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Swaps face greater scrutiny because of central counterparty clearing requirements.
They argued that clearing requirements were unnecessary given that most contracts expired after one week.
"Members on the majority think it's critically important that we don't impose margin or clearing requirements on end users".
The nation's biggest banks are particularly focused on the broad new clearing requirements, said Thomson Reuters, a research firm that also operates electronic trading platforms.
Dodd-Frank, with its numerous registration and clearing requirements and its ongoing revisions, has caused considerable legislative uncertainty in a number of financial markets.
"It will include strong mandatory trading and clearing requirements as well as real-time price reporting that will bring 100% transparency and accountability to Wall Street.
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He's among the few policymakers actively fighting against loopholes for special interests, like companies that want to evade the clearing requirement -- which would require higher costs -- by claiming an exemption.
Hedge funds, pensions and other private funds will have six months to comply once the agency finalizes the clearing requirement.
While the law exempted end users like United Airlines and Shell Energy from the clearing requirement, it failed to clarify whether the companies would have to come up with the capital.
The proposal, for instance, sketched out the sequence of compliance dates for several crucial rules, including those that decide the scope of the clearing requirement, the extent the rules will apply overseas and definitions underpinning much of the overhaul.
That particular provision was feared as a backdoor way for firms to avoid the clearing requirement.
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