Dodd-Frank rules on swaps can move forward now that the U.S. Commodity Futures Trading Commission voted on the definition of such trades.

Today the commissioners "voted 4-1 to approve a 600-page measure governing when interest-rate, credit, commodity and other trades involving companies…should face rules to limit risk in the $648 trillion global market," wrote the Bloomberg coverage.

"Congress said further define a term. We further defined it," said CFTC chairman Gary Gensler. "Two months from now a lot of Dodd-Frank comes into being."

And yes, as expected, "the CFTC also voted 5-0 to exempt some companies from the law's requirement to guarantee swaps at central clearinghouses."

For the full piece see "CFTC Approves Swap Definition Triggering Dodd-Frank Rules," (may require subscription).