Swaps Rule Sends Wall Street Into Clearing Limbo
The mix-up surrounding when most swaps would need to be cleared arose after the CFTC established two separate deadlines: one setting an effective date in which the clearing mandate begins and another by which market participants must be in compliance.
If anyone has more info on the underlying issue, send it over. The story as written needs careful reading.
Useful chart here: http://deltastrategygroup.com/wp-content/uploads/2012/10/Delta-Strategy-Implementation-Timeline-10022012.pdf or download direct from here