The law firm Davis Polk put together an informative memo which provides a description of the issues facing asset managers that trade and clear swaps in the post-Dodd Frank world. Apart from the background section, the memorandum discusses several key swap regulatory topics, highlighting practical considerations and potential opportunities for asset managers.The focus is on near-term actions that asset managers should consider, and on the aspects of the regime that will most affect the costs and opportunities of asset managers’ trading activities. Maria L.