New York Insurance Department superintendent Eric Dinallo told members of Congress yesterday that he will "delay indefinitely" the state's effort to regulate part of the credit default swaps market because of the federal government's efforts to regulate them. But he made the remark at a hearing where lawmakers and the agencies seemed far from agreement as to who should primarily regulate the CDS market.

In a related matter, Senate Agriculture Committee chairman Tom Harkin, D-Iowa, introduced a bill yesterday that would require all swaps and derivatives to be traded on regulated exchanges.

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