Docs shock: how dealers are tackling the VM deadline

Scale and complexity of negotiations raise fears many will be unable to trade from March

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In a dark New York bar on the evening of November 9 – 24 hours after Donald Trump was elected US president – a US banker was nursing his beer. The mood was grim. "I believe we're witnessing the start of a slow-motion train crash," he said.

A lot of wounded voters were looking for solace in the city's bars that evening, but in that setting, the banker was alone. Unlike his fellow drinkers, ranters, and head-shaking doubters, he was not making a political point; he was worrying about the impendin