The U.S. Securities and Exchange Commission will delay some Dodd-Frank Act derivatives measures scheduled to take effect in July, giving regulators more time to finish rules for the $601 trillion market.
Dodd-Frank, the financial regulation overhaul enacted last year, set a mid-July deadline for measures designed to improve transparency and reduce risk in the over-the-counter swaps market. The SEC and the Commodity Futures Trading Commission are continuing to seek comment on rules, and have said they would miss the scheduled completion date for some measures.
Swap users could face a "black hole" in the market if regulators don't explain which provisions take effect without rules being finished, Senator Pat Roberts, a Kansas Republican, said yesterday in a Bloomberg News interview. Dodd-Frank imposed the first rules for the swaps market, which had gone largely unregulated since its inception more than 30 years ago.
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