Lynn Strongin Dodds examines the upcoming regulatory orders and changes that are set to impact OTC derivatives, and the exchanges that trade them. As part of this special report on derivatives trading, GreySpark comments on what we can expect to see as a result of incoming regulation. While the final points of regulations such as Dodd-Frank are being confirmed, GreySpark is of the opinion that the industry is preparing itself to trade over-the-counter products via exchanges, and if they are not listed, these will be centrally cleared. This will open up opportunities for exchanges to gain revenue they may have traditionally lost from MTFs, creating an era of competition. GreySpark observes that as a result of this, many exchanges are looking to enhance and expand their offering to the clearing side, with practices such as collateral management being a popular area of expansion.