By July 2011, over 50 rules are scheduled to be issued by the SEC and CFTC regarding derivatives. These rules will not come in any particular order. In fact, according to CFTC Chairman Gary Gensler, derivatives products will not be defined until the late phase of regulation, meaning that market participants will be asked to adhere to rules without knowing what products are impacted.
Thousands of American businesses use derivatives to hedge interest rate risk, foreign exchange risk, commodity price risk, etc. In testimony before the House Financial Services Committee on February 15, 2011, Craig Reiners, Director of Risk Management for MillerCoors, spoke of the use of derivatives by end-user companies as “critical to reducing commercial risk and volatility in our day-to-day business operations, allowing us to create sustainable and prosperous businesses. Derivatives reform must not discourage the appropriate use of what is fundamentally a risk-management tool.
More information about derivatives reform can be found here: http://www.fsround.org/fsr/policy_issues/regulatory/cftc.asp