After months of negotiations, the House of Representatives has approved financial reform legislation that would usher in federal regulation of the currently unregulated $600 trillion over-the-counter (OTC) derivatives market, if it is ultimately signed into law. However, the final version of the bill exempts end-users of oil and other physical commodities from requirements relating to clearing and collateral. That is because the activity of these market participants is not viewed as posing a major risk to the financial system.
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