U.S. regulators voted today to define which companies will facenew oversight in the $708 trillion global swaps market, wherelargely unregulated trades helped fuel the 2008 financialcrisis.

A rule approved unanimously by the Securities and ExchangeCommission today and awaiting a Commodity Futures TradingCommission vote will initially define a regulated dealer as onethat conducts swaps with a notional value of at least $8 billion ina 12-month period. The banks, hedge funds and energy firms definedas swap dealers will be subject to the highest capital andcollateral requirements for market participants.

“Adopting these entity definitions is a foundational step in theestablishment of the new regime to regulate trading in this verysignificant market,” SEC Chairman Mary Schapiro said before thevote. “These rules clarify for market participants whether theircurrent activities will subject them to comprehensive oversight inthe coming months.”