Bounded metric notation significance?

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Is there any significance of the notation for the bounded metric $$\bar{d}(x,y)=\text{min \{}d(x,y),1\text{\}}$$ having the same notation as topological closure? Is this a nod to the word "bounded" or indicative of something more consequential? Otherwise, is there any specific reason for this notation?

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No, we could have used any notation, like $d'$ or $d_t$ or whatever you like. As long as it's defined somewhere. It's by no means a "standard" notation.