U.S. policymakers aimed to revolutionize the over-the-counter derivatives market by increasing transparency and competition and loosening the grip banks have had over the market. However, the regulatory changes that went into effect two weeks ago have done little to significantly alter the market, according to market participants and observers. "The walls are not coming down," said Will Rhode of Tabb Group. "It's the status quo, and it will be the status quo through 2014."

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