CFTC-SEC swap ruling starts Dodd-Frank compliance race

Horse race

Dealers have roughly two months to comply with a host of new Dodd-Frank Act rules that depend on how regulators define the term 'swap' – a separate rule-making that was voted through by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) yesterday.

Other than excluding physically delivered non-financial commodity forwards from the swap designation, the rule-making offered few surprises, adopting language that was largely in line with proposals issued