Terry Duffy and Michael Gooch, chairmen of CME Group and GFI Group, went into bat for the derivatives market in the US Congress yesterday (Tuesday February 3), hoping to fend off a bill that would ban the use of credit default swaps for parties that did not own the underlying bonds or loans.The chairman of the House Agriculture Committee, Representative Collin Peterson (Democrat, Minnesota) introduced a draft bill last week that would ban firms from engaging in CDS unless they owned the underlying bonds or loans. Yesterday his committee held hearings on the bill. Industry leaders including Duffy, Gooch and John Damgard, president of the Futures Industry Association, spoke against the bill. They were countered in...