The Commodity Futures Trading Commission and the Federal Deposit Insurance Corp. proposed exemptions from collateral requirements for some nonfinancial companies that use swaps to hedge against price fluctuation. However, banks would have to impose such requirements on corporate clients if their exposure to these trades became too risky. "Corporate end users are going to be encouraged by the direction that this is heading," said Paul Rowady, a senior analyst at Tabb Group. The two proposals are significantly different, however.

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