"These are events that don't often happen," Russell Wasson, director of tax, finance and accounting policy at National Rural Electric Cooperative Association, said of the financial crisis that spawned Dodd-Frank. "It's not going to get any better or worse in a year or two."

Wasson, who made the comment at a joint SEC/CFTC roundtable on the implementation of rules for swaps and security-based swaps this week, may in fact be getting the breathing space he's asked for.

However long it does take, it is becoming apparent that the Dodd-Frank regulatory process is going to be a long haul. The Commodities Futures Trading Commission, one day after the conclusion of the two-day roundtable, . Those interested now have until at least June 3 to get their two cents in.

In addition, many were heartened when, on April 29, the its "proposed determination" to exempt foreign exchange forwards and swaps transactions from mandatory clearing through a central clearing house. Also, a CFTC proposal made earlier that month would exempt oil companies, airlines, farmers and other companies that hedge for economic reasons from .