Daniel Harris, an analyst at Goldman Sachs, said the Securities and Exchange Commission and the Commodity Futures Trading Commission will issue draft rules for derivatives before the end of the year. The CFTC has identified about 30 areas of possible rule-making, while the SEC has come up with 26 areas for regulation, Harris said. "The level of 'unknowns' materially outweighs the 'knowns,' " Harris wrote. "One major takeaway is market participants lack the detailed rule set from the SEC/CFTC to accurately develop systems to implement almost any of the likely requirements of the Dodd-Frank" act.

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