Yogi Berra, the baseball legend with a penchant for mangled aphorisms, could probably sum up the feeling among US clearing banks about the latest proposal to regulate their activities: “It’s déjà vu all over again.”

On July 27, the Federal Reserve announced it wanted to add the complexity and interconnectedness indicators surcharge – which it already imposes on global systemically important banks (G-Sibs) – to those cleared over-the-counter derivatives in which banks act as agents for client