Another draft bill to regulate over-the-counter derivatives emerged Friday, adding a wrinkle to the contentious debate over mandatory central clearing.

The bill, circulated by House Agriculture Committee Chairman Collin Peterson, would impose stricter clearing requirements than a recent proposal by House Financial Services Committee Chairman Barney Frank. However, its central clearing criteria would not be so sweeping as those in the derivatives legislation proposed by the Obama administration.

Peterson's bill would require all swaps that could be accepted by central clearing platforms to be cleared, and it would direct regulators to oversee clearing platforms for safety and soundness and risk management practices.

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