Mary Schapiro, chairwoman of the U.S. Securities and Exchange Commission, said the SEC should oversee some nonbanking derivatives dealers that offer over-the-counter financial products related to securities as well as supervise security-based swaps. The Commodity Futures Trading Commission, Schapiro said, should oversee foreign exchange, commodity and interest-rate swaps. The Federal Reserve and other banking regulators should supervise banks that deal in derivatives, she said.

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