What is a fiduciary? Do swap dealers have fiduciary responsibilities to their customers? Why is this important?

What will be an ideal response?

A fiduciary is an agent in whom an individual relies heavily for advice or places a large degree of trust. Often, fiduciaries are provided with confidential information. Individuals who deal with them are vulnerable because the agent has a higher level of sophistication, experience, and better access to market information and technology.
Judge Feikens found that BT had no fiduciary responsibility to P&G, but it is hard to find the facts on which the decision was made. It appears he believed that P&G had a sophisticated finance department, which should have been able to understand the nuances of derivative risks and returns. Therefore, the judge ruled that P&G did not place a heavy reliance on BT's advice, but rather the company asserted its own independent assessment of the markets and the direction in which interest rates would move. P&G's repeated dismissals of BT's hedging suggestions supported the court's opinion.
The Court went on to address whether BT had any other duties or obligations to P&G. Judge Feikens found that BT had a legal obligation to disclose material information to P&G because BT had superior knowledge and a better-quality information base.
This decision was important. If it could be proved that BT had fiduciary responsibilities
to P&G, then P&G could have brought suit against BT for breach of those duties.