP
cblr-1783	860	12	the	the	DET
cblr-1783	860	13	storied	storied	ADJ
cblr-1783	860	14	london	london	PROPN
cblr-1783	860	15	clearing	clearing	NOUN
cblr-1783	860	16	house	house	PROPN
cblr-1783	860	17	and	and	CCONJ
cblr-1783	860	18	clearnet	clearnet	PROPN
cblr-1783	860	19	,	,	PUNCT
cblr-1783	860	20	two	two	NUM
cblr-1783	860	21	european	european	ADJ
cblr-1783	860	22	operations	operation	NOUN
cblr-1783	860	23	that	that	PRON
cblr-1783	860	24	specialized	specialize	VERB
cblr-1783	860	25	in	in	ADP
cblr-1783	860	26	commodities	commodity	NOUN
cblr-1783	860	27	trades.189	trades.189	VERB
cblr-1783	860	28	more	more	ADV
cblr-1783	860	29	recently	recently	ADV
cblr-1783	860	30	,	,	PUNCT
cblr-1783	860	31	in	in	ADP
cblr-1783	860	32	2012	2012	NUM
cblr-1783	860	33	the	the	DET
cblr-1783	860	34	powerful	powerful	ADJ
cblr-1783	860	35	london	london	PROPN
cblr-1783	860	36	stock	stock	PROPN
cblr-1783	860	37	exchange	exchange	PROPN
cblr-1783	860	38	(	(	PUNCT
cblr-1783	860	39	lse	lse	PROPN
cblr-1783	860	40	)	)	PUNCT
cblr-1783	860	41	acquired	acquire	VERB
cblr-1783	860	42	a	a	DET
cblr-1783	860	43	184	184	NUM
cblr-1783	860	44	see	see	NOUN
cblr-1783	860	45	,	,	PUNCT
cblr-1783	860	46	e.g.	e.g.	ADV
cblr-1783	860	47	,	,	PUNCT
cblr-1783	860	48	levitin	levitin	NOUN
cblr-1783	860	49	,	,	PUNCT
cblr-1783	860	50	supra	supra	PROPN
cblr-1783	860	51	note	note	PROPN
cblr-1783	860	52	110	110	NUM
cblr-1783	860	53	;	;	PUNCT
cblr-1783	860	54	yadav	yadav	PROPN
cblr-1783	860	55	,	,	PUNCT
cblr-1783	860	56	supra	supra	PROPN
cblr-1783	860	57	note	note	PROPN
cblr-1783	860	58	12	12	NUM
cblr-1783	860	59	;	;	PUNCT
cblr-1783	860	60	kress	kress	PROPN
cblr-1783	860	61	,	,	PUNCT
cblr-1783	860	62	supra	supra	PROPN
cblr-1783	860	63	note	note	NOUN
cblr-1783	860	64	12	12	NUM
cblr-1783	860	65	.	.	PUNCT
cblr-1783	861	1	185	185	NUM
cblr-1783	861	2	see	see	VERB
cblr-1783	861	3	natasha	natasha	PROPN
cblr-1783	861	4	de	de	PROPN
cblr-1783	861	5	terán	terán	PROPN
cblr-1783	861	6	,	,	PUNCT
cblr-1783	861	7	how	how	SCONJ
cblr-1783	861	8	the	the	DET
cblr-1783	861	9	world	world	NOUN
cblr-1783	861	10	’s	’s	PART
cblr-1783	861	11	largest	large	ADJ
cblr-1783	861	12	default	default	NOUN
cblr-1783	861	13	was	be	AUX
cblr-1783	861	14	unraveled	unravel	VERB
cblr-1783	861	15	,	,	PUNCT
cblr-1783	861	16	fin	fin	NOUN
cblr-1783	861	17	.	.	PUNCT
cblr-1783	862	1	news	news	PROPN
cblr-1783	862	2	(	(	PUNCT
cblr-1783	862	3	oct	oct	PROPN
cblr-1783	862	4	.	.	PROPN
cblr-1783	862	5	13	13	NUM
cblr-1783	862	6	,	,	PUNCT
cblr-1783	862	7	2008	2008	NUM
cblr-1783	862	8	)	)	PUNCT
cblr-1783	862	9	,	,	PUNCT
cblr-1783	862	10	http://perma.cc/jb66-52tv	http://perma.cc/jb66-52tv	NUM
cblr-1783	862	11	;	;	PUNCT
cblr-1783	862	12	press	press	NOUN
cblr-1783	862	13	release	release	NOUN
cblr-1783	862	14	,	,	PUNCT
cblr-1783	862	15	lch.clearnet	lch.clearnet	PROPN
cblr-1783	862	16	,	,	PUNCT
cblr-1783	862	17	$	$	SYM
cblr-1783	862	18	9	9	NUM
cblr-1783	862	19	trillion	trillion	NUM
cblr-1783	862	20	lehman	lehman	PROPN
cblr-1783	862	21	otc	otc	PROPN
cblr-1783	862	22	interest	interest	NOUN
cblr-1783	862	23	rate	rate	NOUN
cblr-1783	862	24	swap	swap	NOUN
cblr-1783	862	25	default	default	NOUN
cblr-1783	862	26	successfully	successfully	ADV
cblr-1783	862	27	resolved	resolve	VERB
cblr-1783	862	28	(	(	PUNCT
cblr-1783	862	29	oct	oct	PROPN
cblr-1783	862	30	.	.	PROPN
cblr-1783	862	31	8	8	NUM
cblr-1783	862	32	,	,	PUNCT
cblr-1783	862	33	2008	2008	NUM
cblr-1783	862	34	)	)	PUNCT
cblr-1783	862	35	,	,	PUNCT
cblr-1783	862	36	http://perma.cc/kff6-l9wh	http://perma.cc/kff6-l9wh	PROPN
cblr-1783	862	37	;	;	PUNCT
cblr-1783	862	38	allen	allen	PROPN
cblr-1783	862	39	,	,	PUNCT
cblr-1783	862	40	supra	supra	PROPN
cblr-1783	862	41	note	note	NOUN
cblr-1783	862	42	12	12	NUM
cblr-1783	862	43	,	,	PUNCT
cblr-1783	862	44	at	at	ADP
cblr-1783	862	45	1089–90	1089–90	NUM
cblr-1783	862	46	.	.	PUNCT
cblr-1783	863	1	186	186	NUM
cblr-1783	863	2	see	see	VERB
cblr-1783	863	3	allen	allen	PROPN
cblr-1783	863	4	,	,	PUNCT
cblr-1783	863	5	supra	supra	PROPN
cblr-1783	863	6	note	note	NOUN
cblr-1783	863	7	12	12	NUM
cblr-1783	863	8	,	,	PUNCT
cblr-1783	863	9	at	at	ADP
cblr-1783	863	10	1090	1090	NUM
cblr-1783	863	11	.	.	PUNCT
cblr-1783	864	1	187	187	NUM
cblr-1783	865	1	i	i	PRON
cblr-1783	865	2	d.	d.	PROPN
cblr-1783	865	3	188	188	NUM
cblr-1783	866	1	i	i	PROPN
cblr-1783	866	2	d.	d.	PROPN
cblr-1783	866	3	189	189	NUM
cblr-1783	866	4	lch.clearnet	lch.clearnet	PROPN
cblr-1783	866	5	grp	grp	PROPN
cblr-1783	866	6	.	.	PROPN
cblr-1783	866	7	ltd	ltd	PROPN
cblr-1783	866	8	.	.	PROPN
cblr-1783	866	9	,	,	PUNCT
cblr-1783	866	10	report	report	NOUN
cblr-1783	866	11	and	and	CCONJ
cblr-1783	866	12	consolidated	consolidated	ADJ
cblr-1783	866	13	financial	financial	ADJ
cblr-1783	866	14	statements	statement	NOUN
cblr-1783	866	15	3	3	NUM
cblr-1783	866	16	(	(	PUNCT
cblr-1783	866	17	2005	2005	NUM
cblr-1783	866	18	)	)	PUNCT
cblr-1783	866	19	,	,	PUNCT
cblr-1783	866	20	http://perma.cc/cv99-xarg	http://perma.cc/cv99-xarg	PROPN
cblr-1783	866	21	.	.	PUNCT
cblr-1783	866	22	clearnet	clearnet	NOUN
cblr-1783	866	23	traces	trace	VERB
cblr-1783	866	24	its	its	PRON
cblr-1783	866	25	lineage	lineage	NOUN
cblr-1783	866	26	back	back	ADV
cblr-1783	866	27	to	to	ADP
cblr-1783	866	28	the	the	DET
cblr-1783	866	29	long	long	ADJ
cblr-1783	866	30	line	line	NOUN
cblr-1783	866	31	of	of	ADP
cblr-1783	866	32	mergers	merger	NOUN
cblr-1783	866	33	in	in	ADP
cblr-1783	866	34	the	the	DET
cblr-1783	866	35	french	french	ADJ
cblr-1783	866	36	,	,	PUNCT
cblr-1783	866	37	dutch	dutch	PROPN
cblr-1783	866	38	,	,	PUNCT
cblr-1783	866	39	and	and	CCONJ
cblr-1783	866	40	belgian	belgian	ADJ
cblr-1783	866	41	markets	market	NOUN
cblr-1783	866	42	that	that	PRON
cblr-1783	866	43	produced	produce	VERB
cblr-1783	866	44	euronext	euronext	NOUN
cblr-1783	866	45	.	.	PUNCT
cblr-1783	867	1	no	no	INTJ
cblr-1783	867	2	.	.	PUNCT
cblr-1783	868	1	3:747	3:747	NUM
cblr-1783	868	2	]	]	X
cblr-1783	868	3	systemic	systemic	ADJ
cblr-1783	868	4	risk	risk	NOUN
cblr-1783	868	5	paradox	paradox	NOUN
cblr-1783	868	6	803	803	NUM
cblr-1783	868	7	majority	majority	NOUN
cblr-1783	868	8	stake	stake	NOUN
cblr-1783	868	9	in	in	ADP
cblr-1783	868	10	lch.clearnet.190	lch.clearnet.190	VERB
cblr-1783	868	11	under	under	ADP
cblr-1783	868	12	this	this	DET
cblr-1783	868	13	new	new	ADJ
cblr-1783	868	14	ownership	ownership	NOUN
cblr-1783	868	15	,	,	PUNCT
cblr-1783	868	16	the	the	DET
cblr-1783	868	17	entity	entity	NOUN
cblr-1783	868	18	moved	move	VERB
cblr-1783	868	19	almost	almost	ADV
cblr-1783	868	20	immediately	immediately	ADV
cblr-1783	868	21	to	to	PART
cblr-1783	868	22	purchase	purchase	VERB
cblr-1783	868	23	international	international	ADJ
cblr-1783	868	24	derivatives	derivative	NOUN
cblr-1783	868	25	clearing	clearing	NOUN
cblr-1783	868	26	group	group	NOUN
cblr-1783	868	27	(	(	PUNCT
cblr-1783	868	28	idcg	idcg	PROPN
cblr-1783	868	29	)	)	PUNCT
cblr-1783	868	30	from	from	ADP
cblr-1783	868	31	nasdaq	nasdaq	PROPN
cblr-1783	868	32	omx	omx	PROPN
cblr-1783	868	33	,	,	PUNCT
cblr-1783	868	34	a	a	DET
cblr-1783	868	35	small	small	ADJ
cblr-1783	868	36	but	but	CCONJ
cblr-1783	868	37	significant	significant	ADJ
cblr-1783	868	38	player	player	NOUN
cblr-1783	868	39	in	in	ADP
cblr-1783	868	40	the	the	DET
cblr-1783	868	41	united	united	PROPN
cblr-1783	868	42	states.191	states.191	PROPN
cblr-1783	868	43	these	these	DET
cblr-1783	868	44	consolidations	consolidation	NOUN
cblr-1783	868	45	might	might	AUX
cblr-1783	868	46	have	have	AUX
cblr-1783	868	47	cleared	clear	VERB
cblr-1783	868	48	antitrust	antitrust	ADJ
cblr-1783	868	49	review	review	NOUN
cblr-1783	868	50	at	at	ADP
cblr-1783	868	51	each	each	PRON
cblr-1783	868	52	of	of	ADP
cblr-1783	868	53	these	these	DET
cblr-1783	868	54	key	key	ADJ
cblr-1783	868	55	junctures	juncture	NOUN
cblr-1783	868	56	;	;	PUNCT
cblr-1783	868	57	however	however	ADV
cblr-1783	868	58	,	,	PUNCT
cblr-1783	868	59	they	they	PRON
cblr-1783	868	60	would	would	AUX
cblr-1783	868	61	have	have	AUX
cblr-1783	868	62	implicated	implicate	VERB
cblr-1783	868	63	serious	serious	ADJ
cblr-1783	868	64	anticompetitive	anticompetitive	ADJ
cblr-1783	868	65	concerns	concern	NOUN
cblr-1783	868	66	.	.	PUNCT
cblr-1783	869	1	lch.clearnet	lch.clearnet	PROPN
cblr-1783	869	2	is	be	AUX
cblr-1783	869	3	a	a	DET
cblr-1783	869	4	dominant	dominant	ADJ
cblr-1783	869	5	player	player	NOUN
cblr-1783	869	6	in	in	ADP
cblr-1783	869	7	the	the	DET
cblr-1783	869	8	clearance	clearance	NOUN
cblr-1783	869	9	and	and	CCONJ
cblr-1783	869	10	settlement	settlement	NOUN
cblr-1783	869	11	of	of	ADP
cblr-1783	869	12	interest	interest	NOUN
cblr-1783	869	13	rate	rate	NOUN
cblr-1783	869	14	swaps	swap	NOUN
cblr-1783	869	15	,	,	PUNCT
cblr-1783	869	16	especially	especially	ADV
cblr-1783	869	17	in	in	ADP
cblr-1783	869	18	europe	europe	PROPN
cblr-1783	869	19	,	,	PUNCT
cblr-1783	869	20	where	where	SCONJ
cblr-1783	869	21	the	the	DET
cblr-1783	869	22	lse	lse	PROPN
cblr-1783	869	23	is	be	AUX
cblr-1783	869	24	a	a	DET
cblr-1783	869	25	dominant	dominant	ADJ
cblr-1783	869	26	and	and	CCONJ
cblr-1783	869	27	broadly	broadly	ADV
cblr-1783	869	28	diversified	diversify	VERB
cblr-1783	869	29	market	market	NOUN
cblr-1783	869	30	maker.192	maker.192	VERB
cblr-1783	869	31	their	their	PRON
cblr-1783	869	32	combination	combination	NOUN
cblr-1783	869	33	and	and	CCONJ
cblr-1783	869	34	then	then	ADV
cblr-1783	869	35	subsequent	subsequent	ADJ
cblr-1783	869	36	acquisition	acquisition	NOUN
cblr-1783	869	37	of	of	ADP
cblr-1783	869	38	idcg	idcg	PROPN
cblr-1783	869	39	could	could	AUX
cblr-1783	869	40	have	have	AUX
cblr-1783	869	41	been	be	AUX
cblr-1783	869	42	interpreted	interpret	VERB
cblr-1783	869	43	as	as	ADP
cblr-1783	869	44	an	an	DET
cblr-1783	869	45	effort	effort	NOUN
cblr-1783	869	46	to	to	PART
cblr-1783	869	47	twice	twice	VERB
cblr-1783	869	48	leverage	leverage	VERB
cblr-1783	869	49	their	their	PRON
cblr-1783	869	50	dominance	dominance	NOUN
cblr-1783	869	51	elsewhere	elsewhere	ADV
cblr-1783	869	52	into	into	ADP
cblr-1783	869	53	dominance	dominance	NOUN
cblr-1783	869	54	in	in	ADP
cblr-1783	869	55	the	the	DET
cblr-1783	869	56	united	united	PROPN
cblr-1783	869	57	states	states	PROPN
cblr-1783	869	58	.	.	PUNCT
cblr-1783	870	1	regardless	regardless	ADV
cblr-1783	870	2	of	of	ADP
cblr-1783	870	3	why	why	SCONJ
cblr-1783	870	4	competition	competition	NOUN
cblr-1783	870	5	authorities	authority	NOUN
cblr-1783	870	6	blessed	bless	VERB
cblr-1783	870	7	the	the	DET
cblr-1783	870	8	lch.clearnet	lch.clearnet	NOUN
cblr-1783	870	9	mergers	merger	NOUN
cblr-1783	870	10	,	,	PUNCT
cblr-1783	870	11	the	the	DET
cblr-1783	870	12	proclivity	proclivity	NOUN
cblr-1783	870	13	of	of	ADP
cblr-1783	870	14	a	a	DET
cblr-1783	870	15	dominant	dominant	ADJ
cblr-1783	870	16	clearinghouse	clearinghouse	NOUN
cblr-1783	870	17	to	to	PART
cblr-1783	870	18	engage	engage	VERB
cblr-1783	870	19	in	in	ADP
cblr-1783	870	20	anticompetitive	anticompetitive	ADJ
cblr-1783	870	21	behavior	behavior	NOUN
cblr-1783	870	22	need	need	AUX
cblr-1783	870	23	not	not	PART
cblr-1783	870	24	be	be	AUX
cblr-1783	870	25	left	leave	VERB
cblr-1783	870	26	to	to	ADP
cblr-1783	870	27	speculation	speculation	NOUN
cblr-1783	870	28	.	.	PUNCT
cblr-1783	871	1	in	in	ADP
cblr-1783	871	2	2011	2011	NUM
cblr-1783	871	3	,	,	PUNCT
cblr-1783	871	4	the	the	DET
cblr-1783	871	5	european	european	PROPN
cblr-1783	871	6	commission	commission	PROPN
cblr-1783	871	7	opened	open	VERB
cblr-1783	871	8	an	an	DET
cblr-1783	871	9	investigation	investigation	NOUN
cblr-1783	871	10	into	into	ADP
cblr-1783	871	11	whether	whether	SCONJ
cblr-1783	871	12	ice	ice	NOUN
cblr-1783	871	13	clear	clear	ADJ
cblr-1783	871	14	europe	europe	PROPN
cblr-1783	871	15	–	–	PUNCT
cblr-1783	871	16	–	–	PUNCT
cblr-1783	871	17	the	the	DET
cblr-1783	871	18	dominant	dominant	ADJ
cblr-1783	871	19	clearinghouse	clearinghouse	NOUN
cblr-1783	871	20	for	for	ADP
cblr-1783	871	21	credit	credit	NOUN
cblr-1783	871	22	default	default	NOUN
cblr-1783	871	23	swaps	swap	NOUN
cblr-1783	871	24	(	(	PUNCT
cblr-1783	871	25	“	"	PUNCT
cblr-1783	871	26	cds	cd	NOUN
cblr-1783	871	27	”	"	PUNCT
cblr-1783	871	28	)	)	PUNCT
cblr-1783	871	29	in	in	ADP
cblr-1783	871	30	europe––excluded	europe––excluded	ADJ
cblr-1783	871	31	competitors	competitor	NOUN
cblr-1783	871	32	from	from	ADP
cblr-1783	871	33	entering	enter	VERB
cblr-1783	871	34	the	the	DET
cblr-1783	871	35	cds	cds	NOUN
cblr-1783	871	36	clearing	clearing	NOUN
cblr-1783	871	37	and	and	CCONJ
cblr-1783	871	38	settlement	settlement	NOUN
cblr-1783	871	39	market.193	market.193	PROPN
cblr-1783	871	40	ice	ice	PROPN
cblr-1783	871	41	clear	clear	ADJ
cblr-1783	871	42	europe	europe	PROPN
cblr-1783	871	43	had	have	AUX
cblr-1783	871	44	allegedly	allegedly	ADV
cblr-1783	871	45	implemented	implement	VERB
cblr-1783	871	46	a	a	DET
cblr-1783	871	47	predatory	predatory	ADJ
cblr-1783	871	48	pricing	pricing	NOUN
cblr-1783	871	49	structure	structure	NOUN
cblr-1783	871	50	that	that	PRON
cblr-1783	871	51	locked	lock	VERB
cblr-1783	871	52	in	in	ADP
cblr-1783	871	53	preferential	preferential	ADJ
cblr-1783	871	54	fees	fee	NOUN
cblr-1783	871	55	and	and	CCONJ
cblr-1783	871	56	profit	profit	NOUN
cblr-1783	871	57	splits	split	VERB
cblr-1783	871	58	for	for	ADP
cblr-1783	871	59	nine	nine	NUM
cblr-1783	871	60	large	large	ADJ
cblr-1783	871	61	banks	bank	NOUN
cblr-1783	871	62	that	that	PRON
cblr-1783	871	63	constituted	constitute	VERB
cblr-1783	871	64	the	the	DET
cblr-1783	871	65	largest	large	ADJ
cblr-1783	871	66	cds	cd	NOUN
cblr-1783	871	67	market	market	NOUN
cblr-1783	871	68	makers	maker	NOUN
cblr-1783	871	69	in	in	ADP
cblr-1783	871	70	190	190	NUM
cblr-1783	871	71	see	see	VERB
cblr-1783	871	72	press	press	NOUN
cblr-1783	871	73	release	release	NOUN
cblr-1783	871	74	,	,	PUNCT
cblr-1783	871	75	london	london	PROPN
cblr-1783	871	76	stock	stock	PROPN
cblr-1783	871	77	exch	exch	PROPN
cblr-1783	871	78	.	.	PUNCT
cblr-1783	872	1	grp	grp	PROPN
cblr-1783	872	2	.	.	PROPN
cblr-1783	872	3	plc	plc	PROPN
cblr-1783	872	4	,	,	PUNCT
cblr-1783	872	5	revised	revise	VERB
cblr-1783	872	6	offer	offer	NOUN
cblr-1783	872	7	to	to	PART
cblr-1783	872	8	acquire	acquire	VERB
cblr-1783	872	9	majority	majority	NOUN
cblr-1783	872	10	stake	stake	NOUN
cblr-1783	872	11	in	in	ADP
cblr-1783	872	12	lch.clearnet	lch.clearnet	PROPN
cblr-1783	872	13	group	group	PROPN
cblr-1783	872	14	limited	limit	VERB
cblr-1783	872	15	(	(	PUNCT
cblr-1783	872	16	mar	mar	PROPN
cblr-1783	872	17	.	.	PROPN
cblr-1783	872	18	7	7	NUM
cblr-1783	872	19	,	,	PUNCT
cblr-1783	872	20	2013	2013	NUM
cblr-1783	872	21	)	)	PUNCT
cblr-1783	872	22	,	,	PUNCT
cblr-1783	872	23	http://perma.cc/6adl-cpc5	http://perma.cc/6adl-cpc5	PROPN
cblr-1783	872	24	.	.	PUNCT
cblr-1783	873	1	191	191	NUM
cblr-1783	873	2	nandini	nandini	PROPN
cblr-1783	873	3	sukumar	sukumar	PROPN
cblr-1783	873	4	&	&	CCONJ
cblr-1783	873	5	matthew	matthew	PROPN
cblr-1783	873	6	leising	leising	PROPN
cblr-1783	873	7	,	,	PUNCT
cblr-1783	873	8	lch.clearnet	lch.clearnet	NOUN
cblr-1783	873	9	in	in	ADP
cblr-1783	873	10	talks	talk	NOUN
cblr-1783	873	11	to	to	PART
cblr-1783	873	12	buy	buy	VERB
cblr-1783	873	13	nasdaq	nasdaq	PROPN
cblr-1783	873	14	’s	’s	PART
cblr-1783	873	15	rate	rate	NOUN
cblr-1783	873	16	clearinghouse	clearinghouse	PROPN
cblr-1783	873	17	,	,	PUNCT
cblr-1783	873	18	bloomberg	bloomberg	PROPN
cblr-1783	873	19	news	news	PROPN
cblr-1783	873	20	(	(	PUNCT
cblr-1783	873	21	apr	apr	PROPN
cblr-1783	873	22	.	.	PROPN
cblr-1783	873	23	24	24	NUM
cblr-1783	873	24	,	,	PUNCT
cblr-1783	873	25	2012	2012	NUM
cblr-1783	873	26	)	)	PUNCT
cblr-1783	873	27	,	,	PUNCT
cblr-1783	873	28	http://perma.cc/e884-xqpu	http://perma.cc/e884-xqpu	PROPN
cblr-1783	873	29	.	.	PROPN
cblr-1783	873	30	192	192	NUM
cblr-1783	873	31	lukas	lukas	PROPN
cblr-1783	873	32	becker	becker	PROPN
cblr-1783	873	33	et	et	PROPN
cblr-1783	873	34	al	al	PROPN
cblr-1783	873	35	.	.	PROPN
cblr-1783	873	36	,	,	PUNCT
cblr-1783	873	37	a	a	DET
cblr-1783	873	38	brave	brave	ADJ
cblr-1783	873	39	new	new	ADJ
cblr-1783	873	40	world	world	NOUN
cblr-1783	873	41	,	,	PUNCT
cblr-1783	873	42	risk	risk	NOUN
cblr-1783	873	43	mag	mag	NOUN
cblr-1783	873	44	.	.	PROPN
cblr-1783	873	45	3	3	NUM
cblr-1783	873	46	(	(	PUNCT
cblr-1783	873	47	jan	jan	PROPN
cblr-1783	873	48	.	.	PROPN
cblr-1783	873	49	2014	2014	NUM
cblr-1783	873	50	)	)	PUNCT
cblr-1783	873	51	,	,	PUNCT
cblr-1783	873	52	http://perma.cc/6kte-f8xg	http://perma.cc/6kte-f8xg	VERB
cblr-1783	873	53	(	(	PUNCT
cblr-1783	873	54	noting	note	VERB
cblr-1783	873	55	that	that	SCONJ
cblr-1783	873	56	cme	cme	PROPN
cblr-1783	873	57	group	group	NOUN
cblr-1783	873	58	’s	’s	PART
cblr-1783	873	59	clearing	clearing	NOUN
cblr-1783	873	60	volume	volume	NOUN
cblr-1783	873	61	for	for	ADP
cblr-1783	873	62	us	us	PROPN
cblr-1783	873	63	dollar	dollar	NOUN
cblr-1783	873	64	interest	interest	NOUN
cblr-1783	873	65	rate	rate	NOUN
cblr-1783	873	66	swaps	swap	NOUN
cblr-1783	873	67	accounts	account	VERB
cblr-1783	873	68	for	for	ADP
cblr-1783	873	69	only	only	ADV
cblr-1783	873	70	67	67	NUM
cblr-1783	873	71	%	%	NOUN
cblr-1783	873	72	of	of	ADP
cblr-1783	873	73	lch.clearnet	lch.clearnet	PROPN
cblr-1783	873	74	’s	’s	PART
cblr-1783	873	75	roughly	roughly	ADV
cblr-1783	873	76	$	$	SYM
cblr-1783	873	77	2	2	NUM
cblr-1783	873	78	trillion	trillion	NUM
cblr-1783	873	79	a	a	DET
cblr-1783	873	80	day	day	NOUN
cblr-1783	873	81	)	)	PUNCT
cblr-1783	873	82	;	;	PUNCT
cblr-1783	873	83	william	william	PROPN
cblr-1783	873	84	mitting	mitting	PROPN
cblr-1783	873	85	,	,	PUNCT
cblr-1783	873	86	eurex	eurex	ADJ
cblr-1783	873	87	launch	launch	NOUN
cblr-1783	873	88	intensifies	intensify	VERB
cblr-1783	873	89	otc	otc	PROPN
cblr-1783	873	90	clearing	clearing	NOUN
cblr-1783	873	91	battle	battle	NOUN
cblr-1783	873	92	,	,	PUNCT
cblr-1783	873	93	futures	future	NOUN
cblr-1783	873	94	&	&	CCONJ
cblr-1783	873	95	options	option	NOUN
cblr-1783	873	96	world	world	NOUN
cblr-1783	873	97	(	(	PUNCT
cblr-1783	873	98	june	june	PROPN
cblr-1783	873	99	1	1	NUM
cblr-1783	873	100	,	,	PUNCT
cblr-1783	873	101	2012	2012	NUM
cblr-1783	873	102	)	)	PUNCT
cblr-1783	873	103	,	,	PUNCT
cblr-1783	873	104	http://perma.cc/yzr2-wm6j	http://perma.cc/yzr2-wm6j	PROPN
cblr-1783	873	105	;	;	PUNCT
cblr-1783	873	106	company	company	NOUN
cblr-1783	873	107	overview	overview	NOUN
cblr-1783	873	108	,	,	PUNCT
cblr-1783	873	109	london	london	PROPN
cblr-1783	873	110	stock	stock	PROPN
cblr-1783	873	111	exch	exch	PROPN
cblr-1783	873	112	.	.	PROPN
cblr-1783	873	113	,	,	PUNCT
cblr-1783	873	114	http://perma.cc/cd3g-ewmd	http://perma.cc/cd3g-ewmd	PROPN
cblr-1783	873	115	(	(	PUNCT
cblr-1783	873	116	last	last	ADJ
cblr-1783	873	117	visited	visit	VERB
cblr-1783	873	118	oct	oct	PROPN
cblr-1783	873	119	.	.	PROPN
cblr-1783	873	120	11	11	NUM
cblr-1783	873	121	,	,	PUNCT
cblr-1783	873	122	2014	2014	NUM
cblr-1783	873	123	)	)	PUNCT
cblr-1783	873	124	.	.	PUNCT
cblr-1783	874	1	193	193	NUM
cblr-1783	874	2	see	see	VERB
cblr-1783	874	3	european	european	PROPN
cblr-1783	874	4	comm’n	comm’n	NOUN
cblr-1783	874	5	,	,	PUNCT
cblr-1783	874	6	supra	supra	PROPN
cblr-1783	874	7	note	note	NOUN
cblr-1783	874	8	16	16	NUM
cblr-1783	874	9	.	.	PUNCT
cblr-1783	875	1	804	804	NUM
cblr-1783	875	2	columbia	columbia	PROPN
cblr-1783	875	3	business	business	NOUN
cblr-1783	875	4	law	law	PROPN
cblr-1783	875	5	review	review	NOUN
cblr-1783	876	1	[	[	X
cblr-1783	876	2	vol	vol	NOUN
cblr-1783	876	3	.	.	PUNCT
cblr-1783	876	4	2014	2014	NUM
cblr-1783	877	1	the	the	DET
cblr-1783	877	2	world.194	world.194	NOUN
cblr-1783	877	3	as	as	ADP
cblr-1783	877	4	a	a	DET
cblr-1783	877	5	result	result	NOUN
cblr-1783	877	6	of	of	ADP
cblr-1783	877	7	these	these	DET
cblr-1783	877	8	arrangements	arrangement	NOUN
cblr-1783	877	9	,	,	PUNCT
cblr-1783	877	10	the	the	DET
cblr-1783	877	11	banks	bank	NOUN
cblr-1783	877	12	would	would	AUX
cblr-1783	877	13	have	have	AUX
cblr-1783	877	14	been	be	AUX
cblr-1783	877	15	disinclined	disinclined	ADJ
cblr-1783	877	16	to	to	PART
cblr-1783	877	17	clear	clear	VERB
cblr-1783	877	18	their	their	PRON
cblr-1783	877	19	trades	trade	NOUN
cblr-1783	877	20	with	with	ADP
cblr-1783	877	21	competitors	competitor	NOUN
cblr-1783	877	22	of	of	ADP
cblr-1783	877	23	ice	ice	NOUN
cblr-1783	877	24	clear	clear	ADJ
cblr-1783	877	25	europe.195	europe.195	NOUN
cblr-1783	877	26	ultimately	ultimately	ADV
cblr-1783	877	27	,	,	PUNCT
cblr-1783	877	28	the	the	DET
cblr-1783	877	29	investigation	investigation	NOUN
cblr-1783	877	30	was	be	AUX
cblr-1783	877	31	suspended	suspend	VERB
cblr-1783	877	32	in	in	ADP
cblr-1783	877	33	2012	2012	NUM
cblr-1783	877	34	for	for	ADP
cblr-1783	877	35	lack	lack	NOUN
cblr-1783	877	36	of	of	ADP
cblr-1783	877	37	evidence.196	evidence.196	NOUN
cblr-1783	877	38	yet	yet	CCONJ
cblr-1783	877	39	the	the	DET
cblr-1783	877	40	“	"	PUNCT
cblr-1783	877	41	openness	openness	NOUN
cblr-1783	877	42	”	"	PUNCT
cblr-1783	877	43	of	of	ADP
cblr-1783	877	44	open	open	ADJ
cblr-1783	877	45	-	-	PUNCT
cblr-1783	877	46	access	access	NOUN
cblr-1783	877	47	clearing	clearing	NOUN
cblr-1783	877	48	mandated	mandate	VERB
cblr-1783	877	49	by	by	ADP
cblr-1783	877	50	dodd	dodd	PROPN
cblr-1783	877	51	-	-	PUNCT
cblr-1783	877	52	frank	frank	PROPN
cblr-1783	877	53	remains	remain	VERB
cblr-1783	877	54	one	one	NUM
cblr-1783	877	55	of	of	ADP
cblr-1783	877	56	the	the	DET
cblr-1783	877	57	pivotal	pivotal	ADJ
cblr-1783	877	58	concerns	concern	NOUN
cblr-1783	877	59	for	for	ADP
cblr-1783	877	60	clearinghouses.197	clearinghouses.197	NOUN
cblr-1783	877	61	as	as	SCONJ
cblr-1783	877	62	the	the	DET
cblr-1783	877	63	next	next	ADJ
cblr-1783	877	64	subsection	subsection	NOUN
cblr-1783	877	65	will	will	AUX
cblr-1783	877	66	discuss	discuss	VERB
cblr-1783	877	67	,	,	PUNCT
cblr-1783	877	68	denial	denial	NOUN
cblr-1783	877	69	of	of	ADP
cblr-1783	877	70	access	access	NOUN
cblr-1783	877	71	to	to	ADP
cblr-1783	877	72	clearing	clearing	NOUN
cblr-1783	877	73	is	be	AUX
cblr-1783	877	74	the	the	DET
cblr-1783	877	75	cardinal	cardinal	ADJ
cblr-1783	877	76	antitrust	antitrust	ADJ
cblr-1783	877	77	offense	offense	NOUN
cblr-1783	877	78	that	that	PRON
cblr-1783	877	79	can	can	AUX
cblr-1783	877	80	not	not	PART
cblr-1783	877	81	be	be	AUX
cblr-1783	877	82	tolerated	tolerate	VERB
cblr-1783	877	83	for	for	ADP
cblr-1783	877	84	clearinghouses	clearinghouse	NOUN
cblr-1783	877	85	.	.	PUNCT
cblr-1783	878	1	yet	yet	CCONJ
cblr-1783	878	2	other	other	ADJ
cblr-1783	878	3	trespasses	trespass	NOUN
cblr-1783	878	4	might	might	AUX
cblr-1783	878	5	be	be	AUX
cblr-1783	878	6	forgiven	forgive	VERB
cblr-1783	878	7	.	.	PUNCT
cblr-1783	879	1	indeed	indeed	ADV
cblr-1783	879	2	,	,	PUNCT
cblr-1783	879	3	to	to	ADP
cblr-1783	879	4	the	the	DET
cblr-1783	879	5	extent	extent	NOUN
cblr-1783	879	6	that	that	SCONJ
cblr-1783	879	7	clearinghouses	clearinghouse	NOUN
cblr-1783	879	8	need	need	VERB
cblr-1783	879	9	to	to	PART
cblr-1783	879	10	engage	engage	VERB
cblr-1783	879	11	in	in	ADP
cblr-1783	879	12	these	these	DET
cblr-1783	879	13	behaviors	behavior	NOUN
cblr-1783	879	14	to	to	PART
cblr-1783	879	15	attain	attain	VERB
cblr-1783	879	16	dominance	dominance	NOUN
cblr-1783	879	17	in	in	ADP
cblr-1783	879	18	multiple	multiple	ADJ
cblr-1783	879	19	clearing	clearing	NOUN
cblr-1783	879	20	markets	market	NOUN
cblr-1783	879	21	,	,	PUNCT
cblr-1783	879	22	regulators	regulator	NOUN
cblr-1783	879	23	may	may	AUX
cblr-1783	879	24	look	look	VERB
cblr-1783	879	25	the	the	DET
cblr-1783	879	26	other	other	ADJ
cblr-1783	879	27	way	way	NOUN
cblr-1783	879	28	.	.	PUNCT
cblr-1783	880	1	the	the	DET
cblr-1783	880	2	precise	precise	ADJ
cblr-1783	880	3	degree	degree	NOUN
cblr-1783	880	4	of	of	ADP
cblr-1783	880	5	permissiveness	permissiveness	NOUN
cblr-1783	880	6	,	,	PUNCT
cblr-1783	880	7	though	though	ADV
cblr-1783	880	8	,	,	PUNCT
cblr-1783	880	9	must	must	AUX
cblr-1783	880	10	be	be	AUX
cblr-1783	880	11	determined	determine	VERB
cblr-1783	880	12	as	as	ADV
cblr-1783	880	13	early	early	ADV
cblr-1783	880	14	as	as	ADP
cblr-1783	880	15	possible	possible	ADJ
cblr-1783	880	16	.	.	PUNCT
cblr-1783	881	1	b.	b.	PROPN
cblr-1783	881	2	natural	natural	ADJ
cblr-1783	881	3	monopoly	monopoly	NOUN
cblr-1783	881	4	the	the	DET
cblr-1783	881	5	conundrum	conundrum	NOUN
cblr-1783	881	6	that	that	PRON
cblr-1783	881	7	regulators	regulator	NOUN
cblr-1783	881	8	face	face	VERB
cblr-1783	881	9	with	with	ADP
cblr-1783	881	10	clearinghouses	clearinghouse	NOUN
cblr-1783	881	11	inheres	inhere	NOUN
cblr-1783	881	12	in	in	ADP
cblr-1783	881	13	natural	natural	ADJ
cblr-1783	881	14	monopolies	monopoly	NOUN
cblr-1783	881	15	.	.	PUNCT
cblr-1783	882	1	to	to	PART
cblr-1783	882	2	efficiently	efficiently	ADV
cblr-1783	882	3	reduce	reduce	VERB
cblr-1783	882	4	counterparty	counterparty	NOUN
cblr-1783	882	5	credit	credit	NOUN
cblr-1783	882	6	risk	risk	NOUN
cblr-1783	882	7	,	,	PUNCT
cblr-1783	882	8	which	which	PRON
cblr-1783	882	9	precipitated	precipitate	VERB
cblr-1783	882	10	the	the	DET
cblr-1783	882	11	financial	financial	ADJ
cblr-1783	882	12	crisis	crisis	NOUN
cblr-1783	882	13	,	,	PUNCT
cblr-1783	882	14	large	large	ADJ
cblr-1783	882	15	clearinghouses	clearinghouse	NOUN
cblr-1783	882	16	must	must	AUX
cblr-1783	882	17	be	be	AUX
cblr-1783	882	18	allowed	allow	VERB
cblr-1783	882	19	to	to	PART
cblr-1783	882	20	flourish	flourish	VERB
cblr-1783	882	21	.	.	PUNCT
cblr-1783	883	1	but	but	CCONJ
cblr-1783	883	2	how	how	SCONJ
cblr-1783	883	3	can	can	AUX
cblr-1783	883	4	they	they	PRON
cblr-1783	883	5	do	do	VERB
cblr-1783	883	6	so	so	ADV
cblr-1783	883	7	without	without	ADP
cblr-1783	883	8	suffocating	suffocate	VERB
cblr-1783	883	9	competition	competition	NOUN
cblr-1783	883	10	?	?	PUNCT
cblr-1783	884	1	or	or	CCONJ
cblr-1783	884	2	,	,	PUNCT
cblr-1783	884	3	more	more	ADV
cblr-1783	884	4	accurately	accurately	ADV
cblr-1783	884	5	,	,	PUNCT
cblr-1783	884	6	what	what	DET
cblr-1783	884	7	consequences	consequence	NOUN
cblr-1783	884	8	can	can	AUX
cblr-1783	884	9	not	not	PART
cblr-1783	884	10	be	be	AUX
cblr-1783	884	11	tolerated	tolerate	VERB
cblr-1783	884	12	in	in	ADP
cblr-1783	884	13	the	the	DET
cblr-1783	884	14	establishment	establishment	NOUN
cblr-1783	884	15	of	of	ADP
cblr-1783	884	16	naturally	naturally	ADV
cblr-1783	884	17	monopolistic	monopolistic	ADJ
cblr-1783	884	18	clearinghouses	clearinghouse	NOUN
cblr-1783	884	19	?	?	PUNCT
cblr-1783	885	1	this	this	DET
cblr-1783	885	2	subsection	subsection	NOUN
cblr-1783	885	3	examines	examine	VERB
cblr-1783	885	4	two	two	NUM
cblr-1783	885	5	instances	instance	NOUN
cblr-1783	885	6	in	in	ADP
cblr-1783	885	7	which	which	PRON
cblr-1783	885	8	the	the	DET
cblr-1783	885	9	anticompetitive	anticompetitive	ADJ
cblr-1783	885	10	impulses	impulse	NOUN
cblr-1783	885	11	of	of	ADP
cblr-1783	885	12	large	large	ADJ
cblr-1783	885	13	clearinghouses	clearinghouse	NOUN
cblr-1783	885	14	can	can	AUX
cblr-1783	885	15	not	not	PART
cblr-1783	885	16	be	be	AUX
cblr-1783	885	17	tolerated	tolerate	VERB
cblr-1783	885	18	:	:	PUNCT
cblr-1783	885	19	denial	denial	NOUN
cblr-1783	885	20	of	of	ADP
cblr-1783	885	21	access	access	NOUN
cblr-1783	885	22	and	and	CCONJ
cblr-1783	885	23	leverage	leverage	NOUN
cblr-1783	885	24	.	.	PUNCT
cblr-1783	886	1	both	both	PRON
cblr-1783	886	2	are	be	AUX
cblr-1783	886	3	market	market	NOUN
cblr-1783	886	4	failures	failure	NOUN
cblr-1783	886	5	of	of	ADP
cblr-1783	886	6	natural	natural	ADJ
cblr-1783	886	7	monopoly	monopoly	NOUN
cblr-1783	886	8	.	.	PUNCT
cblr-1783	887	1	194	194	NUM
cblr-1783	888	1	i	i	PRON
cblr-1783	888	2	d.	d.	PROPN
cblr-1783	888	3	195	195	NUM
cblr-1783	888	4	i	i	PROPN
cblr-1783	888	5	d.	d.	PROPN
cblr-1783	888	6	196	196	NUM
cblr-1783	888	7	foo	foo	PROPN
cblr-1783	888	8	yun	yun	PROPN
cblr-1783	888	9	chee	chee	NOUN
cblr-1783	888	10	,	,	PUNCT
cblr-1783	888	11	eu	eu	PROPN
cblr-1783	888	12	regulators	regulator	NOUN
cblr-1783	888	13	to	to	PART
cblr-1783	888	14	suspend	suspend	VERB
cblr-1783	888	15	ice	ice	NOUN
cblr-1783	888	16	,	,	PUNCT
cblr-1783	888	17	banks	bank	NOUN
cblr-1783	888	18	cds	cd	NOUN
cblr-1783	888	19	probe	probe	NOUN
cblr-1783	888	20	,	,	PUNCT
cblr-1783	888	21	reuters	reuters	PROPN
cblr-1783	888	22	(	(	PUNCT
cblr-1783	888	23	sept	sept	PROPN
cblr-1783	888	24	.	.	PROPN
cblr-1783	888	25	26	26	NUM
cblr-1783	888	26	,	,	PUNCT
cblr-1783	888	27	2012	2012	NUM
cblr-1783	888	28	)	)	PUNCT
cblr-1783	888	29	,	,	PUNCT
cblr-1783	888	30	http://perma.cc/cj2q-y9	http://perma.cc/cj2q-y9	PROPN
cblr-1783	888	31	nm	nm	PROPN
cblr-1783	888	32	.	.	PROPN
cblr-1783	888	33	197	197	NUM
cblr-1783	888	34	see	see	VERB
cblr-1783	888	35	commodity	commodity	NOUN
cblr-1783	888	36	futures	future	NOUN
cblr-1783	888	37	trading	trading	NOUN
cblr-1783	888	38	comm’n	comm’n	NOUN
cblr-1783	888	39	&	&	CCONJ
cblr-1783	888	40	sec	sec	PROPN
cblr-1783	888	41	.	.	PROPN
cblr-1783	888	42	&	&	CCONJ
cblr-1783	888	43	exch	exch	PROPN
cblr-1783	888	44	.	.	PUNCT
cblr-1783	889	1	comm’n	comm’n	PROPN
cblr-1783	889	2	,	,	PUNCT
cblr-1783	889	3	public	public	ADJ
cblr-1783	889	4	roundtable	roundtable	NOUN
cblr-1783	889	5	on	on	ADP
cblr-1783	889	6	governance	governance	NOUN
cblr-1783	889	7	and	and	CCONJ
cblr-1783	889	8	conflicts	conflict	NOUN
cblr-1783	889	9	of	of	ADP
cblr-1783	889	10	interest	interest	NOUN
cblr-1783	889	11	in	in	ADP
cblr-1783	889	12	the	the	DET
cblr-1783	889	13	clearing	clearing	NOUN
cblr-1783	889	14	and	and	CCONJ
cblr-1783	889	15	listing	listing	NOUN
cblr-1783	889	16	of	of	ADP
cblr-1783	889	17	swaps	swap	NOUN
cblr-1783	889	18	144–45	144–45	NOUN
cblr-1783	889	19	,	,	PUNCT
cblr-1783	889	20	washington	washington	PROPN
cblr-1783	889	21	,	,	PUNCT
cblr-1783	889	22	d.c	d.c	PROPN
cblr-1783	889	23	.	.	PROPN
cblr-1783	889	24	,	,	PUNCT
cblr-1783	889	25	aug	aug	PROPN
cblr-1783	889	26	.	.	PROPN
cblr-1783	889	27	20	20	NUM
cblr-1783	889	28	,	,	PUNCT
cblr-1783	889	29	2010	2010	NUM
cblr-1783	889	30	[	[	X
cblr-1783	889	31	hereinafter	hereinafter	NOUN
cblr-1783	889	32	cftc	cftc	PROPN
cblr-1783	889	33	roundtable	roundtable	PROPN
cblr-1783	889	34	]	]	X
cblr-1783	889	35	.	.	PUNCT
cblr-1783	890	1	no	no	INTJ
cblr-1783	890	2	.	.	PUNCT
cblr-1783	891	1	3:747	3:747	NUM
cblr-1783	891	2	]	]	X
cblr-1783	891	3	systemic	systemic	ADJ
cblr-1783	891	4	risk	risk	NOUN
cblr-1783	891	5	paradox	paradox	NOUN
cblr-1783	891	6	805	805	NUM
cblr-1783	891	7	1	1	NUM
cblr-1783	891	8	.	.	PUNCT
cblr-1783	892	1	the	the	DET
cblr-1783	892	2	market	market	NOUN
cblr-1783	892	3	failure	failure	NOUN
cblr-1783	892	4	of	of	ADP
cblr-1783	892	5	natural	natural	ADJ
cblr-1783	892	6	monopoly	monopoly	NOUN
cblr-1783	892	7	in	in	ADP
cblr-1783	892	8	a	a	DET
cblr-1783	892	9	natural	natural	ADJ
cblr-1783	892	10	monopoly	monopoly	NOUN
cblr-1783	892	11	,	,	PUNCT
cblr-1783	892	12	production	production	NOUN
cblr-1783	892	13	by	by	ADP
cblr-1783	892	14	a	a	DET
cblr-1783	892	15	single	single	ADJ
cblr-1783	892	16	firm	firm	NOUN
cblr-1783	892	17	minimizes	minimize	VERB
cblr-1783	892	18	costs.198	costs.198	NOUN
cblr-1783	892	19	contrary	contrary	ADJ
cblr-1783	892	20	to	to	ADP
cblr-1783	892	21	a	a	DET
cblr-1783	892	22	well	well	ADV
cblr-1783	892	23	-	-	PUNCT
cblr-1783	892	24	functioning	function	VERB
cblr-1783	892	25	market	market	NOUN
cblr-1783	892	26	,	,	PUNCT
cblr-1783	892	27	competition	competition	NOUN
cblr-1783	892	28	does	do	AUX
cblr-1783	892	29	not	not	PART
cblr-1783	892	30	lower	low	ADJ
cblr-1783	892	31	prices	price	NOUN
cblr-1783	892	32	,	,	PUNCT
cblr-1783	892	33	increase	increase	VERB
cblr-1783	892	34	production	production	NOUN
cblr-1783	892	35	,	,	PUNCT
cblr-1783	892	36	spur	spur	VERB
cblr-1783	892	37	innovation	innovation	NOUN
cblr-1783	892	38	,	,	PUNCT
cblr-1783	892	39	or	or	CCONJ
cblr-1783	892	40	otherwise	otherwise	ADV
cblr-1783	892	41	benefit	benefit	VERB
cblr-1783	892	42	consumers	consumer	NOUN
cblr-1783	892	43	.	.	PUNCT
cblr-1783	893	1	the	the	DET
cblr-1783	893	2	average	average	ADJ
cblr-1783	893	3	cost	cost	NOUN
cblr-1783	893	4	of	of	ADP
cblr-1783	893	5	production	production	NOUN
cblr-1783	893	6	declines	decline	NOUN
cblr-1783	893	7	as	as	SCONJ
cblr-1783	893	8	more	more	ADJ
cblr-1783	893	9	product	product	NOUN
cblr-1783	893	10	is	be	AUX
cblr-1783	893	11	supplied	supply	VERB
cblr-1783	893	12	,	,	PUNCT
cblr-1783	893	13	so	so	CCONJ
cblr-1783	893	14	it	it	PRON
cblr-1783	893	15	is	be	AUX
cblr-1783	893	16	more	more	ADV
cblr-1783	893	17	efficient	efficient	ADJ
cblr-1783	893	18	to	to	PART
cblr-1783	893	19	have	have	VERB
cblr-1783	893	20	one	one	NUM
cblr-1783	893	21	firm	firm	ADJ
cblr-1783	893	22	service	service	NOUN
cblr-1783	893	23	the	the	DET
cblr-1783	893	24	market	market	NOUN
cblr-1783	893	25	than	than	SCONJ
cblr-1783	893	26	to	to	PART
cblr-1783	893	27	duplicate	duplicate	VERB
cblr-1783	893	28	expenditures.199	expenditures.199	VERB
cblr-1783	893	29	antitrust	antitrust	ADJ
cblr-1783	893	30	solutions	solution	NOUN
cblr-1783	893	31	to	to	ADP
cblr-1783	893	32	natural	natural	ADJ
cblr-1783	893	33	monopoly	monopoly	NOUN
cblr-1783	893	34	therefore	therefore	ADV
cblr-1783	893	35	permit	permit	VERB
cblr-1783	893	36	single	single	ADJ
cblr-1783	893	37	-	-	PUNCT
cblr-1783	893	38	firm	firm	ADJ
cblr-1783	893	39	dominance	dominance	NOUN
cblr-1783	893	40	but	but	CCONJ
cblr-1783	893	41	regulate	regulate	VERB
cblr-1783	893	42	the	the	DET
cblr-1783	893	43	firm	firm	NOUN
cblr-1783	893	44	closely	closely	ADV
cblr-1783	893	45	to	to	PART
cblr-1783	893	46	ensure	ensure	VERB
cblr-1783	893	47	that	that	SCONJ
cblr-1783	893	48	price	price	NOUN
cblr-1783	893	49	correlates	correlate	VERB
cblr-1783	893	50	appropriately	appropriately	ADV
cblr-1783	893	51	to	to	ADP
cblr-1783	893	52	cost.200	cost.200	DET
cblr-1783	893	53	paradigmatic	paradigmatic	ADJ
cblr-1783	893	54	examples	example	NOUN
cblr-1783	893	55	include	include	VERB
cblr-1783	893	56	air	air	NOUN
cblr-1783	893	57	and	and	CCONJ
cblr-1783	893	58	rail	rail	NOUN
cblr-1783	893	59	lines	line	NOUN
cblr-1783	893	60	,	,	PUNCT
cblr-1783	893	61	electricity	electricity	NOUN
cblr-1783	893	62	and	and	CCONJ
cblr-1783	893	63	natural	natural	ADJ
cblr-1783	893	64	gas	gas	NOUN
cblr-1783	893	65	generation	generation	NOUN
cblr-1783	893	66	and	and	CCONJ
cblr-1783	893	67	delivery	delivery	NOUN
cblr-1783	893	68	,	,	PUNCT
cblr-1783	893	69	and	and	CCONJ
cblr-1783	893	70	telecommunications	telecommunication	NOUN
cblr-1783	893	71	,	,	PUNCT
cblr-1783	893	72	where	where	SCONJ
cblr-1783	893	73	one	one	NUM
cblr-1783	893	74	or	or	CCONJ
cblr-1783	893	75	a	a	DET
cblr-1783	893	76	very	very	ADV
cblr-1783	893	77	small	small	ADJ
cblr-1783	893	78	number	number	NOUN
cblr-1783	893	79	of	of	ADP
cblr-1783	893	80	producers	producer	NOUN
cblr-1783	893	81	are	be	AUX
cblr-1783	893	82	allowed	allow	VERB
cblr-1783	893	83	to	to	PART
cblr-1783	893	84	corner	corner	VERB
cblr-1783	893	85	the	the	DET
cblr-1783	893	86	entire	entire	ADJ
cblr-1783	893	87	market	market	NOUN
cblr-1783	893	88	.	.	PUNCT
cblr-1783	894	1	clearing	clearing	NOUN
cblr-1783	894	2	and	and	CCONJ
cblr-1783	894	3	settlement	settlement	NOUN
cblr-1783	894	4	in	in	ADP
cblr-1783	894	5	most	most	ADJ
cblr-1783	894	6	trading	trading	NOUN
cblr-1783	894	7	markets	market	NOUN
cblr-1783	894	8	reflect	reflect	VERB
cblr-1783	894	9	the	the	DET
cblr-1783	894	10	same	same	ADJ
cblr-1783	894	11	single	single	ADJ
cblr-1783	894	12	-	-	PUNCT
cblr-1783	894	13	firm	firm	NOUN
cblr-1783	894	14	dominance.201	dominance.201	NOUN
cblr-1783	894	15	as	as	SCONJ
cblr-1783	894	16	explored	explore	VERB
cblr-1783	894	17	above	above	ADV
cblr-1783	894	18	,	,	PUNCT
cblr-1783	894	19	the	the	DET
cblr-1783	894	20	clearing	clearing	NOUN
cblr-1783	894	21	market	market	NOUN
cblr-1783	894	22	for	for	ADP
cblr-1783	894	23	each	each	DET
cblr-1783	894	24	product	product	NOUN
cblr-1783	894	25	is	be	AUX
cblr-1783	894	26	served	serve	VERB
cblr-1783	894	27	almost	almost	ADV
cblr-1783	894	28	entirely	entirely	ADV
cblr-1783	894	29	by	by	ADP
cblr-1783	894	30	one	one	NUM
cblr-1783	894	31	clearinghouse	clearinghouse	NOUN
cblr-1783	894	32	.	.	PUNCT
cblr-1783	895	1	even	even	ADV
cblr-1783	895	2	in	in	ADP
cblr-1783	895	3	new	new	ADJ
cblr-1783	895	4	markets	market	NOUN
cblr-1783	895	5	characterized	characterize	VERB
cblr-1783	895	6	by	by	ADP
cblr-1783	895	7	an	an	DET
cblr-1783	895	8	assortment	assortment	NOUN
cblr-1783	895	9	of	of	ADP
cblr-1783	895	10	providers	provider	NOUN
cblr-1783	895	11	,	,	PUNCT
cblr-1783	895	12	the	the	DET
cblr-1783	895	13	field	field	NOUN
cblr-1783	895	14	of	of	ADP
cblr-1783	895	15	initial	initial	ADJ
cblr-1783	895	16	entrants	entrant	NOUN
cblr-1783	895	17	is	be	AUX
cblr-1783	895	18	soon	soon	ADV
cblr-1783	895	19	whittled	whittle	VERB
cblr-1783	895	20	down	down	ADP
cblr-1783	895	21	to	to	ADP
cblr-1783	895	22	a	a	DET
cblr-1783	895	23	few	few	ADJ
cblr-1783	895	24	large	large	ADJ
cblr-1783	895	25	players	player	NOUN
cblr-1783	895	26	.	.	PUNCT
cblr-1783	896	1	the	the	PRON
cblr-1783	896	2	larger	large	ADJ
cblr-1783	896	3	a	a	DET
cblr-1783	896	4	clearinghouse	clearinghouse	NOUN
cblr-1783	896	5	is	be	AUX
cblr-1783	896	6	,	,	PUNCT
cblr-1783	896	7	the	the	DET
cblr-1783	896	8	more	more	ADJ
cblr-1783	896	9	margin	margin	NOUN
cblr-1783	896	10	it	it	PRON
cblr-1783	896	11	can	can	AUX
cblr-1783	896	12	access	access	VERB
cblr-1783	896	13	,	,	PUNCT
cblr-1783	896	14	thereby	thereby	ADV
cblr-1783	896	15	lowering	lower	VERB
cblr-1783	896	16	trading	trading	NOUN
cblr-1783	896	17	costs	cost	NOUN
cblr-1783	896	18	for	for	ADP
cblr-1783	896	19	member	member	NOUN
cblr-1783	896	20	firms	firm	NOUN
cblr-1783	896	21	and	and	CCONJ
cblr-1783	896	22	outcompeting	outcompete	VERB
cblr-1783	896	23	other	other	ADJ
cblr-1783	896	24	clearinghouses	clearinghouse	NOUN
cblr-1783	896	25	.	.	PUNCT
cblr-1783	897	1	198	198	NUM
cblr-1783	897	2	lawrence	lawrence	PROPN
cblr-1783	897	3	a.	a.	PROPN
cblr-1783	897	4	sullivan	sullivan	PROPN
cblr-1783	897	5	&	&	CCONJ
cblr-1783	897	6	warren	warren	PROPN
cblr-1783	897	7	s.	s.	PROPN
cblr-1783	897	8	grimes	grimes	PROPN
cblr-1783	897	9	,	,	PUNCT
cblr-1783	897	10	the	the	DET
cblr-1783	897	11	law	law	NOUN
cblr-1783	897	12	of	of	ADP
cblr-1783	897	13	antitrust	antitrust	NOUN
cblr-1783	897	14	:	:	PUNCT
cblr-1783	897	15	an	an	DET
cblr-1783	897	16	integrated	integrate	VERB
cblr-1783	897	17	handbook	handbook	NOUN
cblr-1783	897	18	742	742	NUM
cblr-1783	897	19	(	(	PUNCT
cblr-1783	897	20	west	west	PROPN
cblr-1783	897	21	academic	academic	PROPN
cblr-1783	897	22	publ’g	publ’g	PROPN
cblr-1783	897	23	,	,	PUNCT
cblr-1783	897	24	2d	2d	PROPN
cblr-1783	897	25	ed	ed	NOUN
cblr-1783	897	26	.	.	PUNCT
cblr-1783	897	27	2006	2006	NUM
cblr-1783	897	28	)	)	PUNCT
cblr-1783	897	29	.	.	PUNCT
cblr-1783	898	1	199	199	NUM
cblr-1783	898	2	shubha	shubha	PROPN
cblr-1783	898	3	ghosh	ghosh	PROPN
cblr-1783	898	4	,	,	PUNCT
cblr-1783	898	5	decoding	decode	VERB
cblr-1783	898	6	and	and	CCONJ
cblr-1783	898	7	recoding	recode	VERB
cblr-1783	898	8	natural	natural	ADJ
cblr-1783	898	9	monopoly	monopoly	NOUN
cblr-1783	898	10	,	,	PUNCT
cblr-1783	898	11	deregulation	deregulation	NOUN
cblr-1783	898	12	,	,	PUNCT
cblr-1783	898	13	and	and	CCONJ
cblr-1783	898	14	intellectual	intellectual	ADJ
cblr-1783	898	15	property	property	NOUN
cblr-1783	898	16	,	,	PUNCT
cblr-1783	898	17	2008	2008	NUM
cblr-1783	898	18	u.	u.	PROPN
cblr-1783	898	19	ill	ill	PROPN
cblr-1783	898	20	.	.	PUNCT
cblr-1783	899	1	l.	l.	PROPN
cblr-1783	899	2	rev	rev	PROPN
cblr-1783	899	3	.	.	PROPN
cblr-1783	899	4	1125	1125	NUM
cblr-1783	899	5	,	,	PUNCT
cblr-1783	899	6	1138–39	1138–39	NUM
cblr-1783	899	7	(	(	PUNCT
cblr-1783	899	8	2008	2008	NUM
cblr-1783	899	9	)	)	PUNCT
cblr-1783	899	10	.	.	PUNCT
cblr-1783	900	1	see	see	VERB
cblr-1783	900	2	also	also	ADV
cblr-1783	900	3	sanford	sanford	PROPN
cblr-1783	900	4	v.	v.	PROPN
cblr-1783	900	5	berg	berg	PROPN
cblr-1783	900	6	&	&	CCONJ
cblr-1783	900	7	john	john	PROPN
cblr-1783	900	8	tschirhart	tschirhart	PROPN
cblr-1783	900	9	,	,	PUNCT
cblr-1783	900	10	natural	natural	ADJ
cblr-1783	900	11	monopoly	monopoly	NOUN
cblr-1783	900	12	regulation	regulation	NOUN
cblr-1783	900	13	:	:	PUNCT
cblr-1783	900	14	principles	principle	NOUN
cblr-1783	900	15	and	and	CCONJ
cblr-1783	900	16	practice	practice	VERB
cblr-1783	900	17	21–24	21–24	NUM
cblr-1783	900	18	(	(	PUNCT
cblr-1783	900	19	1988	1988	NUM
cblr-1783	900	20	)	)	PUNCT
cblr-1783	900	21	;	;	PUNCT
cblr-1783	900	22	daniel	daniel	PROPN
cblr-1783	900	23	f.	f.	PROPN
cblr-1783	900	24	spulber	spulber	PROPN
cblr-1783	900	25	,	,	PUNCT
cblr-1783	900	26	regulation	regulation	NOUN
cblr-1783	900	27	and	and	CCONJ
cblr-1783	900	28	markets	market	NOUN
cblr-1783	900	29	3–5	3–5	NUM
cblr-1783	900	30	,	,	PUNCT
cblr-1783	900	31	42–43	42–43	NUM
cblr-1783	900	32	(	(	PUNCT
cblr-1783	900	33	1989	1989	NUM
cblr-1783	900	34	)	)	PUNCT
cblr-1783	900	35	.	.	PUNCT
cblr-1783	901	1	200	200	NUM
cblr-1783	901	2	see	see	VERB
cblr-1783	901	3	spulber	spulber	PROPN
cblr-1783	901	4	,	,	PUNCT
cblr-1783	901	5	supra	supra	PROPN
cblr-1783	901	6	note	note	PROPN
cblr-1783	901	7	199	199	NUM
cblr-1783	901	8	,	,	PUNCT
cblr-1783	901	9	at	at	ADP
cblr-1783	901	10	33–34	33–34	NUM
cblr-1783	901	11	.	.	PUNCT
cblr-1783	902	1	201	201	NUM
cblr-1783	902	2	see	see	VERB
cblr-1783	902	3	turing	turing	NOUN
cblr-1783	902	4	,	,	PUNCT
cblr-1783	902	5	supra	supra	ADJ
cblr-1783	902	6	note	note	NOUN
cblr-1783	902	7	5	5	NUM
cblr-1783	902	8	,	,	PUNCT
cblr-1783	902	9	§	§	NOUN
cblr-1783	902	10	5.6(8	5.6(8	NUM
cblr-1783	902	11	)	)	PUNCT
cblr-1783	902	12	(	(	PUNCT
cblr-1783	902	13	“	"	PUNCT
cblr-1783	902	14	ccps	ccp	NOUN
cblr-1783	902	15	have	have	VERB
cblr-1783	902	16	strong	strong	ADJ
cblr-1783	902	17	natural	natural	ADJ
cblr-1783	902	18	monopoly	monopoly	NOUN
cblr-1783	902	19	characteristics	characteristic	NOUN
cblr-1783	902	20	.	.	PUNCT
cblr-1783	902	21	.	.	PUNCT
cblr-1783	902	22	.	.	PUNCT
cblr-1783	902	23	.	.	PUNCT
cblr-1783	903	1	where	where	SCONJ
cblr-1783	903	2	only	only	ADV
cblr-1783	903	3	one	one	NUM
cblr-1783	903	4	ccp	ccp	PROPN
cblr-1783	903	5	offers	offer	VERB
cblr-1783	903	6	clearing	clear	VERB
cblr-1783	903	7	for	for	ADP
cblr-1783	903	8	a	a	DET
cblr-1783	903	9	particular	particular	ADJ
cblr-1783	903	10	product	product	NOUN
cblr-1783	903	11	,	,	PUNCT
cblr-1783	903	12	all	all	DET
cblr-1783	903	13	market	market	NOUN
cblr-1783	903	14	participants	participant	NOUN
cblr-1783	903	15	are	be	AUX
cblr-1783	903	16	obliged	oblige	VERB
cblr-1783	903	17	to	to	PART
cblr-1783	903	18	use	use	VERB
cblr-1783	903	19	that	that	DET
cblr-1783	903	20	ccp	ccp	PROPN
cblr-1783	903	21	.	.	PUNCT
cblr-1783	904	1	incumbents	incumbent	NOUN
cblr-1783	904	2	have	have	VERB
cblr-1783	904	3	an	an	DET
cblr-1783	904	4	overwhelming	overwhelming	ADJ
cblr-1783	904	5	advantage	advantage	NOUN
cblr-1783	904	6	over	over	ADP
cblr-1783	904	7	newcomers	newcomer	NOUN
cblr-1783	904	8	owing	owe	VERB
cblr-1783	904	9	to	to	ADP
cblr-1783	904	10	the	the	DET
cblr-1783	904	11	cost	cost	NOUN
cblr-1783	904	12	of	of	ADP
cblr-1783	904	13	switching	switching	NOUN
cblr-1783	904	14	.	.	PUNCT
cblr-1783	904	15	”	"	PUNCT
cblr-1783	904	16	)	)	PUNCT
cblr-1783	905	1	(	(	PUNCT
cblr-1783	905	2	citation	citation	NOUN
cblr-1783	905	3	omitted	omit	VERB
cblr-1783	905	4	)	)	PUNCT
cblr-1783	905	5	(	(	PUNCT
cblr-1783	905	6	internal	internal	ADJ
cblr-1783	905	7	quotation	quotation	NOUN
cblr-1783	905	8	marks	mark	NOUN
cblr-1783	905	9	omitted	omit	VERB
cblr-1783	905	10	)	)	PUNCT
cblr-1783	905	11	.	.	PUNCT
cblr-1783	906	1	806	806	NUM
cblr-1783	906	2	columbia	columbia	PROPN
cblr-1783	906	3	business	business	NOUN
cblr-1783	906	4	law	law	PROPN
cblr-1783	906	5	review	review	NOUN
cblr-1783	906	6	[	[	X
cblr-1783	906	7	vol	vol	NOUN
cblr-1783	906	8	.	.	NOUN
cblr-1783	906	9	2014	2014	NUM
cblr-1783	906	10	natural	natural	ADJ
cblr-1783	906	11	monopolies	monopoly	NOUN
cblr-1783	906	12	arise	arise	VERB
cblr-1783	906	13	because	because	SCONJ
cblr-1783	906	14	the	the	DET
cblr-1783	906	15	average	average	ADJ
cblr-1783	906	16	cost	cost	NOUN
cblr-1783	906	17	of	of	ADP
cblr-1783	906	18	production	production	NOUN
cblr-1783	906	19	declines	decline	NOUN
cblr-1783	906	20	with	with	ADP
cblr-1783	906	21	increasing	increase	VERB
cblr-1783	906	22	supply.202	supply.202	PRON
cblr-1783	906	23	this	this	PRON
cblr-1783	906	24	might	might	AUX
cblr-1783	906	25	be	be	AUX
cblr-1783	906	26	attributed	attribute	VERB
cblr-1783	906	27	to	to	ADP
cblr-1783	906	28	very	very	ADV
cblr-1783	906	29	high	high	ADJ
cblr-1783	906	30	fixed	fix	VERB
cblr-1783	906	31	costs	cost	NOUN
cblr-1783	906	32	or	or	CCONJ
cblr-1783	906	33	to	to	ADP
cblr-1783	906	34	negligible	negligible	ADJ
cblr-1783	906	35	costs	cost	NOUN
cblr-1783	906	36	of	of	ADP
cblr-1783	906	37	producing	produce	VERB
cblr-1783	906	38	an	an	DET
cblr-1783	906	39	additional	additional	ADJ
cblr-1783	906	40	unit	unit	NOUN
cblr-1783	906	41	of	of	ADP
cblr-1783	906	42	product.203	product.203	PRON
cblr-1783	906	43	as	as	SCONJ
cblr-1783	906	44	more	more	ADJ
cblr-1783	906	45	of	of	ADP
cblr-1783	906	46	the	the	DET
cblr-1783	906	47	product	product	NOUN
cblr-1783	906	48	is	be	AUX
cblr-1783	906	49	supplied	supply	VERB
cblr-1783	906	50	to	to	ADP
cblr-1783	906	51	the	the	DET
cblr-1783	906	52	market	market	NOUN
cblr-1783	906	53	,	,	PUNCT
cblr-1783	906	54	average	average	ADJ
cblr-1783	906	55	costs	cost	NOUN
cblr-1783	906	56	are	be	AUX
cblr-1783	906	57	driven	drive	VERB
cblr-1783	906	58	down	down	ADP
cblr-1783	906	59	.	.	PUNCT
cblr-1783	907	1	simultaneously	simultaneously	ADV
cblr-1783	907	2	,	,	PUNCT
cblr-1783	907	3	however	however	ADV
cblr-1783	907	4	,	,	PUNCT
cblr-1783	907	5	high	high	ADJ
cblr-1783	907	6	fixed	fix	VERB
cblr-1783	907	7	costs	cost	NOUN
cblr-1783	907	8	also	also	ADV
cblr-1783	907	9	increase	increase	VERB
cblr-1783	907	10	the	the	DET
cblr-1783	907	11	stakes	stake	NOUN
cblr-1783	907	12	,	,	PUNCT
cblr-1783	907	13	since	since	SCONJ
cblr-1783	907	14	competitors	competitor	NOUN
cblr-1783	907	15	must	must	AUX
cblr-1783	907	16	capture	capture	VERB
cblr-1783	907	17	nearly	nearly	ADV
cblr-1783	907	18	the	the	DET
cblr-1783	907	19	entire	entire	ADJ
cblr-1783	907	20	market	market	NOUN
cblr-1783	907	21	to	to	PART
cblr-1783	907	22	recoup	recoup	VERB
cblr-1783	907	23	the	the	DET
cblr-1783	907	24	initial	initial	ADJ
cblr-1783	907	25	investment	investment	NOUN
cblr-1783	907	26	or	or	CCONJ
cblr-1783	907	27	sunk	sunk	ADJ
cblr-1783	907	28	costs	cost	NOUN
cblr-1783	907	29	.	.	PUNCT
cblr-1783	908	1	the	the	DET
cblr-1783	908	2	risk	risk	NOUN
cblr-1783	908	3	of	of	ADP
cblr-1783	908	4	harm	harm	NOUN
cblr-1783	908	5	from	from	ADP
cblr-1783	908	6	destructive	destructive	ADJ
cblr-1783	908	7	competition	competition	NOUN
cblr-1783	908	8	is	be	AUX
cblr-1783	908	9	simply	simply	ADV
cblr-1783	908	10	too	too	ADV
cblr-1783	908	11	great	great	ADJ
cblr-1783	908	12	,	,	PUNCT
cblr-1783	908	13	so	so	SCONJ
cblr-1783	908	14	regulators	regulator	NOUN
cblr-1783	908	15	have	have	AUX
cblr-1783	908	16	traditionally	traditionally	ADV
cblr-1783	908	17	permitted	permit	VERB
cblr-1783	908	18	one	one	NUM
cblr-1783	908	19	firm	firm	NOUN
cblr-1783	908	20	to	to	PART
cblr-1783	908	21	service	service	VERB
cblr-1783	908	22	the	the	DET
cblr-1783	908	23	market	market	NOUN
cblr-1783	908	24	—	—	PUNCT
cblr-1783	908	25	subject	subject	ADJ
cblr-1783	908	26	to	to	ADP
cblr-1783	908	27	intense	intense	ADJ
cblr-1783	908	28	oversight	oversight	NOUN
cblr-1783	908	29	.	.	PUNCT
cblr-1783	909	1	these	these	DET
cblr-1783	909	2	forces	force	NOUN
cblr-1783	909	3	were	be	AUX
cblr-1783	909	4	behind	behind	ADP
cblr-1783	909	5	the	the	DET
cblr-1783	909	6	sec	sec	PROPN
cblr-1783	909	7	’s	’s	PART
cblr-1783	909	8	decision	decision	NOUN
cblr-1783	909	9	to	to	PART
cblr-1783	909	10	push	push	VERB
cblr-1783	909	11	the	the	DET
cblr-1783	909	12	securities	security	NOUN
cblr-1783	909	13	clearing	clearing	NOUN
cblr-1783	909	14	industry	industry	NOUN
cblr-1783	909	15	toward	toward	ADP
cblr-1783	909	16	one	one	NUM
cblr-1783	909	17	provider	provider	NOUN
cblr-1783	909	18	in	in	ADP
cblr-1783	909	19	the	the	DET
cblr-1783	909	20	1970s	1970s	NUM
cblr-1783	909	21	.	.	PUNCT
cblr-1783	910	1	the	the	DET
cblr-1783	910	2	agency	agency	NOUN
cblr-1783	910	3	saw	see	VERB
cblr-1783	910	4	that	that	SCONJ
cblr-1783	910	5	back	back	NOUN
cblr-1783	910	6	-	-	PUNCT
cblr-1783	910	7	office	office	NOUN
cblr-1783	910	8	processing	processing	NOUN
cblr-1783	910	9	could	could	AUX
cblr-1783	910	10	be	be	AUX
cblr-1783	910	11	more	more	ADV
cblr-1783	910	12	efficient	efficient	ADJ
cblr-1783	910	13	if	if	SCONJ
cblr-1783	910	14	centralized	centralize	VERB
cblr-1783	910	15	in	in	ADP
cblr-1783	910	16	one	one	NUM
cblr-1783	910	17	clearinghouse	clearinghouse	NOUN
cblr-1783	910	18	.	.	PUNCT
cblr-1783	911	1	despite	despite	SCONJ
cblr-1783	911	2	fears	fear	NOUN
cblr-1783	911	3	that	that	SCONJ
cblr-1783	911	4	nscc	nscc	ADV
cblr-1783	911	5	,	,	PUNCT
cblr-1783	911	6	the	the	DET
cblr-1783	911	7	progeny	progeny	NOUN
cblr-1783	911	8	of	of	ADP
cblr-1783	911	9	the	the	DET
cblr-1783	911	10	three	three	NUM
cblr-1783	911	11	largest	large	ADJ
cblr-1783	911	12	exchanges	exchange	NOUN
cblr-1783	911	13	in	in	ADP
cblr-1783	911	14	the	the	DET
cblr-1783	911	15	country	country	NOUN
cblr-1783	911	16	,	,	PUNCT
cblr-1783	911	17	would	would	AUX
cblr-1783	911	18	become	become	VERB
cblr-1783	911	19	a	a	DET
cblr-1783	911	20	natural	natural	ADJ
cblr-1783	911	21	monopoly	monopoly	NOUN
cblr-1783	911	22	,	,	PUNCT
cblr-1783	911	23	the	the	DET
cblr-1783	911	24	sec	sec	PROPN
cblr-1783	911	25	granted	grant	VERB
cblr-1783	911	26	nscc	nscc	PROPN
cblr-1783	911	27	’s	’s	PART
cblr-1783	911	28	registration.204	registration.204	PROPN
cblr-1783	911	29	a	a	DET
cblr-1783	911	30	philadelphia	philadelphia	NOUN
cblr-1783	911	31	-	-	PUNCT
cblr-1783	911	32	based	base	VERB
cblr-1783	911	33	competitor	competitor	NOUN
cblr-1783	911	34	subsequently	subsequently	ADV
cblr-1783	911	35	challenged	challenge	VERB
cblr-1783	911	36	this	this	DET
cblr-1783	911	37	decision	decision	NOUN
cblr-1783	911	38	because	because	SCONJ
cblr-1783	911	39	it	it	PRON
cblr-1783	911	40	feared	fear	VERB
cblr-1783	911	41	that	that	SCONJ
cblr-1783	911	42	the	the	DET
cblr-1783	911	43	wall	wall	PROPN
cblr-1783	911	44	street	street	PROPN
cblr-1783	911	45	-	-	PUNCT
cblr-1783	911	46	backed	back	VERB
cblr-1783	911	47	nscc	nscc	PROPN
cblr-1783	911	48	would	would	AUX
cblr-1783	911	49	limit	limit	VERB
cblr-1783	911	50	the	the	DET
cblr-1783	911	51	access	access	NOUN
cblr-1783	911	52	of	of	ADP
cblr-1783	911	53	competitors	competitor	NOUN
cblr-1783	911	54	of	of	ADP
cblr-1783	911	55	the	the	DET
cblr-1783	911	56	three	three	NUM
cblr-1783	911	57	new	new	PROPN
cblr-1783	911	58	york	york	PROPN
cblr-1783	911	59	exchanges	exchange	NOUN
cblr-1783	911	60	to	to	PART
cblr-1783	911	61	erode	erode	VERB
cblr-1783	911	62	the	the	DET
cblr-1783	911	63	market	market	NOUN
cblr-1783	911	64	share	share	NOUN
cblr-1783	911	65	of	of	ADP
cblr-1783	911	66	other	other	ADJ
cblr-1783	911	67	exchanges	exchange	NOUN
cblr-1783	911	68	.	.	PUNCT
cblr-1783	912	1	in	in	ADP
cblr-1783	912	2	bradford	bradford	PROPN
cblr-1783	912	3	v.	v.	ADP
cblr-1783	912	4	sec	sec	PROPN
cblr-1783	912	5	,	,	PUNCT
cblr-1783	912	6	the	the	DET
cblr-1783	912	7	d.c	d.c	PROPN
cblr-1783	912	8	.	.	PROPN
cblr-1783	912	9	circuit	circuit	PROPN
cblr-1783	912	10	upheld	uphold	VERB
cblr-1783	912	11	the	the	DET
cblr-1783	912	12	registration	registration	NOUN
cblr-1783	912	13	of	of	ADP
cblr-1783	912	14	nscc	nscc	PROPN
cblr-1783	912	15	.	.	PUNCT
cblr-1783	913	1	the	the	DET
cblr-1783	913	2	court	court	NOUN
cblr-1783	913	3	accepted	accept	VERB
cblr-1783	913	4	the	the	DET
cblr-1783	913	5	sec	sec	PROPN
cblr-1783	913	6	’s	’s	PART
cblr-1783	913	7	policy	policy	NOUN
cblr-1783	913	8	rationale	rationale	NOUN
cblr-1783	913	9	that	that	SCONJ
cblr-1783	913	10	competition	competition	NOUN
cblr-1783	913	11	concerns	concern	NOUN
cblr-1783	913	12	must	must	AUX
cblr-1783	913	13	yield	yield	VERB
cblr-1783	913	14	to	to	ADP
cblr-1783	913	15	the	the	DET
cblr-1783	913	16	necessity	necessity	NOUN
cblr-1783	913	17	of	of	ADP
cblr-1783	913	18	a	a	DET
cblr-1783	913	19	national	national	ADJ
cblr-1783	913	20	clearing	clearing	NOUN
cblr-1783	913	21	framework	framework	NOUN
cblr-1783	913	22	.	.	PUNCT
cblr-1783	914	1	peppered	pepper	VERB
cblr-1783	914	2	by	by	ADP
cblr-1783	914	3	language	language	NOUN
cblr-1783	914	4	to	to	ADP
cblr-1783	914	5	that	that	DET
cblr-1783	914	6	effect	effect	NOUN
cblr-1783	914	7	,	,	PUNCT
cblr-1783	914	8	the	the	DET
cblr-1783	914	9	opinion	opinion	NOUN
cblr-1783	914	10	culled	cull	VERB
cblr-1783	914	11	through	through	ADP
cblr-1783	914	12	the	the	DET
cblr-1783	914	13	statutory	statutory	ADJ
cblr-1783	914	14	language	language	NOUN
cblr-1783	914	15	and	and	CCONJ
cblr-1783	914	16	legislative	legislative	ADJ
cblr-1783	914	17	history	history	NOUN
cblr-1783	914	18	of	of	ADP
cblr-1783	914	19	the	the	DET
cblr-1783	914	20	1975	1975	NUM
cblr-1783	914	21	amendments	amendment	NOUN
cblr-1783	914	22	to	to	PART
cblr-1783	914	23	distinguish	distinguish	VERB
cblr-1783	914	24	between	between	ADP
cblr-1783	914	25	a	a	DET
cblr-1783	914	26	“	"	PUNCT
cblr-1783	914	27	national	national	ADJ
cblr-1783	914	28	market	market	NOUN
cblr-1783	914	29	”	"	PUNCT
cblr-1783	914	30	system	system	NOUN
cblr-1783	914	31	(	(	PUNCT
cblr-1783	914	32	the	the	DET
cblr-1783	914	33	exchanges	exchange	NOUN
cblr-1783	914	34	)	)	PUNCT
cblr-1783	914	35	and	and	CCONJ
cblr-1783	914	36	a	a	DET
cblr-1783	914	37	“	"	PUNCT
cblr-1783	914	38	national	national	ADJ
cblr-1783	914	39	clearing	clearing	NOUN
cblr-1783	914	40	”	"	PUNCT
cblr-1783	914	41	202	202	NUM
cblr-1783	914	42	see	see	VERB
cblr-1783	914	43	ghosh	ghosh	PROPN
cblr-1783	914	44	,	,	PUNCT
cblr-1783	914	45	supra	supra	PROPN
cblr-1783	914	46	note	note	PROPN
cblr-1783	914	47	199	199	NUM
cblr-1783	914	48	,	,	PUNCT
cblr-1783	914	49	at	at	ADP
cblr-1783	914	50	1138–39	1138–39	NUM
cblr-1783	914	51	.	.	PUNCT
cblr-1783	915	1	203	203	NUM
cblr-1783	916	1	i	i	PRON
cblr-1783	916	2	d.	d.	PROPN
cblr-1783	916	3	204	204	NUM
cblr-1783	916	4	the	the	DET
cblr-1783	916	5	application	application	NOUN
cblr-1783	916	6	of	of	ADP
cblr-1783	916	7	the	the	DET
cblr-1783	916	8	national	national	ADJ
cblr-1783	916	9	securities	securities	PROPN
cblr-1783	916	10	clearing	clearing	NOUN
cblr-1783	916	11	corporation	corporation	NOUN
cblr-1783	916	12	for	for	ADP
cblr-1783	916	13	registration	registration	NOUN
cblr-1783	916	14	as	as	ADP
cblr-1783	916	15	a	a	DET
cblr-1783	916	16	clearing	clearing	NOUN
cblr-1783	916	17	agency	agency	NOUN
cblr-1783	916	18	,	,	PUNCT
cblr-1783	916	19	exchange	exchange	NOUN
cblr-1783	916	20	act	act	PROPN
cblr-1783	916	21	release	release	VERB
cblr-1783	916	22	no	no	NOUN
cblr-1783	916	23	.	.	NOUN
cblr-1783	916	24	13163	13163	NUM
cblr-1783	916	25	,	,	PUNCT
cblr-1783	916	26	11	11	NUM
cblr-1783	916	27	sec	sec	PROPN
cblr-1783	916	28	docket	docket	NOUN
cblr-1783	916	29	1448	1448	NUM
cblr-1783	916	30	,	,	PUNCT
cblr-1783	916	31	1471	1471	NUM
cblr-1783	916	32	(	(	PUNCT
cblr-1783	916	33	jan	jan	PROPN
cblr-1783	916	34	.	.	PROPN
cblr-1783	916	35	13	13	NUM
cblr-1783	916	36	,	,	PUNCT
cblr-1783	916	37	1977	1977	NUM
cblr-1783	916	38	)	)	PUNCT
cblr-1783	916	39	;	;	PUNCT
cblr-1783	916	40	larry	larry	PROPN
cblr-1783	916	41	e.	e.	PROPN
cblr-1783	916	42	bergmann	bergmann	PROPN
cblr-1783	916	43	,	,	PUNCT
cblr-1783	916	44	sr	sr	PROPN
cblr-1783	916	45	.	.	PUNCT
cblr-1783	917	1	assoc	assoc	PROPN
cblr-1783	917	2	.	.	PUNCT
cblr-1783	918	1	dir	dir	PROPN
cblr-1783	918	2	.	.	PROPN
cblr-1783	918	3	,	,	PUNCT
cblr-1783	918	4	div	div	PROPN
cblr-1783	918	5	.	.	PUNCT
cblr-1783	919	1	mkt	mkt	PROPN
cblr-1783	919	2	.	.	PUNCT
cblr-1783	920	1	regulation	regulation	PROPN
cblr-1783	920	2	,	,	PUNCT
cblr-1783	920	3	sec	sec	PROPN
cblr-1783	920	4	.	.	PROPN
cblr-1783	920	5	and	and	CCONJ
cblr-1783	920	6	exch	exch	PROPN
cblr-1783	920	7	.	.	PUNCT
cblr-1783	921	1	comm’n	comm’n	PROPN
cblr-1783	921	2	,	,	PUNCT
cblr-1783	921	3	speech	speech	NOUN
cblr-1783	921	4	at	at	ADP
cblr-1783	921	5	the	the	DET
cblr-1783	921	6	international	international	ADJ
cblr-1783	921	7	securities	securities	PROPN
cblr-1783	921	8	settlement	settlement	PROPN
cblr-1783	921	9	conference	conference	PROPN
cblr-1783	921	10	(	(	PUNCT
cblr-1783	921	11	feb	feb	PROPN
cblr-1783	921	12	.	.	PROPN
cblr-1783	921	13	10	10	NUM
cblr-1783	921	14	,	,	PUNCT
cblr-1783	921	15	2004),available	2004),available	NUM
cblr-1783	921	16	at	at	ADP
cblr-1783	921	17	http://perma.cc/tkl7-pvvq	http://perma.cc/tkl7-pvvq	PROPN
cblr-1783	921	18	.	.	PUNCT
cblr-1783	922	1	no	no	INTJ
cblr-1783	922	2	.	.	PUNCT
cblr-1783	923	1	3:747	3:747	NUM
cblr-1783	923	2	]	]	X
cblr-1783	923	3	systemic	systemic	ADJ
cblr-1783	923	4	risk	risk	NOUN
cblr-1783	923	5	paradox	paradox	NOUN
cblr-1783	923	6	807	807	NUM
cblr-1783	923	7	system	system	NOUN
cblr-1783	923	8	(	(	PUNCT
cblr-1783	923	9	the	the	DET
cblr-1783	923	10	clearinghouses).205	clearinghouses).205	PROPN
cblr-1783	923	11	whereas	whereas	SCONJ
cblr-1783	923	12	the	the	DET
cblr-1783	923	13	former	former	ADJ
cblr-1783	923	14	included	include	VERB
cblr-1783	923	15	enhancement	enhancement	NOUN
cblr-1783	923	16	of	of	ADP
cblr-1783	923	17	competition	competition	NOUN
cblr-1783	923	18	in	in	ADP
cblr-1783	923	19	its	its	PRON
cblr-1783	923	20	objectives	objective	NOUN
cblr-1783	923	21	,	,	PUNCT
cblr-1783	923	22	the	the	DET
cblr-1783	923	23	latter	latter	ADJ
cblr-1783	923	24	merely	merely	ADV
cblr-1783	923	25	listed	list	VERB
cblr-1783	923	26	competition	competition	NOUN
cblr-1783	923	27	as	as	ADP
cblr-1783	923	28	one	one	NUM
cblr-1783	923	29	among	among	ADP
cblr-1783	923	30	several	several	ADJ
cblr-1783	923	31	factors	factor	NOUN
cblr-1783	923	32	to	to	PART
cblr-1783	923	33	which	which	PRON
cblr-1783	923	34	the	the	DET
cblr-1783	923	35	sec	sec	PROPN
cblr-1783	923	36	was	be	AUX
cblr-1783	923	37	to	to	PART
cblr-1783	923	38	give	give	VERB
cblr-1783	923	39	“	"	PUNCT
cblr-1783	923	40	due	due	ADJ
cblr-1783	923	41	regard	regard	NOUN
cblr-1783	923	42	,	,	PUNCT
cblr-1783	923	43	”	"	PUNCT
cblr-1783	923	44	but	but	CCONJ
cblr-1783	923	45	not	not	PART
cblr-1783	923	46	supreme	supreme	ADJ
cblr-1783	923	47	consideration	consideration	NOUN
cblr-1783	923	48	,	,	PUNCT
cblr-1783	923	49	in	in	ADP
cblr-1783	923	50	the	the	DET
cblr-1783	923	51	achievement	achievement	NOUN
cblr-1783	923	52	of	of	ADP
cblr-1783	923	53	centralizing	centralize	VERB
cblr-1783	923	54	the	the	DET
cblr-1783	923	55	processing	processing	NOUN
cblr-1783	923	56	of	of	ADP
cblr-1783	923	57	securities	security	NOUN
cblr-1783	923	58	trades.206	trades.206	NOUN
cblr-1783	923	59	nearly	nearly	ADV
cblr-1783	923	60	three	three	NUM
cblr-1783	923	61	decades	decade	NOUN
cblr-1783	923	62	later	later	ADV
cblr-1783	923	63	,	,	PUNCT
cblr-1783	923	64	the	the	DET
cblr-1783	923	65	same	same	ADJ
cblr-1783	923	66	debate	debate	NOUN
cblr-1783	923	67	would	would	AUX
cblr-1783	923	68	surround	surround	VERB
cblr-1783	923	69	the	the	DET
cblr-1783	923	70	creation	creation	NOUN
cblr-1783	923	71	of	of	ADP
cblr-1783	923	72	derivatives	derivative	NOUN
cblr-1783	923	73	clearinghouses	clearinghouse	NOUN
cblr-1783	923	74	.	.	PUNCT
cblr-1783	924	1	the	the	DET
cblr-1783	924	2	legislative	legislative	ADJ
cblr-1783	924	3	mandate	mandate	NOUN
cblr-1783	924	4	for	for	ADP
cblr-1783	924	5	dcos	dco	NOUN
cblr-1783	924	6	trumpeted	trumpet	VERB
cblr-1783	924	7	stability	stability	NOUN
cblr-1783	924	8	and	and	CCONJ
cblr-1783	924	9	riskmitigation	riskmitigation	NOUN
cblr-1783	924	10	above	above	ADP
cblr-1783	924	11	all	all	DET
cblr-1783	924	12	other	other	ADJ
cblr-1783	924	13	concerns	concern	NOUN
cblr-1783	924	14	.	.	PUNCT
cblr-1783	925	1	nonetheless	nonetheless	ADV
cblr-1783	925	2	,	,	PUNCT
cblr-1783	925	3	doddfrank	doddfrank	NOUN
cblr-1783	925	4	also	also	ADV
cblr-1783	925	5	upheld	uphold	VERB
cblr-1783	925	6	competition	competition	NOUN
cblr-1783	925	7	as	as	ADP
cblr-1783	925	8	a	a	DET
cblr-1783	925	9	key	key	ADJ
cblr-1783	925	10	consideration.207	consideration.207	NOUN
cblr-1783	925	11	in	in	ADP
cblr-1783	925	12	debates	debate	NOUN
cblr-1783	925	13	over	over	ADP
cblr-1783	925	14	what	what	PRON
cblr-1783	925	15	the	the	DET
cblr-1783	925	16	derivatives	derivative	NOUN
cblr-1783	925	17	clearing	clearing	NOUN
cblr-1783	925	18	system	system	NOUN
cblr-1783	925	19	should	should	AUX
cblr-1783	925	20	look	look	VERB
cblr-1783	925	21	like	like	ADP
cblr-1783	925	22	,	,	PUNCT
cblr-1783	925	23	small	small	ADJ
cblr-1783	925	24	derivatives	derivative	NOUN
cblr-1783	925	25	sellers	seller	NOUN
cblr-1783	925	26	expressed	express	VERB
cblr-1783	925	27	fears	fear	NOUN
cblr-1783	925	28	that	that	SCONJ
cblr-1783	925	29	the	the	DET
cblr-1783	925	30	dominant	dominant	ADJ
cblr-1783	925	31	dealers	dealer	NOUN
cblr-1783	925	32	would	would	AUX
cblr-1783	925	33	leverage	leverage	VERB
cblr-1783	925	34	their	their	PRON
cblr-1783	925	35	control	control	NOUN
cblr-1783	925	36	over	over	ADP
cblr-1783	925	37	dcos	dco	NOUN
cblr-1783	925	38	to	to	PART
cblr-1783	925	39	shut	shut	VERB
cblr-1783	925	40	out	out	ADP
cblr-1783	925	41	competitors	competitor	NOUN
cblr-1783	925	42	from	from	ADP
cblr-1783	925	43	the	the	DET
cblr-1783	925	44	execution	execution	NOUN
cblr-1783	925	45	market.208	market.208	NOUN
cblr-1783	925	46	this	this	PRON
cblr-1783	925	47	might	might	AUX
cblr-1783	925	48	occur	occur	VERB
cblr-1783	925	49	in	in	ADP
cblr-1783	925	50	two	two	NUM
cblr-1783	925	51	ways	way	NOUN
cblr-1783	925	52	:	:	PUNCT
cblr-1783	925	53	dcos	dco	NOUN
cblr-1783	925	54	could	could	AUX
cblr-1783	925	55	either	either	CCONJ
cblr-1783	925	56	charge	charge	VERB
cblr-1783	925	57	lower	low	ADJ
cblr-1783	925	58	fees	fee	NOUN
cblr-1783	925	59	to	to	ADP
cblr-1783	925	60	clear	clear	ADJ
cblr-1783	925	61	member	member	NOUN
cblr-1783	925	62	trades	trade	NOUN
cblr-1783	925	63	,	,	PUNCT
cblr-1783	925	64	which	which	PRON
cblr-1783	925	65	then	then	ADV
cblr-1783	925	66	raises	raise	VERB
cblr-1783	925	67	trading	trading	NOUN
cblr-1783	925	68	prices	price	NOUN
cblr-1783	925	69	for	for	ADP
cblr-1783	925	70	nonmembers	nonmember	NOUN
cblr-1783	925	71	;	;	PUNCT
cblr-1783	925	72	or	or	CCONJ
cblr-1783	925	73	dcos	dco	NOUN
cblr-1783	925	74	could	could	AUX
cblr-1783	925	75	raise	raise	VERB
cblr-1783	925	76	the	the	DET
cblr-1783	925	77	standards	standard	NOUN
cblr-1783	925	78	of	of	ADP
cblr-1783	925	79	membership	membership	NOUN
cblr-1783	925	80	so	so	ADV
cblr-1783	925	81	high	high	ADV
cblr-1783	925	82	as	as	SCONJ
cblr-1783	925	83	to	to	PART
cblr-1783	925	84	preclude	preclude	VERB
cblr-1783	925	85	small	small	ADJ
cblr-1783	925	86	players	player	NOUN
cblr-1783	925	87	from	from	ADP
cblr-1783	925	88	joining	join	VERB
cblr-1783	925	89	.	.	PUNCT
cblr-1783	926	1	while	while	SCONJ
cblr-1783	926	2	guidelines	guideline	NOUN
cblr-1783	926	3	are	be	AUX
cblr-1783	926	4	built	build	VERB
cblr-1783	926	5	into	into	ADP
cblr-1783	926	6	dodd	dodd	PROPN
cblr-1783	926	7	-	-	PUNCT
cblr-1783	926	8	frank	frank	PROPN
cblr-1783	926	9	to	to	PART
cblr-1783	926	10	prohibit	prohibit	VERB
cblr-1783	926	11	anticompetitive	anticompetitive	ADJ
cblr-1783	926	12	practices	practice	NOUN
cblr-1783	926	13	,	,	PUNCT
cblr-1783	926	14	some	some	PRON
cblr-1783	926	15	of	of	ADP
cblr-1783	926	16	this	this	PRON
cblr-1783	926	17	can	can	AUX
cblr-1783	926	18	not	not	PART
cblr-1783	926	19	be	be	AUX
cblr-1783	926	20	avoided	avoid	VERB
cblr-1783	926	21	—	—	PUNCT
cblr-1783	926	22	particularly	particularly	ADV
cblr-1783	926	23	the	the	DET
cblr-1783	926	24	use	use	NOUN
cblr-1783	926	25	of	of	ADP
cblr-1783	926	26	membership	membership	NOUN
cblr-1783	926	27	standards	standard	NOUN
cblr-1783	926	28	to	to	PART
cblr-1783	926	29	conceal	conceal	VERB
cblr-1783	926	30	anticompetitive	anticompetitive	ADJ
cblr-1783	926	31	behavior	behavior	NOUN
cblr-1783	926	32	.	.	PUNCT
cblr-1783	927	1	recognizing	recognize	VERB
cblr-1783	927	2	that	that	SCONJ
cblr-1783	927	3	dcos	dco	NOUN
cblr-1783	927	4	must	must	AUX
cblr-1783	927	5	set	set	VERB
cblr-1783	927	6	benchmarks	benchmark	NOUN
cblr-1783	927	7	of	of	ADP
cblr-1783	927	8	stability	stability	NOUN
cblr-1783	927	9	for	for	ADP
cblr-1783	927	10	admission	admission	NOUN
cblr-1783	927	11	,	,	PUNCT
cblr-1783	927	12	dodd	dodd	PROPN
cblr-1783	927	13	-	-	PUNCT
cblr-1783	927	14	frank	frank	PROPN
cblr-1783	927	15	has	have	AUX
cblr-1783	927	16	set	set	VERB
cblr-1783	927	17	the	the	DET
cblr-1783	927	18	minimum	minimum	ADJ
cblr-1783	927	19	capitalization	capitalization	NOUN
cblr-1783	927	20	requirement	requirement	NOUN
cblr-1783	927	21	that	that	SCONJ
cblr-1783	927	22	dcos	dco	NOUN
cblr-1783	927	23	can	can	AUX
cblr-1783	927	24	impose	impose	VERB
cblr-1783	927	25	on	on	ADP
cblr-1783	927	26	members	member	NOUN
cblr-1783	927	27	at	at	ADP
cblr-1783	927	28	no	no	DET
cblr-1783	927	29	more	more	ADJ
cblr-1783	927	30	than	than	ADP
cblr-1783	927	31	$	$	SYM
cblr-1783	927	32	50	50	NUM
cblr-1783	927	33	million.209	million.209	NOUN
cblr-1783	927	34	this	this	DET
cblr-1783	927	35	rule	rule	NOUN
cblr-1783	927	36	was	be	AUX
cblr-1783	927	37	likely	likely	ADV
cblr-1783	927	38	proposed	propose	VERB
cblr-1783	927	39	in	in	ADP
cblr-1783	927	40	response	response	NOUN
cblr-1783	927	41	to	to	ADP
cblr-1783	927	42	lch.clearnet	lch.clearnet	PROPN
cblr-1783	927	43	’s	’s	PART
cblr-1783	927	44	highly	highly	ADV
cblr-1783	927	45	publicized	publicize	VERB
cblr-1783	927	46	minimum	minimum	ADJ
cblr-1783	927	47	capitalization	capitalization	NOUN
cblr-1783	927	48	threshold	threshold	NOUN
cblr-1783	927	49	of	of	ADP
cblr-1783	927	50	$	$	SYM
cblr-1783	927	51	1	1	NUM
cblr-1783	927	52	trillion	trillion	NUM
cblr-1783	927	53	for	for	ADP
cblr-1783	927	54	membership.210	membership.210	PROPN
cblr-1783	927	55	nonetheless	nonetheless	ADV
cblr-1783	927	56	,	,	PUNCT
cblr-1783	927	57	there	there	PRON
cblr-1783	927	58	are	be	VERB
cblr-1783	927	59	other	other	ADJ
cblr-1783	927	60	ways	way	NOUN
cblr-1783	927	61	in	in	ADP
cblr-1783	927	62	which	which	PRON
cblr-1783	927	63	competition	competition	NOUN
cblr-1783	927	64	can	can	AUX
cblr-1783	927	65	be	be	AUX
cblr-1783	927	66	gamed	game	VERB
cblr-1783	927	67	in	in	ADP
cblr-1783	927	68	the	the	DET
cblr-1783	927	69	name	name	NOUN
cblr-1783	927	70	of	of	ADP
cblr-1783	927	71	risk	risk	NOUN
cblr-1783	927	72	mitigation	mitigation	NOUN
cblr-1783	927	73	.	.	PUNCT
cblr-1783	928	1	205	205	NUM
cblr-1783	928	2	bradford	bradford	PROPN
cblr-1783	928	3	nat’l	nat’l	PROPN
cblr-1783	928	4	clearing	clearing	PROPN
cblr-1783	928	5	corp	corp	PROPN
cblr-1783	928	6	.	.	PROPN
cblr-1783	928	7	v.	v.	PROPN
cblr-1783	928	8	sec	sec	PROPN
cblr-1783	928	9	,	,	PUNCT
cblr-1783	928	10	590	590	NUM
cblr-1783	928	11	f.2d	f.2d	NOUN
cblr-1783	928	12	1085	1085	NUM
cblr-1783	928	13	,	,	PUNCT
cblr-1783	928	14	1095–96	1095–96	NUM
cblr-1783	928	15	(	(	PUNCT
cblr-1783	928	16	d.c	d.c	PROPN
cblr-1783	928	17	.	.	PROPN
cblr-1783	928	18	cir	cir	PROPN
cblr-1783	928	19	.	.	PROPN
cblr-1783	928	20	1978	1978	NUM
cblr-1783	928	21	)	)	PUNCT
cblr-1783	928	22	.	.	PUNCT
cblr-1783	929	1	206	206	NUM
cblr-1783	930	1	i	i	PRON
cblr-1783	930	2	d.	d.	PROPN
cblr-1783	930	3	at	at	ADP
cblr-1783	930	4	nn	nn	PROPN
cblr-1783	930	5	.	.	PROPN
cblr-1783	930	6	12	12	NUM
cblr-1783	930	7	,	,	PUNCT
cblr-1783	930	8	13	13	NUM
cblr-1783	930	9	&	&	CCONJ
cblr-1783	930	10	33	33	NUM
cblr-1783	930	11	.	.	PUNCT
cblr-1783	930	12	207	207	NUM
cblr-1783	930	13	see	see	VERB
cblr-1783	930	14	7	7	NUM
cblr-1783	930	15	u.s.c	u.s.c	ADJ
cblr-1783	930	16	.	.	PUNCT
cblr-1783	931	1	§	§	PROPN
cblr-1783	931	2	7a-1(c)(2)(n	7a-1(c)(2)(n	NUM
cblr-1783	931	3	)	)	PUNCT
cblr-1783	931	4	(	(	PUNCT
cblr-1783	931	5	2012	2012	NUM
cblr-1783	931	6	)	)	PUNCT
cblr-1783	931	7	.	.	PUNCT
cblr-1783	932	1	208	208	NUM
cblr-1783	932	2	see	see	VERB
cblr-1783	932	3	cftc	cftc	PROPN
cblr-1783	932	4	roundtable	roundtable	PROPN
cblr-1783	932	5	,	,	PUNCT
cblr-1783	932	6	supra	supra	PROPN
cblr-1783	932	7	note	note	NOUN
cblr-1783	932	8	197	197	NUM
cblr-1783	932	9	,	,	PUNCT
cblr-1783	932	10	at	at	ADP
cblr-1783	932	11	19	19	NUM
cblr-1783	932	12	,	,	PUNCT
cblr-1783	932	13	31	31	NUM
cblr-1783	932	14	.	.	PUNCT
cblr-1783	932	15	209	209	NUM
cblr-1783	932	16	see	see	VERB
cblr-1783	932	17	cftc	cftc	PROPN
cblr-1783	932	18	,	,	PUNCT
cblr-1783	932	19	risk	risk	NOUN
cblr-1783	932	20	management	management	NOUN
cblr-1783	932	21	requirements	requirement	NOUN
cblr-1783	932	22	for	for	ADP
cblr-1783	932	23	dcos	dco	NOUN
cblr-1783	932	24	,	,	PUNCT
cblr-1783	932	25	supra	supra	PROPN
cblr-1783	932	26	note	note	PROPN
cblr-1783	932	27	119	119	NUM
cblr-1783	932	28	,	,	PUNCT
cblr-1783	932	29	at	at	ADP
cblr-1783	932	30	3701	3701	NUM
cblr-1783	932	31	(	(	PUNCT
cblr-1783	932	32	discussing	discuss	VERB
cblr-1783	932	33	proposed	propose	VERB
cblr-1783	932	34	17	17	NUM
cblr-1783	932	35	c.f.r	c.f.r	NOUN
cblr-1783	932	36	.	.	PUNCT
cblr-1783	933	1	§	§	PROPN
cblr-1783	933	2	39.12(a)(2)(iii	39.12(a)(2)(iii	NUM
cblr-1783	933	3	)	)	PUNCT
cblr-1783	933	4	)	)	PUNCT
cblr-1783	933	5	.	.	PUNCT
cblr-1783	934	1	210	210	NUM
cblr-1783	934	2	see	see	VERB
cblr-1783	934	3	turing	ture	VERB
cblr-1783	934	4	,	,	PUNCT
cblr-1783	934	5	supra	supra	ADJ
cblr-1783	934	6	note	note	NOUN
cblr-1783	934	7	5	5	NUM
cblr-1783	934	8	,	,	PUNCT
cblr-1783	934	9	§	§	PROPN
cblr-1783	934	10	5.6(3	5.6(3	NOUN
cblr-1783	934	11	)	)	PUNCT
cblr-1783	934	12	.	.	PUNCT
cblr-1783	935	1	808	808	NUM
cblr-1783	935	2	columbia	columbia	PROPN
cblr-1783	935	3	business	business	NOUN
cblr-1783	935	4	law	law	PROPN
cblr-1783	935	5	review	review	NOUN
cblr-1783	935	6	[	[	X
cblr-1783	935	7	vol	vol	NOUN
cblr-1783	935	8	.	.	PUNCT
cblr-1783	935	9	2014	2014	NUM
cblr-1783	935	10	ultimately	ultimately	ADV
cblr-1783	935	11	,	,	PUNCT
cblr-1783	935	12	as	as	ADP
cblr-1783	935	13	with	with	ADP
cblr-1783	935	14	nscc	nscc	ADJ
cblr-1783	935	15	,	,	PUNCT
cblr-1783	935	16	competition	competition	NOUN
cblr-1783	935	17	concerns	concern	NOUN
cblr-1783	935	18	are	be	AUX
cblr-1783	935	19	secondary	secondary	ADJ
cblr-1783	935	20	to	to	PART
cblr-1783	935	21	risk	risk	VERB
cblr-1783	935	22	mitigation.211	mitigation.211	NOUN
cblr-1783	935	23	hence	hence	ADV
cblr-1783	935	24	,	,	PUNCT
cblr-1783	935	25	in	in	ADP
cblr-1783	935	26	the	the	DET
cblr-1783	935	27	battles	battle	NOUN
cblr-1783	935	28	over	over	ADP
cblr-1783	935	29	dcos	dco	NOUN
cblr-1783	935	30	,	,	PUNCT
cblr-1783	935	31	the	the	DET
cblr-1783	935	32	terms	term	NOUN
cblr-1783	935	33	public	public	ADJ
cblr-1783	935	34	utility	utility	NOUN
cblr-1783	935	35	and	and	CCONJ
cblr-1783	935	36	natural	natural	ADJ
cblr-1783	935	37	monopoly	monopoly	NOUN
cblr-1783	935	38	have	have	AUX
cblr-1783	935	39	reentered	reentere	VERB
cblr-1783	935	40	the	the	DET
cblr-1783	935	41	conversation.212	conversation.212	NOUN
cblr-1783	935	42	2	2	NUM
cblr-1783	935	43	.	.	X
cblr-1783	935	44	antitrust	antitrust	ADJ
cblr-1783	935	45	remedies	remedy	NOUN
cblr-1783	935	46	for	for	ADP
cblr-1783	935	47	natural	natural	ADJ
cblr-1783	935	48	monopoly	monopoly	NOUN
cblr-1783	935	49	the	the	DET
cblr-1783	935	50	traditional	traditional	ADJ
cblr-1783	935	51	antitrust	antitrust	ADJ
cblr-1783	935	52	response	response	NOUN
cblr-1783	935	53	to	to	ADP
cblr-1783	935	54	natural	natural	ADJ
cblr-1783	935	55	monopoly	monopoly	NOUN
cblr-1783	935	56	has	have	AUX
cblr-1783	935	57	been	be	AUX
cblr-1783	935	58	public	public	ADJ
cblr-1783	935	59	utility	utility	NOUN
cblr-1783	935	60	regulation	regulation	NOUN
cblr-1783	935	61	,	,	PUNCT
cblr-1783	935	62	where	where	SCONJ
cblr-1783	935	63	a	a	DET
cblr-1783	935	64	producer	producer	NOUN
cblr-1783	935	65	is	be	AUX
cblr-1783	935	66	granted	grant	VERB
cblr-1783	935	67	a	a	DET
cblr-1783	935	68	monopoly	monopoly	NOUN
cblr-1783	935	69	in	in	ADP
cblr-1783	935	70	exchange	exchange	NOUN
cblr-1783	935	71	for	for	ADP
cblr-1783	935	72	intimate	intimate	ADJ
cblr-1783	935	73	regulation	regulation	NOUN
cblr-1783	935	74	,	,	PUNCT
cblr-1783	935	75	typically	typically	ADV
cblr-1783	935	76	of	of	ADP
cblr-1783	935	77	the	the	DET
cblr-1783	935	78	rates	rate	NOUN
cblr-1783	935	79	charged	charge	VERB
cblr-1783	935	80	to	to	ADP
cblr-1783	935	81	consumers.213	consumers.213	NOUN
cblr-1783	935	82	applied	apply	VERB
cblr-1783	935	83	to	to	ADP
cblr-1783	935	84	clearinghouses	clearinghouse	NOUN
cblr-1783	935	85	,	,	PUNCT
cblr-1783	935	86	such	such	DET
cblr-1783	935	87	a	a	DET
cblr-1783	935	88	framework	framework	NOUN
cblr-1783	935	89	would	would	AUX
cblr-1783	935	90	subject	subject	VERB
cblr-1783	935	91	cost	cost	NOUN
cblr-1783	935	92	and	and	CCONJ
cblr-1783	935	93	fee	fee	NOUN
cblr-1783	935	94	structures	structure	NOUN
cblr-1783	935	95	to	to	ADP
cblr-1783	935	96	regulatory	regulatory	ADJ
cblr-1783	935	97	oversight	oversight	NOUN
cblr-1783	935	98	,	,	PUNCT
cblr-1783	935	99	as	as	ADV
cblr-1783	935	100	well	well	ADV
cblr-1783	935	101	as	as	ADP
cblr-1783	935	102	public	public	ADJ
cblr-1783	935	103	hearings	hearing	NOUN
cblr-1783	935	104	if	if	SCONJ
cblr-1783	935	105	those	those	DET
cblr-1783	935	106	structures	structure	NOUN
cblr-1783	935	107	change	change	VERB
cblr-1783	935	108	.	.	PUNCT
cblr-1783	936	1	clearing	clearing	NOUN
cblr-1783	936	2	and	and	CCONJ
cblr-1783	936	3	settlement	settlement	NOUN
cblr-1783	936	4	rates	rate	NOUN
cblr-1783	936	5	would	would	AUX
cblr-1783	936	6	be	be	AUX
cblr-1783	936	7	evaluated	evaluate	VERB
cblr-1783	936	8	periodically	periodically	ADV
cblr-1783	936	9	to	to	PART
cblr-1783	936	10	ensure	ensure	VERB
cblr-1783	936	11	that	that	SCONJ
cblr-1783	936	12	they	they	PRON
cblr-1783	936	13	are	be	AUX
cblr-1783	936	14	adjusted	adjust	VERB
cblr-1783	936	15	as	as	ADP
cblr-1783	936	16	cost	cost	NOUN
cblr-1783	936	17	fluctuates	fluctuate	NOUN
cblr-1783	936	18	.	.	PUNCT
cblr-1783	937	1	the	the	DET
cblr-1783	937	2	benefit	benefit	NOUN
cblr-1783	937	3	of	of	ADP
cblr-1783	937	4	rate	rate	NOUN
cblr-1783	937	5	regulation	regulation	NOUN
cblr-1783	937	6	is	be	AUX
cblr-1783	937	7	that	that	PRON
cblr-1783	937	8	end	end	NOUN
cblr-1783	937	9	-	-	PUNCT
cblr-1783	937	10	users	user	NOUN
cblr-1783	937	11	of	of	ADP
cblr-1783	937	12	financial	financial	ADJ
cblr-1783	937	13	products	product	NOUN
cblr-1783	937	14	would	would	AUX
cblr-1783	937	15	not	not	PART
cblr-1783	937	16	be	be	AUX
cblr-1783	937	17	subjected	subject	VERB
cblr-1783	937	18	to	to	ADP
cblr-1783	937	19	inflated	inflated	ADJ
cblr-1783	937	20	prices	price	NOUN
cblr-1783	937	21	or	or	CCONJ
cblr-1783	937	22	price	price	NOUN
cblr-1783	937	23	discrimination	discrimination	NOUN
cblr-1783	937	24	.	.	PUNCT
cblr-1783	938	1	nscc	nscc	ADJ
cblr-1783	938	2	,	,	PUNCT
cblr-1783	938	3	for	for	ADP
cblr-1783	938	4	example	example	NOUN
cblr-1783	938	5	,	,	PUNCT
cblr-1783	938	6	211	211	NUM
cblr-1783	938	7	see	see	VERB
cblr-1783	938	8	cftc	cftc	PROPN
cblr-1783	938	9	roundtable	roundtable	PROPN
cblr-1783	938	10	,	,	PUNCT
cblr-1783	938	11	supra	supra	PROPN
cblr-1783	938	12	note	note	NOUN
cblr-1783	938	13	197	197	NUM
cblr-1783	938	14	,	,	PUNCT
cblr-1783	938	15	at	at	ADP
cblr-1783	938	16	67	67	NUM
cblr-1783	938	17	:	:	PUNCT
cblr-1783	938	18	at	at	ADP
cblr-1783	938	19	the	the	DET
cblr-1783	938	20	end	end	NOUN
cblr-1783	938	21	of	of	ADP
cblr-1783	938	22	the	the	DET
cblr-1783	938	23	day	day	NOUN
cblr-1783	938	24	,	,	PUNCT
cblr-1783	938	25	the	the	DET
cblr-1783	938	26	point	point	NOUN
cblr-1783	938	27	about	about	ADP
cblr-1783	938	28	this	this	PRON
cblr-1783	938	29	is	be	AUX
cblr-1783	938	30	to	to	PART
cblr-1783	938	31	reduce	reduce	VERB
cblr-1783	938	32	systemic	systemic	ADJ
cblr-1783	938	33	risk	risk	NOUN
cblr-1783	938	34	to	to	ADP
cblr-1783	938	35	the	the	DET
cblr-1783	938	36	system	system	NOUN
cblr-1783	938	37	and	and	CCONJ
cblr-1783	938	38	give	give	VERB
cblr-1783	938	39	people	people	NOUN
cblr-1783	938	40	access	access	NOUN
cblr-1783	938	41	to	to	ADP
cblr-1783	938	42	better	well	ADJ
cblr-1783	938	43	counterparty	counterparty	NOUN
cblr-1783	938	44	controls	control	NOUN
cblr-1783	938	45	and	and	CCONJ
cblr-1783	938	46	have	have	VERB
cblr-1783	938	47	less	less	ADJ
cblr-1783	938	48	credit	credit	NOUN
cblr-1783	938	49	risk	risk	NOUN
cblr-1783	938	50	.	.	PUNCT
cblr-1783	939	1	we	we	PRON
cblr-1783	939	2	hope	hope	VERB
cblr-1783	939	3	in	in	ADP
cblr-1783	939	4	that	that	DET
cblr-1783	939	5	process	process	NOUN
cblr-1783	939	6	this	this	PRON
cblr-1783	939	7	is	be	AUX
cblr-1783	939	8	viewed	view	VERB
cblr-1783	939	9	as	as	ADP
cblr-1783	939	10	a	a	DET
cblr-1783	939	11	utility	utility	NOUN
cblr-1783	939	12	,	,	PUNCT
cblr-1783	939	13	but	but	CCONJ
cblr-1783	939	14	,	,	PUNCT
cblr-1783	939	15	you	you	PRON
cblr-1783	939	16	know	know	VERB
cblr-1783	939	17	,	,	PUNCT
cblr-1783	939	18	competition	competition	NOUN
cblr-1783	939	19	should	should	AUX
cblr-1783	939	20	be	be	AUX
cblr-1783	939	21	-while	-while	ADJ
cblr-1783	939	22	it	it	PRON
cblr-1783	939	23	’s	’	VERB
cblr-1783	939	24	important	important	ADJ
cblr-1783	939	25	should	should	AUX
cblr-1783	939	26	be	be	AUX
cblr-1783	939	27	secondary	secondary	ADJ
cblr-1783	939	28	to	to	ADP
cblr-1783	939	29	ensuring	ensure	VERB
cblr-1783	939	30	that	that	SCONJ
cblr-1783	939	31	the	the	DET
cblr-1783	939	32	system	system	NOUN
cblr-1783	939	33	does	do	AUX
cblr-1783	939	34	not	not	PART
cblr-1783	939	35	become	become	VERB
cblr-1783	939	36	more	more	ADV
cblr-1783	939	37	risky	risky	ADJ
cblr-1783	939	38	.	.	PUNCT
cblr-1783	940	1	(	(	PUNCT
cblr-1783	940	2	comments	comment	NOUN
cblr-1783	940	3	of	of	ADP
cblr-1783	940	4	roger	roger	PROPN
cblr-1783	940	5	liddell	liddell	PROPN
cblr-1783	940	6	,	,	PUNCT
cblr-1783	940	7	ceo	ceo	PROPN
cblr-1783	940	8	,	,	PUNCT
cblr-1783	940	9	lch	lch	PROPN
cblr-1783	940	10	clearnet	clearnet	PROPN
cblr-1783	940	11	group	group	PROPN
cblr-1783	940	12	)	)	PUNCT
cblr-1783	940	13	see	see	VERB
cblr-1783	940	14	also	also	ADV
cblr-1783	940	15	i	i	PROPN
cblr-1783	940	16	d.	d.	PROPN
cblr-1783	940	17	at	at	ADP
cblr-1783	940	18	71	71	NUM
cblr-1783	940	19	:	:	PUNCT
cblr-1783	940	20	the	the	DET
cblr-1783	940	21	reason	reason	NOUN
cblr-1783	940	22	there	there	PRON
cblr-1783	940	23	is	be	VERB
cblr-1783	940	24	a	a	DET
cblr-1783	940	25	mandate	mandate	NOUN
cblr-1783	940	26	for	for	ADP
cblr-1783	940	27	clearing	clear	VERB
cblr-1783	940	28	in	in	ADP
cblr-1783	940	29	dodd	dodd	PROPN
cblr-1783	940	30	-	-	PUNCT
cblr-1783	940	31	frank	frank	PROPN
cblr-1783	940	32	is	be	AUX
cblr-1783	940	33	to	to	PART
cblr-1783	940	34	make	make	VERB
cblr-1783	940	35	the	the	DET
cblr-1783	940	36	financial	financial	ADJ
cblr-1783	940	37	system	system	NOUN
cblr-1783	940	38	more	more	ADV
cblr-1783	940	39	stable	stable	ADJ
cblr-1783	940	40	,	,	PUNCT
cblr-1783	940	41	and	and	CCONJ
cblr-1783	940	42	i	i	PRON
cblr-1783	940	43	realize	realize	VERB
cblr-1783	940	44	there	there	PRON
cblr-1783	940	45	are	be	VERB
cblr-1783	940	46	conflicts	conflict	NOUN
cblr-1783	940	47	that	that	PRON
cblr-1783	940	48	have	have	VERB
cblr-1783	940	49	to	to	PART
cblr-1783	940	50	be	be	AUX
cblr-1783	940	51	dealt	deal	VERB
cblr-1783	940	52	with	with	ADP
cblr-1783	940	53	,	,	PUNCT
cblr-1783	940	54	but	but	CCONJ
cblr-1783	940	55	i	i	PRON
cblr-1783	940	56	have	have	AUX
cblr-1783	940	57	never	never	ADV
cblr-1783	940	58	heard	hear	VERB
cblr-1783	940	59	the	the	DET
cblr-1783	940	60	dodd	dodd	PROPN
cblr-1783	940	61	-	-	PUNCT
cblr-1783	940	62	frank	frank	PROPN
cblr-1783	940	63	act	act	PROPN
cblr-1783	940	64	described	describe	VERB
cblr-1783	940	65	as	as	ADP
cblr-1783	940	66	,	,	PUNCT
cblr-1783	940	67	you	you	PRON
cblr-1783	940	68	know	know	VERB
cblr-1783	940	69	,	,	PUNCT
cblr-1783	940	70	an	an	DET
cblr-1783	940	71	act	act	NOUN
cblr-1783	940	72	that	that	PRON
cblr-1783	940	73	was	be	AUX
cblr-1783	940	74	aimed	aim	VERB
cblr-1783	940	75	at	at	ADP
cblr-1783	940	76	,	,	PUNCT
cblr-1783	940	77	you	you	PRON
cblr-1783	940	78	know	know	VERB
cblr-1783	940	79	,	,	PUNCT
cblr-1783	940	80	simply	simply	ADV
cblr-1783	940	81	promoting	promote	VERB
cblr-1783	940	82	competition	competition	NOUN
cblr-1783	940	83	among	among	ADP
cblr-1783	940	84	financial	financial	ADJ
cblr-1783	940	85	institutions	institution	NOUN
cblr-1783	940	86	.	.	PUNCT
cblr-1783	941	1	(	(	PUNCT
cblr-1783	941	2	comments	comment	NOUN
cblr-1783	941	3	of	of	ADP
cblr-1783	941	4	jonathan	jonathan	PROPN
cblr-1783	941	5	short	short	PROPN
cblr-1783	941	6	,	,	PUNCT
cblr-1783	941	7	ice	ice	NOUN
cblr-1783	941	8	trust	trust	NOUN
cblr-1783	941	9	)	)	PUNCT
cblr-1783	941	10	212	212	NUM
cblr-1783	941	11	see	see	VERB
cblr-1783	941	12	i	i	PRON
cblr-1783	941	13	d.	d.	PROPN
cblr-1783	941	14	at	at	ADP
cblr-1783	941	15	67	67	NUM
cblr-1783	941	16	(	(	PUNCT
cblr-1783	941	17	comments	comment	NOUN
cblr-1783	941	18	of	of	ADP
cblr-1783	941	19	roger	roger	PROPN
cblr-1783	941	20	liddell	liddell	PROPN
cblr-1783	941	21	)	)	PUNCT
cblr-1783	941	22	;	;	PUNCT
cblr-1783	941	23	singh	singh	PROPN
cblr-1783	941	24	,	,	PUNCT
cblr-1783	941	25	supra	supra	PROPN
cblr-1783	941	26	note	note	NOUN
cblr-1783	941	27	110	110	NUM
cblr-1783	941	28	,	,	PUNCT
cblr-1783	941	29	at	at	ADP
cblr-1783	941	30	17–28	17–28	NUM
cblr-1783	941	31	;	;	PUNCT
cblr-1783	941	32	levitin	levitin	PROPN
cblr-1783	941	33	,	,	PUNCT
cblr-1783	941	34	supra	supra	PROPN
cblr-1783	941	35	note	note	NOUN
cblr-1783	941	36	110	110	NUM
cblr-1783	941	37	,	,	PUNCT
cblr-1783	941	38	at	at	ADP
cblr-1783	941	39	445	445	NUM
cblr-1783	941	40	n.75	n.75	NOUN
cblr-1783	941	41	;	;	PUNCT
cblr-1783	941	42	tucker	tucker	PROPN
cblr-1783	941	43	,	,	PUNCT
cblr-1783	941	44	supra	supra	PROPN
cblr-1783	941	45	note	note	NOUN
cblr-1783	941	46	110	110	NUM
cblr-1783	941	47	,	,	PUNCT
cblr-1783	941	48	at	at	ADP
cblr-1783	941	49	12	12	NUM
cblr-1783	941	50	.	.	PUNCT
cblr-1783	942	1	it	it	PRON
cblr-1783	942	2	is	be	AUX
cblr-1783	942	3	slightly	slightly	ADV
cblr-1783	942	4	inaccurate	inaccurate	ADJ
cblr-1783	942	5	to	to	PART
cblr-1783	942	6	mention	mention	VERB
cblr-1783	942	7	public	public	ADJ
cblr-1783	942	8	utility	utility	NOUN
cblr-1783	942	9	alongside	alongside	ADP
cblr-1783	942	10	natural	natural	ADJ
cblr-1783	942	11	monopoly	monopoly	NOUN
cblr-1783	942	12	.	.	PUNCT
cblr-1783	943	1	public	public	ADJ
cblr-1783	943	2	utility	utility	NOUN
cblr-1783	943	3	is	be	AUX
cblr-1783	943	4	more	more	ADV
cblr-1783	943	5	aptly	aptly	ADV
cblr-1783	943	6	thought	think	VERB
cblr-1783	943	7	of	of	ADP
cblr-1783	943	8	as	as	ADP
cblr-1783	943	9	a	a	DET
cblr-1783	943	10	solution	solution	NOUN
cblr-1783	943	11	to	to	ADP
cblr-1783	943	12	natural	natural	ADJ
cblr-1783	943	13	monopoly	monopoly	NOUN
cblr-1783	943	14	’s	’s	PART
cblr-1783	943	15	market	market	NOUN
cblr-1783	943	16	failures	failure	NOUN
cblr-1783	943	17	.	.	PUNCT
cblr-1783	944	1	213	213	NUM
cblr-1783	944	2	see	see	VERB
cblr-1783	944	3	spulber	spulber	PROPN
cblr-1783	944	4	,	,	PUNCT
cblr-1783	944	5	supra	supra	PROPN
cblr-1783	944	6	note	note	PROPN
cblr-1783	944	7	199	199	NUM
cblr-1783	944	8	,	,	PUNCT
cblr-1783	944	9	at	at	ADP
cblr-1783	944	10	271–79	271–79	NOUN
cblr-1783	944	11	.	.	PUNCT
cblr-1783	945	1	no	no	INTJ
cblr-1783	945	2	.	.	PUNCT
cblr-1783	946	1	3:747	3:747	NUM
cblr-1783	946	2	]	]	X
cblr-1783	946	3	systemic	systemic	ADJ
cblr-1783	946	4	risk	risk	NOUN
cblr-1783	946	5	paradox	paradox	NOUN
cblr-1783	946	6	809	809	NUM
cblr-1783	946	7	has	have	AUX
cblr-1783	946	8	long	long	ADV
cblr-1783	946	9	maintained	maintain	VERB
cblr-1783	946	10	that	that	SCONJ
cblr-1783	946	11	it	it	PRON
cblr-1783	946	12	offers	offer	VERB
cblr-1783	946	13	clearing	clearing	NOUN
cblr-1783	946	14	services	service	NOUN
cblr-1783	946	15	at	at	ADP
cblr-1783	946	16	cost;214	cost;214	PROPN
cblr-1783	946	17	still	still	ADV
cblr-1783	946	18	,	,	PUNCT
cblr-1783	946	19	the	the	DET
cblr-1783	946	20	cost	cost	NOUN
cblr-1783	946	21	structures	structure	NOUN
cblr-1783	946	22	of	of	ADP
cblr-1783	946	23	clearinghouses	clearinghouse	NOUN
cblr-1783	946	24	may	may	AUX
cblr-1783	946	25	not	not	PART
cblr-1783	946	26	be	be	AUX
cblr-1783	946	27	altogether	altogether	ADV
cblr-1783	946	28	transparent	transparent	ADJ
cblr-1783	946	29	or	or	CCONJ
cblr-1783	946	30	straightforward.215	straightforward.215	VERB
cblr-1783	946	31	public	public	ADJ
cblr-1783	946	32	hearings	hearing	NOUN
cblr-1783	946	33	would	would	AUX
cblr-1783	946	34	confer	confer	VERB
cblr-1783	946	35	the	the	DET
cblr-1783	946	36	added	add	VERB
cblr-1783	946	37	benefit	benefit	NOUN
cblr-1783	946	38	of	of	ADP
cblr-1783	946	39	shining	shine	VERB
cblr-1783	946	40	light	light	NOUN
cblr-1783	946	41	on	on	ADP
cblr-1783	946	42	an	an	DET
cblr-1783	946	43	industry	industry	NOUN
cblr-1783	946	44	that	that	PRON
cblr-1783	946	45	is	be	AUX
cblr-1783	946	46	not	not	PART
cblr-1783	946	47	well	well	ADV
cblr-1783	946	48	understood.216	understood.216	NOUN
cblr-1783	946	49	meanwhile	meanwhile	ADV
cblr-1783	946	50	,	,	PUNCT
cblr-1783	946	51	rate	rate	NOUN
cblr-1783	946	52	regulation	regulation	NOUN
cblr-1783	946	53	would	would	AUX
cblr-1783	946	54	ensure	ensure	VERB
cblr-1783	946	55	that	that	SCONJ
cblr-1783	946	56	clearing	clearing	NOUN
cblr-1783	946	57	services	service	NOUN
cblr-1783	946	58	are	be	AUX
cblr-1783	946	59	affordably	affordably	ADV
cblr-1783	946	60	priced	price	VERB
cblr-1783	946	61	,	,	PUNCT
cblr-1783	946	62	by	by	ADP
cblr-1783	946	63	preventing	prevent	VERB
cblr-1783	946	64	clearinghouses	clearinghouse	NOUN
cblr-1783	946	65	from	from	ADP
cblr-1783	946	66	disguising	disguise	VERB
cblr-1783	946	67	high	high	ADJ
cblr-1783	946	68	prices	price	NOUN
cblr-1783	946	69	(	(	PUNCT
cblr-1783	946	70	and	and	CCONJ
cblr-1783	946	71	high	high	ADJ
cblr-1783	946	72	profit	profit	NOUN
cblr-1783	946	73	margins	margin	NOUN
cblr-1783	946	74	)	)	PUNCT
cblr-1783	946	75	as	as	ADP
cblr-1783	946	76	costs	cost	NOUN
cblr-1783	946	77	of	of	ADP
cblr-1783	946	78	compliance	compliance	NOUN
cblr-1783	946	79	with	with	ADP
cblr-1783	946	80	dodd	dodd	PROPN
cblr-1783	946	81	-	-	PUNCT
cblr-1783	946	82	frank	frank	PROPN
cblr-1783	946	83	’s	’s	PART
cblr-1783	946	84	risk	risk	NOUN
cblr-1783	946	85	management	management	NOUN
cblr-1783	946	86	requirements	requirement	NOUN
cblr-1783	946	87	.	.	PUNCT
cblr-1783	947	1	if	if	SCONJ
cblr-1783	947	2	clearing	clearing	NOUN
cblr-1783	947	3	prices	price	NOUN
cblr-1783	947	4	were	be	AUX
cblr-1783	947	5	truly	truly	ADV
cblr-1783	947	6	held	hold	VERB
cblr-1783	947	7	at	at	ADP
cblr-1783	947	8	or	or	CCONJ
cblr-1783	947	9	very	very	ADV
cblr-1783	947	10	close	close	ADJ
cblr-1783	947	11	to	to	ADP
cblr-1783	947	12	a	a	DET
cblr-1783	947	13	clearinghouse	clearinghouse	NOUN
cblr-1783	947	14	’s	’s	PART
cblr-1783	947	15	costs	cost	NOUN
cblr-1783	947	16	,	,	PUNCT
cblr-1783	947	17	then	then	ADV
cblr-1783	947	18	access	access	NOUN
cblr-1783	947	19	to	to	ADP
cblr-1783	947	20	clearing	clearing	NOUN
cblr-1783	947	21	services	service	NOUN
cblr-1783	947	22	would	would	AUX
cblr-1783	947	23	be	be	AUX
cblr-1783	947	24	broadened	broaden	VERB
cblr-1783	947	25	.	.	PUNCT
cblr-1783	948	1	but	but	CCONJ
cblr-1783	948	2	public	public	ADJ
cblr-1783	948	3	utility	utility	NOUN
cblr-1783	948	4	treatment	treatment	NOUN
cblr-1783	948	5	of	of	ADP
cblr-1783	948	6	clearinghouses	clearinghouse	NOUN
cblr-1783	948	7	is	be	AUX
cblr-1783	948	8	untenable	untenable	ADJ
cblr-1783	948	9	.	.	PUNCT
cblr-1783	949	1	in	in	ADP
cblr-1783	949	2	general	general	ADJ
cblr-1783	949	3	,	,	PUNCT
cblr-1783	949	4	public	public	ADJ
cblr-1783	949	5	utilities	utility	NOUN
cblr-1783	949	6	are	be	AUX
cblr-1783	949	7	conferred	confer	VERB
cblr-1783	949	8	the	the	DET
cblr-1783	949	9	right	right	NOUN
cblr-1783	949	10	to	to	PART
cblr-1783	949	11	engage	engage	VERB
cblr-1783	949	12	in	in	ADP
cblr-1783	949	13	practices	practice	NOUN
cblr-1783	949	14	that	that	PRON
cblr-1783	949	15	would	would	AUX
cblr-1783	949	16	otherwise	otherwise	ADV
cblr-1783	949	17	be	be	AUX
cblr-1783	949	18	prosecuted	prosecute	VERB
cblr-1783	949	19	as	as	ADP
cblr-1783	949	20	monopolization	monopolization	NOUN
cblr-1783	949	21	.	.	PUNCT
cblr-1783	950	1	as	as	ADP
cblr-1783	950	2	with	with	ADP
cblr-1783	950	3	other	other	ADJ
cblr-1783	950	4	monopolies	monopoly	NOUN
cblr-1783	950	5	,	,	PUNCT
cblr-1783	950	6	a	a	DET
cblr-1783	950	7	dominant	dominant	ADJ
cblr-1783	950	8	clearinghouse	clearinghouse	NOUN
cblr-1783	950	9	has	have	VERB
cblr-1783	950	10	little	little	ADJ
cblr-1783	950	11	incentive	incentive	NOUN
cblr-1783	950	12	to	to	PART
cblr-1783	950	13	devise	devise	VERB
cblr-1783	950	14	improvements	improvement	NOUN
cblr-1783	950	15	to	to	ADP
cblr-1783	950	16	its	its	PRON
cblr-1783	950	17	processes.217	processes.217	NOUN
cblr-1783	950	18	more	more	ADV
cblr-1783	950	19	specific	specific	ADJ
cblr-1783	950	20	to	to	ADP
cblr-1783	950	21	the	the	DET
cblr-1783	950	22	clearing	clearing	NOUN
cblr-1783	950	23	industry	industry	NOUN
cblr-1783	950	24	,	,	PUNCT
cblr-1783	950	25	it	it	PRON
cblr-1783	950	26	is	be	AUX
cblr-1783	950	27	very	very	ADV
cblr-1783	950	28	difficult	difficult	ADJ
cblr-1783	950	29	for	for	SCONJ
cblr-1783	950	30	regulators	regulator	NOUN
cblr-1783	950	31	to	to	PART
cblr-1783	950	32	effectively	effectively	ADV
cblr-1783	950	33	monitor	monitor	VERB
cblr-1783	950	34	and	and	CCONJ
cblr-1783	950	35	set	set	VERB
cblr-1783	950	36	rates	rate	NOUN
cblr-1783	950	37	.	.	PUNCT
cblr-1783	951	1	regulators	regulator	NOUN
cblr-1783	951	2	simply	simply	ADV
cblr-1783	951	3	may	may	AUX
cblr-1783	951	4	not	not	PART
cblr-1783	951	5	have	have	VERB
cblr-1783	951	6	the	the	DET
cblr-1783	951	7	expertise	expertise	NOUN
cblr-1783	951	8	to	to	PART
cblr-1783	951	9	gauge	gauge	VERB
cblr-1783	951	10	214	214	NUM
cblr-1783	951	11	see	see	NOUN
cblr-1783	951	12	crystal	crystal	PROPN
cblr-1783	951	13	bueno	bueno	PROPN
cblr-1783	951	14	,	,	PUNCT
cblr-1783	951	15	more	more	ADJ
cblr-1783	951	16	transparency	transparency	NOUN
cblr-1783	951	17	on	on	ADP
cblr-1783	951	18	clearing	clearing	NOUN
cblr-1783	951	19	costs	cost	NOUN
cblr-1783	951	20	,	,	PUNCT
cblr-1783	951	21	dtcc	dtcc	PROPN
cblr-1783	951	22	corp	corp	PROPN
cblr-1783	951	23	.	.	PROPN
cblr-1783	951	24	newsletter	newsletter	PROPN
cblr-1783	951	25	,	,	PUNCT
cblr-1783	951	26	aug	aug	PROPN
cblr-1783	951	27	.	.	PROPN
cblr-1783	951	28	2009	2009	NUM
cblr-1783	951	29	,	,	PUNCT
cblr-1783	951	30	http://perma.cc/xed2-jlz9	http://perma.cc/xed2-jlz9	PROPN
cblr-1783	951	31	.	.	PUNCT
cblr-1783	952	1	that	that	DET
cblr-1783	952	2	contention	contention	NOUN
cblr-1783	952	3	was	be	AUX
cblr-1783	952	4	challenged	challenge	VERB
cblr-1783	952	5	,	,	PUNCT
cblr-1783	952	6	however	however	ADV
cblr-1783	952	7	,	,	PUNCT
cblr-1783	952	8	by	by	ADP
cblr-1783	952	9	nasdaq	nasdaq	PROPN
cblr-1783	952	10	as	as	SCONJ
cblr-1783	952	11	it	it	PRON
cblr-1783	952	12	tried	try	VERB
cblr-1783	952	13	to	to	PART
cblr-1783	952	14	establish	establish	VERB
cblr-1783	952	15	a	a	DET
cblr-1783	952	16	rival	rival	ADJ
cblr-1783	952	17	clearinghouse	clearinghouse	NOUN
cblr-1783	952	18	to	to	ADP
cblr-1783	952	19	nscc	nscc	PROPN
cblr-1783	952	20	’s	’s	PART
cblr-1783	952	21	“	"	PUNCT
cblr-1783	952	22	monopoly	monopoly	NOUN
cblr-1783	952	23	.	.	PUNCT
cblr-1783	952	24	”	"	PUNCT
cblr-1783	953	1	nasdaq	nasdaq	PROPN
cblr-1783	953	2	’s	’s	PART
cblr-1783	953	3	venture	venture	NOUN
cblr-1783	953	4	never	never	ADV
cblr-1783	953	5	took	take	VERB
cblr-1783	953	6	off	off	ADP
cblr-1783	953	7	though	though	ADV
cblr-1783	953	8	,	,	PUNCT
cblr-1783	953	9	in	in	ADP
cblr-1783	953	10	part	part	NOUN
cblr-1783	953	11	because	because	SCONJ
cblr-1783	953	12	nscc	nscc	ADJ
cblr-1783	953	13	instituted	institute	VERB
cblr-1783	953	14	price	price	NOUN
cblr-1783	953	15	reductions	reduction	NOUN
cblr-1783	953	16	beforehand	beforehand	ADV
cblr-1783	953	17	.	.	PUNCT
cblr-1783	954	1	see	see	VERB
cblr-1783	954	2	nasdaq	nasdaq	PROPN
cblr-1783	954	3	drops	drop	VERB
cblr-1783	954	4	clearing	clear	VERB
cblr-1783	954	5	initiative	initiative	NOUN
cblr-1783	954	6	,	,	PUNCT
cblr-1783	954	7	sec	sec	PROPN
cblr-1783	954	8	.	.	PROPN
cblr-1783	954	9	tech	tech	PROPN
cblr-1783	954	10	.	.	PUNCT
cblr-1783	955	1	monitor	monitor	PROPN
cblr-1783	955	2	,	,	PUNCT
cblr-1783	955	3	nov	nov	PROPN
cblr-1783	955	4	.	.	PROPN
cblr-1783	955	5	2	2	NUM
cblr-1783	955	6	,	,	PUNCT
cblr-1783	955	7	2009	2009	NUM
cblr-1783	955	8	,	,	PUNCT
cblr-1783	955	9	http://perma.cc/83cr-zrss	http://perma.cc/83cr-zrss	PROPN
cblr-1783	955	10	.	.	PUNCT
cblr-1783	956	1	215	215	NUM
cblr-1783	956	2	see	see	VERB
cblr-1783	956	3	nasdaq	nasdaq	PROPN
cblr-1783	956	4	drops	drop	VERB
cblr-1783	956	5	clearing	clear	VERB
cblr-1783	956	6	initiative	initiative	NOUN
cblr-1783	956	7	,	,	PUNCT
cblr-1783	956	8	supra	supra	PROPN
cblr-1783	956	9	note	note	NOUN
cblr-1783	956	10	214	214	NUM
cblr-1783	956	11	.	.	PUNCT
cblr-1783	957	1	nscc	nscc	PROPN
cblr-1783	957	2	’s	’s	PART
cblr-1783	957	3	price	price	NOUN
cblr-1783	957	4	reductions	reduction	NOUN
cblr-1783	957	5	might	might	AUX
cblr-1783	957	6	smack	smack	VERB
cblr-1783	957	7	of	of	ADP
cblr-1783	957	8	price	price	NOUN
cblr-1783	957	9	predation	predation	NOUN
cblr-1783	957	10	,	,	PUNCT
cblr-1783	957	11	a	a	DET
cblr-1783	957	12	claim	claim	NOUN
cblr-1783	957	13	that	that	SCONJ
cblr-1783	957	14	the	the	DET
cblr-1783	957	15	clearinghouse	clearinghouse	NOUN
cblr-1783	957	16	has	have	AUX
cblr-1783	957	17	encountered	encounter	VERB
cblr-1783	957	18	before	before	ADV
cblr-1783	957	19	.	.	PUNCT
cblr-1783	958	1	see	see	VERB
cblr-1783	958	2	letter	letter	NOUN
cblr-1783	958	3	from	from	ADP
cblr-1783	958	4	charles	charles	PROPN
cblr-1783	958	5	douglas	douglas	PROPN
cblr-1783	958	6	bethill	bethill	PROPN
cblr-1783	958	7	,	,	PUNCT
cblr-1783	958	8	thacher	thacher	NOUN
cblr-1783	958	9	proffitt	proffitt	PROPN
cblr-1783	958	10	&	&	CCONJ
cblr-1783	958	11	wood	wood	PROPN
cblr-1783	958	12	,	,	PUNCT
cblr-1783	958	13	to	to	ADP
cblr-1783	958	14	jonathan	jonathan	PROPN
cblr-1783	958	15	g.	g.	PROPN
cblr-1783	958	16	katz	katz	PROPN
cblr-1783	958	17	,	,	PUNCT
cblr-1783	958	18	sec’y	sec’y	NUM
cblr-1783	958	19	,	,	PUNCT
cblr-1783	958	20	sec	sec	PROPN
cblr-1783	958	21	.	.	PROPN
cblr-1783	958	22	and	and	CCONJ
cblr-1783	958	23	exch	exch	PROPN
cblr-1783	958	24	.	.	PUNCT
cblr-1783	959	1	comm’n	comm’n	PROPN
cblr-1783	959	2	(	(	PUNCT
cblr-1783	959	3	feb	feb	X
cblr-1783	959	4	.	.	PROPN
cblr-1783	959	5	2	2	NUM
cblr-1783	959	6	,	,	PUNCT
cblr-1783	959	7	2004	2004	NUM
cblr-1783	959	8	)	)	PUNCT
cblr-1783	959	9	,	,	PUNCT
cblr-1783	959	10	available	available	ADJ
cblr-1783	959	11	at	at	ADP
cblr-1783	959	12	http://perma.cc/sl8n-5zv3	http://perma.cc/sl8n-5zv3	NOUN
cblr-1783	959	13	.	.	PUNCT
cblr-1783	960	1	216	216	NUM
cblr-1783	960	2	further	far	ADV
cblr-1783	960	3	complicating	complicate	VERB
cblr-1783	960	4	the	the	DET
cblr-1783	960	5	cost	cost	NOUN
cblr-1783	960	6	issue	issue	NOUN
cblr-1783	960	7	is	be	AUX
cblr-1783	960	8	the	the	DET
cblr-1783	960	9	fact	fact	NOUN
cblr-1783	960	10	that	that	SCONJ
cblr-1783	960	11	pricing	pricing	NOUN
cblr-1783	960	12	for	for	ADP
cblr-1783	960	13	clearinghouses	clearinghouse	NOUN
cblr-1783	960	14	seems	seem	VERB
cblr-1783	960	15	to	to	PART
cblr-1783	960	16	be	be	AUX
cblr-1783	960	17	entwined	entwine	VERB
cblr-1783	960	18	with	with	ADP
cblr-1783	960	19	pricing	pricing	NOUN
cblr-1783	960	20	in	in	ADP
cblr-1783	960	21	the	the	DET
cblr-1783	960	22	execution	execution	NOUN
cblr-1783	960	23	market	market	NOUN
cblr-1783	960	24	.	.	PUNCT
cblr-1783	961	1	on	on	ADP
cblr-1783	961	2	cftc	cftc	PROPN
cblr-1783	961	3	proposals	proposal	NOUN
cblr-1783	961	4	for	for	ADP
cblr-1783	961	5	price	price	NOUN
cblr-1783	961	6	transparency	transparency	NOUN
cblr-1783	961	7	in	in	ADP
cblr-1783	961	8	trade	trade	NOUN
cblr-1783	961	9	execution	execution	NOUN
cblr-1783	961	10	,	,	PUNCT
cblr-1783	961	11	as	as	ADV
cblr-1783	961	12	well	well	ADV
cblr-1783	961	13	as	as	ADP
cblr-1783	961	14	efforts	effort	NOUN
cblr-1783	961	15	to	to	PART
cblr-1783	961	16	derail	derail	VERB
cblr-1783	961	17	those	those	DET
cblr-1783	961	18	proposals	proposal	NOUN
cblr-1783	961	19	,	,	PUNCT
cblr-1783	961	20	see	see	VERB
cblr-1783	961	21	swap	swap	NOUN
cblr-1783	961	22	execution	execution	NOUN
cblr-1783	961	23	facility	facility	NOUN
cblr-1783	961	24	clarification	clarification	NOUN
cblr-1783	961	25	act	act	PROPN
cblr-1783	961	26	,	,	PUNCT
cblr-1783	961	27	h.r	h.r	PROPN
cblr-1783	961	28	.	.	PROPN
cblr-1783	961	29	2586	2586	NUM
cblr-1783	961	30	,	,	PUNCT
cblr-1783	961	31	112th	112th	PROPN
cblr-1783	961	32	cong	cong	NOUN
cblr-1783	961	33	.	.	PUNCT
cblr-1783	962	1	(	(	PUNCT
cblr-1783	962	2	2012	2012	NUM
cblr-1783	962	3	)	)	PUNCT
cblr-1783	962	4	;	;	PUNCT
cblr-1783	962	5	karen	karen	PROPN
cblr-1783	962	6	brettell	brettell	PROPN
cblr-1783	962	7	,	,	PUNCT
cblr-1783	962	8	cftc	cftc	PROPN
cblr-1783	962	9	will	will	AUX
cblr-1783	962	10	enforce	enforce	VERB
cblr-1783	962	11	trade	trade	NOUN
cblr-1783	962	12	price	price	NOUN
cblr-1783	962	13	transparency	transparency	NOUN
cblr-1783	962	14	—	—	PUNCT
cblr-1783	962	15	gensler	gensler	NOUN
cblr-1783	962	16	,	,	PUNCT
cblr-1783	962	17	reuters	reuters	PROPN
cblr-1783	962	18	(	(	PUNCT
cblr-1783	962	19	may	may	PROPN
cblr-1783	962	20	2	2	NUM
cblr-1783	962	21	,	,	PUNCT
cblr-1783	962	22	2013	2013	NUM
cblr-1783	962	23	)	)	PUNCT
cblr-1783	962	24	,	,	PUNCT
cblr-1783	962	25	http://perma.cc/sh7a-mfpq	http://perma.cc/sh7a-mfpq	NOUN
cblr-1783	962	26	.	.	PROPN
cblr-1783	962	27	217	217	NUM
cblr-1783	962	28	sullivan	sullivan	PROPN
cblr-1783	962	29	&	&	CCONJ
cblr-1783	962	30	grimes	grimes	PROPN
cblr-1783	962	31	,	,	PUNCT
cblr-1783	962	32	supra	supra	PROPN
cblr-1783	962	33	note	note	NOUN
cblr-1783	962	34	198	198	NUM
cblr-1783	962	35	,	,	PUNCT
cblr-1783	962	36	at	at	ADP
cblr-1783	962	37	742	742	NUM
cblr-1783	962	38	,	,	PUNCT
cblr-1783	962	39	747	747	NUM
cblr-1783	962	40	.	.	NOUN
cblr-1783	962	41	810	810	NUM
cblr-1783	962	42	columbia	columbia	PROPN
cblr-1783	962	43	business	business	NOUN
cblr-1783	962	44	law	law	PROPN
cblr-1783	962	45	review	review	NOUN
cblr-1783	963	1	[	[	X
cblr-1783	963	2	vol	vol	NOUN
cblr-1783	963	3	.	.	PUNCT
cblr-1783	963	4	2014	2014	NUM
cblr-1783	963	5	appropriate	appropriate	ADJ
cblr-1783	963	6	pricing,218	pricing,218	NOUN
cblr-1783	963	7	and	and	CCONJ
cblr-1783	963	8	clearinghouses	clearinghouse	NOUN
cblr-1783	963	9	might	might	AUX
cblr-1783	963	10	evade	evade	VERB
cblr-1783	963	11	rate	rate	NOUN
cblr-1783	963	12	regulation	regulation	NOUN
cblr-1783	963	13	by	by	ADP
cblr-1783	963	14	increasing	increase	VERB
cblr-1783	963	15	prices	price	NOUN
cblr-1783	963	16	in	in	ADP
cblr-1783	963	17	another	another	DET
cblr-1783	963	18	market	market	NOUN
cblr-1783	963	19	controlled	control	VERB
cblr-1783	963	20	by	by	ADP
cblr-1783	963	21	an	an	DET
cblr-1783	963	22	affiliate	affiliate	NOUN
cblr-1783	963	23	—	—	PUNCT
cblr-1783	963	24	for	for	ADP
cblr-1783	963	25	example	example	NOUN
cblr-1783	963	26	,	,	PUNCT
cblr-1783	963	27	in	in	ADP
cblr-1783	963	28	settlement	settlement	NOUN
cblr-1783	963	29	or	or	CCONJ
cblr-1783	963	30	marketmaking	marketmaking	NOUN
cblr-1783	963	31	.	.	PUNCT
cblr-1783	964	1	hand	hand	NOUN
cblr-1783	964	2	in	in	ADP
cblr-1783	964	3	hand	hand	NOUN
cblr-1783	964	4	with	with	ADP
cblr-1783	964	5	the	the	DET
cblr-1783	964	6	difficulty	difficulty	NOUN
cblr-1783	964	7	of	of	ADP
cblr-1783	964	8	rate	rate	NOUN
cblr-1783	964	9	regulation	regulation	NOUN
cblr-1783	964	10	are	be	AUX
cblr-1783	964	11	the	the	DET
cblr-1783	964	12	natural	natural	ADJ
cblr-1783	964	13	ebbs	ebb	NOUN
cblr-1783	964	14	and	and	CCONJ
cblr-1783	964	15	flows	flow	NOUN
cblr-1783	964	16	to	to	ADP
cblr-1783	964	17	the	the	DET
cblr-1783	964	18	scope	scope	NOUN
cblr-1783	964	19	of	of	ADP
cblr-1783	964	20	the	the	DET
cblr-1783	964	21	utility	utility	NOUN
cblr-1783	964	22	’s	’s	PART
cblr-1783	964	23	monopoly	monopoly	NOUN
cblr-1783	964	24	power	power	NOUN
cblr-1783	964	25	.	.	PUNCT
cblr-1783	965	1	over	over	ADP
cblr-1783	965	2	time	time	NOUN
cblr-1783	965	3	,	,	PUNCT
cblr-1783	965	4	for	for	ADP
cblr-1783	965	5	instance	instance	NOUN
cblr-1783	965	6	,	,	PUNCT
cblr-1783	965	7	a	a	DET
cblr-1783	965	8	dominant	dominant	ADJ
cblr-1783	965	9	player	player	NOUN
cblr-1783	965	10	’s	’s	PART
cblr-1783	965	11	position	position	NOUN
cblr-1783	965	12	might	might	AUX
cblr-1783	965	13	be	be	AUX
cblr-1783	965	14	eroded	erode	VERB
cblr-1783	965	15	by	by	ADP
cblr-1783	965	16	technological	technological	ADJ
cblr-1783	965	17	advances	advance	NOUN
cblr-1783	965	18	which	which	PRON
cblr-1783	965	19	enable	enable	VERB
cblr-1783	965	20	rivals	rival	NOUN
cblr-1783	965	21	to	to	PART
cblr-1783	965	22	lower	lower	VERB
cblr-1783	965	23	their	their	PRON
cblr-1783	965	24	prices	price	NOUN
cblr-1783	965	25	and	and	CCONJ
cblr-1783	965	26	compete	compete	VERB
cblr-1783	965	27	more	more	ADV
cblr-1783	965	28	effectively.219	effectively.219	ADJ
cblr-1783	965	29	if	if	SCONJ
cblr-1783	965	30	so	so	ADV
cblr-1783	965	31	,	,	PUNCT
cblr-1783	965	32	then	then	ADV
cblr-1783	965	33	the	the	DET
cblr-1783	965	34	setting	setting	NOUN
cblr-1783	965	35	of	of	ADP
cblr-1783	965	36	rates	rate	NOUN
cblr-1783	965	37	by	by	ADP
cblr-1783	965	38	regulation	regulation	NOUN
cblr-1783	965	39	might	might	AUX
cblr-1783	965	40	be	be	AUX
cblr-1783	965	41	counterproductive	counterproductive	ADJ
cblr-1783	965	42	,	,	PUNCT
cblr-1783	965	43	coddling	coddle	VERB
cblr-1783	965	44	anachronistic	anachronistic	ADJ
cblr-1783	965	45	enterprises	enterprise	NOUN
cblr-1783	965	46	so	so	SCONJ
cblr-1783	965	47	as	as	SCONJ
cblr-1783	965	48	to	to	PART
cblr-1783	965	49	stifle	stifle	VERB
cblr-1783	965	50	beneficial	beneficial	ADJ
cblr-1783	965	51	competition	competition	NOUN
cblr-1783	965	52	.	.	PUNCT
cblr-1783	966	1	over	over	ADP
cblr-1783	966	2	the	the	DET
cblr-1783	966	3	last	last	ADJ
cblr-1783	966	4	few	few	ADJ
cblr-1783	966	5	decades	decade	NOUN
cblr-1783	966	6	,	,	PUNCT
cblr-1783	966	7	antitrust	antitrust	ADJ
cblr-1783	966	8	has	have	AUX
cblr-1783	966	9	become	become	VERB
cblr-1783	966	10	comfortable	comfortable	ADJ
cblr-1783	966	11	with	with	ADP
cblr-1783	966	12	a	a	DET
cblr-1783	966	13	lighter	light	ADJ
cblr-1783	966	14	regulatory	regulatory	ADJ
cblr-1783	966	15	touch	touch	NOUN
cblr-1783	966	16	.	.	PUNCT
cblr-1783	967	1	a	a	DET
cblr-1783	967	2	slew	slew	NOUN
cblr-1783	967	3	of	of	ADP
cblr-1783	967	4	case	case	NOUN
cblr-1783	967	5	law	law	NOUN
cblr-1783	967	6	and	and	CCONJ
cblr-1783	967	7	academic	academic	ADJ
cblr-1783	967	8	commentary	commentary	NOUN
cblr-1783	967	9	against	against	ADP
cblr-1783	967	10	the	the	DET
cblr-1783	967	11	inefficiencies	inefficiency	NOUN
cblr-1783	967	12	of	of	ADP
cblr-1783	967	13	public	public	ADJ
cblr-1783	967	14	utility	utility	NOUN
cblr-1783	967	15	has	have	AUX
cblr-1783	967	16	resulted	result	VERB
cblr-1783	967	17	in	in	ADP
cblr-1783	967	18	the	the	DET
cblr-1783	967	19	consensus	consensus	NOUN
cblr-1783	967	20	that	that	SCONJ
cblr-1783	967	21	this	this	DET
cblr-1783	967	22	regime	regime	NOUN
cblr-1783	967	23	is	be	AUX
cblr-1783	967	24	excessively	excessively	ADV
cblr-1783	967	25	cumbersome.220	cumbersome.220	VERB
cblr-1783	967	26	for	for	ADP
cblr-1783	967	27	natural	natural	ADJ
cblr-1783	967	28	monopolies	monopoly	NOUN
cblr-1783	967	29	,	,	PUNCT
cblr-1783	967	30	the	the	DET
cblr-1783	967	31	movement	movement	NOUN
cblr-1783	967	32	has	have	AUX
cblr-1783	967	33	been	be	AUX
cblr-1783	967	34	away	away	ADV
cblr-1783	967	35	from	from	ADP
cblr-1783	967	36	heavy	heavy	ADJ
cblr-1783	967	37	-	-	PUNCT
cblr-1783	967	38	handed	handed	ADJ
cblr-1783	967	39	public	public	ADJ
cblr-1783	967	40	utility	utility	NOUN
cblr-1783	967	41	regulation	regulation	NOUN
cblr-1783	967	42	and	and	CCONJ
cblr-1783	967	43	toward	toward	ADP
cblr-1783	967	44	regimes	regime	NOUN
cblr-1783	967	45	where	where	SCONJ
cblr-1783	967	46	regulators	regulator	NOUN
cblr-1783	967	47	sit	sit	VERB
cblr-1783	967	48	back	back	ADV
cblr-1783	967	49	and	and	CCONJ
cblr-1783	967	50	let	let	VERB
cblr-1783	967	51	competitors	competitor	NOUN
cblr-1783	967	52	do	do	VERB
cblr-1783	967	53	most	most	ADJ
cblr-1783	967	54	of	of	ADP
cblr-1783	967	55	the	the	DET
cblr-1783	967	56	work	work	NOUN
cblr-1783	967	57	,	,	PUNCT
cblr-1783	967	58	intervening	intervene	VERB
cblr-1783	967	59	only	only	ADV
cblr-1783	967	60	where	where	SCONJ
cblr-1783	967	61	the	the	DET
cblr-1783	967	62	bottleneck	bottleneck	NOUN
cblr-1783	967	63	inherent	inherent	ADJ
cblr-1783	967	64	in	in	ADP
cblr-1783	967	65	a	a	DET
cblr-1783	967	66	natural	natural	ADJ
cblr-1783	967	67	monopoly	monopoly	NOUN
cblr-1783	967	68	might	might	AUX
cblr-1783	967	69	be	be	AUX
cblr-1783	967	70	manipulated	manipulate	VERB
cblr-1783	967	71	to	to	PART
cblr-1783	967	72	stifle	stifle	VERB
cblr-1783	967	73	competition.221	competition.221	NOUN
cblr-1783	967	74	one	one	NUM
cblr-1783	967	75	such	such	ADJ
cblr-1783	967	76	regime	regime	NOUN
cblr-1783	967	77	is	be	AUX
cblr-1783	967	78	the	the	DET
cblr-1783	967	79	essential	essential	ADJ
cblr-1783	967	80	facilities	facility	NOUN
cblr-1783	967	81	doctrine	doctrine	NOUN
cblr-1783	967	82	,	,	PUNCT
cblr-1783	967	83	a	a	DET
cblr-1783	967	84	version	version	NOUN
cblr-1783	967	85	of	of	ADP
cblr-1783	967	86	which	which	PRON
cblr-1783	967	87	already	already	ADV
cblr-1783	967	88	appears	appear	VERB
cblr-1783	967	89	in	in	ADP
cblr-1783	967	90	dodd	dodd	PROPN
cblr-1783	967	91	-	-	PUNCT
cblr-1783	967	92	frank	frank	PROPN
cblr-1783	967	93	.	.	PROPN
cblr-1783	968	1	218	218	NUM
cblr-1783	968	2	on	on	ADP
cblr-1783	968	3	the	the	DET
cblr-1783	968	4	general	general	ADJ
cblr-1783	968	5	dearth	dearth	NOUN
cblr-1783	968	6	of	of	ADP
cblr-1783	968	7	regulatory	regulatory	ADJ
cblr-1783	968	8	expertise	expertise	NOUN
cblr-1783	968	9	regarding	regard	VERB
cblr-1783	968	10	the	the	DET
cblr-1783	968	11	clearing	clearing	NOUN
cblr-1783	968	12	and	and	CCONJ
cblr-1783	968	13	settlement	settlement	NOUN
cblr-1783	968	14	of	of	ADP
cblr-1783	968	15	otc	otc	PROPN
cblr-1783	968	16	derivatives	derivative	NOUN
cblr-1783	968	17	,	,	PUNCT
cblr-1783	968	18	see	see	VERB
cblr-1783	968	19	dan	dan	PROPN
cblr-1783	968	20	awrey	awrey	PROPN
cblr-1783	968	21	,	,	PUNCT
cblr-1783	968	22	regulating	regulate	VERB
cblr-1783	968	23	financial	financial	ADJ
cblr-1783	968	24	innovation	innovation	NOUN
cblr-1783	968	25	:	:	PUNCT
cblr-1783	968	26	a	a	DET
cblr-1783	968	27	more	more	ADJ
cblr-1783	968	28	principles	principle	NOUN
cblr-1783	968	29	-	-	PUNCT
cblr-1783	968	30	based	base	VERB
cblr-1783	968	31	proposal	proposal	NOUN
cblr-1783	968	32	?	?	PUNCT
cblr-1783	968	33	,	,	PUNCT
cblr-1783	968	34	5	5	NUM
cblr-1783	968	35	brook	brook	NOUN
cblr-1783	968	36	.	.	PUNCT
cblr-1783	969	1	j.	j.	PROPN
cblr-1783	969	2	corp	corp	PROPN
cblr-1783	969	3	.	.	PROPN
cblr-1783	969	4	fin	fin	PROPN
cblr-1783	969	5	.	.	PUNCT
cblr-1783	969	6	&	&	CCONJ
cblr-1783	969	7	com	com	PROPN
cblr-1783	969	8	.	.	PROPN
cblr-1783	969	9	l.	l.	PROPN
cblr-1783	969	10	273	273	NUM
cblr-1783	969	11	,	,	PUNCT
cblr-1783	969	12	307–08	307–08	PROPN
cblr-1783	969	13	(	(	PUNCT
cblr-1783	969	14	2011	2011	NUM
cblr-1783	969	15	)	)	PUNCT
cblr-1783	969	16	.	.	PUNCT
cblr-1783	970	1	219	219	NUM
cblr-1783	971	1	the	the	DET
cblr-1783	971	2	rise	rise	NOUN
cblr-1783	971	3	of	of	ADP
cblr-1783	971	4	ice	ice	NOUN
cblr-1783	971	5	,	,	PUNCT
cblr-1783	971	6	for	for	ADP
cblr-1783	971	7	instance	instance	NOUN
cblr-1783	971	8	,	,	PUNCT
cblr-1783	971	9	is	be	AUX
cblr-1783	971	10	often	often	ADV
cblr-1783	971	11	attributed	attribute	VERB
cblr-1783	971	12	to	to	ADP
cblr-1783	971	13	the	the	DET
cblr-1783	971	14	conglomerate	conglomerate	NOUN
cblr-1783	971	15	’s	’s	PART
cblr-1783	971	16	embrace	embrace	NOUN
cblr-1783	971	17	of	of	ADP
cblr-1783	971	18	technology	technology	NOUN
cblr-1783	971	19	.	.	PUNCT
cblr-1783	972	1	interestingly	interestingly	ADV
cblr-1783	972	2	,	,	PUNCT
cblr-1783	972	3	as	as	ADP
cblr-1783	972	4	an	an	DET
cblr-1783	972	5	upstart	upstart	NOUN
cblr-1783	972	6	in	in	ADP
cblr-1783	972	7	the	the	DET
cblr-1783	972	8	early	early	ADJ
cblr-1783	972	9	2000s	2000s	NUM
cblr-1783	972	10	,	,	PUNCT
cblr-1783	972	11	it	it	PRON
cblr-1783	972	12	was	be	AUX
cblr-1783	972	13	ice	ice	NOUN
cblr-1783	972	14	that	that	PRON
cblr-1783	972	15	accused	accuse	VERB
cblr-1783	972	16	nymex	nymex	NOUN
cblr-1783	972	17	of	of	ADP
cblr-1783	972	18	monopolization	monopolization	NOUN
cblr-1783	972	19	.	.	PUNCT
cblr-1783	973	1	see	see	VERB
cblr-1783	973	2	new	new	PROPN
cblr-1783	973	3	york	york	PROPN
cblr-1783	973	4	mercantile	mercantile	PROPN
cblr-1783	973	5	exch	exch	PROPN
cblr-1783	973	6	.	.	PROPN
cblr-1783	973	7	,	,	PUNCT
cblr-1783	973	8	inc	inc	PROPN
cblr-1783	973	9	.	.	PROPN
cblr-1783	973	10	v.	v.	PROPN
cblr-1783	973	11	intercontinental	intercontinental	PROPN
cblr-1783	973	12	exch	exch	PROPN
cblr-1783	973	13	.	.	PROPN
cblr-1783	973	14	,	,	PUNCT
cblr-1783	973	15	inc	inc	PROPN
cblr-1783	973	16	.	.	PROPN
cblr-1783	973	17	,	,	PUNCT
cblr-1783	973	18	323	323	NUM
cblr-1783	973	19	f.	f.	PROPN
cblr-1783	973	20	supp	supp	PROPN
cblr-1783	973	21	.	.	PUNCT
cblr-1783	974	1	2d	2d	PROPN
cblr-1783	974	2	559	559	NUM
cblr-1783	974	3	,	,	PUNCT
cblr-1783	974	4	560	560	NUM
cblr-1783	974	5	(	(	PUNCT
cblr-1783	974	6	s.d.n.y	s.d.n.y	PROPN
cblr-1783	974	7	.	.	NOUN
cblr-1783	974	8	2004	2004	NUM
cblr-1783	974	9	)	)	PUNCT
cblr-1783	974	10	.	.	PUNCT
cblr-1783	975	1	220	220	NUM
cblr-1783	975	2	see	see	VERB
cblr-1783	975	3	,	,	PUNCT
cblr-1783	975	4	e.g.	e.g.	ADV
cblr-1783	975	5	,	,	PUNCT
cblr-1783	975	6	promoting	promote	VERB
cblr-1783	975	7	competition	competition	NOUN
cblr-1783	975	8	in	in	ADP
cblr-1783	975	9	regulated	regulated	ADJ
cblr-1783	975	10	markets	market	NOUN
cblr-1783	975	11	(	(	PUNCT
cblr-1783	975	12	almarin	almarin	PROPN
cblr-1783	975	13	phillips	phillips	PROPN
cblr-1783	975	14	ed	ed	PROPN
cblr-1783	975	15	.	.	PROPN
cblr-1783	975	16	,	,	PUNCT
cblr-1783	975	17	1975	1975	NUM
cblr-1783	975	18	)	)	PUNCT
cblr-1783	975	19	.	.	PUNCT
cblr-1783	976	1	221	221	NUM
cblr-1783	976	2	joseph	joseph	PROPN
cblr-1783	976	3	d.	d.	PROPN
cblr-1783	976	4	kearney	kearney	PROPN
cblr-1783	976	5	&	&	CCONJ
cblr-1783	976	6	thomas	thomas	PROPN
cblr-1783	976	7	w.	w.	PROPN
cblr-1783	976	8	merrill	merrill	PROPN
cblr-1783	976	9	,	,	PUNCT
cblr-1783	976	10	the	the	DET
cblr-1783	976	11	great	great	ADJ
cblr-1783	976	12	transformation	transformation	NOUN
cblr-1783	976	13	of	of	ADP
cblr-1783	976	14	regulated	regulated	ADJ
cblr-1783	976	15	industries	industry	NOUN
cblr-1783	976	16	law	law	NOUN
cblr-1783	976	17	,	,	PUNCT
cblr-1783	976	18	98	98	NUM
cblr-1783	976	19	colum	colum	NOUN
cblr-1783	976	20	.	.	PUNCT
cblr-1783	977	1	l.	l.	PROPN
cblr-1783	977	2	rev	rev	PROPN
cblr-1783	977	3	.	.	PROPN
cblr-1783	977	4	1323	1323	NUM
cblr-1783	977	5	,	,	PUNCT
cblr-1783	977	6	1361	1361	NUM
cblr-1783	977	7	(	(	PUNCT
cblr-1783	977	8	1998	1998	NUM
cblr-1783	977	9	)	)	PUNCT
cblr-1783	977	10	.	.	PUNCT
cblr-1783	978	1	no	no	INTJ
cblr-1783	978	2	.	.	PUNCT
cblr-1783	979	1	3:747	3:747	NUM
cblr-1783	979	2	]	]	X
cblr-1783	979	3	systemic	systemic	ADJ
cblr-1783	979	4	risk	risk	NOUN
cblr-1783	979	5	paradox	paradox	NOUN
cblr-1783	979	6	811	811	NUM
cblr-1783	979	7	while	while	SCONJ
cblr-1783	979	8	disagreement	disagreement	NOUN
cblr-1783	979	9	persists	persist	VERB
cblr-1783	979	10	over	over	ADP
cblr-1783	979	11	the	the	DET
cblr-1783	979	12	vitality	vitality	NOUN
cblr-1783	979	13	of	of	ADP
cblr-1783	979	14	the	the	DET
cblr-1783	979	15	essential	essential	ADJ
cblr-1783	979	16	facilities	facility	NOUN
cblr-1783	979	17	doctrine,222	doctrine,222	PROPN
cblr-1783	979	18	courts	court	NOUN
cblr-1783	979	19	and	and	CCONJ
cblr-1783	979	20	commentators	commentator	NOUN
cblr-1783	979	21	agree	agree	VERB
cblr-1783	979	22	as	as	ADP
cblr-1783	979	23	to	to	ADP
cblr-1783	979	24	its	its	PRON
cblr-1783	979	25	elements	element	NOUN
cblr-1783	979	26	:	:	PUNCT
cblr-1783	979	27	(	(	PUNCT
cblr-1783	979	28	i	i	NOUN
cblr-1783	979	29	)	)	PUNCT
cblr-1783	979	30	a	a	DET
cblr-1783	979	31	monopolist	monopolist	NOUN
cblr-1783	979	32	controls	control	VERB
cblr-1783	979	33	an	an	DET
cblr-1783	979	34	essential	essential	ADJ
cblr-1783	979	35	facility	facility	NOUN
cblr-1783	979	36	which	which	PRON
cblr-1783	979	37	(	(	PUNCT
cblr-1783	979	38	ii	ii	NOUN
cblr-1783	979	39	)	)	PUNCT
cblr-1783	979	40	a	a	DET
cblr-1783	979	41	competitor	competitor	NOUN
cblr-1783	979	42	is	be	AUX
cblr-1783	979	43	unable	unable	ADJ
cblr-1783	979	44	practically	practically	ADV
cblr-1783	979	45	or	or	CCONJ
cblr-1783	979	46	reasonably	reasonably	ADV
cblr-1783	979	47	to	to	PART
cblr-1783	979	48	duplicate	duplicate	VERB
cblr-1783	979	49	,	,	PUNCT
cblr-1783	979	50	and	and	CCONJ
cblr-1783	979	51	(	(	PUNCT
cblr-1783	979	52	iii	iii	X
cblr-1783	979	53	)	)	PUNCT
cblr-1783	979	54	use	use	NOUN
cblr-1783	979	55	of	of	ADP
cblr-1783	979	56	the	the	DET
cblr-1783	979	57	facility	facility	NOUN
cblr-1783	979	58	is	be	AUX
cblr-1783	979	59	denied	deny	VERB
cblr-1783	979	60	to	to	ADP
cblr-1783	979	61	a	a	DET
cblr-1783	979	62	competitor	competitor	NOUN
cblr-1783	979	63	even	even	ADV
cblr-1783	979	64	though	though	ADV
cblr-1783	979	65	(	(	PUNCT
cblr-1783	979	66	iv	iv	X
cblr-1783	979	67	)	)	PUNCT
cblr-1783	979	68	it	it	PRON
cblr-1783	979	69	is	be	AUX
cblr-1783	979	70	feasible	feasible	ADJ
cblr-1783	979	71	for	for	SCONJ
cblr-1783	979	72	the	the	DET
cblr-1783	979	73	monopolist	monopolist	NOUN
cblr-1783	979	74	to	to	PART
cblr-1783	979	75	provide	provide	VERB
cblr-1783	979	76	access	access	NOUN
cblr-1783	979	77	to	to	ADP
cblr-1783	979	78	the	the	DET
cblr-1783	979	79	facility.223	facility.223	NOUN
cblr-1783	979	80	if	if	SCONJ
cblr-1783	979	81	clearinghouses	clearinghouse	NOUN
cblr-1783	979	82	were	be	AUX
cblr-1783	979	83	treated	treat	VERB
cblr-1783	979	84	as	as	ADP
cblr-1783	979	85	essential	essential	ADJ
cblr-1783	979	86	facilities	facility	NOUN
cblr-1783	979	87	,	,	PUNCT
cblr-1783	979	88	clearinghouses	clearinghouse	NOUN
cblr-1783	979	89	would	would	AUX
cblr-1783	979	90	have	have	VERB
cblr-1783	979	91	to	to	PART
cblr-1783	979	92	grant	grant	VERB
cblr-1783	979	93	open	open	ADJ
cblr-1783	979	94	,	,	PUNCT
cblr-1783	979	95	nondiscriminatory	nondiscriminatory	ADJ
cblr-1783	979	96	access	access	NOUN
cblr-1783	979	97	to	to	ADP
cblr-1783	979	98	traders	trader	NOUN
cblr-1783	979	99	;	;	PUNCT
cblr-1783	979	100	where	where	SCONJ
cblr-1783	979	101	access	access	NOUN
cblr-1783	979	102	is	be	AUX
cblr-1783	979	103	denied	deny	VERB
cblr-1783	979	104	,	,	PUNCT
cblr-1783	979	105	either	either	CCONJ
cblr-1783	979	106	regulators	regulator	NOUN
cblr-1783	979	107	or	or	CCONJ
cblr-1783	979	108	competitors	competitor	NOUN
cblr-1783	979	109	would	would	AUX
cblr-1783	979	110	be	be	AUX
cblr-1783	979	111	able	able	ADJ
cblr-1783	979	112	to	to	PART
cblr-1783	979	113	bring	bring	VERB
cblr-1783	979	114	actions	action	NOUN
cblr-1783	979	115	if	if	SCONJ
cblr-1783	979	116	they	they	PRON
cblr-1783	979	117	could	could	AUX
cblr-1783	979	118	satisfy	satisfy	VERB
cblr-1783	979	119	the	the	DET
cblr-1783	979	120	above	above	ADJ
cblr-1783	979	121	elements	element	NOUN
cblr-1783	979	122	.	.	PUNCT
cblr-1783	980	1	to	to	ADP
cblr-1783	980	2	some	some	DET
cblr-1783	980	3	extent	extent	NOUN
cblr-1783	980	4	,	,	PUNCT
cblr-1783	980	5	this	this	DET
cblr-1783	980	6	framework	framework	NOUN
cblr-1783	980	7	—	—	PUNCT
cblr-1783	980	8	where	where	SCONJ
cblr-1783	980	9	regulators	regulator	NOUN
cblr-1783	980	10	simply	simply	ADV
cblr-1783	980	11	set	set	VERB
cblr-1783	980	12	the	the	DET
cblr-1783	980	13	“	"	PUNCT
cblr-1783	980	14	background	background	NOUN
cblr-1783	980	15	rules	rule	NOUN
cblr-1783	980	16	”	"	PUNCT
cblr-1783	980	17	for	for	ADP
cblr-1783	980	18	industry	industry	NOUN
cblr-1783	980	19	behavior	behavior	NOUN
cblr-1783	980	20	and	and	CCONJ
cblr-1783	980	21	then	then	ADV
cblr-1783	980	22	allow	allow	VERB
cblr-1783	980	23	competition	competition	NOUN
cblr-1783	980	24	among	among	ADP
cblr-1783	980	25	rival	rival	ADJ
cblr-1783	980	26	producers	producer	NOUN
cblr-1783	980	27	to	to	PART
cblr-1783	980	28	provide	provide	VERB
cblr-1783	980	29	“	"	PUNCT
cblr-1783	980	30	the	the	DET
cblr-1783	980	31	protection	protection	NOUN
cblr-1783	980	32	necessary	necessary	ADJ
cblr-1783	980	33	for	for	ADP
cblr-1783	980	34	end	end	NOUN
cblr-1783	980	35	-	-	PUNCT
cblr-1783	980	36	users”224	users”224	NOUN
cblr-1783	980	37	—	—	PUNCT
cblr-1783	980	38	already	already	ADV
cblr-1783	980	39	exists	exist	VERB
cblr-1783	980	40	.	.	PUNCT
cblr-1783	981	1	doddfrank	doddfrank	PROPN
cblr-1783	981	2	has	have	AUX
cblr-1783	981	3	mandated	mandate	VERB
cblr-1783	981	4	open	open	ADJ
cblr-1783	981	5	-	-	PUNCT
cblr-1783	981	6	access	access	NOUN
cblr-1783	981	7	rules	rule	NOUN
cblr-1783	981	8	for	for	ADP
cblr-1783	981	9	all	all	DET
cblr-1783	981	10	clearinghouses.225	clearinghouses.225	PROPN
cblr-1783	981	11	on	on	ADP
cblr-1783	981	12	the	the	DET
cblr-1783	981	13	enforcement	enforcement	NOUN
cblr-1783	981	14	front	front	NOUN
cblr-1783	981	15	,	,	PUNCT
cblr-1783	981	16	at	at	ADV
cblr-1783	981	17	least	least	ADV
cblr-1783	981	18	one	one	NUM
cblr-1783	981	19	derivatives	derivative	NOUN
cblr-1783	981	20	dealer	dealer	NOUN
cblr-1783	981	21	has	have	AUX
cblr-1783	981	22	claimed	claim	VERB
cblr-1783	981	23	that	that	SCONJ
cblr-1783	981	24	large	large	ADJ
cblr-1783	981	25	clearinghouse	clearinghouse	NOUN
cblr-1783	981	26	members	member	NOUN
cblr-1783	981	27	corner	corner	VERB
cblr-1783	981	28	the	the	DET
cblr-1783	981	29	trading	trading	NOUN
cblr-1783	981	30	market	market	NOUN
cblr-1783	981	31	by	by	ADP
cblr-1783	981	32	restricting	restrict	VERB
cblr-1783	981	33	access	access	NOUN
cblr-1783	981	34	to	to	ADP
cblr-1783	981	35	222	222	NUM
cblr-1783	981	36	compare	compare	ADJ
cblr-1783	981	37	united	united	PROPN
cblr-1783	981	38	states	states	PROPN
cblr-1783	981	39	v.	v.	ADP
cblr-1783	981	40	terminal	terminal	PROPN
cblr-1783	981	41	r.r	r.r	PROPN
cblr-1783	981	42	.	.	PROPN
cblr-1783	981	43	ass’n	ass’n	PROPN
cblr-1783	981	44	of	of	ADP
cblr-1783	981	45	st	st	PROPN
cblr-1783	981	46	.	.	PROPN
cblr-1783	981	47	louis	louis	PROPN
cblr-1783	981	48	,	,	PUNCT
cblr-1783	981	49	224	224	NUM
cblr-1783	981	50	u.s	u.s	PROPN
cblr-1783	981	51	.	.	PROPN
cblr-1783	981	52	383	383	NUM
cblr-1783	981	53	,	,	PUNCT
cblr-1783	981	54	411–13	411–13	X
cblr-1783	981	55	(	(	PUNCT
cblr-1783	981	56	1912	1912	NUM
cblr-1783	981	57	)	)	PUNCT
cblr-1783	981	58	(	(	PUNCT
cblr-1783	981	59	seminal	seminal	ADJ
cblr-1783	981	60	case	case	NOUN
cblr-1783	981	61	on	on	ADP
cblr-1783	981	62	equal	equal	ADJ
cblr-1783	981	63	and	and	CCONJ
cblr-1783	981	64	nondiscriminatory	nondiscriminatory	ADJ
cblr-1783	981	65	access	access	NOUN
cblr-1783	981	66	,	,	PUNCT
cblr-1783	981	67	though	though	SCONJ
cblr-1783	981	68	the	the	DET
cblr-1783	981	69	term	term	NOUN
cblr-1783	981	70	essential	essential	ADJ
cblr-1783	981	71	facilities	facility	NOUN
cblr-1783	981	72	was	be	AUX
cblr-1783	981	73	not	not	PART
cblr-1783	981	74	used	use	VERB
cblr-1783	981	75	)	)	PUNCT
cblr-1783	981	76	,	,	PUNCT
cblr-1783	981	77	and	and	CCONJ
cblr-1783	981	78	aspen	aspen	PROPN
cblr-1783	981	79	skiing	skiing	PROPN
cblr-1783	981	80	co.	co.	PROPN
cblr-1783	982	1	v.	v.	ADP
cblr-1783	982	2	aspen	aspen	PROPN
cblr-1783	982	3	highlands	highlands	PROPN
cblr-1783	982	4	skiing	skiing	PROPN
cblr-1783	982	5	corp	corp	PROPN
cblr-1783	982	6	.	.	PROPN
cblr-1783	982	7	,	,	PUNCT
cblr-1783	982	8	472	472	NUM
cblr-1783	982	9	u.s	u.s	PROPN
cblr-1783	982	10	.	.	PROPN
cblr-1783	982	11	585	585	NUM
cblr-1783	982	12	,	,	PUNCT
cblr-1783	982	13	611	611	NUM
cblr-1783	982	14	(	(	PUNCT
cblr-1783	982	15	1985	1985	NUM
cblr-1783	982	16	)	)	PUNCT
cblr-1783	982	17	(	(	PUNCT
cblr-1783	982	18	affirming	affirm	VERB
cblr-1783	982	19	verdict	verdict	NOUN
cblr-1783	982	20	for	for	ADP
cblr-1783	982	21	plaintiff	plaintiff	NOUN
cblr-1783	982	22	but	but	CCONJ
cblr-1783	982	23	declining	decline	VERB
cblr-1783	982	24	to	to	PART
cblr-1783	982	25	address	address	VERB
cblr-1783	982	26	the	the	DET
cblr-1783	982	27	essential	essential	ADJ
cblr-1783	982	28	facilities	facility	NOUN
cblr-1783	982	29	issue	issue	NOUN
cblr-1783	982	30	)	)	PUNCT
cblr-1783	982	31	,	,	PUNCT
cblr-1783	982	32	and	and	CCONJ
cblr-1783	982	33	otter	otter	NOUN
cblr-1783	982	34	tail	tail	NOUN
cblr-1783	982	35	power	power	PROPN
cblr-1783	982	36	co.	co.	PROPN
cblr-1783	982	37	v.	v.	PROPN
cblr-1783	982	38	united	united	PROPN
cblr-1783	982	39	states	states	PROPN
cblr-1783	982	40	,	,	PUNCT
cblr-1783	982	41	410	410	NUM
cblr-1783	982	42	u.s	u.s	PROPN
cblr-1783	982	43	.	.	PROPN
cblr-1783	982	44	366	366	NUM
cblr-1783	982	45	,	,	PUNCT
cblr-1783	982	46	382	382	NUM
cblr-1783	982	47	(	(	PUNCT
cblr-1783	982	48	1973	1973	NUM
cblr-1783	982	49	)	)	PUNCT
cblr-1783	982	50	(	(	PUNCT
cblr-1783	982	51	finding	find	VERB
cblr-1783	982	52	that	that	SCONJ
cblr-1783	982	53	an	an	DET
cblr-1783	982	54	electric	electric	ADJ
cblr-1783	982	55	power	power	NOUN
cblr-1783	982	56	utility	utility	NOUN
cblr-1783	982	57	’s	’s	PART
cblr-1783	982	58	refusal	refusal	NOUN
cblr-1783	982	59	to	to	PART
cblr-1783	982	60	sell	sell	VERB
cblr-1783	982	61	wholesale	wholesale	ADJ
cblr-1783	982	62	power	power	NOUN
cblr-1783	982	63	or	or	CCONJ
cblr-1783	982	64	transmission	transmission	NOUN
cblr-1783	982	65	services	service	NOUN
cblr-1783	982	66	to	to	ADP
cblr-1783	982	67	a	a	DET
cblr-1783	982	68	competing	compete	VERB
cblr-1783	982	69	municipal	municipal	ADJ
cblr-1783	982	70	utility	utility	NOUN
cblr-1783	982	71	constituted	constitute	VERB
cblr-1783	982	72	monopolization	monopolization	NOUN
cblr-1783	982	73	,	,	PUNCT
cblr-1783	982	74	though	though	SCONJ
cblr-1783	982	75	the	the	DET
cblr-1783	982	76	term	term	NOUN
cblr-1783	982	77	essential	essential	ADJ
cblr-1783	982	78	facilities	facility	NOUN
cblr-1783	982	79	was	be	AUX
cblr-1783	982	80	not	not	PART
cblr-1783	982	81	used	use	VERB
cblr-1783	982	82	)	)	PUNCT
cblr-1783	982	83	,	,	PUNCT
cblr-1783	982	84	with	with	ADP
cblr-1783	982	85	verizon	verizon	PROPN
cblr-1783	982	86	commc’ns	commc’ns	PROPN
cblr-1783	982	87	inc	inc	PROPN
cblr-1783	982	88	.	.	PROPN
cblr-1783	983	1	v.	v.	ADP
cblr-1783	983	2	law	law	NOUN
cblr-1783	983	3	offices	office	NOUN
cblr-1783	983	4	of	of	ADP
cblr-1783	983	5	curtis	curtis	PROPN
cblr-1783	983	6	v.	v.	PROPN
cblr-1783	983	7	trinko	trinko	PROPN
cblr-1783	983	8	llp	llp	PROPN
cblr-1783	983	9	,	,	PUNCT
cblr-1783	983	10	540	540	NUM
cblr-1783	983	11	u.s	u.s	PROPN
cblr-1783	983	12	.	.	PROPN
cblr-1783	983	13	398	398	NUM
cblr-1783	983	14	,	,	PUNCT
cblr-1783	983	15	410–11	410–11	X
cblr-1783	983	16	(	(	PUNCT
cblr-1783	983	17	2004	2004	NUM
cblr-1783	983	18	)	)	PUNCT
cblr-1783	983	19	(	(	PUNCT
cblr-1783	983	20	“	"	PUNCT
cblr-1783	983	21	we	we	PRON
cblr-1783	983	22	have	have	AUX
cblr-1783	983	23	never	never	ADV
cblr-1783	983	24	recognized	recognize	VERB
cblr-1783	983	25	[	[	PUNCT
cblr-1783	983	26	the	the	DET
cblr-1783	983	27	essential	essential	ADJ
cblr-1783	983	28	facilities	facility	NOUN
cblr-1783	983	29	]	]	PUNCT
cblr-1783	983	30	doctrine	doctrine	NOUN
cblr-1783	983	31	,	,	PUNCT
cblr-1783	983	32	and	and	CCONJ
cblr-1783	983	33	we	we	PRON
cblr-1783	983	34	find	find	VERB
cblr-1783	983	35	no	no	DET
cblr-1783	983	36	need	need	NOUN
cblr-1783	983	37	either	either	CCONJ
cblr-1783	983	38	to	to	PART
cblr-1783	983	39	recognize	recognize	VERB
cblr-1783	983	40	it	it	PRON
cblr-1783	983	41	or	or	CCONJ
cblr-1783	983	42	to	to	PART
cblr-1783	983	43	repudiate	repudiate	VERB
cblr-1783	983	44	it	it	PRON
cblr-1783	983	45	here	here	ADV
cblr-1783	983	46	.	.	PUNCT
cblr-1783	983	47	”	"	PUNCT
cblr-1783	983	48	)	)	PUNCT
cblr-1783	983	49	.	.	PUNCT
cblr-1783	984	1	see	see	VERB
cblr-1783	984	2	also	also	ADV
cblr-1783	984	3	brett	brett	PROPN
cblr-1783	984	4	frischmann	frischmann	PROPN
cblr-1783	984	5	&	&	CCONJ
cblr-1783	984	6	spencer	spencer	PROPN
cblr-1783	984	7	weber	weber	PROPN
cblr-1783	984	8	waller	waller	PROPN
cblr-1783	984	9	,	,	PUNCT
cblr-1783	984	10	revitalizing	revitalize	VERB
cblr-1783	984	11	essential	essential	ADJ
cblr-1783	984	12	facilities	facility	NOUN
cblr-1783	984	13	,	,	PUNCT
cblr-1783	984	14	75	75	NUM
cblr-1783	984	15	antitrust	antitrust	ADJ
cblr-1783	984	16	l.j	l.j	NOUN
cblr-1783	984	17	.	.	PROPN
cblr-1783	984	18	1	1	NUM
cblr-1783	984	19	,	,	PUNCT
cblr-1783	984	20	4–8	4–8	NUM
cblr-1783	984	21	(	(	PUNCT
cblr-1783	984	22	2008	2008	NUM
cblr-1783	984	23	)	)	PUNCT
cblr-1783	984	24	;	;	PUNCT
cblr-1783	984	25	glen	glen	PROPN
cblr-1783	984	26	o.	o.	PROPN
cblr-1783	984	27	robinson	robinson	PROPN
cblr-1783	984	28	,	,	PUNCT
cblr-1783	984	29	on	on	ADP
cblr-1783	984	30	refusing	refuse	VERB
cblr-1783	984	31	to	to	PART
cblr-1783	984	32	deal	deal	VERB
cblr-1783	984	33	with	with	ADP
cblr-1783	984	34	rivals	rival	NOUN
cblr-1783	984	35	,	,	PUNCT
cblr-1783	984	36	87	87	NUM
cblr-1783	984	37	cornell	cornell	PROPN
cblr-1783	984	38	l.	l.	PROPN
cblr-1783	984	39	rev	rev	PROPN
cblr-1783	984	40	.	.	PROPN
cblr-1783	984	41	1177	1177	NUM
cblr-1783	984	42	,	,	PUNCT
cblr-1783	984	43	1183–84	1183–84	NOUN
cblr-1783	984	44	(	(	PUNCT
cblr-1783	984	45	2002	2002	NUM
cblr-1783	984	46	)	)	PUNCT
cblr-1783	984	47	.	.	PUNCT
cblr-1783	985	1	223	223	NUM
cblr-1783	985	2	mci	mci	PROPN
cblr-1783	985	3	commc’ns	commc’ns	PROPN
cblr-1783	985	4	corp	corp	PROPN
cblr-1783	985	5	.	.	PROPN
cblr-1783	985	6	v.	v.	PROPN
cblr-1783	985	7	at&t	at&t	PROPN
cblr-1783	985	8	co.	co.	PROPN
cblr-1783	985	9	,	,	PUNCT
cblr-1783	985	10	708	708	NUM
cblr-1783	985	11	f.2d	f.2d	NOUN
cblr-1783	985	12	1081	1081	NUM
cblr-1783	985	13	,	,	PUNCT
cblr-1783	985	14	1132–33	1132–33	NUM
cblr-1783	985	15	(	(	PUNCT
cblr-1783	985	16	7th	7th	ADJ
cblr-1783	985	17	cir	cir	NOUN
cblr-1783	985	18	.	.	PUNCT
cblr-1783	985	19	1983	1983	NUM
cblr-1783	985	20	)	)	PUNCT
cblr-1783	985	21	.	.	PUNCT
cblr-1783	986	1	224	224	NUM
cblr-1783	986	2	kearney	kearney	PROPN
cblr-1783	986	3	&	&	CCONJ
cblr-1783	986	4	merrill	merrill	PROPN
cblr-1783	986	5	,	,	PUNCT
cblr-1783	986	6	supra	supra	PROPN
cblr-1783	986	7	note	note	PROPN
cblr-1783	986	8	221	221	NUM
cblr-1783	986	9	,	,	PUNCT
cblr-1783	986	10	at	at	ADP
cblr-1783	986	11	1361	1361	NUM
cblr-1783	986	12	.	.	PUNCT
cblr-1783	987	1	225	225	NUM
cblr-1783	987	2	see	see	VERB
cblr-1783	987	3	7	7	NUM
cblr-1783	987	4	u.s.c	u.s.c	ADJ
cblr-1783	987	5	.	.	PUNCT
cblr-1783	988	1	§	§	PROPN
cblr-1783	988	2	7a-1(c)(2)(c	7a-1(c)(2)(c	NUM
cblr-1783	988	3	)	)	PUNCT
cblr-1783	988	4	(	(	PUNCT
cblr-1783	988	5	2012	2012	NUM
cblr-1783	988	6	)	)	PUNCT
cblr-1783	988	7	;	;	PUNCT
cblr-1783	988	8	cftc	cftc	PROPN
cblr-1783	988	9	,	,	PUNCT
cblr-1783	988	10	risk	risk	NOUN
cblr-1783	988	11	management	management	NOUN
cblr-1783	988	12	requirements	requirement	NOUN
cblr-1783	988	13	for	for	ADP
cblr-1783	988	14	dcos	dco	NOUN
cblr-1783	988	15	,	,	PUNCT
cblr-1783	988	16	supra	supra	PROPN
cblr-1783	988	17	note	note	PROPN
cblr-1783	988	18	119	119	NUM
cblr-1783	988	19	,	,	PUNCT
cblr-1783	988	20	at	at	ADP
cblr-1783	988	21	3700–01	3700–01	NUM
cblr-1783	988	22	.	.	PUNCT
cblr-1783	989	1	812	812	NUM
cblr-1783	989	2	columbia	columbia	PROPN
cblr-1783	989	3	business	business	PROPN
cblr-1783	989	4	law	law	PROPN
cblr-1783	989	5	review	review	NOUN
cblr-1783	990	1	[	[	X
cblr-1783	990	2	vol	vol	NOUN
cblr-1783	990	3	.	.	PUNCT
cblr-1783	990	4	2014	2014	NUM
cblr-1783	990	5	clearing.226	clearing.226	NOUN
cblr-1783	990	6	yet	yet	ADV
cblr-1783	990	7	neither	neither	CCONJ
cblr-1783	990	8	the	the	DET
cblr-1783	990	9	statutory	statutory	ADJ
cblr-1783	990	10	hook	hook	NOUN
cblr-1783	990	11	nor	nor	CCONJ
cblr-1783	990	12	the	the	DET
cblr-1783	990	13	private	private	ADJ
cblr-1783	990	14	action	action	NOUN
cblr-1783	990	15	has	have	AUX
cblr-1783	990	16	used	use	VERB
cblr-1783	990	17	the	the	DET
cblr-1783	990	18	term	term	NOUN
cblr-1783	990	19	essential	essential	ADJ
cblr-1783	990	20	facility	facility	NOUN
cblr-1783	990	21	.	.	PUNCT
cblr-1783	991	1	despite	despite	SCONJ
cblr-1783	991	2	the	the	DET
cblr-1783	991	3	controversy	controversy	NOUN
cblr-1783	991	4	surrounding	surround	VERB
cblr-1783	991	5	essential	essential	ADJ
cblr-1783	991	6	facilities	facility	NOUN
cblr-1783	991	7	in	in	ADP
cblr-1783	991	8	general	general	ADJ
cblr-1783	991	9	antitrust	antitrust	ADJ
cblr-1783	991	10	circles	circle	NOUN
cblr-1783	991	11	,	,	PUNCT
cblr-1783	991	12	this	this	DET
cblr-1783	991	13	framework	framework	NOUN
cblr-1783	991	14	can	can	AUX
cblr-1783	991	15	be	be	AUX
cblr-1783	991	16	useful	useful	ADJ
cblr-1783	991	17	in	in	ADP
cblr-1783	991	18	supplementing	supplement	VERB
cblr-1783	991	19	the	the	DET
cblr-1783	991	20	regulation	regulation	NOUN
cblr-1783	991	21	of	of	ADP
cblr-1783	991	22	clearinghouses	clearinghouse	NOUN
cblr-1783	991	23	by	by	ADP
cblr-1783	991	24	,	,	PUNCT
cblr-1783	991	25	among	among	ADP
cblr-1783	991	26	other	other	ADJ
cblr-1783	991	27	things	thing	NOUN
cblr-1783	991	28	,	,	PUNCT
cblr-1783	991	29	giving	give	VERB
cblr-1783	991	30	shape	shape	NOUN
cblr-1783	991	31	to	to	ADP
cblr-1783	991	32	the	the	DET
cblr-1783	991	33	open	open	ADJ
cblr-1783	991	34	-	-	PUNCT
cblr-1783	991	35	access	access	NOUN
cblr-1783	991	36	obligation	obligation	NOUN
cblr-1783	991	37	and	and	CCONJ
cblr-1783	991	38	clarifying	clarify	VERB
cblr-1783	991	39	when	when	SCONJ
cblr-1783	991	40	rivals	rival	NOUN
cblr-1783	991	41	of	of	ADP
cblr-1783	991	42	clearinghouse	clearinghouse	NOUN
cblr-1783	991	43	members	member	NOUN
cblr-1783	991	44	might	might	AUX
cblr-1783	991	45	be	be	AUX
cblr-1783	991	46	able	able	ADJ
cblr-1783	991	47	to	to	PART
cblr-1783	991	48	pursue	pursue	VERB
cblr-1783	991	49	a	a	DET
cblr-1783	991	50	private	private	ADJ
cblr-1783	991	51	right	right	NOUN
cblr-1783	991	52	of	of	ADP
cblr-1783	991	53	action	action	NOUN
cblr-1783	991	54	.	.	PUNCT
cblr-1783	992	1	central	central	ADJ
cblr-1783	992	2	to	to	ADP
cblr-1783	992	3	the	the	DET
cblr-1783	992	4	appropriateness	appropriateness	NOUN
cblr-1783	992	5	of	of	ADP
cblr-1783	992	6	borrowing	borrowing	NOUN
cblr-1783	992	7	from	from	ADP
cblr-1783	992	8	the	the	DET
cblr-1783	992	9	essential	essential	ADJ
cblr-1783	992	10	facilities	facility	NOUN
cblr-1783	992	11	doctrine	doctrine	NOUN
cblr-1783	992	12	,	,	PUNCT
cblr-1783	992	13	of	of	ADP
cblr-1783	992	14	course	course	NOUN
cblr-1783	992	15	,	,	PUNCT
cblr-1783	992	16	is	be	AUX
cblr-1783	992	17	whether	whether	SCONJ
cblr-1783	992	18	clearinghouses	clearinghouse	NOUN
cblr-1783	992	19	are	be	AUX
cblr-1783	992	20	even	even	ADV
cblr-1783	992	21	essential	essential	ADJ
cblr-1783	992	22	facilities	facility	NOUN
cblr-1783	992	23	.	.	PUNCT
cblr-1783	993	1	the	the	DET
cblr-1783	993	2	simple	simple	ADJ
cblr-1783	993	3	answer	answer	NOUN
cblr-1783	993	4	is	be	AUX
cblr-1783	993	5	yes	yes	INTJ
cblr-1783	993	6	—	—	PUNCT
cblr-1783	993	7	they	they	PRON
cblr-1783	993	8	are	be	AUX
cblr-1783	993	9	essential	essential	ADJ
cblr-1783	993	10	to	to	ADP
cblr-1783	993	11	trading	trade	VERB
cblr-1783	993	12	in	in	ADP
cblr-1783	993	13	securities	security	NOUN
cblr-1783	993	14	and	and	CCONJ
cblr-1783	993	15	derivatives	derivative	NOUN
cblr-1783	993	16	.	.	PUNCT
cblr-1783	994	1	gone	go	VERB
cblr-1783	994	2	are	be	AUX
cblr-1783	994	3	the	the	DET
cblr-1783	994	4	days	day	NOUN
cblr-1783	994	5	when	when	SCONJ
cblr-1783	994	6	clearinghouses	clearinghouse	NOUN
cblr-1783	994	7	were	be	AUX
cblr-1783	994	8	tied	tie	VERB
cblr-1783	994	9	only	only	ADV
cblr-1783	994	10	to	to	ADP
cblr-1783	994	11	exchange	exchange	NOUN
cblr-1783	994	12	-	-	PUNCT
cblr-1783	994	13	traded	trade	VERB
cblr-1783	994	14	products	product	NOUN
cblr-1783	994	15	;	;	PUNCT
cblr-1783	994	16	with	with	ADP
cblr-1783	994	17	dodd	dodd	PROPN
cblr-1783	994	18	-	-	PUNCT
cblr-1783	994	19	frank	frank	PROPN
cblr-1783	994	20	’s	’s	PART
cblr-1783	994	21	universal	universal	ADJ
cblr-1783	994	22	clearing	clearing	NOUN
cblr-1783	994	23	requirement	requirement	NOUN
cblr-1783	994	24	,	,	PUNCT
cblr-1783	994	25	clearinghouses	clearinghouse	NOUN
cblr-1783	994	26	have	have	AUX
cblr-1783	994	27	become	become	VERB
cblr-1783	994	28	integral	integral	ADJ
cblr-1783	994	29	to	to	ADP
cblr-1783	994	30	the	the	DET
cblr-1783	994	31	otc	otc	PROPN
cblr-1783	994	32	derivatives	derivative	NOUN
cblr-1783	994	33	market	market	NOUN
cblr-1783	994	34	as	as	ADV
cblr-1783	994	35	well	well	ADV
cblr-1783	994	36	.	.	PUNCT
cblr-1783	995	1	other	other	ADJ
cblr-1783	995	2	than	than	ADP
cblr-1783	995	3	a	a	DET
cblr-1783	995	4	few	few	ADJ
cblr-1783	995	5	technical	technical	ADJ
cblr-1783	995	6	exceptions	exception	NOUN
cblr-1783	995	7	,	,	PUNCT
cblr-1783	995	8	no	no	DET
cblr-1783	995	9	securities	security	NOUN
cblr-1783	995	10	or	or	CCONJ
cblr-1783	995	11	derivatives	derivative	NOUN
cblr-1783	995	12	trade	trade	NOUN
cblr-1783	995	13	can	can	AUX
cblr-1783	995	14	be	be	AUX
cblr-1783	995	15	completed	complete	VERB
cblr-1783	995	16	without	without	ADP
cblr-1783	995	17	involving	involve	VERB
cblr-1783	995	18	a	a	DET
cblr-1783	995	19	clearinghouse.227	clearinghouse.227	PROPN
cblr-1783	995	20	the	the	PRON
cblr-1783	995	21	more	more	ADV
cblr-1783	995	22	interesting	interesting	ADJ
cblr-1783	995	23	takes	take	VERB
cblr-1783	995	24	on	on	ADP
cblr-1783	995	25	clearinghouse	clearinghouse	NOUN
cblr-1783	995	26	essentiality	essentiality	NOUN
cblr-1783	995	27	come	come	VERB
cblr-1783	995	28	by	by	ADP
cblr-1783	995	29	way	way	NOUN
cblr-1783	995	30	of	of	ADP
cblr-1783	995	31	analogy	analogy	NOUN
cblr-1783	995	32	.	.	PUNCT
cblr-1783	996	1	clearinghouses	clearinghouse	NOUN
cblr-1783	996	2	are	be	AUX
cblr-1783	996	3	commonly	commonly	ADV
cblr-1783	996	4	referred	refer	VERB
cblr-1783	996	5	to	to	ADP
cblr-1783	996	6	as	as	ADP
cblr-1783	996	7	the	the	DET
cblr-1783	996	8	“	"	PUNCT
cblr-1783	996	9	plumbing	plumbing	NOUN
cblr-1783	996	10	”	"	PUNCT
cblr-1783	996	11	of	of	ADP
cblr-1783	996	12	the	the	DET
cblr-1783	996	13	financial	financial	ADJ
cblr-1783	996	14	architecture.228	architecture.228	VERB
cblr-1783	996	15	where	where	SCONJ
cblr-1783	996	16	they	they	PRON
cblr-1783	996	17	are	be	AUX
cblr-1783	996	18	required	require	VERB
cblr-1783	996	19	,	,	PUNCT
cblr-1783	996	20	they	they	PRON
cblr-1783	996	21	play	play	VERB
cblr-1783	996	22	a	a	DET
cblr-1783	996	23	fundamental	fundamental	ADJ
cblr-1783	996	24	part	part	NOUN
cblr-1783	996	25	in	in	ADP
cblr-1783	996	26	ensuring	ensure	VERB
cblr-1783	996	27	the	the	DET
cblr-1783	996	28	execution	execution	NOUN
cblr-1783	996	29	of	of	ADP
cblr-1783	996	30	trades	trade	NOUN
cblr-1783	996	31	.	.	PUNCT
cblr-1783	997	1	it	it	PRON
cblr-1783	997	2	might	might	AUX
cblr-1783	997	3	be	be	AUX
cblr-1783	997	4	mere	mere	ADJ
cblr-1783	997	5	coincidence	coincidence	NOUN
cblr-1783	997	6	that	that	SCONJ
cblr-1783	997	7	the	the	DET
cblr-1783	997	8	clearing	clearing	NOUN
cblr-1783	997	9	and	and	CCONJ
cblr-1783	997	10	settlement	settlement	NOUN
cblr-1783	997	11	function	function	NOUN
cblr-1783	997	12	is	be	AUX
cblr-1783	997	13	likened	liken	VERB
cblr-1783	997	14	to	to	ADP
cblr-1783	997	15	plumbing	plumbing	NOUN
cblr-1783	997	16	,	,	PUNCT
cblr-1783	997	17	just	just	ADV
cblr-1783	997	18	as	as	SCONJ
cblr-1783	997	19	it	it	PRON
cblr-1783	997	20	is	be	AUX
cblr-1783	997	21	that	that	SCONJ
cblr-1783	997	22	title	title	NOUN
cblr-1783	997	23	viii	viii	NOUN
cblr-1783	997	24	of	of	ADP
cblr-1783	997	25	doddfrank	doddfrank	NOUN
cblr-1783	997	26	coined	coin	VERB
cblr-1783	997	27	the	the	DET
cblr-1783	997	28	term	term	NOUN
cblr-1783	997	29	“	"	PUNCT
cblr-1783	997	30	utility	utility	NOUN
cblr-1783	997	31	”	"	PUNCT
cblr-1783	997	32	to	to	PART
cblr-1783	997	33	describe	describe	VERB
cblr-1783	997	34	certain	certain	ADJ
cblr-1783	997	35	tradeprocessing	tradeprocesse	VERB
cblr-1783	997	36	entities	entity	NOUN
cblr-1783	997	37	such	such	ADJ
cblr-1783	997	38	as	as	ADP
cblr-1783	997	39	clearinghouses.229	clearinghouses.229	NOUN
cblr-1783	997	40	however	however	ADV
cblr-1783	997	41	,	,	PUNCT
cblr-1783	997	42	in	in	ADP
cblr-1783	997	43	these	these	DET
cblr-1783	997	44	coincidences	coincidence	NOUN
cblr-1783	997	45	there	there	PRON
cblr-1783	997	46	is	be	VERB
cblr-1783	997	47	metaphor	metaphor	NOUN
cblr-1783	997	48	.	.	PUNCT
cblr-1783	998	1	just	just	ADV
cblr-1783	998	2	as	as	SCONJ
cblr-1783	998	3	plumbing	plumbing	NOUN
cblr-1783	998	4	is	be	AUX
cblr-1783	998	5	a	a	DET
cblr-1783	998	6	226	226	NUM
cblr-1783	998	7	see	see	NOUN
cblr-1783	998	8	complaint	complaint	NOUN
cblr-1783	998	9	,	,	PUNCT
cblr-1783	998	10	mf	mf	VERB
cblr-1783	998	11	global	global	ADJ
cblr-1783	998	12	capital	capital	PROPN
cblr-1783	998	13	llc	llc	PROPN
cblr-1783	998	14	v.	v.	ADP
cblr-1783	998	15	bank	bank	PROPN
cblr-1783	998	16	of	of	ADP
cblr-1783	998	17	america	america	PROPN
cblr-1783	998	18	corp	corp	PROPN
cblr-1783	998	19	.	.	PROPN
cblr-1783	998	20	,	,	PUNCT
cblr-1783	998	21	no	no	INTJ
cblr-1783	998	22	.	.	PUNCT
cblr-1783	999	1	1:13	1:13	NUM
cblr-1783	999	2	-	-	PUNCT
cblr-1783	999	3	cv-5417	cv-5417	NOUN
cblr-1783	999	4	,	,	PUNCT
cblr-1783	999	5	2013	2013	NUM
cblr-1783	999	6	wl	wl	NOUN
cblr-1783	999	7	7210066	7210066	NUM
cblr-1783	999	8	(	(	PUNCT
cblr-1783	999	9	n.d	n.d	PROPN
cblr-1783	999	10	.	.	PROPN
cblr-1783	999	11	ill	ill	PROPN
cblr-1783	999	12	.	.	PUNCT
cblr-1783	1000	1	july	july	PROPN
cblr-1783	1000	2	29	29	NUM
cblr-1783	1000	3	,	,	PUNCT
cblr-1783	1000	4	2013	2013	NUM
cblr-1783	1000	5	)	)	PUNCT
cblr-1783	1000	6	.	.	PUNCT
cblr-1783	1001	1	227	227	NUM
cblr-1783	1001	2	dodd	dodd	PROPN
cblr-1783	1001	3	-	-	PUNCT
cblr-1783	1001	4	frank	frank	PROPN
cblr-1783	1001	5	includes	include	VERB
cblr-1783	1001	6	exceptions	exception	NOUN
cblr-1783	1001	7	for	for	ADP
cblr-1783	1001	8	some	some	DET
cblr-1783	1001	9	end	end	NOUN
cblr-1783	1001	10	-	-	PUNCT
cblr-1783	1001	11	users	user	NOUN
cblr-1783	1001	12	as	as	ADV
cblr-1783	1001	13	well	well	ADV
cblr-1783	1001	14	as	as	ADP
cblr-1783	1001	15	for	for	ADP
cblr-1783	1001	16	hedging	hedging	NOUN
cblr-1783	1001	17	purposes	purpose	NOUN
cblr-1783	1001	18	.	.	PUNCT
cblr-1783	1002	1	of	of	ADP
cblr-1783	1002	2	course	course	NOUN
cblr-1783	1002	3	,	,	PUNCT
cblr-1783	1002	4	critics	critic	NOUN
cblr-1783	1002	5	have	have	AUX
cblr-1783	1002	6	charged	charge	VERB
cblr-1783	1002	7	that	that	SCONJ
cblr-1783	1002	8	these	these	DET
cblr-1783	1002	9	exceptions	exception	NOUN
cblr-1783	1002	10	are	be	AUX
cblr-1783	1002	11	large	large	ADJ
cblr-1783	1002	12	enough	enough	ADV
cblr-1783	1002	13	to	to	PART
cblr-1783	1002	14	frustrate	frustrate	VERB
cblr-1783	1002	15	the	the	DET
cblr-1783	1002	16	spirit	spirit	NOUN
cblr-1783	1002	17	behind	behind	ADP
cblr-1783	1002	18	the	the	DET
cblr-1783	1002	19	law	law	NOUN
cblr-1783	1002	20	.	.	PUNCT
cblr-1783	1003	1	see	see	VERB
cblr-1783	1003	2	william	william	PROPN
cblr-1783	1003	3	f.	f.	PROPN
cblr-1783	1003	4	kroener	kroener	PROPN
cblr-1783	1003	5	iii	iii	PROPN
cblr-1783	1003	6	,	,	PUNCT
cblr-1783	1003	7	derivatives	derivative	NOUN
cblr-1783	1003	8	reforms	reform	NOUN
cblr-1783	1003	9	,	,	PUNCT
cblr-1783	1003	10	in	in	ADP
cblr-1783	1003	11	dodd	dodd	PROPN
cblr-1783	1003	12	-	-	PUNCT
cblr-1783	1003	13	frank	frank	ADJ
cblr-1783	1003	14	financial	financial	ADJ
cblr-1783	1003	15	reform	reform	NOUN
cblr-1783	1003	16	and	and	CCONJ
cblr-1783	1003	17	its	its	PRON
cblr-1783	1003	18	impact	impact	NOUN
cblr-1783	1003	19	on	on	ADP
cblr-1783	1003	20	the	the	DET
cblr-1783	1003	21	banking	banking	NOUN
cblr-1783	1003	22	industry	industry	NOUN
cblr-1783	1003	23	247	247	NUM
cblr-1783	1003	24	(	(	PUNCT
cblr-1783	1003	25	ali	ali	PROPN
cblr-1783	1003	26	-	-	PUNCT
cblr-1783	1003	27	aba	aba	PROPN
cblr-1783	1003	28	,	,	PUNCT
cblr-1783	1003	29	ed	ed	NOUN
cblr-1783	1003	30	.	.	PROPN
cblr-1783	1003	31	,	,	PUNCT
cblr-1783	1003	32	2010	2010	NUM
cblr-1783	1003	33	)	)	PUNCT
cblr-1783	1003	34	.	.	PUNCT
cblr-1783	1004	1	228	228	NUM
cblr-1783	1004	2	ben	ben	PROPN
cblr-1783	1004	3	s.	s.	PROPN
cblr-1783	1004	4	bernanke	bernanke	PROPN
cblr-1783	1004	5	,	,	PUNCT
cblr-1783	1004	6	chairman	chairman	NOUN
cblr-1783	1004	7	,	,	PUNCT
cblr-1783	1004	8	bd	bd	PROPN
cblr-1783	1004	9	.	.	PROPN
cblr-1783	1004	10	of	of	ADP
cblr-1783	1004	11	governors	governor	NOUN
cblr-1783	1004	12	of	of	ADP
cblr-1783	1004	13	the	the	DET
cblr-1783	1004	14	fed	fed	PROPN
cblr-1783	1004	15	.	.	PUNCT
cblr-1783	1005	1	reserve	reserve	PROPN
cblr-1783	1005	2	sys	sys	PROPN
cblr-1783	1005	3	.	.	PROPN
cblr-1783	1005	4	,	,	PUNCT
cblr-1783	1005	5	remarks	remark	VERB
cblr-1783	1005	6	at	at	ADP
cblr-1783	1005	7	the	the	DET
cblr-1783	1005	8	2011	2011	NUM
cblr-1783	1005	9	financial	financial	ADJ
cblr-1783	1005	10	markets	market	NOUN
cblr-1783	1005	11	conference	conference	NOUN
cblr-1783	1005	12	:	:	PUNCT
cblr-1783	1005	13	clearinghouses	clearinghouse	NOUN
cblr-1783	1005	14	,	,	PUNCT
cblr-1783	1005	15	financial	financial	ADJ
cblr-1783	1005	16	stability	stability	NOUN
cblr-1783	1005	17	,	,	PUNCT
cblr-1783	1005	18	and	and	CCONJ
cblr-1783	1005	19	financial	financial	ADJ
cblr-1783	1005	20	reform	reform	NOUN
cblr-1783	1005	21	(	(	PUNCT
cblr-1783	1005	22	apr	apr	NOUN
cblr-1783	1005	23	.	.	PROPN
cblr-1783	1005	24	4	4	NUM
cblr-1783	1005	25	,	,	PUNCT
cblr-1783	1005	26	2011	2011	NUM
cblr-1783	1005	27	)	)	PUNCT
cblr-1783	1005	28	,	,	PUNCT
cblr-1783	1005	29	available	available	ADJ
cblr-1783	1005	30	at	at	ADP
cblr-1783	1005	31	http://perma.cc/n6tw-lupc	http://perma.cc/n6tw-lupc	PROPN
cblr-1783	1005	32	.	.	PUNCT
cblr-1783	1006	1	229	229	NUM
cblr-1783	1006	2	see	see	VERB
cblr-1783	1006	3	12	12	NUM
cblr-1783	1006	4	u.s.c	u.s.c	ADJ
cblr-1783	1006	5	.	.	PUNCT
cblr-1783	1007	1	§	§	PROPN
cblr-1783	1007	2	5462	5462	NUM
cblr-1783	1007	3	(	(	PUNCT
cblr-1783	1007	4	2012	2012	NUM
cblr-1783	1007	5	)	)	PUNCT
cblr-1783	1007	6	.	.	PUNCT
cblr-1783	1008	1	no	no	INTJ
cblr-1783	1008	2	.	.	PUNCT
cblr-1783	1009	1	3:747	3:747	NUM
cblr-1783	1009	2	]	]	X
cblr-1783	1009	3	systemic	systemic	ADJ
cblr-1783	1009	4	risk	risk	NOUN
cblr-1783	1009	5	paradox	paradox	NOUN
cblr-1783	1009	6	813	813	NUM
cblr-1783	1009	7	function	function	NOUN
cblr-1783	1009	8	essential	essential	ADJ
cblr-1783	1009	9	to	to	ADP
cblr-1783	1009	10	property	property	NOUN
cblr-1783	1009	11	ownership	ownership	NOUN
cblr-1783	1009	12	that	that	PRON
cblr-1783	1009	13	works	work	VERB
cblr-1783	1009	14	better	well	ADV
cblr-1783	1009	15	when	when	SCONJ
cblr-1783	1009	16	overseen	oversee	VERB
cblr-1783	1009	17	by	by	ADP
cblr-1783	1009	18	a	a	DET
cblr-1783	1009	19	public	public	ADJ
cblr-1783	1009	20	entity	entity	NOUN
cblr-1783	1009	21	(	(	PUNCT
cblr-1783	1009	22	e.g.	e.g.	ADV
cblr-1783	1009	23	,	,	PUNCT
cblr-1783	1009	24	hooked	hook	VERB
cblr-1783	1009	25	up	up	ADP
cblr-1783	1009	26	to	to	ADP
cblr-1783	1009	27	a	a	DET
cblr-1783	1009	28	city	city	NOUN
cblr-1783	1009	29	sewer	sewer	NOUN
cblr-1783	1009	30	line	line	NOUN
cblr-1783	1009	31	)	)	PUNCT
cblr-1783	1009	32	,	,	PUNCT
cblr-1783	1009	33	clearing	clearing	NOUN
cblr-1783	1009	34	is	be	AUX
cblr-1783	1009	35	an	an	DET
cblr-1783	1009	36	essential	essential	ADJ
cblr-1783	1009	37	part	part	NOUN
cblr-1783	1009	38	of	of	ADP
cblr-1783	1009	39	trading	trading	NOUN
cblr-1783	1009	40	that	that	PRON
cblr-1783	1009	41	works	work	VERB
cblr-1783	1009	42	better	well	ADV
cblr-1783	1009	43	if	if	SCONJ
cblr-1783	1009	44	more	more	ADJ
cblr-1783	1009	45	types	type	NOUN
cblr-1783	1009	46	of	of	ADP
cblr-1783	1009	47	trades	trade	NOUN
cblr-1783	1009	48	are	be	AUX
cblr-1783	1009	49	routed	route	VERB
cblr-1783	1009	50	through	through	ADP
cblr-1783	1009	51	one	one	NUM
cblr-1783	1009	52	clearinghouse	clearinghouse	NOUN
cblr-1783	1009	53	.	.	PUNCT
cblr-1783	1010	1	the	the	DET
cblr-1783	1010	2	most	most	ADV
cblr-1783	1010	3	apt	apt	ADJ
cblr-1783	1010	4	description	description	NOUN
cblr-1783	1010	5	of	of	ADP
cblr-1783	1010	6	a	a	DET
cblr-1783	1010	7	clearinghouse	clearinghouse	NOUN
cblr-1783	1010	8	,	,	PUNCT
cblr-1783	1010	9	then	then	ADV
cblr-1783	1010	10	,	,	PUNCT
cblr-1783	1010	11	is	be	AUX
cblr-1783	1010	12	a	a	DET
cblr-1783	1010	13	behind	behind	ADP
cblr-1783	1010	14	-	-	PUNCT
cblr-1783	1010	15	the	the	DET
cblr-1783	1010	16	-	-	PUNCT
cblr-1783	1010	17	scenes	scene	NOUN
cblr-1783	1010	18	infrastructure	infrastructure	NOUN
cblr-1783	1010	19	that	that	PRON
cblr-1783	1010	20	supports	support	VERB
cblr-1783	1010	21	trading	trading	NOUN
cblr-1783	1010	22	.	.	PUNCT
cblr-1783	1011	1	infrastructures	infrastructure	NOUN
cblr-1783	1011	2	are	be	AUX
cblr-1783	1011	3	well	well	ADV
cblr-1783	1011	4	suited	suited	ADJ
cblr-1783	1011	5	for	for	ADP
cblr-1783	1011	6	essential	essential	ADJ
cblr-1783	1011	7	facilities	facility	NOUN
cblr-1783	1011	8	treatment.230	treatment.230	VERB
cblr-1783	1011	9	their	their	PRON
cblr-1783	1011	10	primary	primary	ADJ
cblr-1783	1011	11	value	value	NOUN
cblr-1783	1011	12	derives	derive	VERB
cblr-1783	1011	13	not	not	PART
cblr-1783	1011	14	from	from	ADP
cblr-1783	1011	15	the	the	DET
cblr-1783	1011	16	immediate	immediate	ADJ
cblr-1783	1011	17	benefits	benefit	NOUN
cblr-1783	1011	18	of	of	ADP
cblr-1783	1011	19	consumption	consumption	NOUN
cblr-1783	1011	20	but	but	CCONJ
cblr-1783	1011	21	from	from	ADP
cblr-1783	1011	22	the	the	DET
cblr-1783	1011	23	productive	productive	ADJ
cblr-1783	1011	24	downstream	downstream	ADJ
cblr-1783	1011	25	use	use	NOUN
cblr-1783	1011	26	of	of	ADP
cblr-1783	1011	27	the	the	DET
cblr-1783	1011	28	infrastructure.231	infrastructure.231	PROPN
cblr-1783	1011	29	as	as	SCONJ
cblr-1783	1011	30	applied	apply	VERB
cblr-1783	1011	31	to	to	ADP
cblr-1783	1011	32	clearinghouses	clearinghouse	NOUN
cblr-1783	1011	33	,	,	PUNCT
cblr-1783	1011	34	the	the	DET
cblr-1783	1011	35	argument	argument	NOUN
cblr-1783	1011	36	is	be	AUX
cblr-1783	1011	37	that	that	SCONJ
cblr-1783	1011	38	collectively	collectively	ADV
cblr-1783	1011	39	,	,	PUNCT
cblr-1783	1011	40	the	the	DET
cblr-1783	1011	41	clearing	clearing	NOUN
cblr-1783	1011	42	infrastructure	infrastructure	NOUN
cblr-1783	1011	43	generates	generate	VERB
cblr-1783	1011	44	value	value	NOUN
cblr-1783	1011	45	for	for	ADP
cblr-1783	1011	46	the	the	DET
cblr-1783	1011	47	financial	financial	ADJ
cblr-1783	1011	48	markets	market	NOUN
cblr-1783	1011	49	by	by	ADP
cblr-1783	1011	50	injecting	inject	VERB
cblr-1783	1011	51	stability	stability	NOUN
cblr-1783	1011	52	into	into	ADP
cblr-1783	1011	53	the	the	DET
cblr-1783	1011	54	trading	trading	NOUN
cblr-1783	1011	55	of	of	ADP
cblr-1783	1011	56	oftenvolatile	oftenvolatile	ADJ
cblr-1783	1011	57	products	product	NOUN
cblr-1783	1011	58	.	.	PUNCT
cblr-1783	1012	1	clearinghouses	clearinghouse	NOUN
cblr-1783	1012	2	buffer	buffer	VERB
cblr-1783	1012	3	one	one	NUM
cblr-1783	1012	4	set	set	NOUN
cblr-1783	1012	5	of	of	ADP
cblr-1783	1012	6	counterparties	counterpartie	NOUN
cblr-1783	1012	7	from	from	ADP
cblr-1783	1012	8	default	default	NOUN
cblr-1783	1012	9	by	by	ADP
cblr-1783	1012	10	the	the	DET
cblr-1783	1012	11	other	other	ADJ
cblr-1783	1012	12	set	set	NOUN
cblr-1783	1012	13	,	,	PUNCT
cblr-1783	1012	14	and	and	CCONJ
cblr-1783	1012	15	clearinghouses	clearinghouse	NOUN
cblr-1783	1012	16	also	also	ADV
cblr-1783	1012	17	enable	enable	VERB
cblr-1783	1012	18	end	end	VERB
cblr-1783	1012	19	users	user	NOUN
cblr-1783	1012	20	to	to	PART
cblr-1783	1012	21	hedge	hedge	VERB
cblr-1783	1012	22	against	against	ADP
cblr-1783	1012	23	risk	risk	NOUN
cblr-1783	1012	24	.	.	PUNCT
cblr-1783	1013	1	these	these	PRON
cblr-1783	1013	2	are	be	AUX
cblr-1783	1013	3	unquantifiable	unquantifiable	ADJ
cblr-1783	1013	4	benefits	benefit	NOUN
cblr-1783	1013	5	best	well	ADV
cblr-1783	1013	6	protected	protect	VERB
cblr-1783	1013	7	by	by	ADP
cblr-1783	1013	8	open	open	ADJ
cblr-1783	1013	9	,	,	PUNCT
cblr-1783	1013	10	nondiscriminatory	nondiscriminatory	ADJ
cblr-1783	1013	11	access	access	NOUN
cblr-1783	1013	12	.	.	PUNCT
cblr-1783	1014	1	if	if	SCONJ
cblr-1783	1014	2	clearinghouses	clearinghouse	NOUN
cblr-1783	1014	3	are	be	AUX
cblr-1783	1014	4	an	an	DET
cblr-1783	1014	5	essential	essential	ADJ
cblr-1783	1014	6	facility	facility	NOUN
cblr-1783	1014	7	for	for	ADP
cblr-1783	1014	8	trading	trading	NOUN
cblr-1783	1014	9	,	,	PUNCT
cblr-1783	1014	10	then	then	ADV
cblr-1783	1014	11	what	what	PRON
cblr-1783	1014	12	might	might	AUX
cblr-1783	1014	13	denial	denial	NOUN
cblr-1783	1014	14	of	of	ADP
cblr-1783	1014	15	use	use	NOUN
cblr-1783	1014	16	of	of	ADP
cblr-1783	1014	17	clearinghouses	clearinghouse	NOUN
cblr-1783	1014	18	look	look	VERB
cblr-1783	1014	19	like	like	ADP
cblr-1783	1014	20	?	?	PUNCT
cblr-1783	1015	1	a	a	DET
cblr-1783	1015	2	clearinghouse	clearinghouse	NOUN
cblr-1783	1015	3	is	be	AUX
cblr-1783	1015	4	comprised	comprise	VERB
cblr-1783	1015	5	of	of	ADP
cblr-1783	1015	6	members	member	NOUN
cblr-1783	1015	7	who	who	PRON
cblr-1783	1015	8	must	must	AUX
cblr-1783	1015	9	meet	meet	VERB
cblr-1783	1015	10	capitalization	capitalization	NOUN
cblr-1783	1015	11	and	and	CCONJ
cblr-1783	1015	12	other	other	ADJ
cblr-1783	1015	13	requirements	requirement	NOUN
cblr-1783	1015	14	and	and	CCONJ
cblr-1783	1015	15	pay	pay	VERB
cblr-1783	1015	16	into	into	ADP
cblr-1783	1015	17	a	a	DET
cblr-1783	1015	18	guaranty	guaranty	NOUN
cblr-1783	1015	19	fund	fund	NOUN
cblr-1783	1015	20	in	in	ADP
cblr-1783	1015	21	order	order	NOUN
cblr-1783	1015	22	to	to	PART
cblr-1783	1015	23	clear	clear	ADJ
cblr-1783	1015	24	trades	trade	NOUN
cblr-1783	1015	25	.	.	PUNCT
cblr-1783	1016	1	the	the	DET
cblr-1783	1016	2	most	most	ADV
cblr-1783	1016	3	powerful	powerful	ADJ
cblr-1783	1016	4	clearinghouse	clearinghouse	NOUN
cblr-1783	1016	5	members	member	NOUN
cblr-1783	1016	6	are	be	AUX
cblr-1783	1016	7	large	large	ADJ
cblr-1783	1016	8	banks	bank	NOUN
cblr-1783	1016	9	,	,	PUNCT
cblr-1783	1016	10	which	which	PRON
cblr-1783	1016	11	tend	tend	VERB
cblr-1783	1016	12	to	to	PART
cblr-1783	1016	13	be	be	AUX
cblr-1783	1016	14	the	the	DET
cblr-1783	1016	15	dominant	dominant	ADJ
cblr-1783	1016	16	market	market	NOUN
cblr-1783	1016	17	makers	maker	NOUN
cblr-1783	1016	18	in	in	ADP
cblr-1783	1016	19	otc	otc	PROPN
cblr-1783	1016	20	derivatives.232	derivatives.232	PROPN
cblr-1783	1016	21	nonmembers	nonmember	NOUN
cblr-1783	1016	22	can	can	AUX
cblr-1783	1016	23	only	only	ADV
cblr-1783	1016	24	clear	clear	VERB
cblr-1783	1016	25	trades	trade	NOUN
cblr-1783	1016	26	by	by	ADP
cblr-1783	1016	27	going	go	VERB
cblr-1783	1016	28	through	through	ADP
cblr-1783	1016	29	a	a	DET
cblr-1783	1016	30	member	member	NOUN
cblr-1783	1016	31	.	.	PUNCT
cblr-1783	1017	1	within	within	ADP
cblr-1783	1017	2	this	this	DET
cblr-1783	1017	3	framework	framework	NOUN
cblr-1783	1017	4	,	,	PUNCT
cblr-1783	1017	5	denial	denial	NOUN
cblr-1783	1017	6	of	of	ADP
cblr-1783	1017	7	use	use	NOUN
cblr-1783	1017	8	might	might	AUX
cblr-1783	1017	9	occur	occur	VERB
cblr-1783	1017	10	if	if	SCONJ
cblr-1783	1017	11	incumbent	incumbent	ADJ
cblr-1783	1017	12	members	member	NOUN
cblr-1783	1017	13	set	set	VERB
cblr-1783	1017	14	membership	membership	NOUN
cblr-1783	1017	15	requirements	requirement	NOUN
cblr-1783	1017	16	so	so	ADV
cblr-1783	1017	17	high	high	ADJ
cblr-1783	1017	18	as	as	SCONJ
cblr-1783	1017	19	to	to	PART
cblr-1783	1017	20	bar	bar	VERB
cblr-1783	1017	21	smaller	small	ADJ
cblr-1783	1017	22	institutions	institution	NOUN
cblr-1783	1017	23	from	from	ADP
cblr-1783	1017	24	being	be	AUX
cblr-1783	1017	25	able	able	ADJ
cblr-1783	1017	26	to	to	PART
cblr-1783	1017	27	join	join	VERB
cblr-1783	1017	28	.	.	PUNCT
cblr-1783	1018	1	in	in	ADP
cblr-1783	1018	2	our	our	PRON
cblr-1783	1018	3	hypothetical	hypothetical	NOUN
cblr-1783	1018	4	of	of	ADP
cblr-1783	1018	5	the	the	DET
cblr-1783	1018	6	mid	mid	ADJ
cblr-1783	1018	7	-	-	NOUN
cblr-1783	1018	8	size	size	NOUN
cblr-1783	1018	9	midwestern	midwestern	ADJ
cblr-1783	1018	10	bank	bank	NOUN
cblr-1783	1018	11	and	and	CCONJ
cblr-1783	1018	12	the	the	DET
cblr-1783	1018	13	goliath	goliath	PROPN
cblr-1783	1018	14	new	new	PROPN
cblr-1783	1018	15	york	york	PROPN
cblr-1783	1018	16	bank	bank	PROPN
cblr-1783	1018	17	,	,	PUNCT
cblr-1783	1018	18	assume	assume	VERB
cblr-1783	1018	19	that	that	SCONJ
cblr-1783	1018	20	both	both	DET
cblr-1783	1018	21	banks	bank	NOUN
cblr-1783	1018	22	sell	sell	VERB
cblr-1783	1018	23	derivatives	derivative	NOUN
cblr-1783	1018	24	but	but	CCONJ
cblr-1783	1018	25	only	only	ADV
cblr-1783	1018	26	the	the	DET
cblr-1783	1018	27	big	big	ADJ
cblr-1783	1018	28	bank	bank	NOUN
cblr-1783	1018	29	belongs	belong	VERB
cblr-1783	1018	30	to	to	ADP
cblr-1783	1018	31	a	a	DET
cblr-1783	1018	32	clearinghouse	clearinghouse	NOUN
cblr-1783	1018	33	.	.	PUNCT
cblr-1783	1019	1	then	then	ADV
cblr-1783	1019	2	,	,	PUNCT
cblr-1783	1019	3	with	with	ADP
cblr-1783	1019	4	all	all	DET
cblr-1783	1019	5	else	else	ADV
cblr-1783	1019	6	being	be	AUX
cblr-1783	1019	7	equal	equal	ADJ
cblr-1783	1019	8	,	,	PUNCT
cblr-1783	1019	9	the	the	DET
cblr-1783	1019	10	regional	regional	ADJ
cblr-1783	1019	11	bank	bank	NOUN
cblr-1783	1019	12	would	would	AUX
cblr-1783	1019	13	230	230	NUM
cblr-1783	1019	14	see	see	VERB
cblr-1783	1019	15	frischmann	frischmann	NOUN
cblr-1783	1019	16	&	&	CCONJ
cblr-1783	1019	17	waller	waller	PROPN
cblr-1783	1019	18	,	,	PUNCT
cblr-1783	1019	19	supra	supra	PROPN
cblr-1783	1019	20	note	note	PROPN
cblr-1783	1019	21	222	222	NUM
cblr-1783	1019	22	,	,	PUNCT
cblr-1783	1019	23	at	at	ADP
cblr-1783	1019	24	11–18	11–18	NUM
cblr-1783	1019	25	.	.	NOUN
cblr-1783	1019	26	231	231	NUM
cblr-1783	1020	1	i	i	PRON
cblr-1783	1020	2	d.	d.	PROPN
cblr-1783	1020	3	at	at	ADP
cblr-1783	1020	4	14	14	NUM
cblr-1783	1020	5	.	.	PUNCT
cblr-1783	1021	1	232	232	NUM
cblr-1783	1021	2	griffith	griffith	PROPN
cblr-1783	1021	3	,	,	PUNCT
cblr-1783	1021	4	supra	supra	PROPN
cblr-1783	1021	5	note	note	NOUN
cblr-1783	1021	6	12	12	NUM
cblr-1783	1021	7	,	,	PUNCT
cblr-1783	1021	8	at	at	ADP
cblr-1783	1021	9	1190–1204	1190–1204	NUM
cblr-1783	1021	10	;	;	PUNCT
cblr-1783	1021	11	yadav	yadav	PROPN
cblr-1783	1021	12	,	,	PUNCT
cblr-1783	1021	13	supra	supra	PROPN
cblr-1783	1021	14	note	note	PROPN
cblr-1783	1021	15	12	12	NUM
cblr-1783	1021	16	,	,	PUNCT
cblr-1783	1021	17	at	at	ADP
cblr-1783	1021	18	425	425	NUM
cblr-1783	1021	19	.	.	NOUN
cblr-1783	1021	20	814	814	NUM
cblr-1783	1021	21	columbia	columbia	PROPN
cblr-1783	1021	22	business	business	NOUN
cblr-1783	1021	23	law	law	PROPN
cblr-1783	1021	24	review	review	NOUN
cblr-1783	1022	1	[	[	X
cblr-1783	1022	2	vol	vol	NOUN
cblr-1783	1022	3	.	.	PUNCT
cblr-1783	1022	4	2014	2014	NUM
cblr-1783	1022	5	have	have	VERB
cblr-1783	1022	6	a	a	DET
cblr-1783	1022	7	higher	high	ADJ
cblr-1783	1022	8	markup	markup	NOUN
cblr-1783	1022	9	on	on	ADP
cblr-1783	1022	10	its	its	PRON
cblr-1783	1022	11	products	product	NOUN
cblr-1783	1022	12	because	because	SCONJ
cblr-1783	1022	13	it	it	PRON
cblr-1783	1022	14	would	would	AUX
cblr-1783	1022	15	have	have	VERB
cblr-1783	1022	16	to	to	PART
cblr-1783	1022	17	pay	pay	VERB
cblr-1783	1022	18	a	a	DET
cblr-1783	1022	19	clearinghouse	clearinghouse	NOUN
cblr-1783	1022	20	member	member	NOUN
cblr-1783	1022	21	in	in	ADP
cblr-1783	1022	22	order	order	NOUN
cblr-1783	1022	23	to	to	PART
cblr-1783	1022	24	clear	clear	ADJ
cblr-1783	1022	25	trades	trade	NOUN
cblr-1783	1022	26	.	.	PUNCT
cblr-1783	1023	1	lack	lack	NOUN
cblr-1783	1023	2	of	of	ADP
cblr-1783	1023	3	access	access	NOUN
cblr-1783	1023	4	to	to	ADP
cblr-1783	1023	5	clearing	clearing	NOUN
cblr-1783	1023	6	and	and	CCONJ
cblr-1783	1023	7	settlement	settlement	NOUN
cblr-1783	1023	8	threatens	threaten	VERB
cblr-1783	1023	9	the	the	DET
cblr-1783	1023	10	viability	viability	NOUN
cblr-1783	1023	11	of	of	ADP
cblr-1783	1023	12	smaller	small	ADJ
cblr-1783	1023	13	sellers	seller	NOUN
cblr-1783	1023	14	of	of	ADP
cblr-1783	1023	15	derivatives	derivative	NOUN
cblr-1783	1023	16	.	.	PUNCT
cblr-1783	1024	1	now	now	ADV
cblr-1783	1024	2	that	that	SCONJ
cblr-1783	1024	3	clearing	clearing	NOUN
cblr-1783	1024	4	has	have	AUX
cblr-1783	1024	5	been	be	AUX
cblr-1783	1024	6	mandated	mandate	VERB
cblr-1783	1024	7	for	for	ADP
cblr-1783	1024	8	almost	almost	ADV
cblr-1783	1024	9	all	all	DET
cblr-1783	1024	10	trading	trading	NOUN
cblr-1783	1024	11	,	,	PUNCT
cblr-1783	1024	12	access	access	NOUN
cblr-1783	1024	13	to	to	ADP
cblr-1783	1024	14	clearinghouses	clearinghouse	NOUN
cblr-1783	1024	15	has	have	AUX
cblr-1783	1024	16	become	become	VERB
cblr-1783	1024	17	a	a	DET
cblr-1783	1024	18	primary	primary	ADJ
cblr-1783	1024	19	concern	concern	NOUN
cblr-1783	1024	20	.	.	PUNCT
cblr-1783	1025	1	in	in	ADP
cblr-1783	1025	2	both	both	CCONJ
cblr-1783	1025	3	europe	europe	PROPN
cblr-1783	1025	4	and	and	CCONJ
cblr-1783	1025	5	the	the	DET
cblr-1783	1025	6	united	united	PROPN
cblr-1783	1025	7	states	states	PROPN
cblr-1783	1025	8	,	,	PUNCT
cblr-1783	1025	9	suppression	suppression	NOUN
cblr-1783	1025	10	of	of	ADP
cblr-1783	1025	11	competition	competition	NOUN
cblr-1783	1025	12	in	in	ADP
cblr-1783	1025	13	the	the	DET
cblr-1783	1025	14	market	market	NOUN
cblr-1783	1025	15	-	-	PUNCT
cblr-1783	1025	16	making	making	NOUN
cblr-1783	1025	17	of	of	ADP
cblr-1783	1025	18	credit	credit	NOUN
cblr-1783	1025	19	default	default	NOUN
cblr-1783	1025	20	swaps	swap	NOUN
cblr-1783	1025	21	has	have	AUX
cblr-1783	1025	22	allegedly	allegedly	ADV
cblr-1783	1025	23	come	come	VERB
cblr-1783	1025	24	by	by	ADP
cblr-1783	1025	25	way	way	NOUN
cblr-1783	1025	26	of	of	ADP
cblr-1783	1025	27	denial	denial	NOUN
cblr-1783	1025	28	of	of	ADP
cblr-1783	1025	29	access	access	NOUN
cblr-1783	1025	30	to	to	ADP
cblr-1783	1025	31	clearinghouses.233	clearinghouses.233	VERB
cblr-1783	1025	32	c.	c.	PROPN
cblr-1783	1025	33	future	future	ADJ
cblr-1783	1025	34	questions	question	NOUN
cblr-1783	1025	35	borrowing	borrowing	NOUN
cblr-1783	1025	36	concepts	concept	NOUN
cblr-1783	1025	37	from	from	ADP
cblr-1783	1025	38	antitrust	antitrust	NOUN
cblr-1783	1025	39	to	to	PART
cblr-1783	1025	40	enhance	enhance	VERB
cblr-1783	1025	41	clearinghouse	clearinghouse	NOUN
cblr-1783	1025	42	regulation	regulation	NOUN
cblr-1783	1025	43	implicates	implicate	VERB
cblr-1783	1025	44	several	several	ADJ
cblr-1783	1025	45	questions	question	NOUN
cblr-1783	1025	46	.	.	PUNCT
cblr-1783	1026	1	this	this	DET
cblr-1783	1026	2	article	article	NOUN
cblr-1783	1026	3	highlights	highlight	VERB
cblr-1783	1026	4	only	only	ADV
cblr-1783	1026	5	a	a	DET
cblr-1783	1026	6	few	few	ADJ
cblr-1783	1026	7	of	of	ADP
cblr-1783	1026	8	them	they	PRON
cblr-1783	1026	9	for	for	ADP
cblr-1783	1026	10	future	future	ADJ
cblr-1783	1026	11	exposition	exposition	NOUN
cblr-1783	1026	12	.	.	PUNCT
cblr-1783	1027	1	first	first	ADV
cblr-1783	1027	2	,	,	PUNCT
cblr-1783	1027	3	what	what	DET
cblr-1783	1027	4	incentives	incentive	NOUN
cblr-1783	1027	5	are	be	AUX
cblr-1783	1027	6	created	create	VERB
cblr-1783	1027	7	for	for	ADP
cblr-1783	1027	8	consumers	consumer	NOUN
cblr-1783	1027	9	of	of	ADP
cblr-1783	1027	10	clearinghouses	clearinghouse	NOUN
cblr-1783	1027	11	—	—	PUNCT
cblr-1783	1027	12	end	end	NOUN
cblr-1783	1027	13	-	-	PUNCT
cblr-1783	1027	14	users	user	NOUN
cblr-1783	1027	15	,	,	PUNCT
cblr-1783	1027	16	hedgers	hedger	NOUN
cblr-1783	1027	17	,	,	PUNCT
cblr-1783	1027	18	and	and	CCONJ
cblr-1783	1027	19	even	even	ADV
cblr-1783	1027	20	speculators	speculator	NOUN
cblr-1783	1027	21	in	in	ADP
cblr-1783	1027	22	derivatives	derivative	NOUN
cblr-1783	1027	23	—	—	PUNCT
cblr-1783	1027	24	if	if	SCONJ
cblr-1783	1027	25	these	these	DET
cblr-1783	1027	26	intermediaries	intermediary	NOUN
cblr-1783	1027	27	are	be	AUX
cblr-1783	1027	28	treated	treat	VERB
cblr-1783	1027	29	as	as	ADP
cblr-1783	1027	30	essential	essential	ADJ
cblr-1783	1027	31	facilities	facility	NOUN
cblr-1783	1027	32	?	?	PUNCT
cblr-1783	1028	1	competition	competition	NOUN
cblr-1783	1028	2	depresses	depress	VERB
cblr-1783	1028	3	prices	price	NOUN
cblr-1783	1028	4	,	,	PUNCT
cblr-1783	1028	5	which	which	PRON
cblr-1783	1028	6	would	would	AUX
cblr-1783	1028	7	be	be	AUX
cblr-1783	1028	8	the	the	DET
cblr-1783	1028	9	expected	expect	VERB
cblr-1783	1028	10	outcome	outcome	NOUN
cblr-1783	1028	11	for	for	ADP
cblr-1783	1028	12	open	open	ADJ
cblr-1783	1028	13	-	-	PUNCT
cblr-1783	1028	14	access	access	NOUN
cblr-1783	1028	15	clearing.234	clearing.234	ADJ
cblr-1783	1028	16	yet	yet	CCONJ
cblr-1783	1028	17	foundational	foundational	ADJ
cblr-1783	1028	18	works	work	NOUN
cblr-1783	1028	19	on	on	ADP
cblr-1783	1028	20	natural	natural	ADJ
cblr-1783	1028	21	monopolies	monopoly	NOUN
cblr-1783	1028	22	justified	justify	VERB
cblr-1783	1028	23	their	their	PRON
cblr-1783	1028	24	regulation	regulation	NOUN
cblr-1783	1028	25	on	on	ADP
cblr-1783	1028	26	the	the	DET
cblr-1783	1028	27	bases	basis	NOUN
cblr-1783	1028	28	of	of	ADP
cblr-1783	1028	29	sunk	sink	VERB
cblr-1783	1028	30	costs	cost	NOUN
cblr-1783	1028	31	and	and	CCONJ
cblr-1783	1028	32	public	public	ADJ
cblr-1783	1028	33	goods	good	NOUN
cblr-1783	1028	34	.	.	PUNCT
cblr-1783	1029	1	that	that	PRON
cblr-1783	1029	2	is	be	AUX
cblr-1783	1029	3	,	,	PUNCT
cblr-1783	1029	4	natural	natural	ADJ
cblr-1783	1029	5	monopolies	monopoly	NOUN
cblr-1783	1029	6	must	must	AUX
cblr-1783	1029	7	provide	provide	VERB
cblr-1783	1029	8	highly	highly	ADV
cblr-1783	1029	9	useful	useful	ADJ
cblr-1783	1029	10	services	service	NOUN
cblr-1783	1029	11	such	such	ADJ
cblr-1783	1029	12	as	as	ADP
cblr-1783	1029	13	electricity	electricity	NOUN
cblr-1783	1029	14	that	that	PRON
cblr-1783	1029	15	can	can	AUX
cblr-1783	1029	16	not	not	PART
cblr-1783	1029	17	be	be	AUX
cblr-1783	1029	18	widely	widely	ADV
cblr-1783	1029	19	dispensed	dispense	VERB
cblr-1783	1029	20	without	without	ADP
cblr-1783	1029	21	government	government	NOUN
cblr-1783	1029	22	protection	protection	NOUN
cblr-1783	1029	23	from	from	ADP
cblr-1783	1029	24	competition.235	competition.235	ADP
cblr-1783	1029	25	the	the	DET
cblr-1783	1029	26	question	question	NOUN
cblr-1783	1029	27	of	of	ADP
cblr-1783	1029	28	whether	whether	SCONJ
cblr-1783	1029	29	clearing	clearing	NOUN
cblr-1783	1029	30	is	be	AUX
cblr-1783	1029	31	a	a	DET
cblr-1783	1029	32	public	public	ADJ
cblr-1783	1029	33	good	good	NOUN
cblr-1783	1029	34	is	be	AUX
cblr-1783	1029	35	far	far	ADV
cblr-1783	1029	36	from	from	ADP
cblr-1783	1029	37	settled	settle	VERB
cblr-1783	1029	38	,	,	PUNCT
cblr-1783	1029	39	especially	especially	ADV
cblr-1783	1029	40	if	if	SCONJ
cblr-1783	1029	41	the	the	DET
cblr-1783	1029	42	clearing	clearing	NOUN
cblr-1783	1029	43	grid	grid	NOUN
cblr-1783	1029	44	makes	make	VERB
cblr-1783	1029	45	it	it	PRON
cblr-1783	1029	46	easier	easy	ADJ
cblr-1783	1029	47	to	to	PART
cblr-1783	1029	48	transact	transact	VERB
cblr-1783	1029	49	in	in	ADP
cblr-1783	1029	50	instruments	instrument	NOUN
cblr-1783	1029	51	(	(	PUNCT
cblr-1783	1029	52	specifically	specifically	ADV
cblr-1783	1029	53	,	,	PUNCT
cblr-1783	1029	54	otc	otc	PROPN
cblr-1783	1029	55	derivatives	derivative	NOUN
cblr-1783	1029	56	)	)	PUNCT
cblr-1783	1029	57	associated	associate	VERB
cblr-1783	1029	58	with	with	ADP
cblr-1783	1029	59	financial	financial	ADJ
cblr-1783	1029	60	crises	crisis	NOUN
cblr-1783	1029	61	.	.	PUNCT
cblr-1783	1030	1	second	second	ADJ
cblr-1783	1030	2	,	,	PUNCT
cblr-1783	1030	3	even	even	ADV
cblr-1783	1030	4	if	if	SCONJ
cblr-1783	1030	5	the	the	DET
cblr-1783	1030	6	essential	essential	ADJ
cblr-1783	1030	7	facilities	facility	NOUN
cblr-1783	1030	8	approach	approach	NOUN
cblr-1783	1030	9	is	be	AUX
cblr-1783	1030	10	justifiable	justifiable	ADJ
cblr-1783	1030	11	,	,	PUNCT
cblr-1783	1030	12	what	what	PRON
cblr-1783	1030	13	are	be	AUX
cblr-1783	1030	14	the	the	DET
cblr-1783	1030	15	remedies	remedy	NOUN
cblr-1783	1030	16	for	for	ADP
cblr-1783	1030	17	violation	violation	NOUN
cblr-1783	1030	18	?	?	PUNCT
cblr-1783	1031	1	if	if	SCONJ
cblr-1783	1031	2	the	the	DET
cblr-1783	1031	3	233	233	NUM
cblr-1783	1031	4	see	see	NOUN
cblr-1783	1031	5	complaint	complaint	NOUN
cblr-1783	1031	6	at	at	ADP
cblr-1783	1031	7	21	21	NUM
cblr-1783	1031	8	,	,	PUNCT
cblr-1783	1031	9	mf	mf	VERB
cblr-1783	1031	10	global	global	ADJ
cblr-1783	1031	11	capital	capital	PROPN
cblr-1783	1031	12	llc	llc	PROPN
cblr-1783	1031	13	v.	v.	ADP
cblr-1783	1031	14	bank	bank	PROPN
cblr-1783	1031	15	of	of	ADP
cblr-1783	1031	16	america	america	PROPN
cblr-1783	1031	17	corp	corp	PROPN
cblr-1783	1031	18	.	.	PROPN
cblr-1783	1031	19	,	,	PUNCT
cblr-1783	1031	20	no	no	INTJ
cblr-1783	1031	21	.	.	PUNCT
cblr-1783	1032	1	1:13	1:13	NUM
cblr-1783	1032	2	-	-	PUNCT
cblr-1783	1032	3	cv-5417	cv-5417	NOUN
cblr-1783	1032	4	,	,	PUNCT
cblr-1783	1032	5	2013	2013	NUM
cblr-1783	1032	6	wl	wl	NOUN
cblr-1783	1032	7	7210066	7210066	NUM
cblr-1783	1032	8	(	(	PUNCT
cblr-1783	1032	9	n.d	n.d	PROPN
cblr-1783	1032	10	.	.	PROPN
cblr-1783	1032	11	ill	ill	PROPN
cblr-1783	1032	12	.	.	PUNCT
cblr-1783	1033	1	july	july	PROPN
cblr-1783	1033	2	29	29	NUM
cblr-1783	1033	3	,	,	PUNCT
cblr-1783	1033	4	2013	2013	NUM
cblr-1783	1033	5	)	)	PUNCT
cblr-1783	1033	6	.	.	PUNCT
cblr-1783	1034	1	plaintiffs	plaintiff	NOUN
cblr-1783	1034	2	’	'	PUNCT
cblr-1783	1034	3	attorneys	attorney	NOUN
cblr-1783	1034	4	even	even	ADV
cblr-1783	1034	5	state	state	VERB
cblr-1783	1034	6	that	that	SCONJ
cblr-1783	1034	7	clearing	clearing	NOUN
cblr-1783	1034	8	is	be	AUX
cblr-1783	1034	9	“	"	PUNCT
cblr-1783	1034	10	essential	essential	ADJ
cblr-1783	1034	11	,	,	PUNCT
cblr-1783	1034	12	”	"	PUNCT
cblr-1783	1034	13	though	though	SCONJ
cblr-1783	1034	14	they	they	PRON
cblr-1783	1034	15	do	do	AUX
cblr-1783	1034	16	not	not	PART
cblr-1783	1034	17	use	use	VERB
cblr-1783	1034	18	the	the	DET
cblr-1783	1034	19	term	term	NOUN
cblr-1783	1034	20	“	"	PUNCT
cblr-1783	1034	21	essential	essential	ADJ
cblr-1783	1034	22	facilities	facility	NOUN
cblr-1783	1034	23	.	.	PUNCT
cblr-1783	1034	24	”	"	PUNCT
cblr-1783	1035	1	i	i	PRON
cblr-1783	1035	2	d.	d.	PROPN
cblr-1783	1035	3	see	see	VERB
cblr-1783	1035	4	european	european	PROPN
cblr-1783	1035	5	comm’n	comm’n	X
cblr-1783	1035	6	,	,	PUNCT
cblr-1783	1035	7	supra	supra	PROPN
cblr-1783	1035	8	note	note	NOUN
cblr-1783	1035	9	16	16	NUM
cblr-1783	1035	10	.	.	PUNCT
cblr-1783	1036	1	234	234	NUM
cblr-1783	1036	2	see	see	VERB
cblr-1783	1036	3	erik	erik	PROPN
cblr-1783	1036	4	gerding	gerding	PROPN
cblr-1783	1036	5	,	,	PUNCT
cblr-1783	1036	6	derivatives	derivative	NOUN
cblr-1783	1036	7	:	:	PUNCT
cblr-1783	1036	8	learning	learn	VERB
cblr-1783	1036	9	to	to	PART
cblr-1783	1036	10	love	love	VERB
cblr-1783	1036	11	anti	anti	ADJ
cblr-1783	1036	12	-	-	ADJ
cblr-1783	1036	13	competitive	competitive	ADJ
cblr-1783	1036	14	behavior	behavior	NOUN
cblr-1783	1036	15	?	?	PUNCT
cblr-1783	1036	16	,	,	PUNCT
cblr-1783	1036	17	the	the	DET
cblr-1783	1036	18	conglomerate	conglomerate	NOUN
cblr-1783	1036	19	(	(	PUNCT
cblr-1783	1036	20	aug	aug	PROPN
cblr-1783	1036	21	.	.	PROPN
cblr-1783	1036	22	2	2	NUM
cblr-1783	1036	23	,	,	PUNCT
cblr-1783	1036	24	2013	2013	NUM
cblr-1783	1036	25	)	)	PUNCT
cblr-1783	1036	26	,	,	PUNCT
cblr-1783	1036	27	http://perma.cc/blj7-77ub	http://perma.cc/blj7-77ub	PROPN
cblr-1783	1036	28	.	.	NOUN
cblr-1783	1036	29	235	235	NUM
cblr-1783	1036	30	see	see	PROPN
cblr-1783	1036	31	spulber	spulber	PROPN
cblr-1783	1036	32	,	,	PUNCT
cblr-1783	1036	33	supra	supra	PROPN
cblr-1783	1036	34	note	note	PROPN
cblr-1783	1036	35	199	199	NUM
cblr-1783	1036	36	,	,	PUNCT
cblr-1783	1036	37	at	at	ADP
cblr-1783	1036	38	4	4	NUM
cblr-1783	1036	39	.	.	PUNCT
cblr-1783	1037	1	no	no	INTJ
cblr-1783	1037	2	.	.	PUNCT
cblr-1783	1038	1	3:747	3:747	NUM
cblr-1783	1038	2	]	]	X
cblr-1783	1038	3	systemic	systemic	ADJ
cblr-1783	1038	4	risk	risk	NOUN
cblr-1783	1038	5	paradox	paradox	NOUN
cblr-1783	1038	6	815	815	NUM
cblr-1783	1038	7	concept	concept	NOUN
cblr-1783	1038	8	of	of	ADP
cblr-1783	1038	9	open	open	ADJ
cblr-1783	1038	10	,	,	PUNCT
cblr-1783	1038	11	nondiscriminatory	nondiscriminatory	ADJ
cblr-1783	1038	12	access	access	NOUN
cblr-1783	1038	13	is	be	AUX
cblr-1783	1038	14	protean	protean	ADJ
cblr-1783	1038	15	,	,	PUNCT
cblr-1783	1038	16	the	the	DET
cblr-1783	1038	17	remedy	remedy	NOUN
cblr-1783	1038	18	of	of	ADP
cblr-1783	1038	19	the	the	DET
cblr-1783	1038	20	essential	essential	ADJ
cblr-1783	1038	21	facilities	facility	NOUN
cblr-1783	1038	22	doctrine	doctrine	NOUN
cblr-1783	1038	23	is	be	AUX
cblr-1783	1038	24	even	even	ADV
cblr-1783	1038	25	more	more	ADV
cblr-1783	1038	26	so	so	ADV
cblr-1783	1038	27	.	.	PUNCT
cblr-1783	1039	1	in	in	ADP
cblr-1783	1039	2	united	united	PROPN
cblr-1783	1039	3	states	states	PROPN
cblr-1783	1039	4	v.	v.	ADP
cblr-1783	1039	5	terminal	terminal	PROPN
cblr-1783	1039	6	railroad	railroad	NOUN
cblr-1783	1039	7	association	association	NOUN
cblr-1783	1039	8	,	,	PUNCT
cblr-1783	1039	9	the	the	DET
cblr-1783	1039	10	seminal	seminal	ADJ
cblr-1783	1039	11	case	case	NOUN
cblr-1783	1039	12	on	on	ADP
cblr-1783	1039	13	essential	essential	ADJ
cblr-1783	1039	14	facilities	facility	NOUN
cblr-1783	1039	15	,	,	PUNCT
cblr-1783	1039	16	the	the	DET
cblr-1783	1039	17	supreme	supreme	PROPN
cblr-1783	1039	18	court	court	PROPN
cblr-1783	1039	19	struggled	struggle	VERB
cblr-1783	1039	20	with	with	ADP
cblr-1783	1039	21	this	this	DET
cblr-1783	1039	22	very	very	ADJ
cblr-1783	1039	23	issue	issue	NOUN
cblr-1783	1039	24	.	.	PUNCT
cblr-1783	1040	1	short	short	ADJ
cblr-1783	1040	2	of	of	ADP
cblr-1783	1040	3	divestiture	divestiture	NOUN
cblr-1783	1040	4	,	,	PUNCT
cblr-1783	1040	5	what	what	PRON
cblr-1783	1040	6	was	be	AUX
cblr-1783	1040	7	the	the	DET
cblr-1783	1040	8	proper	proper	ADJ
cblr-1783	1040	9	scope	scope	NOUN
cblr-1783	1040	10	of	of	ADP
cblr-1783	1040	11	a	a	DET
cblr-1783	1040	12	consent	consent	NOUN
cblr-1783	1040	13	decree	decree	NOUN
cblr-1783	1040	14	meant	mean	VERB
cblr-1783	1040	15	to	to	PART
cblr-1783	1040	16	address	address	VERB
cblr-1783	1040	17	the	the	DET
cblr-1783	1040	18	acquisition	acquisition	NOUN
cblr-1783	1040	19	by	by	ADP
cblr-1783	1040	20	a	a	DET
cblr-1783	1040	21	dominant	dominant	ADJ
cblr-1783	1040	22	operator	operator	NOUN
cblr-1783	1040	23	of	of	ADP
cblr-1783	1040	24	railroad	railroad	NOUN
cblr-1783	1040	25	lines	line	NOUN
cblr-1783	1040	26	of	of	ADP
cblr-1783	1040	27	the	the	DET
cblr-1783	1040	28	railroad	railroad	NOUN
cblr-1783	1040	29	terminals	terminal	NOUN
cblr-1783	1040	30	surrounding	surround	VERB
cblr-1783	1040	31	st	st	PROPN
cblr-1783	1040	32	.	.	PUNCT
cblr-1783	1040	33	louis?236	louis?236	PROPN
cblr-1783	1041	1	this	this	DET
cblr-1783	1041	2	question	question	NOUN
cblr-1783	1041	3	of	of	ADP
cblr-1783	1041	4	remedies	remedy	NOUN
cblr-1783	1041	5	has	have	AUX
cblr-1783	1041	6	vexed	vex	VERB
cblr-1783	1041	7	subsequent	subsequent	ADJ
cblr-1783	1041	8	courts	court	NOUN
cblr-1783	1041	9	.	.	PUNCT
cblr-1783	1042	1	third	third	ADJ
cblr-1783	1042	2	,	,	PUNCT
cblr-1783	1042	3	what	what	DET
cblr-1783	1042	4	types	type	NOUN
cblr-1783	1042	5	of	of	ADP
cblr-1783	1042	6	international	international	ADJ
cblr-1783	1042	7	coordination	coordination	NOUN
cblr-1783	1042	8	are	be	AUX
cblr-1783	1042	9	necessary	necessary	ADJ
cblr-1783	1042	10	to	to	PART
cblr-1783	1042	11	give	give	VERB
cblr-1783	1042	12	force	force	NOUN
cblr-1783	1042	13	to	to	ADP
cblr-1783	1042	14	domestic	domestic	ADJ
cblr-1783	1042	15	regulation	regulation	NOUN
cblr-1783	1042	16	?	?	PUNCT
cblr-1783	1043	1	given	give	VERB
cblr-1783	1043	2	the	the	DET
cblr-1783	1043	3	global	global	ADJ
cblr-1783	1043	4	nature	nature	NOUN
cblr-1783	1043	5	of	of	ADP
cblr-1783	1043	6	today	today	NOUN
cblr-1783	1043	7	’s	’s	PART
cblr-1783	1043	8	financial	financial	ADJ
cblr-1783	1043	9	markets	market	NOUN
cblr-1783	1043	10	,	,	PUNCT
cblr-1783	1043	11	financial	financial	ADJ
cblr-1783	1043	12	intermediaries	intermediary	NOUN
cblr-1783	1043	13	often	often	ADV
cblr-1783	1043	14	have	have	VERB
cblr-1783	1043	15	their	their	PRON
cblr-1783	1043	16	pick	pick	NOUN
cblr-1783	1043	17	of	of	ADP
cblr-1783	1043	18	regulatory	regulatory	ADJ
cblr-1783	1043	19	jurisdictions.237	jurisdictions.237	NOUN
cblr-1783	1043	20	to	to	AUX
cblr-1783	1043	21	pre	pre	VERB
cblr-1783	1043	22	-	-	VERB
cblr-1783	1043	23	empt	empt	VERB
cblr-1783	1043	24	regulatory	regulatory	ADJ
cblr-1783	1043	25	arbitrage	arbitrage	NOUN
cblr-1783	1043	26	,	,	PUNCT
cblr-1783	1043	27	the	the	DET
cblr-1783	1043	28	cftc	cftc	PROPN
cblr-1783	1043	29	,	,	PUNCT
cblr-1783	1043	30	sec	sec	PROPN
cblr-1783	1043	31	,	,	PUNCT
cblr-1783	1043	32	and	and	CCONJ
cblr-1783	1043	33	u.s	u.s	PROPN
cblr-1783	1043	34	.	.	PROPN
cblr-1783	1043	35	antitrust	antitrust	ADJ
cblr-1783	1043	36	authorities	authority	NOUN
cblr-1783	1043	37	must	must	AUX
cblr-1783	1043	38	understand	understand	VERB
cblr-1783	1043	39	european	european	ADJ
cblr-1783	1043	40	approaches	approach	NOUN
cblr-1783	1043	41	to	to	ADP
cblr-1783	1043	42	natural	natural	ADJ
cblr-1783	1043	43	monopoly.238	monopoly.238	NOUN
cblr-1783	1043	44	finally	finally	ADV
cblr-1783	1043	45	,	,	PUNCT
cblr-1783	1043	46	what	what	PRON
cblr-1783	1043	47	is	be	AUX
cblr-1783	1043	48	the	the	DET
cblr-1783	1043	49	proper	proper	ADJ
cblr-1783	1043	50	balance	balance	NOUN
cblr-1783	1043	51	between	between	ADP
cblr-1783	1043	52	antitrust	antitrust	ADJ
cblr-1783	1043	53	and	and	CCONJ
cblr-1783	1043	54	clearinghouse	clearinghouse	NOUN
cblr-1783	1043	55	regulations	regulation	NOUN
cblr-1783	1043	56	?	?	PUNCT
cblr-1783	1044	1	dodd	dodd	PROPN
cblr-1783	1044	2	-	-	PUNCT
cblr-1783	1044	3	frank	frank	PROPN
cblr-1783	1044	4	contains	contain	VERB
cblr-1783	1044	5	a	a	DET
cblr-1783	1044	6	savings	saving	NOUN
cblr-1783	1044	7	clause	clause	NOUN
cblr-1783	1044	8	that	that	PRON
cblr-1783	1044	9	expressly	expressly	ADV
cblr-1783	1044	10	preserves	preserve	VERB
cblr-1783	1044	11	antitrust	antitrust	ADJ
cblr-1783	1044	12	enforcement.239	enforcement.239	NOUN
cblr-1783	1044	13	while	while	SCONJ
cblr-1783	1044	14	in	in	ADP
cblr-1783	1044	15	theory	theory	NOUN
cblr-1783	1044	16	the	the	DET
cblr-1783	1044	17	savings	saving	NOUN
cblr-1783	1044	18	clause	clause	NOUN
cblr-1783	1044	19	permits	permit	VERB
cblr-1783	1044	20	the	the	DET
cblr-1783	1044	21	cohabitation	cohabitation	NOUN
cblr-1783	1044	22	of	of	ADP
cblr-1783	1044	23	antitrust	antitrust	ADJ
cblr-1783	1044	24	and	and	CCONJ
cblr-1783	1044	25	regulation	regulation	NOUN
cblr-1783	1044	26	,	,	PUNCT
cblr-1783	1044	27	in	in	ADP
cblr-1783	1044	28	reality	reality	NOUN
cblr-1783	1044	29	the	the	DET
cblr-1783	1044	30	force	force	NOUN
cblr-1783	1044	31	of	of	ADP
cblr-1783	1044	32	such	such	ADJ
cblr-1783	1044	33	236	236	NUM
cblr-1783	1044	34	see	see	NOUN
cblr-1783	1044	35	united	united	PROPN
cblr-1783	1044	36	states	states	PROPN
cblr-1783	1044	37	v.	v.	ADP
cblr-1783	1044	38	terminal	terminal	PROPN
cblr-1783	1044	39	r.r	r.r	PROPN
cblr-1783	1044	40	.	.	PROPN
cblr-1783	1044	41	ass’n	ass’n	PROPN
cblr-1783	1044	42	,	,	PUNCT
cblr-1783	1044	43	224	224	NUM
cblr-1783	1044	44	u.s	u.s	PROPN
cblr-1783	1044	45	.	.	PROPN
cblr-1783	1044	46	383	383	NUM
cblr-1783	1044	47	,	,	PUNCT
cblr-1783	1044	48	411–13	411–13	X
cblr-1783	1044	49	(	(	PUNCT
cblr-1783	1044	50	1912	1912	NUM
cblr-1783	1044	51	)	)	PUNCT
cblr-1783	1044	52	;	;	PUNCT
cblr-1783	1044	53	abbott	abbott	PROPN
cblr-1783	1044	54	b.	b.	PROPN
cblr-1783	1044	55	lipsky	lipsky	PROPN
cblr-1783	1044	56	,	,	PUNCT
cblr-1783	1044	57	jr	jr	PROPN
cblr-1783	1044	58	.	.	PROPN
cblr-1783	1044	59	&	&	CCONJ
cblr-1783	1044	60	j.	j.	PROPN
cblr-1783	1044	61	gregory	gregory	PROPN
cblr-1783	1044	62	sidak	sidak	PROPN
cblr-1783	1044	63	,	,	PUNCT
cblr-1783	1044	64	essential	essential	ADJ
cblr-1783	1044	65	facilities	facility	NOUN
cblr-1783	1044	66	,	,	PUNCT
cblr-1783	1044	67	51	51	NUM
cblr-1783	1044	68	stan	stan	NOUN
cblr-1783	1044	69	.	.	PUNCT
cblr-1783	1045	1	l.	l.	PROPN
cblr-1783	1045	2	rev	rev	PROPN
cblr-1783	1045	3	.	.	PROPN
cblr-1783	1045	4	1187	1187	NUM
cblr-1783	1045	5	,	,	PUNCT
cblr-1783	1045	6	1195–96	1195–96	NUM
cblr-1783	1045	7	(	(	PUNCT
cblr-1783	1045	8	1999	1999	NUM
cblr-1783	1045	9	)	)	PUNCT
cblr-1783	1045	10	(	(	PUNCT
cblr-1783	1045	11	“	"	PUNCT
cblr-1783	1045	12	terminal	terminal	ADJ
cblr-1783	1045	13	railroad	railroad	NOUN
cblr-1783	1045	14	is	be	AUX
cblr-1783	1045	15	particularly	particularly	ADV
cblr-1783	1045	16	notable	notable	ADJ
cblr-1783	1045	17	for	for	ADP
cblr-1783	1045	18	the	the	DET
cblr-1783	1045	19	remedial	remedial	ADJ
cblr-1783	1045	20	path	path	NOUN
cblr-1783	1045	21	that	that	PRON
cblr-1783	1045	22	the	the	DET
cblr-1783	1045	23	court	court	NOUN
cblr-1783	1045	24	specifically	specifically	ADV
cblr-1783	1045	25	declined	decline	VERB
cblr-1783	1045	26	to	to	PART
cblr-1783	1045	27	take	take	VERB
cblr-1783	1045	28	.	.	PUNCT
cblr-1783	1045	29	.	.	PUNCT
cblr-1783	1046	1	.	.	PUNCT
cblr-1783	1047	1	.	.	PUNCT
cblr-1783	1048	1	if	if	SCONJ
cblr-1783	1048	2	the	the	DET
cblr-1783	1048	3	competitive	competitive	ADJ
cblr-1783	1048	4	independence	independence	NOUN
cblr-1783	1048	5	of	of	ADP
cblr-1783	1048	6	the	the	DET
cblr-1783	1048	7	various	various	ADJ
cblr-1783	1048	8	terminal	terminal	ADJ
cblr-1783	1048	9	companies	company	NOUN
cblr-1783	1048	10	and	and	CCONJ
cblr-1783	1048	11	bridge	bridge	NOUN
cblr-1783	1048	12	owners	owner	NOUN
cblr-1783	1048	13	could	could	AUX
cblr-1783	1048	14	have	have	AUX
cblr-1783	1048	15	been	be	AUX
cblr-1783	1048	16	restored	restore	VERB
cblr-1783	1048	17	,	,	PUNCT
cblr-1783	1048	18	it	it	PRON
cblr-1783	1048	19	seems	seem	VERB
cblr-1783	1048	20	obvious	obvious	ADJ
cblr-1783	1048	21	that	that	SCONJ
cblr-1783	1048	22	it	it	PRON
cblr-1783	1048	23	would	would	AUX
cblr-1783	1048	24	have	have	AUX
cblr-1783	1048	25	been	be	AUX
cblr-1783	1048	26	preferable	preferable	ADJ
cblr-1783	1048	27	from	from	ADP
cblr-1783	1048	28	the	the	DET
cblr-1783	1048	29	perspective	perspective	NOUN
cblr-1783	1048	30	of	of	ADP
cblr-1783	1048	31	consumer	consumer	NOUN
cblr-1783	1048	32	welfare	welfare	NOUN
cblr-1783	1048	33	to	to	PART
cblr-1783	1048	34	have	have	AUX
cblr-1783	1048	35	done	do	VERB
cblr-1783	1048	36	so	so	ADV
cblr-1783	1048	37	,	,	PUNCT
cblr-1783	1048	38	rather	rather	ADV
cblr-1783	1048	39	than	than	ADP
cblr-1783	1048	40	rely	rely	VERB
cblr-1783	1048	41	on	on	ADP
cblr-1783	1048	42	a	a	DET
cblr-1783	1048	43	remedy	remedy	NOUN
cblr-1783	1048	44	that	that	PRON
cblr-1783	1048	45	required	require	VERB
cblr-1783	1048	46	the	the	DET
cblr-1783	1048	47	creation	creation	NOUN
cblr-1783	1048	48	of	of	ADP
cblr-1783	1048	49	a	a	DET
cblr-1783	1048	50	permanent	permanent	ADJ
cblr-1783	1048	51	mechanism	mechanism	NOUN
cblr-1783	1048	52	for	for	ADP
cblr-1783	1048	53	control	control	NOUN
cblr-1783	1048	54	of	of	ADP
cblr-1783	1048	55	the	the	DET
cblr-1783	1048	56	combination	combination	NOUN
cblr-1783	1048	57	's	's	PART
cblr-1783	1048	58	undisputed	undisputed	ADJ
cblr-1783	1048	59	monopoly	monopoly	NOUN
cblr-1783	1048	60	power	power	NOUN
cblr-1783	1048	61	by	by	ADP
cblr-1783	1048	62	continuous	continuous	ADJ
cblr-1783	1048	63	monitoring	monitoring	NOUN
cblr-1783	1048	64	and	and	CCONJ
cblr-1783	1048	65	adjustment	adjustment	NOUN
cblr-1783	1048	66	of	of	ADP
cblr-1783	1048	67	the	the	DET
cblr-1783	1048	68	rates	rate	NOUN
cblr-1783	1048	69	,	,	PUNCT
cblr-1783	1048	70	terms	term	NOUN
cblr-1783	1048	71	,	,	PUNCT
cblr-1783	1048	72	and	and	CCONJ
cblr-1783	1048	73	conditions	condition	NOUN
cblr-1783	1048	74	of	of	ADP
cblr-1783	1048	75	ownership	ownership	NOUN
cblr-1783	1048	76	and	and	CCONJ
cblr-1783	1048	77	use	use	NOUN
cblr-1783	1048	78	.	.	PUNCT
cblr-1783	1048	79	”	"	PUNCT
cblr-1783	1048	80	)	)	PUNCT
cblr-1783	1048	81	.	.	PUNCT
cblr-1783	1049	1	237	237	NUM
cblr-1783	1049	2	see	see	VERB
cblr-1783	1049	3	,	,	PUNCT
cblr-1783	1049	4	e.g.	e.g.	ADV
cblr-1783	1049	5	,	,	PUNCT
cblr-1783	1049	6	basel	basel	PROPN
cblr-1783	1049	7	committee	committee	PROPN
cblr-1783	1049	8	on	on	ADP
cblr-1783	1049	9	banking	banking	NOUN
cblr-1783	1049	10	supervision	supervision	NOUN
cblr-1783	1049	11	,	,	PUNCT
cblr-1783	1049	12	international	international	ADJ
cblr-1783	1049	13	convergence	convergence	NOUN
cblr-1783	1049	14	of	of	ADP
cblr-1783	1049	15	capital	capital	NOUN
cblr-1783	1049	16	measurements	measurement	NOUN
cblr-1783	1049	17	and	and	CCONJ
cblr-1783	1049	18	capital	capital	NOUN
cblr-1783	1049	19	standards	standard	NOUN
cblr-1783	1049	20	219	219	NUM
cblr-1783	1049	21	(	(	PUNCT
cblr-1783	1049	22	2006	2006	NUM
cblr-1783	1049	23	)	)	PUNCT
cblr-1783	1049	24	,	,	PUNCT
cblr-1783	1049	25	available	available	ADJ
cblr-1783	1049	26	at	at	ADP
cblr-1783	1049	27	http://perma.cc/x3lg-5ely	http://perma.cc/x3lg-5ely	ADV
cblr-1783	1049	28	;	;	PUNCT
cblr-1783	1049	29	enhanced	enhance	VERB
cblr-1783	1049	30	risk	risk	NOUN
cblr-1783	1049	31	management	management	NOUN
cblr-1783	1049	32	standards	standard	NOUN
cblr-1783	1049	33	for	for	ADP
cblr-1783	1049	34	systemically	systemically	ADV
cblr-1783	1049	35	important	important	ADJ
cblr-1783	1049	36	derivatives	derivative	NOUN
cblr-1783	1049	37	clearing	clearing	NOUN
cblr-1783	1049	38	organizations	organization	NOUN
cblr-1783	1049	39	,	,	PUNCT
cblr-1783	1049	40	78	78	NUM
cblr-1783	1049	41	fed	feed	VERB
cblr-1783	1049	42	.	.	PUNCT
cblr-1783	1050	1	reg	reg	PROPN
cblr-1783	1050	2	.	.	PROPN
cblr-1783	1050	3	49,663	49,663	NUM
cblr-1783	1050	4	,	,	PUNCT
cblr-1783	1050	5	49,671	49,671	NUM
cblr-1783	1050	6	(	(	PUNCT
cblr-1783	1050	7	aug	aug	PROPN
cblr-1783	1050	8	.	.	PROPN
cblr-1783	1050	9	15	15	NUM
cblr-1783	1050	10	,	,	PUNCT
cblr-1783	1050	11	2013	2013	NUM
cblr-1783	1050	12	)	)	PUNCT
cblr-1783	1050	13	(	(	PUNCT
cblr-1783	1050	14	to	to	PART
cblr-1783	1050	15	be	be	AUX
cblr-1783	1050	16	codified	codify	VERB
cblr-1783	1050	17	at	at	ADP
cblr-1783	1050	18	17	17	NUM
cblr-1783	1050	19	c.f.r	c.f.r	NOUN
cblr-1783	1050	20	.	.	PUNCT
cblr-1783	1051	1	pt	pt	PROPN
cblr-1783	1051	2	.	.	PROPN
cblr-1783	1051	3	39	39	NUM
cblr-1783	1051	4	)	)	PUNCT
cblr-1783	1051	5	.	.	PUNCT
cblr-1783	1052	1	238	238	NUM
cblr-1783	1052	2	on	on	ADP
cblr-1783	1052	3	the	the	DET
cblr-1783	1052	4	possibility	possibility	NOUN
cblr-1783	1052	5	of	of	ADP
cblr-1783	1052	6	treating	treat	VERB
cblr-1783	1052	7	european	european	ADJ
cblr-1783	1052	8	clearinghouses	clearinghouse	NOUN
cblr-1783	1052	9	as	as	ADP
cblr-1783	1052	10	essential	essential	ADJ
cblr-1783	1052	11	facilities	facility	NOUN
cblr-1783	1052	12	,	,	PUNCT
cblr-1783	1052	13	see	see	VERB
cblr-1783	1052	14	turing	turing	NOUN
cblr-1783	1052	15	,	,	PUNCT
cblr-1783	1052	16	supra	supra	ADJ
cblr-1783	1052	17	note	note	NOUN
cblr-1783	1052	18	5	5	NUM
cblr-1783	1052	19	,	,	PUNCT
cblr-1783	1052	20	§	§	PROPN
cblr-1783	1052	21	7.8	7.8	NUM
cblr-1783	1052	22	.	.	PUNCT
cblr-1783	1053	1	239	239	NUM
cblr-1783	1053	2	see	see	VERB
cblr-1783	1053	3	12	12	NUM
cblr-1783	1053	4	u.s.c	u.s.c	ADJ
cblr-1783	1053	5	.	.	PUNCT
cblr-1783	1054	1	§	§	PROPN
cblr-1783	1054	2	5303	5303	NUM
cblr-1783	1054	3	(	(	PUNCT
cblr-1783	1054	4	2012	2012	NUM
cblr-1783	1054	5	)	)	PUNCT
cblr-1783	1054	6	.	.	PUNCT
cblr-1783	1055	1	http://perma.cc/x3lg-5ely	http://perma.cc/x3lg-5ely	ADV
cblr-1783	1055	2	816	816	NUM
cblr-1783	1055	3	columbia	columbia	PROPN
cblr-1783	1055	4	business	business	NOUN
cblr-1783	1055	5	law	law	PROPN
cblr-1783	1055	6	review	review	NOUN
cblr-1783	1055	7	[	[	X
cblr-1783	1055	8	vol	vol	NOUN
cblr-1783	1055	9	.	.	PUNCT
cblr-1783	1055	10	2014	2014	NUM
cblr-1783	1055	11	clauses	clause	NOUN
cblr-1783	1055	12	has	have	AUX
cblr-1783	1055	13	been	be	AUX
cblr-1783	1055	14	muddled	muddle	VERB
cblr-1783	1055	15	by	by	ADP
cblr-1783	1055	16	supreme	supreme	PROPN
cblr-1783	1055	17	court	court	PROPN
cblr-1783	1055	18	decisions.240	decisions.240	PROPN
cblr-1783	1055	19	the	the	DET
cblr-1783	1055	20	next	next	ADJ
cblr-1783	1055	21	test	test	NOUN
cblr-1783	1055	22	of	of	ADP
cblr-1783	1055	23	how	how	SCONJ
cblr-1783	1055	24	antitrust	antitrust	ADJ
cblr-1783	1055	25	laws	law	NOUN
cblr-1783	1055	26	apply	apply	VERB
cblr-1783	1055	27	to	to	ADP
cblr-1783	1055	28	regulated	regulated	ADJ
cblr-1783	1055	29	industries	industry	NOUN
cblr-1783	1055	30	might	might	AUX
cblr-1783	1055	31	well	well	ADV
cblr-1783	1055	32	come	come	VERB
cblr-1783	1055	33	as	as	ADP
cblr-1783	1055	34	a	a	DET
cblr-1783	1055	35	challenge	challenge	NOUN
cblr-1783	1055	36	to	to	ADP
cblr-1783	1055	37	the	the	DET
cblr-1783	1055	38	dominance	dominance	NOUN
cblr-1783	1055	39	of	of	ADP
cblr-1783	1055	40	clearinghouses	clearinghouse	NOUN
cblr-1783	1055	41	.	.	PUNCT
cblr-1783	1056	1	in	in	ADP
cblr-1783	1056	2	anticipation	anticipation	NOUN
cblr-1783	1056	3	of	of	ADP
cblr-1783	1056	4	that	that	DET
cblr-1783	1056	5	development	development	NOUN
cblr-1783	1056	6	,	,	PUNCT
cblr-1783	1056	7	clearinghouse	clearinghouse	NOUN
cblr-1783	1056	8	scholars	scholar	NOUN
cblr-1783	1056	9	could	could	AUX
cblr-1783	1056	10	take	take	VERB
cblr-1783	1056	11	up	up	ADP
cblr-1783	1056	12	that	that	DET
cblr-1783	1056	13	rebalance	rebalance	NOUN
cblr-1783	1056	14	now	now	ADV
cblr-1783	1056	15	.	.	PUNCT
cblr-1783	1057	1	v.	v.	ADP
cblr-1783	1057	2	conclusion	conclusion	NOUN
cblr-1783	1057	3	financial	financial	ADJ
cblr-1783	1057	4	regulators	regulator	NOUN
cblr-1783	1057	5	have	have	AUX
cblr-1783	1057	6	taken	take	VERB
cblr-1783	1057	7	disparate	disparate	ADJ
cblr-1783	1057	8	approaches	approach	NOUN
cblr-1783	1057	9	to	to	ADP
cblr-1783	1057	10	the	the	DET
cblr-1783	1057	11	oversight	oversight	NOUN
cblr-1783	1057	12	of	of	ADP
cblr-1783	1057	13	banks	bank	NOUN
cblr-1783	1057	14	and	and	CCONJ
cblr-1783	1057	15	clearinghouses	clearinghouse	NOUN
cblr-1783	1057	16	.	.	PUNCT
cblr-1783	1058	1	even	even	ADV
cblr-1783	1058	2	though	though	SCONJ
cblr-1783	1058	3	these	these	DET
cblr-1783	1058	4	two	two	NUM
cblr-1783	1058	5	intermediaries	intermediary	NOUN
cblr-1783	1058	6	play	play	VERB
cblr-1783	1058	7	vastly	vastly	ADV
cblr-1783	1058	8	different	different	ADJ
cblr-1783	1058	9	roles	role	NOUN
cblr-1783	1058	10	and	and	CCONJ
cblr-1783	1058	11	are	be	AUX
cblr-1783	1058	12	characterized	characterize	VERB
cblr-1783	1058	13	by	by	ADP
cblr-1783	1058	14	different	different	ADJ
cblr-1783	1058	15	core	core	NOUN
cblr-1783	1058	16	traits	trait	NOUN
cblr-1783	1058	17	,	,	PUNCT
cblr-1783	1058	18	both	both	PRON
cblr-1783	1058	19	have	have	AUX
cblr-1783	1058	20	become	become	VERB
cblr-1783	1058	21	systemically	systemically	ADV
cblr-1783	1058	22	important	important	ADJ
cblr-1783	1058	23	due	due	ADP
cblr-1783	1058	24	to	to	ADP
cblr-1783	1058	25	their	their	PRON
cblr-1783	1058	26	size	size	NOUN
cblr-1783	1058	27	and	and	CCONJ
cblr-1783	1058	28	connectivity	connectivity	NOUN
cblr-1783	1058	29	.	.	PUNCT
cblr-1783	1059	1	yet	yet	ADV
cblr-1783	1059	2	banks	bank	NOUN
cblr-1783	1059	3	today	today	NOUN
cblr-1783	1059	4	are	be	AUX
cblr-1783	1059	5	regulated	regulate	VERB
cblr-1783	1059	6	under	under	ADP
cblr-1783	1059	7	a	a	DET
cblr-1783	1059	8	rubric	rubric	NOUN
cblr-1783	1059	9	that	that	PRON
cblr-1783	1059	10	reins	rein	VERB
cblr-1783	1059	11	in	in	ADP
cblr-1783	1059	12	sophistication	sophistication	NOUN
cblr-1783	1059	13	and	and	CCONJ
cblr-1783	1059	14	tries	try	VERB
cblr-1783	1059	15	to	to	PART
cblr-1783	1059	16	eradicate	eradicate	VERB
cblr-1783	1059	17	tbtf	tbtf	ADV
cblr-1783	1059	18	,	,	PUNCT
cblr-1783	1059	19	while	while	SCONJ
cblr-1783	1059	20	growth	growth	NOUN
cblr-1783	1059	21	and	and	CCONJ
cblr-1783	1059	22	assumption	assumption	NOUN
cblr-1783	1059	23	of	of	ADP
cblr-1783	1059	24	risk	risk	NOUN
cblr-1783	1059	25	are	be	AUX
cblr-1783	1059	26	tolerated	tolerate	VERB
cblr-1783	1059	27	for	for	ADP
cblr-1783	1059	28	clearinghouses	clearinghouse	NOUN
cblr-1783	1059	29	without	without	ADP
cblr-1783	1059	30	similar	similar	ADJ
cblr-1783	1059	31	measures	measure	NOUN
cblr-1783	1059	32	being	be	AUX
cblr-1783	1059	33	taken	take	VERB
cblr-1783	1059	34	to	to	PART
cblr-1783	1059	35	prevent	prevent	VERB
cblr-1783	1059	36	tbtf	tbtf	PROPN
cblr-1783	1059	37	.	.	PUNCT
cblr-1783	1060	1	the	the	DET
cblr-1783	1060	2	paradox	paradox	ADJ
cblr-1783	1060	3	and	and	CCONJ
cblr-1783	1060	4	ancillary	ancillary	ADJ
cblr-1783	1060	5	issues	issue	NOUN
cblr-1783	1060	6	explored	explore	VERB
cblr-1783	1060	7	in	in	ADP
cblr-1783	1060	8	this	this	DET
cblr-1783	1060	9	article	article	NOUN
cblr-1783	1060	10	can	can	AUX
cblr-1783	1060	11	be	be	AUX
cblr-1783	1060	12	boiled	boil	VERB
cblr-1783	1060	13	down	down	ADP
cblr-1783	1060	14	to	to	ADP
cblr-1783	1060	15	two	two	NUM
cblr-1783	1060	16	simple	simple	ADJ
cblr-1783	1060	17	questions	question	NOUN
cblr-1783	1060	18	:	:	PUNCT
cblr-1783	1060	19	why	why	SCONJ
cblr-1783	1060	20	does	do	AUX
cblr-1783	1060	21	the	the	DET
cblr-1783	1060	22	paradoxical	paradoxical	ADJ
cblr-1783	1060	23	regulation	regulation	NOUN
cblr-1783	1060	24	of	of	ADP
cblr-1783	1060	25	banks	bank	NOUN
cblr-1783	1060	26	and	and	CCONJ
cblr-1783	1060	27	clearinghouses	clearinghouse	NOUN
cblr-1783	1060	28	exist	exist	VERB
cblr-1783	1060	29	,	,	PUNCT
cblr-1783	1060	30	and	and	CCONJ
cblr-1783	1060	31	who	who	PRON
cblr-1783	1060	32	benefits	benefit	VERB
cblr-1783	1060	33	from	from	ADP
cblr-1783	1060	34	it	it	PRON
cblr-1783	1060	35	?	?	PUNCT
cblr-1783	1061	1	the	the	DET
cblr-1783	1061	2	first	first	ADJ
cblr-1783	1061	3	question	question	NOUN
cblr-1783	1061	4	is	be	AUX
cblr-1783	1061	5	straightforward	straightforward	ADJ
cblr-1783	1061	6	.	.	PUNCT
cblr-1783	1062	1	regulators	regulator	NOUN
cblr-1783	1062	2	have	have	AUX
cblr-1783	1062	3	prioritized	prioritize	VERB
cblr-1783	1062	4	mitigating	mitigate	VERB
cblr-1783	1062	5	certain	certain	ADJ
cblr-1783	1062	6	risks	risk	NOUN
cblr-1783	1062	7	over	over	ADP
cblr-1783	1062	8	others	other	NOUN
cblr-1783	1062	9	—	—	PUNCT
cblr-1783	1062	10	specifically	specifically	ADV
cblr-1783	1062	11	,	,	PUNCT
cblr-1783	1062	12	counterparty	counterparty	NOUN
cblr-1783	1062	13	credit	credit	NOUN
cblr-1783	1062	14	risk	risk	NOUN
cblr-1783	1062	15	over	over	ADP
cblr-1783	1062	16	systemic	systemic	ADJ
cblr-1783	1062	17	risk	risk	NOUN
cblr-1783	1062	18	—	—	PUNCT
cblr-1783	1062	19	in	in	ADP
cblr-1783	1062	20	the	the	DET
cblr-1783	1062	21	trading	trading	NOUN
cblr-1783	1062	22	markets	market	NOUN
cblr-1783	1062	23	.	.	PUNCT
cblr-1783	1063	1	to	to	PART
cblr-1783	1063	2	effectively	effectively	ADV
cblr-1783	1063	3	guarantee	guarantee	VERB
cblr-1783	1063	4	and	and	CCONJ
cblr-1783	1063	5	efficiently	efficiently	ADV
cblr-1783	1063	6	net	net	ADJ
cblr-1783	1063	7	counterparty	counterparty	NOUN
cblr-1783	1063	8	obligations	obligation	NOUN
cblr-1783	1063	9	,	,	PUNCT
cblr-1783	1063	10	clearinghouses	clearinghouse	NOUN
cblr-1783	1063	11	must	must	AUX
cblr-1783	1063	12	be	be	AUX
cblr-1783	1063	13	large	large	ADJ
cblr-1783	1063	14	and	and	CCONJ
cblr-1783	1063	15	interconnected	interconnected	ADJ
cblr-1783	1063	16	and	and	CCONJ
cblr-1783	1063	17	therefore	therefore	ADV
cblr-1783	1063	18	systemically	systemically	ADV
cblr-1783	1063	19	significant	significant	ADJ
cblr-1783	1063	20	.	.	PUNCT
cblr-1783	1064	1	as	as	ADP
cblr-1783	1064	2	for	for	ADP
cblr-1783	1064	3	the	the	DET
cblr-1783	1064	4	second	second	ADJ
cblr-1783	1064	5	question	question	NOUN
cblr-1783	1064	6	,	,	PUNCT
cblr-1783	1064	7	the	the	DET
cblr-1783	1064	8	beneficiaries	beneficiary	NOUN
cblr-1783	1064	9	are	be	AUX
cblr-1783	1064	10	the	the	DET
cblr-1783	1064	11	large	large	ADJ
cblr-1783	1064	12	banks	bank	NOUN
cblr-1783	1064	13	that	that	PRON
cblr-1783	1064	14	control	control	VERB
cblr-1783	1064	15	clearinghouses	clearinghouse	NOUN
cblr-1783	1064	16	.	.	PUNCT
cblr-1783	1065	1	because	because	SCONJ
cblr-1783	1065	2	regulators	regulator	NOUN
cblr-1783	1065	3	have	have	AUX
cblr-1783	1065	4	prioritized	prioritize	VERB
cblr-1783	1065	5	credit	credit	NOUN
cblr-1783	1065	6	risk	risk	NOUN
cblr-1783	1065	7	mitigation	mitigation	NOUN
cblr-1783	1065	8	over	over	ADP
cblr-1783	1065	9	antitrust	antitrust	ADJ
cblr-1783	1065	10	considerations	consideration	NOUN
cblr-1783	1065	11	,	,	PUNCT
cblr-1783	1065	12	they	they	PRON
cblr-1783	1065	13	must	must	AUX
cblr-1783	1065	14	also	also	ADV
cblr-1783	1065	15	tolerate	tolerate	VERB
cblr-1783	1065	16	the	the	DET
cblr-1783	1065	17	anticompetitive	anticompetitive	ADJ
cblr-1783	1065	18	effects	effect	NOUN
cblr-1783	1065	19	of	of	ADP
cblr-1783	1065	20	clearinghouses	clearinghouse	NOUN
cblr-1783	1065	21	—	—	PUNCT
cblr-1783	1065	22	which	which	PRON
cblr-1783	1065	23	,	,	PUNCT
cblr-1783	1065	24	due	due	ADP
cblr-1783	1065	25	to	to	ADP
cblr-1783	1065	26	economies	economy	NOUN
cblr-1783	1065	27	of	of	ADP
cblr-1783	1065	28	scale	scale	NOUN
cblr-1783	1065	29	,	,	PUNCT
cblr-1783	1065	30	are	be	AUX
cblr-1783	1065	31	natural	natural	ADJ
cblr-1783	1065	32	monopolies	monopoly	NOUN
cblr-1783	1065	33	.	.	PUNCT
cblr-1783	1066	1	yet	yet	ADV
cblr-1783	1066	2	if	if	SCONJ
cblr-1783	1066	3	financial	financial	ADJ
cblr-1783	1066	4	regulators	regulator	NOUN
cblr-1783	1066	5	incorporate	incorporate	VERB
cblr-1783	1066	6	antitrust	antitrust	ADJ
cblr-1783	1066	7	principles	principle	NOUN
cblr-1783	1066	8	,	,	PUNCT
cblr-1783	1066	9	then	then	ADV
cblr-1783	1066	10	it	it	PRON
cblr-1783	1066	11	will	will	AUX
cblr-1783	1066	12	be	be	AUX
cblr-1783	1066	13	less	less	ADV
cblr-1783	1066	14	likely	likely	ADJ
cblr-1783	1066	15	that	that	SCONJ
cblr-1783	1066	16	a	a	DET
cblr-1783	1066	17	clearinghouse	clearinghouse	NOUN
cblr-1783	1066	18	will	will	AUX
cblr-1783	1066	19	be	be	AUX
cblr-1783	1066	20	used	use	VERB
cblr-1783	1066	21	as	as	ADP
cblr-1783	1066	22	an	an	DET
cblr-1783	1066	23	instrument	instrument	NOUN
cblr-1783	1066	24	of	of	ADP
cblr-1783	1066	25	dealer	dealer	NOUN
cblr-1783	1066	26	leverage	leverage	NOUN
cblr-1783	1066	27	.	.	PUNCT
cblr-1783	1067	1	240	240	NUM
cblr-1783	1067	2	see	see	NOUN
cblr-1783	1067	3	shelanski	shelanski	NOUN
cblr-1783	1067	4	,	,	PUNCT
cblr-1783	1067	5	supra	supra	PROPN
cblr-1783	1067	6	note	note	NOUN
cblr-1783	1067	7	17	17	NUM
cblr-1783	1067	8	.	.	PUNCT