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By contrast, "the dealers suggested more than once that there is room for only one solution in the market and that they are building that one solution right now," he said.

"The stunned silence that you heard from buyside firms on Friday's call was the disquieting realization that the dealer community may be filibustering to protect its oligopoly and not seriously engaged in working with the buyside to develop a clearing solution," Cole said.

The Federal Reserve Bank of New York, which regulates the ICE clearing arm, is encouraging buyside firms to add more products and participants to the ICE platform as well as encouraging dealers to clear trades through both clearing arms.