Derivatives dealers in the U.S. have told regulators that they are likely to take up to two-and-a-half years to implement rules for the swaps markets, Financial Times reports. The most time-consuming aspects of the reforms include introducing new clearing and trading methods for asset managers, such as mutual funds and pension funds. The new reforms are to be written by July, but the cut-off date is not expected to be met. The regulators will decide which reforms are to be implemented first, once the new rules are formed.

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