The Commodity Futures Trading Commission and the Securities and Exchange Commission should merge, Chicago Board Options Exchange Chairman and CEO William J. Brodsky told the House Financial Services Committee. "Under current law, certain economically equivalent financial instruments may be subject to very different regulation by the SEC or the CFTC depending on whether they are determined to be securities or futures. ... In addition, it may be difficult to determine in advance whether a particular instrument will be subject to SEC or CFTC regulation. This uncertainty can cause excessive delay in the creation of new products and even give rise to costly and wasteful litigation," SIFMA Executive Vice President Randy Snook said in comments at the hearing. Should the merger not take place, Snook said, Congress should more clearly specify the oversight powers of the entities. Read the full text of Snook's comments.