Dodd-Frank Act rules governing trading in the $601 trillion global swaps market won't be completed until the first quarter of 2012, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

The CFTC and Securities and Exchange Commission are drafting rules for so-called swap execution facilities and exchanges that will handle trades for credit-default swaps, interest-rate swaps and other derivatives.

"When markets are open and transparent, price competition is facilitated and costs are lowered," Gensler said in a speech prepared for Sefcon II, a New York conference held by the Wholesale Markets Brokers' Association, Americas.