As the Securities and Exchange Commission and Commodity Futures Trading Commission try to create rules governing the burgeoning $700 trillion over-the-counter derivatives market, buy-side firms want to ensure they aren't left out in the cold.

The most vocal advocate: the Managed Funds Association. The influential Washington, D.C., trade group representing the hedge fund industry wants fund managers to participate in centralized clearing and execute orders through swap exchange facilities on an equal footing with the big Wall Street wirehouses.

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