The Nature of the OTC Beast

The US Commodities Futures Trading Committee (CFTC) expects to have its final rules for swaps execution facilities completed in approximately five months and have have swap dealers operating in the new environment 90 days after that.

The more I follow the heavy lifting that remains in this rule-making process, the more obvious it is that the rules will take much longer than the remaining five months to hammer out. 

Even when the new rules in place, I doubt the markets will operate anywhere close to how the regulators intended.