US regulators indicated they may phase in new curbs on speculative trading as they gather more data on the swaps market, in a move that could appease House Republicans who fear the agency may be moving too fast.

Commodity Futures Trading Commission chairman Gary Gensler discussed the agency's tentative plans during a hearing at the House Agriculture panel on Wednesday, just one day before the CFTC is formally slated to vote on a proposal to tackle excessive speculation in commodity futures, options and over-the-counter derivatives markets.