There are believers, though, or perhaps gamblers, who think that one day swaps will be the leading benchmark, with the Swapnote becoming the benchmark future.

ECONOMIST: Swap futures

But, whereas at the moment a member of staff who swaps to a day shift to undergo some training loses that allowance, under the new system they will not.

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All day long, spreads in credit default swaps on major U.S. banks, like Goldman Sachs, grew wider on concern that a Greek default would translate into adverse consequences for financial companies.

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Mr Miliband's comments come a day after it emerged that four banks had mis-sold specialist insurance, known as interest rate swaps, to small businesses.

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