Nick Sawyer, editor-in-chief, Risk
Stephen O'Connor: Chairman of the International Swaps and Derivatives Association and a managing director at Morgan Stanley
Eric Litvack: Vice-chairman of Isda and head of regulatory strategy at Société Générale Corporate & Investment Banking
Risk: The first clearing mandates under the Dodd-Frank Act came into force on March 11, capturing swap dealers, major swap participants and active funds. Were there any issues in the approach to this deadline?