A number of trade associations, including ISD, the AFME, and the Nordic Securities Association (NSA) have published their comments on the Commission's proposal for regulation of OTC derivatives. Broadly, there is support for the proposal and, in particular, they welcome the recognition that central-counter-party should be used where they reduce risk in the financial system; that some derivatives will not be suitable for CCPS; these can be risk-managed bi-laterally; of the importance of regulatory reporting by a trade depositories as a systemic risk tool and that an exemption from clearing requirements is justified for some end users.