“The impact on capital consumption [for end users posting collateral] is not limited to the move of swaps from over-the-counter to a cleared mandate. We don’t know yet if we will be able to have offsets between Commodity Futures Trading Commission and Securities and Exchange Commission products.”

—Ted Macdonald, managing director and treasurer at D.E. Shaw on a panel at the International Swaps and Derivatives Association’s 27th Annual General Meeting, on why U.S. regulators need to provide more clarity to end users as to whether or not firms will be able to net exposures across cleared and uncleared swaps, or swaps that are monitored by different regulators.