On October 12th, regulations covering the $648 trillion swaps market that were mandated in the 2010 Dodd-Frank Act, finally became effective. On October 10th, CFTC Chairman Gary Gensler gave an enthusiastic address on the swaps market reforms at the George Washington University Center for Law, Economics and Finance Conference. Bloomberg noted in an October 11th opinion that the rules will "bring a new era of transparency to a business that thrives off opacity," but that the industry is obviously less than enthused.