A large number of institutional investors remain unprepared for the next wave of US rules on derivatives clearing, according to two studies, which could lead to as much as $55 trillion worth of liquidity being drained from key markets.

New rules being introduced on June 10 under the US's Dodd-Frank Act for financial reform will require buyside participants to clear interest-rate and credit derivative trades for the first time. The Bank for International Settlements estimated the size of these markets to be $514 trillion at the end of 2012.