Three Wall Street trade groups are suing a top US regulator alleging procedural violations at the agency, in the latest effort by large banks to fight new rules that they contend will unfairly crimp their trading business.

The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association and the Institute of International Bankers alleged that the Commodity Futures Trading Commission wrongfully issued new directions for derivatives called swaps as guidance rather than as a formal rule, avoiding the need for a cost-benefit analysis.