Agency Deals Setback to Markets
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WASHINGTON — The Commodity Futures Trading Commission on Monday decided to allow two futures-type financial instruments to be traded outside organized exchanges, dealing a setback for the futures industry based in Chicago.
In a ruling sought by many banks and businesses, the agency that regulates the nation’s futures exchanges voted to exclude the burgeoning, billion-dollar swap markets from its control.
And, in a defeat for the exchanges, the commission cleared the way for firms to issue directly to the public some over-the-counter instruments that resemble options.
The commission approved a statement saying swap transactions will not be regulated as futures or commodity options.
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