Putting on a swap used to be pretty simple for corporate treasurers. If they needed to readjust their fixed-to-floating mix, they might have asked for several quotes from dealers – all would typically be around the same level and easy to replicate using a simple model. If they wanted to terminate an existing swap position, any dealer could step in with little economic impact on any party; there was an assumption of fungibility.
That assumption no longer holds water. Dealers have come to apprecia