Swaps players to beg US regulators for speed, delay

* SEC, CFTC to meet on Dodd-Frank implementation

* Big banks, exchanges, consumer groups to attend meeting

* Industry wants clarity on rules, but also delays

By Christopher Doering

WASHINGTON, May 2 (Reuters) – Wall Street banks and major market players will deliver a mixed message to U.S. regulators at a meeting this week: hurry up and tell us what you are going to do, but give us more time to respond before you do it.

U.S. futures and securities regulators, having issued draft versions of most of the major rules required to overhaul the vast over-the-counter derivatives market, are holding a roundtable on Monday and Tuesday to hear from industry on how they should schedule the rollout of their reforms.

Bankers, exchange executives and traders have been fiercely critical of the brisk pace of reform, arguing that sloppy rules could reduce market liquidity, push more trading to unregulated markets, and ultimately lead to higher prices for consumers.

At the same time, they say regulators are not doing enough to tell the industry about critical components of the reforms and how the rules will be written so they can prepare.

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