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One of the key objectives of post-crisis regulation was to reduce the risk of banks that were 'too big to fail', but the unintended consequence has produced quite the opposite. We have actually seen an increase in risk concentration among the top firms, the dealer community as a whole is struggling with this transition and we believe OpenDoor has created a model where we can serve clients as both principal and agent which helps to re-liquify the off-the-run market and preserve those deep and valuable relationships.