ISDA publishes research on value of OTC derivatives: ISDA has published two research papers, one examining the value of OTC derivatives for publicly traded non-financial firms, the other focused on non-cleared interest rate derivatives. The reports find that not always are there exchange-trade derivatives suitable to replace OTC hedges and that, in the case of interest rate derivatives, a significant portion of the market remains non-clearable. Without non-clearable, OTC derivatives, users would not qualify for hedge accounting and would experience greater earnings volatility. (Source: ISDA Publishes Research Papers on the Value of OTC Derivatives)