UPDATE 1-CFTC delays vote on clearing, trading governance

Wed Jan 12, 2011 2:40pm EST

* Vote delayed on first of final Dodd-Frank rules

* Rule to be considered at another meeting-spokesman

* Had been expected to stand pat on bank voting limits

(Adds details throughout)

By Sarah N. Lynch and Roberta Rampton

WASHINGTON, Jan 12 (Reuters) - The U.S. futures regulator said on Wednesday it would delay plans for a vote to finalize regulations aimed at limiting the voting power of banks on clearing and trading venues, a key vote that had been slated for a Thursday hearing.

The plan would have been the first of more than 30 Dodd-Frank bank reform proposals from the Commodity Futures Trading Commission to face a final vote, but it now will be considered at another meeting, a spokesman said.

The reason for the delay was not immediately provided, nor was a date for its eventual vote.

The rule proposed caps on voting stakes for banks and other large players that own clearinghouses and swaps trading venues, part of a broad plan to reduce risks in the $600 trillion over-the-counter derivatives market, and make it more transparent. [ID:nN07207682]

The U.S. Justice Department late last month said the CFTC's plan did not go far enough to limit the control of banks, which traditionally have dominated swaps trade. [ID:nN29283453] (Editing by Marguerita Choy)

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