The U.S. Commodity Futures Trading Commission voted today todefine when trades are considered swaps under the Dodd-Frank Act, astep that triggers more than a dozen rules under the 2010financial-regulation overhaul.

The agency's commissioners voted 4-1 to approve a 600-pagemeasure governing when interest-rate, credit, commodity and othertrades involving companies including JPMorgan Chase & Co.,Barclays Plc and Cargill Inc. should face rules to limit risk inthe $648 trillion global market. The Securities and ExchangeCommission unanimously approved the rule in a private vote on July6, the agency said in a statement yesterday.

“This is significant to the American public because now we willbring transparency to these markets,” CFTC Chairman Gary Genslersaid in a Bloomberg Television interview after the meeting. “Wewill have dealers registering. We will lower the risk to theAmerican public. Congress said further define a term. We furtherdefined it. Two months from now a lot of Dodd-Frank comes intobeing.”

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