Clearing chaos: US OTC industry braces for June deadline

Clearing – and present danger

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With six weeks left until the second over-the-counter derivatives clearing deadline hits the US, the industry appears to be hurtling towards a brick wall. Up to 2,000 firms are expected to qualify as so-called category two firms, which are required to clear selected interest rate swaps and index credit default swaps (CDSs) from June 10, but estimates of the number that will be able to start clearing at the deadline range from 200 to 300. That’s primarily because futures commission merchants (FCM

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