In addition, U.S. and global regulators are far from uniform in their approaches. The FDIC, the Federal Reserve and the Treasury have all proposed rules that don't include an exemption for non-speculative hedging. In Europe, the approach being considered by the EU "does not contemplate a two-way exchange of initial margin," at the meeting. "We should not be creating opportunities for regulatory arbitrage."

But human nature may well win out on this one. Financial professionals no doubt are already formulating strategies to minimize the impact of the government's attempt to brake the use of derivatives. Whether the cumulative impact of these adaptations will outweigh any reduction of systemic risk remains to be seen.

A two-day , May 2 and 3, will air more discussion on the proposed rule, and the schedule for implementing final rules for swaps and security-based swaps.