Mary Schapiro, chairman of the Securities and Exchange Commission, told a US Senate hearing on June 22 that derivatives related to equities and debt, including credit default swaps, should be regulated by the SEC, while the Commodity Futures Trading Commission should supervise those contracts that are linked to commodities.
Speaking before the Senate banking subcommittee on securities, insurance, and investment, Schapiro detailed her vision for how regulatory responsibilities should be divided with the implementation of US president Barack Obama’s plan for tighter regulatory oversight of the over-the-counter derivatives...