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
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