Swap-Trading Rules Won’t Be Finished by November, O’Malia Says

Commissioner says CFTC will focus first on rules ensuring swaps are backed by clearinghouses.

Swap-trading rules governing firms such as CME Group Inc. and ICAP Plc won’t be completed by mid-November at the main U.S. derivatives regulator, according to Commodity Futures Trading Commissioner Scott O’Malia.

The CFTC plans to first finish separate rules to ensure interest-rate and credit swaps are backed by clearinghouses that collect collateral from buyers and sellers, O’Malia said today at a Futures Industry Association conference in Chicago.

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