Most of this story is a rehash of the blooming obvious – the comment from Craig is accurate but translating that into “impending armageddon not avoided” is a bit far fetched. The story has been repeated all over the place, it’s not adding anything new to what we all know as a result of DFA / EMIR. Armageddon isn’t any closer, it’s just changed appearance, and put tax payers more directly in-line.

Swaps ‘Armageddon’ Lingers as New Rules Concentrate Risk – Bloomberg.