The Obama administration’s proposals to require clearing of all standardised over-the-counter derivatives through regulated central counterparties has met with a cautious welcome with analysts seeing the most benefit for CME Group, the derivatives exchange, although dealers are expected to lose revenues.

Joel Telpner, partner at law firm Mayer Brown, said: "The proposals are a reasonable and practical approach and address the biggest concerns of a lack of transparency. There will be much more reporting of counterparty exposures which is an important improvement and there should be more consistency in margining and capital reserve requirements."