It is well-known to derivatives lawyers that back in 2009, at the peak of the financial crisis, G20 leaders agreed that, in order to reduce counterparty’s and operational risks related to over-the-counter (OTC) derivatives trading, by the end of 2012 all standardised OTC contracts would be traded on exchanges or electronic trading platforms and, where appropriate, cleared through central counterparties (CCPs). Moreover, G20 leaders concluded that all OTC derivatives contracts should be reported to trade […]