The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission finalized definitions of a swap, a securities-based swap, a securities-based agreement and a mixed swap. The move started an intense period of compliance work by swap dealers, major swap participants and other firms to be allowed to clear, report and trade. [The CFTC recently rejected an amendment that would have reviewed a rule in the U.S. that requires investments firms to request a quote to buy or sell derivatives from three dealers. Industry officials argued that, by rejecting the amendment, the U.S. could lose out on business to foreign jurisdictions, which have yet to propose or lean towards such rules.]
