A coalition of trading platforms and New York-based GFI Group submitted written testimony to a House Financial Services subcommittee, saying the viability of the swaps market is being hurt by Commodity Futures Trading Commission rules. "After nearly 2½ years of rulemaking, the CFTC's cumulative approach to swaps regulation has imposed such high costs on the industry that the U.S. swaps market is on the verge of becoming too costly and too regulated (particularly as compared with futures) to be a viable means for end users to hedge and manage their financing risk," according to Companies Supporting Competitive Derivatives Markets.