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CFTC to propose swaps definition plan on April 27

Apr 21 2011 Reuters

The US futures regulator said on Wednesday it will issue its long-awaited swaps definition proposal next week, the last of its major rules from the recent financial reform legislation to be introduced. The US Commodity Futures Trading Commission has issued first drafts of more than 40 regulations to implement the derivatives reforms in the Dodd-Frank law, but until now has not released definitions for swaps products to be covered by the rules. The lack of clarity has prompted confusion and a sense of urgency from some industry players. At the same time, the agency has been criticized by parts of the industry, lawmakers and several of its own commissioners for its fast pace, and what a few have called an "irrational" sequence of rules, making the process hard to follow. The Dodd-Frank Wall Street reforms of 2010 gave the CFTC new found responsibility, including oversight of the roughly $600trn global over-the-counter derivatives market. The CFTC also said it

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