WASHINGTON, June 22 (Reuters) - U.S. securities and futures regulators should first try to divide up oversight of the over-the-counter derivatives market before Congress writes legislation, Senator Jack Reed said on Monday.
'I think they should get the first cut figuring out where the boundaries are,' Reed, a Rhode Island Democrat, told reporters after a Senate hearing about derivatives regulation.
Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, said the SEC should police securities-related OTC derivatives while the Commodity Futures Trading Commission should should get responsibility for all other OTC derivatives.
(Reporting by Karey Wutkowski and Charles Abbott; Editing by Richard Chang) Keywords: FINANCIAL REGULATION/REED (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'I think they should get the first cut figuring out where the boundaries are,' Reed, a Rhode Island Democrat, told reporters after a Senate hearing about derivatives regulation.
Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, said the SEC should police securities-related OTC derivatives while the Commodity Futures Trading Commission should should get responsibility for all other OTC derivatives.
(Reporting by Karey Wutkowski and Charles Abbott; Editing by Richard Chang) Keywords: FINANCIAL REGULATION/REED (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.