A number of clearing houses are vying for a share of the over the counter (OTC) interest rate swaps market. CME announced its intentions just a few weeks ago. Garry O’Connor, chief executive of IDCG, an interest rate swaps clearing house majority owned by Nasdaq, discusses with Jeremy Grant where CME's move into the sector leaves the other players. He also talks about the importance of risk committees to governing clearers and his worries about finding independents for these boards.