See this article on Derivsource.com about how the upcoming rules, which introduce mandatory initial margin to uncleared derivatives trades, will eventually affect a wide section of the market.

The rules come in at the end of December 2015 and will initially only apply to “systemically important” institutions. However, over the following years the threshold will reduce, leading to the rules affecting more and more companies, either directly or indirectly through increased costs.

As a result the rules will eventually impact far more of the energy and commodities sector than at first sight, by either driving up the cost of uncleared derivatives trading, or by pushing more instruments into clearing. In the end, being an NFC- may not have as beneficial an effect as was first thought.