Clearing: Third time lucky
The third US clearing deadline caused relatively little fuss. But the problems that emerged ahead of the first two deadlines haven’t entirely been solved, and some firms sought to postpone their first cleared transactions. Joe Rennison reports
The clearing head shrugged, then sat back in his seat. “I wasn’t even in the office,” he said. “It was a non-event. Everyone is a lot more used to this now.” He was talking about the third and final US clearing mandate, which had come into force the day before, on September 9. His comments stand in stark contrast to the previous two mandates, when dealers said the last-minute rush to get clients ready for clearing was hampered by niggly operational and technical glitches (Risk April 2013, pages
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