“A good compromise is when both parties are dissatisfied, and I think that’s what we have here.” Larry David’s definition of dispute resolution in the television series Curb Your Enthusiasm would not have got him very far with European derivatives dealers, who have agreed a new standard contract after months of negotiation.

The changes mean that for the first time European contracts will pay fixed, bond-like, coupons. The different risks that companies face will be made up for with upfront payments at the start of the contract. Until now the contracts have been paid on a floating basis, meaning that the price moves with the market.