WASHINGTON — As lawmakers in the Senate and House begin to resolve the differences in their separate financial regulatory reform bills this week, market participants are hoping the finished product will exclude several controversial provisions they say could eliminate the municipal derivatives market.

Chief among municipal dealers’ and some issuers’ concerns is a provision in the Senate bill, which cleared that chamber Thursday night on a mostly partly-line vote of 59 to 39, that would impose a fiduciary duty on dealers when they advise, pitch, or enter into swaps with public entities.

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