Market participants say that they are facing challenges in clearing certain interest-rate products. The process for clearing interest-rate swaps has been robust, but dealers are questioning the logic behind sending interest-rate swaps, known as "swaptions," through central clearing. "From the point of view of financial stability, it is not [clear] that [central counterparties] are better at handling this asset class than banks, which will now be well capitalized and tightly controlled by regulators and shareholders," said Matthieu Gaveau of BNP Paribas.

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