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CFTC may grant more relief from swaps regulations

The futures regulator looks set to grant the massive swaps market more relief from complying with new financial reforms until sometime in 2012 as the agency remains well behind in completing many of the largest and most contested rules.

The U.S. Commodity Futures Trading Commission first voted in July to delay some swaps rules that had been set to go into effect. The new effective dates were set as late as December 31, or until the agency had finalized the rules.

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"In phasing in the rules, the CFTC seeks to strike a balance between the urgent and overdue need to protect the public and an appropriate time period for companies to adjust," said Dennis Kelleher, the chief executive of Better Markets, a public interest group.

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