When they decide which derivatives are considered swaps underthe Dodd-Frank Act, U.S. regulators will unleash a cascade of ruleson the $648 trillion global market designed to prevent a repeat ofthe 2008 credit crisis.

The Commodity Futures Trading Commission is poised to completeseveral hundred pages of regulations tomorrow that determine whentrades by JPMorgan Chase & Co., Goldman Sachs Group Inc.,Cargill Inc. and other companies must fall under rules to reducerisk and increase transparency. The Securities and ExchangeCommission unanimously approved the rule July 6 without holding apublic meeting.

“It's really very critical to complete the further definition ofthe word swap and the end-user exception,” CFTC Chairman GaryGensler said in a telephone interview on July 5. “Those arefoundational rules.”