WASHINGTON – The U.S. Justice Department has called on the Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to make some of their rules dealing with over-the-counter derivatives more stringent, arguing that the rules do not go far enough to keep groups of major market players from banding together to control derivatives exchanges.
In separate comment papers sent to each agency last week, Christine Varney, who heads the Justice Department’s Antitrust Division, says the DOJ supports the rules proposed by the SEC and the CFTC to limit to 20 percent the amount that individual derivatives dealers can own of security-based swap execution facilities and national securities exchanges.
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