Clearing exemption too close to call

Financial reforms being drafted by Congress would tighten the rules around over-the-counter derivatives and aim to promote transparency. If enacted, users of such instruments would be required to use clearing houses for all standardised trades.

Many commercial hedgers in the energy sector have called for an exemption to the requirement to clear trades because it would mean setting aside extra capital for margin calls. At the moment, such players can often arrange bilateral, OTC deals that do not

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