Institutional investors are using their clout to improve pricing and trading information available on derivative products in the secondary market.

For years, investors have groused that firms were not adequately supporting their products, but it wasn't until this September that the issue came to a head. David Johnson, a portfolio manager at Van Kampen Merritt, gave the market a jolt when he sent a letter to 12 leading underwriters of derivatives saying that he would stop buying derivatives.

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