European swap-trading platforms won a reprieve from Dodd-Frank Act rules in a regulatory deal that puts U.S. and European authorities on a path toward sharing oversight of most of the $693 trillion global market.

The U.S. Commodity Futures Trading Commission (CFTC) and European Union (EU) officials, in an agreement announced yesterday, granted the trading facilities relief until March 24 from having to register in the U.S. At the same time, U.K. and European regulators are implementing trading rules designed to meet U.S. standards and that could then be relied on to substitute for Dodd-Frank oversight in the long term, said Mark P. Wetjen, acting CFTC chairman.

"There is going to be every incentive to make their regime as close as possible to ours," Wetjen said in a news conference in Washington. "We're obviously sensitive to the so-called regulatory arbitrage. We don't want to incentivize people to move their trading away from the U.S."