Some banks broke new US rules on the clearing of over-the-counter derivatives as soon as they were implemented on March 11. Four futures commission merchants (FCMs) – which clear trades on behalf of clients – say they have not always cleared trades within 60 seconds as required, or have heard that other FCMs were in breach of the rule.
"There have been some trades that haven't been cleared in under 60 seconds. A small percentage, but it technically contravenes the law. Some of these are down to