WASHINGTON — Market participants are urging the Commodity Futures Trading Commission to clarify, in its proposed business-conduct standards for swap dealers, that dealers should not be required to put a state or local government issuer’s interests ahead of their own.

“The proposed rules ask, 'Should swap dealers be subject to an explicit fiduciary duty when making a recommendation to a counterparty?’ ” the Committee on Capital Markets Regulation, an independent, nonprofit research organization dedicated to improving regulation of the U.S. capital markets, wrote in a comment letter recently filed with the CFTC. “The short answer is no.”

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