A spokesman for a trade group representing users of financial...

A spokesman for a trade group representing users of financial derivatives today told a Congressional subcommittee hearing that additional regulation of the derivatives market is unwarranted. Congress will soon take up the reauthorization of the Commodity Futures Trading Commission, which regulates segments of the derivatives market. William P. Miller, speaking on behalf of the End-Users of Derivatives Council of the Treasury Management Association, asked the members of the Subcommittee on Risk Management to recommend to Congress that it change portions of the Commodity Exchange Act when it takes up the reauthorization of the CFTC. Specifically, Mr. Miller asked that Congress establish legal certainty concerning the status of derivatives; reduce or eliminate obstacles to the development of new products and new ways of accessing these products; and promote the development of facilities that will enhance liquidity and transparency while reducing counterparty risk exposures.