Swag Regulations Rollback Impact on S&T

Hi,

What do those in the industry think about the relaxation of margin rules on banks for otc swaps trading? The market apparently thought it was significant enough that big bank stocks carried spx to a gain yesterday. How positive will the impact on S&T be? Also, do you think the future of IRS trading is going fully centrally cleared (ie no otc voice brokers)? Have you felt that the impact on liquidity is positive or negative with centrally cleared IRS trading? Thanks so much for any insight.

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