All aboard: The trials and triumphs of the June 10 clearing deadline

If, faced with a global monsoon, the shipbuilding industry created a vast ark from scratch, adhering to blueprints that were in constant flux – and launched the vessel on time, packed to the top deck with grateful passengers – it would, rightly, be hailed as a triumph. But telling the story properly would also mean focusing on the last-minute scramble to secure a berth, and the fate of those who missed the boat.

Something similar applies to the second US deadline for over-the-counter derivatives