Legislation approved by the Senate banking committee includes a revamp of the over-the-counter derivatives market, but it was considered a placeholder because Sens. Jack Reed, D-R.I., and Judd Gregg, R-N.H., were expected to introduce amendments. The senators failed to reach an agreement, resulting in an impasse on details of the derivatives overhaul. The final language of the bill is expected to determine how much market share large dealers would be able to maintain.

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