Trading over-the-counter, uncleared swaps will likely require prohibitively high amounts of initial margin, despite the objections of derivatives users, according to industry experts. Opponents say that the current proposals could prevent key hedging activity. "Sometimes, people overlook the fact that the derivatives market is needed by end users to manage their risk," said Fred Janbon of BNP Paribas. "If businesses can't hedge their financial risks, it creates other risks to the economy."

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