The three largest trade bodies representing the US derivatives markets have challenged "confusing" new anti-manipulation laws being proposed for their industry, in the latest tussle over the details of the mammoth Dodd-Frank Act for financial reform.

The new anti-manipulation rules outlined by regulator the Commodity Futures and Trading Commission will look to import the so-called 'Rule 10b-5' already in use in the US equity markets, which prohibits any fraud or deceit with relation to the sale or purchase of a security. 'Rule 10b-5' is also the rule under which insider trading is defined and banned.