A vote by the Commodity Futures Trading Commission (CFTC) on what defines a swap dealer could force various financial institutions to be regulated like banks when trading the derivatives.

On February 23, the government agency plans to hold a vote that will determine how it will define "swap dealer" and "major swap participant," according the Reuters. The CFTC will collaborate with the Securities and Exchange Commission to decide what new rules will impact the financial entities.

Various organizations such as Koch and BP, which have offered risk management strategies to other companies, might need to either comply with more regulation or cease trading derivatives, the media outlet reports. The firms argue that they need to utilize derivatives in order to manage risks associated with commodities and equipment they own.

Chris Thorpe, executive director of energy derivatives at INTL FC Stone, which serves as a broker and offers risk management strategies, told the media outlet that while the need of these organizations to use derivatives as a hedge is uncontested, they are also frequently involved as third parties in the sale of the financial instruments.

Market experts recently expressed concern over the CFTC's power to create rules that would impact foreign branches of domestic banks that are different from international lending institutions, according to Reuters.