Swap-trading rules governing firms such as CME Group Inc. andICAP Plc won't be completed by mid-November at the main U.S.derivatives regulator, according to Commodity Futures TradingCommissioner Scott O'Malia.

The CFTC plans to first finish separate rules to ensureinterest-rate and credit swaps are backed by clearinghouses thatcollect collateral from buyers and sellers, O'Malia said today at aFutures Industry Association conference in Chicago.

“I don't think we are going to be able to get through this” bythe CFTC meeting set for Nov. 15, because “there is a lot to benegotiated,” he said. “That's way too soon.”

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