WASHINGTON - Rep. Edward Markey, D-Mass., and Rep. Jack Fields, R-Tex., asked the Securieties and Exchange Commission yesterday to conduct a comprehensive study on the use of derivatives by mutual funds.

The SEC should consider whether changes in securities laws and rules are needed to govern funds' derivatives activities and advise the subcommittee about whether derivatives are appropriate for money market portfolios, the chairman and top Republican of the House Energy and Commerce subcommittee on telecommunications and finance said in a letter to the commission.

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