Feedback I've heard more than once is that non-US firms are avoiding trading with US firms as a strategy to avoid the CFTC Dodd Frank regulations. This story from Reuters provides flavour around that idea.

Swaps executed by a European client with the foreign branch of a US bank will be required to clear through a central counterparty starting on October 9 – the date that an exemption from compliance with the CFTC's recently finalised cross-border guidance will expire.

Read the full story over at Reuters Swaps clients plan US bank exodus | Reuters.