U.S. regulators adopted rules that will require most swaps trades to be publicly reported, a response to lax derivatives oversight in the run-up to the credit crisis.
The rules approved Wednesday by the Securities and Exchange Commission call for an interim period during which all swaps must be reported to public databases within 24 hours. Regulators said the requirements could change as they study how the reporting affects the cost and ability of banks and other firms to make large trades.
The regulations are the latest step in efforts by the SEC and Commodity Futures Trading Commission to boost transparency in the swaps market. They come more than six years after the collapse of Lehman Brothers Holdings Inc. and government rescue of American International Group Inc., which was partly rooted in unregulated swaps.
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