The Securities and Exchange Commission (security-based swaps) and the Commodity Futures Trading Commission (the rest), face a huge task. The CFTC alone has proposed more than 1,000 pages of rules, with lots more required by a July deadline. On top of this they have to draw up “conforming” amendments in areas where existing rules have to be reworked. No wonder JPMorgan has 350 people trying to get their heads round Title VII. The regulators get high marks for seeking input. Unusually, they requested comments before they had even proposed any rules (they have received nearly 5,000). … Dealers are still miffed about some of the regulators’ proposed rules. As some … Continue reading The Economist