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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.