Commissioner Mark Wetjen of the Commodity Futures Trading Commission said at an industry conference in London that a deal on cross-border swaps-trading rules likely will not be in place by a July 12 deadline, though he was optimistic that an accord could be hammered out within weeks, rather than months. In the meantime, Wetjen suggested an interim arrangement and regulatory relief to aid compliance among market participants and provide legal certainty about Dodd-Frank Act rules.

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