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Yes, that makes sense.

That has become quite electronic. If you look at the dealer-to-dealer space, despite the rollout of SEFs and investments in platforms like i-Swap, which TP ICAP runs, there are very few significant big trades going through. The market isn't that liquid. Many banks are doing electronic trades with their clients in amounts like 10 million, 25 million, or 50 million. However, for big trades or swaps, it still makes sense for JP Morgan to pick up the phone and speak to a broker for size discovery.

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Yes, that makes sense.

Brokers provide size discovery. You might know the price is 10 or 12 in 2 million, but if you need to buy 200 million, you need to know if you can get them all at 12 or if that would spook everyone. Or maybe someone is about to hit the 10 bid, and there's a big seller out there. It's that kind of information.

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Do you see that continuing to be a risk over the next five to ten years, where the interdealer brokers might disappear, or is there a point where you believe they will always remain?

When I started at TP ICAP, every screen was full of prices, like going to Walmart. It was very liquid. Now, with less liquidity and fewer dealers, it's more capital-intensive and expensive. We're moving back to a market square model, trading by invitation. There's more execution through matching sessions and algorithmic sessions, which favors electronification over voice brokers.

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