The Commodity Futures Trading Commission has made "significant progress" in drawing up a framework for cross-border swaps transactions but new interim guidance may yet miss a key July 12 deadline, a CFTC commissioner has said.

Speaking during the International Derivatives Expo yesterday, Commissioner Mark Wetjen said the CFTC was working hard on producing the interim guidance to provide short-term "legal certainty" over the application of the rules, adding: "I believe the CFTC should adopt interim final guidance in the coming weeks and seek additional comment on an interim approach that provides the legal certainty needed for the markets in the short term."