On November 9th, the International Swaps and Derivatives Association released the results of a blind test independently conducted among market participants on the liquidity, price transparency and competitiveness of the "plain vanilla" US Dollar and Euro interest rate swap ("IRS") markets. According to the test results, the difference in pricing between the best and worst quotes for any swap ranged from 0 to 1.3 basis points. The average difference between the best and worst quotes for each swap was .38 basis points. The extremely narrow spreads evidence significant price competition in the IRS markets. ISDA Press Release.