WASHINGTON -- A key House subcommittee chairman said Thursday that he plans to begin drafting legislation aimed at curbing the risk in the $12 trillion derivatives market, but Republicans and some Democrats on the panel urged caution.

"I cannot agree with those who would argue that the 'thousand points of light' of industry volunteerism and a few incremental changes by regulators can effectively address the risks posed by exotic derivatives," said Rep. Edward J. Markey, D-Mass.

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