The failure of Peregrine Financial Group highlighted weaknesses in regulatory oversight of the commodities market. Instead of getting stronger, however, the current system is about to be stretched a lot thinner.

At the same time that the Commodity Futures Trading Commission points its finger at the National Futures Association — the industry self-regulatory body that was Peregrine's front-line regulator — the federal agency is expanding the NFA's mandate to include the supervision of major swaps dealers.

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