On-line Trading

Just a thought: I'm assuming it will be too difficult to build in customized
credit provisions on a counterparty by counterparty basis on-line - but if
there are master agreements in place, the credit provisions contained in
them would apply to on-line trades. The availability of the on-line system
may therefore encourage more master agreements since the Credit Dept. will
limit a counterparty's trading volume until credit terms can be imposed.