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Real danger in derivatives is inconsistent regulation; the playing field needs to be leveled so that exchange-traded products can coexist with the OTC markets.

JUL 29, 1994 1:00am ET

Procter & Gamble, J.P. Morgan, General Electric, Gibson Greeting, Cargill. Each company has reported a surprising financial loss from derivatives trading. Each company's loss stemmed purely from...

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