... Roughly 58% of activity in dollar, euro and sterling occurred either in spot trading of 3-, 6-, and 12-month tenors, or in forward trading of contracts tied to central bank intermeeting periods ... decreasing the urgency of finding an offset in the IRS market. We also looked at the offsetting activity in more granular tenor groupings and found the same pattern of offsetting behavior ... Morgan, Morgan Stanley, The Royal Bank of Scotland Group, Société Générale, UBS AG, and Wachovia Bank N.A. 4 A similar analysis was performed for the credit derivatives market, the findings of...