Three years ago, the global derivatives industry donned its boxing gloves as the shape of the G20’s post-crisis agenda came into focus and it has not stopped fighting since. But it had better have kept some energy in reserve, because the biggest, most teeth-gnashing political issues are still to come.

This was clear from the discussions at last week's international derivatives conference IDX, one of the industry's biggest and best-established derivatives events which enjoyed record attendance this year. Two of the trickiest issues remain outstanding. The first, "extraterritoriality", is where regulators in one jurisdiction attempt to apply their rules in another. The second is what happens in the unlikely but possible event that a clearing house fails.