The rules, which lay out the requirements for processing of OTC contracts on electronic trading platforms and for reporting to trade repositories, have been the subject of political wrangling in the European Parliament. A resolution to exempt non-financial firms from compliance - which would have delayed the passage through Parliament of the rulebook - was defeated following some last-minute horse trading at a European Parliament meeting in Strasbourg

EU Commissioner Michel Barnier welcomed the vote: "I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. This reform is essential to bring more responsibility and transparency to derivative transactions. As a result, financial institutions and non-financial companies will be subject to new transparency rules in terms of reporting and supervision, and to clearing obligations for derivative contracts."

Barnier says he will travel to the US next week to meet with CFTC commissioner Gary Gensler to persuade him of the merits of the EU legislation.

"With my visit I hope to make progress towards a system whereby the EU and the USA recognise the application of their respective rules on both sides of the Atlantic as equivalent," he says.