For firms that aim to capitalise on the revamp of over-the-counter derivatives markets, now is no time to arrange a parade. It will probably get rained on. One by one, each of the obvious beneficiaries of the OTC market structure revolution has had its hoped-for advantage eroded, called into question or wiped out at a stroke. Clearing houses will play a pivotal role in the new market – there is no question of that – but the incumbent clearers that were in the strongest position to