Citigroup and Legg Mason are said to be discussing a swap of the latter's broking operation for most of the former's asset-management business, because having the two compromises brokers' duty to their clients.

ECONOMIST: American securities regulation

As a result of that meeting, the Fed announced Operation Twist, a plan to swap shorter-maturity bonds for longer-dated instruments.

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Mr Mack has already noted Citigroup's recent swap of its asset-management arm for Legg Mason's brokerage operation.

ECONOMIST: Morgan Stanley

The first go at co-operation, the Chiang Mai Initiative of 2000, was to expand and formalise a network of bilateral swap agreements between central banks, under which they promised to provide each other with liquidity.

ECONOMIST: Banyan