WASHINGTON -- While most major derivatives players complain the General Accounting Office's call for federal regulation of derivatives is unfounded and over-reaching, a few market participants say more federal oversight is needed.

The GAO, in a derivatives report that was issued a week ago, concludes that all over-the-counter derivatives dealers should be regulated under comprehensive and consistent federal standards -- including affiliates of securities firms and insurance companies that are largely unregulated by federal agencies.

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