SIFMA & the ISDA have filed an emergency request to put the CFTC's new position rule on hold while the court considers their legal challenge. The groups asked the court to issue a ruling by Jan. 27, saying the regulation is already imposing “irreversible harms.” “The rule will force market participants to forgo efficient trading strategies, impair their ability to hedge against risks, and potentially require them to restructure their businesses,” the groups said in the filing. “These costs will mount now absent a stay, and they would be impossible to recoup if the rule is invalidated -- as it likely will be.” The groups, in one of the financial industry’s highest-profile efforts to weaken last year’s Dodd-Frank law, filed lawsuits challenging the rule in two federal courts in Washington last month. They argue that the CFTC used a flawed analysis of Dodd-Frank when it decided to impose the restrictions. The associations also said the CFTC failed to properly weigh the rule’s costs and benefits. In yesterdays filing with the U.S. Court of Appeals, the groups argue that their challenge will likely succeed, noting that a majority of commissioners concluded the rule was unnecessary and would have rejected it “but for one commissioner’s mistaken view that Congress required it.”  They said the rule will impose costs on the economy because some companies may not invest in other companies as a way of avoiding the aggregation requirements. Steven Adamske, a CFTC spokesman, declined to comment on today’s filing.  For more info, [Bloomberg 1/9/12]