We should, by the time you read this, have received a strong indication of whether there will be joint winners in the second stage of the credit derivatives clearing competition, or whether a single provider will take home this coveted prize.

Either of the two best-placed providers, Ice Trust Europe or Eurex, will have scored an early victory in European credit clearing, or both will have started to pick up momentum. And it is only fair, after so many months of wrangling, that these spoils should go to the victor or victors.