Market participants are divided on the different margin regimes for listed derivatives and their equivalent over-the-counter swaps. Critics say the system makes futures under-margined, while OTC swaps tend to be over-margined. Proponents of the margin regimes say that futures prices are more transparent and certain than OTC swap prices because futures are traded on a central limit order book. However, if OTC swaps shift to trading on a limit order book, the differences between the product sets could be even less clear.

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