Trade groups representing the biggest U.S. financial companiessaid regulators should re-propose derivatives rules required by theDodd-Frank Act to give banks, swap dealers and asset managers moretime to review them.

Re-proposing rules would delay them by “months, not years, andthe costs of any such delay will be far outweighed by thebenefits,” groups including the Securities Industry and FinancialMarkets Association and the International Swaps and DerivativesAssociation wrote to the Securities and Exchange Commission and theCommodity Futures Trading Commission.

“Allowing for more than one round of comments helps ensure thatmarket participants can more fully assess the implications of a setof rules in their entirety,” the seven groups said in theirletters.