Banks, trading platforms and clearing houses are jockeying for position as new regulation is forcing over-the-counter derivatives on to exchanges and through clearing houses.

The $583 trillion global OTC derivatives market is certainly going to face unprecedented change in the way it operates over the next two years. What is far less certain is how the market will look at the end of this process. One veteran trader said: "At the moment, the situation is like trying to squeeze a large crowd through a small door, while security guards shout contradictory directions."