A revised proposal by the Commodity Futures Trading Commission for how private swaps can be traded will prevent dealers from losing billions of dollars in revenue, according to Moody's Investors Service analyst Alexander Yavorsky. The commission rewrote a prior attempt at the rule last week after Chairman Gary Gensler pulled the proposal from consideration at a Dec. 9 meeting. The original rule would have required dealers to provide executable prices to all market users of credit-default, interestrate and other swaps prior to any trade being done on an electronic system that mimics how futures

New U.S. rules to limit speculation in commodity markets could move forward quickly, and with few alterations, after objections by the measure's most vocal supporter unexpectedly delayed a key vote. CFTC Chairman Gary Gensler, abruptly postponed a vote on Thursday to open proposed new position limits to public comment, evidence of mounting pressures internally as the agency implements dozens of rules meant to make markets safer and more transparent. Gensler has managed to maneuver around the two Republican commissioners who have several times voted against releasing new rules, concerned they

Ryan McKee, a senior director focusing on derivatives regulation at the U.S. Chamber of Commerce, has been appointed as a professional staffer at the House of Representatives Committee on Agriculture under Frank Lucas (R., Okla.), the committee's incoming chairman. McKee was best known for defending corporations against harsh new financial regulations that could raise their costs of hedging. McKee begins her new post in early January. Her role will be to liaise with the CFTC. Date Dec. 20, 2010 Cross References (links require a Cabinet subscription) Dodd-Frank Act, Title VII

ISDA sought and was granted permission to intervene in the case of Lomas and others v JFB Firth Rixson, Inc and others to ensure that arguments reflecting the market's understanding of the construction were made before the Court. The Court found that Section 2(a)(iii) is "suspensive" in effect, overturning the non-binding comments in the Marine Trade case that Section 2(a)(iii) is a once-and-for-all test. It was one of ISDA's key goals in participating in the action to achieve this result. ISDA will consult with its members to agree a form of amendment to Section 2(a)(iii) that ISDA will make

In accordance with Section 712(d)(1) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, are proposing rules and interpretative guidance under the Commodity Exchange Act and the Securities Exchange Act of 1934, to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Document Number75 Fed. Reg. 80174 DateDecember 21, 2010 Cross Reference (links