Firms will be shut out of OTC market at June US clearing deadline

Digital padlocks

Hundreds of smaller firms may have to temporarily stop using over-the-counter derivatives when the second phase of mandatory clearing begins in the US on June 10, because they will not be able to find – or, possibly, afford – a futures commission merchant (FCM). Some could switch to new interest rate swap futures instead, while others could stop using derivatives altogether, market participants predict.

"The firms in the second mandate are firms that have less access to cost-efficient clearing

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