This week the renowned law firm of Quinn Emmanuel filed a fascinating new piece of litigation on behalf of the Chicago Teachers penion fund.  They allege that the largest IRS dealers, plus ICAP and Tradeweb, colluded to reduce competition in IRS markets - in part by blocking the development of SEFs, new electronic swaps venues developed by Dodd Frank. 

The mere filing of this lawsuit may have significant ramifications for swaps market structure and Dodd Frank enforcement by the CFTC.  We intend to follow this lawsuit closely!