(Bloomberg) -- Some of the biggest computerized-trading firms are facing obstacles as they try to move into interest-rate swaps, a $381 trillion market that has yet to be dominated by automated buying and selling.

Regulations passed after the financial crisis that should make the interest-rate swaps market a more natural fit for electronic market-makers also created barriers to entry. Under the 2010 Dodd-Frank Act, market makers must register as swaps dealers, an onerous and expensive process, or agree to never deal in swaps that aren’t guaranteed by a clearinghouse, something most firms don’t want to do. High-speed firms are also grappling with the pace of trading and the size of transactions in the market.

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