CFTC expects greater authority over swaps in 2010

Congress likely will give the Commodity Futures Trading Commission (CFTC) greater authority over the OTC swap market sometime this year, according to a CFTC commissioner. The expansion in powers is expected to be part of a broader regulatory reform bill.

The largely unregulated OTC derivatives market is valued at nearly $300 trillion.

The CFTC commissioner, Scott O'Malia, made the prediction in remarks prepared for a meeting of the International Energy Agency in Tokyo.

Congress to act on swaps this year: CFTC's O'Malia

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