If you were asked to rewrite the offside rule, watching American football might not be much help. As the EU financial regulator starts devising new rules for derivatives trading, however, it might be useful to look at how the same process has gone in the US.

Under the Markets in Financial Instruments Directive II, agreed last month, the European Securities and Markets Authority must work out the technicalities of how trading of OTC derivatives is to move to electronic venues. Esma is expected to put a consultation paper to the industry by May.