Washington - An interagency council should be created to determine if federal oversight of the derivatives markets is adequate, the Commodity Futures Trading Commission concludes in a report scheduled for release today.

The report, which was mandated by Congress, also recommends against merging the CFRC and the Securities and Exchange Commmission so that derivatives, futures, and securities would fall under a single regulatory agency. The benefits of the merger would not outweigh the costs, the report says.

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