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    a big part of the puzzle

    Dear all,

    How should I understand the underlined?

    Does it mean liquidity is the biggest problem to be solved?

    Does "make and take the prices" mean "buy the products" in the context?

    Thanks in advance.


    Analysts believe the initial number of SEFs could be large but will be whittled down over time.
    Research by TABB Group, a consultancy, suggests they will ultimately shrink to just three or
    four per asset class. Liquidity is a big part of the puzzle. Putative SEFs are currently working to
    win the support of dealers and their clients. “You can have the fastest, most reliable platform on
    earth,” says Charley Cooper of State Street, which is planning to launch an SEF called SwapEx.
    “But if people aren’t actually showing up to make and take prices, you’ve got a problem.”

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    Re: a big part of the puzzle


    Well, I don't really know and I find it hard to determine what they're actually saying because I don't know what "SEFs" are. It's pretty difficult to interpret a paragraph when it's part of a larger story, which you don't know.

    Have you considered this definition, taken from Longman?

    4 piece of the puzzle a piece of information that helps you to understand part of a difficult question, mystery etc

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