Two industry groups warned yesterday that a draft bill that would regulate over-the-counter derivatives would hurt interest rate swaps and destroy the credit default swap market. Meanwhile, a group representing state lawmakers called for CDS broker-dealers to be regulated like monoline bond insurers.

The groups made their remarks at a hearing held by the House Agriculture Committee on the draft bill, which was circulated last week by chairman Collin C. Peterson, D-Minn.

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