WASHINGTON - Federal regulators hope to write rules by the end of the year to carry out legislation that would fortify swaps trading in the United States, the Commodity Futures Trading Commission's top lawyer said Friday.

"It's a brave new world," said Joanne Medero, the commission's general counsel, who said the group will move "expeditiously" to propose a rule allowing it, for the first time, to exempt swaps and other derivative products from agency rules.

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