WASHINGTON -- Legislation that would close the regulatory gaps for derivatives is not needed and could hurt the derivatives markets, the Securities Industry Association told Rep. John Dingell, D-Mich., this week.

"We believe that an effort to mandate solutions in an environment in which the problems have not been clearly identified, and solutions are ill-defined and do not enjoy broadbased support, is a recipe for future problems," the association's swap and over-the-counter derivative products committee said in a July 31 letter to Dingell.

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