Most off-exchange derivatives would be forced through central clearing houses and on to exchanges in a draft law that cleared a hurdle in Congress on Thursday, but many non-financial companies will be excluded from the rules.

End-users such as an airline hedging against higher fuel prices would be allowed to continue using over the counter (OTC) derivatives in the bill, that was approved by the House financial services committee. That satisfies companies that have lobbied in recent months to be allowed to escape a requirement that many more OTC derivatives be traded on-exchange and be processed through clearing houses. They fear this could cause a huge drain on cash as it would require the posting of margins.