The financial reform bill that passed the Senate in late May will open the door to an even longer rule-making process that will impact traders and the futures industry. On May 20, the Senate passed the Restoring American Financial Stability Act of 2010, which includes broad clearing requirements for over-the-counter (OTC) derivatives, margin and execution requirements, requirements that swap dealers and major participants be registered and gives the Commodity Futures Trading Commission (CFTC) authority to impose position limits across commodity markets. In June, the Senate bill was being reconciled with similar legislation passed last December in the House. Willa Bruckner, partner, Alston & Bird, agrees that support for the swaps spin-off provision is waning. As far as what will make it into final legislation, she says.