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Derivative products can be used in various ways, often to hedge interest rate or foreign exchange risks. Over the past decade, derivatives have become an integral part of secured lending transactions, commonly required by lenders to mitigate the risk that a borrower's credit may be adversely affected due to fluctuations in currency or interest rates. The Dodd-Frank Wall Street Reform and Consumer Protection Act1 amended the Commodity Exchange Act (CEA),2 which is implemented, administered and enforced by the Commodities Future Trading Commission (CFTC) through regulations,3 and introduced major changes to many aspects of the financial system in the United States, especially swaps and other derivatives. Congress passed Dodd-Frank's derivatives provisions largely to bring stability and transparency to the largely unregulated swaps market in the wake of the 2008 financial crisis. The new rules change in fundamental ways who can enter derivatives, how they go about it, and how much derivatives cost. Today we discuss how these rules have changed the ways in which derivatives can be used in secured transactions and what new issues they have introduced.

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