The derivatives industry supports clearinghouses and data repositories that would make over-the-counter markets more transparent, but fears any efforts to regulate beyond this would be duplicative and costly, the head of the International Swaps and Derivatives Association told lawmakers yesterday.

ISDA chief executive officer Robert Pickel made the remarks in testimony before a hearing held by the House Financial Services Committee's capital markets panel. His remarks come as Treasury Secretary Timothy Geithner and Commodity Futures Trading Commission chairman Gary Gensler proposed a regulatory regime for derivatives dealers and the market that would differentiate to some extent between standardized products and customized products, such as municipal and other interest rate swaps.

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