But are those major? Major would be if someone could blow up so much that we take down Lehmans again, despite all the stuff that's been put in place since.

The PB thing is interesting to me, I never took a massive position across PBs but I had assumed if I did they would ask whether I was doing the same trade everywhere. At least when executing FX trades electronically, they all said it was a big no-no to split the trade across banks.

> I'm fairly certain we'll see some overhaul on the swap side to shed more light on what positions they hold, similar to what hedge funds have to file quarterly.

I bet someone with a bit of crypto knowledge could invent a way to report this without revealing exactly who has what. At least it sounds like one of those zero knowledge games.

The FO thing yeah, maybe they shouldn't have that loophole.

Single price mover, yeah, I don't think it's healthy. In general I like transparency.