The clock has finally started ticking down to one of the most substantial changes ever seen in the European market for over-the-counter derivatives, a significant part of the global market worth €692 trillion at the end of June 2013, according to the Bank for International Settlements.

Last month's decision to authorise Nasdaq OMX's clearing house under the new regime started the countdown for when these instruments need to be processed via clearing houses under the European Market Infrastructure Regulation.