The Commodity Futures Trading Commission is moving to force overseas financial firms to comply with certain US rules, according to an official familiar with the process, a move likely to stoke criticism the US is bidding to become the de facto global financial regulator.

The CFTC is preparing to say that multiple rules developed by the European Union and five other jurisdictions governing so-called swaps aren't strict enough, clearing the way for the CFTC to impose its regulations on much of the $693 trillion global swaps market, the official said.