SECURITIES

Bill Would Regulate Over-the-Counter Derivatives: Rep. Edward J. Markey (D-Mass.) said the bill he introduced aims to regulate such activities by securities firms and insurance companies, closing what he calls a “regulatory black hole” in government oversight of a $12-trillion market. The bill is the third piece of legislation introduced this year that seeks to rein in derivatives--financial contracts designed to offer a sort of insurance against unexpected declines in the bond, stock and currency markets. They can also be used for speculation. The bill would force businesses defined as derivatives dealers to register with the Securities and Exchange Commission, offer a definition of what constitutes a derivative, and give the SEC the power to set capital standards, conduct inspections and receive financial reports from dealers.