After reading Frank Portnoy's FIASCO (he is former Morgan Stanley derivative trader), I started thinking about who really is meaningful in trading. Most of us trade at various exchanges and some do it with large size, but it all dwarfs comparing to OTC deals between large funds and banks. There are thousands of huge funds out there, there is no way they can trade on exchanges, just not enough room. Or can they, and am I mistaken? For example, Armanath's NAV was jumping up and down in over a billion over 1 month period early this year. And there hoards of others. Any thoughts are appreciated. Regards, reddue