With the clock ticking away on talks that would help create a more global derivatives market, the industry remains in the dark over what, if anything, is happening to solve the impasse. There are signs, though, that behind the scenes the whip is being firmly cracked.

The issue is the long-standing inability of European Securities and Markets Authority and the US Commodity Futures Trading Commission to recognise each other's rules on the clearing of over-the-counter derivatives.