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The agency's proposal would invite a range of trading platforms to become swap execution facilities.
Regulators have estimated that 30 to 40 firms - ranging from big names like Bloomberg to growing online marketplaces like Tradeweb - will line up to become swap execution facilities, a term coined under Dodd-Frank.
"Entities planning to become swap dealers are working incredibly hard to implement a plethora of new C.F.T.C. requirements, and certainty as to the compliance timeline is a necessary prerequisite".
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Even in highly automated bar-coded and vision controlled systems the possibility exists that plates might become swapped, skipped, misordered, or rotated by 180 degrees during one of the process steps.
His spokesman, Steve Adamske, confirmed on Wednesday that banks need not become registered swap dealers until January at the earliest.
"Most of what we're doing is preparing for the future," said Richard M. McVey, chief executive of MarketAxess, which plans to become a swap execution facility.
The exchange, at www.e-sax.com, also appears to have become a swap mart for entrepreneurs who are trying to assemble a business plan.
Some fear that traumatised youngsters may become extremists, swapping stones for bombs or guns.The authorities have also grown cannier.
What had once seemed like a brilliant idea -- carriers' buying and selling future access on those fiber networks to meet expected customer demand -- became a swap meet unto itself, with its own peculiar bookkeeping.
Under the proposal, foreign banks involved in more than a very tiny level of derivatives business in the United States will become so-called swap dealers.
Under the proposal that Mr. Gensler outlined on Monday, foreign banks involved in more than a "de minimis level" of derivatives business in the United States will become so-called swap dealers.
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