Smaller Institutions and Individuals

These participants are currently largely excluded from the market due to cost and credit worthiness. As a result, the needs these smaller players may have--such as reduction of exposure to rate volatility, seeking lower cost funding, or maximizing returns on fixed income investments, are not currently being addressed. While simple fixed for floating transactions are undoubtedly the most immediately useful solution to this market segment, other instruments including basis swaps may well be attractive offerings as well.