WASHINGTON -- A Washington regulatory official yesterday warned lawmakers and policymakers against unwittingly setting up the derivatives market for a possible "regulatory takeover" that might be unwarranted.

"I'm hearing disturbing noises that lead me to believe that policymakers and regulators may be setting the stage for a regulatory takeover of the [over-the-counter] derivatives market," Wendy L. Gramm, chairwoman of the Commodity Futures Trading Commission, told industry officials in a speech in which she also said she would be stepping down from her post on Jan. 20.

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