JPMorgan Chase & Co., Goldman Sachs Group Inc. and the world’s largest banks won rollbacks in final Dodd-Frank Act rules that promise to transform the private swaps market by increasing competition, Bloomberg News reported yesterday. The Commodity Futures Trading Commission voted 4-1 yesterday on rules determining how buyers and sellers must trade credit-default, interest-rate and commodity swaps in a $633 trillion global market. The rule weakened a proposal by reducing the number of price quotes buyers must seek on swap-execution facilities after banks and asset managers said a five-quote requirement was onerous and would impair trading.
